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ABOUT OURSELVES
To cater the needs of the Employees of The New India Assurance Company Limited.
The New India Assurance Employees' Co-operative Thrift and Credit Society Limited registered No.X-413 was formed in the year 1959 and got registered under Madras Cooperative Society Act 1932 with 43 members and the area of operation was Madras City only. Later on, in the year 1974 our Society converted as a Multi State Cooperative Society under the Multi State Cooperative Societies Act IV of 1942 on 19.06.1974. The rules were framed as per Multi State Cooperative Societies Act 1984. Then membership spread over the Southern States namely Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Union Territory of Pondicherry were brought under the said Act from 1984. During this Period Slowly and Steadily our membership grew up from 43 members to 1403 members as on March, 2024. Now, our Society is functioning under the Multi State Cooperative Societies (Amendment) Act 2023. The society borrowed funds from Chennai Central Cooperative Bank Limited to meet out the members requirement for Surety Loan. Today our Society is a “A” class society providing Surety Loan to members with Lowest Interest rate and when compared to other societies in India we pay Highest Dividend of 20% on Share Capital from the year 2019-2020 to till date. The number of Board of Directors managing the affairs of the society at present is Twenty-One.
BENEFITS TO MEMBERS
Membership Fee Rs.25/-
1) Thrift Deposit: On membership Thrift Deposit will be collected from the member every month.
CALCULATION:
Basic + DA into 5 times divided by 150 rounded off to next Rs.5 maximum of Rs.1,000/-whichever is less.
Interest on Thrift Deposit will be paid to members in every Year March Salary at 6.75% per annum.
2) Share Capital: It will be deducted from member at the time of availing Surety Loan.
CALCULATION:
For Applicant: Loan Sanctioned divided by 20 rounded off to next Rs.10/-
For Surety: Loan Sanctioned divided by 40 rounded off to Next Rs.10/-
3) Family Welfare Deposit: On membership Rs.500/- will be deducted every month for the benefit of members and their families.
Benefits will be paid to members at the time of Retirement/VRS/Resignation/Termination.
a) Those who have completed less than 10 Years of continuous membership in the Society and Voluntary membership closure, actual contribution received with 3.50% interest.
b) Those who have completed 10 years and 1 day to 15 Years of continuous membership in the society - Actual contribution plus additional Rs.25,000/-Grant.
c) Those who have completed 15 Years and 1 day to 20 years of continuous membership in the Society - Actual contribution plus additional Rs.30,000/-Grant.
d) Those who have completed 20 Years and 1 day to 25 years of continuous membership in the Society - Actual contribution plus additional Rs.35,000/-Grant.
e) Those who have completed above 25 years and 1 day Actual contribution plus additional Rs.40,000/- Grant.
The Member : Rs. 2,00,000/- Assistance and Rs.10,000/- Funeral Expenses will be paid to Nominee of the Deceased Member (irrespective of the period of Membership).
All the three heads mentioned above namely, THRIFT DEPOSIT, SHARE CAPITAL and FAMILY WEFLARE DEPOSIT will be paid to member on closure of membership with the Society.
| 4) LOANS : | ||
| Surety Loan | : | Rs.13,00,000/- with 120 Instalments or Superannuation period whichever is less.( Lending rate at 9.75%) (Thirty times of Basic pay plus DA per month or 13 lakhs whichever is less) |
| Fixed Deposit Loan | : | Maximum 90% of fixed Deposit of member at 9.00% Interest. |
| Recurring Deposit Loan | : | Maximum 90% of Recurring Deposit of member at 9.00% Interest. |
| 5) FIXED DEPOSITS : | ||
| 1) Fixed Deposit | : | Period : One year Interest: 6.50% Interest payable to members on Monthly, Quarterly, Half-yearly and Yearly basis. |
| 2) Niaakshay Deposit | : | Period : One year Interest: 6.75% Interest payable to members on Yearly basis. |
| 3) Recurring Deposit | : | Members request amount will be deducted through salary for 12months and maturity amount will be paid in the 13th month
through salary only. Interest: 6.50%. |
6) MEMBER WELFARE FUND :
Benefits under the fund will be paid to members at the time of Retirement/VRS/Resignation/Termination.
7 years and 1 day of continuous membership in the Society - Memento of Rs.5,000/-
More than 10 years of continuous Membership in the Society - Memento of Rs.12,000/-
| 7) Group Personal Accident | : | Rs.5,00,000/- will be paid to nominee of the deceased member (w.e.f 01.12.2024) under the Group Personal Accident Policy. |
| 8) Group Insurance Policy (LIC) | : | Rs.10,00,000/-will be paid to nominee of the deceased member under the Group Insurance Policy |
| 9) Annual G.B. Gift | : | Rs.300/- Paid to members on roll, on the date of Annual General Body Meeting. |
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