Re: bankpensioner Canara bank: Interest rate for spouse of retired deceased employee

[perumal maruthu]

Dear sir,

To become eligible for the staff-preferential rate, it is insisted by the Bank that the first name in the  Deposit must be that of the staff/retired staff. Therefore, asper existing guidelines, the spouse of the deceased pensioner is not eligible for the 1% extra interest. However, the spouse is eligible for the 0.5% extra int as applicable to any other Senior citizen if the deposit is made for 5+years.

M.Perumal

From: Mano Chandrasekaran <pscs...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Thursday, 1 November 2012 7:36 PM
Subject: bankpensioner Canara bank: Interest rate for spouse of retired deceased employee

Dear Sir,

In Canara bank, Whether staff rate 1% + senior citizen 0.5%  both given for term deposit made in the name of spouse (age 61)  of a retired deceased employee ?

If yes, can you please give me any circular reference ?

Thanks
Mano
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[Mohandas Rao]

Dear Friends,

                I am not aware of the instructions in Canara Bank. However, in SBM staff rate of interest for spouse of a deceased staff is being allowed vide circular no. P&S 42/2000-01 dated 28.03.2001.

               If the system does not allow staff rate of interest to the deposit, the desk staff are advised to click 'special rate' and feed appropriate rate of interest applicable to a regular staff, and get okeyed by the passing officer. Naturally senior citizen spouse of a deceased staff is  being allowed another 0.5% extra rate, if there is no CAP.

K. MOHANDAS RAO, SHIMOGA

[Anil Kishore]

Dear Shri Perumal ji

 

Please refer Master circular of RBI

Discretion to pay additional interest not exceeding one percent 

on deposits of bank’s staff and their exclusive associations

 

A bank may, at its discretion, allow additional interest at a rate not exceeding one

per cent per annum over and above the rate of interest stipulated in Annex 1 & 2 to

this circular subject to following conditions:

 

2.6.1. In respect of a savings or a term deposit account opened in the name of:

 

(a)

 

 

(b)

 

 

(c)

a member or a retired member of the bank’s staff, either singly or jointly with

any member or members of his/her family; or

 

the spouse of a deceased member or a deceased retired member of  the

bank’s staff; and

 

an  Association or a fund,  members of  which are  members of the bank’s

staff;

 

A bank should obtain a declaration from the depositor concerned, that the monies

deposited or which may, from time to time, be deposited into such account belong

to the depositor as stated in clauses (a) to (c) above.

 

Regards

 

અનિલ કિશોર, રિટાયર્ડ સહાયક મહા પ્રબંધક,
બૈંક ઓફ ઇન્ડિયા
अनिल किशोर, रिटायर्ड सहायक महाप्रबंधक
बैंक ऑफ इंडिया

Anil Kishore
Retired Assistant General Manager

Bank of India ( HO)

_________________________ 

Res: G-304, Shukan Platinum

Vandematram Circle

Gota( New S.G.Road- Chandlodia)

Ahmedabad-382481

Mob 9099787015 (Ahmedabad-Gujarat)

Mobile 09833970378 (Mumbai)

[perumal maruthu]

Thank you sir, for quoting the RBI's instructions!

I stand corrected.

But I am doubtful whether individual Banks follow this in letter and spirit. Recently, I opened a Joint SB a/c, with my Son's name as the First Depositor, wife the second and my name as the Third. My Bank Br refused to accord the 1% preferential rate citing that the First Name is not in my name. 

M.Perumal

Canara Bank Pensioner

Chennai

[ravi jain]

Sir,

i differ with this. as i have learnt that few banks are giving this facilty of staff benefit to spouse of deceased pensioner. however at present i can not produce written  circular in this regard.

Be happy

Ravi jain (psb)

[ravi jain]

Sir.

Complete circular for giving directions to banks by RBI is enclosed. now the banks have discretion. Page_5

Be Happy

Ravi Jain (PSB)

[naresh nagar]

Respected Sir,

Thank you very much for such an informative matter. I would like to have a soft copy of the same, if possible.

With Regards

Nagar

On 2 November 2012 17:22, Anil Kishore <ani...@gmail.com> wrote:

[L S RAMAN]

If the spouse of the diseased pensioner is eligible for family pension as per relevant guidelines it is obvious that that the spouse should be eligible for other associated benefits.The pensioners associations of concerned Banks should take up the matter with the Banks for corrective action as a welfare measure.
regards Raman L.S.

[SUNDARARAMAN KRISHNAMURTHY]

Dear Sir
This has reference to the querry of Mano Chandrasekaran regarding extending preferential rate of interest to spoouse of deceased retired employee of Canara bank.I have seen from the reply of Shri Perumalji that the preferential rate of interest is extended only if the deposits stands in the name of ex employee in Canara Bank which is not the correct position.I am appending herebelow the gist from the circular issued by Canara bank
.

