All you need to know about your entitlements on retirement from bank service
Traveling Allowance, baggage and other expenses On retirement, an officer will be eligible to claim Traveling Allowance, baggage and other expenses for himself and his family as on transfer from the last station at which he is posted to the place where he proposes to settle down on retirement. Shifting household belongings to where he…
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Method of Pension calculation for Bank employees/Officers
Employees/Officers joining Banks on or after 01.04.2010 will be covered under the New Pension Scheme. Hence, they are not eligible for pension schemes under Bank [Employees’] Pension Regulations 1995. The Bank employees/Officers who have opted for pension schemes under Bank [Employees’] Pension Regulations 1995 are only eligible for the regulatory pension of a bank. A…
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Calculation of Commutation value of Bank Pension explained
An employee or officer retires from the bank with the benefit of superannuation pension, or voluntary retirement pension, or premature retirement pension, or compulsory retirement pension, or invalid pension or compassionate allowance shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension. Also, the family of…
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Negotiation between Bank Officers and IBA derailed: Agitational programs started
Extract of the circular dated 18.10.2020 from four officers’ organizations ALL INDIA BANK OFFICERS’ CONFEDERATION (AIBOC) ALL INDIA BANK OFFICERS’ ASSOCIATION (AIBOA) INDIAN NATIONAL BANK OFFICERS’ CONGRESS (INBOC) NATIONAL ORGANIZATION OF BANK OFFICERS (NOBO) As you are aware that after a prolonged lapse of time due to the external environment and conditions of life, an…
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These are IDRAI guidelines on health insurance policies
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to all General and Health Insurers offering indemnity-based Health Insurance products for both Individuals and Groups (excluding PA and Domestic / Overseas Travel). These provisions and guidelines were issued by IRDAI under the provisions of Section 34(1) of the Insurance Act, 1938, and…
Revised rates for Group Medical Insurance Policy for Bank Retirees
National Insurance Company has sent their revised rates for Flexible Option coverage of Sum Insured. There is also an option to choose Self + Spouse or Self alone (in the case of single-person coverage). The group policy for a period of 12 months which commences from 1st November 2020 and ends on 31st October has…
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