Axis Bank: Pre Joining Queries: CLA

[Mansi Bagalkotkar]

Hi Guys,

Well I just received a query on CLA. Thought you all must be wanting to know more about the same. So here you go:

We here at Axis Bank will be providing you with 30 days (Sunday, 9th June 2013 - Monday 8th July 2013) of accommodation in a hotel till you settle down in here in Mumbai. Hotel details shall be shared with you soon. Your accommodation package includes breakfast, Dinner and a drop to our corporate office.

Below are the few important points which needs to be noted for availing the Company lease benefit..

• Employee with the grade of Manager & Above is eligible for this benefit in lieu of HRA.
• An employee cannot avail both HRA & CLA.
• Employees are required to source the place for lease at their own.
• Employee can approach the undersigned with the enclosed copy of offer letter (signed by landlord) after finalizing the place. The bank shall issue the Letter of Intention to landlord upon the reciept of offer letter.
• Meanwhile, an employee has to raise the lease requisition, once approved by supervisor, employee needs to submit the enclosed draft of L & L agreement along with the necessary documents as specified in the enclosed checklist.
• On receipt of proper set of documents, the requisition will be processed within 3 -4 working days by HR department and Security Deposit amount will be processed within 7 working days.
• Bank will pay the security deposit amount and rent amount as agreed upon by both the parties through.
• Rent amount over & above the entitlement is acceptable but the excess amount will be recovered from Salary account. This recovery would not reflect in payslip.
• 50% of the total expenses incurred towards Stamp duty & Registration would be reimbursed.
• The undersigned would communicate to the employee on scheduled dates for registration of the Lease agreement as the Bank has a tendency of accumulating the lease agreements and completing the registration formalities on scheduled date and it does not happens every day.Below are the few important points which needs to be noted for availing the Company lease benefit..
• Employee with the grade of Manager & Above is eligible for this benefit in lieu of HRA.
• An employee cannot avail both HRA & CLA.
• Employees are required to source the place for lease at their own.
• Employee can approach the undersigned with the enclosed copy of offer letter (signed by landlord) after finalizing the place. The bank shall issue the Letter of Intention to landlord upon the reciept of offer letter.
• Meanwhile, an employee has to raise the lease requisition, once approved by supervisor, employee needs to submit the enclosed draft of L & L agreement along with the necessary documents as specified in the enclosed checklist.
• On receipt of proper set of documents, the requisition will be processed within 3 -4 working days by HR department and Security Deposit amount will be processed within 7 working days.
• Bank will pay the security deposit amount and rent amount as agreed upon by both the parties through.
• Rent amount over & above the entitlement is acceptable but the excess amount will be recovered from Salary account. This recovery would not reflect in payslip.
• 50% of the total expenses incurred towards Stamp duty & Registration would be reimbursed.
• The undersigned would communicate to the employee on scheduled dates for registration of the Lease agreement as the Bank has a tendency of accumulating the lease agreements and completing the registration formalities on scheduled date and it does not happens every day.

Once you are onboard you can find out more about the CLA offerings, and can opt for the same. However need felt, you could get in touch with me(Mansi Bagalkotkar) or Mr Suresh Appari.- Lease Coordinator (022- 40752653)

Warm Regards

Mansi Bagalkotkar

| Human Resources | D: 022- 4325 1635 | M: +91 - 9011092332