(a) pay pension contribution in respect of his foreign service and count such service as qualifying service under these regulations; or
(b) avail of the retirement benefits admissible under the rules of the foreign employer and not count such service as qualifying service under these regulations :
Provided that where an employee opts for clause (b), retirement benefits shall be payable to him in India in rupees from such date and in such manner as the Bank may, by order specify.
24. Military Service An employee who has rendered military service before appointment in the Bank shall continue to draw the military pension, if any, and military service rendered by the employee shall not count as qualifying service for pension.
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25. Period of deputation to an organisation in India Period of deputation of an employee to another organisation in India will count as Qualifying Service:
Provided the organisation to which he is deputed or the employee pays the pensionary contributions at the rates specified in sub regulation (a) of regulation 7 of these regulations or at the rates specified by the Bank at the time of deputation, whichever is higher to the Bank.
26. Addition to qualifying service in special circumstances An employee shall be eligible to add to his service qualifying for superannuation pension (but not for any other class of pension) the actual period not exceeding one fourth of the length of his service or the actual period by which his age at the time of recruitment exceeded the upper age limit specified by the Bank for direct recruitment or a period of five years, whichever is less, if the service or post to which the employee is appointed is one
(a) for which post-graduate research, or specialist qualification or experience in scientific, technological, or professional fields, is essential ; and
(b) to which candidates of age exceeding the upper age limit specified for direct recruitment are normally recruited;
(c) for which the candidate was given age relaxation over and above the maximum age limit fixed by the Bank on account of his possessing higher qualifications or experience :
Provided that this concession shall not be admissible to an employee unless his actual qualifying service at the time he quits the service in the Bank is not less than ten years;
Provided further that this concession shall be admissible if the recruitment rules in respect of the said service or post contain specific provision that the service or post is one which carries benefit of this regulation;
Provided also that the recruitment rules in respect of any service or post which carries the benefit of this regulation shall be made with the approval of the Central Government.
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27. Counting of service rendered on permanent part-time basis
(1) In case of an employee who was employed on scale wages and on a permanent parttime basis in the services of Bank and was contributing to the Provident Fund, such service rendered by him on a permanent part-time basis from the date he became a member of the Provident Fund shall be counted as qualifying service.
(2) For the purpose of calculating the amount of pension in respect of a part time employee who was / is initially recruited on a lower scale wage and later fitted on higher scale wages including full scale wages, the length of qualifying service shall be determined in accordance with Appendix IV.
(3) In respect of part time employees who continue to be in the same scale wages since their recruitment, for the purpose of calculating the amount of pension, the actual service put in shall be taken as qualifying service. In such cases the actual pay drawn on scale wages at the time of retirement shall be reckoned for the purpose of average emoluments.
Note: The actual service / qualifying service shall be calculated from the date of recruitment or 01.09.1978, whichever is later.
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CHAPTER V CLASSES OF PENSION
28. Superannuation Pension Superannuation pension shall be granted to an employee who has retired on his attaining the age of superannuation specified in the Service Regulations or Settlements:
Provided that, with effect from 1st day of September 2000, pension shall also be granted to an employee who opts to retire before attaining the age of superannuation, but after rendering service for a minimum period of 15 years in terms of any scheme that may be framed for such pension by the Board with the approval of the Government.
Provided further that employees who ceased to be in service on or after the 29th September, 1995 on account of voluntary retirement before attaining the age of superannuation but after rendering service for a minimum period of 15 years in accordance with the Scheme framed in this regard by the Board with the approval of the Government, shall be entitled to join the Pension Fund, subject to the compliance of the terms and conditions mentioned in the Scheme.
29. Pension on Voluntary Retirement
(1) On or after the 1st day of November 1993, at any time after an employee has completed twenty years of qualifying service he may, by giving notice of not less than three months in writing to the appointing authority retire from service;
Provided that this sub-regulation shall not apply to an employee who is on deputation or on study leave abroad unless after having been transferred or having returned to India he has resumed charge of the post in India and has served for a period of not less than one year.
Provided further that this sub-regulation shall not apply to an employee who seeks retirement from service for being absorbed permanently in an autonomous body or a public sector undertaking or company or institution or body, whether incorporated or not to which he is on deputation at the time of seeking voluntary retirement:
Provided that this sub-regulation shall not apply to an employee who is deemed to have retired in accordance with clause (l) of regulation 2 .
