यक

ू ो बैंक प्रधान कायाालय / UCO Bank Head Office

कार्माक सेवा ववभाग / Personnel Services Department
3&4 डी डी ब्लॉक,साल्टलेक, सेक्टर-1 / 3&4 DD Block, Saltlake, Sector - 1
कोलकाता 700064 / Kolkata 700064

UCO BANK (EMPLOYEES’) PENSION REGULATION, 1995

(Amendment-incorporating Bipartite settlement/joint Notes dated 02.06.2005 &
27.04.2010 on wage revision and service conditions and Bipartite Settlement/joint note
dated 27.04.2010 on extending another option for pension and recommendation of
Rajya Sabha Committee on subordinate legislation)

In exercise of the powers conferred by Clause (f) of sub section (2) of section 19 of the
Banking Companies (Acquisition and Transfer of Understandings ) Act, 1970 (5 of
1970), the Board of Directors of UCO Bank in its meeting dated 01.09.2014 under
agenda item No 6, after consultation with the Reserve Bank of India and with the
previous sanction of the Central Government hereby makes the following regulations,
namely :-

CHAPTER 1

PRELIMINARY

1. Short title and commencement –

(1) These regulations maybe called UCO Bank (Employees’) Pension Regulations, 1995.

(2) Save as otherwise expressly provided in these regulations, these regulations shall
be deemed to have come into force on the date of their publication in the Official
Gazette.

2. Definitions – In these regulations, unless the context otherwise requires,-

(a) “Act” means the Banking Companies (Acquisition and Transfer of Undertakings)
Act, (5 of 1970);

(b) “actuary” shall have the meaning assigned to it in clause (1) of section 2 of the
Insurance Act, 1938 (4 of 1938);

(c) “Appendix” means, an Appendix annexed to these regulations ;

1
(d) “average emoluments” means the average of the pay drawn by an employee during
the last ten months of his service in the Bank;

(e) “Bank” means UCO BANK mentioned under column 2 of the FIRST SCHEDULE of
the Act;

(f) “Board” means the Board of Directors of Bank;

(g) “Child” means a child of the employee, who, if a son, is under twenty-five years of
age and if a daughter, is unmarried and is under twenty-years of age and the
expression “children” shall be construed accordingly ;

(h) “Competent Authority” means the authority appointed by the Board for the
purposes of the these regulations;

(i) “Consolidated wages” means lump sum amount payable to part-time employee
belonging to the subordinate staff who is not drawing scale wages;

(j) “contribution” means any sum credited by the Bank on behalf of employee to the
Fund, but shall not include any sum credited as interest;

(k) “date of retirement” means the last date of the month in which an employee attains
the age of superannuation or the date on which he is retired by the Bank or the
date on which the employee voluntarily retires; or the date on which the officer is
deemed to have retired;

(l) “deemed to have retired” means cessation from service of the Bank on appointment
by Central Government as a whole-time Director or Managing Director or Chairman
in the Bank or in any other Bank specified in column 2 of the FIRST SCHEDULE of
the Act or Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
(40 of 1980) or in any public [Financial institution or State Bank of India established
under State Bank of India Act, 1955 (23 of 1955)];

(m) “Discipline and Appeal Regulations” means the UCO Bank Officer Employees’
(Discipline and Appeals Regulation 1976) made under section 19 of the Act;

(n) “employee” means any person employed in the services of the Bank, whether as a
workman on full time work on permanent basis or on part-time work on permanent
basis on scale wages or as an officer and who opts and is governed by these
regulations, but does not include a person employed either on contract basis or
daily wage basis or on consolidated wages;

(o) “family” in relation to any employee means :-

2
 1) wife in the case of a male employee or husband in the case of a female
employee;
2) a judicially separated wife or husband, such separation not being granted on the
ground of adultery and the person surviving was not held guilty of committing
adultery;
3) son or unmarried daughter or widowed/divorced daughter, who has not attained
the age of twenty five years, including such son or daughter adopted legally.
4) parents who were wholly dependant on the employee when he/she was alive,
provided the deceased employee had left behind neither a widow/widower nor a
child."

(p) “financial year” means a year commencing on the1st day of April;

(q) “Fund” means the UCO Bank (Employees’) Pension Fund Constituted under
regulation 5;

(r) “notified date” means the date on which these regulations are published in the
official Gazette;

(s) "Pay" includes,

(a) in relation to a workman who had either retired or died on or after the 1 st day of
January, 1986 but before the 1 st day of November, 1992; and in relation to
an officer who had either retired or died on or after the 1st day of January,
1986 but before the 1sl day of July, 1993,

1. The basic pay including stagnation increments, if any, and.

2. All allowances counted for the purposes of making contribution to the
Provident Fund and for the payment of dearness allowance;

(b) in relation to a workman who retired or died while in service on or after the
1st day of November, 1992; and in relation to an officer who retired or died
while in service on or after the 1st day of July, 1993,
i) the basic pay including stagnation increments, if any; and
ii) all allowances counted for the purpose of making contribution to
the Provident Fund and for the payment of dearness allowance; and
iii) increment component of Fixed Personal Allowance;
iv) dearness allowance calculated upto index number 1148 points in the All India
Average Consumer Price Index for industrial workers in the series 1960=100.
(c) in relation to an employee who retired or died while in service on or after the 1st
day of April, 1998,

1. the basic pay including stagnation increments, if any; and

2. all other components of pay counted for the purpose of making
contributions to the Provident Fund and for the payment of dearness
allowance; and

3
 3. increment component of Fixed Personal Allowance; and
4. dearness allowance thereon on the above calculated upto Index Number
1616 points in the All India Average Consumer price Index for Industrial
Workers in the series 1960=100.
Explanation:

For the purpose of this clause, basic pay, other components of pay and Fixed
Personal Allowance would mean the basic pay, other components of pay and
Fixed Personal Allowance drawn by the employees in terms of the scales of pay as
applicable and the rates at which the other components of pay were payable
prior to 01.11.1997 (in the case of workmen) and prior to 01.04.1998 (in the case
of officers);

(d) in relation to an employee (officer or workman) who retired or died while in

service on or after the first day of May 2005:
1. Basic pay including stagnation increments, if any, and Special pay, Graduation
Pay, Professional Qualification Pay, increment component of Fixed Personnel
Pay and Officiating Pay, if any, drawn by the employee during the last ten
months of his service in the bank:

Provided that with effect from 1st day of May 2005 the provisions of this
clause shall also apply to an employee who retired or died while in service on
or after 1st day of April 1998 but before 30th day of April, 2005.”

Provided no arrears of pension or commuted value of pension will be payable

on account of such re-fixation of pension to such an employee who retired or
died while in service on or after 1st day of April, 1998 but before 30th day of
April, 2005.

(t) “pension” includes the basic pension and additional pension referred to in Chapter
VI of these regulations;

(u) “pensioner” means an employee eligible for pension under these regulations;

(v) “public financial institution” means a financial-institution regarded as a public

financial institution for the purposes of section 4A of the Companies Act,1956 (1 of
1956);

(w) “qualifying service” means the service rendered while on duty or otherwise which
shall be taken into account for the purpose of pension under these regulations ;

(x) “retired” includes deemed to have retired under clause (1);

(y) “retirement” means cessation from Bank’s service –

(a) on attaining the age of superannuation specified in Service Regulations or

Settlements;
4
 (b) on voluntary retirement in accordance with provisions contained in regulation 29
of these regulations;

(c) on premature retirement by the Bank before attaining the age of superannuation
specified in Service Regulations or Settlement;
(z) “scale wages” in relation to part-time employees means the basic pay, City
Compensatory Allowance, Special Allowances, House Rent Allowance and other
allowances, if any and dearness allowance payable from time to time under the
settlement ;

(za) “service regulations” means UCO Bank (Officers’) Service Regulations,1979

made under section 19 of the Act;

(zb) “settlement” means memorandum of settlement agreed between the

management of the Bank represented by the association authorised by
them and workmen of such Bank represented by trade unions authorised
by them;

(zc) “trust means the trust of the UCO Bank (Employees’) Pension Fund
constituted under sub-regulation (1) of regulation 5;

(zd) “trustee” means the trustees of the UCO Bank (Employees’) Pension Fund
constituted under regulation 5;

(ze) “trustee of the Provident Fund” means the trustees of the Provident Fund
of the Bank;

(zf) all other words and expressions used in these regulations but not defined,
and defined in Act or the Service Regulations or settlements shall have the
same meanings respectively assigned to them in the Act, the Service
Regulations or settlement, as the case may be.

