RBI has not stipulated any minimum balance to be maintained in pension accounts by the pensioners. Individual banks have framed their own rules in this regard. However, some banks have also permitted zero balance in the pensioners’ accounts.
Bank Details :
Axis Bank
IDBI Bank
HDFC Bank
ICICI Bank
& some other banks also offering zero balance accounts for pensioners.
Also pensioner can transfer the pension account from one branch to another branch of the same bank within the same centre or at a different centre.
Pensioners can transfer the account from one authorized bank to another within the same centre (such transfers to be allowed only once in a year), Also transfer the account from one authorized bank to another authorized bank at a different centre.
Banks providing some facilities to pensioners like, cheque book facility, online account, third party transfers, bill payment options , lockers etc., So, check with your bank for zero balance account.
