| HOW TO BECOME A MEMBER OF THE BANK|
Any confirmed employee of Union Bank of India can become a member by taking one share of Rs. 10/- and entrance fee of Rs.1/-
A member after closing his membership may re-enroll again as a member subject to the condition of repayment of 100% of the share capital, thrift deposit amount which he/she withdrew on closure of his/her membership previously. Further he/she has to pay back the total amount of MMBF refunded, besides the amount equivalent to the regular subscription i.e. arrears for the period from the date of last closure of membership till the date of readmission.
Every member shall subscribe to the thrift deposit so long as he or she continues to be a member of the bank up to a maximum ceiling of Rs.1.00 lakh, inclusive of both compulsory
and voluntary subscriptions and interest accrued thereon according to the scale laid down below:
| ||I.||Members whose basic pay is upto Rs.1700/- P.M. - Rs. 50/- p.m.|
| ||II.||From Rs. 1701/- to Rs. 3000/- Rs. 100/- p.m.|
| ||III.||From Rs. 3001/- P.M. to Rs. 7,500/- P.M. Rs. 150/- p.m.|
| ||IV.||From Rs. 7,501/- to Rs. 10,000/- P.M. Rs.200/- p.m.|
| ||V.||From Rs. 10001/- to Rs. 15,000/- P.M. Rs.250/- p.m.|
| ||VI.||From Rs. 15001/- to Rs. 20,000/- P.M. Rs.300/- p.m.|
| ||VII.||Above Rs. 20000/- Rs. Rs.350/- p.m.|
Rate of Interest on Thrift Deposit is 8.50 % p.a.
No further collection of subscription will be made once the Thrift Deposit balance reaches the maximum ceiling of Rs.1.00 lakh.
Every member has to subscribe a sum @ Rs. 75/- Per month (Rs. 30/- p.m., for Part Time Sweepers) towards the Members Mutual Benefit Fund(MMBF) during the currency of their Membership, irrespective of the availing or otherwise of any loan. The initial monthly subscription is sufficient to avail the Long Term loan. For availing Medium Term and Contingent Loans, additional contribution as indicated under respective loans, herein after is to be made.
No person can claim admission as a member, if
such person is already a member in
any other Primary Cooperative Bank, Cooperative Credit Society registered,
under any State Cooperative Society Act or Multi State Cooperative Societies
Act .However, they are
eligible to become member if he/she closes their Membership in the other Cooperative
Bank/ Credit Society and submits a declaration to that extent.
BENEFITS ON ACCOUNT OF BEING A SUBSCRIBER TOWARDS M.M.B.F.
| || |
|I.||IN CASE OF DEATH OF A MEMBER|
Financial assistance of Rs. 2,500/- to the family members of a deceased member to meet expenses to perform the last rites.
|B.||The loan(s) outstanding due from the member less the available share capital, Thrift Deposit and MMBF held by him/her shall be written off.|
In respect of members expired without having any loan outstanding against his/her name for adjustment from the fund account, a sum of Rs. 20,000/- shall be paid to the nominee / legal heirs of such deceased member.
|II.||IN CASE OF DISMISSAL/CRS OF A MEMBER|
The members who are dismissed/terminated/compulsorily retired from the services of Union Bank of India are eligible for certain concessions/
waivers as under:
|Status of Borrower||Procedure for treatment of Loan liabilities|
|Suspended Employees of Union Bank Of India||Interest not to be charged from the date of suspension. In the event of reinstatement of shareholder borrower in Union Bank of India service, the interest is to be charged with retrospective effect from the date of stoppage.|
|Dismissed/ terminated/ Compulsorily retired from the service of Union Bank of India|
The Dues are to be recovered to the extent of available terminal benefits as and when they are released by Union Bank of India, from the members who are dismissed/terminated/compulsorily retired from the service of Union Bank of India if they are eligible for pension (in case of pension optees) and (b) all terminal benefits in case of other members (who neither opted nor eligible for pension). The left over liabilities of members after such recovery is to be adjusted from MMBF Payments a/c.
The other members who are dismissed/terminated/ compulsorily retired from the service of Union Bank of India and do not fall in above said categories are eligible for following concessions/ relief.
1. Interest not to be charged from the date of suspension/ dismissal.
2. The outstanding balance in loan account without charging further interest has to be adjusted by share capital, Thrift and MMBF.
3. If there remains further balance after such adjustment, the entire outstanding balance amount is to be adjusted from MMBF payments a/c, after 6 months from the date of dismissal.
4. In the event of reinstatement of shareholder borrower in Union Bank Of India service, all concessions stand withdrawn and the member has to repay his dues as per original contract. For the purpose the Loan, Share Capital, Thrift Deposit and MMBF entries passed at the time of write of have to be reversed with following entries.
a) Share Capital, Thrift Deposit and MMBF adjusted to loan account have to be reversed back, to the debit of concerned loan accounts.
b) Interest is to be charged at applicable rates to concerned loans with retrospective effective from the date of stoppage to the date of passing reversal entries.
|Loans with Surety continuing||100% relief to sureties and the loans with surety are to be treated on par with loans without surety and the member's (Borrower) loans will be considered for concession/relief or recovery as the case may be as per eligibility in aforesaid categories.|
LOAN PRODUCTS TO MEMBERS AT A GLANCE
The amounts indicated below are maximum allowed limits. The actual eligible limits are based on the years of service, basic pay, cadre of the employee in the Bank etc. The important guidelines covering quantum of loan, repayment period, rate of interest, renewals etc.. available to the confirmed staff members of Union Bank of India are furnished in subsequent paragraphs
NATURE OF FACILITY
MAXIMUM ELIGIBLE LOAN (Rs.in lakhs)
Long Term Loan
Medium Term Loan
85% of Deposit at Credit
* Maximum Limit is subject to Terms & Conditions.