(1)
(2) No officer, other than the officers authorised by the Board, in accordance with the guidelines of the Government shall be allowed the use of the Bank's car for personal purposes.
The use of the Bank's car for personal purposes should be subject to the rules formulated by the Bank in accordance with the guidelines of the Government from time to time.
GUIDELINES OF THE GOVERNMENT UNDER REGULATION 26
(1)
(2)
(3) The facility of personal use of the Bank's car should normally be confined to executives in the Top Executive Cadre of the Bank. The Board may, however, extend this facility to such other officers as may be considered necessary having regard to the special circumstances of the Bank.
Only non-air conditioned cars below 16 H.P. should be provided to the officers. An Officer of the Bank who is authorised by the Board to use the car for personal purposes would be required to pay a sum of Rs. 150/- per month for the first 500 Kms. and Re. 1/- per K.M. beyond 500 Kms.
No air-conditioner should be installed in the Cars provided to the executives.
Where, however, air-conditioned cars have been provided to the executives or air-conditioners have been installed in the cars provided to the executives before the issue of the revised guidelines, the rate of recovery would be Rs.200/- per month for the first 500 Kms. and Rs. 1.25 for each K.M. beyond 500 Kms.
Loans for the purchase of the conveyance
27. The Bank may grant to an officer confirmed in the Bank's service, loans for the purchase of a motor car or other conveyance, subject to such terms and conditions as the Board may decide either generally or with reference to any particular loan having regard to the guidelines of the Government.
GUIDELINES OF THE GOVERNMENT UNDER REGULATION 27 The Board shall lay down detailed terms and conditions on the basis of which loans for the purchase of motor car or other forms of conveyance shall be sanctioned to an Officer subject, however, to the following conditions :
(1)
(2)
(3)
(4) An Officer drawing a Basic Pay of less than Rs. 9,820.00 per month shall not be eligible for a loan for purchase of a motor car.
However, a physically handicapped officer drawing a Basic Pay of less than Rs. 9,820.00 per month shall be eligible for a loan for purchase of special motor car marketed by Maruti Udyog Ltd., provided he has completed 5 years of continuous service in the Bank.
The maximum amount of loan that may be granted for the purchase of motor car shall be 80% of the cost of the vehicle or Rs.3.50 lakhs whichever is less.
The maximum amount for purchase of Motorcycle/Scooter shall be 90% of the cost of the vehicle or Rs.60,000/-, whichever is less.
The maximum ceiling of Rs.60,000.00 mentioned at para (2) above will not be applicable in the case of Agricultural Field Officers and Marketing Officers. In their cases the amount of loan will be subject to a ceiling of 90% of the cost of the vehicle.
The rate of interest on the above loans will be as follows :
Motor Car Loan :
8.5% p.a. (simple) for loan upto Rs. 80,000.00 and higher of Bank rate or 12% p.a. (simple) for loan beyond Rs. 80,000.00 Scooter/Motor Cycle Loan :
7.5% p.a. (simple) for loan upto Rs. 15,000.00 and higher of Bank rate or 12% p.a. (simple) for loan beyond Rs. 15,000.00 Loan, together with interest thereon shall be repayable in not more than 200 monthly instalments in the case of motor car and in not more than 84 monthly instalments in the case of loan for purchase of any other conveyance.
Loans for the purchase of house
28. The Bank may grant to an officer confirmed in the Bank's service, a loan for the purchase of land for construction of a house or for purchase or construction of a house, flat or apartment or for extension or renovation of a house, flat or apartment, on such terms and conditions as the Board may decide generally or with reference to any particular loan having regard to the guidelines of the Government.
GUIDELINES OF THE GOVERNMENT UNDER REGULATION 28 The Board shall lay down detailed terms and conditions on the basis of which loans may be sanctioned to an officer confirmed in the bank's service for purchase of land and/or for construction of a house or for purchase of or for construction of a house/flat/ apartment subject to the following conditions :-
1.
