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IDFC FIRST Bank Authorized by CPAO to Disburse Pensions.

Banking & Finance | Dated: 04 Apr 2025

In April 2025, Mumbai (Maharashtra) based IDFC FIRST Bank (Formerly Infrastructure Development Finance Company) received authorization from the New Delhi (Delhi) based Central Pension Accounting Office (CPAO) under the Department of Expenditure (DoE), Ministry of Finance (MoF), to disburse pensions to central government pensioners.

🎯 Key Highlights:

  • - Pensioners can now receive their pensions directly into their IDFC FIRST Bank Savings Account.
  • - This authorization enables IDFC FIRST Bank to provide pension disbursement services to various categories of pensioners, including All India Service Officers, Former Members of Parliament (MPs), Retired Judges of High Courts and the Supreme Court, Former Presidents and Vice Presidents of India, and officials of Civil Ministries and Departments (excluding Railways, Posts, Telecom, and Defence).
  • - Pensioners have the option to open a joint savings account with their spouse to ensure uninterrupted family pension payments.

💡 Other Important Facts:

  • (i) The bank offers a range of benefits under its Savings Account for pensioners, including zero-fee banking on 36 services such as debit card issuance, IMPS, NEFT, RTGS, chequebooks, and ATM withdrawals.
  • (ii) Senior citizens also receive ₹2 lakh cyber insurance, unlimited online health consultations, and free doorstep banking.
  • (iii) Additionally, the bank provides favourable fixed deposit terms with no penalty on premature withdrawals and an extra 0.5% interest on Fixed Deposits (FDs) for senior citizens.

📚 Test Your Knowledge:

Which bank was recently authorized by the Central Pension Accounting Office (CPAO) to disburse pensions to central government pensioners?

Correct Answer: IDFC FIRST Bank

🚀 Quick Recap: