Section 20(1) in The State Bank Of India Act, 1955
(1)The chairman, [****] [the word "vice-chairman" omitted by Act 27 of 2010] and each managing director shall hold office for such term, not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment.(1-A) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the term of office of the chairman, [**] [the word "vice-chairman" omitted by Act 27 of 2010] or a managing director, as the case may be, at any time before the expiry of the term fixed under sub-section (1) by giving him notice of not less than three months in writing or three months' salary and allowances in lieu of such notice, and the chairman, [**] [the word "vice-chairman" omitted by Act 27 of 2010] or a managing director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term so fixed by giving to the Central Government notice of not less than three months in writing.[* * *]
