Railway employees associated with the cooperative bank have received a major benefit.
Around 44,000 railway employees who are members of the bank can now get loans of up to Rs 20 lakh.
The announcement was made by Rajesh Kumar Singh, Chairman of the NE & EC Railway Employees Multi State Primary Cooperative Bank, during a press conference held on Wednesday.
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Big Relief for Railway Employees
According to the bank management, several new facilities have been introduced for shareholders and customers.
One of the biggest changes is that members can now get higher loan amounts from the bank.
Along with this, the bank has also reduced the share contribution requirement from 10% to 5%, making it easier for employees to avail benefits.
The bank has also made all application forms available free of cost for members.
Special Help in Case of Accidental Death
The bank has created a Customer Relief Fund to support families during difficult times.
If a shareholder dies in an accident and their bank account is not classified as NPA, the family can get quick financial assistance from the fund.
Apart from this, if a shareholder with a zero-balance savings account passes away, the nominee will receive financial support of Rs 1 lakh from the Nominee Customer Relief Fund.
Better Interest Rates Than Other Banks
The cooperative bank currently operates nearly 18,000 deposit accounts for shareholders.
According to the chairman, the bank offers almost 1% higher interest rates compared to many other banks.
Because of this, many railway employees prefer to keep their savings in the bank.
The bank also provides banking services to the general public.
Insurance and Student Training Benefits
The bank has also arranged insurance coverage of up to Rs 10 lakh for employees and their children.
Established in 1921 for the welfare of railway employees, the bank has grown stronger over the years with the support of railway staff.
Apart from banking services, the institution is now also helping students through training programs.
At present, more than 40 MBA students from DDU University are receiving training from the bank.
Bank officials said they remain committed to providing better services and financial support to shareholders and customers in the future as well.