Welfare Measures


1. MEMBER’S BENEVOLENT DEPOSIT SCHEMES (MBD)

OBJECT
i) To render financial assistance by the way of refund of deposit received from a member together with interest accrued on his / her retirement from bank’s service or on ceasing to be an employees of the bank or a member of the society for any reason.

ii) To render financial assistance as an act of benevolence to the nominee/s of the member in the event of his / her death as under.

IF DEATH OF MEMBERS TOTAL ASSISTANCE
OCCURS
After admission but  before 12 months 25000
After 12 months but before 24 months 50000
After 24 months but before 36 months 100000
After 36 months but before 48 months 150000
After 48 months but before 60 months 200000
After 60 months but before 72 months 250000
After 72 months but before 84 months 300000
After 84 months but before 96 months 350000
After 96 months but before 108 months 400000
After 108 months but before 120 months 450000
After 120 months  and before 132 months 500000
After 132 months  and before 144 months 600000
After 144 months  and before 156 months 700000
After 156 months  and before 168 months 800000
After 168 months  and before 180 months 900000
After 180 months  and before 192 months 1000000
After 192 months  and before 204 months 1100000
After 204 months  and before 216 months 1200000
After 216 months  and before 228 months 1300000
After 228 months  and before 240 months 1400000
After 240 months  and before 252 months 1500000
After 252 months  and before 264 months 1600000
After 264 months  and before 276 months 1700000
After 276 months  and before 288 months 1800000
After 288 months  and before 200 months 1900000
After 300 months  and above 2000000


NOTE: If on receipt of confirmed information of death of a member, the society shall arrange to pay an amount from MBD, an advance Rs. 10,000/- to the nominee.

Provided where the member’s death is directly due to mass loss of life. Due to enemy action or natural calamity, the nominee of such member/s shall not be eligible of assistance as indicated above. The provision shall not be applicable to members joining the Civil Defense Service, Territorial Army, Defense Service, etc.


2. RETIREMENT BENEFIT TO THE MEMBERS OF THE SOCIETY

Under this scheme a member who is retiring from service is given a benefit for the number of years of membership with the society. The period of membership and its respective quantum of benefit are as given below:

Period of membership with society Quantum of Benefit
>120 months to 180 months Rs. 10,000/-
>180 months to 240 months Rs. 15,000/-
>240 monthsto 360 months Rs. 20,000/-
>360 months Rs. 30,000/-

NOTE: Further, Retirement Benefit is now extended to VRS employees too.
Revision in Retirement Benefit on retirement (Effective from February 01, 2018)


3. MERIT AWARD FOR STAFF MERITORIOUS STUDENTS

Under this scheme, member’s children who have scored good marks in examinations are given a merit award. The criteria for merit award is as given below (Effective from 1st April-2021):

  Type of Examination Min.(%) Quantum of Prize (Rs.)
a) S.S.C. 60% To 75% 1,000/-
75% To 90% 1,500/-
Above 90% 3,000/-
b) H.S.C. 60% TO 75% 1,500/-
75% To 90% 2,500/-
Above 90% 5,000/-
c) Graduation 60% To 80% 5,000/-
Above 80% 7,500/-
d) Post Graduation 60% To 80% 5,000/-
Above 80% 7,500/-

It was also been decided to reward the students who have secured extra-ordinary marks i.e. above 98% with addidtional amount of Rs. 2000/-