All the share holders of the Society whose subscription is current as on date shall be members of the fund or from the time.
Each member of the fund shall contribute a monthly subscription of Rs. 650/450 (Rs 530 incase of Loans availed by members above 7 lakhs for Sub Staff and Rs 810 for Clerical & Officers availed loans above10 lakhs) for to the fund to be recovered through pay sheets in addition to the usual recoveries due to the Society.
Each member of the Mutual Benefit fund shall contribute a monthly subscription to be recovered through pay sheets in addition to the usual recoveries due to the Society as under:
Note: The additional monthly Subscription i.e. for Sub-staff Rs.80/- p.m. (Rs.450/- + Rs.80/- = Rs.530/- p.m.) and for Clerical & Officers Rs.160/- p.m. (Rs.650/- + Rs.160/- = Rs.810/- p.m.) shall be applicable on account of extending coverage only to such of those members who avail the enhanced quantum of loan and to commensurate in avoiding passing the burden to the family/legal heirs in case of any unforeseen circumstances as a welfare measure.
In case of death of member while continuing the membership of the fund and continuing the service of the Bank, provided, the subscriptions to the fund are regular and upto date, subject to the provisions of Rule No.3 the payments to the nominee/s of the deceased towards death relief benefit will be made at twenty times his/her contributions to the MBF Fund account, subject to a minimum of Rs.2,50,000/- OR to the extent of maximum eligibility limit as applicable and as specified at Rule No. 2 above.
Sub-staff : Max of Rs. 7.00 lakhs
ORMax of Rs. 9.00 lakhs
An amount of Rs.50,000/- will be paid immediately to the nominee of the deceased member towards funeral expenses on receipt of the claim application which shall be certified by the Manager of the Branch / Department where the member has worked last. The balance amount will be released as per eligibility and the procedure in vogue.
The death relief benefit will be paid to the nominees / legal heirs of the deceased member after appropriating the loan outstanding balance, if any, along with the share capital contribution and they shall not be entitled to any other benefits / refunds in any form whatsoever.
In the event of Accidental Death, an additional death relief benefit of Rs. 1,00,000/- will be paid to the deceased member's nominees/legal heirs, subject to provision of Rule No. 4(i)a and on submission of the following documents..
Duly filled claim form in the prescribed format. Postmortem report/Inquest report. Final investigation report of the Police. Confirmation of Accidental Death by the Branch Manager.
Accidental Death shall include :- death due to any Air/Rail/Road Accidents, falling from Building or Treetop, Electric Shock, Riot Strike, Terrorism, Snake Bite, Dog Bite, Drowning and Natural Calamities like Flood, Lightening, Cyclone, Earth Quake.
The additional Death Relief Benefit due to accidental death will be paid to the extent of the balance amount as per eligibility, if in case the deceased member has already availed monetary benefit under permanent disability (MARF Scheme), in respect of the same accident.