This has reference to the querry.As Per Canara Bank Head Office Circular 15/2009 vide PAGE 1 I quote"As per RBI guidelines preferential rate of interest (presently 1% p.a.over and above the applicable rates) shoud be paid only on deposits standing in the name/s of the following categories of employees: The spouse of a deceased employee in his/her single name,2)The spouse of  a deceased retired employee in his her single name vide item J and K. The spouse of deceased ex-employee/officers mentioned in points f,g,h and i of the above circular are as under:

f.Workmen employees who have opted for pension under Regulation 29 of the Pension Regulation and resigned under Schme of Voluntary Retirement putting in not less than 20 years of active blemishless service g)workemn employees who have completed 25 years of active blemishless service and resigned,h)officer employees who have served the bank for a period of not less than20 years of ctive blemishless service and resigned under Scheme of Voluntary retirment, i) Officer empoloyees who have served the bank for a period not less than 25 years active service and with a blemishles record but resigned from the services of the bank prior to introcution of Scheme of Voluntary Retirement mentioned in Circular No.160/86 dateed 24/04/1986 Under Page 6 of Point IV they have mentioned the types of deposits NOT eligible for preferential rate of interest. Further in Canara Bank they are extending the staff cum senior citizen interest rate of 1 plus .50% only for maturity of 5 years and above for the present. Further regarding extension of preferential rate of interest to deposits of employees/ex employees canara bank insists that the depositor name should be No.,1 in order to avoid TDS quoting TDS rules of Income Tax Depoartment. The same was taken up by one of the topmost union leader of NOBW with the bank.They have not acceded to the request where as many of the banks are allowing employees/exemployees under the close relative concept to extend preferential rate of interest.The other banks also following the guidelines of IBA and directives of RBI.In banking circles of canara bank people will whenever if the governemnt wants to extend some thing first they will refer to  canara bank.After the same was implemented they will tell other banks that sine canara bank has implemented why others should not implemented it.Sundararaman

[perumal maruthu]

Thank you sir for furnishing the relevant details!

M.Perumal

From: sundararaman <ramra...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Saturday, 3 November 2012 6:11 AM
Subject: bankpensioner Re: Canara bank: Interest rate for spouse of retired deceased employee

This has reference to the querry.As Per Canara Bank Head Office Circular 15/2009 vide PAGE 1 I quote"As per RBI guidelines preferential rate of interest (presently 1% p.a.over and above the applicable rates) shoud be paid only on deposits standing in the name/s of the following categories of employees: The spouse of a deceased employee in his/her single name,2)The spouse of  a deceased retired employee in his her single name vide item J and K. The spouse of deceased ex-employee/officers mentioned in points f,g,h and i of the above circular are as under:

f.Workmen employees who have opted for pension under Regulation 29 of the Pension Regulation and resigned under Schme of Voluntary Retirement putting in not less than 20 years of active blemishless service g)workemn employees who have completed 25 years of active blemishless service and resigned,h)officer employees who have served the bank for a period of not less than20 years of ctive blemishless service and resigned under Scheme of Voluntary retirment, i) Officer empoloyees who have served the bank for a period not less than 25 years active service and with a blemishles record but resigned from the services of the bank prior to introcution of Scheme of Voluntary Retirement mentioned in Circular No.160/86 dateed 24/04/1986 Under Page 6 of Point IV they have mentioned the types of deposits NOT eligible for preferential rate of interest. Further in Canara Bank they are extending the staff cum senior citizen interest rate of 1 plus .50% only for maturity of 5 years and above for the present.sundararaman

[Rajiv Bakshi]

Dear Pensioner friends ,
In Punjab & Sind Bank from where I retired recently , the staff rate is being given to Retired employees & in case of their unfortunate death, the staff rate is being given to the deceased wife .
Senior citizen benefit @ .50 is also being given to the staff and to his wife in case of his death.
In Punjab National Bank also similar procedure is being followed. Though in this Bank , some rates might be different .
Thanks ,

Rajiv Bakshi .
On Sat, 03 Nov 2012 18:08:50 +0530 wrote

>Dear Friends,

                I am not aware of the instructions in Canara Bank. However, in SBM staff rate of interest for spouse of a deceased staff is being allowed vide circular no. P&S 42/2000-01 dated 28.03.2001.

               If the system does not allow staff rate of interest to the deposit, the desk staff are advised to click 'special rate' and feed appropriate rate of interest applicable to a regular staff, and get okeyed by the passing officer. Naturally senior citizen spouse of a deceased staff is  being allowed another 0.5% extra rate, if there is no CAP.

K. MOHANDAS RAO, SHIMOGA

On Thu, Nov 1, 2012 at 7:36 PM, Mano Chandrasekaran wrote:

Dear Sir,

In Canara bank, Whether staff rate 1% + senior citizen 0.5%  both given for term deposit made in the name of spouse (age 61)  of a retired deceased employee ?


If yes, can you please give me any circular reference ?

Thanks
Mano




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Rajiv Bakshi

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[Anil Kishore]

The same instructions are in BOI. The name of ex employee should be first for staff benefits and for Sr citizen. In case of death of employee the name of spouse should be first.

[perumal maruthu]

Thank you sir!

M.Perumal