STATE BANK OF INDIA
Gazette NOTIFICATION
Mumbai, the 4th October, 2017
No. BOD&GO/VKK/470.—In exercise of the powers conferred by sub-section (1) read with clause (o) of subsection (2) of section 50 of the State Bank of India Act, 1955 (23 of 1955), the Central Board of the State Bank of India,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, hereby makes the
following regulations to amend the State Bank of India Employees’ Pension Fund Regulations, 2014, namely:—
1. (1) These regulations may be called the State Bank of India Employees’ Pension Fund (Amendment) Regulations,
2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the State Bank of India Employees’ Pension Fund Regulations, 2014, in regulation 23, —
(A) in sub-regulation (2), for the provisos, the following provisos shall be substituted, namely:—
“Provided that the maximum amount of pension shall be increased for the members who retired on or after the
1st November,1987, from rupees two thousand four hundred per month to rupees three thousand seven hundred seventyfive per month (pro-rata in the case of part-time employees):
Provided further that the maximum amount of pension shall be increased for the members who retired or retire on
or after the 1st November, 1992 (Award Staff) or the 1st July, 1993 (Supervising Staff) from rupees two thousand four
hundred per month to rupees four thousand two hundred fifty per month (pro-rata in the case of part-time employees)
after adjustment of dearness allowance on the basic pay up to 1148 points in the quarterly average of the All India
Working Class Consumer Price Index (General) Base 1960=100:
Provided also that with effect from the 1st March, 1999 the maximum amount of pension for the members
who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 1992 (Award
Staff) or the 1st July, 1993 (Supervising Staff) and thereafter shall be computed till further amendments in this
regard, as under―
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees eight thousand five hundred per month, fifty per cent. of the average of monthly substantive salary drawn during
the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees eight thousand five hundred per month, forty per cent of the average of monthly substantive salary drawn during�
6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
the last twelve months’ pensionable service subject to minimum of rupees four thousand two hundred fifty (pro-rata in
the case of part-time employees):
Provided also that with effect from the 1st November, 1997 (Award Staff) or the 1st April, 1998 (Supervising
Staff), the maximum amount of pension for the members who retired or retire drawing substantive salary in the Pay
Scales effective from the 1st November, 1997 (Award Staff) or the 1st April, 1998 (Supervising Staff) shall be computed,
by arriving at the corresponding stage by dividing the average basic pay by 1684 and multiplying it by 1616, till further
amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees thirteen thousand six hundred sixty-six per month, fifty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees thirteen thousand six hundred sixty-six per month, forty per cent of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service subject to minimum of rupees six thousand eight hundred
thirty-three (pro-rata in the case of part-time employees):
Provided also that with effect from the 1st May, 2005, the maximum amount of pension for the members who retired
or retire drawing substantive salary in the Pay Scales effective from the 1st November, 1997 (Award Staff) or the
1
st April, 1998 (Supervising Staff) shall be computed, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees fourteen thousand two hundred forty per month, fifty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees fourteen thousand two hundred forty per month, forty per cent of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service subject to minimum of rupees seven thousand one hundred twenty
(pro-rata in the case of part-time employees):
Provided also that with effect from the 1st May, 2005, the maximum amount of pension for the members who
retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2002 shall be computed till
further amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees twenty-one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, fifty per cent
of the average of monthly substantive salary drawn during the last twelve months’ pensionable service (pro-rata in the
case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees twenty one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, forty per cent
of the average of monthly substantive salary drawn during the last twelve months’ pensionable service subject to
minimum of rupees ten thousand five hundred twenty plus half of Professional Qualification Pay plus half of Fixed
Personal Pay wherever applicable (pro-rata in the case of part-time employees):
Provided also that with effect from the 1st November, 2007, the maximum amount of pension for the members
who retired or retire drawing substantive salary in the pay scales effective from the 1st November, 2007 shall be
computed till further amendments in this regard, as under―
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees thirty-one thousand five hundred per month, at fifty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service plus half of Professional Qualification Pay plus half of increment
component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees);
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees thirty-one thousand five hundred per month, at forty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service subject to minimum of rupees fifteen thousand seven hundred fifty
plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable
(pro-rata in the case of part-time employees)�¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 7
Provided also that with effect from the 1st November, 2012, the maximum amount of pension for the members
who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2012 shall be
computed till further amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees fifty-one thousand four hundred ninety per month, fifty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service plus half of Professional Qualification Pay plus half of
increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees);
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees fifty-one thousand four hundred ninety per month, forty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service subject to minimum of rupees twenty-five thousand seven
hundred forty-five plus half of Professional Qualification Pay plus half of increment component of Fixed Personal
Pay, wherever applicable (pro-rata in the case of part-time employees).”;
(B) in sub-regulation (9), in clause (a), for the words and figures “In the case of members who ceased to be in the
Bank’s pensionable service from the 1st November 1987 to the 31st October 1993”, the following words, figures and
brackets “In the case of members who ceased to be in Bank’s pensionable service from the 1st November 1987 to the
31st October 1992 (Award Staff) or the 30th June, 1993 (Supervising Staff)” shall be substituted;
(C) in sub-regulation (10), in clause (a), for the words and figures “In the case of members who retire from the
Bank’s service on or after 1st November 1993”, the following words, figures and brackets “In the case of members
who retire from the Bank’s service on or after the 1st November 1992 (Award Staff) or the 1st July, 1993 (Supervising
Staff)” shall be substituted;
(D) for sub-regulation (12), the following shall be substituted, namely: —
“(12) (i) The Dearness relief shall be allowed on full basic pension even after commutation.
