This scheme has been designed with special privilege to recognize the contributions of teachers towards building our nation. Any teacher upon providing professional identity will be eligible to open or avail following accounts as under:
Two copies of recent passport size Photographs of account holder duly attested by the Introducer.
One copy of Passport Size Photograph of Nominee duly attested by the Account Holder.
Duly attested photocopy of valid Passport/Employer’s Certificate/ID Card/Driving Licence/Voter ID Card/National ID Card or Certificate about credentials by the local Ward Commissioner/Chairman of Union Parishad
Proof of address such as copy of utility bill viz. Electricity Bill/Land Phone bill/Cell Phone Bill/Gas Bill/WASA Bill, etc. in the name of applicants.
Any teacher will be allowed to open any number of this scheme in his/her own name or jointly by depositing first installment at any working day. 2nd and subsequent installments must be deposited within 28th of every month. If 28th day of the month is holiday, installment must be deposited at previous working day.
Proof of special identity shall be obtained in addition to usual documents to open this scheme.
In case of failure to deposit installment in due time, depositor will have to pay 2.50% late fee with overdue installment for each month.
If depositor fails to deposit six consecutive installments then scheme will be closed.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.
Pension will be started after completion of regular installments. Delay to complete the deposit of installment(s) will cause delay of pension starting period.
Encashment after depositing 72 installments: Customer will get maturity amount as per option-1 or continue pension as per option-2 as mentioned in above table.
Encashment within installment period:
Before 6 months: Principal will be given back. Interest/benefit will not be allowed.
On or after 6 months but before 3 years: Principal plus benefit for completed month(s) only at the lowest prevailing rate of savings account.
Encashment within pension period:
Before 6 months: Only ‘At a Time Benefit’ as per option-1 of the above table will be given. Interest/benefit will not be allowed and the pensions already paid to be realized from or adjusted with the ‘At a Time Benefit’.
On or after 6 months but before end of the pension period: Benefit will be paid for the all completed month(s) at the lowest prevailing interest rate of savings account on the ‘At a Time Benefit’ and pension already paid shall be realized from or adjusted with the ‘At a Time Benefit’.
Encashment after end of the pension period:
Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
1 month to 6 months (inclusive): Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of savings account for the completed months after the maturity.
More than 6 months: Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of 6 months FDR for the completed months after the maturity.
Encashment at the death of the scheme holder:
For the period up to the date of death of scheme holder: Ledger balance (calculated based on scheme rate) will be given to the nominee(s) or legal successor(s) after deduction of government dues.
For the remaining period: Benefit will be given for the completed month(s) on ledger balance at the date of the death of scheme holder at the lowest prevailing interest rate of savings account to the nominee(s) or legal successor(s) after deduction of government dues. Benefit already given (if any) after the date of the death of scheme holder will be adjusted/realized from the ledger balance.