Banks have generally been observed not to to be very fond of opening pension accounts. This is owning to the reason that pensioners’ accounts usually do not have huge balances – making pensioners not-so-lucrative account holders. Secondly, due to their age pensioners demand more time, facilities, patience and care from bank staff who are required by their organizations to be more productive and efficient – do more with less resources in less time.

In such circumstances State Bank of Pakistan’s circular coming on the heels of the Supreme Court of Pakistan’s suo-motto notice is a pleasant relief for pensioners.

State Bank of Pakistan (SBP) has directed all banks to instruct all their branches to pay pensions on the procedure adopted for payment of salaries. The banks have further been advised to facilitate pensioners when they approach them for account opening.

Exemption from service charges has been provided to the accounts of government/semi-government/defense paid pensioners, while private pensioners may open Basic Banking Account (BBA).

Banks have been advised to ensure adequate seats and drinking water facilities at branches for all senior citizens and pensioners. Bank staff are also required to be kind to pensioners and treat them with dignity and respect.

Banks have also been asked to approach pension giving agencies to finalize formalities of pension payment and transfer received amounts to the pensioners’ accounts in a timely manner.

If you have a senior pensioner citizen in your home or community, talk to him and tell him of this latest development. Because only if a consumer knows of his rights, he can demand them.