Brief about society

The society is started in the year and is run by employees( officer and workmen) of the karur vysya bank, it is owning building at 4th cross, sourashtra nagar, near nungambakam railway station, Chennai and functioning in its own building. It is managed by elected body and elected body consist of officer cadres and workmen cadres. The all employees of karur vysya bank are permitted to member of the society. It is co-operative society, it is extending loans to members and collect deposit also from membe₹ Further, it also raise share capital from members and also collect amount for monthly saving schemes. The details of the loan eligibility and share capital is discussed in relevant headings.

Application for Membership

Any employee either officer or workmen can be a member of the society to avail the benefits. To be came member employee has to purchase minimum of 1 share face value of ₹10/-, . Any employee wants to be a member of society, he/she has to download the society application from the download gallery and on duly fillup, it is to be submitted to society office along with DD of ₹11/- taken in favour of KVB Employees Thrift society.


Welfare scheme of the society:-

In the event of death of a subscriber, his nominees or legal heirs shall eligible for assistance of ₹1,50,000.00 as an act of benevolence

Loan to members of the society

Continuatues Membership with society Upto 5 years ₹ 5-10 years ₹ 10-15 years ₹ 15-20 years ₹ Above 20 years ₹
Sub staff 100000 200000 300000 500000 600000
Clerks 150000 300000 400000 500000 600000
Officer 150000 300000 400000 500000 600000

FAQs ON THRIFT SOCIETY

1) What is the name of the society?

KVB Employees Co-operative Thrift Society

2) What is the constitution?

a) 1 President b) 3 Vice President C) 17 Directors

3) Who are eligible to become members?

Any serving employees of Karur Vysya Bank

4) Whether members of other society can become our members?

No. A person who is already a member of any other Co-operative credit society shall not be admitted as member of the society.

5) What will be the minimum share holding?

1 shares of value ₹10 each

6) To become members of the society, how much amount should be paid?

Send DD or cheque or Slip for ₹11/- in favour of KVB COOPERAIVE THRIFT v SOCIETY LTD (₹10 towards value of 1 share @ ₹10 each and ₹1 towards enrolment fee) or credit KVB acc 1805.135.233 mentioning Name, Staff No.

7) What is the Thrift sum members has to pay?

It depends upon the cadres, for officer it is ₹1000/- PM , For Clerks it is ₹700/- per month and for substaff ₹500/- per month

8) On what interval interest is credited?

Int is credited annually in the month of April

9) Whether any loan can be given to members?

Yes. Surety loan

10) What is the repayment period?

Maximum 150 months

11) What is the ROI for loan?

10.50% above the interest rate paid (at present 8.50%)

12) What is the eligibility for surety loan?

All Confirmed employees

13) What is the max amount that can be granted under surety loan?

Continuatues Membership with society Upto 5 years ₹ 5-10 years ₹ 10-15 years ₹ 15-20 years ₹ Above 20 years ₹
Sub staff 100000 200000 300000 500000 600000
Clerks 150000 300000 400000 500000 600000
Officer 150000 300000 400000 500000 600000

14) Whether Loan can be availed immediately on becoming member?

Yes.

15) Whether share capital is to be given only one time?

Yes only one time but it should be equal to 10% of loan amount.

16) When renewal of loan is permitted?

Yes. 6 months once

17) In case of surety loan, who will arrange for the surety?

Mutual surety is taken only from other members who had applied for surety loan.

18) Whether probationary employees can become members?

Yes POs can become members of the society.

19) What are the other benefits available to members?

Guest house @ Chennai near nugambakkam railway station is made available on the following rates

AC Room. Non AC Room. Dormitory Accomdation
For Members ₹ 400 ₹ 175 ₹ 60 per bed
For Non Members ₹ 500 ₹ 250 ₹ 70 per bed

20) When dividend on share capital will be paid?

Dividend will be paid every year after Annual General body Meeting, coinciding with August

21) Whether an officer can be member without availing loan?

Yes.

22) How to close the membership?

By serving notice