3rd April 2025, Mumbai: IDFC FIRST Bank today announced
that it has been authorised by Central Pension Accounting Office (CPAO),
Government of India, to disburse pensions on its behalf.
This allows the Bank to disburse pensions to
Central Government pensioners including - All India Service Officers, former
Members of Parliament, retired Judges of High Courts and Supreme Court, former
Presidents and Vice Presidents of India, and officials of Civil Ministries and
Departments (other than Railways, Posts, Telecom and Defence). Pensioners can
now receive their pension directly in their IDFC FIRST Bank Savings Account.
From a technical point of view, the
integration between the CPAO, GOI and IDFC FIRST Bank is complete and is ready
for such pension disbursements.
Pensioners can also open an IDFC FIRST Bank
Savings Account jointly with their spouse to receive pension. In the event of
the primary pensioner’s demise, the spouse can continue receiving the family
pension in the same account.
The IDFC FIRST Bank Savings Account where the
pension will be credited comes with the following privileges:
- Zero
Fee Banking on all Savings Account Services, such as Debit Card Issuance,
IMPS, NEFT and RTGS, Cheque Book Issuance, ATM Cash withdrawal, Branch
cash withdrawals and deposits, Demand Drafts, Pay order, SMS Alerts,
international ATM charges – 36 such services
- Higher
interest rates with Monthly Interest Credits
- Exclusive
Senior Citizen Savings Account benefits for pensioners above 60 years,
offering:
- ₹2
lakh Cyber Insurance coverage for protection against cyber fraud
- One-year
MediBuddy health membership with unlimited consultations
- Free
doorstep banking and priority service at branches
- ZERO
penalty for premature withdrawal of Fixed Deposits for Senior Citizens
- Additional
0.5% interest on Fixed Deposits for Senior Citizens
Speaking
on the development, Mr. Chinmay Dhoble, Country Head – Retail Liabilities at
IDFC FIRST Bank,
said, "We are delighted that the esteemed Central
Pension Accounting Office (CPAO), Government of India has authorized our bank
to disburse pensions to Central Government pensioners. As a universal bank, it
is our constant endeavour to offer a complete range of services to our
customers. We encourage Central Government pensioners to use the facilities of
IDFC FIRST Bank to receive pension in their Savings Account and enjoy
industry-first benefits.”
To open the pension account >
Step 1: Pensioner to share IDFC FIRST Bank Account Number with
their employer
Step 2: The employer to initiate the formalities with the respective
Pay & Accounts office (PAO)
Step 3: PAO to generate the Pension Payment Order & forward it
to CPAO
Step 4: CPAO on acceptance will share details with IDFC FIRST Bank
for monthly disbursement
You
may visit us at: www.idfcfirstbank.com
About the Bank
IDFC FIRST Bank is a fast growing, new age
Private Sector Bank created in India with a vision of building a world-class
Bank in India, focused on Ethical, Digital, and Social Good Banking. The Bank
has 38 million live customers, a deposit base of Rs. 2,27,316 crores and loans
and advances of Rs. 2,31,074 crores, spread over 60,000 cities, towns, and
villages across India. It has 971 branches but is built as a digital first Bank
in scale, scope, and approach.
Its customer deposits are growing at 28.8%
YoY and Loans & Advances growing by 22% YoY (December 31, 2024) based on
friendly user digital interface, ethical approach, customer friendly products,
strong brand, and high corporate governance. Its technology stack is built on
advanced technology using cloud native experience layer, microservices led
architecture, and powered by advanced data platform, analytics, and Artificial
Intelligence.
Its mobile App is rated 4.9 on Google
Playstore and 4.8 on Appstore with 27 million downloads and 1.47 m reviews. The
App is rated #1 in India and #4 App in the world by The Forrester Digital Experience Review™: Global Mobile Banking Apps, Q4 2024
for prioritising Customers’ financial well-being, comprehensive suite of
financial management features, and personalized financial insights, providing
educational resources and expert guidance through its Financial Wellness Corner
and IDFC First Academy.
The 7 Core Principles of IDFC FIRST Bank
- Vision: Building
a world-class Bank in India, focused on Ethical, Digital, and Social Good
Banking.
- Universal Bank: IDFC FIRST Bank is a Universal Bank, offering a
comprehensive range of services, including Retail, MSME, Rural, Startups,
Corporate Banking, Cash Management, Wealth Management, Deposits,
Government Banking, Working Capital, Trade Finance, and Treasury solutions.
- Ethical
Banking: The Bank adheres to
a "Near and Dear" test, ensuring its products are so
customer-friendly that employees can confidently recommend them to loved
ones. The Bank is committed to doing right by customers even when no one
is watching and believes that income earned unethically is not worth
earning.
So, the Bank has simplified descriptions, calculations, and
legal jargon to avoid confusing customers and offers “ZERO FEE Banking” on all
savings account services, including SMS alerts, IMPS, RTGS, NEFT, cash
deposits, non-home branch access, ATM withdrawals, cheque books, Demand Drafts,
Pay Orders, duplicate statements, and other commonly charged services. It is
the first and only bank in India to do so.
- Customer Friendly Banking: IDFC FIRST Bank credits interest monthly on savings
accounts. For credit cards, it offers lifetime-free cards with no minimum
spend conditions, non-expiring reward points, zero interest on ATM cash
withdrawals, and dynamic low APR. Any applicable fees are transparent and
clearly explained.
- Digital Banking: The Bank's modern technology stack delivers high-quality
services across mobile, branch, internet banking, call centers, and
relationship managers.
- Social Good Banking: The Bank is financially inclusive with high asset quality.
It has financed over 38 million customers, including 16 million lifestyle
improvement loans, 15 million loans to 4.3 million women entrepreneurs,
6.5 million vehicle loans, 1 million sanitation loans, 1 million
livelihood loans, 300,000 SME loans, and 100,000 home loans.
- ESG:
The Bank holds high ESG scores, reflecting its commitment to financial
inclusion and social responsibility.