Which Savings/Salary Account is Best for Retired Govt. Personnel for Monthly Pension?

[dianawilson]

Hi All!
I want to enquire about the best savings or salary account for retired personnel for monthly pension credit with 0 MAB requirement.

All suggestions are most welcome and appreciated.

Thanks. 😊

 

[Humanbeing]

Check any PSU branch nearer to your home. SBI/BOB is good for getting pension or salary.

 

[its_karan]

Hi All!
I want to enquire about the best savings or salary account for retired personnel for monthly pension credit with 0 MAB requirement.

All suggestions are most welcome and appreciated.

Thanks. 😊

Penson accounts are mostly 0 MAB. But some accounts have some added advantage over others.

Ill list down some important ones, do note if Pension is from EPFO then you will need PPO(Pension Payment Order) number to open the account

HDFC Bank-

• Garv pension account,
• Product Code 138,
• https://www.hdfcbank.com/personal/save/accounts/garv-pension-saving-account
• Note- This is open to all Employees whether Government or Private, Plus HDFC takes its sweet time to open this

Union Bank-

• Union Sammaan 1 and 2
• https://ubparams.org/membership/news/2f7f2fcd18dadae29327b4c9de133747.pdf
• https://www.unionbankofindia.co.in/en/Details/union-samman-sb-scheme-for-pensioners
• If Pension <50k then Samman 1, if >50k then sammaan 2
• Samman 1 has LTF Physical RPDC
• Samman2 has LTF Physical RSDC
• Note-Union has a Virtul Debit card matching concept so if you open Samman 2 you might also get LTF Virtual RSDC