BENEFITS ON RETIREMENT

• Provident Fund: 

As per their statement, along with voluntary contribution of PF made by them. 

The retiree may retain all or a part of his/her provident fund with the Bank for a period of 3 years from the date o retirement, by submitting the application to the trustees, before retirement.  

•     Gratuity:

a. As per Gratuity Act:

Half a month of last Salary drawn for each completed year of service.  

Salary means BP +DA +SA+PQP+FPP+DA on FPP.

Service of  6 months and above is  reckoned as one year.

26 days is construed as a month.

Last salary drawn/26 X 15 X No.of years of service.

Maximum of Rs.10 lacs.

b.     As per Bipartite Settlement:

One month pay for each completed year of service with a maximum of 15 years, AND half a month pay for every year of service beyond 30 years, with a maximum of 33 years of service.

PAY means average of last 12 months of Basic Pay and such other allowances ranking for PF & Incremental portion of FPP.

NO MAXIMUM PRESCRIBED.

GRATUITY PAYABLE IS HIGHER OF (a) AND (b) ABOVE.  Gratuity upto Rs.10 lacs is exempt from Income Tax.

             Gratuity cannot be forefeited under any circumstances except in case of dismissal  where Bank has incurred loss due to misconduct of the employee.            

          

 Pension

50% of average of 10 months emoluments, i.e. Basic Pay + DA + Spl. Alln.ranking for PF + PQP + Incremental portion of FPP & DA thereon.

Commutation: A pensioner may surrender upto maximum of 1/3^rd of the pension by way of commutation and receive in lieu thereof lumpsum determined in accordance with his/her age at next birthday.

Example:  1/3^rd of Basic pension X 12 X factor at next birthday, as under:

Age at Next Birthday	Commutation Factor	Age at Next Birthday	Commutation Factor	Age at Next Birthday	Commutation Factor
50	13.25	51	12.95	52	12.66
53	12.35	54	12.05	55	11.73
56	11.42	57	11.1	58	10.78
59	10.46	60	10.13	61	9.81
62	9.48	63	9.15	64	8.82

            

Commuted portion of pension will be restored after a period of 15 years from the date of commutation.

Pensioners can have joint account with his/her spouse, under scheme code 121.  If there existing account is in scheme code 111, can get the same changed at their respective branches, to get the additional features of

(i)                Free Personal Accident Insurance Cover of Rs.5.00 lacs (ii) discounted health check up.

FAMILY PENSION:

Upto Rs.2870                      -  30% of pay minimum Rs.720 per month

From Rs.2871 to Rs.5740            -  20% of pay minimum Rs.860 per month

Above Rs.5740                   -  15% of pay min.Rs.1150 & Max. Rs.2400 p.m.

In the event of death of an employee after retirement, before attaining the age of 65 years, family pension is payable at twice the ordinary rate of family pension or at 50% of pay last drawn by the employee at the time of retirement, whichever is less.  The maximum period for which higher family pension will be payable is 7 years or till the deceased employee would have attained the age of 65 years, if it occurs earlier.

  

Encashment of Privilege Leave

An employee on retirement can encash the privilege leave to his/her credit upto the date of retirement, upto a maximum of 240 days.

 PL  encashment in excess of Rs.3 lacs is taxable

AGE OF RETIREMENT

AGE OF RETIREMENT

After a workman has reached the age of 57 years, he/she may be retired after giving him/her 2 months notice in writing in case the efficiency of the employee is found to have been impaired.  Subject to this rules and subject to any rule under the existing pension fund, a workman shall not be compelled to retire before he/she is 60 years old nor will it be necessary to give workman a letter extending his service till he is 60 years old.

The Management has to provide beyond doubt that the efficiency of a workman is impaired, if it wants to enforce the provision of retiring him at the age of 57 years.  Otherwise it will tantamount as colourable exercise of provision and vindictive and liable to be set aside by an Industrial Tribunal or Court.

HOLIDAY HOME FACILITY TO RETIREES

HOLIDAY HOME FACILITY TO RETIREES

  Retired employees/Ex-staff are eligible to stay in the Bank’s Holiday Home,during the period Holiday Homes are not occupied/applied for by the existing staff members.   

   This facility, until recently, was not available to ex-staff at New Delhi,  Bangalore & Mysore.  Recently HO has revoked its decision and has permitted to allow the Holiday Home facility at Bangalore and Mysore also.

