The Citizen Co-op. Society Ltd. was established in 1997 under the provisions of The Andhra Pradesh Mutually Aided Co-operative Societies Act 1995. Later on the society was converted into a Multi State Co-operative Society under the provisions of The Multi State Co-operative Societies Act 2002. With this, the area of operation of the society is extended to six states of the country, i.e. Andhra Pradesh, Telangana, Karnataka, Maharashtra, Odisha and the Union Teritory of Pondicherry and one branch at Rayagada(Odisha State).
The Society has completed 17 years of operations and has mobilized deposits to the extent of Rs.895 Crores till date. The profitability of Society has been consistently improving with advances at over Rs.497 Crores. The Society has been continuously paying dividends and has paid @ 22% for the year 2013-2014 . Head office of the Society and its Saroornagar branch are functioning at it's own multi storied premises. The Society has so far opened 37 branches including one branch in Bellary & Bengaluru, (Karnataka state) and one branch in Chandrapur (Maharashtra state)and one branch in Yanam (Union Territory Pondichery) and one branch in Rayagada(odisha state)
The operations of the Society are fully computerized which ensures cost effective and instant service to the members. As per bye-laws of the Society it deals only with its members and it is a matter of pride to inform that the membership has exceeded over 1,20,000. The Society is governed by a team of Board of Directors with well experienced from various fields including banking. The highlight of the functions of the Society is its ability to pay attractive rates of interest on Deposits. These rates of interest are more than what is prevalent in the commercial banking sector. This has been possible only because of the confidence of the members of the Society and the efficiency of the society in its judicious lending policies, which has resulted in good returns and low defaults. The Society is always grateful to its members for their continuous cooperation and confidence in the Society.
The Society has become a boon to senior citizens since they are able to get monthly interest without any TDS deductions.
With Co-operative Greetings,
Our services to public is un-comparable.