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(2) The notice of voluntary retirement given under sub regulation (1) shall require acceptance by the appointing authority :
Provided that where the appointing authority does not refuse to grant the permission for retirement before the expiry of the period specified in the said notice, the retirement shall become effective from the date of expiry of the said period.
(3) (a) An employee referred to in sub-regulation (1) may make a request in writing to the appointing authority to accept notice of voluntary retirement of less than three months giving reasons therefor;
(b) On receipt of a request under clause (a), the appointing authority may, subject to the provisions of sub-regulation (2), consider such request for the curtailment of the period of notice of three months on merits and if it is satisfied that the curtailment of the period of notice will not cause any administrative inconvenience, the appointing authority may relax the requirement of notice of three months on the condition that the employee shall not apply for commutation of a part of his pension before the expiry of the notice of three months.
(4) An employee, who has elected to retire under this regulation and has given necessary notice to that effect to the appointing authority, shall be precluded from withdrawing his notice except with the specific approval of such authority:
Provided that the request for such withdrawal shall be made before the intended date of his retirement.
(5) The qualifying service of an employee retiring voluntarily under this regulation shall be increased by a period not exceeding five years, subject to the condition that the total qualifying service rendered by such employee shall not in any case exceed thirtythree years and it does not take him beyond the date of superannuation,
(6) The pension of an employee retiring under this regulation shall be based on the average emoluments as defined under clause (d) of regulation 2 of these regulations and the increase, not exceeding five years in his qualifying service, shall not entitle him to any notional fixation of pay for the purpose of calculating his pension.
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30. Invalid Pension
(1) Invalid pension may be granted to an employee who -
(a) has rendered minimum ten years of service; and
(b) retires from the service on or after the 1st day of November, 1993 on account of any bodily or mental infirmity which permanently incapacitates him for the service.
(2) An employee applying for an invalid pension shall submit a medical certificate of incapacity from a medical officer approved by the Bank.
(3) Where the Medical Officer approved by the Bank has declared the employee fit for further service of less laborious character than that which he had been doing, he should, provided he is willing to be so employed, be employed on lower post and if there be no means of employing him even on a lower post, he may be admitted to invalid pension.
(4) No medical certificate of incapacity for service may be granted unless the applicant produces a letter to show that the Competent Authority is aware of the intention of the applicant to appear before the medical officer approved by the Bank.
(5) The medical officer approved by the Bank shall also be supplied by the Competent Authority in which the applicant is employed with a statement of- what appears from official records to be the age of the applicant.
31. Compassionate Allowance
(1) An employee, who is dismissed or removed or terminated from service, shall forfeit his pension;
Provided that the authority higher than the authority competent to dismiss or remove or terminate him from service may, if -
(i) such dismissal, removal, or termination is on or after the 1st day of November, 1993;
and
(ii) the case is deserving of special consideration, sanction a compassionate allowance not exceeding two- thirds of the pension which would have been admissible to him on the basis of the qualifying service rendered up to the date of his dismissal, removal, or termination.
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(2) The Compassionate Allowance sanctioned under the proviso to sub-regulation (1) shall not be less than the amount of minimum pension payable under regulation 36 of these regulations.
32. Premature Retirement Pension Premature Retirement Pension may be granted to an employee who,
(a) has rendered minimum ten years of service and ;
(b) retires from service on account of orders of the Bank to retire prematurely in the public interest or for any other reason specified in service regulations or settlement, if otherwise he was entitled to such pension on superannuation on that date.
33. Compulsory Retirement Pension
(1) An employee compulsorily retired from service as a penalty on or after 1st day of November, 1993 in terms of Bank Of Maharashtra Officer Employees’ (Discipline and Appeal) Regulations 1976 or awards/settlement may be granted by the authority higher than the authority competent to impose such penalty, pension at a rate not less than two-thirds and not more than full pension admissible to him on the, date of his compulsory, retirement if otherwise he was entitled to such pension on superannuation on that date."
(2) Whenever in the case of a bank employee the Competent Authority passes an order (whether original, appellate or in exercise of power of review) awarding a pension less than the full compensation pension admissible under these regulations, the Board of Directors shall be consulted before such order is passed.
(3) A pension granted or awarded under sub-regulation (1) or as the case may be, under sub-regulation (2), shall not be less than the amount of Rs. Three Hundred and Seventy Five per mensem.
