Change in Smart Salary Account Rules

According to the news published in CNBC TV 18, Smart Salary Account holders will now get RuPay Debit Card. For this, a joining fee of Rs 199 will be charged. At the same time, customers on Smart Salary Exclusive and above variants will get Engage or Explore debit card, whose fees can be waived on certain conditions. According to the report, if the customer gets a salary credit of at least Rs 10,000 every month or maintains an average balance of Rs 10,000, then the joining and renewal charges will be waived off. At the same time, transactions at ATMs of other banks will be free up to 3 times a month in metro cities and 5 times in non-metros.

Salary account on zero balance

Apart from this, a fee of Rs 23 will be charged on financial transactions and Rs 10 on non-financial transactions. Rs 150 will be charged on international ATM withdrawal and Rs 20 on balance inquiry. If the check bounces, a charge of Rs 500 will be levied for the first time and Rs 750 from the second time. Zero balance is currently valid for salary accounts. On the other hand, if the salary is not credited for three consecutive months, the account will be converted into a regular savings account and a non-maintenance charge of up to Rs 750 will be levied on it.

New rules for Yes Vijay accounts
Yes Vijay account holders will get a debit card free. Cash transactions will be free up to ₹1 lakh or twice, after that a charge of ₹4.5 per ₹1000 (minimum ₹150) will be levied. In case of check bounce, a penalty of ₹350 will have to be paid for the first time and ₹750 thereafter. ECS return charges will start from ₹500 and go up to ₹550. Defense and pension account holders will continue to get unlimited ATM transactions and free digital banking services as before.

Defense and Pension Accounts
There will be no major changes in these accounts. Customers will get unlimited ATM transactions and free digital banking services as before.

Merchant Accounts
Cash deposit limit has been increased in Merchant Easy and Merchant Prime accounts. Deposits above the limit will attract a charge of ₹4 per ₹1000. 2% will be charged on small notes and 5% on coin deposits above ₹1000.

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It depends on how many years you have done the job and how much money you have deposited in the PF account during the job. If your money also goes to the PF account every month, then know here for your benefit that after how many years of service you become entitled to pension and what are the conditions for it?

How is pension calculated?

Every month 12 percent of the basic salary + DA of every employee goes to the PF account. Out of which 8.33 percent goes to his pension account and 3.67 percent goes to EPF every month. After accumulating this money deposited year after year in the pension account, he gets it as a pension after retirement. Calculation of PF pension depends on the pension amount in PF, the pensionable salary of the member and the number of years of service. You can use this formula to calculate your pension – Pensionable Salary X Total Years of Service /70

How to check eligibility for pension

• The first condition for getting pension is that you should be a member of EPFO.
• For this, it is mandatory for you to work for at least 10 years. After the death of the employee, the pension is given to the family members.
• You must be 58 years old to get pension. Although you can start withdrawing money from EPS at the age of 50, but that pension will be less. For this, Form 10D has to be filled.
• Apart from this, you can also postpone your pension for two years till the age of 60 years, after which you will get pension at an additional rate of 4 percent every year.

The post Employee Pension Scheme: How long the contribution will have to be made in the PF account to get the pension? Learn about the benefits first appeared on Rightsofemployees.com.