SIB Retirees CornerInformation and guidelines for retired staff

Information and guidelines for retired staff

Pension

  • Monthly pension will be credited on the first day of the following month. Advance pension will be paid on account of Onam and Christmas only. Pension passbook will be issued and sent to respective pension branches.


Life certificate

  • Every year in the month of November, the pensioner may visit their pension branch or any other branch of their convenience for issuing of Life Certificate through HRMSS, otherwise pension will be blocked from the month of December till the pensioner is issued Life Certificate from our Bank.


DA Change

  • DA change will be effected in the month of February and August every year.
    Present DA: 47.80 % (w.e.f. August 2017)


Communication with Head Office

  • Any change in the Communication address should be intimated to HO Staff Welfare Department. While making any communication with the Head Office, PPC of the retired employee should be written mandatorily.


Investment for Tax exemption

  • If the pensioner has made any investment or proposes to make any investment eligible for Tax exemption, pensioner may take up the same with Staff Welfare Department along with particulars during/before the month of October every year and proof for the same should be subsequently submitted during/before the month of January otherwise proportionate TDS will be deducted from the pension payable in the following months.


Loan scheme for retirees

  • The maximum loan amount to Pensioners will be 10 times of existing monthly pension, subject to maximum Rs. 1 Lakh. Loan can be availed again but only after the expiry of a minimum period of 3 years from the date of availment of previous loan. Period of loan will be 36 months. Loan will be sanctioned by Regional Office as per eligibility.