5
 CHAPTER II

APPLICATION AND ELIGIBILITY

3. Application, - These regulations shall apply to employee who, -

1. (a) where in these service of the Bank on or after the 1 st day of January,1986
but had retired before the 1st day of November, 1993; and

(b) exercise an option in writing within one hundred and twenty days from the
notified date to become member of the Fund; and

(c) refund within sixty days after the expiry of the said period of one hundred
and of twenty days specified in clause (b) the entire amount of the Bank’s
contribution to the Provident Fund including interest accrued thereon
together with a further simple interest at the rate of six per cent per annum
on the said amount from the date of settlement of the Provident Fund
account till the date of refund of the aforesaid amount to the Bank or till
the 1 st day of April 1995 whichever is earlier; or

2. (a) have retired on or after the 1st day November, 1993 but before the notified
date; and

(b) exercise an option in writing within one hundred and twenty days from the
notified date to become member of the Fund; and

(c) refund within sixty days after the expiry of the said period of one hundred
and twenty days specified in clause (b) the entire amount of the Bank’s
contribution to the Provident Fund and interest accrued thereon together
with a further simple interest at the rate of six per cent per annum on the
said amount from the date of settlement of the Provident Fund account till
the date of refund of the aforesaid amount to the Bank; or

3. (a) are in the service of the Bank before the notified date and continue to be in
the service of the Bank on or after the notified date; and

(b) exercise an option in written within one hundred and twenty days from the
notified date to become member of the Fund; and

(c) authorize the trust of the Provident Fund of Bank to transfer the entire
contribution of the Bank along with the interest accrued thereon to the
credit of the Fund constituted for the purpose under regulation 5; or

4. Application: These Regulations shall apply to employees who:

(a) join the service of the bank on or after the notified date and upto
31.3.2010.

6
 (b) The provisions of Bank Employees’ Pension Regulations, 1995 shall not be
applicable to those who join the services of the bank on or after 1.4.2010
(c) Employees joining the service of the bank on or after 1.4.2010 shall be
eligible for the Defined Contributory Pension Scheme, the bank will be
formulating for them. The Scheme shall be regulated and administered by
the Pension Fund Regulatory and Development Authority (PFRDA).
(d) The officers joining the services of the Bank on or after 1.4.2010 shall
contribute 10% of Pay and Dearness Allowance towards the Defined
Contributory Pension Scheme and the bank shall make a matching
contribution in respect of these employees.

5. were in the service of the Bank during any time on or after 1 st day of November,
1993 and had died after retirement but before the notified date, their family shall
be entitled for the amount of pension payable to them from the date on which
they would have been entitled to pension under these regulations, had they been
alive till the date on which they died, if the family of deceased -

(a) exercise an option in writing within one hundred and twenty days from the
notified date to become member of the Fund; and

(b) refund within sixty days after the expiry of the said period of one hundred
and twenty days specified in clause (a) above the entire amount of the
Bank’s contribution to the Provident Fund and interest accrued thereon
together with a further simple interest at the rate of six per cent per annum
from the date of settlement of the Provident Fund account till the date of
refund of the aforesaid to the Bank; or

6. joined the service of the Bank on or after the 1st day of November,1993 but who
have died while in the service of the Bank before the notified date, their family
shall be entitled to the family pension under these regulations;

Provided that the family of such a deceased employee refunds within one hundred
and eighty days from the notified date the entire amount of the Banks’
contribution to the Provident Fund, if any, and interest accrued thereon together
with further simple interest at the rate of six per cent per annum from the date of
settlement of the Provident Fund account till the date of refund of the aforesaid
amount to the Bank;

Provided further that the family of such a deceased employee shall apply in writing
for grant of family pension; or

7. were in the service of the Bank during any time on or after the 1st day of January,
1986 and had died while in service on or before the 31 st day of October, 1993 or
had retired on or before the 31st day of October, 1993 but died before the notified
date in which case their family shall be entitled to the pension or the family
pension as the case may be under these regulations, if the family of the deceased,

7
 (a) exercise an option in writing within one hundred and twenty days from the
notified date to become member of the Fund; and

(b) refund within sixth days of the expiry of the said period of one hundred and
twenty days specified in clause (a) above the entire

amount of the Bank’s contribution to the Provident Fund and interest

accrued thereon together with a further simple interest at the rate of six per
cent per annum from the date of settlement of the Provident Fund account
till the date of refund of the aforesaid amount to the Bank; or till the 1 st day
of April, 1995, whichever is earlier; or

8. joined the service of the Bank on or before the 31st day of October, 1993 and
who died while in service on or after the 1st day of November, 1993, but before
the notified date in which case their families shall be entitled to family pension
under these regulations if the family of the deceased employee, -

(a) exercise an option in writing within one hundred and twenty days from the
notified date to become a member of the Fund; and

(b) refund within sixty days of the expiry of the said period of one hundred
and twenty days specified in clause (a) above the entire amount of the
Bank contribution to the Provident Fund, including interest accrued
thereon together with a further simple interest at the rate of six per cent
per annum from the date of settlement of the Provident Fund account of
the employee till the date of refund of the aforesaid amount to the Bank;

9. Notwithstanding anything contained in sub-regulations (1), (2), (3), (5) and (8)
an option exercised before the notified date by the employee or the family of a
deceased employee in pursuance of the settlement shall be deemed to be an
option for the purpose of this Chapter if such am employee or the family of a
deceased employee refund within sixty days from the notified date, the amount
of the Bank contribution to the Provident Fund, including interest accrued
thereon together with a further simple interest in accordance with the provisions
of the chapter and in case employer’s contribution of Provident Fund has not
been received from Provident Fund Trust, has authorised or authorises within
sixty days from the notified date the trustees of the Provident Fund of the Bank
to transfer the entire contributions of the Bank to the Provident Fund including
interest accrued thereon in accordance with the provisions of this chapter to the
credit of the Fund constituted for this purpose under regulation 5.

10. Notwithstanding anything contained in sub-regulation (2), (5), (6) and (8), In
cases where an employee had retired / died after retirement on or after the 1 s t
day of November, 1993 but on or before the 1st day of April, 1995 or where an
employee had died while in service of the Bank on or after the 1 st day of
November, 1993 but on or before the 1 st day of April, 1995 such an
employee or the family of the deceased employee, as the case may be, shall
refund within the period specified
8
 in aforesaid sub-regulations the entire amount of the Bank's contribution
to the Provident Fund including interest accrued thereon with a further simple
interest at the rate of six per cent per annum on the said amount from the
date of settlement of the Provident Fund account till the date of refund of the
aforesaid amount to the Bank or till the 1st day of April, 1995, whichever is
earlier.”;

11. were in the service of the Bank prior to 29th September 1995 in case of
Nationalised Banks/ 26th March 1996 in case of Associate Banks of State Bank of
India and continue in the service of the bank as on 27th April 2010 provided such
employee:

(i) exercise an option in writing within sixty days from the date of offer to
become a member of the pension fund, and

(ii) authorise the Trust of the Provident Fund of the Bank to transfer the entire
contribution of the Bank along with interest accrued thereon to the credit of the
pension fund besides contributing an amount equal to 2.8 times of the pay for
the month of November 2007.

12. were in the service of the Bank prior to 29th September 1995 in case of
Nationalised Banks/ 26th March 1996 in case of Associate Banks of State Bank of
India and retired after that date andprior to 27th April 2010; provided such
employee :

(i) exercise an option in writing within sixty days from the date of offer to
become a member of the Pension Fund; and

(ii) refund within thirty days after expiry of the said period of sixty days, the
entire amount of bank’s contribution to Provident Fund and interest accrued
thereon received on retirement together with a further sum equivalent to fifty six
per cent of the said amount of bank’s contribution to the Provident Fund and
interest thereon received on retirement.

13. The family of those employees who were in service of the bank, prior to 29 th
September 1995 in case of Nationalised Banks/ 26 th March 1996 in case of
Associate Banks of State Bank of India retired after that date and had died will be
eligible for family pension provided:

(i) the family of the deceased employee exercises an option in writing within sixty
days of the offer to become a member of the Pension Fund; and

(ii) refund within thirty days after expiry of the said period of sixty days, the
entire amount of bank’s contribution to the Provident Fund and interest accrued
thereon received by the deceased employee on retirement together with an
amount equal to fifty six per cent of the said amount of bank’s contribution to
Provident Fund and interest thereon received by the deceased employee on
retirement.

14. The family of those employees who were in service of the bank prior to 29th September
1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of

9
 State Bank of India and died while in service of the bank after that date will be
eligible for family pension, provided:

(i) the family of the deceased employee exercises an option in writing within sixty
days of the offer to become a member of Pension Fund and

(ii) refund within thirty days after expiry of the said period of sixty days, the
entire amount of bank’s contribution to Provident Fund and interest accrued
thereon, received upon death of an employee, together with an amount equal to
fifty six per cent of the said amount of bank’s contribution to the Provident Fund
and interest thereon received on death of employee.

15. Pension to those shall be who opt to join the Pension Fund stated under Clause-
3(ii) shall be payable w.e.f. 27.11.2009 and employees who retired/ family of
employees who died after 27.11.2009, as stated under Clause-3(12)/3(13)/3(14)
as the case may be, shall get pension/ family pension from the respective date of
retirement/death.

