Fixed Deposit
The stores also accept fixed deposit from members and Trade Deposit (Retired DAE Employees after closing their existing store account and by admission as Trade Deposit.) The rate of Interest shall be decided by the Board of Directors and circulars from the co-operative Department. Present Interest rate for fixed deposit is given below:
| Period | Rate of Interest |
| 180 Days to 364 Days (6 months) | 6.50% |
| 365 Days (One Year) | 7.00% |
Payment on maturity or premature:- On maturity the members have the option to take back the fixed deposit invested along with interest by discharging fixed deposit certificate and signing the payment voucher. The amount will be credited to members bank account on next working day after submitting to the stores.
Renewal of maturity amount will be done in the same certificate which was issued initially. Members are requested to do their renewal in time to help the stores.
Pre closure: - Members Deposit under prematurity Eligible for the following Interest:1 Day to 89 Days for No Interest.
Interest shall be calculated @ 1 % less than the rate applicable for the period for which the deposit actually kept with the stores. (Permanently)
LOANS
The members after completion of 6 months of Membership with the Store from the date of joining in the stores is eligible to apply. Firstly, the application shall be submitted after due process in the counter and waiting list number will be given. As per the waiting list number the loan will be sanctioned depending upon the funds availability. Article Loan no waiting (Jewel, Vehicle Loan)
ELIGIBILITY
Maximum of Rs. Two lakhs. Interest rate 11 % Diminution as per pay slip – Net salary (take home pay) X 10 times or maximum Rs. 2 Lakhs whichever is less), Maximum period is 60 months or actual service left for borrower or his surety whichever is less.
Amount shall be deducted through his salary from the employer and direct payment will not entertain at the counter every month.
Anytime members can pay part amount in the Store counter and EMI remain the same and loan will be closed before the period. Interest portion will get reduced for the amount actually paid.
After sanctioning the loan, surety bond with the surety equal to his group or one group lower after due by verification and attestation of service particulars by the personal dept/HR of the concerned member with latest pay slip self attested.
No correction or over writing shall be allowed in the Bond.
The member shall be eligible to sign as surety to one manner only. Eligible for surety designation wise one step below / one step above to the Borrower. Change of surety is allowed at the time of taking fresh loan only / by clearing the full loan amount/resign from membership / at the time of cessation of membership.
If found eligible after the due process the amount will be credited to the member’s bank account depending upon the funds position of the stores.
RICE LOAN
Rice loan will be issued to the Eligible members of Rs.25000/- per member recoverable in 8 installments with surety and after clearance of the first loan next loan will be issued.
DEMAND
Demand schedule of the member IGCAR/MAPS/GSO/KARP/BHAVNI/DPS/AECS/CO-OP STORE/THRIFT SOCIETY will be sent to concerned accounts by the 10th of every month. Cut of date for addition or deletion for the change list will be by month end.
RECOVERY
As per the demand the concerned accounts of the member will recover the amount and the amount will be received by cheque from the dept. Any excess recovery due to clearance of loan or other recovery will be paid to members by cash or cheque.
BORROWER AND SURETY
It is duty of the borrower to pay the monthly Dues regularly to avoid the un due hardship to stores, borrower and surety.
The surety should also watch the recovery of his counter part or otherwise the amount will be recovered through his salary.
The loan repayment schedule and others will be done to the extent left over service of the members and all recoveries shall be over before superannuation.
The member shall clear all the recoveries either as borrower or as surety before the retirement enable the stores to issue No Demand Certificate.
GENERAL BODY
Every year the stores shall convene the General Body as a statutory measure after the completion of the Audit, The General Body shall pass the Audit and statement of accounts, Budget Estimate, Income and expenditure, Profit allocation and along with declaration of dividend and byelaw amendments if any proposed on the management or Co-operative Department.