Deposits

Thrift Deposit

Thrift Deposit is a compulsory savings and it is recovered from the monthly salary of a member. Presently Rs. 1000/- is being recovered towards Thrift. Interest on thrift is calculated annually and added in thrift deposit itself on 31st March from the year 2006 – 2007.

Fixed Deposit & Cumulative Deposit

The society accepts fixed Deposit from member and allows better rate than the bank interest Rate. The minimum deposit is Rs. 10,000/-. Monthly interest is also given depending upon the amount of Deposit. In cumulative deposit the interest yield will be more, as given in the interest table.

Recurring Deposit

Recurring deposit is recovered through salary for a period of 12 months. Minimum Rs. 100/- and multiple thereof. On maturity the amount is credited to the Bank Account of the Members directly.

Member Group Insurance Scheme

All members are covered under group insurance scheme. Under this scheme, every year annual premium of around Rs. 880/- is being collected from the member for relief coverage of Rs. 8 Lakhs. No medical proof is needed.

Member Benevolant Fund

It is created out of Net Profit of the society in order to give certain relief to the member in the event of death or loss of employment due to disability ranging from Rs. 5000/- to Rs. 50000/-.