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(the Society deemed to be Registered under Multi-State Cooperative Societies Act, 2002)
1. Every member shall subscribe to a Thrift Deposit, so long as he / she continues to be a member of the Society a sum of Rs.1100/- per month irrespective of the scale of pay.
2. These subscriptions shall be collected along with the instalments of Shares Capital, loans etc., due by the members every month. At the end of every co-operative year, the accumulated amount shall be converted into a Thrift Deposit and held for the credit of the member until he ceases to be a member.
Interest shall be allowed on the subscription and on the Thrift Deposits at a rate not exceeding 10 percent per annum. The interest accrued on the monthly subscription shall be paid each time they are converted into a Thrift Deposit and that on the Thrift Deposit shall be paid once in six months.
Every member of the Society shall be required to pay the Society a Monthly Subscription of Rs.600/-. The amounts standing to the credit of the subscriber with interest decided by the Board of Directors from time to time shall be paid to him/her on ceasing to be a member.
In case of death of a subscriber his/her nominee or his/her legal heir will be paid a sum decided by the Board of Directors from time to time.
Fixed Deposits may, at the discretion of the Board of Directors be received at any time only from Voting Members. (The Fixed Deposit may accept as and when needed by the Society).
Fixed Deposit Present Rate of Interest is 8.50% p.a. (for a period of two years)
Loan Against Deposit Rate of Interest is 9.50% p.a. (the Deposit eligibility up to 90 percent of the Deposit amount.)
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