UNION BANK OF INDIA STAFF CO-OPE

LIST OF DIRECTORS

1. Mr. V Vetrivel, Armenian Street branch

2. Mr. E Nagendran, Chennai Maiin branch

3. Mr. S Chandramouli, Nungambakkam branch

4. Mr. S Venkatesan, CCY Chest (Chennai Main) branch

5. Mr J Mohan, Tiruvarur branch

6. Mr. A Balasubramanian, Avadi branch

7. Mr. S Suresh, Overseas Chennai branch

8. Mr. M Kalaimamani, Salem Main branch

9. Mr.N SenthilKumar, Annur branch

10. Mr. N Magesh, Sriperumpudur branch

11. Mr. A Ravi,Sowcarpet branch

12. Mrs. T Raji, Tiruvanmiyur branch

13. Mrs. R Devishree, Tiruvanmiyur branch

SOCIETY STAFF

1. Mr S kothandaraman - Secretray

2. Mr B Annadurai - Clerk

SALIENT FEATURES OF THE SOCIETY

A. LOANS:

SURETY LOAN: At present, Our Society is sanctioning surety loan of Rs. 6, 00,000 ( Six lakhs only) to the members repayable in 120 equal monthly instalments subject to remaining period of service which ever less, {for new member at presently loan sanction Rs.50,000/- only in the Board Meeting on case by case). Loan will be sanctioned after the confirmation of service in the Bank without any specific condition imposed by the Bank in the confirmation order.

FESTIVAL LOAN: Festival Loan to the tune of Rs. 25,000/- (Twenty five thousand only) is sanctioned to the members repayable in 12 equal monthly instalments.

National calamity loan : Rs.20,000/- will be sanction to the members while national calamity and repayable is 24 EMI and interest rate is 10% pa. With out surety and share caapital

B. DEPOSITS:

THRIFT DEPOSIT: Every member should contribute Rs. 500/- per month to be deducted from the salary as Thrift Deposit. Thrift Deposit (which is mandatory) is collected every month from the members to augment the resources of the Society to become self-reliant without borrowing funds from other Institutions. The Thrift Deposit is refundable at the time of closure of membership. Interest on Thrift Deposit will be paid on last working day of the financial year. The quantum of Thrift Deposit will be reviewed and revised at the Annual General Body Meeting of the Society. Rs.500/- is the minimum amount of contribution. Members may subscribe more, if they so desire.

GENERAL DEPOSITS: Society is accepting Deposits from the members. At present the Society has FDR, DRIC and Cumulative Deposits Schemes. The Deposit Scheme is for a period ranging from 46 days to one year in all the cases. The minimum amount of deposit in case of FDR and DRIC is Rs. 5,000/- and in multiples of thousands. In the case of Cumulative Deposit, the minimum monthly contribution is Rs. 100/- and multiples of hundreds. Monthly interest on FDR will be paid only on deposit receipt of Rs. 50,000/- and above (single receipt). In other cases, quarterly interest will be paid in the month of April, July, October and January. Interest will be credited to their accounts in last working day of the month in which the interest is due. Pre-mature withdrawals and loans against deposits up to 90% are allowed at the discretion of the Board of Directors. The Board of Directors have also the right to stop accepting the deposits after reviewing the overall financial position of the Society. Interest on premature deposits will be paid as per the applicable rate for the deposits held with the Society.

C. WELFARE SCHEMES:

1. SURETY RELIEF FUND: An amount of Rs. 120/- per year (non-refundable) is collected from the members (Rs.10/- per month). The accumulation from this Fund will be utilised to give relief to the surety of the absconding/dismissed/expired employees in whose cases i) final settlement is delayed for want of one reason or the other; ii) the final settlement is not sufficient to meet their liabilities with the Society and iii) punishment has not been imposed in the case of absconding employees despite lapse of sufficient time. Relief will be subject to the accumulation in the Fund and as decided by the Board of Directors. Members cannot withdraw from this Scheme during the tenure of their membership.

2. DEATH RELIEF FUND AND FAMILY WELFARE:

Every member shall subscribe to the fund at the rate of Rs.350/- per month ( refundable). It becomes recoverable along with the other dues of the Society.