4. Option to subscribe to the Provident Fund. – (1) Not withstanding anything

contained in sub-regulation (4) of regulation 3, an employee who joins the service of
the Bank on or after the notified date at the age of thirty-five years or more, may,
within a period of ninety days from the date of his appointment, elect, to forego his
right to pension, whereupon these regulations shall not apply to him.

(2) The option referred to in sub-regulation (i) and regulations 3, once exercised,
shall be final.

(3) There shall be no separate Provident Fund for employees joining services of the
bank on or after 1.4.2010.

10
 CHAPTER III

THE FUND

5. Constitution of the Fund. – (1) The Bank shall constitute a Fund to be called the
UCO Bank (Employees’) Pension Fund under an irrevocable trust within one hundred
twenty days from the notified date.

(2) The Fund shall have for its sole purpose the provision of the payment of pension or
family pension in accordance with these regulations to the employee or his family.

(3) The Bank shall be a contributor to the Fund and shall ensure that sufficient sums
are placed in it to enable the trustees to make due payments to beneficiaries under
these regulations.

6. Liability of the Provident Fund Trust.– The Provident Fund trust shall, immediately
after the constitution of the Fund , transfer to the UCO Bank (employees’) Pension Fund
the accumulated balance of the contribution of the Bank to the Provident Fund and
interest accrued thereon upto the date of such transfer in respect of every employee.

7. Composition of the Fund. – The Fund shall consist of the following, namely. –

(a) the contribution by the Bank at the rate of ten per cent per month of the pay of the
employee;

(b) the accumulated contributions of the Bank to the Provident Fund and interest
accrued thereon upto the date of such transfer in respect of the employee;

(c) the amount consisting of contributions of the Bank along with interest refunded by
the employees who had retired before the notified date but who opt for pension in
accordance with the provisions contained in these regulations;

(d) the investment in annuities or securities purchased out of the moneys of the Fund
are interest thereon;

(e) amount of any capital gains arising from the capital assets of the Fund;

(f) the additional annual contribution made by the Bank in accordance with the
provisions contained in regulation (ii) of these regulations;

(g) any income from investments of the amounts credited to the Fund;

(h) the amount consisting of contribution of the Bank along with interest refunded by
the family of the deceased employee.

11
8. Board of Trustees. – (1) The Board of Trustees shall consist of such number of
persons not less than three ant not more than nine, as may be determined by the
Board, to be appointed by the Bank.

(2) The power to appoint the trustees shall be vested with the Bank and all such
appointments shall be made in writing.

(3) The Bank shall nominate one of the trustees to be the Chairman of the Board of
trustees. The Bank shall also nominate a trustee to be an alternate Chairman who
shall act as Chairman in the absence of the Chairman.

9. Trustees to carry out the directions of the Bank. – The trustees shall comply with
all such directions as may be given by the Bank for the proper functioning of the Fund.

10. Book of accounts of the Fund. – (1) The accounts of the Fund, shall contain the
particulars of all financial transactions relating to the Fund in such form as may be
specified by Bank.

(2) Within one hundred and eighty days from the closing of each financial year, the
trust shall prepare a financial statement of the trust indicating therein the general
account of assets and liabilities of the trust and forward a copy of the same to the
Bank.

(3) The accounts of the Fund shall be audited in accordance with the provisions of
section 10 of the Act.

11. Actuarial investigation of the Fund. – The Bank shall cause an investigation to be
made by an Actuary into the financial condition of the Fund every financial year, on the
31st day of March, and made such additional annual contributions to the Fund as may
be required to secure payment of the benefits under these regulations;

Provided that the Bank shall cause an investigation to be made by an Actuary into the
financial condition of the Fund, as on the 31st day of March immediately following the
financial year in which the Fund is constituted.

12. Investment of the Fund. – All moneys contributed to the Fund or received or
accruing after that date by way of interest or otherwise to the Fund, may be deposited
in a Post Office Savings Bank Account in India or in a Current Account or in a savings
account with any scheduled bank or utilised in making payment of pensionary
benefits in accordance with Pension Regulations and to the extent such moneys
as are not so deposited or utilised shall be invested in the manner specified in sub-
rule (2) of rule 67 of income Tax Rules, 1962." ;
13. Payment out of the Fund. – The payment of benefits by the trust shall be
administered for grant of pensionary benefits to the employees of the Bank or the
family pension to the families of the deceased employees of the Bank.

12
 CHAPTER IV

QUALIFYING SERVICE

14. Qualifying Service – Subject to the other conditions contained in these regulations,
an employee who has rendered a minimum of ten years of service in the Bank on the
date of his retirement or the date on which he is deemed to have retired shall qualify
for pension.

15. Commencement of Qualifying Service. – Subject to the provisions contained in

these regulations, qualifying service of an employee shall commence from the date he
takes charge of the post to which he is first appointed on a permanent basis.

16. Counting of service on probation. – Service on probation against a post in the Bank
if followed by confirmation in the same or any other post shall qualify.

17. Counting of periods spent on leave. – All leave during service in the Bank for which
leave salary is payable shall count as qualifying service;

Provided that extraordinary leave on loss of pay shall not count as qualifying service
except when the sanctioning authority has directed that such leave not exceeding
twelve months during the entire service, may count as service for all purposes including
pension.

18. Broken period of service of less than one year. – If the period of service of an
employee includes broken period of service less than one year, then if such broken
period is more than six months, it shall be treated as one year and if such broken
period is six months or less it shall be ignored.

Provided that provisions of this regulation shall not apply for determining the
minimum service required to make an employee eligible for pension.

19. Counting of period spent on training. – Period spent by an employee on training in

the Bank immediately before his appointment shall count as qualifying service.

20. Counting of past service in the erstwhile Bank. – In the case of an employee who
is permanently transferred to a service in the Bank from any other Bank on merger,
amalgamation of any other Bank with the Bank to which these regulations apply, the
continuous service rendered by such an employee in other Bank on permanent basis, if
any, followed without interruption, by permanent appointment, or the continuous
service rendered under that Bank in a permanent capacity, as the case may, shall
qualify;

Provided that nothing contained in this regulation shall apply to any such employee who
is appointed on contract basis or an daily wage basis or on consolidated wages.

13
21. Period of suspension. – Period of suspension of an employee pending enquiry shall
count for qualifying service where, on conclusion of such enquiry, he has been fully
exonerated or the suspension is held to be wholly unjustified, and in other cases, the
period of suspension shall not count as qualifying service unless the Competent
Authority passing the orders under the Service Regulations or Discipline and Appeal
Regulations or Settlements governing such cases expressly declares at the time that it
shall count to such extent as such authority may declare.

22. Forfeiture of service. – (1) Resignation or dismissal or removal or termination of an

employee from the service of the Bank shall entail forfeiture of his entire past service
and consequently shall not qualify for pensionary benefits;

(2) An interruption in the service of a Bank employee entails forfeiture of his past
service, except in the following cases, namely :-

(a) authorised leave of absence;

(b) suspension, where it is immediately followed by reinstatement, whether in the

same or a different post, or where the bank employee dies or is permitted to
retire or is retired on attaining the age of compulsary retirement while under
suspension;

(c) transfer to non-qualifying service in an establishment under the control of the

Government or Bank if such transfer has been ordered by a conpetent authority
in the public interest;

(d) joining time while on transfer from one post to another.

(3) Notwithstanding anything contained in sub-regulation (2), the appointing authority

may, by order, commute retrospectively the periods of absence without leave as
extraordinary leave.

(4) (a) In the absence of a specific indication to the contrary in the service record, an
interruption between two spells of service rendered by a bank employee shall be
treated as automatically condoned and the pre-interruption service treated as
qualifying service;

(b) Nothing in clause (a) shall apply to interruption caused by resignation, dismissal
or removal from service or for participation in a strike;

23. Period of deputation to foreign service. – An employee deputed on foreign service

to the United Nations or any other foreign body or organisation may at his option, -

(a) pay pension contribution in respect of his foreign service and count such service
as qualifying service under these regulations; or

14
 (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.

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 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 Bank on account of his possessing higher qualification 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.

15
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 part-time basis in
the service 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
1.9.1978, whichever is later.

16
 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 further that employees who ceased to be in service on or after 29th September
1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of State
Bank of India on account of voluntary retirement before attaining the age of
superannuation but after rendering service for a minimum period of 15 years in terms
of any scheme framed for such purposes by the Board with the approval of the
Government, shall be entitled to join the Pension Fund, subject to the terms and
conditions mentioned for retiring officers opting for joining the scheme if they-

(a) exercise an option in writing within sixty days from the date of offer to become a
member of the pension fund; and
(b) refund within thirty days after expiry of the period of sixty days, the entire amount
of bank’s contribution to Provident Fund and interest accrued thereon received on
retirement together with a further sum equivalent to fifty six per cent of the said
amount of bank’s contribution to the Provident Fund and interest thereon received
on retirement.

Provided that, with effect from 1st 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 purpose by the Board with the approval of the Government.

