Activities

The Allahabad Bank Employees’ Cooperative Credit Society Ltd. (Gujarat) maintains an account for each member with his/her monthly deposit to Shares/Compulsory Savings, Social Welfare Fund & loan installment deducted through his/her salary. The members are being paid annual interest on Compulsory Savings. After completion of three years his/her membership, a member becomes entitled to get a loan upto 15 times of his/her Gross Salary[maximum limit of loan for a member is Rs.4 lakh]. A member becomes entitled to get emergency loan upto Rs. 50,000. Loans of the members along with the interest accrued thereon are being repaid by the members through their monthly salary. The maximum limit of loan, rate of interest on Loans, etc. are being determined from time to time as per the decisions of the Annual General Meeting. Amendments of the constitutional provisions are made in the same way with due approval of the competent authority i.e Registrar of Co-operative Society.

At present all members are provided accidental death/disabilities coverage of Rs. 3.5 lakh after completing membership of 2 months. Insurance coverage amount and allieded matter are being decided from time to time as per the decision of the Executive meeting/General Body Meeting.

The functioning of the cooperative society is fully Computerised and run by voluntary service of the members/Directors.