Department introduced new SERVICE DISCHARGE BENEFIT SCHEME(SDBS) for GDS

Department of Post has introduced a new SERVICE DISCHARGE BENEFIT SCHEME (SDBS) for the Gramin Dak Sevaks vide Establishment Division Memo No 6/11/2009-PE-II dated 1.9.2010 .
Saliant features of the scheme are as under:-
1. This scheme is in lieu of existing Severance Amount Scheme on an optional basis. Mandatory for the new Gramin Dak Sevaks entering into the service with effect from 1.1.2011.
2. For existing GDS opted for the SDBS till the date of their joining, @ Rs 1500/- for every completed years of service will be added to the accumulated contributions at the time of discharge for annuitization.
3. Department shall contribute @ Rs 200 per month for each enrolled GDS. GDS shall not be required to make any contribution from their side. The contributions made by the Department shall be credited to the Trustee Bank designated by the Pension Fund Regulatory & Development Authority (PFRDA) and invested through Pension Fund Managers (PFMs) designated by the PFRDA.
4. If the GDS is placed under POD or unauthorizedly absent, no contribution shall be made by the Department.
5. If the GDS is absorbed in the Department in any regular Departmental posts, shall have to quit the SDBS and to seek transfer of the accrued accumulations to New Pension Scheme (NPS).
6. If a GDS wishes to exit after attaining the age of 58 years, he can withdraw 20% of the accumulations and has to invest 80% of accumulations for purchase of Life annuity from any of the Life Insurance Company authorised by IRDA. The Department shall not make further contributions once he exists from SDBS.
7. At the time of discharge, GDS would be required to invest a minimum 40% of accumulations to purchase Life Annuity from any of the authorised Life Insurance Company duly approved by IRDA. The remaining amount i.e 60% can be withdrawn.

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