34. Payment of pension or family pension in respect of employees who retired or died between the period from 1.1.1986 to 31.10.1993 -
(1) Employees who have retired from the service of the Bank between the first day of January 1986 and the 31st day of October 1993 shall be eligible for pension w.e.f. the first day of November 1993.
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(2) The family of a deceased employee governed by the provisions contained in subregulation (7) of regulation 3 shall be eligible for pension or family pension as the case may be, with effect from 1st day of November, 1993.";
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CHAPTER VI RATE OF PENSION
35. Amount of pension:
(1) Basic Pension and additional pension, wherever applicable, shall be updated an as per the formulae given in Appendix |.”.
(2) In the case of an employee retiring in accordance with the provisions of the Service Regulations or Settlement after completing a qualifying service of not less than 33 years the amount of basic pension shall be calculated at 50% of the average emoluments.
(3) a. Additional pension shall be 50% of the average amount of the allowances drawn by an employee during the last 10 months of the service.
b. No dearness relief shall be paid on the amount of the additional pension.
Explanation : For the purpose of this sub-regulation "allowances" means allowances which are admissible to the extent counted for making contributions to the Provident Fund.
(4) A pension as computed being aggregate of sub- regulations (2) & (3) above shall be subject to the minimum pension as specified in these regulations.
(5) An employee who has commuted the admissible portion of his pension as per the provisions of Regulation 41 of these regulations shall receive only the balance of pension, monthly.
(6) a) In the case of an employee retiring before completing a qualifying service of 33 years, but after completing a qualifying service of 10 years, the amount of pension shall be proportionate to the amount of pension admissible under sub regulations (2) & (3) and in no case the amount of pension shall be less than the amount of minimum of pension specified in these regulations.
b) Notwithstanding anything contained in these regulations, the amount of invalid pension shall not be less than the ordinary rate of family pension which would have been payable to his family in the event of his death while in service.
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(7) The amount of pension finally determined under these regulations shall be expressed in whole rupee and where the pension contains a fraction of a rupee, it shall be rounded off to the next higher rupee.
36. Minimum Pension: The amount of minimum pension shall be –
(a) Rupees three hundred and seventy five per month in respect of an employee other than a part time employee where the employee had retired before 1st day of November, 1992 (in case of workmen) or before 1st day of July,1993 (in case of Officers) an proportionate amount thereof in relation to the rate of scale of wages in the case of part time employee who had retired before the 1st day of November, 1992;
(b) Rupees seven hundred and twenty per month in respect of an employee other than a part time employee, where the employee retired on or after the 1st day of November, 1992 (in case of workmen) or on after the 1st day of July, 1993 (in case of Officers) and proportionate amount thereof in relation to the rate of scale wages in the case of a part time employee who retired on or after the 1st day of November, 1992.
(c) Rupees one thousand and fifteen per month in respect of an employee other than a part time employee where the employee retired on or after the 1st day April,1998 and rupees three hundred and thirty nine per month in respect of a part time employee drawing 1/3 scale wages, rupees five hundred and eight per month in respect of a part time employee drawing ½ scale wages and rupees seven hundred and sixty two per month in respect of part time employee drawing ¾ scale wages where the part time employee retired on or after the 1st day of April, 1998.
Provided that on and from the 1st day of May, 2005 the amount of minimum pension, in respect of an employee, other than a part-time employee, who retired on or after the 1st April, 1998 but before the 31st October, 2002 shall be rupees one thousand and sixty per month and rupees three hundred and fifty five in respect of a part-time employee drawing 1/3 scale wages, rupees five hundred and thirty in respect of a part-time employee drawing ½ scale wages and rupees seven hundred and ninety five in respect of a part-time employee drawing ¾ scale wages, where the part-time employee retired on or after 1st day of April, 1998.
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(d) Rupees one thousand four hundred and thirty five per month in respect of an employee, other than a part-time employee, where the employee retired on or after 1st day of May 2005 and rupees four hundred and eighty per month in respect of a part-time employee drawing 1/3 scale of wages, rupees seven hundred and twenty per month in respect of part-time employee drawing ½ scale wages and rupees one thousand and eighty per month in respect of a part-time employee drawing ¾ scale wages, where the part-time employee retired on or after the 1st day of May 2005:
Provided that on and from the 1st day of May 2005 the provisions of this clause shall also apply to an employee including a part-time employee who retired on or after 1st November 2002 but on or before 30th April 2005.
