Bank Alfalah has joined hands with Employee Old Age Benefits Institution (EOBI) for the administration and organization of employees’ contribution and pension disbursement process in Pakistan. The process has been designed to cater to a wide base of 626,000+ pensioners, and 98,000 contributing employers. Bank Alfalah manages an average monthly pension disbursement of Rs. 10,000 for each EOBI pensioner, along with a total monthly contribution collection of Rs 6.5 billion from employers.
Bank Alfalah has worked on revolutionizing the pension disbursement process by making it more sophisticated and agile as opposed to the manual processes which were previously being followed. The pension disbursement process has been designed to make it completely digital through the use of branchless banking mobile wallets which will eradicate the use of physical dealing of cash at the time of pension disbursements. Instead of pension collection at branches only, Bank Alfalah has now widened the access points for pensioners. EOBI pensioners are now able to withdraw their pensions through the 10,000+ ATM network across Pakistan.
EOBI PENSION WALLET
The EOBI Pension Wallet, tagged to a Union Pay International powered debit card, is an innovative financial solution that is meant to facilitate EOBI pensioners to receive monthly pensions in a secure manner with ease. EOBI pensioners will be able to receive funds directly into their wallet accounts, accessible through the prescribed channels.
USE OF CARD
Balance Inquiry
Mini Statement
Cash withdrawal transactions using
Bank Alfalah ATMs across Pakistan
1 Link/Mnet ATMs across Pakistan
Retail Purchases using POS/MPOS – Effective from 1st August 2017
No amount can be deposited or transferred into an EOBI Pension Wallet Account other than the monthly pension disbursed by EOBI.
Account Opening/ Card Issuance
An EOBI pensioner can visit any Bank Alfalah branch and show his/her CNIC and Passbook for verification
After verification, the pensioner is asked to perform a bio-metric verification for pensioner profiling
The pensioner is then asked to provide some basic KYC details in order to complete the account opening form
The form is printed and signed by the pensioner and branch officer
The pensioner’s wallet account is then opened and the EOBI pension card pack is handed over to the pensioner
Card Activation
To activate the EOBI pension card, you can simply call on our 24/7 customer support helpline at 021-111-225-229.
Monthly Pension Disbursement
On the 1st of every month, the pensioner’s wallet account is credited with the EOBI pension amount. Upon successful disbursement, an SMS notification is sent to all EOBI wallet holders.
An EOBI Pensioner is able to withdraw funds from their account at any ATM in Pakistan.
Proof of Life [Bi-annual verification of EOBI Pensioners]
Proof of Life consists of a bio-metric verification which can be performed at Bank Alfalah AlfaPay, Telenor BVS location or at any Bank Alfalah branch
In case the Proof of Life is failed to be performed on the stipulated date, the pensioner’s account shall be suspended. The account will be restored once bio-metric verification is performed within a span of 3 months
The pensioner shall receive an SMS 30 days before the suspension of their account which would instruct them to visit the nearest Telenor outlet to provide their bio-metric verification. The pensioner’s CNIC will be required in case of bio-metric verification
In case there is an error in the verification process (finger prints not found), the pensioner shall be sent an SMS instructing them to visit a Bank Alfalah branch for physical verification
Once the verification is performed successfully, the pensioner will be sent an SMS to provide them an update
EOBI Contribution Collection
How does EOBI contribution collection take place?
EOBI Contribution Collection at Branches (PR03 Slip – Preprinted),
1.Depositor will visit BAFL branches to deposit their share/contribution in EOBI pension Fund along with the pre-printed PR03 Slip.
2. PR03 slip no. (appearing on the PR-03 pre-printed form) will be entered into the field to search company details.
Contribution Collection with Pre-generated Slip
If a depositor wishes to deposit funds into the EOBI Pension Fund, they can generate the PR-03 deposit slip from the EOBI website
The depositor can then visit a Bank Alfalah branch along with the pre-generated slip and then approach the branch teller when called to the ticket counter
The branch teller completes the transaction by filling out all the details on the deposit slip, onto the system
For details about our Branchless Banking Products & Services call Bank Alfalah Contact Centre at 021-111-225-229.