(i)
(ii)
(iii)
(iv)
(v)
(vi) ELIGIBILITY:
Only an officer who has completed 5 years of continuous service in the bank shall be eligible for the loan.
Provided that the competent authority may relax this condition in such cases where the officer was in the confirmed service of a public sector bank or public sector financial institution or Reserve Bank of India or Central Government/State Government or an Undertaking of the Central / State Government before joining the service of the bank and had not availed of any housing loan from his previous employer.
Ex-servicemen may account their past military service for the purpose of eligibility after their confirmation in the Bank.
If the husband and wife either working in the same Bank or in the different Banks or one spouse is working in Central Govt./State Govt. or Public Enterprise or some other Govt. Institute or Local Body etc., HBA will be admissible to only one of them. The Bank will obtain a certificate from the employee that no HBA has been availed by his/her spouse or will be availed by him/her.
A Bank Officer on deputation to a Govt. Department or on foreign service will be entitled for HBA from his/her parent Bank only.
Ordinarily, Officers under suspension or against whom major disciplinary proceedings are initiated, would not be eligible for House Building Advance.
However, Competent Authority, depending upon the gravity of the case, may sanction House Building Advance to an officer against whom disciplinary proceedings are pending, subject to the condition that the Officer will be required to furnish collateral security in the form of sureties from two permanent Officers of the Bank.
The officer shall be entitled to housing loan only once in his service career and under no circumstances he will be sanctioned a second or additional HBA.
If an officer has availed himself of HBA for construction of house etc. as specified in para 5(i), he/she will not be entitled to HBA for enlargement of accommodation specified in para 5(ii) and vice-versa.
2.
i) ii) iii) iv) v) vi) vii) viii)
3.
i) ii) iii) iv) PURPOSES :
Acquiring a plot and constructing a house thereon.
Constructing a new house on the plot already owned by the official or jointly with his/her spouse.
Getting a plot under co-operative scheme and building a house where title will vest on the official after the house is built.
Enlarging living accommodation in an existing house owned by the official or jointly with spouse. The total cost of the existing structure (excluding cost of land) and the proposed additions should not exceed the prescribed cost ceiling.
Conversion of hire-purchase into outright purchase of house/flat from State Housing Boards or similar Govt. Controlled bodies, and outright purchase of new ready built house or flat from Govt, Semi-Govt. or local bodies, Housing Boards, Development Authorities, etc., and from private parties.
Purchasing of house/flat under self financing housing scheme and Co-operative Group Housing Societies.
Repayment of loan taken from bank/private source for house construction, even if the construction has already commenced.
Constructing the residential portion alone of the building on a plot which is earmarked as a shop-cum-residential plot in a residential colony.
CONDITIONS :
The official should not have availed of any loan or advance for the purpose from any other Govt. source and Housing Board, other Semi-Govt. or Local Bodies, Development Authorities etc. Where such loan has been availed of, HBA can be granted if the Bank employee undertakes to repay the outstanding loan forthwith in one lumpsum.
The official or spouse or minor child should not already own a house in the town/urban agglomeration where the house is proposed to be constructed or acquired.
The title to the land should be clear.
Advance for ready built house or flat is admissible for outright purchase only.
The purchase can be from Govt./Semi-govt. bodies, Housing Boards, Development Authorities, Registered Co-operative Societies, etc., or from Private parties.
4.
(i) ii) iii) iv)
5.
COST CEILING :
Cost of house excluding cost of land should not exceed Rs.18.00 lakh for Major ‘A’ Class cities and Rs.6 lakhs * for other cities. It would however be incumbent on the sanctioning authority to satisfy himself regarding means of finance and sources thereof before accepting cost of house in individual loans.
In the case of enlargement to existing accommodation the total cost of the existing structure and the cost of enlargement should not exceed the limit.
If CPF withdrawal is also taken for house building, the total amount of CPF withdrawal and the house building advance should not exceed the limit.