(e) Rupees one thousand seven hundred and seventy nine per month in respect of an employee, other than a part-time employee, where the employee retired on or after 1st day of November 2007 and rupees five hundred and ninety five per month in respect of a part-time employee drawing 1/3 scale of wages, rupees eight hundred and ninety two per month in respect of part-time employee drawing ½ scale of wages and rupees one thousand three hundred and thirty nine per month in respect of a part-time employee drawing ¾ scale wages, where the part-time employee retired on or after the 1st day of November 2007.
f) Rupees two thousand seven hundred and eighty five per month in respect of an employee, other than a part-time employee, where the employee retired on or after 1st day of November 2012 and nine hundred and thirty two per month in respect of a part-time employee drawing 1/3 scale of wages, Rupees one thousand three hundred and ninety seven per month in respect of part-time employee drawing 1/2 scale of, wages and Rupees two thousand and ninety six per month in respect of a part-time employee drawing 3/4 scale wages, where the part-time employee retired on or after the 1st day of November 2012.
37. Dearness Relief –
(1) Dearness relief shall be granted on basic pension or family pension or invalid pension or on compassionate allowance with the rates specified in Append ix II.
(2) Dearness relief shall be allowed on full basic pension even after commutation.
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38. Determination of the period of ten months for average - emoluments
(1) The period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date of retirement.
(2) In the case of voluntary retirement or premature retirement the period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date on which the employee voluntarily retires or is premature retired by the Bank.
(3) In the case of dismissal or removal or compulsory retirement or termination of service the period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date on which the employee is dismissed or removed or compulsorily retired or terminated by the Bank.
(4) If during the last ten months of the service an employee had been absent from duty on extra ordinary leave on loss of pay or had been under suspension and the period whereof does not count as service, the aforesaid period of extra ordinary leave or__ suspension shall not be taken into account in the calculation of the average emoluments and an equal period before the ten months shall be included.
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CHAPTER VII FAMILY PENSION
39. Family Pension -
(1) Without prejudice to the provisions contained in these regulations where an employee dies -
(a) after completion of one year of continuous service or
(b) before completion of one year of continuous service, provided the deceased employee concerned immediately prior to his appointment to the service or post was examined by a medical officer approved by the Bank and declared fit for employment in the Bank or
(c) after retirement from service and was on the date of death in receipt of a pension, or compassionate allowance;
the family of the deceased shall be entitled to family pension, the amount of which shall be determined in accordance with Appendix III.
Provided that in respect of employees who were in the service of the bank on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1987 or had retired on or before 31st day of October 1987 but died later, the family of the deceased shall be entitled to family pension, the amount of which shall be determined in accordance with Appendix V.
(2) The amount of family pension shall be fixed at monthly rates and be expressed in whole rupees and where the family pension contains a fraction of a rupee, it shall be rounded off to the next higher rupee.
Provided that in no case a family pension in excess of the maximum prescribed under these regulations shall be allowed.
(3) (a) (i) Where an employee, who is not governed by the Workmen's Compensation Act 1923 (8 of 1923), dies while in service after having rendered not less than seven years' continuous service, the rate of family pension payable to the family shall be equal to fifty per cent of the pay last drawn or twice the family pension admissible under sub- P a g e 31 | 73 regulation (1), whichever is less, and the amount so admissible shall be payable from the date following the date of death of the employee for a period of seven years or for a period upto the date on which the deceased employee would have attained the age of 65 years had he survived, whichever is less;
(ii) In the event of death of an employee after retirement the family pension as determined under clause (a) of this sub-regulation shall be payable for a period of seven years or for a period upto the date on which the retired deceased employee would have attained the age of 65 years had he survived, whichever is less.
Provided that in no case the amount of family pension determined under this clause shall exceed the pension authorised on retirement from the Bank. If the pension authorised to the employee on his retirement is less than the amount of family pension at the ordinary rates, then, the family shall be allowed family pension at the Ordinary rates.
