STATE BANK OF INDIA OFFICERS' CO-OPERATIVE
THRIFT&CREDIT SOCIETY LIMITED,
34/9, SECOND LINE BEACH, III FLOOR.
S.C.C. ANTHONI PILLAI BHAVAN, POST BOX No: 1831
POST BOX No: 1831, CHENNAI-600 001

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We are happy to inform that our Society which made its humble beginning in the year of 1975. ( 14-06-1975 ). Our Society is managed by the elected Board of Directors (from the SBI Off, who are "A" Class Members of the Society). It comes under the purview of The Central Registrar of Cooperative Societies, New Delhi.

The co-operative concept aims at ensuring the co-existence of Thrift and Credit. The benefit one achieves by becoming a member of the Society is dual. On the one hand it leads to considerable saving. Simultaneously it proves to be a source of quick and easy borrowing for urgent necessity.

MEMBERSHIP: State Bank Of India Staff, WHOSE SERVICES ARE CONFIRMED IN THE BANK, ARE ELIGIBLE TO BECOME A MEMBER OF OUR SOCIETY.

SHARE CAPITAL : Members can buy initial share at Rs.10/- each. One can get shares upto one tenth of the maximum loan limit fixed from time to time. The present loan limit is Rs.900000/- Hence one can contribute towards shares upto Rs.1,50,000/-. One can remit the required amount and get the shares if he / she does not intend to avail loan. Or if a member avails loan the required share amount will be deducted from the loan proceeds. This amount will be refunded at the time of membership closing. This also constitutes saving like a Fixed Deposit.Surety Loan is sanctioned upto 6 times of one’s share holding, of course, subject to one’s eligibility.

DIVIDEND ON SHARES:
Dividend on shares is disbursed every year during the month of September. For the year 2024-25 it was at 11%. Certainly it is a high return on one’s savings.

THRIFT DEPOSIT :
It is a saving just like an R.D. Presently the monthly Thrift Deposit Subscription isfixed as Rs.1500/-,for Officers, This monthly subscription is mandatory.

Interest on Thrift Deposit : @ 7.25 % disbursed every year during General Body Meeting. It is credited into their salary C.A/c directly.

MEMBERS’ FAMILY WELFARE DEPOSIT SCHEME:
Every member contributes Rs.50/- p.m. towards this Fund.This monthly subscription is mandatory.
Our Society is maintaining this Members’ Family Welfare Fund to alleviate the hardship experienced by the family of the deceased members. In the event of unfortunate demise of members while in service, financial assistance is extended to the family RS 1,10,000/-.

Our Society refunds the whole amount when members retire from Bank's service or withdraw their membership while in service. This is also one type of saving.

SURETY RELIEF FUND :
For this fund, we collect Rs.50/- only from the Loan borrowers every month. This is mandatory.

Benefit of this Scheme :
The very scheme is envisaged with the concept that the debts should die with the members’ death and should not be passed on to the surety. Due to certain sudden and unexpected developments like death, dismissal etc. it is rendered not possible to recover the outstanding dues to the Society. Under such extraordinary situation for affording relief to the sureties of the defaulting borrowers of the Society, our Society has been maintaining the Surety Relief Fund.

MEMBERSHIP – NOT A LOAN TRAP:
Many carry a wrong notion that society means a loan trap only and at high interest rate. Hence they hesitate to become Members of the Society. It is not a must that all members should avail loan. After becoming a member one can avail loan if only need be any time to meet pressing and urgent expense. Hence even without taking loan one can become a member just to reap the benefits from proper saving and other welfare measures.

SURETY LOAN : It is a quick and hassle free source to avail loan for any emergency and at reasonable rate of interest too. Now members can avail Surety Loan upto Rs.10,10,000/- ( interest @ 8.75 %) with Effective from 01/01/2022. The maximum repaying installments are fixed as 120 months ( subject to the availability of service in the Bank ). The loan limit is increased from time to time.

We are happy to inform that we sanction and credit the Loan amount in the member’s salary C.A/c on the same day we receive the application.

LOAN ELIGIBILITY CONDITIONS

Please note that individual members will be sanctioned loan to the extent of the lower of the above two limits. So too, it will be the lower amount only between the borrower and surety eligibility. ( Borrower and Surety shares should be equal when a loan is sanctioned).