The fact is that, this is the time of money. To fulfill your requirements we need money. There would be case also where we need money instantly like for some health problem, education or marriage. Credit co-operative society is the non-profit making voluntary organization formed under the society act 1925. These societies are the financial organization managing the financial transactions amongst its members. The meaning of €credit€ in the credit co-operative society is that it only deal with the transaction, It does not involves in any investment. The members of the credit co-operative society associate on the basis of equal rights to gain the social and economic benefits for themselves.
The credit co-operative society provides the financial assistance to the society. There are different types of society depending on its nature and object of work. It is the group of people who work together and share the equal benefits. Mainly there are six types of co-operative society that are Consumers' co-operative society, Producers' co-operative society, Co-operative marketing society, Co-operative credit society, Co-operative farming society and housing co-operative society. So we are talking about the credit co-operative society which issues the loan, finance and also provide the facility to open the accounts to save your money. The society provides the accounts as in banks that are saving account, current account recurring account and fixed account. The interest rate provided by these societies is normally higher than public sector bank. For the middle class person or poor people it is very necessary to save some amount of money for their future requirements like for education of their children, marriage and health. Recurring deposit scheme is the best suited for these person where they can deposit fixed amount from their monthly income for certain period. And after completion of time duration they got the all deposited money with some extra return that is interest. There are different recurring schemes so that one may choose according to their income and saving.
Credit co-operative society not only deals with the accounts but it also issues the different loan to help the society. The loan schemes provided are Vehicles loan, Personal loan, Home loan, Loan against fd, Gold loan, Crop loan and education loan. Vehicles loan are provided to the person who wants to take the vehicle like car or bike. Personal loan is granted for personal use. It is of shorter term than a mortgage and usually for one to five years. This is unsecured loans that are often given to those who have good credit record. There is a account in which we can deposit our money for certain period of time. We cannot withdraw it but we can take the loan against our fixed deposit that is called loan against fd (loan against fixed deposit). It is easily available from the co-operative society or banks where there is your fixed account. The loan approved is in between 75% to 90% of the money of your fixed deposit. Gold loan is available against your gold ornaments and jewellery.