Share And Dividend

SHARE

MEMBERSHIP

When you become a member of Sahyadri Multi State Credit Co-Operative Society Limited (SCCS), it gives you the right to offer your suggestion for improving the functioning of the Society. Our Society functions like a family and we understand each other so well that we treat our members as part of our family. We ensure welfare of our members through financial support and improving the standards of life and rendering all possible technology driven financial services under one roof.

Who Can be a member of the Society

Any person who has attained the age of 18 years can become a member of the Society. The application for membership shall be submitted by the applicant at any of the branches of the society in the prescribed form and with valid KYC (Know Your Customer) documents. You can apply for more than one share (Rs. 1000/- per Share), which will be allotted to you as per the discretion of the Society. An amount of Rs.100/- will be collected as admission fee. It is desirable to open a savings account, with a minimum balance of Rs.200/- along with share.

SHARE

A Share Certificate bearing distinctive number and indicating the name of the Member, the number of shares issued and the value paid there on, will be issued by the Society to every Member for the shares subscribed by him.

DIVIDEND

Every co-operative society in addition to providing services to its members also generates some profit while conducting business. Profit generated is distributed to its members based on the shares held by the member, i.e., as dividend on their shares. The management committee of a co-operative society will determine a rate that will further the objects of the society. The management committee will recommend a dividend rate for approval at an annual general meeting of members. The dividend will be paid into the member’s savings account. In the absence of a SB account, payment may be made through Account payee cheque or by transfer to his Bank Account through any approved electronic medium including NEFT/RTGS.

Board of Directors of our society have recommended 15% dividend for the year 2023-2024.

DOCUMENTS REQUIRED

A) Filled Share Application

B) Passport size photo

C) Copy of Identity and Address Proof (Aadhaar/Driving License/Passport/Ration Card/Electoral ID/Pan Card)

Click here to know more about share Guidelines Act 2002