LIST OF HOLIDAY HOMES: 

PLACE	ADDRESS	ALLOTTING AUTHORITY	CONTACT NUMBERS
ACHARE	Zing n Swing Rural Resort, Achare-Bunder Road, Via Kankavali, Off Mumbai-Goa Highway, At & Post ACHARE-466614, Malvan Taluka, Sindhudurg Dist, Maharashtra	The Zonal Manager Rathnagiri Zone	ZO: 02352-221755, 222615, 222616
AGRA	Hotel Ashish Place, Tourist Complex Area, Fatehabad Road, Agra-282001	The Zonal Manager, Agra Zone	Hotel: 0562-2230032 Fax: 0562-2330404 Agra ZO: 0562-2521324, Fax: 0562-2152536
ALIBAG (Near Mumbai)	Hotel Sahyadri, Near Sarkhel Kanoji Angre Nagar, Veshvi, Alibag, Raigad-402209	The Zonal Manager Mumbai South Zone	Hotel: 02141-226404 Fax: 02141-226415 MSZO: 022-22623653 Fax: 022-22612912
AMRITSAR	Hotel Royal Castle, 309, Albert Road, Near Railway Station, Amritsar	The Zonal Manager, Ludhiana Zone	Hotel: 0183-225562/64 Fax: 0183-5005024 ZO: 0161-2408163 Fax: 2408161
BANGALORE	Shri Adia Residency, No.32, I Main Road, Gandhinagar, Bangalore-560 009	The Zonal Manager, Karnataka Zone	Hotel: 080-40434043 KZO: 080-222959410 Fax: 080-22959425         080-2289054
BHUBANESHWAR	Tourist Gest House, Plot No.1, Ashok Nagar, Unit II, Bhubaneshwar-751009	The Zonal Manager Bhubaneshwar Zone	ZO: 0674-2531765
CHENNAI	Hotel Royal Regency,  No.26 & 27, Poonamallee High Road Chennai-600 003	The Zonal Manager Chennai  Zone	ZO:  044-66777504 Fax: 044-66777505         044-66777515
DALHOUSIE	Hotel Super Star, Subhash Chowk, Dalhousie	The Z	ZO: 0161-2408163 Fax: 2408161
DAMAN	Hotel Princess Park, Devika Beach, Nani Daman-396210	The Zonal Manager Ahmedabad Zone	ZO: 079-25351461 Fax: 079-25353463
DARJEELING	Hotel Dewachen, Chandra Niwas, Below Forest Office, Hill Cart Road, Darjeeling-734101	The Zonal Manager Siliguri Zone	ZO: 0353-2641098        0353-2641718 Fax: 0353-2642985
DARJEELING	Hotel Pradhan, Pradhan Niwas, Near Hotel Oberoi, 57, Gandhi Niwas, Darjeeling	The Zonal Manager Patna Zone	Hotel: 0354-252103 ZO: 0612-2234510 Fax: 0612-2223178
DIGHA	Hotel Gitanjali, New Digha Town, Digha Dist., East Midnapore, WB	The Zonal Manager Kolkatta Zone	Hotel: 03220-266547 ZO: 033-22210292 Fax: 033-22481969
GANGTOK	Hotel Hill View, M.G.Road, Gantok (Sikkim)	The Zonal Manager, Patna Zone	Hotel: 03592-223545 ZO: 0612-2234510 Fax: 0612-2223178
GOA	Hotel Succegado Behind Municipal Market Panaji-403001	The Zonal Manager, Goa Zone	Hotel: 0832-2426081             0832-5622334 ZO: 0832-2242561 Fax: 0832-2230505
GOA	Hotel Indira Niwas General Costa Alvares Road, Near Municipal Market, Panaji-403001	The Zonal Manager Pune Zone	Hotel: 0832-223753 ZO: 020-5535401/08 Fax: 020-5533200
GOA	Hotel Indira Niwas General Costa Alvares Road, Near Municipal Market, Panaji-403001	The Zonal Welfare Committee, Mumbai Main Branch	Hotel: 0832-223753 Br: 022-22623653 Fax: 022-22612912
GURUVAYUR	Narayaneeyam, XIII/1198, Mullathata Temple Road West Nada GURUVAYUR	The Zonal Manager Kerala Zone	Hotel: 0484-2331828,                       2349686 ZO: 0484-2331828  Fax:0484-2349686
HARIDWAR	Hotel Ganges Rivera Delhi Bye Pass Road Opp: Ganga River Haridwar-249 408	The Zonal Manager Ghaziabad Zone	Hotel: 01334-240940/1 Fax: 01334-240942 ZO: 0120-2404137 Fax: 0120-2403782