Explanation : For the purpose of this sub-clause, ‘‘pension authorised on retirement’ includes part of the pension which the retired employee might have commuted before death.”:
(b) (i) Where an employee, who is governed by the Workmen's Compensation Act 1923 (8 of 1923), dies while in service after having rendered not less than seven years' continuous service the rate of family pension payable to the family shall be equal to fifty per cent of the pay last drawn or one and half times the family pension admissible under sub-regulation (1), whichever is less;
(ii) the family pension so determined under sub-clause (i) shall be payable for the period mentioned in clause (a) ;
(c) after the expiry of the period referred to in clause (a), the family, in receipt of family pension under that clause or clause (b) shall be entitled to family pension at the rate admissible under sub-regulation (1).
(4) Notwithstanding anything contained in these regulations where the family of a deceased employee opts for pension in accordance with sub-regulation (c) of regulation 3 or is governed by the provisions contained in sub-regulation (6) or (7) or (8) of regulation 3, such family of the deceased shall be eligible for family pension under these regulations.
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40. Period of payment of family pension –
(1) The period for which family pension is payable shall be
(a) in the case of a widow or a widower, upto the date of death or remarriage whichever is earlier;
(b) in the case of a son or daughter (including widowed/divorced) till he/she attains the age of twenty-five years or upto the date of his / her marriage /remarriage, whichever is earlier:
Provided the family pension payable to sons / daughters (including widowed /divorced) shall be discontinued / not admissible when the eligible son / daughter) starts earring a sum in excess of Rs. 10,000/- per month from employment in Government or private sector or self-employment etc.
Provided further that if the son or daughter of an employee is suffering from any disorder or disability of mind or is physically crippled or disabled so as to render him or her unable to earn a living even after attaining the age of twenty-five years, the family pension shall be payable to such son or daughter for life subject to the following conditions, namely :-
(i) if such son or daughter is one among two or more children of the employee, the family pension shall be initially payable to the minor children in the order set out in clause (e) of sub-regulation (1) until the last minor child attains the age of twenty five years and thereafter the family pension shall be resumed in favour of the son or daughter suffering from disorder or disability of mind or who is physically crippled or disabled and shall be payable to him or her for life;
(ii) if there are more than one such children suffering from disorder or disability of mind or ; who are physically crippled or disabled, the family pension shall be paid in the order of their birth and the younger of them will get the family pension only after the elder next above him or her ceases to be eligible;
Provided that where the family pension is payable to such twin children it shall be paid in the manner set out in clause (f) of sub-regulation (1).
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(iii) the family pension shall be paid to such son or daughter through the guardian as if he or she were a minor except in the case of a physically crippled son or daughter who has attained the age of majority;
(iv) before allowing the family pension for life to any such son or daughter, the Competent Authority shall satisfy that the handicap is of such nature as to prevent him or her from earning his or her livelihood and the same shall evidenced by certificate obtained from a medical officer approved by the Bank, setting out, as far as possible, the exact mental or physical condition of the child;
(v) the person receiving the family pension as guardian of such son or daughter or such son or daughter not receiving the family pension through a guardian shall produce every three years a certificate from a medical officer, approved by the bank to the effect that he or she continues to suffer from disorder or disability of mind or continues to be physically crippled or disabled.
Explanation - The grant of family pension to disabled children beyond the age limit specified in this regulation is subject to the following conditions, namely -
(i) a daughter shall become ineligible for family pension under this sub-regulation from the date she gets married;
(ii) the family pension payable to such son or daughter shall be stopped if he or she starts earning his or her livelihood. In such cases it shall be the duty of the guardian or son or daughter to furnish a certificate to the Bank every month that -
(a) he or she has not started earning his or her
(b) in case of daughter that she has not yet married;
(c) in the case of parents the family pension payable shall be discontinued / not admissible if the income of one of the parents or the aggregate income of both the parents from employment in Government / private sector / self-employment etc.
exceeds Rs. 10,000/- per month.”
(d) If a deceased employee or pensioner leaves behind a widow or widower, the family pension shall become payable to the window or widower, failing which to the eligible child;
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(e) family pension to the children shall be payable in the order of their birth and the younger of them shall not be eligible for family pension unless the elder next above him or her has become ineligible for the grant of family pension;
Provided that where the family pension is payable to twin children it shall be paid in the manner set out in clause (f) of the sub-regulation (1);
(f) where the family pension is payable to twin children it shall be paid to such children in equal shares;
Provided that where one such child ceases to be eligible, his or her share shall revert to the other child and where both of them cease to be eligibly the family pension shall be payable to the next eligible single child or twin children, as the case may be.
