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LARSEN & TOUBRO GROUP EMPLOYEES' COOPERATIVE THRIFT & CREDIT SOCIETY LIMITED
REGD. NO. MSCS/CR-27/92
Membership    
Loan    
Deposits    
Rates of Interest    
Features    
Board Members    
Annual Report     
Deposits
Thrift Deposit
Thrift Deposit is a compulsory savings and it is recovered from the monthly salary of a member. Presently Rs. 500/- is being recovered towards Thrift. Interest on thrift is calculated annually and added in thrift deposit itself on 31st March from the year 2006 – 2007.
Fixed Deposit & Cumulative Deposit
The society accepts fixed Deposit from member and allows better rate than the bank interest Rate. The minimum deposit is Rs. 10,000/-. Monthly interest is also given depending upon the amount of Deposit. In cumulative deposit the interest yield will be more, as given in the interest table.
Recurring Deposit
Recurring deposit is recovered through salary for a period of 12 months. Minimum Rs. 100/- and multiple thereof. On maturity cheque is sent to the member directly.
Death Relief Scheme Deposit
The Society has implemented a death relief Scheme in association with the Thrift Co-operative Federation on payment of a one time refundable deposit collected from the member. Under the Scheme the nominee of a member gets Rs. 20,000/- as Relief coverage for the deposit of Rs. 500/- and Rs. 1,00,000/- if the deposit is Rs. 2,500/-.
Member Group Insurance Scheme – LIC
All members are covered under LIC group insurance scheme. Under this scheme, every year annual premium of around Rs. 580/- is being collected from the member and paid to LIC for relief coverage of Rs. 3 Lakhs. No medical proof is needed.
Member Benevolant Fund
It is created out of Net Profit of the society in order to give certain relief to the member in the event of death or loss of employment due to disability ranging from Rs. 5000/- to Rs. 20000/-.