Letter of Undertaking to be Obtained by Banks from Pensioners

A letter of undertaking should be obtained from pensioners whose pension is paid by the Bank under a scheme for payment of pensions by any bank.

In case, any excess amount is paid by the bank by mistake in the future, or in case, due to any fraud or willful misconduct of the pensioner, the bank suffers losses, and then such a letter of undertaking from the pensioner will help the bank in recovering any such amount.

Here is a format of a letter of undertaking to be obtained from pensioners. Please modify it appropriately with all the necessary details.

TEMPLATE

Letter of Undertaking

To

The Branch Manager

__________ Bank

__________ Branch

Sub.: Payment of pension under P.P.O. No. _________.

Dear Sir/Madam,

In consideration of the (Name of the Bank) having agreed, at my request, to credit to my Savings Bank / Current Account in my name or jointly with my spouse the amount of pension, payable to me from time to time, as it falls due, under the scheme for payment of pensions by the Bank,

I, the undersigned, agree and undertake to refund or make good any amount to which I am not entitled or any amount which may be credited to my account in excess of the amount to which I am or would be entitled. I further agree and undertake to bind myself and my heirs, successors, and administrators to indemnify the bank from and against any loss, costs, charges and damages, suffered or incurred by the bank in so crediting my pension to my account under the scheme and to forthwith pay the same to the bank and also irrevocably authorise the bank to recover the amount due by debit to my said account or any other account/ deposits belonging to me in the possession of the bank.

Details of the Pensioner

i. Name of the Pensioner: _____________.

ii. Date of birth: ________.

iii. Name of the Father/Husband: ________.

iv. Present Address: __________________.

v. Permanent Address: ________________.

vi. Phone Number: ___________.

vii. Account Number: _________. IFSC: ___.

I hereby declare and affirm that the above-mentioned information and statements are true to the best of my knowledge and belief.

Yours faithfully,

    (Signature)

(Name of the Pensioner)

Date: ________

Place: ________

Witnesses:

(1) Signature:                   (2) Signature:

Name: _____________   Name: _____________

Address: ___________   Address: ____________

Date: __________           Date: _________