Call Us
Helpline no
0291-6544444
Contact us
Head Office :
Shubhash Circle, Railway Station Road, Pali

Central Office :
Bhaskar Circle,above State Bank of Hyderabad ,Ratanada Jodhpur(Raj.)
 

FAQ

There are varieties of natural and financial reasons which help the BCCSL in offering better Rate of Interest. A few of them are detailed below:-
(a) Income earned by the society on account of Interest on loans/ advances granted to members which contributes a major part of society’s Income is exempt from Income Tax as per section 80P of Income Tax Act. Therefore the BCCSL is able to save huge amount which could have otherwise been paid as Tax. The Board of Directors of the society always felt that some portion of this should be passed on to the members by offering Higher Rate of Interest and that is the policy of our society.

(b) S.L.R. Statutory Liquidity Ratio :- Banks have to keep the almost 25 to 30% of their deposits in different type of securities which earn them less interest as compared to the Rate of Interest prevailing in the market.

(c) C.R.R. Cash Reserve Ratio: - Banks and other financial institutions have to keep about 4 to 5 percent of their deposits in cash or with Reserve Bank of India as per R.B.I. regulations. Amount so kept does not earn any interest and reduces the banks’ capacity of lending. While Bhagyalaxmi Credit Co-Operative Society is exempted from these provision BCCSL keeps minimum cash in hand to meet the day to day requirements and therefore are in a position to lend more fund.

(d) Bhagyalaxmi Credit Co-Operative Society is exempt from maintaining Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio. The Bhagyalaxmi Credit Co-Operative Society has better opportunities of managing its funds and earning interest thereon which it is doing sincerely and passing on the benefits of such income to its members/ Investors by offering better rate of Interest.

(e) The BCCSL is extending short term & medium term loans to its members. Our loans are fully secured and our recovery is hundred percent. On the other hand Banks’ resources are adversely affected by large scale Non Performing Assets and as a result these institutions have lesser funds at their disposal and are not able to offer good Rate of Interest to depositors.

(f) As it is evident, banks spend huge amounts in the shape of misc. exp. And establishment cost. As compared to banks and N.B.F.Cs’ our operational cost is very low and the benefit of this also is being passed on to the members in the shape of Higher Rate Of Interest.

Why does Bhagyalaxmi Credit Co operative Society pay more interest to the members ?
Society motivates the members for future savings. In present days where the peoples are getting divert from the savings, for the reconstruction of national assets, personal and social development saving is must, the society is working for the moral values. The more interest pay by the society to inspire the people. What are the other benefits to the members of the society? 1% extra interest will be pay to the person above 50, women, handicapped, soldiers, central and state government servants all bank and insurance agents, public, government and semi government servants, government officers, local area servants, retired persons, trust and on Rs 5 Lakh interest will be pay. As per the present income tax law, the TDS will be not deduct on the income earn. As per the rules the accidental life insurance will be pay free of cost on the saving account of Rs 50000. The facility of pre maturity payment and loan will be available on savings. Online banking facility is also available.
WHAT IS A DIFFERENCE BETWEEN BHAGYALAXMI CREDIT COOPERATIVE SOCIETY AND OTHER FINANCE ORGANISATION ?
Bhagyalaxmi Credit Co-operative Society Limited a financial organization formed under co-operating law its registered in act of 2011. The government of rajasthan law apply in this society. The society completely follow the laws. Being a Co-operative society any particular person does not have ownership . All the members of society basically comprise the ownership rights. All the members of the society are elected by the Board of directors in democratic tradition. The activities are hosted by the board of directors. The collective decision taken by the board of directors is full of transparency. The departments also assesses the functioning of the co-operative society, on the other way finance companies have own ownership.

