Definition of family for public sector bank employees
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Provident Fund is one of the main retirement benefits / contributory funds offered to Bank employees on retirement. Any PSU Bank Employee who retires / resigns after service period of 5 years or more is eligible to receive the balance (Member's Contribution + Bank's Contributions) at his credit in the fund.
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Public Sector Banks (PSBs) are a major type of bank in India, where a majority stake (i.e. more than 50%) is held by a government. The shares of these banks are listed on stock exchanges. There are a total of 12 Public Sector Banks alongside 1 state-owned Payments Bank in India
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