April 2, 2012

Post office small savings become attractive; Centre hikes rates


Srinagar, Apr 1: Here is some good news for people planning to invest in post office saving schemes. Centre government has hiked the interest rate of small saving schemes making them attractive for the investors.

According to experts, hike in interest rates of small saving schemes will give stiff competition to banks. “People will now have variety to choose investing agency offering higher interest rates,” they said.

According to official release by Union Finance Ministry, the rate for one year time deposit has been increased by 50 basis points to 8.2 per cent from 7.7 per cent. A similar rate hike has been announced for 2 year time deposits to 8.3 per cent from 7.8 per cent.

The rate for 3 year time deposit has been increased from 8 to 8.4 percent. 5 year time recurring deposit will also fetch 8.4 percent interest as compared to earlier 8 percent.

For more popular ‘monthly income scheme’, however the increase is slightly lower at 30 basis points. The rate for the five–year-scheme stands pegged at 8.5 percent while the interest rate on public provident fund has been increased from 8.6 percent to 8.8 percent.

Pertinently, the rates came into effect from today and would remain applicable for FY 2012-13.

There is also good news for senior citizens. The rate for senior citizens saving schemes has also been raised to 9.3 percent from 9 percent.

Besides the age slab for senior citizens to get benefits under the scheme has been reduced by five years to 60 from 65.

The rates applicable on the five year and 10- year maturity National Savings have also been revised.

Now an investor will get 20 basis point more interest under these schemes. For five year time deposit interest rate has been fixed at 8.6 percent and for ten year 8.9 percent which was earlier 8.4 percent and 8.7 percent respectively.

Accordingly, the interest rate on saving deposits has been kept unchanged at 4 percent. Experts believe the decision of the centre government to hike interest rates will help revive these schemes which are less known to masses.

Source : Greater Kashmir
at

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Illustration 1: If an employee H is presently drawing Pay of Rs 55,040 (Pay in the Pay Band Rs 46340 + Grade Pay Rs 8700 = Rs 55040), his pay should be entered in the calculator as Rs 55040 i.e including Grade Pay. The Pay will be fixed as Rs 1,41,600 (Example No I in Para No 5.1.29)

Illustration 2: If an employee T is presently drawing pay of Rs 24,200 (Rs 20,000 + 4,200) and if the post occupied by T is placed one level higher in GP 4600, then the basic pay should be entered as Rs 24,600 (Rs 20,000 + 4,600) and the pay will be fixed as Rs 64,100 (Example No II in Para 5.1.29). Hence, this example is applicable to Inspector Posts in our Department.

Illustration 3: In our Department the GP of IP/ASP/SP has been upgraded to Rs 4600, 4800 and 5400 respectively. Hence as per the Illustration 2 given below Para 5.1.29, the MACP IPs and MACP ASPs are eligible for GP Rs 4800 and Rs 5400 respectively. i.e their new pay level would be 8 and 9.

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Case I - Para 10.1.70:

Pensioner 'A' retired at last pay drawn of Rs 79,000 on 30.5.2015 under VI CPC regime, having drawn three increments in the HAG scale 67000-79000. Basic Pension fixed in VI CPC is Rs 39,500. Initial pension to be fixed under VII CPC is Rs 1,01,515 (39,500 X 2.57) This is Option 1. Notional Pay fixation based on 3 increments is Rs. 199100. Hence option 2 would be 50 percent of Rs 199100 i.e Rs 99,550. As option 1 is higher, pension admissible is Rs 1,01,515.

Case II - Para 10.1.71:

Pensioner 'B' retired at last pay drawn of Rs 4,000 on 31.1.1989 under IV CPC regime, having drawn 9 increments in the pay scale of Rs 3000-100-3500-125-450. Basic pension revised in VI CPC is Rs 12,543. Initial pension fixed under VII CPC is Rs 32,236 (Rs 12,543 X 2.57). This is Option 1. Notional Pay fixation based on 9 increments is Rs 88,400. Hence option 2 would be 50% of 88,400 i.e Rs 44,200. As option 2 is higher, pension admissible is Rs 44,200.



