Can the pension paying bank recover the excess amount credited to the pensioner’s account?
Yes. The paying branch before commencement of pension obtains an undertaking from the pensioner in the prescribed form for this purpose and therefore, can recover the excess payment made to the pensioner’s account due to delay in receipt of any material information or due to any bonafide error. The bank has also right to recover the excess amount of pension credited to the deceased pensioner’s account from his/ her legal heirs/nominees.
Related Questions
- Can a pensioner transfer his/ her pension account from one branch to another branch of the same bank or to the branch of another bank?
- Can the excess payment, if any, credited to the pensioner’s account be recovered by the bank ?
- When is the pension credited to the pensioners account by the paying branch?
