Some of our achievements are briefly given below for your information

Gratuity was not being paid to the employees of the Bank. Our Association requested the Bank to pay the Gratuity as per Payment of Gratuity Act, 1972. However our request was declined. As a result of petition filed by us, Bombay High Court directed the Bank to pay the Gratuity, which is at present Rs.3.50 lacs (maximum).

From 1-7-1955 recovery of pension fund contribution was stopped in respect of Award Staff. However in case of officers, this practice continued up to 
31-3-1968. As per High Court Decision, in a case filed by our Association, this contribution had to be refunded to officers with interest.

Income Tax

At the request of our Association, the government of India permitted the Bank’s Pensioners to avail themselves of the benefit of Standard Deductions while computing taxable income as is being done in the case of serving staff.

Pension Scheme

Our Association and later on our Federation repeatedly requested the Bank to remove the ceiling on pension viz. Rs. 750/- p.m. However no action was taken by the Bank. We therefore filed a writ Petition in the Supreme Court. Due to this with effect from 1-1-1986 complete Pension Scheme was changed. Subsequently some more changes were made therein through negotiations. The revised Scheme, at present, is as under:-

Pension is worked out on last 12 months average substantive salary. Pension is 50% of the average salary, minimum Rs. 300/- p.m. and maximum Rs. 2,400/- p.m. subject to 30 years Pensionable service. This applies only to those pensioners who retired prior to 1-11-1993. For subsequent retirees the formula is as under:-

A) Employees / Officers having pay Upto Rs. 8,500 /- p.m. (average) – 50% of pay 
B) Employees / Officers having pay above Rs. 8,500/- p.m. (average) – 40% of the pay subject to Minimum Rs. 4,250 p.m.

Provision in item (b) above is effective from 1-3-1999 onwards. Those who retired / will retire in the new salary structure which has been implemented from 1-11-1997 (Award Staff) / 1-4-1998 (Officers) will get pension on pre-revised salary for the time being. 

Dearness Allowance

Index based Dearness Relief formula is extended to Pensioner w.e.f. 1-11-1987. At present the change in dearness relief is made half-yearly (on 1st February and on 1st August every year). Those who retired prior to 1-11-1993 get Dearness Relief above 600 points and those who retired thereafter get Dearness Relief above 1148 pints (1960=100 CPIN).

Commutation of Pension

This facility has been extended to our pensioners form 1-11-1993. However commutation factor is unsatisfactory as compared to that of other Banks. Hence we have taken up this issue with the Bank.

SBI Retired Employees Medical Benefit Scheme (I)
One of our greatest achievements is introduction of “S.B.I. Retired Employees Medical Benefit Scheme” This was introduced from 1-7-1996. As per the scheme a pensioner has to pay the Bank one month’s gross pension (prior to commutation) and then he/she and his/her spouse will also get the benefit of the Scheme. This facility is available only for hospitalization and up to Rs. 2 lacs during the life time of the pensioner and his/her spouse. At present hospitalization in respect of following diseases is covered under this scheme:

1) Cardiac Ailments 
2) Cancer 
3) Kidney failure / transplant 
4) Paralysis 
5) Retinal Detachment or Cornea Replacement 
6) Major Accidents 
7) Tumor 
8) Cerebrovascular Accidents / Brain Haemorrhage 
9) Total hip / Knee replacements 
10) Cataract & Glaucoma Surgery 
11) Tuberculosis 
12) Diabetes 
13) Appendicitis Surgery 
14) Prostate 
15) Hernia 
16) Removal of stone in gall bladder.


30 years Pensionable Service or 10 years pensionable service on attaining superannuation age i.e. 58 or 60 as the case may be.

Membership application, in duplicate, with joint photographs is to be submitted within 3 months from receipt of first pension, to the Zonal Office along with a draft, drawn on Madame Cama Road Branch, with additional joint photo (loose) in your own interest and also in the interest of your spouse, you should join the Scheme immediately on retirement. (Even prior to getting your first pension). However, the above scheme has since been discontinued by the Bank with effect from 01-07-2003 and a new scheme known as Scheme No. II has been introduced. The details of the Scheme are given separately. (Please go to the Link- “Medical benefits”).

Improved S.B.I.Retired Employees Medical Benefit Scheme (w.e.f.14th October 2009)

The Scheme – II has now been improved vide e-Circular No.CDO/P&HRD-PM/45/2009-10 dt.14th October 2009. The e-Circular is available on link “Bank’s Circulars” of the website. The Highlights are as under.

1) The improved SBIREMBS is available for those retirees (all categories) who retired after completion of 60 years of age (Super annuation) only. VRS/Exit Optees etc. are not eligible for which Federation proposes to make representation in due course.

2) A New Plan (E) of Rs.7.00 lacs has been introduced for which member has to pay Rs.62,000/-. For existing members, they can become members by paying difference.

3) The Scheme is open to all existing members/non-members who have retired on Super annuation and will become member within One Year from the date of publication of the Circular instructions.

4) Additional 4 deceases have been included in the existing list. They are (a)Alzeimer’s disease; (b) Parkinson’s disease; (c) Liver cirrhosis 
(non-alcoholic); and (d) Arthritis.

5) 10% amount of plan applied can be earmarked for Domiciliary treatment. The details about domiciliary treatment (means – what does it include) have not yet been clarified by the Bank. Federation will seek the clarification and will be informed to members in due course.

Family Pension 

In our bank there was no Scheme of Family Pension. Due to our sustained efforts and consequent upon our filing a writ in the Supreme Court this scheme was introduced in the Bank effective form 1-1-1986. Family Pension is to be worked out as under: 
Substantive Salary                      Rate of F.P. p.m. 
Rs. 1,500 and below p.m.           30% Minimum Rs. 300 p.m.
Above Rs. 1,500 p.m.                 15% Minimum Rs. 450 p.m. (maximum  Rs. 1000 p.m.)

Earlier F.P. was paid to the wife of an employee / Pensioner. However, at our request to the Bank has extended this facility to the Spouse of an employee (deceased) / Pensioner and even to the children.

Revision in Family Pension as per Industry-level settlement

The Family Pension has now been revised vide e-Circular No.CDO/P&HRD-PM/62/2007-2008 dt.28-01-2008 (which isavailable on the link ‘Bank’s Circulars). Please read the Circular given in the link

Dearness Relief

Index based separate formula introduced from 1-11-1987 and there is no change since then For Family Pension Dearness Relief is paid above 608 points (1960=100 CPIN).
The above rates were based on the salary structure where in dearness allowance merger up to 332 point was done. However the Bank has been calculating Family Pension at the above rates in spite of further salary revision, with dearness allowance merger up to 600 points, was made 
from 1-1-1987.

Even now (i.e. in 2003) the Bank works out family pension on the salary structure where only 600 points of dearness allowance was merged. (There is no change in rates of arriving at basic Family Pension and also dearness relief formula in spite of there being three salary revisions after 1-1-1986. Hence we have decided to got to the court and seek justice in the matter.)