PRESIDENT
VICE PRESIDENT
DIRECTOR
SHRI.
MEMBERSHIP:
Any permanent employee of Bank of India , within the Area of Operation can become a member in the Society. Minimum 10 Shares should be taken to become a member in the Society. Cost of one Share is Rs.10/-. Also an entrance fee of Re.1/- per share has to be paid upto 30 shares.
THRIFT SUBSCRIPTION:
After enrollment as a member staff should pay subscription every month, which will be deucted from their salary(Subscription is Rs.200/- per month). For this subscription the Society pay an interest at the rate of 6% per annum. The Interest will be credited in their account in the month of March every year. At the time of closure of his membership he can get back all his subscription along with interest after deducting any dues due to the Society.
SURETY LOAN:
The basic norm to avail Loan in the Society is as under:
Completed membership | Loan eligible | Shares to be provided | EMI per month |
4 to 12 months | Rs. 1,00,000/- | Rs. 20,000/- | Rs. 2,300 |
13 to 24 months | Rs. 1,50,000/- | Rs. 30,000/- | Rs. 3,200 |
25 to 36 months | Rs. 2,00,000/- | Rs. 40,000/- | Rs. 4,200 |
37 to 48 months | Rs. 2,50,000/- | Rs. 50,000/- | Rs. 5,000 |
49 months onwards | Rs. 3,00,000/-(max) | Rs. 60,000/- | Rs. 6,000 |
The rate of interest on Surety loan is 9% (simple interest) per annum. The interest will be charged on diminishing balance.
DIVIDEND:
The Society divide the Surplus earned during the year to its members after deducting the Statutory provision as per MSCS act. So far the Society declaring Dividend on Share Capital is more than 12% every year.