The Death Relief Fund was introduced in the year 1985-86 in order to give relief to the family of a member who dies in harness with a meager contribution of Re. 1/- by each member per month. The amount of relief which was Rs. 5,000/- in the initial stages has now been raised to Rs. 12,00,000/- to mitigate the financial hardship caused to the bereaved family. The member shall contribute Rs. 450/- towards Death Relief Fund Scheme from his/her salary till the date of his/her membership with the Bank. This scheme is only for the members. The Interest on this Scheme will be paid annually.
The legal heirs of the deceased are entitled to get Rs. 12,00,000/- lakh out of which Rs 20,000/- will be paid immediately and in case of Retirement / Resignation / Voluntarily Closing of Membership, out of the monthly contribution of Rs. 450/-by the member Rs.150/- along with interest is refundable at the time of retirement of the member. In either of the cases the final payment will be subject to the adjustment of amount due to the Bank.