Explanatory Memorandum

1. Indian Banks' Association, after taking a no-objection from the Government of

India, circulated a model Voluntary Retirement Scheme (VRS) to all the Public Sector
Banks on 31.8.2000. The Scheme, inter alia, provided that employees who have
rendered 15 years’ service are eligible for the Scheme. According to the existing
provisions in the pension regulations, it is only employees who opt for voluntary
retirement after completing 20 years’ of qualifying service and after giving notice of not
less than 3 months in writing to the appointing authority, are eligible for pensionary
benefits. The eligibility criteria and the benefits flowing out of the above provisions in
the Pension Regulations are distinct and separate from that envisaged under VRS
circulated on 31.8.2000. There are no provisions available in the Pension Regulations
for extending penionary benefits to a member employee who retires before attaining
the age of superannuation under such specific schemes. It has been, therefore,
decided to provide the benefit of pro-rata pensionary benefits to members of Pension
Fund who opt for voluntary retirement under specified scheme(s).

17
 2. It is, therefore, necessary that the amendment may be made effective from 1 st
September, 2000 so that all employees who are members of the Pension Fund and
have taken voluntary retirement under the scheme after completion of 15 years of
service can draw the benefit of pension.

3. It is certified that no employee/officer of the UCO Bank is likely to be affected

adversely by the Notification being given retrospective effect.

Provided further that employees who ceased to be in service on or after 29 th September

1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of State
Bank of India on account of voluntary retirement before attaining the age of
superannuation but after rendering service for a minimum period of 15 years in terms
of any scheme framed for such purposes by the Board with the approval of the
Government, shall be entitled to join the Pension Fund, subject to the terms and
conditions mentioned for retiring officers opting for joining the scheme if they-

(a) exercise an option in writing within sixty days from the date of offer to become a
member of the pension fund; and
(b) refund within thirty days after expiry of the period of sixty days, the entire amount
of bank’s contribution to Provident Fund and interest accrued thereon received on
retirement together with a further sum equivalent to fifty six per cent of the said
amount of bank’s contribution to the Provident Fund and interest thereon received
on retirement.

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.

(2) The notice of voluntary retirement given under sub- regulation (1) shall require
acceptance by the appointing authority;

18
 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 therefore;

(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 thirty-
three 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.

30. Invalid Pension. – (1) Invalid pension may be granted to an employee who, -

(a) has rendered minimum ten tears if 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

19
 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 his 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-third of the pension which

would have been admissible to him one the basis of the qualifying service rendered up
to the date of his dismissal, removal, or termination.

(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 UCO Bank
Officer Employees’ (Discipline and Appeal) Regulations, 1976 or awards/ settlements
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.”.;

20
 (2) Whenever in the case of a bank employee the Competent Authority passes an
order awarding a pension less than the full 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 minimum pension
payable under regulation 36 of these regulations.
34. Payment of pension or family pension in respect of employees who retired or
died between 10.10.1986 to 31.10.1993. – (1) Employees who have retired from
the service of the Bank between the 1st day of January, 1986 and the 31st day of
October, 1993 shall be eligible for pension with effect from the 1 st day of November,
1993.

(2) The family of a deceased employee governed by the provisions contained in

sub-regulation (7) of regulation 3 shall be eligible for pension or family pension
as the case may be, with effect from 1sl day of November, 1993.

21
 CHAPTER VI

RATE OF PENSION

35. Amount of Pension. – (1) Basic Pension and additional pension, wherever applicable,
shall be updated as per the formulae given in Appendix I."

(2) In 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
thirty three years the amount of basic pension shall be calculated at fifty per cent
of the average emoluments.

(3) (a) Additional pension shall be fifty per cent of the average amount of the
allowances drawn by an employee during the last ten months of his service;

(b) no dearness relief shall be paid on the amount of 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) 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
thirty-three years, but after completing a qualifying service of ten years of ten
years, the amount of pension shall be proportionate to the amount of pension
admissible under sub- regulations (2) and (3) and in no case the amount of
pension shall be less than the amount of minimum pension specified in these
regulations.

(b) Notwithstanding any thing contained in these regulations, the amount of

invalid pension shall mot 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.

(7) The amount of pension finally determined under this regulations shall be
expressed in whole rupee and where the pension containing a fraction of a rupee,
it shall be rounded off to the next higher rupee.

22
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 1 s t
day of November, 1992 ( in case of workmen) or before 1 st day of July, 1993
(in case of officers) and proportionate amount thereof in relation to the rate of
scale of wages in the case of a part-time employee who had retired
before the 1 s t 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 the1st day of
November, 1992 (in case of workmen) or on or after the 1st day of July, 1993 (in
case of officers) and proportionate amount thereof in relation to the rate of scale
of wages in the case of a part time employee who retired on or after the 1 St 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 of April,
1998 and rupees three hundred and thirty nine per month in respect of a part-time
employee drawing 1/3rd scale wages, rupees five hundred and eight per month in
respect of a part-time employees drawing ½ scale wages and rupees seven
hundred and sixty two 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 April,
1998:
Provided that on and from 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 1st
April 1998 but before 31st October 2002 shall be rupees one thousand and fifty
eight per month and rupees three hundred and fifty three in respect of a part-time
employee drawing 1/3 scale wages, rupees five hundred and twenty nine in respect
of a part-time employee drawing ½ scale wages and rupees seven hundred and
ninety four 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.

(d) Rupees One thousand four hundred and thirty seven 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 seventy nine 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 seventy eight 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 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.

23
 (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 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.

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
Appendix II.

(2) Dearness relief shall be allowed on full basic pension even after commutation.

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 prematurely 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 extraordinary leave on loss of pay or had been under suspension and the period
whereof does not count as service, the aforesaid period of extraordinary 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.

24
 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 1 st day of January, 1986 and had died whiie in service on or before
the 31s1 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- 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 up to the date on which the deceased employee
would have attained the age of sixty five years had he survived,
whichever is less;

25
 (ii) in the event of death of an employee after retirement, the family pension
as determined under (a) of this sub-regulation shall be payable for a
period of seven years or for a period up to the date on which the retired
deceased employee would have attained the age of sixty five 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 (I),
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 (5) 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.

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 widower, up to the date of death or re-marriage,

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;

26
Provided the family pension payable to sons/daughters (including
widowed/divorced) shall be discontinued / not admissible when the eligible
son/daughter starts earning a sum in excess of Rs.2,550/- per month from
employment in Government/private sector/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 ) ;

(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 a nature as to prevent him or her from earning his or her
livelihood and the same shall be evidenced by a 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

27
 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 livelihood;

(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.2,550/- per month.

(d) if a deceased employee or pensioner leaves behind a widow or widower, the

family pension shall become payable to the widow or widower, failing which to
the eligible child;

(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 eligible, 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 clauses (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.

28
(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
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, the amount of both pensions shall be limited
to -

(i) two th ou s an d f iv e h u n dre d ru pe e s on ly pe r

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 1 sl day of November 1992 (in the case of
workmen) or on or after 1 st 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 offers 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.

29
(b) if one of the family pensions ceases to be payable at the rates
mentioned in sub-clause (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 sub-
regulation (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 1 st 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 1 St day of November, 1992 (in the case of workmen)
or on or after 1 st day of July, 1993 (in the case of
officers); and

(iii) seven thousand and forty rupees per mensem only in

respect of employees, both officers and workmen, who
retired or died on or after 1 st day of April, 1998.

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.

(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 1 s t 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 1 st day
of November, 1992 (in the case of workmen) or on or
after 1sl day of July, 1993 (in the case of officers); and

30
 (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.

(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) (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.

(5) (a) where family pension is payable to more widows than one, the
family pension shall be paid to the widows in equal share;

(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 widow, in full,
to her;

(c) where the deceased employee or pensioner is survived by a 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 widow or widows 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.

(ca) 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
31
 have received at the time of death of the employee or
pensioner had she not been so divorced:

Provided that on the share or shares of family pension payable

to such a child or 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 (i) 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 eighteen 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 person, including other eligible member or members of the
32
 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 person 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.

33
 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:
TABLE: Commutation values for a pension of Re. One per annum

Age Commuta- Age Commuta- Age Commuta- Age Commuta-

next tion value next tion value next tion value next tion value
birth expressed birth Expressed birth expressed birth expressed
day as number day as number day as number day as number
of year’s of year’s of year’s of year’s
purchase purchase purchase purchase
17 19.28 34 17.11 51 12.95 68 7.53
18 19.20 35 16.92 52 12.66 69 7.22
19 19.11 36 16.72 53 12.35 70 6.91
20 19.01 37 16.52 54 12.05 71 6.60
21 18.91 38 16.31 55 11.73 72 6.30
22 18.81 39 16.09 56 11.42 73 6.01
23 18.70 40 15.87 57 11.10 74 5.72
24 18.59 41 15.64 58 10.78 75 5.44
25 18.47 42 15.40 59 10.46 76 5.17
26 18.34 43 15.15 60 10.13 77 4.90
27 18.21 44 14.90 61 9.81 78 4.65
28 18.07 45 14.64 62 9.48 79 4.40
29 17.93 46 14.37 63 9.15 80 4.17
30 17.78 47 14.10 64 8.82 81 3.94
31 17.62 48 13.82 65 8.50 82 3.72
32 17.46 49 13.54 66 8.17 83 3.52
33 17.29 50 13.25 67 7.85 84 3.32
85 3.13

34
 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
f i f ty eight years is 10.46 years' purchase and. therefore, if he commutes rupees
one hundred from his pension within one year of retirement, the lump sum
amount payable to him works out to Rs100 x 10.46 x 12 = Rs12,552.

