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August 31, 2014

New payment system for pensioners

 
August 31, 2014

KARACHI: The National Bank of Pakistan (NBP) has introduced a new payment system in its 800 branches to facilitate the — now they can get monthly pensions through their bank accounts, a bank official said on Saturday.
The NBP is introducing a system under which the pensioners will no longer have to fill out vouchers. And since they won’t even have to visit their banks, they are spared of the wait in long queues.
The pensions will be directly transferred to pensioners’ bank accounts and ATM cards issued to them.
The pensioners will be putting a thumb impression on a biometric device and the amount of pension will be transferred to their account. And they can withdraw the money through an ATM card, said NBP spokesman Syed Ibne Hassan.
The bank has already completed the data input of pensioners’ basic information of pensioners. The system of over-the-counter payment (parallel run) is already in process and around 800 branches have been switched to the new payment system, he said.
Around 1.4 million pensioners will benefit from this system, he added.
NBP has 1,347 branches, of which 1,260 are authorised to facilitate payment to retired personnel who served the federal and provincial governments and the armed forces.
Retired government servants who want to receive their pensions through their accounts can get this facility by submitting option forms, which are now available without charge from account offices, it said.