The Service Discharge Benefit Scheme for Gramin Dak Sevaks.

Main points 2.0 The Government has decided to introduce the new Service Discharge Benefit Scheme (SDBS) with effect from the Ist April, 2011. A copy of the provisional Regulations, governing the Scheme is enclosed. It is requested that all necessary arrangements may kindly be made at all levels as well as in Circle Postal Accounts Offices, in accordance with these provisional Regulations, to facilitate smooth and satisfactory implementation of the Scheme from the Ist April, 2011 positively.

2.1 First installment of contribution by the Department @ Rs.200/= (rupees two hundred only) per month, in respect of each GDS, enrolled under the Scheme, shall become payable in the month of April, 2011, while drawing the TRCA for the month (April,2011); The contribution shall be remitted to the Trustee Bank, i.e. Bank of India.

3.0 The Scheme shall be operated utilizing the platform of the "NPS-LITE" scheme of the Pension Fund Regulatory & Development Authority(PFRDA), as adopted by this Department in its modified form.

3.1 The National Securities Depository Limited (NSDL) has been appointed as Central Record keeping Agency (CRA) by PFRDA/NPS TRUST, for providing centralized record keeping, administration and customer service functions for all beneficiaries of the SDBS, like, NPS-lite.

3.2 The Bank of India (BOI) shall function as the TRUSTEE BANK, which will provide banking services to the Scheme, including uploading of details of contribution received from Aggregator cum-Accounts Officer (AO) in specified file format to CRA, transfer of funds to PFM's accounts as per instructions of the CRA as well as the Government, from time to time. It would manage the Pension Funds in accordance with applicable provisions of the NPS Lite, the SDB Scheme, the guidelines/notifications, issued by PFRDA and the Government of India, from time to time as per applicable Law

3,3 It has been decided to manage the funds deposited under SDBS, on the pattern of Central Government Scheme of the NPS Lite, Therefore, the following shall function as Pension Fund Managers (PFM) for investments and management of the funds under the Scheme;-

1. LIC Pension Fund, 2. SBI Pension Fund Limited; and 3. UTI Retirement Solutions Limited ,

3.4 The approved Annuity Service Providers (ASPs) would be responsible for delivering a regular monthly pension to the subscribers/beneficiaries or his/ her spouse (in case of death of the subscribers/beneficiary)for the rest of his/her life under the Scheme.

4.0 The GDS opting to switch over to the SDBS by 30th April, 2011, shall be deemed to have opted for the Scheme W.e.f. Ist April 2011 itself and the arrears of contribution from April, 2011 onwards shall be remitted to the Trustee Bank on their enrollment and receipt of PRAN Cards from the CRA, subsequently.