HYDERABAD	Hotel Sitara Residency, Adj.to Chandna Bros. Main Road, Amirpet Hyderabad	The Zonal Manager Hydrabad Zone	Hotel: 040-23735222/333 ZO: 040-23314721 Fax: 040-23315173
JAIPUR	Hotel Kalyan, 59, Hathroi Fort, Harikishan Somani Marg, Ajmer Road Jaipur-302 001	The Zonal Manager, Rajasthan Zone	Hotel: 0141-2362940 0141-2368455/202/355 ZO: 0141-2658027 0141-2658034/36 Fax: 0141-2656223
JAMMU	Hotel Swagat Gurudwara Sunder Singh Road, Near Aggarwal, Dharmasala, Jammu	The Zonal Manager Ludhiana Zone	Hotel: 0191-2540168 Mob: 09419127100 ZO: 0161-2408163 Fax: 0161-2408161         0161-2410648
KANYAKUMARI	Vivekanand Kendra Vivekanandapuram KANYAKUMARI-629 702	The Manager Nagercoil Branch	Hotel: 04652-246261, 246250, 246232 Br: 04652-227750, 278650
KATRA	Hotel Asia Vashno Devi Katra-182301	The Zonal Manager Ludhiana Zone	Hotel: 01899-242181 ZO:0161-2408163
KODAIKANAL	C.V.N.Cottage, Fern Hill Road, Opp: to Hotel Tamil Nadu, Near Valliappan Theatre, Kodaikanal-624 101	The Branch Manager Kodaikanal Branch	Hotel: 04542-241497, 241498 & 243512 Branch: 04542-244475
KIBAVAKA	Seasons Motels P.Ltd. Plot No.3, Shankar Nagar, Tungrali Lonavala-410 403	The Zonal Manager Mumbai South Zone	Hotel: 02114-272747 & 275761 ZO: 022-22623653, 22703543/4, 22674857
MAHABALESHWAR	Bharat Hotel Tapola Road, Near New Lake Mahabaleshwar-412806	The Zonal Manager Pune Zone AND Kolhapur Zone	Hotel: 02168-260233 Fax: 02168-260710 Pune ZO:020-5535401 Kol.ZO: 0231-2536591
MAHABALESHWAR	Hotel Rahi, Opp: S.T.Stand, Mahabaleshwar	The Zonal Welfare Committee, Mumbai Main Branch	Br: 022-22623653 Fax: 022-22612912
MANALI	Manali Co.Op.Housing Society Ltd., Chicoga Estate, Chichoga Village, Manali-175 131	The Zonal Manager Chandigarh Zone	Hotel: 0190-252471 ZO: 0172-2703212-15 Fax: 0172-2704350
MATHERAN	Bank of India Holiay Home, Delli Bunglow, Shariot Lake Lane, Behind West End Hotel, Near Police Station, Acharya Atre Marg MATHERAN-410 102	The Zonal Manager Mumbai South Zone	ZO: 022-22623653, 22703543/4, 22674857
MOUNT ABU	Hotel Hill Top, Near Old Barrier Mount Abu-307 501	The Zonal Manager Rajasthan Zone Jaipur	ZO: 0141-2658027 0141-2658034/36 Fax: 0141-2656223
MOUNT ABU	Hotel Sudhir Near Old Bus Stand, Rajendra Marg Mount Abu-307501	The Zonal Manager Ahmedabad Zone	Hotel: 02974-235311 Fax: 02974-238259 ZO:079-25351461 Fax: 079-25353463
MUNNAR	Chancellor Resorts Bungalow No.97H(1), Chinnkanal PO Munnar-686 618	The Zonal Manager Kerala Zone	Hotel: 0486-849318-20 Fax: 0486-849218 ZO: 0484-2349686 Fax: 0484-2349720
MUSSORIE	London House, (Hotel Pradhan), Near Picture Palace, The Mall, Mussorie	Staff Welfare Secretary Connaught Circus Branch	Hotel: 0135-2631183,             0135-2632483
MYSORE	Shri Guru Residency No.10, Jhansi Laxmi Bai Cross Road, Mysore-570 001	The Chief Manager Mysore Branch	Hotel: 0821-2424600, 2424666, 224300, 2424400 Br: 0821-2442833  2431517-Fax:2443913
NAINITAL	Bank of India Holiday Home, Hgardignlay Cottage, Above India Hotel, Near Hydel Guest House, NAINITAL	The Zonal Manager, Lucknow Zoe	Hotel: 05942-237824 ZO: 0522-2721492,         0522-2721503 Fax: 0522-2721511
