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:
Under this scheme customers deposit a certain amount in every month for a period of 6 years to avail attractive benefit as per either option -1 or option -2 mentioned below:
| Installment Amount | Option 1 | Option 2 | |
|---|---|---|---|
| At a Time Benefit after 6 Years | Pension Amount after depositing installments for 6 Years | At a time payment after receiving pension for 5 Years | |
| 1,000 | 96000 | 725 | 96000 |
| 2,000 | 192000 | 1,450 | 192000 |
| 3,000 | 288000 | 2,175 | 288000 |
| 4,000 | 384000 | 2,900 | 384000 |
| 5,000 | 480000 | 3,625 | 480000 |
| 10,000 | 960000 | 7,250 | 960000 |
Benefit will be given at the rate of up to 0.50% higher than usual rate of scheme.
Customers of ten years scheme will get a bonus equivalent to one month installment for depositing 120 installments in time.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the bank.
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.