No. 17-16/2020-GDS
Government of India
Ministry of Communications
Department of Posts
(GDS Section)

Dak Bhawan, Sansad Marg
New Delhi-110001

Office Memorandum

Subject : Extension of Grant of Advance- Special Festival Package to all approved category of Gramin Dak Sevaks.

The undersigned is directed to say that with a view to enable Gramin Dak Sevak to meet expenses relating to festivals and to encourage spending thereby giving a boost to economic activities, in pursuance of decision taken by the Department in consultation with AS & FA and Department of Expenditure, Ministry of Finance, it has been decided that a special festival package advance will be accorded to all approved category of Gramin Dak Sevaks for any important festivals upto 31st March, 2021 :

(i) Advance of Special Festival Package may be granted to a Gramin Dak Sevak if she/he fulfills the following conditions.-

(a) GDS should be is on duty and engaged regularly.

(b) The amount of package should not be granted to those GDSs who are going to discharge from engagement within 10 months from the date of sanction of advance.

(c) Provisionally engaged GDSs and substitute engaged against leave vacancy of GDS will not be entitled to this package.

(d) GDS who are under Put Off duty-disciplinary proceedings/cases are pending will not be entitled to this package.

(ii) Head of office may sanction this festival package on the eve of any important festival to GDS under his administration control. The term “important festival: is clarified as such festivals or one of such festivals as Head of Department may declare in respect of establishment under his/her administration control.

(iii) The amount of the package is Rs5000/- to be paid as advance to Gramin Dak Sevak. This amount is interest-free. The amount would be released through a pre-loaded Rupay Card from SBI. DDQs, on receipt of application from GDS for this package, may process and acquire the prepaid cards from SBI for the issue among the applicants. A detailed SOP issued by the Ministry of Finance, Department of Expenditure vide their OM No. 12/2/2020-E IIA (Pt. dated 13th October, 2020 is enclosed for obtaining these pre-loaded Rupay cards with an amount of Rs.5000/-. The amount paid under this package is recoverable in not more than ten (10) equally installment.

(iv) GDSs are outside of the Civil service of the Union and shall not claim to be at par with Central Government employees on grant/sanction of this Special Festival package.

(v) These order will take effect from the date of issuance of this Office Memorandum and will be in force during the current financial year till 31st March, 2021.

2. This issue has the concurrence of IFW vide their diary No.86 dated 20.01.2021.

(Dr. Vincent Barla)
Director (GDS/PCC)

The post Extension of Grant of Advance – Special Festival Package to all approved category of Gramin Dak Sevaks – GDS appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.
For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:

SBI ( State Bank of India)
ICICI Bank
HDFC Bank
HSBC Bank
Axis Bank
PNB Housing Finance
DHFL
India Bulls ( Up to Rs 25 lakh)
Citi Bank
Tata Capital Housing Finance Ltd

EMI per lakh works out to be Rs 975.

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:

Federal Bank
Bank of India
UCO Bank
Canara Bank

The EMI per lakh works out to be Rs 978.

Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:

IDBI
Punjab National Bank
Allahabad Bank
Central Bank of India
Corporation Bank
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
Kotak Bank
Dena Bank
First Blue Home Finance
Syndicate Bank
Indian Overseas Bank
State Bank of Travancore
Indian Bank

The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.

Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.
Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.
ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.
Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

The post Home Loan Rates in 2015: Here’s Your Guide appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Allowance/Advance shall automatically increase by 25% everytime DA goes up by 50% – CGDA’s clarification – no separate order is required for revision of allowances/advances by 25% on the original amount w.e.f. 01.01.2014

Controller General of Defence Accounts
Ulan Batar Road, Palam, Delhi Cantt-110010
No. AN/XIV/6th CPC/Corr./Vol-XII

Dated: 29.04.2014

To
All PCsDA/CsDA

Sub: Enhancement of rates of various allowances by 25% everytime DA payable on the revised pay structure goes up by 50%.

