OBJECTS

The object of the Scheme is to support the ‘spouse’ of the deceased member morally and financially with a monthly alimony.

MEMBERSHIP

Subject to the following restrictions, one can be admitted as a Member to this Scheme.

• Ordinary Member of the Association.
• Who had been an Ordinary Member of the Association and left the services of the Bank or resigned from the Association.
• No person shall have a claim for admission as a member of the Scheme, as a matter of right.

LIABILITY OF THE MEMBER

The liability of any individual member of the Scheme shall only be limited to a maximum of Rs 15000/- ( Rupees Fifteen Thousands only) out of the total contribution made by him.

RESOURCES OF THE FUND

• The resources of the Scheme shall be formed by way of one time payment of contribution by each member.
• The Committee is competent to accept donation from the members, public and other Institutions to augment the resources.

REPAYMENT OF CONTRIBUTION

• No member shall be permitted to claim refund of contributions made by him / her so long as he / she continues to the member of the Association.
• No members resignation shall ordinarily be accepted by the Executive Committee with a period of three years from the date of his / her admission as a member of the Scheme.
• No contribution shall be accepted from such non-member to the Scheme. He / She shall also be not eligible / entitled to any benefit of the Scheme. But the contribution paid by such non-member shall be refunded, and no member shall claim any interest for the contribution made.
• Members are eligible to claim refund of contribution made in this Scheme, in the following cases:
  • On Death of spouse of the member.
  • On divorce obtained by the member from a competent court
  • On expulsion by the Committee either from the Scheme or from the Association.
  • Refund of contribution shall be made to the member subject to the availability of funds and liablility to be liquidated and adjusted , I any , as decided by the Committee.
  • The monthly alimony amount to the nominee will be paid on receipt of the request from the nominee after satisfying the correctness of the claim.
  • The Body consisting of President, General secretary and the Treasurer of the Association will be the Competent Authority to pass the claim.

NOMINATION

• A member shall nominate his / her spouse as nominee, and only one spouse can be nominated and the monthly alimony shall be payable only to the Nominee, made by the member.
• The nomination shall be given effect to by the Committee provided,
  • The nomination has been registered in the books of the scheme kept for the purpose.
  • Whenever the funds position is in adequate to effect payment of benefits or refund under the Scheme, the Committee , on approval, shall effect such payment or payments in the order of priority on receipt of claims.

BENEFITS UNDER THE SCHEME

• The nominee of the Member will be eligible for a monthly alimony of Rs 1500/- (Rupees One Thousand five Hundred only) for his / her lifetime.
• The quantum of Alimony paid to the Nominee may be reviewed by the Executive Committee of the Association, and enhance or decrease based on the yield to the corpus Fund.
• The Executive Committee shall be the final authority to decide the quantum of Alimony.
• The Nominee cannot pledge or assign or made over his / her Alimony.
• The committee is empowered to promote any number of schemes for the welfare of the members with approval of 2/3rd majority of members present in the Executive Committee Meeting.