(ii)(a) in respect of employees who retired or retire on or after 1st November, 1997 (Award Staff) or the 1st April,
1998 (Supervising Staff), dearness relief shall be payable for every rise or be recoverable for every fall, as the case
may be, of every 4 points over 1616 points in the quarterly average of the All India Average Consumer Price
Index for Industrial Workers in the series 1960=100;
(b) such increase or decrease in dearness relief for every aforesaid four points shall be calculated in the manner
given below: -
Sl.No. Scale of basic pension per
month
The rate of dearness relief as a percentage of basic pension
(1) (2) (3)
(i) up to Rs.3380 0.25 per cent.
(ii) Rs.3381 to Rs.5420 0.25 per cent of Rs.3380 plus 0.21 per cent of the basic pension in
excess of Rs.3380
(iii) Rs.5421 to Rs.5770 0.25 per cent of Rs. 3380 plus 0.21 per cent of the difference
between Rs.5420 and Rs.3380 plus 0.12 per cent of basic pension in
excess of Rs.5420
(iv) above Rs.5770 0.25 per cent of Rs.3380 plus 0.21 per cent of the difference
between Rs.5420 and Rs.3380 plus 0.12 per cent of the difference
between Rs.5420 and Rs.5770 plus 0.06 per cent of basic pension in
excess of Rs.5770
(iii)(a) on and from the 1st May, 2005, in respect of employees who retired or retire on or after the 1st November,
1997 (Award Staff) or the 1st April, 1998 (Supervising Staff), dearness relief shall be payable for every rise or be
recoverable for every fall, as the case may be, of every 4 points over 1684 points in the quarterly average of
the All India Average Consumer Price Index for Industrial Workers in the series 1960=100;
(b) such increase or decrease in dearness relief for every aforesaid four points shall be calculated in the
manner given below� THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Sl.No. Scale of basic pension per
month
The rate of dearness relief as a percentage of basic pension
(1) (2) (3)
(i) up to Rs.3550 0.24 per cent.
(ii) Rs.3551 to Rs.5650 0.24 per cent of Rs.3550 plus 0.20 per cent of the basic pension in excess
of Rs.3550
(iii) Rs.5651 to Rs.6010 0.24 per cent of Rs. 3550 plus 0.20 per cent of the difference between
Rs.5650 and Rs.3550 plus 0.12 per cent of basic pension in excess of
Rs.5650
(iv) above Rs.6010 0.24 per cent of Rs.3550 plus 0.20 per cent of the difference between
Rs.5650 and Rs.3550 plus 0.12 per cent of the difference between
Rs.6010 and Rs.5650 plus 0.06 per cent of basic pension in excess of
Rs.6010.”;
(E) for sub-regulation (15), the following shall be substituted, namely: —
“(15)(i) In respect of employees who retired or retire on or after the 1st November, 2007, dearness relief on pension shall
be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 2836 points in the
quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100 at 0.15 per
cent of the basic pension;
(ii) In respect of employees who retired or retire on or after 1st November, 2012, dearness relief on pension shall be
payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 4440 points in the
quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100 at 0.10 per
cent of the basic pension.”.
