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Pension woes

K

krish44

0
I have a pension account from lic policy payable at punjab national bank. It stopped paying some 19 month back. On enquiry from lic after chasing multiple office branches to locate the right lic office I was informed that it was because PNB had 16 digit account no while others had 15 Earlier it was transferred thru ECS ignoring 5th digit by consent of bank and lic 19 months back the practice changed and bank refused remittance from lic. Now lic transferred by NEFT
And I was informed today 19 months arrears got paid. This is the govt that works LOL
 
If such things happened to an educated metro person well off I dread to think what should be the fate of others receiving pension of any kind from govt.
 
Fresh stories on pensions.My bank has indicated that I should visit branch to fill kyc documents for pension renewal as per RBI guidelines.Since I live 2000 km away imagine expenses for trip and stay near branch. When will this type of harassment end.Rainy season and cities like blore still recovering from its after effects is not making life easy.Add to it nuisance from banks and RBI is not pleasurable.
 
What is then a simpler way to llve and enjoy balance life ignoring idiotic directions from banks.It is time for revamp of financial systems to make them responsive to senior citizen's needs
 
Various regulaters to reduce leakages from banks keep coming out with fresh rules.
No one to control the regulaters and their enthusiasm.
One hears of nse regulaters and bank managers getting booked for insider trading.
Someone in power uses a loop hole to get around the system and profit.common man gets loaded with more controls and checks.
A stage may come when banks will lose their credibility and normal persons would either keep cash or convert to gold or other currencies
Indian rupee is close to 80 rs to a dollar.and can only depreciate.
Inflation is not cooling.of course we are better than pakisthan or srilanka
Our agricultural base will save us and give us a minimum GDP.
Only our living standards will go down and more will slip below the poverty line.
 
Real estate is reviving at least in metros like chennai or mumbai. It is a good asset class for investing.and parking money.
They give a rental income of about 6% and capital appreciation.
But managing the property remotely is a bit difficult.
As a philosophy a flat to live in and another to live on is a good pensioner option.
 

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