If the advance is for constructing residential part of the building on a shop-cum-residential plot situated in a residential colony :- a) The cost of land, the cost of superstructures of the proposed residential portion and shop(s) should not exceed the ceiling limit.
b) The entire property including the shop(s) and the residential portion should be mortgaged.
c) The entire building including the shop should be insured against fire, lightning, floods, etc.
* the revision in the cost ceiling is yet to be received from the Government.
AMOUNT OF ADVANCE :
i) Rs. 7.5 lakhs OR The estimated cost of purchase/construction, whichever is least in the case of :
a) Construction of a new house on an existing plot.
b) Purchasing a plot and constructing a house thereon.
c) Purchase of a ready built house or flat which has not been occupied.
The above limit is further subject to the repaying capacity of the official.
ii) For Repairs/Renovations/Enlargement of the existing premises, the limit shall be Rs.2.00 lakhs.
6.
i) ii) iii) iv)
7.
i) ii) iii) DISBURSEMENT:
Disbursement of instalment is to be related to the progress in the construction of the housing unit. However, where individual land documents are available, equitable mortgage should be essential, before disbursement of the loan. This should be subject to legal opinion to be furnished to the sanctioning authority.
Mortgage or mortgage deed would mean creation of equitable mortgage and not registered mortgage. 20% or the actual cost of plot, whichever is less on execution of agreement, 50% of the balance on execution of the equitable mortgage deed and the balance on the construction reaching the plinth level.
For purchase of land and construction -15% or the actual cost of plot whichever is less, on executing the agreement, 50% of the balance on execution of the equitable mortgage deed and the balance on construction reaching plinth level.
For the purchase of house/flat from Co-operative group housing society-disbursement of loan within the sanctioned limit may be made in the light of demands made by the Co-operative group housing society, subject to obtention of equitable mortgage as early as possible.
TIME LIMIT FOR UTILISATION OF ADVANCE :
Purchase of Land : Deal for purchase of land should be completed and the sale deed should be produced within 6 months, failing which the amount should be refunded in lumpsum.
Purchase of house : Acquisition of mortgage to Bank should be completed within 3 months. Extension of time limit may be granted by the Competent Authority.
Purchase of New Flat: It should be completed within three months unless extension of time is granted.
Surety in certain cases : In addition to execution of mortgage/agreement, the surety of an approved permanent official is necessary before releasing the sanctioned advance or any part thereof to:- a) Officials who are not permanent.
b) Officials who are due to retire from service within 18 months following the date of application for advance.
c) Permanent officials (covered by (b) above,) requiring the advance for the purchase of a ready built house.
8.
i) ii) iii) iv)
9.
i) ii) iii)
10.
i) CONSTRUCTION :
Adherence to plan : The construction should be exactly according to the approved plan and specification, on the basis of which the advance was sanctioned. Prior concurrence of the Ministry of Urban Development, or other concerned local body as the case may be is necessary for any deviation.
Time Limit : The construction should be completed within 18 months of the date on which the 1st instalment is drawn. Extension of time limit is permissible upto one year by the competent authority and for a longer period by the Chairman and Managing Director or Executive Director if the work is delayed due to circumstances beyond the Bank Officer's control.
Insurance : On completion of construction/purchase, the house should be insured by the official at his cost against fire, flood and lightning for the full value of the house. The insurance policy should be deposited with the Bank and the premia receipts should be produced for inspection. The insurance should be kept alive till liquidation of advance.
Maintenance : The house should be maintained in good repair at owner's cost and kept free from all encumbrances. The official should pay all taxes regularly and furnish a certificate annually to that effect. Annual inspection may be carried out by the competent authority for checking up the maintenance.
INTEREST :
The rate of interest on Staff Housing Loan for the employees who have been sanctioned loan on or after 1.10.2001 will be as indicated below:
Amount of Advance Existing Rate (p.a.) Simple Revised Rate (p.a.)