Consequent on revision of rates of Dearness Allowance from existing 90% to 100% vide MoF OM dated 27.03.2014, references are being received in this HQrs office seeking clarification regarding separate orders for revision of rates of certain allowances/advances where a specific clause indicates that the allowance/ advance shall automatically increase by 25% everytime DA payable on the revised pay structure goes up by 50%.

2. The matter has been examined in this HQrs office and it is clarified that automatic revision will take place only in respect of those allowances for which a specific clause of automatic increase has been provided in respective original Govt. orders. Therefore, no separate order is required for revision of allowances/advances by 25% on the original amount w.e.f. 01.01.2014

3. This issues with the approval of Jt. CGDA (AN)

sd/-
(Upendra Kumar)
For CGDA

Source: www.cgda.nic.in
[http://cgda.nic.in/adm/enhancement%20of%20rates%20of%20allowance%20290414.pdf]

The post Allowance/Advance shall automatically increase by 25% everytime DA goes up by 50%: CGDA clarified – No separate order is required appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO 428

ANSWERED ON 06.12.2013

 TIME LIMIT FOR REPAYMENT OF EDUCATIONAL LOANS

428 . Shri R. THAMARAISELVAN

Will the Minister of FINANCE be pleased to state:-

(a) the existing time limit fixed by the Government/Reserve Bank of India (RBI) for repayment of educational loans taken by students to pursue higher studies abroad;
(b) whether the Government proposes to expand the said time limit; and
(c) if so, the details thereof and the reasons therefor?

ANSWER

(MINISTER OF STATE IN THE MINISTRY OF FINANCE) (SHRI NAMO NARAIN MEENA)

(a) : As per revised Model Education Loan Scheme of Indian Banks’ Association (IBA), the students are allowed repayment period of 10 years for education loans upto Rs 7.50 lakh and 15 years for loans above Rs 7.50 lakh.

Students are allowed repayment holiday/moratorium during course period plus 1 year or 6 months after getting the job which ever is earlier.

(b) & (c) : No such proposal is under consideration of the Government at present.

Source: Lok Sabha
Via: http://karnmk.blogspot.in/2013/12/time-limit-for-repayment-of-educational.html

The post Time Limit for Repayment of Educational Loans appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

VARIOUS LOAN SCHEMES TO BSNL EMPLOYEE BY ORIENTAL BANK OF COMMERCE

CUSTOMIZED RETAIL CREDIT SCHEME FOR BSNL EMPLOYEES
GENERAL TERMS & CONDITIONS

The various kinds of loans along with the general terms and conditions, are mentioned below:

1. The recovery of housing loan will start not later than 18 months from the date of first disbursement or immediately from the next month after completion of the house/flat, whichever is earlier.
2.       The recovery of education loan will start 12 months after completion of the course or 6 months after getting the job whichever is earlier, for the child whose studies have been financed through loan.
3.     Loanees can fore-close the loan account without any foreclosure charges.
4.     The interest will be charged on reducing balances of loan on day-to-day basis.
5.     No processing charges will be levied by bank.
6.     Amount of the loan will be as per eligibility and maximum loan ceiling as detailed above. However, the bank can give loan for a lesser amount also at its own discretion.
7.     Borrowing capacity of the borrower shall be considered at the time of the sanction of the loan.
8.     Employees desiring to avail loans will furnish their Employee / PF No. duly certified by their Staff Department.

Interest Rates for Various Retail Credit Loans

As a special gesture, the Bank has allowed a concession of 0.50% on its card interest rates in all brackets and schemes (excl. Personal Loan Scheme which is already customized for BSNL employees); and the final rates (Related to Base Rate System) for BSNL Employees are as under:

*Floating rate of interest will change as per the changes in the Base rate of the Bank, i.e., increase or decrease in the interest rate by the same basis points as in the base rate of the Bank. However in any case, the proposed rate of interest shall not fall below the Base Rate of the Bank.  Most of the loans are in Branch Managers’ powers and will not take any significant time after fulfillment of the documents / formalities.

The post Terms & Conditions of Loan Schemes by Oriental Bank of Commerce to BSNL workers appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.