Welfare Schemes

Scheme Overview

The welfares and rehabilitation of bank's ex-employees, their widows and dependant children is being carried out through following welfare schemes:

Maintenance Allowance:

Widows receives Rs.4,000/- per month for a maximum period of six years.
Further to our Circular No. MCBEF/JI/01 dated January 01, 2013, it has been decided in the meeting of Board of Trustee held on 20-12-2012 that:-
" The issue to extend the period of allowance of widow(s) of Ex-employee(s) having no childern was extended upto 10 years provided she doesn't marry after the death of her husband.
The widows who have married after the death of the husband will no be allowed the allowance."

Scholarship:

(A) For Secondary & Higher Secondary classes Actual tuition fee expenses of school/college going children of ex-employees is reimbursed on 12 month basis. Maximum of three (3) children of an ex-employee are entitled for scholarship.
(B) For Graduation and Post Graduation Children of ex-employees receive Rs.50,000/- per annum for pursuing graduate and post-graduate academic programs in field of medicine, engineering, management sciences, computer sciences and accounting.

Outright Marriage Grant:

Ex-employee/Widows receive outright marriage grant of Rs.15,000/- for marriage of daughters.
Maximum of three (3) children of an ex-employee are entitled for marriage grant.

Subsistence Allowance:

Ex-clerical and non-clerical staff on attaining the age of 70 years receive subsistence allowance of Rs.3,000/- per month for a maximum period of 5 years.

Funeral Expenses:

On death of dependant family member, ex-employees receive Rs. 10,000/- in consideration of funeral expenses.