The Society was originally registered under Madras Co-operative Societies Act 1961. Now the Society deemed registered under the Multi State Co-operative Societies Act 2002 and rules made there under. The Society was registered on 24-10-1969 and started functioning from 11-11-1969 at "Khivraj Mansion" and celebrated it's Golden Jubilee on 10-11-2019. The Society was founded by Shri.T.S.Rengarajan. The present address is "Indianoil Bhavan", 139, Mahatma Gandhi Road, Nungambakkam, Chennai - 600034. Since the Society serves for the members in more than one State is is called Multi-State Co-op Society.
The concept of co-operation envisages a group of persons having one or more common economic needs, who voluntarily agree to pool their resources both human and material and use them for mutual benefit, through an enterprise managed by them in democratic lines, guided by the principle of “Each for all and all for each”. Its by-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the coop principles. The Central Registrar of Co-op Societies, New Delhi is empowered to administer the functions of this Society. This Society was awarded Grade-A continuously since its inception in 1969.
Indian Oil Corporation Employees Cooperative Society LTS(SR) was registered on 24-10-1969 and started functioning from 11-11-1969 at “Khivraj Mansion”, 150-A, Mount Road, Madras-2. The founder of the Society is Shri. T.S. Rengarajan. The Indian Oil Employees’ Union (SR) decided to form a cooperative society for the benefit of all employees in Southern Region. Initially, the society had a membership of 295 and it has come a long way since then. Now the we have a membership of 2500 and we are providing a loan of Rs.18,00,000/-. Employees of Indian Oil Corporation Ltd, Southern Region are the members of the Society. The area of operation is the states of Tamil Nadu, Karnataka, Kerala, Andhra, Telangana and Union territory of Pondicherry.
The post merger of IBP with IOC in 2007, the members of the IBP Employees Co-op Society Ltd were merged with our Society and are availing all financial facilities. Our Society Is a Grade A awarded Society, certified by State Govt. Auditors and Chartered Accountants since inception in 1969.
We introduced a Fixed Deposit Scheme during 2008, many members and retired members invested their surplus funds and retirement benefits with the Society enthusiastically and made us self-sufficient. We are declaring 25% dividend on Share Capital continuously for many years.
HOW TO BECOME A MEMBER
APPLICATION FORM
Membership application shall be collected from the Society Office.
DOCUMENTS REQUIRED
Payslip of latest month, a copy of cancelled Cheque, a photocopy along with the application fee of Rs.200/-.
SUBMISSION OF APPLICATION
Application to be submitted by the applicant to the Chief Executive of the Society in the prescribed form.
ELIGIBILITY CRITERIA
Dual membership with other Regional Society is not permitted. Should be a Confirmed Employee of Indian Oil Corporation.
SURETY LOAN
A Maximum loan of Rs.8,00,000/- (Rupees Eight Lakhs) may be sanctioned as a Surety Loan to the members of the Society.
Borrower should hold at least 5% of his borrowings as share capital as security of the loan at the time of availing loan.
The purpose for this loan is permissible for purchasing lands, constructing house, renovation of house, education, clearing the previous debts, medical, marriages, and also at its discretion of the Board of Directors.
Loan shall be recovered by 100 monthly instalments or lesser period as requested by the members.
Respective loan forms shall be collected from the Society Office. Soft copies are not accepted.
EDUCATION LOAN
A Maximum loan of Rs.5,00,000/- (Rupees Five Lakhs) may be sanctioned as a Education Loan to the members of the Society.
The purpose of the loan is permissible to educate the children of the borrowing members.
Loan shall be recovered by 100 monthly instalments or lesser period as requested by the members.
Respective loan forms shall be collected from the Society Office. Soft copies are not accepted.
CONSUMER LOAN
A Maximum loan of Rs.5,00,000/- (Rupees Five Lakhs) may be sanctioned as a Education Loan to the members of the Society.
The purpose of the loan is permissible to educate the children of the borrowing members.
Loan shall be recovered by 100 monthly instalments or lesser period as requested by the members.
Respective loan forms shall be collected from the Society Office. Soft copies are not accepted.
RATE OF INTEREST
| S.No | TYPE OF LOAN | R.O.I |
|---|---|---|
| 1 | SURETY LOAN | 10% p.a. |
| 2 | EDUCATION LOAN | 10% p.a. |
| 3 | CONSUMER LOAN | 10% p.a. |
RECURRING DEPOSIT
Recurring deposit is a deposit received for a fixed period, recoverable from salary along with other deductions for a fixed amount of Rs.1000/- or multiple thereof for a period of one year.
No cash deposit is permitted.
FIXED DEPOSIT
A fixed deposit is a deposit received of a fixed amount of money for a fixed period of time. No Fixed deposit shall be received for a sum less than Rs.1,00,000/- or an exact multiple thereof.
Fixed deposit interest are issued monthly, quarterly, half yearly and annual as per the request of the Depositor.
No cash deposit is permitted.
THRIFT DEPOSIT
A Maximum loan of Rs.5,00,000/- (Rupees Five Lakhs) may be sanctioned as a Education Loan to the members of the Society.
Every member shall subscribe to the Thrift Deposit of Rs.2000/- as long as he/she continues to be a member of the Society.
RATE OF INTEREST
| S.No | TYPE OF DEPOSIT | 1 YERA | 2 YEARS |
|---|---|---|---|
| 1 | Fixed Deposit | 7% p.a. | 8% p.a. |
| 2 | Recurring Deposit | 6% p.a. | |
| 3 | Thrift Deposit | 8% p.a. |
“Indianoil Bhavan”, 139, Mahatma Gandhi Road,
Nungambakkam, Chennai - 600 034,
Tamil Nadu, India.
Land Line : 044-28330080 / 28339214
Mobile No. : +91 9444240080
indianoilsociety69@gmail.com
indianoilsociety@rediffmail.com