Allahabad Bank Employees'
Co-operative Credit Society Ltd.


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The ABECCS Ltd. maintains an account for each member with his monthly deposit to Thrift Fund deducted through his/her salary. The members are being allowed annual interest on it. After completion of three months time period his/her membership, obtained through purchase of shares, a member becomes entitled to get a loan upto 20 times of his share holding [maximum limit of loan for a member is Rs.2 lakh]. On sanction of loan,  5% of sanctioned loan amount is required to be deposited with the concerned member's Guarantee Fund Account.. The Guarantee Fund account of a member also yield an interest on it. Loans of the members along with the interest accrued thereon are being repaid by the members through their monthly salary. The maximum limit of loan, rate of interest on Loans, Thrift Fund and Guarantee Fund etc. are being determined from time to time as per the decisions of the Annual General Meeting. Amendments of the constitutional provisions are made in the same way with due approval of the authorities of the ARCS.

The functioning of the cooperative society is fully Computerised and run by voluntary service of the members/Directors.