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.
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.
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:
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.