According to the Reserve Bank of India, banks should have a clearly visible dedicated counter or a counter that prioritises senior citizens and those with impairments, including the visually impaired (RBI).
Withdrawal of pension by pensioners who are elderly, sick, disabled, or incapacitated, according to RBI FAQ:
To make it easier for seniors to withdraw their funds, banks and agency banks have classified them as follows:
“1. Pensioner who is too unwell to sign a cheque / unable to be physically present at the bank.”
2. Due to a physical defect or incompetence, a pensioner is not only unable to be physically present at the bank, but also unable to leave his or her thumb impression on the cheque/withdrawal form.”
To enable such aged, sick, or handicapped pensioners to manage their accounts, banks are being asked to take the following steps:
Wherever the old/sick pensioner’s thumb or toe impression is taken, it must be verified by two independent witnesses who are known to the bank, one of whom must be a competent bank officer.
Where the pensioner is unable to leave a thumb/toe impression or be physically present in the bank, a mark on the cheque/withdrawal form can be obtained, which should be identified by two independent witnesses, one of whom should be a responsible bank official.
Account status conversion is done automatically.
Depending on the date of birth available in the bank’s records, RBI has advised banks to convert fully KYC compliant accounts to ‘Senior Citizen Accounts.’
Banking at Your Doorstep
Banks are advised to make a concerted effort to provide basic banking services to senior citizens over the age of 70, differently-abled or infirm, including those who are visually impaired, picking up cash and instruments against receipt, delivering cash against account withdrawal, delivering demand drafts, and submitting Know Your Customer (KYC) paperwork are only some of the services available.
Is it possible for a pensioner to withdraw money from a bank account if they are unable to sign or are unable to be present at the bank?
In such instances, a pensioner might make any mark or impression on the cheque/withdrawal form and notify the bank that the cheque/withdrawal form would be used to withdraw the pension funds.
Such a person should be able to be identified by two independent witnesses. According to the RBI FAQ, the person withdrawing money from the bank should be asked to produce a specimen signature to the bank.
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