Latest Circular:
ELIGIBILITY
Minimum length of service – 1 year.
Maximum permissible OD limit can be availed by the employees with more than 10 years of service.
Rate of interest will be at 7% to be applied on monthly rests
The proposed overdraft facility will be secured by marking lien on the employees/officers terminal benefits, namely PF, Gratuity, and leave encashment on the basis of an under taking to be submitted to the bank to this effect by the employees/officers concerned.
OVERDRAFT LIMIT
Clerical:
Above 1 Yrs upto 5Yrs -Rs.4 lac
Above 5 yrs upto 10 yrs-Rs. 6 lac
Above 10 Yrs upto 15 Yrs -Rs. 8 lac
Above 15 Yrs -Rs. 10 lac
Officiers:
Above 1 yrs upto 5 yrs-Rs. 7 lac
Above 5 yrs upto 10 yrs-Rs. 10 lac
Above 10 yrs upto 15 yrs -Rs. 12 lac
Above 15 yrs -Rs. 15 lac
Subordinate Staff
Above 1 yrs upto 5 yrs-Rs. 1.5 lac
Above 5 yrs upto 10 yrs-Rs. 2.5 lac
Above 10 yr upto 15yrs -Rs. 4 lac
Above 15 yrs -Rs. 5 lac
DOCUMENTATION
A] Application in the prescribed format.
B] Demand Promissory note.
C] Letter of waiver.
D] Letter of continuity.
E] Lien letter on terminal benefits, namely PF. Gratuity and leave encashment.
CONVERSION OF OD INTO TERM LOAN:
Employees have option to convert Over Draft facility into term loan and the repay the outstanding amount with interest within the remaining years of service in equal monthly instalments. not exceeding 7 years, the repayment schedule will be drawn taking into consideration 60 monthly instalments.
Ref no.CHO/PMG/25/2002 dated 24.9.2002
Ref No. PER/ER/[Nego]/4-20/2001 dated 23/10/2002
Ref No.CHO/PMG/8/2003 dtd 22.2.2003
Ref No. HOCL/PMG/8/2003 dt 25/08/2003 Ref No.CHO/PMG/2/2004 dtd 8.1.2004
Ref No.CHO/PMG/31/2005 dtd 10.11.2005
Ref No. CHO/PMG/40/2009 dt 11/03/2010
Ref No.CHO/PMG/25/2013-14 DATED 28/12/2013
Ref No.CHO/PMG/26/2014-15 dtd 30/09/2014
Ref No.CHO/PMG/6/2017-18 dtd 27/04/2017