THE INDIAN BANK STAFF CO-OPERATIVE SOCIETY LTD., X-341 CHENNAI
Thrift Deposit
It is a saving just like an R.D. Presently the monthly Thrift Deposit Subscription is fixed as Rs.1500/-, Rs.1200/- and Rs.800/- for Officers, Clerks and Substaff respectively. This monthly subscription is mandatory. The Subscription amount is increased slowly from time to time in tune with the increase in salary. If individual members wish, they can increase the amount upto 25% of their Basic Pay. We honor the highest Thrift Deposit holders ( 1 Substaff, 1 Clerk & 1 Officer cadre member ) every year in the Annual General Body.
Interest on Thrift Deposit : @ 7 % disbursed every year during April. It is credited into their salary SB A/c directly on the first working day of April.
Share Capital
Members can buy shares at Rs.5/- each. One can get shares upto one tenth of the maximum loan limit fixed from time to time. The present loan limit is Rs.8 lakhs. Hence one can contribute towards shares upto Rs.80,000/-. One can remit the required amount and get the shares if he / she does not intend to avail loan. Or if a member avails loan the required share amount will be deducted from the loan proceeds. This amount will be refunded at the time of membership closing. This also constitutes saving like a Fixed Deposit. Surety Loan is sanctioned upto 10 times of one’s share holding, of course, subject to one’s eligibility.
DIVIDEND ON SHARES: Dividend on shares is disbursed every year during the month of September. For the year 2023-24 it was at 14%. Certainly it is a high return on one’s savings.
Member's Family Welfare Deposit Scheme
Every member contributes Rs.200/- p.m. towards this Fund. This monthly subscription is mandatory.
Our Society is maintaining this Members’ Family Welfare Fund to alleviate the hardship experienced by the family of the deceased members. In the event of unfortunate demise of members while in service, financial assistance is extended to the family as detailed below:
| PERIOD OF MEMBERSHIP | ASSISTANCE AMOUNT |
|---|---|
| Below 5 years | Rs.1,00,000/- |
| 5 years to 10 years | Rs.1,50,000/- |
| Between 10 years and 20 years | Rs.1,75,000/- |
| Above 20 years | Rs.2,00,000/- |
Our Society refunds the whole amount contributed with 6% interest when members retire from service or withdraw their membership while in service. This is also one type of saving.
Contact Us
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The Indian Bank Staff Cooperative Society Ltd., X-341
No.253, Angappa Naicken Street,Chennai - 600 001
Tamil Nadu. - ibsociety1965@gmail.com
- 044-42627239
- 044-25340757
- 044-25340988
- Secretary No: 9677148603
- Assistant Secretary No: 9790805439