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Monthly Contribution
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MBD Scheme
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MBA Fund MBAD Scheme II
on 31st march 2014 the accumulated monthly contribution i.e. Capital Deposit was Rs.22 crore and 24 Lakhs. During the year we have received Rs. 3 crore 66 lakhs and Rs. 1 crore 72 lakhs was refunded to the retired members. At the end of the year the Capital Deposit was Rs.24 crore 19 lakhs which shows a net increase of Rs.1 crore 95 lakhs.
During the reporting year amount of Rs.24.04 Lakhs was paid as Assistance under the scheme to the 15 nominees of deceased members. The new Scheme was introduced four years back with assumption of death rate per thousand would be 4(backed by previous year experience)However due to increasing average age of the RBI employee, the death rate for last two years has gone upto 3 per thousand. under the old scheme i.e. MBD I Society has decided to increase the Insurance cover up to Rs. 2.00 lakh.
Now the total insurance coverage under both the schemes will be Rs.4.00 Lakhs. Thus the total insurance coverage under both the schemes is Rs. 5.00 Lakhs. We have decided to pay Rs. 4 Lakhs under 2nd MBD scheme, thus raising the insurance cover to Rs. 6.00 Lakhs.