Financial Security.
Member Welfare.
A Stronger Future.
Supporting Railway Employees Since 1923
The South Central Railway Co-operative Credit Society is established in the year 1923 to cater to the financial needs of its shareholders in the South Central Railway zone. It is classified as an “A” class Society with its headquarters at Secunderabad and spreading its services through its branches situated at Vijayawada, Guntakal, Kazipet, Lalaguda and Nanded. It has also extended its service deeply into the South Central Railway zone with its satellite branches at Guntur, Rajamundry,Kadapa, Jalna, Gooty, NZB, DKJ, VKB, TPTY, PAU and RYPS.
The Society collects subscription in form of deposits(CMTD), it issues various loans and stands for the share holder in time of need through its various schemes and funds.
The Society functions with the support of the Board of 21 Directors. The Directors are elected by vote from their respective constituencies. Each Director in turn heads his respective group of delegates who cater to the timely need of the shareholders.
Compulsory Monthly Thrift Deposit
CMTD Contribution
The Society collects compulsory deposits from its shareholders on a monthly basis under the head Compulsory Monthly Thrift Deposit (CMTD). The subscriptions are received depending on the Basic Pay of the shareholder.
| S.No. | Basic Pay | Deposit |
|---|---|---|
| 1 | Basic upto ₹20,000/- | 5% on basic |
| 2 | Basic above ₹20,000/- | 4% on basic |
Loans & Other Facilities
The loans and other facilities issued to shareholders are listed below.
| S.No. | Loans / Facilities | Amounts |
|---|---|---|
| 1 | General Loan | ₹2,00,000/- to ₹4,00,000/-, GAZ - ₹8,00,000/- |
| 2 | Special Loan | ₹3,00,000/- to ₹10,00,000/-, GAZ - ₹15,00,000/- |
| 3 | Education Loan | ₹10,000/- to ₹1,00,000/- |
| 4 | Marriage Loan | ₹5,00,000/- |
| 5 | Festival Loan | ₹1,00,000/- |
| 6 | CCL | ₹3,00,000/- |
| 7 | Loan Without Surety | ₹3,00,000/- |
| 8 | Medical Assistance | ₹5,000/- to ₹20,000/- |
| 9 | Educational Scholarships | ₹2,000/- to ₹8,000/- |
| 10 | Cash Awards to Sports Persons | ₹5,000/- to ₹10,000/- |
Retirement Benefit Fund (RBF)
RBF is granted maximum of ₹5,000/- to the shareholder who completes 20 years of membership and closes within 3 months of their retirement.
Accidental Death Relief Fund Benefits
An amount of ₹500/- will be debited from the CMTD holdings of the shareholder towards contribution to this fund on 1st April of every calendar year.
An amount of ₹10,00,000/- (Rupees Ten Lakhs) is provided, comprising ₹8 Lakhs from the Insurance Company and ₹2 Lakhs from the Society.
Accidental Death & Disablement Benefits
Applicable benefit categories
Accidental Death only - 100%
Accidental death + loss of two limbs, two eyes or one limb and one eye - 100%.
Loss of one limb or one eye - 50%.
Permanent Total Disablement (PTD) from injuries other than those named above - 100%.
Accidental Death + Disablement + Permanent Partial Disablement (PPD).
Accidental Death + Disablement + PPD + Temporary Total Disablement (TTD).
TTD benefit: 1% of Simple Interest (S.I.) or ₹5,000/- per week or actual weekly salary, whichever is less.
Funeral & Financial Assistance
₹15,000/-
An amount of ₹15,000/- will be granted towards funeral expenses. This amount is non-recoverable.
₹10,000/- × 3 Months
₹10,000/- each for 3 months will be given to the nominee of the deceased. The amount will be paid in cash to the nominee and is recoverable from final settlement.
Loan Relief Fund (Insurance Coverage)
Protection for eligible loans
In case of death of shareholder, General, Special, Education, CCL & Marriage Loans availed by the shareholder will be waived off.
Sureties given will be relieved under this scheme without putting any burden.
In case of retirement / closing of account, 50% of LRF will be refunded.
Monthly Savings Scheme
Flexible Monthly Savings
Shareholder can deposit a minimum of ₹1,000/- per month and the maximum is unlimited, in multiples of ₹1,000/- only.
8% Interest
Deposit plans are available for 36 / 48 / 60 months. Payment can be made by cash or through salary recovery. Cash payment should be made by the 10th of every month. Interest is 8%, compounded annually.
Fixed Deposits
Fixed Deposit Facility
Shareholders can make fixed deposits in the Society in multiples of ₹5,000/-.
9% Interest Rate
The Society offers an interest rate of 9%. Shareholders can deposit for 1, 2, 3, 4 or 5 years.
Mutual Benefit Fund (MBF)
Financial benefit for the nominee
Under this fund, an amount of ₹30,000/- will be granted to the nominee in the event of death of the shareholder.
Annual Dividend
Dividend on shares will be paid every year.