R. JAYARAMAN, Chief General Manager (HR)
[ADVT.-III/4/Exty./250/17]
Note : The principal regulations were published in the Gazette of India, Extraordinary, Part III, Section 4 dated the
18th September, 2014 vide F.No. CDO/PM/16/ SPL/1136 dated the 15th September, 2014.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 �STATE BANK OF INDIA
Gazette NOTIFICATION
Mumbai, the 4th October, 2017
No. BOD&GO/VKK/470.—In exercise of the powers conferred by sub-section (1) read with clause (o) of subsection (2) of section 50 of the State Bank of India Act, 1955 (23 of 1955), the Central Board of the State Bank of India,
after consultation with the Reserve Bank and with the previous sanction of the Central Government, hereby makes the
following regulations to amend the State Bank of India Employees’ Pension Fund Regulations, 2014, namely:—
1. (1) These regulations may be called the State Bank of India Employees’ Pension Fund (Amendment) Regulations,
2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the State Bank of India Employees’ Pension Fund Regulations, 2014, in regulation 23, —
(A) in sub-regulation (2), for the provisos, the following provisos shall be substituted, namely:—
“Provided that the maximum amount of pension shall be increased for the members who retired on or after the
1st November,1987, from rupees two thousand four hundred per month to rupees three thousand seven hundred seventyfive per month (pro-rata in the case of part-time employees):
Provided further that the maximum amount of pension shall be increased for the members who retired or retire on
or after the 1st November, 1992 (Award Staff) or the 1st July, 1993 (Supervising Staff) from rupees two thousand four
hundred per month to rupees four thousand two hundred fifty per month (pro-rata in the case of part-time employees)
after adjustment of dearness allowance on the basic pay up to 1148 points in the quarterly average of the All India
Working Class Consumer Price Index (General) Base 1960=100:
Provided also that with effect from the 1st March, 1999 the maximum amount of pension for the members
who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 1992 (Award
Staff) or the 1st July, 1993 (Supervising Staff) and thereafter shall be computed till further amendments in this
regard, as under―
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees eight thousand five hundred per month, fifty per cent. of the average of monthly substantive salary drawn during
the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees eight thousand five hundred per month, forty per cent of the average of monthly substantive salary drawn during�
6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
the last twelve months’ pensionable service subject to minimum of rupees four thousand two hundred fifty (pro-rata in
the case of part-time employees):
Provided also that with effect from the 1st November, 1997 (Award Staff) or the 1st April, 1998 (Supervising
Staff), the maximum amount of pension for the members who retired or retire drawing substantive salary in the Pay
Scales effective from the 1st November, 1997 (Award Staff) or the 1st April, 1998 (Supervising Staff) shall be computed,
by arriving at the corresponding stage by dividing the average basic pay by 1684 and multiplying it by 1616, till further
amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees thirteen thousand six hundred sixty-six per month, fifty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees thirteen thousand six hundred sixty-six per month, forty per cent of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service subject to minimum of rupees six thousand eight hundred
thirty-three (pro-rata in the case of part-time employees):
Provided also that with effect from the 1st May, 2005, the maximum amount of pension for the members who retired
or retire drawing substantive salary in the Pay Scales effective from the 1st November, 1997 (Award Staff) or the
1
st April, 1998 (Supervising Staff) shall be computed, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees fourteen thousand two hundred forty per month, fifty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service (pro-rata in the case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees fourteen thousand two hundred forty per month, forty per cent of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service subject to minimum of rupees seven thousand one hundred twenty
(pro-rata in the case of part-time employees):
Provided also that with effect from the 1st May, 2005, the maximum amount of pension for the members who
retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2002 shall be computed till
further amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees twenty-one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, fifty per cent
of the average of monthly substantive salary drawn during the last twelve months’ pensionable service (pro-rata in the
case of part-time employees); and
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees twenty one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, forty per cent
of the average of monthly substantive salary drawn during the last twelve months’ pensionable service subject to
minimum of rupees ten thousand five hundred twenty plus half of Professional Qualification Pay plus half of Fixed
Personal Pay wherever applicable (pro-rata in the case of part-time employees):
Provided also that with effect from the 1st November, 2007, the maximum amount of pension for the members
who retired or retire drawing substantive salary in the pay scales effective from the 1st November, 2007 shall be
computed till further amendments in this regard, as under―
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees thirty-one thousand five hundred per month, at fifty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service plus half of Professional Qualification Pay plus half of increment
component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees);
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees thirty-one thousand five hundred per month, at forty per cent. of the average of monthly substantive salary drawn
during the last twelve months’ pensionable service subject to minimum of rupees fifteen thousand seven hundred fifty
plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable
(pro-rata in the case of part-time employees)�¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 7
Provided also that with effect from the 1st November, 2012, the maximum amount of pension for the members
who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2012 shall be
computed till further amendments in this regard, as under—
(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to
rupees fifty-one thousand four hundred ninety per month, fifty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service plus half of Professional Qualification Pay plus half of
increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees);
(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above
rupees fifty-one thousand four hundred ninety per month, forty per cent. of the average of monthly substantive salary
drawn during the last twelve months’ pensionable service subject to minimum of rupees twenty-five thousand seven
hundred forty-five plus half of Professional Qualification Pay plus half of increment component of Fixed Personal
Pay, wherever applicable (pro-rata in the case of part-time employees).”;
(B) in sub-regulation (9), in clause (a), for the words and figures “In the case of members who ceased to be in the
Bank’s pensionable service from the 1st November 1987 to the 31st October 1993”, the following words, figures and
brackets “In the case of members who ceased to be in Bank’s pensionable service from the 1st November 1987 to the
31st October 1992 (Award Staff) or the 30th June, 1993 (Supervising Staff)” shall be substituted;
(C) in sub-regulation (10), in clause (a), for the words and figures “In the case of members who retire from the
Bank’s service on or after 1st November 1993”, the following words, figures and brackets “In the case of members
who retire from the Bank’s service on or after the 1st November 1992 (Award Staff) or the 1st July, 1993 (Supervising
Staff)” shall be substituted;
(D) for sub-regulation (12), the following shall be substituted, namely: —
“(12) (i) The Dearness relief shall be allowed on full basic pension even after commutation.