Table showing 4th Central Pay Commission (CPC) Pay scale corresponding to revised 5th CPC post/grade & pay scale and corresponding to 6th CPC pay band & grade pay:-

SL. NO 4th CPC Pay scale w.e.f. 1.1.1986 5th CPC Post/Grade and Pay scale w.e.f. 1.1.1996 6th Central Pay Commission w.e.f. 1.1.2006 Corresponding Proposed 7th CPC Pay Levels
GRADE SCALE Name of Pay Band/Scale Pay Bands/ Scale Grade Pay
1 750-12-870-14-940 S-1 2550-55-2660-60-3200 -1S 4440-7440 1300 Level-1 Minimum Pay Rs 18000
2 775-12-871-12-1025 S-2 2610-60-3150-65-3540 -1S 4440-7440 1400 Level-1 Minimum Pay Rs 18000
3 775-12871-14-955-
15-1030-20-1150		 S-2A 2610-60-2910-65-3300
-70-4000		 -1S 4440-7440 1600 Level-1 Minimum Pay Rs 18000
4 800-15-1010-20-1150 S-3 2650-65-3300-70-4000 -1S 4440-7440 1650 Level-1 Minimum Pay Rs 18000
5 825-15-900-20-1200 S-4 2750-70-3800-75-4400 PB-1 5200-20200 1800 Level-1 Minimum Pay Rs 18000
6 950-20-1150-25-1400/
950-20-1150-25-1500/
1150-25-1500		 S-5 3050-75-3950-80-4590 PB-1 5200-20200 1900 Level-2 Minimum Pay Rs 19900
7 975-25-1150-30-1540/
975-25-1150-30-1660		 S-6 3200-85-4900 PB-1 5200-20200 2000 Level-3 Minimum Pay Rs 21700
8 1200-30-1440-30-1800/
1200-30-1560-40-2040/
1320-30-1560-40-2040		 S-7 4000-100-6000 PB-1 5200-20200 2400 Level-4 Minimum Pay Rs 25500
9 1350-30-1440-40-1800
-50-2200/1400-40-1800
-50-2300		 S-8 4500-125-7000 PB-1 5200-20200 2800 Level-5 Minimum Pay Rs 29200
10 1400-40-1600-50
-2300-60-2600/
1600-50-2300-60-2660		 S-9 5000-150-8000 PB-2 9300-34800 4200 Level-6 Minimum Pay Rs 35400
11 1640-60-2600-75-2900 S-10 5500-175-9000 PB-2 9300-34800 4200 Level-6 Minimum Pay Rs 35400
12 2000-60-2120 S-11 6500-200-6900 PB-2 9300-34800 4200 Level-6 Minimum Pay Rs 35400
13 2000-60-2300-75-3200/
2000-60-2300
-75-3200-3500		 S-12 6500-200-10500 PB-2 9300-34800 4200 Level-6 Minimum Pay Rs 35400
14 2375-75-3200-100-3500 / 2375-75-3200
-100-3500-125-3750		 S-13 7450-225-11500 PB-2 9300-34800 4600 Level-7 Minimum Pay Rs 44900
15 2500-4000 S-14 7500-250-12000 PB-2 9300-34800 4800 Level-8 Minimum Pay Rs 47600
16 2200-75-2800-100-4000/
2300-100-2800		 S-15 8000-275-13500 PB-2 9300-34800 5400 Level-9 Minimum Pay Rs 53100