Simple Upto Rs. 1.10 lakh 5% 5% Above Rs. 1.10 lakh but 11% 10% upto Rs.5 lakhs Above Rs.5 lakhs 12% 11% REPAYMENT OF ADVANCE :
The loan, together with interest thereon shall be repayable in not more than 240 monthly instalments provided that the officer may select to repay in a shorter period if he so desires. The amount of interest on housing loan should be recovered in 60 instalments only after the principal has been adjusted in full in 180 instalments. In case, however, the repayment is to be effected in a shorter period, the number of instalments towards principal and interest should be in the ratio 3:1, the principal being adjusted first in full.
ii) iii) iv) v)
11.
In the case of construction of a new house, recovery will commence from the pay of the month following the completion of the house or the 18th month after the date of payment of loan whichever is earlier. If the loan is taken for purchase of a ready built house, recovery will commence from the pay of the month following that in which the advance is taken.
In case of construction of a new house by a Government agency, recovery will commence from the pay of the month following the completion of the house or the 36th month after the date of payment of the first instalment, whichever is earlier.
The interest will be charged from the date of the payment of the loan or the first instalment of loan where such loan is paid in instalments. The amount of interest will be calculated on the balance outstanding on the last day of the month.
In the process of recovery, the portion of the loan carrying higher rate of interest will be treated as having been refunded first.
APPLICABILITY AND OPTION :
This Scheme (fresh/revised) will be applicable to all the officer employees who joined the bank on or after 01.03.1992. However, an officer employee who joined the bank before 01.03.1992 may have the option to apply for loan under the existing scheme of bank or the revised scheme provided he has not already availed himself of any housing loan either from the bank or any other Central/State Govt. Institution or local body. However, he will have to exercise his option within 3 months of the issue of circular by the bank and option once exercised shall be final. In case no option is received, it will be assumed that the employee has exercised option for the new scheme.
Entertainment Expenses and Club Membership fees
29. The Bank may reimburse to an officer such entertainment expenses and such fees for membership of clubs and professional institutions as may be decided by the Board in accordance with the guidelines of the Government.
GUIDELINES OF GOVERNMENT UNDER REGULATION 29 Delegation of powers to Banks for deciding the eligibility and entitlement for reimbursement of entertainment expenses under Regulation 29 - Government guidelines reference No. F. No. 4/7/3/95-IR dated 19.11.1997:
The Boards of the Public Sector Banks which fulfil the criteria as given below would be allowed to have their own policy with regard to eligibility and entitlement for reimbursement of entertainment expenditure and fee for club membership (as well as corporate membership of a corporate club/professional institution) and fix the rates, ceilings and modalities for reimbursement of such expenses keeping in view the functional requirements of the officers covered under the scheme :
(1)
(2)
(3)
(4) Net profits for the last three years;
Capital adequacy ratio of more than 8 per cent;
Net NPA level below 9 percent of the total bank assets; and Minimum owned funds of Rs.100 crores.
The scheme formulated in this regard shall be transparent and objective and it shall be ensured that the scheme is not misused and the reimbursement of such expenses shall cover the expenses actually incurred by the officer concerned subject to the ceilings specified by board and that it does not become a source of profit for the officer. The details of expenses so incurred by the bank shall be submitted to the board every year.
Preferential interest rates on deposits
30. The Bank may allow 1% additional rate of interest on Fixed Deposits, Saving Deposits and Recurring Deposits in the name of an officer, individually or jointly with any member of his family.
CHAPTER - VII LEAVE Kinds of Leave
31.
(a)
(b)
(c)
(d)
(e)
(f)
(g) Subject to the grant of leave being determined by the exigencies of service, an officer shall be eligible for the following kinds of leave:
Casual Leave Privilege Leave Sick Leave Special Sick Leave Maternity Leave Extraordinary Leave on Loss of pay Special Casual Leave and Special Leave.
Casual Leave