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Rate of Interest is @9% Yearly |
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Loan and Adavance rate is @10% yearly |
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DEPOSIT:
1. SUBSCRIPTION: The minimum contribution towards Retirement Benefit Fund Rs.300/-. Member may deposit maximum amount of Rs. 3,000/- per month. Enhanced amt. of contribution will be multiple of 100.
2. For new enrollment. Enclosed draft of
Rs.351/- ( Rs. 300/- minimum contribution,Rs.50/- as Share & Rs. 1/- as admission fee.)
3. 5O% WITHDRAWAL OF R.B.F:- Member can avail 50% withdrawal facility from own contribution towards Retirement Benefit Fund once in every three years. Provided that the member has not taken loan with the society during concerned period.
4. INTEREST RATE ON R.B.F DEPOSIT: Interest rates on Retirement Benefit Fund is 9.5% per annum.
LOAN:
1. MID TERM LOAN:- A member is eligible to apply for a loan of Rs. 20,000/- after first salary deduction received by us from HRMS, repayable @ of Rs.400/- per month. The principal amount will liquidate in 50 installments.
2. LONG TERM LOAN:-
(A) Members completed one year of membership are eligible to apply for loan of Rs.40,000/-, repayable & Rs. 600/- per month. The principal amounts liquidated in 67 equal installments.
(B) Members completed 4 years of the membership are eligible to apply for loan of Rs. 70,000/-, repayable @ Rs, 1,000/- per month. The principal amount to be liquidated in 70 installments.
(C) Members completed 7 years of membership and having deposit of Rs. 17,000/- in R.B.F are eligible to apply for loan of Rs. 1,00,000/-, repayable @ Rs.1,600/- per month. The principal amount to be liquidated in 63 installments.
(D) Members completed 8 years of membership with the society and having deposit of Rs. 19,500/- in R.B.F are eligible to apply for loan of Rs. 1,30,000/- per month repayable @ Rs. 1,900/- per month.
The principal amount to be liquidated in 69 equal installments.
(E) Members completed 10 years of membership having deposit of Rs.24,000/- in R.B.F are eligible to apply of loan of Rs. 1,60,000/-,repayable @ Rs. 2,400/- per month. The principal amount will be liquidated in 64 installments.
(F) Members completed 10 years of membership with the society and having deposit of Rs. 30,000/- in R.B.F are eligible to apply for loan of Rs.2,00,000/-
repayable @ Rs. 2,600/- per month. The principal amount to be liquidated in 77 installments. Sub staff are not eligible to apply for loan of Rs. 2,00,000/-
(G) Members completed 10 years of membership with the society having deposit of
Rs. 37,500/- in R.B.F account are eligible to apply for loan of Rs.2,50,000/-repayable @ Rs. 3,400/- per month. The principal amounts liquidated in 74 installments, Sub-staff are not eligible to apply.
INTEREST RATE ON TERM LOAN:- Loan and Advance Rate is @10% Yearly.
3. HOUSING LOAN:- In addition to above mentioned loan members those have availed housing loan from bank are eligible to apply for loan of Rs. 50,000/- .Repayable @ Rs. 700/- per month.
HOUSING LOAN INTEREST: Housing Loan Interest is @9% yearly.
WELFARE SCHEME: Education loan is Rs. 10,000/- repayable @ Rs. 1,050/- per month in 10equal installment.
GRATUITY ON RETIREMENT: Members taken normal retirement from bank service and completed 15 years of membership regularly with the society are entitled to get gratuity of Rs. 20,000/- w.e.f 1st April2011
DEATH RELIEF: Death relief of Rs. 20,000/- will paid to the legal heir of deceased member on receipt of an application from legal heir along with death certificate forwarded by A.G.M/ Chief Manager/ Branch Manager.
Hony. Secretary.
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