NAINIITAL	Hotel Lakeview Tallital, NAINITAL	Staff Welfare Secretary Connaught Circus Branch	Hotel: 05942-236489 Fax: 05942-235632
NEW DELHI	Hotel Kashish Behind Imperial Cineman, Chuna Mandi, Paharganj DELHI	The Zonal Manager, New Delhi Zone	Hotel: 011-41000358 ZO: 011-28844091 Fax: 011-23718085
NEW DELHI	Bank of India Holiday Home, M/s.Hotel Alfa Continental, 1335, Sangatrashan, Paharganj, Behind Dispensary bus Stop NEW DELHI-110 055	The Zonal Manager Ranchi Zone	ZO: 0651-220837                   2202150
OOTACAMUND (OOTY)	Mhalaxmi, Bombay Castle, Above ATC Theatre, Ootacamund-643 001	The Sr.Branch Manager Coonoor Branch	Hotel: 04868-249318, 249318, Fax: 249218 Br: 0423-2230472 Fax: 0423-2231971
PACHMARHI	Hotel Kachnar, Arvind Marg, PACHMARHI-461881	The Zonal Manager Bhopal Zone	Hotel: 07578-252233, fax: 252077 ZO: 0755-2554404, 05 Fax:0755-2553779
PUNE	Hotel Surahanda Executive, No.207, Narayan Peth, Kelkar Road, Near LIC Building PUNE-411 030	The Zonal Manager Pune Zonal office	Hotel: 020-24433943 Fax: 020-24433945 ZO: 020-25535766 Fax: 020-25535200
PURI	Hotel Sakuntla Place Gopal Ballabh Road, Sea Beach PURI-752 002	The Zonal manager Bhubaneshwar Zone	Hotel: 06752-233378             06752-233379 ZO: 0674-2404123 Fax: 0674-2401291
PURI	Hotel Asia Inn, Beach Resord, Balla Panda, Swarg Dwar, PURI-752 002	The Zonal Manager Kolkata Zone	Hotel: 06752-231307 ZO: 033-22210292 Fax: 033-22481969
SANTINIKETAN	Hotel Royal Bengal P Ltd., Bhuwandanga, Dakbunglow, West Bolpur Dist.Birbhum-731 204	The Zonal Manager, Kolkata Zone	Hotel: 03463-257148 Fax: 03463-257448 ZO: 033-22210292 Fax: 033-22481969
SAPUTARA	Star Holiday Home JainMandir Road SAPUTARA	The Zonal Manager Ahmedabad Zone	ZO:079-25351461 Fax: 079-25353463
SIMLA	Hotel Tara Near High Court SIMLA	The Zonal Manager Chandigarh Zone	Hotel: 0177-3298825             0177-2623681 ZO: 0172-2703212-15 Fax: 0172-2704350
TIRUPATI	Hotel Bhima’s Paradise No.33-37, Renigunta Road Tirupati-517 501	The Manager Tirupati Branch	Hotel: 0877-2237271,76 Br: 0877-220824 Fax: 0877-2220398
TIRUPATI	Hotel Bhima’s Paradise No.33-37, Renigunta Road Tirupati-517 501	The Zonal Manager Hyderabad Zone	ZO:040-23314721,723 Fax: 040-23315173
UDAIPUR	Hotel Meera, 6, Meera Marg Udaipur-313 001	The Zonal Manager Rajasthan Zone	Hotel: 0294-2527554 ZO: 0141-2658027 0141-2658034/36 Fax: 0141-2656223
SRINATHJI	Hotel Shagun, Opp: Sunder Villas, Mandir Marg Srinathji (Rajasthan)	The Zonal Manager, Ahmedabad Zone	ZO:079-25351461 Fax: 079-25353463
SHIRDI	Hotel Pilgrims Inn, Shirdi MTDC Ltd., Shirdi-423 109	The Zonal Manager Mumbai North Zone	Hotel: 02423-255194 to                         255197 ZO: 022-28827771                28825771 Fax: 022-28825878
UJJAIN	Hotel Prem Place Teen Batti Chauraha UJJAIN-456 010	The Zonal Manager Ujjain Zone	Hotel: 0734-2552070 ZO: 0734-2510466, 2510366, 2514459 Fax: 0734-2515793
VISHAKAPATNAM	Hotel Talasila Intl., Station Road Opp: D.R.M.Office Dondaparti, Vishakapatnam-500016	The Zonal Manager Vishakapatnam Zone