Schemes ›› Superannuation Benefit Fund Scheme

OBJECTS :

The objects of the Superannuation Fund Scheme are as follows :

To provide superannuation benefits to members who have retired after completion of the age of superannuation or on voluntary grounds subject to fulfilling eligibility criteria.

To do all such things as are incidental or conducive to the attainment of the above stated object.

All members of the Society whose subscription is current as on date and associate members who have exercised option to be covered by the above superannuation scheme, who satisfy the following criteria shall be eligible to become members.

ELIGIBILITY CRITERIA

Being a member who has retired after completing the age of superannuation i.e., 60 years of age , with a minimum of 15 years membership OR retiring on voluntary grounds with a minimum of 25 years of membership in the society.

A person has to exercise his option for becoming a member of the superannuation scheme.

A person who opted for the scheme should have cleared all his loans with the society and part of superannuation benefit is adjustable against any loans outstanding at the time of retirement. Such person shall not also be eligible for any other loans and M B F benefits.

Only persons who satisfy (3-1), (3-2) and (3-3) and who have retired after completing the age of superannuation i.e., 60 years of age, with a minimum of 15 years membership OR retiring on voluntary grounds on completion of 25 years of membership in the Society will be eligible to join the scheme. Such persons shall be known as Associate Members, as defined in Bye-law.

Members of the society who seek voluntary retirement before completion of 25 years of membership in the Society are not entitled to join the scheme.

Upon retirement and exercising the option to join the scheme, the person shall be admitted as associate member upon payment of Rs.15/- towards admission fee.

MODE OF PAYMENTS

Superannuation Benefit up to a maximum of Rs. 1850/- p.m. upto retirement.

ii.) Members opting for voluntary retirement from Bank service on completion of 25 years of membership in the society will be paid proportionate Superannuation benefit (full amount being Rs.950/-) in accordance with the following scale of reduction, based on the age at the time of voluntary retirement

An additional Superannuation Benefits will be paid to all the members retiring either from regular service on completion of 60 years of age with a minimum of 15 years membership in the Society OR on voluntary grounds on completion of 25 years of membership in the Society and who opt to continue as “Associate Members” of the Society, depending upon the duration of the membership as specified in the Superannuation Benefit Fund Scheme and Medical Assistance Reimbursement Fund Scheme, upto a maximum of Rs.1,852/-p.m

The quantum of Superannuation benefit fixed once to the Associate members shall remain unchanged for the lifetime.

All superannuation payments will be made through particular branch of State Bank of Hyderabad only. The Branch Manager of the concerned branch shall send certificate stating that the Associate Member is alice once in every six months.

In the event of early death of an Associate Member after joining the Superannuation Benefit Scheme the balance standing to the credit of the member shall be refunded to the nominee / legal heirs after deducting the Superannuation benefits paid till death, along with an additional payment will be paid as specified below;

a) Less than 2 years; Rs. 12,000/-
b) Above 2 years but less than or equal to 5 years: Rs. 9,000/-

The quantum of medical assistance benefit fixed once to the Associate member shall remain unchanged for life time.

In case of death of a member while continuing the membership of the fund and continuing the service of the Bank, provided, the subscriptions to the fund are regular / up to date, and where the nominees / legal heirs of the deceased member are eligible for death relief benefit (as applicable under the Mutual Benefit Fund Scheme), the Members Retirement Fund contributions standing to the Credit of such deceased members account along with accumulated interest, if any, shall be transferred to the Mutual Benefit Fund account.

An amount of Rs.1,000/- will be paid to the nominee / legal heirs of the deceased Associate member towards funeral expenses on receipt of the claim application which shall be certified by the Branch Manager from where the last superannuation benefit was drawn.

All persons who have opted to join the scheme can nominate their nominees in case of death, to collect the balance of money, if any, as state above