Section 3(1)(iii) in Punjab Gramin Bank (Employees') Pension Regulations, 2018

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State of Punjab - Subsection

Section 3(1)(iii) in Punjab Gramin Bank (Employees') Pension Regulations, 2018

(iii)joined the service of the Bank between 1st September 1987 and 31 March 2010 and continued in service on or after the effective date but had died before one hundred twenty days after the notified date without the employee exercising an option in writing to become member of the Fund, shall be entitled to family pension under these regulations, if the family of such deceased employee exercises an option in writing within one hundred and twenty days from the date of the death of the employee or the expiry of one hundred and twenty days from the notified date, whichever is later, to become member of the Fund and refund within sixty days of the expiry of the said period of one hundred and twenty days the entire final amounts received by the family (the corpus comprising of Bank's contribution to provident fund under the Employees' Pension Scheme, 1995 and interest accrued thereon till the date of receipt of the amount by the family) but without requiring to pay interest on such final amounts from the date of receipt of such final amounts to the date of refund.

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State of Punjab - Subsection

Section 3(1)(iii) in Punjab Gramin Bank (Employees') Pension Regulations, 2018