OTHER BENEFITS

OTHER BENEFITS

1.     Savings portion of GSLI: on retirement would be directly credited by HO to the pensioner’s account.  The respective Zonal Offices have to send claims once in a month, preferably before 10th of every succeeding month to HO giving all the necessary details to HO.

2.    Staff Housing Loans: availed are to be repaid at the time of retirement.  However, if a staff mmber wishes to continue the housing loan after retirement, on commercial terms under Hosuing Loan Scheme as applicable to the general public, without any relaxations/concessions/deviations and if he/she is otherwise eligible for availing the said facility.  This request may be considered by the concerned Zonal Manager under whose authority the Staff Hosuing Loan account is maintained.   It is not obligatory on the part of the Bank/sanctioning authority to consider such request since sanctioning of the said loan would be purely a commercial/business decision.

3.     BOI Staff Benevolent Scheme:  A member of the scheme who is retiring on account of attaining the age of superannuation will continue to be a member of the scheme till he/she completes 65 years of age.  Such retired member will not be required to make contribution of Rs.2.   In the event of death of a member of the scheme, his/her nominee/family members will be eligible for receiving the benefit of the scheme.

4.     Retiree staff are eligible to get additional interest rate over and above the rate of interest, subject to –

a.     No minimum amount criterion for term deposits

b.     A declaration from the depositor concerned, that the monies deposited belongs to the depositor, and

c.      In case of joint accounts, the name of ex-staff member/ex-staff senior citizen or spouse of the deceased staff members, who has submitted declaration for owning deposits and seeking the benefits of additional rate, should be the first name in the account for receiving the benefits of additional rate of interest.

5.     TRAVELLING EXPENSES:  As per Regulation 43 of Bank of India Officers’ Service Regulations, 1979, an officer will be eligible to claim travelling allowance, baggage an other expenses for himself/herself and his/her family as on transfer from the last station at which he is posted to the place where he proposes to settle down on his retirement.  The reimbursement of expenses would be restricted to travel/transportation within India.

The above facilities are allowed to an officer (i) retiring on superannuation (ii) who has been compulsorily retired from the service as per Regulation 19 (iii) retiring voluntarily at any time after completion of 55 years of age or 30 years of total service and (iv) who has been compulsorily retired from Bank’s service as a major penalty. They can also retain the subsidised housing accommodation for a further period of TWO months from the date of their retirement.

6.     Eligibility to receive copies of the Bank’s quarterly bilingual journal TAARAANGAN on request.

7.     All retired staff members are exempt from various service charges, including rents for SDV lockers.

8.      Retired employees are issued with an Identity Card by respective Zonal Offices.  Those who have not been issued with the said card may contact their respective branches to apply for the same in the proforma devised by the Bank.