Union Bank of India Officers’ Cooperative Thrift & Credit Society Ltd., Chennai was started in the year 1980.  Initially it was a State Society and the area of operation was restricted to Tamil Nadu only.  The operations of the Society had been extended throughout India by amending the relevant Bye-Laws in the year 1985. For the past 10 years, the Society is paying 13% interest on Thrift Deposit and 13% Dividend on the Shares held by the members.

The Society has various welfare schemes for the benefit of members.  The Society also extends loan to its members and the maximum loan quantum is Rs.15.00 Lacs. For Fixed and Cumulative Deposits the society is offering interest @ 9% for one year.  Under Family Welfare Deposit Scheme, the family of the deceased member will get Rs.10.00 Lacs as Assistance Amount.  Under this scheme the Society has so far disbursed Rs.2.02 Crores to the nominees of 113 members.

The Society has Four Guest Rooms for their members visiting Chennai.  The Guest Rooms are Deluxe Category and the same was inaugurated by our worthy Chairman & Managing Director in the year 2006.  Further the Society is also giving 20 Scholarships for the meritorious wards of its members for Standard X and XII.

The total Membership of the Society is around 2400 and majority of the Executives of the Bank are also members of the Society.

BUSINESS MIX:  The Society was started in the year 1980 with a paid up Share Capital amount of Rs.5,500.00.  Now the total Business Mix has crossed Rs.90.00 Crores.