MAFs membership re-opened for RBI retirees

24 Apr

As alredy informed, the Bank has  re-opened  the membership to the scheme to enable both serving as well as retired employees who are presently not members of the MAF scheme to re-join the scheme.
Such Retirees should exercise their option by July 29,2016.

Applications may be made in  forms (G-164) to join the scheme and in  (G- 166) for continuation of membership at the time of retirement. (Copies may be viewed/downloaded).
2. Surviving spouse of the employee dying in harness/deceased retired employee, who are not member of the Scheme are also eligible to  exercise their option to join the scheme. Such spouses will be treated at par with retired employee.
3. Retired employees have to pay arrears of contribution from the inception of the scheme i.e. 1.1.1987 at double the applicable rate, as revised from time to time till the month in which the retired employee superannuated from the Bank. In addition, lifetime subscription is to be recovered at double the rate prevalent at the time of his/her retirement or at the revised lump sum amount as mentioned in circular CO. HRMD.No. G. 152/22191/19.01.00/2015-2016 dated April 21, 2016, whichever is more.
The examples given in Table 2 and Table 3 in Annex may be viewed.

In the circumstances the members of the Forum and other Retirees Associations are requested to reach out to all such retirees/CPF optees/Family pensioners who are not members of the scheme, as per their knowledge. The contents of this post may be largely shared for the benefit of non-members of MAFs. Non-members may be advised their office in this regard for completion of the process.

Further, the rates of monthly / life-time subscription to the MAFS and towards hospitalisation and dispensary facility stand revised with effect from May 1, 2016. View the details.
2. The existing coverage under the MAFs to the disabled children has been further extended to the dependent children of MAF members who have temporary physical / mental disability.
3. All retired MAF members are requested to nominate one more person other than his/her spouse to whom the amount is to be paid in the event of death of both the member and his spouse .For this purpose, all members may note to inform the bank the name of second nominee for adding in the records. This facility has been provided for administrative purpose only to minimise the difficulties encountered in cases where both the members have expired.


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