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REGULATION OF FIXED DEPOSIT
1.Submission of this receipt is necessary for drawing principle. On maturity, this receipt should be surrendered by the depositor duly stamped and signed.
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2. The interest on fixed deposits shall cease on the expiry of the period for which the deposits were made, unless notice in writing of the intention to renew the deposit for further period, has been received in the office of the society before the expiry of original period. However, if a depositor fails to apply for renewal of the deposits before expiry of the original period and if the application for renewal is received from the depositor within 30 days after the expiry of the original period, the Board may, if it is satisfied with the reasons for the delay permit renewal of the deposit for further period.
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3. The interest of the deposits shall be paid on the last day of every month, credited to the bank account of the depositor.
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4. The Board of Directors are whole responsible for repayment and may regulate the rate of interest, terms and other operations of the fixed deposits from time to time, however the approved term and rate of interest shall not be changed at any cost.
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Premature withdrawals for policies PMW, PNX, and HXP require a minimum processing time of twenty working days from the date of application.
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Premature withdrawals are not permitted for policies PM0 and LTP under any circumstances.
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Loans are provided with a minimum repayment period of 24 months, except for loans against fixed deposits (FD), during which the deposit cannot be withdrawn.
The maximum repayment period for fixed deposit loans shall not exceed the remaining tenure of the deposit's maturity.
Even if the fixed deposit reaches maturity or has a shorter remaining tenure, it cannot be withdrawn or closed until the loan against the deposit is fully repaid.
The interest rate for loan is 6.99% flat per annum.
Loanee should pay the principal with interest every month without fail as lieu EMI system.
All loans follow a standardized format for all members, whether secured through surety from other members based on salary, mortgage of property, or pledge of deposit bonds.
All borrowers (whoever borrowed from the society) should pay their monthly EMI to the society on or before 5th of every month. Failing which, they may be called as defaulters, attracting a 4% penalty on the overdue EMI amount. The defaulted EMI must be paid along with the regular EMI amount.
All loans, including surety loans, fixed deposit loans, and mortgage loans, must be accompanied by the surety of another member / nominee.
The borrower must provide the following documents
A duly filled loan application, completed in all respects and signed, along with a promissory note affixed with stamp.
For loan amounts exceeding ₹5 lakhs, the applicant must provide two sureties for salary loan.
In the case of a salary loan, the applicant must submit a salary slip and a No Objection Certificate (NOC) from the Pay Disbursing Officer (PDO), stating that he/she has agreed to deduct the amount claimed by the society until the society confirms full settlement of the dues.
For a Fixed Deposit Loan, the applicant must submit the original fixed deposit bonds issued by the competent authority or the society, duly signed by both the depositor and the nominee mentioned in the bond.
For a Mortgage Loan, the applicant must provide all original documents of the relevant property and demonstrate their ability to repay the loan as well as the lawfulness of their ownership. The loan amount will be determined only after obtaining a legal opinion from the appropriate legal counsel. By the approval of the Secretary, the society will proceed with the registration of the Mortgage Deed (MOD) with the competent authority, after which the loan will be disbursed.
2.Interest policy:
All loans shall bear an interest rate of 6.99% flat per annum.
The borrower must pay the interest along with the principal amount until the full repayment of the loan as EMI system.
In case of non-payment of EMI, the surety / nominee is liable to pay the overdue amount.
For salary loans, if the principal debtor defaults on any payment, the outstanding amount shall be recovered from all the sureties.
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BANK DETAILS FOR ONLINE TRANSACTION
BANK NAME : IDFC FIRST BANK
BRANCH : CHETPET CH-31
A\C NAME : THIRUVALLUVAR TRANSPORT CORPORATION EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD / TTC EMP COOP CR SOC LTD
A\C NO : 10000324770
IFSC CODE : IDFB0080101
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SURETY LOAN
1. The loan shall be given to the regular and permanent employee of State Express Transport Corporation Limited, Tamil Nadu(SETC LTD) only with the surety of 2 more employees on bi-partial contract between society and member employee.
2. If the principle debtor fails to remit the monthly dues the same shall be collected from their sureties stood for the purpose.
3. However the great privilege of co-operative institution can deduct Its loan from the principle debtors and salary of their sureties through Pay Disbursing Officer(PDO) of the SETC LTD.
4. Individual Maximum Borrowing Power (IMBP) Consists on basis of 25% the gross salary of member employee (or) 5 times of the share capital held by them at an extend of Rs.25 lakh each member employee.
INTEREST RATE
6.99%-FLAT