(ii)(a) in respect of employees who retired or retire on or after 1st November, 1997 (Award Staff) or the 1st April,
1998 (Supervising Staff), dearness relief shall be payable for every rise or be recoverable for every fall, as the case
may be, of every 4 points over 1616 points in the quarterly average of the All India Average Consumer Price
Index for Industrial Workers in the series 1960=100;
(b) such increase or decrease in dearness relief for every aforesaid four points shall be calculated in the manner
given below: -
Sl.No. Scale of basic pension per
month
The rate of dearness relief as a percentage of basic pension
(1) (2) (3)
(i) up to Rs.3380 0.25 per cent.
(ii) Rs.3381 to Rs.5420 0.25 per cent of Rs.3380 plus 0.21 per cent of the basic pension in
excess of Rs.3380
(iii) Rs.5421 to Rs.5770 0.25 per cent of Rs. 3380 plus 0.21 per cent of the difference
between Rs.5420 and Rs.3380 plus 0.12 per cent of basic pension in
excess of Rs.5420
(iv) above Rs.5770 0.25 per cent of Rs.3380 plus 0.21 per cent of the difference
between Rs.5420 and Rs.3380 plus 0.12 per cent of the difference
between Rs.5420 and Rs.5770 plus 0.06 per cent of basic pension in
excess of Rs.5770
(iii)(a) on and from the 1st May, 2005, in respect of employees who retired or retire on or after the 1st November,
1997 (Award Staff) or the 1st April, 1998 (Supervising Staff), dearness relief shall be payable for every rise or be
recoverable for every fall, as the case may be, of every 4 points over 1684 points in the quarterly average of
the All India Average Consumer Price Index for Industrial Workers in the series 1960=100;
(b) such increase or decrease in dearness relief for every aforesaid four points shall be calculated in the
manner given below� THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Sl.No. Scale of basic pension per
month
The rate of dearness relief as a percentage of basic pension
(1) (2) (3)
(i) up to Rs.3550 0.24 per cent.
(ii) Rs.3551 to Rs.5650 0.24 per cent of Rs.3550 plus 0.20 per cent of the basic pension in excess
of Rs.3550
(iii) Rs.5651 to Rs.6010 0.24 per cent of Rs. 3550 plus 0.20 per cent of the difference between
Rs.5650 and Rs.3550 plus 0.12 per cent of basic pension in excess of
Rs.5650
(iv) above Rs.6010 0.24 per cent of Rs.3550 plus 0.20 per cent of the difference between
Rs.5650 and Rs.3550 plus 0.12 per cent of the difference between
Rs.6010 and Rs.5650 plus 0.06 per cent of basic pension in excess of
Rs.6010.”;
(E) for sub-regulation (15), the following shall be substituted, namely: —
“(15)(i) In respect of employees who retired or retire on or after the 1st November, 2007, dearness relief on pension shall
be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 2836 points in the
quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100 at 0.15 per
cent of the basic pension;
(ii) In respect of employees who retired or retire on or after 1st November, 2012, dearness relief on pension shall be
payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 4440 points in the
quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100 at 0.10 per
cent of the basic pension.”.
R. JAYARAMAN, Chief General Manager (HR)
[ADVT.-III/4/Exty./250/17]
Note : The principal regulations were published in the Gazette of India, Extraordinary, Part III, Section 4 dated the
18th September, 2014 vide F.No. CDO/PM/16/ SPL/1136 dated the 15th September, 2014.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
