Important Info on Joint Pension Account

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*Important Info on Joint Pension Account*

All Pensioners normally have a *Joint Savings Bank Account* along with their spouse to which the Pension is credited.

This account is operated on *Either* or *Survivor* basis.

In most cases the Pensioners are the ones who operate this account in their lifetime, even though the spouse can sign cheques and independently operate this account.

*It is also commonly observed that the Pensioner is the one who does all the Netbanking transactions.*

Most of us tend to overlook one basic fact with respect to Netbanking, and that is *while the Pensioner has his own User Id and Password, the spouse also requires her own independent User Id and Password for Netbanking.* 

In a recent case an Air Veteran passed away and  an intimation regarding his death was sent to the bank.

Acting on this, the bank immediately froze the User Id and Password of the Pensioner. 

After a few days the Spouse tried to do a Netbanking transaction using her late husband's User Id and Password and was shocked to see that these are no more valid. She was shocked and panicked thinking that this account is frozen. 

She visited her banker the next day and explained her difficulty in doing Netbanking transactions.

*The banker informed her that she being the Joint Account holder she could do all offline transactions but for online transactions she must have own user ID and Password and cannot use the credentials of her late husband.*

She immediately submitted her application for User Id and Password and same was approved by the bankers.

I am sharing the experience of this lady because this could be an eye-opener for many of us. 

*Some of the important take aways in this incident are*

*(a) Ensure that your spouse has her own User Id and Password for Netbanking transactions.*

*(b) Ensure that your spouse is well conversant with Netbanking. Ask her to do some online transactions in your presence and ensure that she is hands on with the process of Netbanking.*

*(c) Take your spouse with you to your bank at regular intervals and familiarise her with the bank staff. This will help her in dealing with the bank staff after the Sunsets in your life.*

Hope this post was informative to you and you will benefit from this. 

😊🙏🏽 Jai Hind

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