IPPB Advance Facility to employees at 6% simple interest repayable in ten installments | IPPB Circular Dated 08.10.2021
Corporate Office, Speed Post Centre, Bhai Veer Singh Marg, New Delhi- 110001
Ref No. IPPB/HR/2021-22/17 October 8, 2021 C I R C U L A R / 1 7
Advance Facility to employees of IPPB at 6% simple interest repayable in ten installments
The Board, in its meeting dated 29'Ê° July 2021, accorded its approval to extend Advance Facility to officers of the Bank. The Advance amount for various scales is as follows:
Scales Scale I, II and III - Amount of Rs. 75,000/-
Scale IV and V - Amount of Rs 1,00,000/-
Scale VI and VII - Amount of Rs. 1,25,000/-
2. Scheme details:
Eligibility: All regular officers and officers on deputation from Department of Posts and Public Sector Banks subject to their consent to avail this facility.
Disbursement: One-time disbursement to all eligible employees along with salary for the month
Interest Rate: 6% Simple Interest
Recovery: Monthly recovery from salary in 10 EMIs at 6% interest. In case of employees who tender their resignation or who are in the process of repatriation, the outstanding amount shall be recovered during the month, in which he/she has submitted resignation or has given notice for repatriation. Relieving/repartition order shall be issued only after full recovery of this advance from the concerned employee.
TDS: This facility shall be considered under the perquisite segment of the concerned employee at 6.05% with reference rate of 12.05%.
3. The employees desirous of availing this facility are advised to submit their application to salary@ippbon1ine.in in the format attached as annexure-I. Applications received till 15th of every month will be processed along with the salary of the same month and those received after 15th will carried forward to next month. However, for the month of October 2021, applications will be accepted till 20th October 2021.
4. The scheme is not applicable on Contractual Employees & Territory Officers. The employee, who have resigned or have already given notice for repatriation are also not eligible for this scheme.
5. All employees are hereby advised to adhere to the stipulated timelines to submit their request as per the prescribed guidelines and format.