(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 fifteen years from the date of commutation.

(6) An application who is authorised a superannuation pension or voluntary retirement

pension or premature retirement pension or compulsory retirement pension
or invalid pension or compassionate allowance shall be eligible to commute a
fraction of his pension under these regulations;

Provided that on and from 1.7.2003, in case of an applicant in whose case, the
commuted value of pension becomes payable on the day following the date of his
retirement or from the date from which the commutation becomes absolute, the
reduction in the amount of pension on account of commutation shall become
operative from its inception. where, however, payment of commuted value of
pension could not be made within the first month after the date of retirement or
within the first month after the date which the commutation becomes absolute as
the case may be, the difference between the monthly pension and the commuted
pension shall be paid for the period between the date following the date of
retirement or the date when the commutation becomes absolute, as the case may
be, and the date preceding the date on which commuted value of pension is
deemed to have been paid.

(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

35
 (iii) is compulsorily 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.
(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 medical certificate given by a
medical officer approved by the Bank;

(d) who has retired prior to the 1 st day of-November 1993 and who opts
st
to be governed by these regulations, on the 1 day of November
1993, where the application for commutation is made within the
period specified by clause (b) of sub-regulation (1) of regulation 3;

(e) who was in the service of the Bank on or after the 1 st day of
November, 1993 but who retired prior to the publication of these
regulations on the day immediately following the date of his retirement,
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 1 sl day of November, 1993 but died prior to
the notified date, on the day immediately following the date of his
retirement, where the 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;
(g) in respect of whom invalid pension under regulation 30 or compassionate
allowance under regulation 31 or compulsory retirement pension under
regulation 33 is admissible, commutation shall become absolute on the
date of the medical certificate given by a medical officer approved by the
Bank.";

36
 CHAPTER IX

GENERAL CONDITIONS

42. Pension subject to future good conduct. – Future good conduct shall be an implied
condition of every grant of pension and its continuance under these regulations.

43. Withholding or withdrawal of pension. – (1) The Competent Authority may, by

order in writing, withhold or withdraw a pension or at thereof, whether permanently or
for a specified period, if the pensioner is convicted of at thereof, whether permanently
or for a specified period, if the pensioner is convicted of serious crime or criminal
breach of trust or forgery or acting fraudulently or is found guilty of grave misconduct :

Provided that where a part of pension is withheld or withdrawn, the amount of such
pension shall not be reduced below the minimum pension per mensem payable under
these regulations.

(2) An appeal against an order under sub-regulation (1) shall be to an authority

higher than the authority passing the order appealed against and such higher authority
shall pass such order on the appeal as he deems fit.

44. Conviction by Court. – Where a pensioner is convicted of a serious crime by Court of

Law, action under regulation 43 shall be taken in the light of the judgement of the court
relating to such conviction.
45. Pensioner guilty of grave misconduct – In a case not falling under regulation 44,
if the Competent Authority considers that the pensioner is prima facie guilty of grave
misconduct, it shall, before passing an order under regulation 43, follow the procedure
specified in Bank Officer Employees’ (Discipline & Appeal) Regulations, 1976/1982 in
Settlement, as the case may be.
46. Provisional Pension. –(1)An employee who has retired on attaining the age of
superannuation or otherwise and against whom any departmental or judicial
proceedings are instituted or departmental proceedings are continued, a provisional
pension, equal to the maximum pension which would have been admissible to him,
would be allowed subject to adjustment against final retirement benefit sanctioned to
him, upon conclusion of the proceedings but no recovery shall be made where the
pension finally sanctioned is less than the provisional pension or the pension is reduced
or withheld etc, either permanently or for a specified period.

(2) In such cases the gratuity shall not be paid to such an employee until the
conclusion of the proceedings against him. The gratuity shall be paid to him on
conclusion of the proceedings subject to the decision of the proceedings. Any
recoveries to be made from an employee shall be adjusted against the amount of
gratuity payable.

37
 Explanation. – In this chapter –
(a) the expression ‘serious crime’ includes a crime involving an offence under the
Official Secrets Act, 1923 (19 of 1923);

(b) the expression “grave misconduct” includes the communication or disclosure of

any secret official code or password or any sketch, plan, model, article, note,
document or information, such as is mentioned in section 5 of the Official
Secrets Act, 1923 (19 of 1923) which was obtained while holding office in the
Bank so as to prejudicially affect the interests of the general public or the
security of the State.

(c) The expression “fraudulently” shall have the meaning assigned to it under
section 25 of the Indian Penal Code, 1860 (45 of 1860);

(d) The expression “criminal breach of trust” shall have the meaning assigned to it
under section 405 of the Indian Penal Code, 1860 (45 of 1860);

(e) The expression “ forgery” shall have the meaning assigned to it under section
463 of the Indian Penal Code, 1860 (45 of 1860).

47. Commutation of pension during departmental or judicial proceedings. – An

employee against whom departmental or judicial proceedings are instituted before the
date of his retirement or a person against whom such proceedings are instituted after
the date of his retirement shall not be eligible to commute a fraction of his provisional
pension, or pension, as the case may be, authorised under these regulations during the
pendency of such proceedings.

48. Recovery of Pecuniary loss caused to the Bank -

(1) The Competent Authority may withhold or withdraw a pension or a part thereof,
whether permanently or for a specified period, and order recovery from pension of the
whole or part of any pecuniary loss caused to the bank if in any departmental or judicial
proceedings the pensioner is found guilty of grave misconduct or negligence or criminal
breach of trust or forgery or for acts done fraudulently during the period of his service:

Provided that the Board shall be consulted before any final orders are passed:

Provided further that where a part of pension is withheld or withdrawn the amount of
pension drawn by a pensioner shall not be less than the minimum pension payable
under these Regulations.

Provided also that the departmental proceedings, if instituted while the employee was in
service, shall, after the retirement of the employee, be deemed to be proceedings under
these Regulations and shall be continued and concluded by the authority by which they
were commenced in the same manner as if the employee had continued in service.

38
 (2) No departmental proceedings, if not instituted while the employee was in service,
shall be instituted in respect of an event which took place more than four years before
such institutions:

Provided that the disciplinary proceedings so instituted shall be in accordance with the
procedure applicable to disciplinary proceedings in relation to the employee during the
period of his service.

(3) Where the Competent Authority orders recovery of pecuniary loss from the
pension, the recovery shall not ordinarily be made at a rate exceeding one-third of the
pension admissible on the date of retirement of the employee:

49. Recovery of Bank’s dues. – The Bank shall be entitled to recover the dues to the
Bank on account of housing loans, advances, license fees, other recoveries and
recoveries due to staff co-operative credit society from the commutation value of the
pension or the pension or the family pension.

50. Commercial employment after retirement. – (1) If a pensioner who immediately

before his retirement was holding the post of an officer and wishes to accept any
commercial employment before the expiry of two years from the date of his retirement,
he shall obtain the previous sanction of the Bank of such acceptance:

(2) Subject to the provision of sub-regulation (3), the Bank may, by order in writing, on
the application by a pensioner, grant, subject to such conditions, if any, as it may
deem necessary, permission, or refuse, for reasons to be recorded in the order,
permission to such pensioner to take up the commercial employment specified in
the application.

(3) In granting or refusing permission under sub-regulation (2) to a pensioner for

taking up any commercial employment, the Bank shall have regard to the following
factors, namely :-

(a) the nature of the employment proposed to be taken up and the antecedents of
the employer ;
(b) whether his duties in the employment which he proposes to take up might be
such as to bring him into conflict with the Bank;

(c) whether the pensioner while in service had any such dealing with the employer
under whom he proposes to seek employment as it might afford a reasonable
basis for the suspicion that such pensioner had shown favours to such
employer;

(d) whether the duties of the commercial employment proposed involve liaison or
contact work with Bank;

39
 (e) whether his commercial duties will be such that his previous official position or
knowledge or experience under Bank could be used to give the proposed
employer an unfair advantage;

(f) the emoluments offered by the proposed employer; and

(g) any other relevant factor.

(4) Where within a period of sixty days of the date of receipt of an application under
sub-regulation (3), the Bank does not refuse to grant the permission applied for or
does not communicate the refusal to the applicant, the Bank shall be deemed to
have granted the permission applied for :

Provided that in any case where defective or insufficient information is furnished by

the applicant and it becomes necessary for the Bank to seek further clarifications or
information from him, the period of sixty days shall be counted form the date on
which the defects have been removed or complete information has been furnished
by the applicant.

