SAVINGS ACCOUNT

An interest at 4.25% per annum on the savings account balance is credited on quarterly basis. The interest on savings account balance is calculated on daily balance to the account. Minimum balance of Rs. 1000/- is required to be maintained in the savings account balance.

SAVINGS ACCOUNT

1) Fixed Deposit:

- Duration - 13 months

- Current rate of interest for members - 6.75% per annum

FD maturity alerts were being sent to depositors by SMS on their register mobiles seven days prior to the date of maturity. If intimation for credit to savings bank accounts is not received within seven days before maturity,the proceeds of fixed deposit shall be renewed automatically with interest onmaturity date

The interest on fixed deposited is calculated on quarterly basis Hence it is also called a cumulative fixed deposit.

In case of premature withdrawal of deposit after one month from the date of deposit, the Society pays interest at the rate of applicable to saving account prevailing then.

2) Recurring Deposit:

- Duration - 12 months

- Rate of Interest - 5.50% calculated on quarterly basis

- Minimum monthly subscription - Rs.1000/-

- Payment debit to members savings accounts.

3) Cumulative Deposit:

It is incumbent on a member to subscribe every month an amount of Rs.200/- towards Cumulative Deposit. Interest @5.50%.

The amount to the credit of the individual member's MAF account is refunded with accrued interest to the member on his/her retirement/resignation from the Society.

MEMBERS ASSISTANCE FUND

• The member shall continue to contribute Rs.800/- Per month till he/ she ceases to be a member. The monthly subscription shall be placed to the credit of the member in MAF account.
• An interest at the rate of 4% is credited to the Interest on MAF account of the member.
• The amount to the credit of the individual member's MAF account is refunded with accrued interest to the member on his/her retirement/resignation from the Society.
• The nominee of the deceased member will be entitled after deduction of the accumulated deposit with accrued interest under the MAF for an assistance of Rs.10,00,000/- such payment shall be made after clearing all the dues of the member.
• The aim of the scheme will be to render financial assistance as an act of benevolence to the nominee/s of the member's in the event of his/her death. Provided where the member's death is directly due to mass loss of life, due to enemy action or natural calamity the nominee/s of such member/s shall not be eligible for assistance as indicated above.
• Death Incidental:- In addition to compassionate, nominee of the deceased member is given an immediate assistance of Rs.25000/- in cash, towards funeral and other expenses.

FUND TRANSFER

- By NEFT (INWARD 24 Hrs)

- TO NEFT-(OUTWARD 10.00 A.M. TO 4.00.P.M.)

- Facility for issue of cheque.

LOANS AND ADVANCES

Subject to the provisions of the Bye- laws every member is eligible for loan from the society.

The Loan is granted for the following purposes.

• To secure residential accommodation, to purchase a plot of land for housing, house repairing, renovation/alteration etc.
• To purchase durable household article.
• To meet educational, medical and marriage expenses.
• Any other purpose as may be approved by the Managing Committee.
• Renewal of Loans for emergency purposes is allowed.
• No member shall be entitled to a loan if he/she is already indebted to another Society or unless agrees to transfer his/her liability.
• The members are sanctioned loan with a maximum of Rs.80,00,000/- (Rupees Eighty Lakhs only) fifty times of gross salary (whichever is less).
• Loans plus interest there on shall be repayable on demand or in such installments as determined by the Managing Committee but not later than 300 monthly installments.

LOAN AGAINST DEPOSITS

Members and nominal members are eligible to avail of loan against fixed deposit maintained in the Society. Rate of interest charged is 2% more than the rate of interest on fixed deposit or the rate of interest charged by the Society on the long term loan whichever is less.

Repayment of the loan against fixed deposit will be made before the maturity of the fixed deposits against which the loan is availed.

BENEVOLENT SCHEMES

Retirement Gift - Every member retiring from the Service of the Bank is given a gifted a sum of 40,000/- (At least two years continuous membership is required)

SMS ALERTS

SMS alerts are being sent instantly on member's registered mobiles for all transactions in savings account. Also, FD maturity alerts are sent seven days prior to the date of maturity.