Fill the option form and get it verified by the bank of your choice.
Automatic deposit of monthly pension in your bank.
No need to send bills. Annual increases are automatically included.
Advantage: interaction with the workflow system rather than individuals.
Payments are authorized on the basis of bills received from pensioners.
Cheques are issued to banks.
Disadvantage : Delays in pension payment in case bills are not sent to CMA (OP) within the monthly payment timeline.
Payment authorities are issued to NBP branches.
Payments are made by NBP, endorsed on pension books.
CMA (OP) conducts post audit of NBP payments, usually resulting in recovery of over-payments made by the branches.
Disadvantage : Timely intimations regarding pension revisions are normally not received in NBP branches resulting in delayed payment of actual dues.