M e m b e r s h i p   i n   O u r   S o c i e t y . . . .

 

Any confirmed employee of the Karur Vysya Bank Ltd., including the permanent part-time employee on scale of wages who is competent to contract under section 11 of Indian Contract act 1872 may become regular member by subscribing one share and entrance fee there on.

 

Any confirmed employee of the Karur Vysya Bank Ltd., who desirous of joining the Society have to submit the application in the prescribed form completed in all respect along  with a Demand Draft or a Cheque for Rs.11/- and copy of the Confirmation order issued by our bank.

 

As per Cir.No.04/2019-20 dated 18/03/2020 along with the application form and other documents mentioned therein, the following documents have to be submitted: (1). Passport size Photo (2). ID proof (copy of PAN card and copy of Aadhar Card)  (3). Address Proof (copy of Driving License / Voter ID / Passport.

 

For availing Loan along with the Loan application in the prescribed form, in addition to latest Pay bill, the above said documents for ID AND ADDRESS PROOF have to be submitted if not submitted already along with the membership application.

 

At the time of admission of new member, only one share will be allotted.  Members can subscribe to shares at the time availing surety loan subject to norms.

 

No member shall be permitted to withdraw any of the shares held by him in the Society or to resign his membership from the Society within three years from the date of which he was admitted as a member unless he retires/resigns from the service within this period. A member who has resigned from the Society shall be eligible to become member only after a lapse of two years from his resignation and Application for loan shall be considered after six months of his re-admission as a member.

 

Every member of the Society may nominate any person or persons to receive in the event of his death all the moneys due to him/her by the society at such time. The member may, from time to time, revoke or change such nomination.

A nomination made by a member shall not be valid and shall not in event of death of the member have effect unless:

It is made in writing and is signed by the member in the presence of two witnesses attesting the same. It is recorded in the books of the society kept for the purpose.

 

THRIFT SUBSCRIPTION:

Every member shall subscribe to the thrift deposit as long as he continues to be a member of the Society according to the scales laid down below for the time being.

Thrift Subscription w.e.f  01/04/2025
Cadre	Amount in Rs.
Sub Staff	900
Clerical	1,300
Officer	2,000

It shall be open to a subscriber however to increase his/her monthly subscription to any amount (maximum Rs.10,000/-) over and above the minimum amount, mentioned above, at any time during the year with the approval of the Board.

These subscriptions shall be collected along with the installments of loan due, if any, by the members every month. At the end of every co-operative year the accumulated amount shall be converted into thrift deposit and held to the credit of the member until he ceases to be a member. Interest shall be allowed on the thrift deposit at a rate fixed by the Board and paid to the members every year (first week of April) or credited to the Thrift Deposit account as per the member's preference through a mandate.

INTEREST ON THRIFT DEPOSIT For March 2025 the Board declared the rate of interest as 9% p.a. for Thrift Deposit as well as for Thrift subscription.

DIVIDEND ON SHARECAPITAL : For the Year ended 31st March 2025 12%. (As per bye-law the maximum dividend is 15%)

BANK DETAILS:

Name of the Bank	:	The Karur Vysya Bank
Branch	:	Nelson Manickam Road, Chennai.
IFS Code	:	KVBL 000 1805 (Use this for RTGS and NEFT transactions)
Type of Account	:	Current Account
Account No.	:	1805-1350-0000-0233

 

Download Membership Application Form : Download Application PDF

D e p o s i t s   a n d   L o a n s . . . .

DEPOSITS:

Deposits may at the discretion of the Board of Directors be received. Deposit shall be accepted from members and from any other institutions. There shall be two classes of deposits namely:

(1) Fixed Deposit: Fixed amount for a fixed period in multiples of Rs.1,000/-. Interest on FD of Rs.5,000/- and above shall be paid monthly and for FD less than Rs.5,000/ -at the end of every six months. ROI : 8.70%. Pre closure of deposit allowed subject to conditions.

