Section 40(2) in National Housing Bank (Officers') Service Regulations, 1997
(2)The amount of Gratuity payable to an officer shall be one month's pay for every completed year of service in the Bank, subject to maximum of 15 month's pay.Provided that where an officer has completed more than 30 years of service, he shall be eligible by way of Gratuity for an additional amount at the rate of one half of a month's pay of each completed years of service beyond thirty years.Provided further that an officer, who has been appointed in the Bank's service from Reserve Bank or any other institution approved in this behalf by the Chairman and Managing Director, shall be eligible for the gratuity at the rate provided hereinabove for the period of his service in the Reserve Bank or any such institution prior to the date of his appointment in the Bank provided he had not been paid gratuity for such period by his parent institution and such institution has agreed to remit the proportionate amount to the Bank.Provided also that an officer, who has been appointed in the Bank' s service from Reserve Bank or any other institution approved in this behalf by the Chairman and Managing Director, shall be eligible to take into account the services rendered by him in the Reserve Bank or any such institution prior to the date of his appointment in the Bank for the purposes of clauses (d) and (c) of sub-regulation (1) provided that he had not been paid gratuity for such period by his parent institution.Note: If the fraction of service beyond completed years of service is six months or more, gratuity will be paid pro-rata for the period.
