State Bank of India (Subsidiary Banks) Act : Establishment of pension and superannuation funds by

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Establishment of pension and superannuation funds by subsidiary banks.

51. Establishment of pension and superannuation funds by subsidiary banks.- Notwithstanding anything to the contrary contained in any other law for the time being in force, a subsidiary bank may establish and maintain superannuation, pension, provident or other funds for the benefit of its officers or employees or the dependants of such officers or employees or for the purposes of the subsidiary bank, and grant superannuation allowances, annuities and pensions payable out of any such fund.