Rules for Pension
A member of the State Bank of India Employee’s Fund shall be entitled for pension under Rule 22(I) while retiring from the Bank’s
- After having completed 20 years’ pensionable service provided
that he has attained the age of 50 of 50 years; or
- If he is in the service of the Bank on or after 01.00.1993 after having completed 10 years pensionable service provided that he has attained the age of 58 years. Further. If he is in the service of the Bank on or after 22.05.1988, after having completed 10 years’ pensionable service provided that he has attained the age of 60 years vide Corporate centre Memo No. CDO/PM/16/M/246 dated 19th July 2001 and Corporate Centre Circular No. CDO/PM/16/CIR/51 dated 8th November 2001.
- After having completed 20 years’ pensionable service irrespective of the age he shall have attained, if he shall satisfy the Authority Competent to sanction his retirement by approved medical certificate or otherwise that he is incapacitated for further active service.
- After having completed 20 years’ pensionable service, Irrespective of age he shall have attained at the request in writing if accepted by the competent Authority with effect from 20th September 1986 vide Corporate Centre Cir No. PA/CIR/140 dated the 20th September 1986.
- After 25 years’ pensionable Service.
- At present the revised pension is effective from 01/11/2012.
- Pension upto Basic pay of Rs. 51,490/- will be 50% of Basic pay Plus ½ of PQP/FPP (increment component).
- Beyond the Basic Pay of Rs. 51,490/-, it would be 40% of Basic Pay+1/2 PQP+1/2 FPP (increment component) subject to following minimum pension:- 15,750+1/2PQP+1/2 FPP (increment component)
(Cir No. CDO/P&HRD-PM/77/2016-17 dated 21th Decemer 2015)
- D.A will be calculated as applicable from time to time.
Commutation of Pension
- Retirees on or after 1/11/1986 are eligible for commutation of pension @ upto 1/3rd of Basic Pension
- DA will be paid on original Basic pension despite commutation of pension.
- Request for commutation may be submitted by the retired employees within one year of the date of retirement, without any Medical examination, in other cases Medical examination is compulsory.
- Commutation portion of the pension will be restored after 15 years from the date of commutation.