(1) Every Officer shall become a member of the Provident Fund constituted by the Bank, unless he is already a member of that Fund and shall agree to be bound by the rules governing such fund.
(2) The Provident Fund rules framed shall provide that on and from 1-11-1993:
(a) In case of an officer governed by the Pension Scheme, contribution to the Provident Fund shall be made only by the officer at the rate of 10% of pay without any matching contribution on the part of the Bank.
Provided that no adjustment on account of provident fund contributions already made for the period 1-7-1993 to 31-10-1993 shall be made.
(b) In case of an officer not governed by the Pension Scheme, contribution to Provident Fund by the officer and a matching contribution by the bank shall be made at the rate of 10% of pay.
Provided that no adjustment on account of provident fund contributions already made for the period 1-7-1993 to 31-10-1993 shall be made.
(3) Officers joining the bank’s service on or after 29-9-1995 shall be governed by the Pension Scheme.
Provided that the following categories of officers shall not be covered by the Pension Scheme :
(a) an officer who was in service of the bank prior to 29-9-1995, unless he has specifically exercised an option to become member of the Pension Scheme in response to bank's notice to that effect.
(b) an officer who is recruited on or after 29-9-1995 at the age of 35 years and above, and who has elected to forego his right to Pension in terms of the Pension Scheme.
Note :
Pay’ for the purpose of Provident Fund shall mean basic pay including Stagnation Increments, Officiating Allowance, Professional Qualification Allowance and increment component of Fixed Personal Allowance.
Gratuity :