(5) Where the Bank grants the permission applied for subject to any conditions or
refuses such permission, the applicant may, within thirty days of the receipt of the
order of the Bank to that effect, make a representation against any such condition
or refusal and the Bank may make such orders thereon as it deems fit:

Provided that no order other than an order cancelling such condition or granting
such permission without any conditions shall be made under this sub-regulation
without giving the pensioner making the representation an opportunity to show
cause against the order proposed to be made.

(6) If any pensioner takes up any commercial employment at any time before the
expiry of two from years from the date of his retirement without the prior
permission of the Bank or commits a breach of any condition subject to such
permission to take up any commercial employment has been granted to him under
this regulation, it shall be competent for the Bank to declare by order in writing and
for reasons to be recorded therein that he shall not be entitled to the whole or such
part of the pension and for such periods as may be specified in the order :

Provided that no such order shall be made without giving the pensioner concerned
an opportunity of show cause against such declaration:

Provided further that in making any order under this sub-regulation, the Bank shall
have regard to the following factors, namely: -

(I) the financial circumstances of the pensioner concerned;

(II) the nature of, and the emoluments from, the commercial employment taken up
by the pensioner concerned; and

40
 (III) any other relevant factor.

(7) Every order passed by the bank under this regulation shall be communicated to the
pensioner concerned.

(8) In this regulation, the expression “commercial employment” means –

(i) an employment in any capacity including that of an agent, under a company

(including a banking company), co-operative society, firm or individual engaged
in trading, commercial, industrial, financial or professional business and includes
also a directorship of such company (including a banking company) and
partnership of such firm, but does not include employment under a body
corporate, wholly or substantially owned or controlled by the Central
Government or a State Government;

(ii) setting up practice, either independently or as a partner of a firm, as adviser or

consultant in matters in respect of which the pensioner –

(A) has no professional qualifications but the matter in respect of which the
practice is to be set or is carried on are relatable to his official knowledge or
experience, or

(B) has professional qualifications but the matters in respect of which such
practice is to be set up are such are likely to give his clients and unfair
advantage by reason of his previous official position, or

(C) has to undertake work involving liaison or contact with the offices or
officers of the Bank.

Explanation – For the purpose of this clause, the expression “employment

under a co-operative society” includes the
holding of any office, whether elective or otherwise, such as that of
President, Chairman, Manager, Secretary, Treasurer and the like, by
whatever name called in such society.

51. Nomination. – (1) The trust shall allow every employee governed by these
regulations to make a nomination conferring on one or more persons the right to
receive the amount of pensionary banefits under these regulations in the event of his
death before that amount becomes payable or, having become payable, has not been
paid. Such nomination shall be made in such from as may be specified by the Bank
from time to time.

(2) If any employee nominates more than one person under sub-regulation (1), shall,
in his nomination, specify the amount or share payable to each of the nominees in
such a manner as to cover the whole of the amount of the pensionary benefits that
may be payable in the event of his death.

41
 (3) A nomination made by an employee may, at any time, be modified or revoked by
him after giving a written notice to the trust of his intention of doing so in such
form as the Bank may from time to time specify.

(4) A nomination or its revocation or its modification shall take effect to the extent it is
valid on the date on which it is received by the trust.

52. Date from which pension becomes payable. – (1) Except in the case of an
employee to whom the provisions of regulation 34 or regulation 46 apply, a pension
other than family pension shall become payable from the date following the date on
which an employee retires.
(2) Family pension shall become payable from the date following the date of death of
the employee or the pensioner.

(3) Pension including family pension shall be payable for the day on which its recipient
dies.

(4) “Provided pension/family pension to those who opted to join the Bank Employees’
Pension Scheme on or after 27.4.2010 shall be payable w.e.f. 27.11.2009.”

53. Currency in which pension is payable. – All pensions admissible under these
regulations shall be payable in rupees in India only.

54. Manner of payment of pension. – A pension fixed at a monthly rate shall be

payable monthly on or after the first day of the following month.

55. Power to issue instructions. – The Chairman and Managing Director of the Bank
may from time to time issue instructions as may be considered necessary or expedient
for the implementation of these regulations.

56. Residuary provisions. – In case of doubt, in the matter of application of these

regulations, regard may be had to the corresponding provisions of Central Civil Services
Rules, 1972 or Central Civil Services (commutation of pension) Rules, 1981 applicable
for Central Government employees with such exceptions and modifications as the Bank,
with the previous sanction of the Central Government, may from time to time,
determine.

42
 Appendix – I
(See Regulation 35)

1. The formula for updating basic pension and additional pension in respect of
employees who retired during the period 01.01.1986 to 31.10.1987 shall be as
under:

( 1 ) A. (a) 50 per cent of first Rs.1000 of the Rs……………………...

average emoluments reckonable for pension

(b) 45 per cent of next Rs.500 Rs……………………...

(c) 40 per cent of the average _________ Rs……………………..

emoluments reckonable for
pension exceeding Rs.1500
Total of (a+b+c) Rs………………… (A)

B. 50 per cent of the average monthly Rs…………………. (B)

emoluments for the last 10 months
in service prior to retirement

C. Dearness Relief at index number 600 Rs….…………….. (C)

in the All India Average Consumer
Price Index for Industrial Workers in
the series 1960=100, on basic pension
calculated at (A) above, as per Table
given below

D. Total basic pension Rs…………………. (D)

= (B)+(C) x Number of years of qualifying service (Maximum of 33
Years)
---------------------------------------------
33

E. Basic pension as on 01.11.1993, Rs…………………(E)

(Rounded off to the next higher rupee)

(2) Special allowances to the extent of the amount ranking for making
contributions to the Provident Fund in terms of the Bipartite Settlement
dated 10 lh April, 1989 or Officers' Service Regulations, as the case may
be, corresponding to the special allowances drawn at the time of
retirement shall be reckoned for the purpose of additional pension.

43
 TABLE

Rates of dearness relief worked out at index number 600 in the All India
Average Consumer Price Index for Industrial Workers in the series 1960=100
for all classes of employees who retired during the period 01.01.1986 to
31.10.1987:

(a) Employees in subordinate staff 80.40 per cent of pension

cadre calculated at A above
(b) Employees in clerical staff cadre 67 per cent of pension
drawing pension upto Rs. 756/- calculated at A above.
per month.
(c) Employees in clerical staff cadre drawing pension of Rs.757/- per month
and above will be eligible for dearness relief as under:

Amount of basic pension The amount of dearness

Drawn Per month Relief admissible
Rs. Rs.
757-796 508.00
797-804 534.00
805-824 540.00
825-844 553.00
845-864 567.00
865-884 58000
885-904 593.00
905-924 607.00
925-944 620.00
945-964 634.00
965-984 647.00
985-1004 660.00
1005-1024 674.00
1025-1044 687.00
1045-1064 701.00
1065-1084 714.00
1085 & above 727.00

(d) Employees in officer cadre shall be eligible for dearness relief as under:
(i) For those drawing basic 66 per cent of the amount of
pension upto Rs.765/- pension calculated at A above
per month; subject to a maximum of Rs.500/-

(ii) For those drawing basic Rs.500/-

pension from Rs.766/- to
Rs.1165/- per month;

44
 (iii) For those drawing basic 42.90 per cent of amount of
pension of Rs.1166/- per pension calculated as at A
month or above; above subject to a maximum
of Rs.715/-.

2. The formula for updating basic pension in respect of workmen who have retired on
or after the 1st day of November, 1992 but before the 1st day of September. 1993
and in respect of officers who have retired on or after the 1st of July, 1993 but
before the 1st day of May, 1994 shall be as under:

(1) Total of pay drawn as per the old scales for the Rs.
month/s during the last 10 months of qualifying
service.
(2) Total of dearness allowance actually drawn or Rs.
dearness allowance at 1148 points, whichever is
less, for each month of pay calculated at ( 1 )
above.
(3) Total of pay drawn as per ( 1 ) above plus total of Rs.
dearness allowance drawn as per (2) above.
(4) Total of pay drawn as per revised scales of pay Rs.
for the month/s during the last 10 months of
qualifying service including the month in which
the employee retired.
(5) Total of columns (3) and (4) Rs.
(6) Average emoluments for the purpose of pension Rs.
i.e., Total as per (5) above
------------------------------------
10
(7) Updated basic pension Rs.
50% of (6) above x Number of years of
qualifying service (max. 33 years)
-----------------------------------------------------
33

(8) Basic Pension Rs.

