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1.DEPOSITS

Fixed Deposit

The Credit Co-operative Society will accept deposits from its Memberas well as from the Retired Officers of the department.
Interest on deposit will be paid on Monthly, Quarterly and Yearly basis.
Rate of interest for the Fixed Deposit is as under:

     Monthly – 8%
  Quarterly – 8.25%
Yearly – 8.50% ( w.e.f . 01/06/2020 )

 Thrift Deposit

To encourage the savings and regular investment habit among the members, the Society has offered Thrift deposit facility its active members.
This deposit will be withdrawn only once either on cancellation of Membership or on Retirement from the Service.
The details of the Scheme is as under:

Minimum Monthly deposit Rs.1000/- ; Maximum no limit.
                        Rate of Interest = 8% p.a.(Compound interest) Interest will be annually.

2.LENDING OF LOAN

Maximum Loan amount available for Members = Rs.20,00,000/-.
Rate of Interest = 9% (Simple interest).
The following Compulsory deduction will be done while sanctioning the Loan:
12 times of the loan amount will be deducted as Share amount.
Share Fee = 10% of Share amount

Application Fee –Rs. 100/-

Loan Insurance amount = Rs.22,600/-
(Coverage for Rs.4,00,000/- in caseof death of Member).
MSSON - Insurance = Rs.2,555/-
(For Coverage of Loan of Rs.50,000/- in case of death of Member)


The Board has decided to implement the following conditions to be fulfilled for sanction of the loan:

In response to the request of the members to increase the loan amount to meet the burden of payment of school/college fees of their children, emergency medical exigencies. The Board of Directors of the society are happy to announce that an additional Loan of Rs.1,00,000/- will be granted to the members of the society in addition to their existing loan with effect from 01-08-2023. Accordingly, the existing loan limit of Rs. 12,00,000/- has been enhanced to Rs. 13,00,000/-.

Further, The Board of Directors have decided to enhance the loan amount from basic minimum 12 lakhs to maximum 20 lakhs subject to the eligibility conditions of the member. The member who applies for loan of 20 lakhs has to submit his/her pay slip for previous three months along with the application. The eligibility criteria for obtaining 20 lakhs loan is 30 times of Basic pay of the member and restricted maximum to 20 lakhs. In case if the members eligibility is less than 20 lakhs after considering 30 times of basic pay then he/she will be eligible to only such amount and not 20 lakhs. Below mentioned conditions will also apply for obtaining maximum loan of 20 lakhs.


A) In respect of members retiring before the tenure of the loan required to give an undertaking for recovery of loan within the date of retirement of the member subject to the condition that the society recovery/savings should not exceed 50% of the total take home salary. The recovery of loans will be on the predetermined EMI.

B) The loan will be sanctioned to members on first come first serve basis subject to the fulfilment of all the conditions and subject to availability of funds.

C) Members to whom loan has already been sanctioned for which recovery is pending are also eligible to apply for the loan. However, the balance amount pending will be deducted before sanction of the additional loan.

D) Additional shares, including share fee will be deducted from the amount of loan sanctioned.

E) All the existing conditions for the sanction of loan shall prevail. The Aadhar Card and Pan Card details along with the correct residential address should be mentioned in the applications failing which the loan applications will be liable for rejection.

F) Every member shall submit one blank cheque pertains to salary account along with the application in the name of the society.

G) Loans will not be sanctioned to members who are having less than 5 years of service.

H) Loans will not be sanctioned to members who have defaulted payments of loan recoveries.

I) It is to bring to the kind notice of the members that your EMI should not be more than your basic pay. The DDO’s are refusing to deduct EMI if any member’s deduction is more than the basic pay. It is hereby informed to the members to kindly follow the said rules strictly. The Society is empowered to reject such applications which are not complying to the said point.

J) The members are hereby alerted to be very careful while becoming a surety as the loan amount will be huge. In case of any member defaulting the outstanding loan amount of such member will be recovered from the sureties only. Further, the sureties should also have the same service as of the applicant.


Down load Loan Application (pdf format)

Loan Application Book

3 e-STAMP

Society has extended its services by providing e-stamping facility to its members as well as general public.

5 HEALTH INSURANCE

The specialty of this Health Insurance is that – the family of the members will includes Self, Spouse, 2 Children and Parents / In-laws of the Members. Presently the minimum health insurance coverage per family is Rs.3 lakhs