1. What is Sai Multistate Credit Cooperative Society Limited?
Sai Multistate Credit Cooperative Society Limited is a Cooperative Credit Society registered under Multi State Co-Operative Societies Act, 2002 vide Registration no. MSCS/CR/548/2012. The Society abides by the Multi State Co-Operative Societies Act, 2002.

2. What is the Operational Areaof the society?
The area of operation is confined to the states of Karnataka and Maharashtra.

3. How many types of membership are there?
The society has Ordinary membership and Nominal membership.

4. 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 loans to the members.

5. Are the deposits with the society safe & secured?
Yes, because Government of India has framed the laws/rules to ensure the security and safety of deposits and Sai Multistate Credit Cooperative Society Limited strictly abides by the rules and regulations framed by Central Government. The operations and accounts of the society are to be audited by the statutory auditors Govt. of India.

6. What is Sai Multistate Credit Cooperative Society Limited?
Sai Multistate Credit Cooperative Society Limited is registered under Multi state Co-Operative societies act and rules. Society is not a personal institution owned by an individual but it is a fully democratic organization managed by Board of Directors who are elected by the members of the society and the Board of Directors also takes decisions in a collective manner with total transparency. The department of Co-Operative constantly reviews the functioning of the society at regular intervals.
Finance companies are usually owned by individuals and frame the policies according to choice of the owners to maximize returns. The depositors / Investors have no role to play. There are some possibilities for the absence of transparency. Investors have virtually no knowledge of the affairs/ legal provisions of NBFC/other financial institutions and the statutory liabilities of the institutions are also limited.
Sai Multistate Credit Cooperative Society Limited completely lives to its legal liabilities and answerable to its members. Books of accounts are subject matter of Statutory Audit and the Audited Accounts are submitted to Central Registrar of cooperative societies, Government of India for review and further action, at regular intervals during a year. When you are investing your money in Sai Multistate Credit Cooperative Society Limited you are not only an investor also a member of the society. The profit generated by the society is also shared to the members in form of Dividend at the end of each financial year after Annul general body meeting.

7. How & Why the Sai Multistate Credit Cooperative Society Limited paying "Best Rate of Interest" to its members / Investors?
There are varieties reasons which help the society in offering best Rate of Interest. A few of them are listed below :

  • 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 society is able to save some amount which could have otherwise been paid as Tax. The Management of the society felt that some portion of this should be passed on to the members by offering higher Rate of Interest.
  • C.R.R. Cash Reserve Ratio:- Banks and other financial institutions have to keep about 4% 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 Sai Multistate Credit Cooperative Society Limited is exempted from this provision. We keep minimum cash in hand to meet the day to day requirements and therefore are in a position to lend more and thus earn more and pass the share to the member account holders as high rate of interests.
  • S.L.R. Statutory Liquidity Ratio: - Banks have to keep almost 21.25% of their deposits in different type of securities which earn them less interest as compared to the Rate of Interest prevailing in the market thus reduced earnings compared to society.
  • Investment in Other Co-operative Society: - Society is also investing in other co-operative institutions and the earnings from these are also shared with the member account holders as higher rate of interests.
  • Less Capital Expenditure: - Banks and other financial institutions are spending huge amounts in the shape of capital expenditures and establishment cost. As compared to banks and NBFC our operational cost is very low and the benefit of this also is being passed on to the members.

8. Who can become a member of the Society?
  • An individual, competent to contract under section 11 of the Indian Contract Act, 1872;
  • Any Multi-State Co-operative Society or any Co-operative Societies ; ( except similar type of co-operative )
  • The Central Government;
  • The State Government ;
  • The National Co-operative Development Corporation established under the National Co-operative Development Corporation Act, 1962.
  • Any other Corporation owned or controlled by the Government
  • Any Government company as defined in section 617 of the Companies Act 1956.
  • Such class or classes of persons or associations of persons may be permitted by the Central Registrar having regard to the nature and activities of a multi state co-operative society.

9. Can I become a member agent or member collector of the Society?
Yes, anyone who is keen on earning money through co-operation and fulfills the criteria set by the society to become an agent member or collector member is welcome to contact the branch for further information.