IDBI Staff Co-Operative Credit Society Ltd.
Welfare Measures
1. MEMBER’S BENEVOLENT DEPOSIT SCHEMES (MBD)
OBJECTi) To render financial assistance by the way of refund of deposit received from a member together with interest accrued on his / her retirement from bank’s service or on ceasing to be an employees of the bank or a member of the society for any reason.
ii) To render financial assistance as an act of benevolence to the nominee/s of the member in the event of his / her death as under.
| IF DEATH OF MEMBERS | TOTAL ASSISTANCE |
|---|---|
| OCCURS | |
| After admission but before 12 months | 25000 |
| After 12 months but before 24 months | 50000 |
| After 24 months but before 36 months | 100000 |
| After 36 months but before 48 months | 150000 |
| After 48 months but before 60 months | 200000 |
| After 60 months but before 72 months | 250000 |
| After 72 months but before 84 months | 300000 |
| After 84 months but before 96 months | 350000 |
| After 96 months but before 108 months | 400000 |
| After 108 months but before 120 months | 450000 |
| After 120 months and before 132 months | 500000 |
| After 132 months and before 144 months | 600000 |
| After 144 months and before 156 months | 700000 |
| After 156 months and before 168 months | 800000 |
| After 168 months and before 180 months | 900000 |
| After 180 months and before 192 months | 1000000 |
| After 192 months and before 204 months | 1100000 |
| After 204 months and before 216 months | 1200000 |
| After 216 months and before 228 months | 1300000 |
| After 228 months and before 240 months | 1400000 |
| After 240 months and before 252 months | 1500000 |
| After 252 months and before 264 months | 1600000 |
| After 264 months and before 276 months | 1700000 |
| After 276 months and before 288 months | 1800000 |
| After 288 months and before 200 months | 1900000 |
| After 300 months and above | 2000000 |
NOTE: If on receipt of confirmed information of death of a member, the society shall arrange to pay an amount from MBD, an advance Rs. 10,000/- to the nominee.
Provided where the member’s death is directly due to mass loss of life. Due to enemy action or natural calamity, the nominee of such member/s shall not be eligible of assistance as indicated above. The provision shall not be applicable to members joining the Civil Defense Service, Territorial Army, Defense Service, etc.
2. RETIREMENT BENEFIT TO THE MEMBERS OF THE SOCIETY
Under this scheme a member who is retiring from service is given a benefit for the number of years of membership with the society. The period of membership and its respective quantum of benefit are as given below:
| Period of membership with society | Quantum of Benefit |
|---|---|
| > Above 120 months | Rs. 10,000/- |
| >Above 180 months | Rs. 15,000/- |
| >Above 240 months | Rs. 20,000/- |
| >Above 300 months | Rs. 25,000/- |
| >Above 360 months | Rs. 30,000/- |
| >Above 420 months | Rs. 35,000/- |
NOTE: Further, Retirement Benefit is now extended to VRS employees too.
Revision in Retirement Benefit on retirement
(Effective from April 01, 2022)
3. MERIT AWARD FOR STAFF MERITORIOUS STUDENTS
Under this scheme, member’s children who have scored good marks in examinations are given a merit award. The criteria for merit award is as given below (Effective from 1st April-2022):
| Type of Examination | Min.(%) | Quantum of Prize (Rs.) | |
|---|---|---|---|
| a) | S.S.C. | 75% To 90% | 3,000/- |
| Above 90% | 4,000/- | ||
| b) | H.S.C. | 75% TO 90% | 4,000/- |
| Above 90% | 6,000/- | ||
| c) | Graduation | 60% To 80% | 5,000/- |
| Above 80% | 7,000/- |