Our Products
Monthly Income Plan
What is Monthly Income Plan ?
A monthly income plan refers to a financial product or scheme that provides our members with a regular monthly income. Here are some key points to consider when our members choose monthly income plan with us:
MONTHLY INCOME PLAN
ROI (%) | Tenure |
6 | 1 Year |
7 | 2 year |
8 | 3 year |
9 | 4 year |
10 | 5 year |
10 | 6 year |
Here are some key points to understand about obtaining a Monthly Income Scheme
1. Eligibility and Membership
Eligibility and Membership
Determine the eligibility criteria for members to participate in the monthly income plan. This may include factors such as membership duration, age, and other requirements specified by us.
2. Contribution and Accumulation
Contribution and Accumulation
Members typically make lumpsum contributions or deposits into the monthly income plan to build their income corpus. The cooperative credit society will specify the minimum contribution amount and any additional rules or conditions related to the accumulation of funds.
3. Income Calculation
Income Calculation
The income amount payable to members is calculated based on various factors, such as the accumulated corpus, prevailing interest rates, and the terms and conditions of the monthly income plan. The cooperative credit society credits the members account on monthly basis after calculating the monthly income payments.
4. Monthly Income Payments
Monthly Income Payments
Once a member's monthly income plan is active, the cooperative credit society disburses regular monthly income payments to the member. The payment amount is typically predetermined and fixed, providing a stable income stream.
5. Investment and Risk Management
Investment and Risk Management
The cooperative credit society may invest the accumulated funds in various financial instruments or assets to generate the income required for monthly payments. We carefully manage the investment portfolio to balance income generation with risk management and ensure the long-term sustainability of the monthly income plan.
6. Regulatory Compliance
Regulatory Compliance
We comply with the relevant laws, regulations, and guidelines set by the regulatory authorities overseeing their operations.
7. Member Communication and Reporting
Member Communication and Reporting
Clear communication with members is crucial. We provide comprehensive information about the monthly income plan, including its terms, conditions, income calculation methodology, and any updates or changes. Additionally, ensure timely reporting of income payments and provide periodic statements to members, enhancing transparency and trust.