(Rounded off to next higher rupee)

3. In respect of workmen who have retired on or after the 1 st day of November,

1992 but before the 1 st day of November, 1994 and in respect of officers who have
retired on or after the 1st day of July, 1993 but before the 1st day of November,
1994 the amount of special allowances in terms of Bipartite Settlement dated 14th
February. 1995 or the Officers' Service Regulations, as the case may be,
corresponding to the special allowances actually drawn at the time of retirement
shall be reckoned for the purpose of computation of additional pension, w.e.f. 1St
November, 1994:

Provided that for the period from 1 st day of November, 1992 or from the date of
retirement, whichever is later, till the 31st day of October, 1994 the amount ranking
for provident fund at pre-revised rates shall be reckoned for the purpose of
computation of additional pension:

45
4. In respect of employees who have retired on or after the 1st day of November, 1994
and have drawn special allowance both at the pre-revised and revised rates during
the last 10 months of service before retirement, the amount of special allowance in
terms of the Bipartite Settlement dated 14th February, 1995 or the Officers' Service
Regulations, as the case may be, corresponding to the pre-revised special allowance
actually drawn at the time of retirement shall be reckoned for the purpose of
computation of additional pension.

Note:
The amount of revised special allowance drawn on or after the 1sl day of November,
1994 shall be reckoned for computation of basic pension.

5. In respect of subordinate staff who have retired on or after the 1st day of
November, 1992 and have drawn pre-revised special allowance as also those who
have retired on or after the 1st day of November, 1994 and have drawn special
allowance both at the pre-revised and revised rates during the last ten months of
service before retirement, the amount of special allowance actually drawn at the
pre-revised rates shall be reckoned for the purpose of computation of basic pension
and shall draw dearness relief at the rates for every rise or fall of 4 points over 600
points in the quarterly average of Ail India Consumer Price Index for Industrial
Workers in the series 1960=100 .

46
 Appendix II
(See Regulation 37)

Dearness relief on basic pension shall be as under:

(1) In the case of employees who were in the workmen cadre and who retired
on or after 1sl day of January, 1986, but before the 1st day of November,
1992; and in the case of employees who were in the officers' cadre and who
retired on or after 1st day of January, 1986, but before the 1 St day of July,
1993, dearness relief shall be payable for every rise or be recoverable for
every fall, as the case may be, of every 4 points over 600 points in the
quarterly average of the All India Average Consumer Price Index for Industrial
Workers in the series 1960=100. Such increase or decrease in dearness relief
for every said four points shall be calculated in the manner given below :

Scale of basic pension per The rate of dearness relief as a

month percentage of basic pension

(1) (2)

(i) Up to Rs.1250 0.67 per cent

(ii) Rs.1251 to Rs.2000 0.67 per cent of Rs.1250 plus 0.55 per
cent of basic pension in excess of
Rs.1250.

(iii) Rs.2001 to Rs.2130 0.67 per cent of Rs.1250 plus 0.55 per
cent of the difference between Rs.2000
and Rs.1250 plus 0.33 per cent of basic
pension in excess of Rs.2000.

(iv) Above Rs.2130 0.67 per cent of Rs.1250 plus 0.55 per
cent of the difference between Rs.2000
and Rs.1250 plus 0.33 per cent of the
difference between Rs.2130 and
Rs.2000 plus 0 . 1 7 per cent of basic
pension in excess of Rs.2130.

(2) In the case of employees who are in workmen cadre and who retire on or
after 1 s t day of November, 1992; and in the case of employees who are
in the officers' cadre and who retire on or after 1 st day of July. 1993,
dearness relief shall be payable for every rise or be recoverable for
every fall, as the case may be, of every 4 points over 1148 points in the
quarterly average of All India Average Consumer Price Index for Industrial
47
 Workers in the series 1960=100. Such increase or decrease in dearness relief
for every said four points shall be calculated in the manner given below:

Scale of basic pension per The rate of dearness relief as a percentage

month of basic pension
(1) (2)

(i) Upto Rs.2400 0.35 per cent

(ii) Rs.2401 to Rs.3850 0.35 per cent of Rs.2400 plus 0.29 per cent
of basic pension in excess of Rs.2400.

(iii) Rs.3851 to Rs.4100 0.35 per cent of Rs.2400 plus 0.29 per cent
of the difference between Rs.3850 and
Rs.2400 plus 0.17 per cent of basic pension
in excess of Rs.3850.

(iv) Above Rs.4100 0.35 percent of Rs.2400 plus 0.29 per cent
of the difference between Rs.3850 .and
Rs.2400 plus 0.17 per cent of the
difference between Rs.4100 and Rs.3850
plus 0.09 per cent of basic pension in
excess of Rs.4100.

(3) In the case of employees who retire on or after the 1St day of April, 1998,
dearness relief shall be payable for every rise or be recoverable for every fall,
as the case may be, of every 4 points over 1616 points in the quarterly
average of All India Average Consumer Price Index for Industrial Workers in
the series 1960=100. Such increase or decrease in dearness relief for every
said four points shall be calculated in the manner given below:

Scale of basic pension per The rate of dearness relief as a percentage

month of basic pension

(1) (2)

(i) Upto Rs.3380 0.25 per cent

(ii) Rs.3381 to Rs.5420 0.25 per cent of Rs.3380 plus 0.21 per cent
basic pension in excess of Rs.3380

(iii) Rs.5421 to Rs.5770 0.25 per cent of Rs.3380 plus 0.21 per cent
of the difference between Rs.5420 and
Rs.3380 plus 0.12 per cent of basic
pension in excess of Rs.5420

48
 Scale of basic pension per The rate of dearness relief as a percentage
month of basic pension

(1) (2)

(iv) Above Rs.5770 0.25 per cent of Rs.3380 plus 0.21 per
cent of the difference between Rs.5420
and Rs.3380 plus 0.12 per cent of the
difference between Rs.5770 and Rs.5420
plus 0.06 per cent of basic pension in
excess of Rs.5770.

Provided that on or from 1st day of May 2005 in the case of employees who
retire on or after 1st day of April 1998 but on or before 31st October 2002,
dearness relief shall be payable for every rise or be recoverable for every fall,
as the case may be, of every 4 points over 1684 points in the quarterly
average of the All India Average Consumer Price Index for Industrial Workers
in the series 1960=100. Such increase or dearness relief for every said 4
points shall be calculated in the manner given below:

Upto Rs.3550 0.24%

Rs.3551 to Rs.5650 0.24% of Rs.3550 + 0.20% basic pension in excess of
Rs.3550
Rs.5651 to Rs.6010 0.24% of Rs.3550 + 0.20% of the difference between
Rs.5650 & Rs.3550 + 0.12% of basic pension in
excess of Rs.5650
Above Rs.6010 0.24% of Rs.3550 + 0.20% of the difference between
Rs.5650 & Rs.3550 + 0.12% of the difference between
Rs.6010 & Rs.5650 + 0.06% of basic pension in excess
of Rs.6010

(4) Dearness relief shall be payable for the half year commencing from the
1st day of February and ending with 31st day of July on the quarterly
average of the index figures published for the months of October,
November and December of the previous year and for the half year
commencing from the 1st day of August and ending with the 31sl day of
January on the quarterly average of the index figures published for the
months of April, May and June of the same year.

49
 In respect of employees who retire on or after 01.05.2005, dearness relief shall
be payable for every rise or be recoverable for every fall, as the case may be,
of every 4 points over 2288 points in the quarterly average of the All India
Average Consumer Price Index for Industrial Workers in the series 1960=100.
Such increase or decrease in dearness relief for every said 4points shall be
calculated at the rate of 0.18% of basic pension.

Provided that on and from 1st day of May 2005, in respect of employees who
retired on or after 1st day of November 2002 but on or before 30th day of April
2005, dearness relief shall be payable in terms of this clause.

Provided that in respect of employees who retired on or after 1st day of

November 2007, Dearness Relief shall be payable for every rise or be
recoverable for every fall, as the case may be, of every 4 points over 2836
points in the quarterly average of the All India Average Consumer Price Index
for Industrial Workers in the series 1960=100. Such increase or decrease in
dearness relief for every said 4 points shall be calculated at the rate of 0.15%
of basic pension.

(5) In the case of family pension, invalid pension and compassionate

allowance, dearness relief shall be payable in accordance with the
rates mentioned above.

(6) Dearness relief will be allowed on full basic pension even after commutation.

(7) Dearness relief is not payable on additional pension.

(8) Pensioner whose basic pension is less than minimum pension but the
aggregate of basic pension and additional pension is more than the
minimum pension shall draw dearness relief as applicable to minimum
pension.

50
 Appendix III
(See Regulation 39)

The ordinary rates of family pension shall be as under:

(a) In respect of employees other than part-time employees, where the

employee was in the workmen cadre and retired before 1.11.1992 or where
the employee was in the officers' cadre and retired before 1.7.1993:

Scale of pay per month Amount of monthly Family pension

(1) (2)

Upto Rs.1500 30 per cent of the `pay` shall be the basic

family pension plus 30 per cent of
allowances which are counted for making
contributions to Provident Fund but not for
dearness allowance shall be the additional
family pension. The aggregate of basic and
additional family pension shall not be less
than Rs.375 per month.

