Death-Cum-Accident-Cum- Retirement Benefit Scheme

During February 1968 seven members of our Union working at our erstwhile Local Head Office got drowned in the sea in Chennai when the "Launch" which carried them capsized all of a sudden. Out of the 20 members 13 were rescued. Funds were raised to offer solace and succour to the bereaved families

The tragedy devouring seven of the employees resulted in SBSU deciding to constitute "State Bank of India Staff Union (Madras Circle) Benevolent Fund Scheme" in the year 1968. The scope of the scheme was enlarged and renamed as "Death cum Accident cum Retirement Benefit Scheme (DARBS) which camte into force from 1st July 1982

The benefits extended presently under the Scheme are as follows

• Death Relief : Rs.40,000/- to the family of deceased member and Rs.10,000/- towards funeral expenses

• Retirement : Lump sum Benefit per member Rs.10,000 (members of the Staff Union for a continuous period of atleast five years immediately prior to their retirement

Disbursements made so far under the scheme as on 30-09-2018 -- Rs.11,14,11,200/-