(2) Where a deceased employee or a pensioner leaves behind more children than one, the eldest eligible child shall be entitled to the family pension for the period mentioned in clause (b) or (c) of sub-regulation (1) as the case may be, and after the expiry of that period the next child shall become eligible for the grant of family pension.
(3) Where family pension is granted under this regulation to a minor, it shall be payable to the guardian on behalf of the minor.
(4) In case both wife and husband are employees of the Bank and are governed by the provisions of this regulation and one of them dies while in service or after retirement, the family pension in respect of the deceased shall be payable to the surviving husband or wife and in the event of death of the husband or wife, the surviving child or children shall be granted the two family pensions in respect of the of deceased parents subject to the limits specified below, namely -."
(a) if the surviving child or children is or are eligible to draw two family pensions at the rates mentioned in sub-clause (i) of clause (a) and sub-clause (i] of clause (b) of sub-regulation (3) of regulation 39, fhe amount of both pensions shall be limited to-
(i) two thousand five hundred rupees only per mensem in respect of employees who retired or died while in service prior to the 1st day of November, 1992 (in the a” case of workmen) or prior to 1st day of July 1993 (in the case of officers);
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(ii) four thousand eight hundred rupees per mensem only in respect of employees who retired or died on or after the 1st day of November 1992 (in the case of workmen) or on or after 1st day of July, 1993 (in the case of officers); and
(iii) six thousand seven hundred and fifty six rupees per Mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day or April, 1998.
Provided that on and from the it day of May 2005 the provisions of this sub-clause shall have effect as if for the words “six thousand seven hundred and fifty six”, the words “seven thousand and forty”, had been substituted.;
(iv) nine thousand five hundred and sixty five rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 131 day of May 2005;
(v) Eleven thousand eight hundred and fifty six rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2007."
(vi) Eighteen thousand five hundred and sixty eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012
(b) if one of the family pension ceases to be payable at the rates mentioned in subclause (i) of clause (a) or sub-clause (i) of clause (b) of sub-regulation (3) of regulation 39 and in lieu thereof the family pension at the rate mentioned in subregulation (1) of regulation 39 becomes payable, the amount of-both the pensions shall also be limited to-
(i) two thousand five hundred rupees only per mensem in respect of employees who retired or died while in service prior to the 1st day of November, 1992 (in the case of workmen) or prior to 1st day of July 1993 (in the case of officers):
(ii) four thousand eight hundred rupees per mensem only in respect of employees who retired or died on or after the 1st day of November 1992 (in the case of workmen} or on or after 1st day of July, 1993 (in the case of officers); and P a g e 36 | 73
(iii) six thousand seven hundred and fifty six Rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of April, 1998.
'Provided that on and from the 1st day of May 2005 the provisions of this sub-clause shall have effect as if for the words “six thousand seven hundred and fifty six”, the words “seven thousand and forty”, had been substituted;
(iv) nine thousand five hundred and sixty five rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of May
2005.
(v) Eleven thousand eight hundred and fifty six rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2007.
(vi) Eighteen thousand five hundred and sixty eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.
(c) if both the family pensions are payable at the rate mentioned in sub- regulation (1) of regulation 39 amount of the two pensions shall be limited to -
(i) one thousand two hundred and fifty rupees per mensem in the case of employees who retired or died while in service prior to the 1st day of November, 1992 (in the case of workmen) or 1st day of July 1993 [in the case of officers);
(ii) two thousand four hundred rupees per mensem in respect of employees who retired or died on or after the 1st day of November, 1992 (in the case of workmen) or on or after 1st day of July, 1993 (in the case of officers); and
(iii) three thousand three hundred and seventy eight in respect of employees (both officers and workmen) who retired or died on or after 1st day of April, 1998."
Provided that on and from the 1st day of May 2005 the provisions of this sub-clause shall have effect as if for the words “three thousand three hundred and seventy eight,” the words “three thousand five hundred and twenty,” had been substituted.
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(iv) four thousand seven hundred and eighty three rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of May 2005.
(v) five thousand nine hundred and twenty eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2007.
(vi) nine thousand two hundred and eighty four rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.
(5) (a) where family pension is payable to more widows than one, the family pension shall be paid to the widows in equal shares;
(b) on the death of a widow, her share of the family pension shall become payable to her eligible child.
