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Can bank refuse pension withdrawal due to kyc expiry?

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xfactcc

xfactcc

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- 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...
 
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xfactcc said:
- 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...
Click to expand...
Kyc to karwana hoga
 
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 said:
Yes, but afik bank won't debit freeze if re-kyc is not done
Click to expand...
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
 
praful47 said:
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
Click to expand...
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
 
xfactcc said:
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
Click to expand...
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.
 
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xfactcc said:
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
Click to expand...
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.
 
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