Frequently Asked Questions

• How does the Society utilize the funds/deposits obtained by it ?
The Society uses the funds in lending to the members and investments as per the societies act/rules/by-laws. Our lending is in the shape of small loans for business & Micro Finance.

• Are the deposits with the society safe & secured?
Yes, because Government of Rajasthan has framed the laws/rules to ensure the security and safety of deposits and Sukh Samriddhi Credit Cooperative Society strictly abides by the rules and regulations framed by State Government. The State Co-Operative Societies Act,

• What is the difference between Credit Co-Operative Society and Banks?
(1) Banks works as per the rules of Reserve Bank of India while Society works as per the Cooperative society Act.
(2) Audit of Bank is done by the panel of C.A. or R.B.I. officers as per the guideline of Reserve Bank of India, while in society auditors came from the registrar office of co-op. for audit.
(3) Banks can issue cheque books because they have clearing house license, while society don't have clearing house license so can't issue cheque books.
(4) When anybody wants to do transaction with society first of all he/she has to become member of society & have to purchase the shares of it than & than can take loan & put deposit in society. While in Banks without become member & purchase the shares you can take loan & also put FD & other deposit.

How the loans & advances given by the society is safer:-
The loans are fully secured with collateral security and is given to genuine borrowers after full scrutiny and due diligence. Cooperative society shall not make loan against the security of shares of members or on the security of non-members.
Is there any restriction on raising deposits:-
Cooperative society may raise deposits , funds etc from the members to the extent that the total amount of deposits & loans should not be more than 10 times capital and accumulated reserves of the society.
How the society is able to pay higher interest rates on deposit:-
Income earned by the society from loans & advances is exempted from Income Tax. Therefore the society saves huge amount of money which otherwise would have been paid as taxes. This helps the society in keeping higher interest on deposits.

• How the Sukh Samriddhi Credit Cooperative Society is different from other Financial Institutions?
Society is not a personal institution owned by an individual but is a fully democratic organization managed by Board Of Directors who are elected by the members of the society in the Annual General Meetings and the Board Of Directors also take decisions in a collective manner with total transparency. The department of Co-Operatives constantly reviews the functioning of the society at regular intervals.

Finance companies are usually owned by individuals and frame the so called policies according to the whims and fancies of the owners. The general members/ depositors/ Investors have no role to play. There are some possibilities for the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.Cs and the statutory liabilities of the N.B.F.C s are also limited.

Sukh Samriddhi Credit Cooperative Society is completely live to its legal liabilities and answerable to its members through its elected members of the Board Of Directors. Books of accounts of Sukh Samriddhi Credit Cooperative Society subject matter of Statutory Audit and the Audited Accounts are submitted to State government of Rajasthan for review and further action, annually. When you invest your money in Sukh Samriddhi Credit Cooperative Society. you are not only an investor you are a member of the society.

• Why the Sukh Samriddhi Credit Cooperative Society is paying 'Higher Rate of Interest' to its members/ Investors?
We believe in the principle of encouraging saving habits amongst our members. In the present context when tendency to save is on the decline and the consumerism is on the high. We want to ensure the financial and social well being of our members as a moral responsibility towards the Society. As a true nationalists we are convinced that higher the savings, higher the investment better the G.D.P.

• Who can invest with Sukh Samriddhi Credit Cooperative Society.?
All those investors/depositors who are keen to get better returns/interest on their deposits in short term, medium term and long term. So all of you are welcome.