Mutual Benfit Fund
MEMBERSHIP ELIGIBILITY
All the share holders of the Society whose subscription is current as on date shall be members of the fund or from the time.
SUBSCRIPTION
Each member of the fund shall contribute a monthly subscription of Rs. 150/- to the fund to be recovered through pay sheets in addition to the usual recoveries due to the Society.
MEMBERS RESPONSIBILITY FOR THE REGULAR RECOVERY OF SUBSCRIPTION
It shall be the responsibility of each member to see that his monthly subscription to the fund is recovered regularly and arrange for recovery of arrears of subscription under intimation to the Secretary of the fund if the subscription is not recovered in any month for any reason.
However, arrears if subscription from members on account of loss or pay or any other reason agrace period of 180 days shall be allowed from the due date of receipt of the monthly sunscription. to enable such of the members to enjoy th benefit flowinf under the scheme, direct payments of dues will also be accepted buy the Sociery
MODE OF PAYMENTS IN CASE OF DEATH OF A MEMBER
) 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 the maximum of Rs. 5,50,000/- and minimum of Rs. 1,50,000/-.
Note :
An amount of Rs.30,000/- will be paid immediately to the nominee of the deceased member towards funeral expernses 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.
Note :
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.