17 2200-75-2800-100-4000 NEW SCALE 8000-275-13500
(Group A Entry)		 PB-3 15600-39100 5400 Level-10 Minimum Pay Rs 56100
18 2630/- FIXED S-16 9000 PB-3 15600-39100 5400 Level-10 Minimum Pay Rs 56100
19 2630-75-2780 S-17 9000-275-9550 PB-3 15600-39100 5400 Level-10 Minimum Pay Rs 56100
20 3150-100-3350 S-18 10325-325-10975 PB-3 15600-39100 6600 Level-11 Minimum Pay Rs 67700
21 3000-125-3625/
3000-100-3500-125-4500/ 3000-100-3500-125-5000		 S-19 10000-325-15200 PB-3 15600-39100 6600 Level-11 Minimum Pay Rs 67700
22 3200-100-3700-125-4700 S-20 10650-325-15850 PB-3 15600-39100 6600 Level-11 Minimum Pay Rs 67700
23 3700-150-4450/
3700-125-4700-150-5000		 S-21 12000-375-16500 PB-3 15600-39100 7600 Level-12 Minimum Pay Rs 78800
24 3950-125-4700-150-5000 S-22 12750-375-16500 PB-3 15600-39100 7600 Level-12 Minimum Pay Rs 78800
25 3700-125-4950-150-5700 S-23 12000-375-18000 PB-3 15600-39100 7600 Level-12 Minimum Pay Rs 78800
26 4100-125-4850-150-5300/
4500-150-5700		 S-24 14300-400-18300 PB-4 37400-67000 8700 Level-13 Minimum Pay Rs 118500
27 4800-150-5700 S-25 15100-400-18300 PB-4 37400-67000 8700 Level-13 Minimum Pay Rs 118500
28 5100-150-5700/
5100-150-6150/
5100-150-5700
-200-6300		 S-26 16400-450-20000 PB-4 37400-67000 8900 Level-13A Minimum Pay Rs 131100
29 5100-150-6300
-200-6700		 S-27 16400-450-20900 PB-4 37400-67000 8900 Level-13A Minimum Pay Rs 131100
30 4500-150-5700
-200-7300		 S-28 14300-450-22400 PB-4 37400-67000 10000 Level-14 Minimum Pay Rs 144200
31 5900-200-6700/
5900-200-7300		 S-29 18400-500-22400 PB-4 37400-67000 10000 Level-14 Minimum Pay Rs 144200
32 7300-100-7600 S-30 22400-525-24500 PB-4 37400-67000 10000 Level-14 Minimum Pay Rs 144200
33 7300-200-7500
-250-8000		 S-31 22400-600-26000 HAG
SCALE		 67000-79000 NIL Level-15 Minimum Pay Rs 182200
34 7600/-FIXED /
 7600-100-8000		 S-32 24050-650-26000 HAG+
SCALE		 75500-80000 NIL Level-16 Minimum Pay Rs 205400
35 8000/- FIXED S-33 26000(FIXED) APEX SCALE 80000(FIXED) NIL Level-17 Fixed Pay Rs 225000
36 9000/- FIXED S-34 30000(FIXED) CAB. SEC. 90000(FIXED) NIL Level-18 Fixed Pay Rs 250000