Provided that if the widow is not survived by any child, her share of the family pension shall not lapse but shall be payable to the other widows in equal shares, or if there is only one such other widow, in full, to her.
(c) where the deceased employee or pensioner is survived by widow but has left behind eligible child or children from another wife who is not alive, the eligible child or children shall be entitled to the share of family pension which the mother would have received if she had been alive at the time of the death of the employee or pensioner.
Provided that on the share or shares of family pension payable to such a child or children or to a widow or widows ceasing to be payable, such share or shares shall not lapse, but shall be payable to the other widow or widows or to other child or children otherwise eligible, in equal shares or if there is only one widow or child, in full, to such widow or child.
c(a) Where the deceased employee or pensioner is survived by a widow but has left behind eligible child or children from a divorced wife or wives such eligible child or children shall be entitled to the share of family pension which the mother would have received at the time of the death of the employee or pensioner had she not been so divorced:
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Provided: that on the share or shares of family pension payable to such a child or 4 from his children or to a widow ceasing to be payable, such share or shares, shall not lapse, but shall be payable to the other widow or widows and/or to the other child or Children otherwise eligible, in equal shares, or if there is only one widow or child, in full, to such widow or child.”
(d) where the family pension is payable to twin children it shall be paid to such children in the manner specified in clause (f) of sub-regulation (1) above.
(e) except as provided in this sub-regulation the family pension shall not be payable to more than one member of the family at the same time.
(6) Where a female employee or male employee dies leaving behind a judicially separated husband or widow and no child or children the family pension in respect of the deceased shall be payable to the person surviving.
Provided that where in a case the judicial separation is granted on the ground of adultery and the death of the employee takes place during the period of such judicial separation, the family pension shall not be payable to the person surviving if such person surviving was held guilty of committing adultery.
(7) (a) Where a female employee or male employee dies leaving behind a judicially separated husband or widow with a child or children, the family pension payable in respect of the deceased shall be payable to the surviving person provided he or she is the guardian of such child or children.
(b) Where the surviving person has ceased to be the guardian of such child or children such family pension shall be payable to the person who is the actual guardian of such child or children.
(8) If the son or unmarried daughter eligible for the grant of family pension has attained the age of 18 years, the family pension may be paid to such son or unmarried daughter directly.
(9) (a) If a person who, in the event of death of an employee while in service, is eligible to receive family pension under these regulations, is charged with the offence of murdering the employee or for abetting in the commission of such an offence, the claim of such a P a g e 39 | 73 person including other, eligible member or members of the family to receive the family pension shall remain suspended till the conclusion of the criminal proceedings instituted against him.
(b) If on the conclusion of the criminal proceedings referred to in clause (a), the person concerned –
(i) is convicted for the murder or abetting in the murder of the employee such a person shall be debarred from receiving the family pension which shall be payable to the other eligible member of the family, from the date of death of the employee.
(ii) is acquitted of the charge of murder or abetting in the murder of the employee, the family pension shall be payable to such a person from the date of death of the Bank employee.
(c) The provisions of sub-clauses (a) and (b) shall also apply for the family pension becoming payable on the death of an employee after his retirement.
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CHAPTER VIII COMMUTATION
41. Commutation-
(1) An employee shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension.
Provided that in respect of an employee who is governed by sub-regulation (5) of regulation 3 of these regulations, the family of such employee shall also be entitled to commute for a lump sum payment a fraction not exceeding one-third of the pension admissible to the employee.
(2) An employee shall indicate the fraction of pension which he desires to commute and may either indicate the maximum limit of one-third pension or such lower limit as he may desire to commute.
(3) If fraction of pension to be commuted results in fraction of rupee, such fraction of a rupee shall be ignored for the purpose of commutation.
(4) The lump sum payable to an applicant shall be calculated in accordance with the Table given below.
P a g e 41 | 73 TABLE Communication value for a pension of Re. One per annum.
