Co-operative movement is an integral part of any group for its better growth. Keeping this in view and to enjoy the fruits of mutual help, Pithruvedi members of St. Joseph’s Parish Church, Babusahibpalaya, embarked on the novel idea of forming a Co-operative Society and thus, the Society christened as ‘Sanjo Co-operative Society Ltd.’ was formed in the year 2017 with 400 Members. The salient feature of the Society is that only a Syro Malabar Catholic residing within the state of Karnataka above the age 18 is eligible to apply for the Society membership. Every application for membership is to be approved by the Managing Committee (M C). Govt. employees, private employees, businessmen, professionals, housewives, all are welcome to be members of this big family.

MEMBERSHIP/SHARES

1. Application for membership shall be submitted with two Passport size photograph and proof of addresses (Permanent as well as local), along with all documents as described by the authorities time to time, such as PAN CARD, Adhhaar Card etc.

1. Value of a share is Rs. 1000.00. (No application for less than 2 shares will be entertained). Share money and admission fee of Rs. 500/- (Non refundable) is to be paid in cash/cheque along with the application in advance.

1. Share certificates will be issued immediately after approval of the applications.

1. Our Society’s main motto is to provide financial help to the needy members at an affordable interest rate and save them from the clutches of private financiers.

COMPULSORY DEPOSIT (THRIFT DEPOSIT OR CD)

Every person, on becoming a member of the Society, under the Bye-Laws shall contribute to the CD, (Minimum amount Rs. 500/- per month) for which interest as applicable per annum is paid annually.

SAVING DEPOSIT ACCOUNT (SDA)

Members may avail Saving Deposit facility for which the Society is offering 5% interest per annum. There is no cheque facility available now. No TDS is deducted on withdrawal.

FIXED DEPOSITS:

1. Fixed deposits are accepted from members only. No Cash is accepted. PAN No. is required. Total secrecy about the FDs will be maintained.

1. TDS is applicable as per Goverment rules and regulations.

1. Loan against FDs will be available upto 90% of the FD amount and interest rate will be +1% P.A of the FD interest.

ORDINARY LOAN

Members are eligible to apply for loan of Rs.1 lakh immediately after 3 months of becoming member or more depending on the membership duration & can stand as surety to loanees. (It may change from time to time).

EMERGENCY LOAN

Members can avail emergency loans upto Rs. 1,00,000/-, which shall be refunded within 12 months together with applicable interest per annum. (Subject to change time to time).