HOW BHAGYALAXMI CREDIT COOPERATIVE SOCIETY IS DIFFERENT FROM OTHER CREDIT CO-OPERATIVE SOCIETIES ?:
1. Bhagyalaxmi is the first credit cooperative society of Rajasthan will be providing banking services to its members and investors.
2. Bhagyalaxmi Credit Cooperative Society has increased the number of branches in a very short time period that no other society has done so fast.
3. Bhagyalaxmi Credit Cooperative Society is the first society who has started small savings scheme.
WHO SHOULD INVEST IN BHAGYALAXMI CREDIT CO-OPERATIVE SOCIETY?
The society accepts deposits on a Higher rate of interest. Therefore, it is natural that the rate of interest will also be Higher side on loans being offered and society earns profit. Higher rates of interest cannot be received on Bhagyalaxmi amount of loan and the chances of bad debts are more. Therefore, the society issues short term loans of small amounts. The experience of the management is that in micro finance, Higher rate of interest can be received easily on small and short term loans. This is the reason that micro finance is given to small loans.
What is the minimum and maximum amount of Credit Co – Operative Society?
There is a minimum amount for the savings policies. There is no limitations for the maximum amounts.
Who should invest in the Society?
Any adult persons, H.U.F. companies, trust, partnership firms, society, Co – Operative Societies, etc. who is a part of Bhagyalaxmi credit co – operative society limited can be a part of the saving policies.
How does the micro deposit and micro finance work in the Bhagyalaxmi Credit Co – Operative Society?
The society maximum deposit from the high interest though the loan interest will be high then the society will earn more profit. There will be no extra interest for the more loan amount. In less time and less loan amount of loans are issued and management experience says large interest rate on small loans to micro finance can be recovered easily. Micro finance payable to a very short term Loan amount.
MICRO DEPOSIT PLAN: All the schemes of society are of short term deposits where Recurring Deposit (R.D.), Daily Deposit Scheme (DDS), Bhagyalaxmi Pension Scheme (S.P.S.) and Fixed Deposit Receipt (F.D.R.) for one month to 14 years are important schemes.
MICRO FINANCE : The funds received through Micro Credit plus profits thereof are invested in Micro Finance Schemes. Daily Loan Scheme (D.L.S.), two wheeler, three wheeler loans (T.W.L.), Mortgage Loans (M.L.), Personal Loan (P.L.) and Consumer Loan (C.L.) are the important schemes of Micro Finance limited to two years of time period and one lakh amount.
How Bhagyalaxmi Credit Co Operative Society Limited is capable to give more interest from the other banks and society? a) Income earned by the society on account of Interest on loans/ advances granted to members which contributes a major part of society’s Income is exempt from Income Tax as per section 80P of Income Tax Act. Therefore the BCCSL is able to save huge amount which could have otherwise been paid as Tax. The Board of Directors of the society always felt that some portion of this should be passed on to the members by offering Higher Rate of Interest and that is the policy of our society.
b) S.L.R. Statutory Liquidity Ratio :- Banks have to keep the almost 25 to 30% of their deposits in different type of securities which earn them less interest as compared to the Rate of Interest prevailing in the market.
c) C.R.R. Cash Reserve Ratio: - Banks and other financial institutions have to keep about 4 to 5 percent of their deposits in cash or with Reserve Bank of India as per R.B.I. regulations. Amount so kept does not earn any interest and reduces the banks’ capacity of lending. While Bhagyalaxmi Credit Co-Operative Society is exempted from these provision BCCSL keeps minimum cash in hand to meet the day to day requirements and therefore are in a position to lend more fund.
d) Bhagyalaxmi Credit Co-Operative Society is exempt from maintaining Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio. The Bhagyalaxmi Credit Co-Operative Society has better opportunities of managing its funds and earning interest thereon which it is doing sincerely and passing on the benefits of such income to its members/ Investors by offering better rate of Interest.
e) The BCCSL is extending short term & medium term loans to its members. Our loans are fully secured and our recovery is hundred percent. On the other hand Banks’ resources are adversely affected by large scale Non Performing Assets and as a result these institutions have lesser funds at their disposal and are not able to offer good Rate of Interest to depositors.
f) As it is evident, banks spend huge amounts in the shape of misc. exp. And establishment cost. As compared to banks and N.B.F.Cs’ our operational cost is very low and the benefit of this also is being passed on to the members in the shape of Higher Rate Of Interest.
 
Our Schemes