CLASSIFICIATION OF CITIES FOR HRA

'X' Cities - 24% HRA

Tamilnadu


States

Cities Classified as "X"
Andhra Pradesh Hyderabad (UA)
Delhi Delhi (UA)
GujaratAhmadabad (UA)
Karnataka Bangaluru (UA)
Maharashtra Greater Mumbai (UA), Pune (UA)
Chennai (UA)
West Bengal Kolkatta (UA)

'Y' Cities - 16% HRA



States

Cities Classified as "Y"
Andhra Pradesh Vijayawada (UA), Warangal, (UA),
Greater Vishkhapatnam (M.Corpn), Guntur (UA), Nellore (UA)
Assam Guwahati (UA)
Bihar Patna (UA)
Chandigarh Chandigarh (UA), SAS Nagar, Mohali
Chattisgarh Durg-Bhilai Nagar (UA), Raipur
(UA)
Gujarat Rajkot (UA),
Jamnagar (UA), Bhavnagar (UA), Vadodara (UA), Surat (UA)
Haryana Faridabad*(M.Corpn), Gurgaon*(UA)
Jammu & Kashmir Srinagar (UA), Jammu (UA)
Jharkhand Jamshedpur (UA), Dhanbad (UA),
Ranchi (UA), Bokara Steel City (UA)
Karnataka Belgaum (UA), Hubli-Dharwad,
Mangalore (UA), Mysore (UA), Gulbarga (UA)
Kerala Kozhikode (UA), Kochi (UA),
Thiruvananthapuram (UA), Thrissur (UA), Malappuram (UA), Kannur (UA), Kollam (UA)
Madhya Pradesh Gwalior (UA), Indore (UA),
Bhopal (UA), Jabalpur (UA), Ujjain (M.Corpn)
Maharashtra Amravati (M.Corpn), Nagpur (UA),
Aurangabad (UA), Nashik (UA), Bhiwandi (UA), Solapur (M.Corpn), Kolhapur (UA), Vasai-Vrar City (M.Corpn), Malegaon (UA), Nanded-Waghala (M.Corpn), Sangli (UA)
Orissa Cuttack (UA), Bhubaneswar (UA), Raurkela (UA)
Puducherry (Pondicherry) Puducherry/Pondicherry(UA)
Punjab Amritsar (UA), Jalandhar (UA),
Ludihiana (M.Corpn)
Rajasthan Bikaner (M.Corpn), Jaipur (M.Corpn), Jodhpur (UA),
Kota (M.Corpn), Ajmer (UA)
Tamilnadu Salem (UA), Tiruppur (UA),
Coimbatore (UA), Tiruchirappalli (UA), Madurai (UA), Erode (UA)
Uttarkhand Dehradun (UA)
Uttar Pradesh Moradabad, Meerut (UA),
Ghaziabad* (UA), Aligarh(UA), Agra (UA), Bareilly (UA), Lucknow (UA), Kanpur (UA),
Allahabad (UA), Gorakhpur, Varanasi (UA), Varanasi (UA), Sahranpur (M.Corpn), Noida (CT), Firozabd (NPP), Jhansi (UA)
West Bengal Asansol (UA), Siliguri (UA), Durgapur (UA)

*only for the purpose of extending HRA on the basis of dependency


Remaining cities/towns which are not covered under "X" or "Y" are classified as "Z" for the purpose of HRA.



6h Commission - Pay Band and Grade Pay

STANDARD PAY SCALES

Pay Band Pay in the Pay Band (Rs.) Grade Pay (Rs.)
PB-1 5,200-20200 1,800
PB-1 5,200-20200 1,900
PB-1 5,200-20200 2,000
PB-1 5,200-20200 2,400
PB-1 5,200-20200 2,800
     
PB-2 9,300-34800 4,200
PB-2 9,300-34800 4,600
PB-2 9,300-34800 4,800
PB-2 9,300-34800 5,400
     
PB-3 15,600-39100 5,400
PB-3 15,600-39100 6,600
PB-3 15,600-39100 7,600
     
PB-4 37,400-67000 8,700
PB-4 37,400-67000 8,900
PB-4 37,400-67000 10,000
     
HAG Scale 67,000 (annual increment @ 3%) - 79000 Nil
HSG+ Scale 75,500 (annual increment @ 3%) - 80000 Nil
Apex Scale 80,000 (Fixed) Nil
Cabinet Secretary 90,000 (Fixed) Nil

Rates of Fixed Conveyance Allowance under SR-25

The revised rates of Conveyance Allowance under SR-25w.e.f. 1.9.2008 revised under Ministry of Finance OM No F. No 19039/2/2008-E.IV dated 23.9.2008 are as under:-

Average Monthly travel on official duty For journeys by own motor car (in Rs.) For journeys by other mode of conveyance (in Rs.)
201-300 Kms 1120 370
301-450 Kms 1680 480
451-600 Kms 2070 640
601-800 Kms 2430 750
Above 800 Kms 3000 850

The above rate wll be increased by 25% whenever the Dearness Allowance goes up by 50%

GDS SERVICE DISCHARGE BENEFITS

Nature of benefit Present Benefits Revised Benefits (w.e.f. 9.10.2009)
Ex-gratia Gratuity Granted at the rate of half months basic TRCA drawn immediately before discharge of service for each completed year of service subject to a maximum of Rs 18,000 or 16.5 months basic TRCA last drawn whichever is less. Minimum service prescribed is 15 years. Continuance of the existing formula for grant of Ex-gratia Gratuity subject to a Maximum of Rs. 60,000.
Severance Amount A Lumpsum severance amount of Rs 30,000/- is paid on discharge provided a GDS has completed 20 years of continuous service. In case of a GDS completing 15 years of service but less than 20 years of continuous service the severance amount paid is Rs 20,000 Severance Amount shall be paid at the rate of Rs 1500 for every completed year of service subject to a Maximum of Rs 60000 with reduction in Minimum eligibility period to 10 years.

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