| SI No. |
Services required by ESIC with the Bank. |
Existing arrangement with SBI WEF 1.4.99 |
Revised Rates WEF 1.4.2005. |
| 1. |
collection and transmission of contribution amount deposited by the employers at various authorised bank branches in local/regional areas (about 800 centres).The procedures for collection is outlined at annexure-I.
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Bank is collecting contributions through its branches. It is also agreed to undertake this work at additional bank branches subject to prior approval of the controllers of such branches and as far as possible, commercial network branches to be kept out of perview of this business. |
Rs 1/- per Rs 1000, cap of Rs 10,000.
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| 2. |
Opening of Account, where required, styled as "Employees State Insurance Fund Account Number-I" at New Delhi to receive all moneys payable to the Employees state insurance fund which will be operated only by the Head Quarters, office of the Corporation at New Delhi.
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An account styled as ESIC Account Number-I is already in operationNDMB |
No change proposed.
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| 3. |
Opening of account, where required, styled as "Employees State Insurance Fund Account number 2" at Head Quarters, Regional and Local Offices for withdrawal of moneys for the purposes of meeting the administrative expenses, Benefit expenses etc..The account will be fed by transfer of moneys from the A/C no-1at New Delhi under instructions from the Head Quarters Office at New Delhi, including automatic credit of specified amounts on fast working day every month to those accounts by debits to the account number one at New Delhi.
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Bank is already providing the facility of opening ESIC A/C No-II at its branches, wherever required subject to the conditions mentioned against item No (1) 1 and above. |
No change proposed.
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| 4. |
Statement of Accounts Will Be Rendered by the Bank to the Offices of the Corporation in Respect of Account Number 1&2 in the Manner Prescribed by ESIC.
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At present we do not propose anychange, however, the Bank may provide a computer terminal as and when the requisite facilities are made available at New Delhi Main Branch. Branches will continue to provide Monthly Statements of Account. |
No change proposed. ESIC Headquarter has already been provided CINB facility.
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| 5. |
Issuing of Demand Drafts/Pay orders by the Bank.
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Bank is willing to extend at par facility/toll-free facilities to ESIC on maintaining investment level of Rs 500 crores or above.Rs 500 crores marked has been crossed and present level is over Rs 1000 crores. Bankers Cheques and demand drafts will now be issued at par. |
Re 1/- per 1000, with a cap of Rs 10,000.
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| 6. |
Collection of outstation cheques drawn on Banks other than the Bank in which ESI Fund Account is maintained.
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Branches will collect outstation cheques deposited in ESIC Account number 2 by ESI offices free of cost (this is different from deposit of contribution cheques with challan by subscribers to ESIC schemes. Outstation cheques will not be accepted with challans as hitherto). Out of pocket expenses are to be recovered in all cases. |
Rs 2/- per 1000 plus out of pocket expenses.
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| 7. |
Telegraphic remittance at funds from Account number-1, at New Delhi to various branches of the bank's maintaining "ESI savings fund account number 2 of Regional and Local offices" and vice versa.
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As mentioned against item No (5) of existing arrangement
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Rs 1 per 1000, with a cap of Rs 10,000 plus out of pocket expenses.
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| 8. |
Encashment of cheques drawn by the disbursing officers on ESI savings Fund Account number 2 of the Regional office, favouring local office managers etc. for payment of salary and other administrative expenses of the Local Offices at other branches of the Bank.
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As mentioned against item No (5) of Existing Arrangement (but only for salary and administrative expenses of Local Office of ESIC) |
Rs 0.50 per 100 plus collection charges Rs 2 per 1000 -- plus out of pocket expenditure.
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| 9. |
Keeping duplicate keys of the safe and documents in safe custody of the Bank.
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Bank will provide toll-free service. |
Free of charges.
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| 10. |
Delivery of cash to all Regional and Local Offices of Corporation where the Corporation has opened ESI savings Fund Account number 2 through the bank's cash delivery vans, wherever required.
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Bank will not be able to provide this facility as armoured cash delivery vans are not available at branches |
No changes proposed.
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| 11. |
Payment of pension to the ESIC pensioners at various branches.
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Bank is charging 11.22 paisa% same as government commission. It will, however, rise and fall with the rates of commission charged on government business from time to time. |
Rs 2.50 per Rs 100, minimum Rs 25.
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| 12. |
Minimum time taken that the bank will take to credit the amount in ESIC account in respect of following to reduce the loss of income to ESIC for the amount in transit: --
(a) from base branch to link branch at Regional office/sub regional office.
(b) From link branch to Head Quarters at New Delhi.
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In view of the fact that computerisation has not taken place at all branches and also communication network and Electronic Funds Transfer are either not available or still in developing stage. Bank will not be able to reduce the actual time, however, we propose 14 days in all in place of 21 days at present. Interests on delayed credit will be payable after 14 days. Base branches will remit funds collected each day by the following day by drafts to link branch. link branches will remit byTT to Nodal Branch latest by the last working day of the week |
(a) 4 days treating day of deposit as day zero
(b) Next day ( value dating telegraphic transfers from link branch to NDMB, if the amount is invested in term deposit)
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| 13. |
Minimum time taken for encashment of cheques/demand drafts deposited by the employers: -(a) on Branch,
(b) local clearing,
(c) Outstation cheques Deposited by the employer for credit of the ESI account.
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The normal clearing days that is 3 days. |
(a) Same-day.
(b) 3 days (treating day of deposit as zero),
(c) Not accepted
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| 14. |
Payment of interest on:
(a) Delayed credits to ESI fund to fund Accounts.
(b) Delayed credit of funds remitted from one account to another.
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Bank will pay compensation beyond 14 days is mentioned against item No 13 above. Interests at the rate of 2% above SB.
Same as above .However the facility of value dating for investments on such funds are invested with the bank is agreed.
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(a) Payment of interests on delayed credits beyond 14 days from the Base branch to link branch and link branch to nodal account at New Delhi -- at the rate of 2% above savings bank rate. However, no compounding of interest to be done.
(b)-- do--
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| 15. |
Payment if any for
(a) issue of cheque-book,
(b) out of pocket expenses,
(c) Ledger folio charges.
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(a) No charges levied,
(b) On actual basis,
(c) No charge |
(a) Rs 1 per leaf.
(b) actual,
(c) free of charges
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| 16. |
Any other benefits that the bank may be willing to provide either to the institution (ESIC) or to the employees of the Corporation, that his House building, consumer loans, and educational loans etc.
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Cases to be considered on merit and deviations, if any, from the standard terms and conditions of the schemes may be authorised by competent authority.
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Concessions will be extended as applicable for the specific scheme, if check off facility and group guarantee is provided.
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