To cater the needs of the Employees’ of THE NEW INDIA ASSURANCE COMPANY LIMITED.
The New India Assurance Employees’ Co-operative Thrift and Credit Society Limited registered No.X-413 was formed in the year 1959 and got registered under Madras Cooperative Society Act 1932 with 43 members and the area of operation was Madras City only. Later on, in the year 1974 our Society converted as a Multi State Cooperative Society under the Multi State Cooperative Societies Act IV of 1942 on 19.06.1974. The rules were framed as per Multi State Cooperative Societies Act 1984. Then membership spread over the Southern States namely Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Union Territory of Pondicherry were brought under the said Act from 1984. Now, our Society is functioning under the Multi State Cooperative Societies (Amendment) Act 2023. The society borrowed funds from Chennai Central Cooperative Bank Limited to meet out the members requirement for Surety Loan. Today our Society is a “A” class society providing Surety Loan to members with Lowest Interest rate and when compared to other societies in India we pay Highest Dividend of 20% on Share Capital from the year 2019-2020 to till date. The number of Board of Directors managing the affairs of the society at present is Twenty.
Admission of membership fee Rs 25 /-
*Note*(Membership Form Is available in Application Download Page , kindly downloaded it.)
Thrift Fund / Thrift Deposit (APRIL – MARCH) thrift fund collection will transfer to Thrift Deposit Account.
Basic + DA into 5 times divided by 150 rounded off to next Rs.5 maximum of Rs.1,000/- whichever is less.
Interest on Thrift Deposit will be paid to members in every Year March Salary @ 6.75% per annum.
It will be deducted from member at the time of availing Surety Loan.
For Applicant: Loan Sanctioned divided by 20 rounded off to next Rs.10/-
For Surety: Loan Sanctioned divided by 40 rounded off to Next Rs.10/-
On membership Rs.500/- will be deducted every month for the benefit of members and their families.
a) Those who have completed less than 10Years of continuous membership in the Society and Voluntary membership closure, actual contribution received with 3.50 % interest.
b) Those who have completed 10 years and 1 day to 15 Years of continuous membership in the society. Actual contribution plus additional Rs.25,000/-Grant.
c) Those who have completed 15Years and 1 day to 20 years of continuous membership inthe Society – Actual contribution plus additional Rs.30,000/-Grant.
d) Those who have completed 20Years and 1 day to 25 years of continuous membership in the Society – Actual contribution plus additional Rs.35,000/-Grant.
e) Those who have completed above 25years and 1 day Actual contribution plus additional Rs.40,000/- Grant.
A member who dies Rs. 2,00,000/- Assistance and Rs.10,000/- Funeral Expenses will be paid to Nominee of the Deceased Member(irrespective of the period of Membership.)
All the three heads mentioned above namely, THRIFT DEPOSIT, SHARE CAPITAL and FAMILY WEFLARE DEPOSIT will be paid to member on closure of membership in the Society.
Benefits under the fund will be paid to members at the time of Retirement / VRS / Resignation / Termination.
7 years to 10 Years of continuous membership in the Society – Cash Memento of Rs.5,000/-
More than 10 years of continuous Membership in the Society
Cash Memento of Rs.12,000/-.
Rs.5,00,000/- will be paid to nominee of the deceased
member (w.e.f. 01.12.2024) under the Group Personal
Accident Policy.
Rs.10,00,000/-will be paid to nominee of the deceased member
under the Group Insurance Policy.
Rs.300/- Paid to members on roll, on the date of Annual General Body Meeting. under the Group Insurance Policy.
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