Introduction
The DSP Account-Pension is an exclusive account for pensioners from the Indian Army, Air Force, Navy, Assam Rifles, Rashtriya Rifles, Special Frontier Force, General Reserve Engineer Force (GREF), and Border Roads Organization. It is different from regular Pension accounts, as it offers distinctive benefits and features, tailored to suit the specific needs and preferences of retired Defence personnel and their families.
Some of the benefits and features of the DSP Account Pension are:
1. Zero balance account with unlimited free transactions at ATMs across all banks in India: The DSP Account Pension does not require any minimum balance to be maintained, and allows the account holders to withdraw cash from any ATM in the country without any charges. This gives them the convenience and flexibility to access their money anytime, anywhere.
2. Complimentary Personal Accidental Insurance (Death) cover of Rs. 30 Lakhs for all ranks: The DSP Account (Pension) provides a free personal accidental insurance cover of Rs. 30 Lakhs to the account holders, in case of death due to an accident. This cover applies to all ranks of the Defence forces and is valid for the entire duration of the account.
3. 100% waiver of processing fee on Car Loans: The DSP Account (Pension)also offers a 100% waiver of processing fee on Car Loans. This means that the account holders do not have to pay any extra charges or fees for availing a Car Loan, and can save a significant amount of money.
4. Up to 25% off on annual locker rent: The DSP Account (Pension) also offers a discount of up to 25% on the annual locker rental fee. This means that the account holders can avail the safe and secure locker facility at a reduced cost, and store their valuables and documents with peace of mind.
5. Optional Auto-Sweep facility to create e-MODs (Multi Option Deposits) and earn higher interest: The DDSP Account (Pension) also offers an optional auto-sweep facility, which allows the account holders to create e-MODs (Multi Option Deposits) with higher interest rates. This means that the account holders can earn more interest on their surplus funds, and also have the option to withdraw them anytime without any penalty.
6. Demat & Online Trading A/c facility is available: The DSP Account (Pension) also offers a Demat and online trading account facility, which allows the account holders to invest in the stock market and trade online. This facility comes with free issuance of drafts, multi-city cheques, SMS alerts, and NEFT/RTGS transactions, making it convenient and cost-effective for account holders.
7. Free issuance of Drafts, Multi City Cheques, SMS Alerts, NEFT/RTGS: The DSP Account (Pension) also offers free issuance of drafts, multi-city cheques, SMS alerts, and NEFT/RTGS transactions, making it easy and convenient for the account holders to make payments and transfers.
Conclusion:
The DSP-Pension account is a smart choice for retired Defence personnel, as it provides them with exclusive financial benefits and services, that are not available in regular pension accounts. However, it is important to note that to avail of these benefits and services,
“However, It is crucial to note that to avail of features such as insurance and other facilities provided by the DSP account after retirement, it is mandatory to convert it to a DSP Pension account”
Failure to do so will result in the denial of access to these facilities. For additional information, please visit your home branch, it is advisable to visit the home branch and submit an application, along with proof of pension and retirement, for the conversion of the DSP account to the DSP-Pension account, as soon as possible after retirement.