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Member's Welfare Schemes

  1. Services
  2. Member's Welfare Schemes

Member's Welfare Schemes

In pursuance of Bank's motto to allocate a lion share of profits to its stake holders, bank has been extending the following welfare schemes to its members.

  1. Medical Reimbursement to members for hospitalisation
  2. Accident Death Coverage of Rs. 50,000/-
  3. Payment of Rs 5,000/- welfare fund to the family of the Member after death
  4. Cash Awards to meritorious students who passed Tenth standard and Intermediate

 

MEMBERS MEDICAL REIMBURSEMENT

With a vision to provide some financial assistance to the members who get hospitalised, the then Chairman Shri Manam Anjaneyulu garu has introduced this Medical reimbursement scheme to members in the year 2005 for all those members who have a share capital of Rs 5000/- with a link deposit of Rs 5000/- or a loan in his/her name. If the member is a loanee, the loan account should not be in NPA. Since the inception year to 2012 an amount up to Rs 15,000/- was given away to the deceased who got hospitalised. The policy period is from December 2nd of Current year to December 1st of Next year. In the following years the scheme got transformed several times as per the request of the Members and the resolutions passed in the Bank Annual General Body. In 2012 the amount of hospitalisation was enhanced to Rs. 20,000/- per member, if both husband and wife are members and are in the eligibility criteria then both are eligible for claiming an amount upto 40,000/-. Till 2015 the scheme was extended to the members for free of cost. The General Body in their AGM in the year 2015 passed a resolution to enhance the claim amount to Rs 30,000/- per member and if both husband and wife are members they are eligible for claim amount up to Rs 60,000/- by collecting an amount of Rs 200/- per member towards scheme management for which the eligible member has to submit an authorisation form (commonly known as Sammathi patram) in the branch to debit this Rs 200/- from his/her account.

In 2018 AGM the General body with an intention to cover the maximum no:of members in this medical reimbursement scheme has passed a resolution to enhance the amounts  as per 2  schemes.

  1. Scheme A for members whose share capital is less than Rs 5,000/- will get a coverage of Rs 30,000/- per member and an authorisation should be given to debit Rs 200/- as scheme management expenses. If both husband and wife are members they are eligible for Rs 60,000/-
  2. Scheme B for members whose share capital is Rs 5,000/- and above will get a coverage of Rs 50,000/- per member and an authorisation should be given to debit Rs 300/- as scheme management expenses. If both husband and wife are members they are eligible for Rs 1,00,000/-
  3. The Eligibility criteria for joining any of these scheme shall remain the same as the earlier eligible criteria. i.e., If the member is loanee the loan account must not be in NPA,

 

Accidental Death Coverage:

Members of the bank are eligible for this Accidental coverage. If the covered member dies due to accident (NOT natural death or death due to disease) Rs. 50,000/- (Rupees Fifty Thousand) compensation shall be paid to the nominee, subject to production of satisfactory evidence with the following documents:

  • Claim form duly completed and signed by the nominee (if nominee is a minor by   

the legally valid guardian)

  • Death Certificate
  • FIR Report
  • Post Mortem Report
  • Inquest Report

In the following cases the claim is NOT admissible:

  • Intentional Self Injury, suicide or attempted suicide
  • Consumption of alcohol or intoxicating drugs
  • AIDS or Venereal Diseases
  • Participating in unlawful acts with criminal intent
  • War or war related operations, hostilities whether war be declared or not, civil   
  • war, espionage
  • Radioactive radiation or nuclear radiation
  • Death during pregnancy or child birth

 

Death claim provision to nominees of deceased members:

Members having a minimum of Rs. 5000/- in shares and completed at least five years as members are eligible for this benefit. An amount equal to their share capital subject to a maximum of Rs.1,00,000/- will be paid in the unfortunate event of their death to the nominee from the welfare fund constituted for this purpose. In the case of members whose share capital is less than Rs.5,000/- or who have not completed five years of membership the compensation payable is restricted to Rs.5000/- which shall be paid to the nominee in the unfortunate event of their death.

 

Incentives for Meritorious Students:

Children of members and employees, who have shown excellent performance in 10th and Final inter exams, are eligible for this benefit. Under this scheme, students, who have secured NOT less than 9.5 grade points in 10th class exams, will be paid a cash incentive of Rs. 3,000/- each. Similarly students, who secure NOT less than 9.5 grade points marks in the final intermediate examination, will be paid a cash incentive of Rs. 5,000/- each. The students should clear all the papers in a single sitting.