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OTHER BENEFITS

Members Welfare Deposits & Retirement Benefit Scheme:

Welfare Deposit is compulsorily recovered from the Monthly salary of the member. Presently Rs.1700/- is being recovered towards Welfare Deposit. The Members Family Welfare Fund and the interest earned out of this deposit is being utilized for the payment of assistance to the PF Nominees of the deceased members and by way of grant to the Retired & Voluntarily Retired Members.

Benefits extended to Members:

  • Rs.90,000/- for those who have completed 10 to 15 years of continuous membership in the society is being sanctioned.
  • Rs.1,20,000/- for those who have completed 16 to 20 years of continuous membership in the society is being sanctioned.
  • Rs.1,50,000/- for those who have completed 21 to 25 years of continuous membership in the society is being sanctioned.
  • Rs.1,75,000/- for those who have completed 26 to 30 years of continuous membership in the society is being sanctioned.
  • Rs.2,15,000/- for those who have completed 31 years or more of continuous membership in the society is being sanctioned.
  • When Member Retire from the services under Vouluntary Retirement Scheme, he/she shall be paid his/her welfare deposit contribution with prevailing rate of interest payable to Fixed Deposit/Recurring Deposit of our Society
  • When Member Retire from the services under Special Vouluntary Retirement Scheme, he/she shall be paid with two third of his/her welfare deposit contribution with interest payable to Saving Bank account of nationalized bank as per R.B.I. guildlines & regulation and one third of his/her contribution is allocated for Death Assistance which is not refundable.
  • When member foreclose his/her membership from the society he/she shall be paid with two third of his/her Welfare Deposit contribution only and One Third of his/her contribution is allocated for Death Assistant which is not refundable.

Members Death:

  • Member Family Welfare Assistance of Rs.4,00,000/- is being sanctioned for all Death Cases irrespective of the period of membership of the deceased Members.
  • Rs.5000/- for Funeral Expenses is being paid to Nominee of the Deceased Member.

Members Group Personal Accident Policy:

All members are covered under Group Personal Accident Policy for Rs. 5,00,000/- with free of cost, as welfare measure.