1. If a member is deceased, a sum of Rs.3,00, 000/- or 20 times the subscription whichever is less will be released from the above Death Relief Fund to the nominee/legal heir/s by the Board after adjusting the dues to the Society, if any. Amount will be paid on seniority basis subject to availability of funds.

SOCIETY’S OWN PREMISES:

The Society is having its own premises measuring 714 sq. Ft. flat at the above address.

SOCIETY ACCOUNTS:

The account of the Society is fully computerised.

CBS CREDITS.

The Society credit loans, FDR interest, dividend and TD interest, Unit Deposit Interest to members account directly through CBS.

5. INTEREST RATES

PRODUCT TYPE	RATE OF INTEREST
LOANS
SURETY LOAN	9.75%
FESTIVAL LOAN	9.75%
NATURAL CALAMITY LOAN	9.00%
DEPOSITS
FDR/DRIC/CUMULATIVE	8.00%
THRIFT AND UNIT DEPOSITS	8.00%

Ø Penal interest on overdue instalments will be at the rate not exceeding 1% over and above the lending rate.

The interest rates will be revised by the Board of Directors from time to time after careful analysis of the financial status of the Society

TERMS AND CONDITIONS

1. Membership application forms, duly filled in, should be sent to the Society alongwith a Demand Draft for Rs. 125/- favouring the Society being the cost of 10 shares (Rs. 100/-) and Admission Fee of Rs. 25/-. Admission of Membership is the prerogative of the Board of Directors. (Kindly enclose copy of latest pay slip along with membership application and Nomination form

2. Employees applying for Membership should not be a member of any other

Co-operative Society, i.e. Dual membership is not allowed

3. Surety Loan of Rs. 6 lakhs is sanctioned based on mutual surety.( Rs. 50,000 for the new member)

4. All deductions towards dues to the Society should be through “UNION PARIVAR” only.

5. One Twentieth (1/20) of the loan amount applied for both in the case of Surety Loan and Festival Loan will be deducted from the loan amount so sanctioned as Share Capital. Surety should also have equal share capital and if need be the member who applies for loan should give it in writing that the share capital for his surety can be deducted from his loan amount to be sanctioned and in that case he has to get back that amount from his surety and the Society will not take any responsibility of collecting that share capital amount from the surety to the loanee.

6. One Twentieth (1/20) of the loan amount applied for both in the case of Surety Loan and Festival Loan will be deducted from the loan amount so sanctioned as Unit Deposits. Surety should also have equal Unit Deposit and if need be the member who applies for loan should give it in writing that the Unit Deposit for his surety can be deducted from his loan amount to be sanctioned and in that case he has to get back that amount from his surety and the Society will not take any responsibility of collecting that Unit Deposit amount from the surety to the loanee.

7. Renewal in the case of Surety Loan is allowed after completion of four months.

8. Take home pay should not be less than 25% of the gross salary after taking into consideration the instalments towards the Society.

9. The Society recovery should not exceed 50% of the gross salary

10. In case of overdue in the loan account of a member, neither the member nor his/her surety will be sanctioned any loan/renewal until the overdue is cleared.

11. For sanction of Festival loan, Xerox copy of preceding month salary slip should be sent along with the Festival Loan application form and no surety is required.

12. Employees can become members of the Society need not avail any loan but have to contribute towards Thrift Deposit, Family Welfare Scheme , Surety Relief Fund and Death Relief Fund every month.

13. Members must be aware that, if he/she is admitted as a member of the Society

he/she must pay the following amount to the Society every month as long as they

continue membership with us whether he/she availed loan or not.

Monthly deduction will be Rs.960/- detailed as follows

CATEGORY	AMOUNT
THRIFT DEPOSIT (REFUNDABLE)	600
SURETY RELIEF FUND (NON REFUNDABLE)	10
DEATH RELIEF FUND (REFUNDABLE)	350
TOTAL	960

Ø Members are requested not to remit cash in Society account. Only transfer amount from your account to avoid cash transaction charge of 1% + service tax 15%

Ø Members are requested to send the loan application directly to the Society address instead of sending to service Branch, Chennai for avoiding delay in sanction of loan.

Ø The loan application will be download from their mail and print front and back in white A4 paper

UNION BANK OF INDIA STAFF CO-OPERATIVE THRIFT AND CREDIT SOCIETY LTD. No. MSCS/CR/44/94