Age next birth day Commutation value expressed as number of years purchase Age next birth day Commutation value expressed as number of years purchase 17 19.28 51 12.95 18 19.20 52 12.66 15 19.11 53 12.35 20 19.01 54 12.05 21 18.91 55 11.73 22 18.81 56 11.42 23 18.70 57 11.10 24 18.59 58 10.78 25 18.47 59 10.46 26 18.34 60 10.13 27 18.21 61 09.81 28 18.07 62 09.48 29 17.93 63 09.15 30 17.78 64 08.82 31 17.62 65 08.50 32 17.46 66 08.17 33 17.29 67 07.85 34 17.11 68 07.53 35 16.92 69 07.22 36 16.72 70 06.91 37 16.52 71 06.60 38 16.31 72 06.30 39 16.09 73 06.01 40 15.87 74 05.72 41 15.64 75 05.44 17 15.40 76 05.17 18 15.15 77 04.90 15 14.90 78 04.65 20 14.64 79 04.40 21 14.37 80 04.17 22 14.10 81 03.94 23 13.82 82 03.72 24 13.54 83 03.52 25 13.25 84 03.32 85 03.13 P a g e 42 | 73 Notes : The table above indicates the commuted value of pension expressed as number of years purchase with reference to the age of the pensioner as on his next birthday. The commuted value in the case of an employee retiring at the age of fifty eight years is 10.46% years purchase and therefore, if he commutes Rs. One hundred from his pension within one year of retirement the lump sum amount payable to him works out to Rs.100 x 10.46 x 12 = Rs.12,552.
5. An employee who had commuted the admissible portion of pension is entitled to have the commuted portion of the pension restored after the expiry of a period of 15 years from the date of commutation.
6. An applicant who is authorised a superannuation pension, voluntary retirement pension, premature retirement pension, compulsory retirement pension, invalid pension or compassionate allowance shall be eligible to commute a fraction of his pension under these regulations.
7. In the case of a pensioner eligible for superannuation pension or pension on voluntary retirement or premature retirement pension, no medical examination shall be necessary, if the application for commutation is made within one year from the date of retirement.
However, if such a pensioner applies for commutation of pension after one year from the date of his retirement, the same will be permitted subject to medical examination.
Provided that in the case of an applicant who is in receipt of a provisional pension as in Regulation 46 and for whom pension in whole or in part on the finalisation of the departmental or judicial proceedings has been authorised, the period of one year referred to in this sub-regulation shall reckon from the date of issue of the orders consequent upon the finalisation of the departmental or judicial proceedings.
8. An applicant who -
(i) retires on invalid pension under regulation 30 of these regulations; or
(ii) is in receipt of compassionate allowance under regulation 31 of these regulations; or
(iii) is compulsory retired by the Bank and is eligible for compulsory retirement pension under regulation 33 shall be eligible to commute a fraction of his pension subject to the limit specified in sub-regulation (1) after he has been declared fit by a medical officer approved by the Bank.
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9. The commutation of- pension shall become absolute in the case of an employee -
(a) retiring on superannuation or voluntary retirement who submits an application for commutation of pension before the date of retirement, on the date following the date of retirement.
Provided that the employee governed by sub-regulation (3) of regulation 29 Shall not apply for commutation of a part of his pension before the expiry of the notice of three months' and the commutation of pension shall become absolute only on the expiry of the period of notice referred to in sub-regulation (1) of regulation 29.
(b) retiring on superannuation or on voluntary retirement or on premature retirement if he applies for commutation of pension after the date of retirement but before the completion of one year from the date of retirement, on the date the application for commutation is received by the competent authority.
(c) retiring on superannuation or on voluntary retirement or on premature retirement, if he applies for commutation of pension after one year from the date of retirement, on the date of the medical certificate given by a medical officer approved by the bank. ( d) who has retired prior to the first day of November 1993 and who opts to be governed by these regulations on the first day of November 1993 where the application for commutation is made within the period specified by clause (b) of the sub-regulation (1) of regulation 3.
(e) who was in the service of the bank on or after first day of November 1993 but whoretired prior to the publication of these regulations on the day immediately following , the date of hisretirement, where the application is made within the period specified by clause
(b) of sub-regulation (2) of regulation 3.
(f) who retired on-or after the first day of November 1993 but died prior to the notified date, on the day immediately following the date of his retirement, whether application for commutation is made by the family of the deceased within the period specified by clause (a) of sub-regulation (5) of regulation 3.
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(g) in respect of whom invalid pension under regulation 30 or compassionate allowance under regulation 31 or compulsory retirement under regulation 33 is admissible, commutation shall become absolute on the date of the medical certificate given by a medical officer approved by a bank.
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CHAPTER IX GENERAL CONDITIONS