IPPB Advance Facility to employees at 6% simple interest repayable in ten installments | IPPB Circular Dated 08.10.2021 - Postalstudy | Post Office Blog | Materials for | Exams

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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'ʰ 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.

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