Mr. Gabriel has given valuable advice. Kindly follow it.
Section: 4
Payment of gratuity.
(5) Nothing in this section shall affect the right of an employee to receive better terms of gratuity under any award or agreement or contract with the employer.
There are employers who do not put any ceiling on gratuity and employee can accumulate gratuity for entire tenure of service. Nothing in the act prohibits employee to accept better benefit than the one mentioned. So if employer is offering better benefits in terms of gratuity employee can accept.
Therefore you may use the opportunity to get better benefits in terms of gratuity from your employer.
BANK OF BARODA GRATUITY FUND
RULES AND REGULATIONS
On voluntary retirement after 20 years of service/or resignations of an officer after 5 year of continuous service in the Bank: Gratuity shall be payable at the rate of one
month’s salary for each completed year of service subject to the maximum 15 months
salary.
IOC Employees' Gratuity Rules
After completion of 5 years service but before 20 years' service : 12 months' emoluments (actual)
NATIONAL LAW SCHOOL OF INDIA UNIVERSITY
34. (i) An employee who has completed five years of qualifying service at
the University shall be granted Death - cum- Retirement Gratuity in
accordance with the scale indicated in Regulation 35.
35. The amount of death -cum -retirement Gratuity shall be one - fourth of the
emoluments of an employee for each completed six monthly period of
qualifying service subject to a maximum of sixteen and half times the
emoluments or Rs.1,00,000/ - whichever is less