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.

  • Mediclaim facility up to Rs.30,000/- under 'Visakha Arogya Bheema at free cost to members having Rs.5,000/- and above Share capital
  • Payment of Rs.5,000/- or deceased member's share capital equivalent amount as death claim to nominees of deceased members and Accidental coverage up to Rs.50,000/-
  • Extending of Education loans to Member's children at special rates for pursuing their professional/higher education
  • Cash awards to Members' meritorious children who secured more than 90% in S.S.C & Intermediate or below 500 rank in I.I.Ts/below 1000 rank in A.I.E.E.E exams
  • Payment of Resonant dividends for the past 20 years

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.1,50,000/- 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.

Personal Accident coverage:

This scheme is applicable for one year from 2nd December every year. Those who are members of the bank as on the immediately preceding 31st October are eligible for this coverage. During the one year after the commencement of the scheme i.e. 2nd December of the year to 1st December of next year, 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

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 95% in 10th class exams, will be paid a cash incentive of Rs. 3,000/- each. Similarly students, who secure NOT less than 90% 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.