Section 5(1) in National Housing Bank (Officers') Service Regulations, 1997
(1)The increments shall be granted subject to the following sub-clauses:(a)The increments specified in the scale of pay set out in sub-regulation (1) of regulation 4 shall subject to the sanction of the Competent Authority, accrue on an annual basis and shall be granted on the first day of the month in which these fall due.(b)Officers in Scale I and II, 1 year after reaching the maximum in their respective scales, shall be granted further increments including stagnation increment(s) in the next higher scale only as specified in (c) below subject to their crossing the efficiency bar.(c)Officers including those referred to in (b) above who reach the maximum of the Middle Management Grade Scale II and III shall draw stagnation increment(s) for every three completed years of service after reaching the last stage of the Scale 11 or Scale III, as the case may be subject to maximum of two such increments of Rs. 230/- each for Officers in the last stage of Scale II and one such increment of Rs. 250/- for Officers in the last stage of Scale III. However, such officers who are in Substantive Scale III i.e. those who are promoted or recruited in Scale Ill Shall draw a second Stagnation increment of Rs. 250/- after three years of receiving the first stagnation increment.Note. - Grant of such increment in next higher Scale Shall not amount to promotion. Officers even after receipt of such increment shall continue to get privileges, perquisites duties, responsibilities or posts of their substantive Scale 1 of Scale II, as the case may be.
