Can bank refuse pension withdrawal due to kyc expiry?

[xfactcc]

- My 86 yo grandmother owns a pension account at UCO Bank where the pension of her late husband comes.
- My sr. citizen father, her son, goes to withdraw it via cheque every month
- Today he was denied stating the KYC has expired
- There was maybe one or two emails regarding re-kyc even if I am giving them the benefit of the doubt, not sure though, don't remember any notification
- Can a bank do that? What's the literature on it?
- This is quite harassing tbh...

 

[praful47]

- My 86 yo grandmother owns a pension account at UCO Bank where the pension of her late husband comes.
- My sr. citizen father, her son, goes to withdraw it via cheque every month
- Today he was denied stating the KYC has expired (see the attached cheque photo)
- There was maybe one or two emails regarding re-kyc even if I am giving them the benefit of the doubt, not sure though, don't remember any notification
- Can a bank do that? What's the literature on it?
- This is quite harassing tbh...

Kyc to karwana hoga

 

[drvirag]

Bank can debit freeze after kyc expiry. But u can ask dem for home visit for kyc.
By d way unka living certificate to lagta hoga every yr. Usi time kyc kyu nhi kara li

 

[xfactcc]

Kyc to karwana hoga

Yes, but afik bank won't debit freeze if re-kyc is not done

 

[praful47]

Yes, but afik bank won't debit freeze if re-kyc is not done

Your pension might get stopped...
I am not sure about this , but bank and govt will think that the beneficiary is. ......

It's better not to waste time and do rekyc .
Bank will do physical verification of the account holder that's it .
Whole process can be done by anyone in family

 

[xfactcc]

Your pension might get stopped...
I am not sure about this , but bank and govt will think that the beneficiary is. ......

It's better not to waste time and do rekyc .
Bank will do physical verification of the account holder that's it .
Whole process can be done by anyone in family

That's not the issue.

The issue is:
- they never mentioned that I must do re-kyc urgently before
- life certificate is duly submitted yearly so that's taken care of

 

[praful47]

That's not the issue.

The issue is:
- they never mentioned that I must do re-kyc urgently before
- life certificate is duly submitted yearly so that's taken care of

Out of syllabus

 

[xfactcc]

Out of syllabus

I thought so

 

[drvirag]

That's not the issue.

The issue is:
- they never mentioned that I must do re-kyc urgently before
- life certificate is duly submitted yearly so that's taken care of

Whts d problem in rekyc whn u have already submitted living certificate. Just send mail to branch manager. He will arrange som1 for home visit n kyc.
U can transfer ur ac to some other bank bt everywhere kyc is mandatory.

 

[praful47]

Whts d problem in rekyc whn u have already submitted living certificate. Just send mail to branch manager. He will arrange som1 for home visit n kyc.
U can transfer ur ac to some other bank bt everywhere kyc is mandatory.

Other branch right

 

[thanix]

That's not the issue.

The issue is:
- they never mentioned that I must do re-kyc urgently before
- life certificate is duly submitted yearly so that's taken care of

This is true. They will send letter to do KYC I think each 2 years. My senior citizen father gets this and does it as most of these accounts are flagged internally as risky in PSU.

Life certificate is to get pension from Government for retired government employee. This is just to disburse the pension from Government treasury to Bank account.

Whereas Bank account KYC is to access your own fund, unfortunately.

 

[drvirag]

Other branch right

Pension can be transferred to other bank also. Bt u have to go to treasury office n update dere to receive in new ac.

 

[praful47]

Pension can be transferred to other bank also. Bt u have to go to treasury office n update dere to receive in new ac.

Haa lekin bahut jhanjhat hoga

 

[drvirag]

Haa lekin bahut jhanjhat hoga

Nhi ab pahle jaisa haal nhi hai. Bahut better ho gya hai.
Bt is case me iska koi fayda nhi hai

 

[praful47]

Nhi ab pahle jaisa haal nhi hai. Bahut better ho gya hai.
Bt is case me iska koi fayda nhi hai

Bank wale jo bolte h chup chap karle , itna kya dimag lagana