Sainik Sanchay Yojna
Sainik Sanchay Yojna (SSY1000)
Sainik Sanchay Yojna (SSY1000) is a secure and flexible savings-cum-loan scheme exclusively designed for Sainik Sanchay Members. This initiative aims to empower members through regular savings, guaranteed returns, life insurance, and instant loan facilities using a digital-first approach.
Key Features
- Monthly Contribution: ₹1,000/- per member
- Minimum Tenure: 36 months
- Maximum Tenure: No limit
- Interest: 5% simple interest annually on cumulative deposits
Insurance Benefit
- All members are covered with a ₹5,00,000/- life insurance benefit in the unfortunate event of death during active membership.
Instant Loan Facility
- Members can avail instant loan via the official mobile application.
- No civil score or external documentation required.
- Loans will be approved and credited based on deposit history and member rating.
Withdrawal & Member Guarantee System
- 75% of the deposit amount is guaranteed money and can be withdrawn at any time without penalty.
- Members requiring loan or withdrawal beyond 75% of their contribution can avail additional funds from the guarantee pool if other members provide their recommendation and consent
Summary of Terms
- Scheme Name: Sainik Sanchay Yojna (SSY1000)
- Monthly Deposit: ₹1,000/-
- Interest: 5% simple per annum
- Minimum Duration: 36 months
- Insurance: ₹5 Lakh life cover
- Loan: Instant loan via app with no civil score requirement
- Withdrawal: 75% guaranteed; extended via peer recommendation