Rs.1501 to Rs.3000 20 per cent of the `pay` shall be the basic

f amily pe n s ion plu s 2 0 pe rce n t of
allowances which are counted for making
contributions to Provident Fund but not
dearness allowance shall be the additional
family pension. The aggregate of basic and
additional family pension shall not be less
than Rs.450 per month.

Above Rs.3000 15 per cent of the 'pay' shall be the basic

family pension plus 15 per cent of
allowances which are counted for making
contributions to Provident Fund but not for
dearness allowance shall be the additional
family pension. The aggregate of basic and
additional family pension shall not be less
than Rs.600 per month and not more than
Rs.1250 per month.

(b) In respect of employees other than part-time employees, where the

employee was in the workmen cadre and retired on or after 1.11.1992 or

51
where the employee was in the officers' cadre and retired on or after
1.7.1993:
Scale of pay per month Amount of monthly Family pension
(1) (2)

Upto Rs.2870 30 per cent of the 'Pay' shall be the basic family
pension plus 30 per cent of allowances which
are counted for making contributions to Provident
Fund but not for dearness allowance shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.720 per month.

Rs.2871 to Rs.5740 20 per cent of the 'Pay` shall be the basic family
pension plus 20 per cent of allowances which
are counted for making contributions to Provident
Fund but not for dearness allowance shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.860 per month.

Above Rs.5740 15 per cent of the `Pay` shall be the basic

family pension plus 15 per cent of
allowances which are counted for making
contributions to Provident Fund but not for
dearness allowance shall be the additional family
pension. The aggregate of basic and additional
family pension shall be subject to a minimum of
Rs.1150 per month and a maximum of Rs.2400
per month.

52
(c) In respect of employees (both officers and workmen) other than part time
employees retiring on or after 1.4.1998:

Scale of pay month Amount of monthly Family pension

(1) (2)

Upto Rs.4040 30 per cent of the 'Pay' shall be the basic family
pension plus 30 per cent of allowances which
are counted for making contributions to Provident
Fund but not for dearness allowance shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs. 1 0 1 5 per month.

Rs.4041 to Rs.8080 20 per cent of the 'Pay' shall be the basic family
pension plus 20 per cent of allowances which
are counted for making contributions to Provident
Fund but not for dearness allowance shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.1212 per month.

Above Rs. 8080 15 per cent of the 'Pay' shall be the basic family
pension plus 15 per cent of allowances which
are counted for making contributions to Provident
Fund but not for dearness allowance shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.1616 per month and a
maximum of Rs.3378 per month.
Provided that on and from 1st day of May 2005 in
respect of the employees (both officers and
workmen), other than part time employees, who
retired on or after 1st day of the April 1998 but on or
before but on or before 31st October 2002, the
ordinary rate of family pension shall be as under:-

53
 Up to Rs.4210 30% of the `Pay’ shall be the basic family
pension plus 30% of allowances which are
counted for making contributions to Provident
Fund but not for dearness allowance, shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.1056 p.m.

Rs.4211 to Rs.8420 20% of the `Pay’ shall be the basic family

pension plus 20% of allowances which are
counted for making contributions to Provident
Fund but not for dearness allowance, shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.1262p.m.

Above Rs.8420 15% of the `Pay’ shall be the basic family

pension plus 15% of allowances which are
counted for making contributions to Provident
Fund but not for dearness allowance, shall be the
additional family pension. The aggregate of
basic and additional family pension shall be
subject to a minimum of Rs.1687 p.m. and a
maximum of Rs.3521 p.m.

(D) In respect of employees (both officers and workmen) other than part-time
employees retiring on or after 1st day of the May 2005:

30% of the `Pay’ shall be the basic family

pension plus 30% of allowance which are
counted for making contribution to Provident
Fund but not for dearness allowance, shall be the
Upto Rs.5721 additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of Rs.1435 p.m.

54
 Rs.5721 to Rs.11440 20% of the `Pay’ shall be basic family pension
plus 20% of allowance which are counted for
making contributions to Provident Fund but not
for dearness allowance, shall be the additional
family pension. The aggregate of basic and
additional family

Above ₹11440 15% of the `Pay’ shall be the basic family

pension plus 15% of allowances which are
counted for making contributions to Provident
Fund but not for the dearness allowance, shall be
the additional family pension. The aggregate of
basic and additional family pension shall be
subject to a minimum of ₹2292 p.m. and
maximum of ₹4784 p.m.

Provided that on and from 1st day of May 2005,

in respect of employees who retired on or after
1st day of November 2002 but on or before 30th
April 2005, ordinary rates of family pension shall
be in terms of this clause

(E) In respect of employees (both officers and workmen) other than part-time
employees retiring on or after 1st day of November 2007:

Upto ₹7090 30% of the `Pay’ shall be the basic family

pension plus 30% of allowance which are
counted for making contribution to Provident
Fund but not for dearness allowance, shall be the
additional family pension. The aggregate of basic
and additional family pension shall be subject to
a minimum of ₹1779 p.m.

₹7091 to ₹14180 20% of the `Pay’ shall be basic family pension

plus 20% of allowance which are counted for
making contributions to Provident Fund but not
for dearness allowance, shall be the additional
family pension. The aggregate of basic and
additional family pension shall be subject to
minimum of ₹2186 p.m.

55
 Above ₹14180 15% of the `Pay’ shall be the basic family
pension plus 15% of allowances which are
counted for making contributions to Provident
Fund but not for the dearness allowance, shall be
the additional family pension. The aggregate of
basic and additional family pension shall be
subject to a minimum of ₹2841 p.m. and
maximum of ₹5930 p.m.

Notes:

(1) Dearness relief is not payable on additional family pension.

(2) Scale of pay for the purpose of calculation of family pension as above shall be
the aggregate of 'Pay’ as defined in sub-clause (s) of regulation 2 and
"allowances" as defined in the explanation to sub-regulation (3) of regulation
35.

(3) In the case of a part-time employee, the minimum amount of family pension
and maximum amount of family pension shall be in proportion to the rate of
scale wages drawn by the employee.

(4) In case the aggregate of basic family pension and additional family
pension falls short of minimum pension, the pensioner may be given
minimum family pension and dearness relief may be paid on such minimum
family pension. However, no additional family pension shall be payable over
and above the minimum family pension.

56
 Appendix – IV
(See regulation 27)

Actual service on scale wages rendered Length of corresponding

qualifying
on permanent per-time basis in one service for each year of service
week rendered on permanent part-time
basis for calculating the amount
of pension.
(1) (2)

six hours or more but upto 13 hours; one third of a year.

more than 13 hours but upto 19 hours; one half of a year.

more than 19 hours but upto 29 hours; three forth of a year

more than 29 hours one year

57
 Appendix V

(See Regulation 39)

The formula for computing basic family pension and additional family pension 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 the 31st day of October, 1987 but died shall be as under:
(1) Basic Family Pension

(A) pay drawn by the deceased employee at the lime of Rs.

death / retirement
(B) Basic family pension at the ordinary rate as per Table Rs.
given below
(C) Dearness Relief at index 6OO in the All India Average Rs.
Consumer Price Index for Industrial Workers in the
series 1960=100 as per Table I given in Appendix – I
on basic family pension calculated at (B) above.
(D) Updated basic family pension i.e., (B) + (C) Rs.

(E) Updated basic family pension as per (D) above Rs.

(rounded off to next higher rupee)

(F) Basic family pension at one and half times or twice the Rs.
updated basic family pension as the case may be of (D)
above (rounded off to next higher rupee)

(2) Additional Family Pension

Special allowance to the extent of the amount ranking for making

contributions to the Provident Fund in terms of the Bipartite Settlement
dt.10.4.1989 / Officers' Service Regulations corresponding to the special
allowance drawn before retirement/death shall be reckoned for the purpose
of additional family pension.

Note:

(1) Dearness relief is not payable on additional family pension.

(2) In case the aggregate of updated basic family pension and updated
additional family pension falls short of Rs.375, the pensioner may be paid
Rs.375 with dearness relief thereon in which case no updated additional
family pension shall be payable.

58
 Table

Pay Range Amount of family pension

Below Rs.664/- 30 per cent of 'pay` shall be the basic family

pension plus 30 per cent of the allowances
which counted for making contributions to
Provident Fund but not for dearness
allowance shall be the additional family
pension with a minimum of Rs.100 and
maximum of Rs.166/-

Rs 664/- and above but 15 per cent of 'pay' shall be the basic family
below Rs. 1992/- pension plus 15 per cent of the allowances
which counted for making contributions to
Provident Fund but not for dearness
allowance shall be the additional family
pension with a minimum of Rs.166/- and
maximum of Rs. 266/-

Rs.1992/- and above 12 per cent of 'pay` shall be the basic family
pension plus 12 per cent of the allowances
which counted for making contributions to
Provident Fund but not for dearness
allowance shall be the additional family
pension with a minimum of Rs.266/- and
maximum of Rs 415/-

59