     Fixed Deposit – 1 Year 8.70 % P.A
     Fixed Deposit – 2 Years 8.25 % P.A

(2) Recurring Deposit: Fixed amount every month in multiples of Rs.100/. Board of Directors is empowered to fix the Rate of Interest from time to time for FD as well as RD. ROI: 8.70 %(1YEAR & 2YEAR). Pre closure of RD allowed subject to conditions.

With effect from 01.01.2017 onwards, It is decided to put an upper cap for individual member’s RD amount, accordingly a member can open fresh RD account with an aggregate of Rs.5,000/- pm only.

 

LOANS:

SURETY LOAN:

No member shall at any time be indebted to the Society by way of principal to the extent of more than Rs.10,00,000/-(conditions apply) on account of any loan / loans taken by him/her subject to this limit, a member may at the discretion of the Board of Directors be given loan/loans not exceeding Rs. 100/- for every share held by him/her or 15 times of his/her pay and allowances per month whichever is less subject to the members repaying capacity. No member shall be eligible for second loan on personal surety before he/she has paid not less than six monthly installments towards the loan previously taken by him/her.

Surety Loan subject to the following Limits or 15 times of pay & allowances per month whichever is less: (w.e.f 18.04.2022).The following limits decided by the Board based on the continuous membership with the society by the members.

Continuous Membership with the Society	Upto 5 Years Rs.	5 to 10 Years Rs.	10 to 15 Years Rs.	Above 15years (subject to eligibility norms as per byelaw) Rs.
Sub Staff	2,50,000	4,50,000	5,50,000	7,00,000 to 10,00,000
Clerk	3,00,000	5,00,000	6,00,000	7,00,000 to 10,00,000
Officer	3,00,000	5,00,000	6,00,000	7,00,000 to 10,00,000

Interest on loans shall at such rate/rates prescribed by the Board of Directors from time to time. The present lending rate is 10% with effect from 01/04/2021 as per Soc.Cir.No.07/2021. The surety loan shall be repayable in 150 monthly installments through salary deduction. Calculation of interest for Surety loan is on daily products basis. No member shall be eligible for second loan on personal surety before he/she has repaid not less than six monthly instalments towards the loan already taken by him/her.

If the loan closed within 15 days from the date of availing the loan a minimum of 15 days interest will be charged. Pre-closure of loan is permitted further member can make part payment also. Loan will be sanctioned subject to fulfillment of 25% take home pay norm.

 

SPECIAL LOAN: Not with standing anything in any other bye-law, the Board of Directors may grant a special loan to a member not exceeding Rs.50,000/- to meet out any major ailment. The said loan shall be repayable in 60 monthly installments with applicable ROI:10%.

 

 

 

M e m b e r   W e l f a r e   S c h e m e . . .

 

All members of the Society shall subscribe to the scheme regularly and monthly as long as their membership in the Society continues. The subscription of this scheme is extended to all members of the Society and they should opt to subscribe Rs.60/- per month to the scheme as they continue to be the member of the Society. The object of the scheme is to render financial assistance as an act of benevolence to the nominees or legal heirs of a subscriber in the event of his death before his retirement or during his membership of the Society. In the event of death of a subscriber, his nominees or legal heirs shall be eligible for assistance of Rs.1,50,000/- as an act of benevolence and also the outstanding Surety loan amount will be waived off.

 

In addition to above, an assistance to the extent of 10% of the bill with a maximum of Rs.20,000/-  whichever is less shall be extended to the member who had incurred expenses exceeding Rs.1,00,000/- for any major ailment/operation, subject to other terms and conditions.

 

On a subscriber's retirement from his/her employment or on ceasing to be in his/her employment for any reason or ceasing to be a member of the society, the subscriber shall be eligible to receive the subscription made by him under the scheme together with interest, if any, accrued and payable as per rule.

 

SURETY RELIEF FUND:

Surety relief fund for affording relief to sureties of the principle borrower of loans in case of need. Every member of the Society shall subscribe Rs.60/- every month and the same is recoverable along with other dues of the society every month. The same shall be refunded at the time of retirement/ resignation with simple interest as decided by the Board then and there. The surety relief fund shall have a holiday period of three year in respect of interest from the date of admission.