To have proper control over the affairs of the Society the Government has nominated the Joint Commissioner of Police (Coordination) as an Ex-officio President in G.O.Rt. No. 1075 Agriculture and Cooperation (Coop V) Department dated 31.10.1996. Since then, the Joint Commissioner of Police (Coordination) is the Ex-officio President of the Society.
From 1994 onwards the following schemes were introduced in addition to regular long term loans.
Membership into City Police Coop. Credit Society is only for the city police employees, the membership into the Society is voluntary, the admission charges will be collected from the members depends on their left over service i.e.
| Left over service | Admission fee | Re Admission fee |
|---|---|---|
| 20 years & above | 500/- | 500+2000 |
| 15 to 20 years | 3000/- | 3000+2000 |
| 10 to 15 years | 5000/- | 5000+2000 |
| 5 to 10 years | 7000/- | 7000+2000 |
| Below 5 years | Not eligible for admission | |
We will accept applications for admission from 1st to 30/31st of every month, the same will be kept in the M C meeting for approval.
Share Amount of 1000/- Per Month effective from 01-April-2015
M.B.F 100/- Per Month effective from 01-january-2014
This scheme was introduced in the year 1997 which provides insurance coverage to the extent of their liabilities to be waived for this 1.5% of loan amount will be collected at once at the time loan sanctioned.
The scheme was introduced on 14-April-1994 by collecting 5/- per month to provide financial help to the nominee in the event of death of a member. Subsequently the subscription was increased from 5/- to 100/- gradually and benefit was increased from 2,000/- to 25,000/- and to the members who retired from service from 1000/- to Rs.15000/-along with one Garland, Shawl, and Suit Case.
To encourage the meritorious children of our members, the scheme was introduced on 03.11.2001. Under this scheme every year we are paying not exceeding 15% of net profit of the Society to the meritorious children of the members as per Bye law No.53.
In the history of Society the first dividend @6% was declared in the year 1996-97 and continuously declaring year to year according to the Society’s profit on share capital last financial year 2013-2014, we declared 10% .
Rate of interest on loans is @ 10% p.a.
Rate of interest on Thrift deposit is @ 7% p.a.
| Amount | Period | EMI |
|---|---|---|
| 10,000/- | 12 months | 880/- Per month |
| 25,000/- | 24 months | 1,154/- Per month |
| 50,000/- | 36 months | 1,614/- Per month |
| 1,00,000/- | 48 months | 2,537/- Per Month |
| 2,00,000/- | 60 months | 4,250/- Per Month |
| 3,00,000/- | 60 months | 6,375/- Per Month |
