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Your bank comes home

Author: admin

Last November, we told you in these pages that India’s apex bank had expressed its concern about silvers getting marginalised in an increasingly digital banking scenario (“Silver counts”). And now, making good on its promise to put silver-friendly mechanisms in place, the Reserve Bank of India (RBI) has instructed banks to provide doorstep services to silvers (over 70) and the differently abled by 31 December 2017. The services will include pickup and delivery of cash, issue of chequebooks, delivery of demand drafts, and submission of Know Your Customer (KYC) documents and life certificates. Further, in addition to the facility of digital life certificate under the Jeevan Praman Scheme, pensioners can submit their physical life certificate form at any branch of the pension-paying bank. What’s more, RBI has instructed banks that a fully KYC compliant account should automatically be converted into a ‘Senior Citizen Account’ based on the date of birth available in their records and that they should provide senior citizens and the differently abled persons Form 15G/H (related to tax deduction at source) once a year, preferably in April.

Featured in Harmony — Celebrate Age Magazine
January 2018