The society aims to promote thrift and mutual help among its members. Its major functions include granting loans, accepting deposits, and conducting group deposit and credit schemes. A board of directors, elected from the staff of St. Thomas College, Alphonsa College, and St. Thomas College of Teacher Education, runs the society. These directors hold Class A membership in the society.

The society offers four types of membership:

1. Class A: Permanent employees of the three colleges.
2. Class B: Retired employees and family members of Class A/B members.
3. Class C: Any person for the purpose of receiving deposits.
4. Class D: Heads of institutions, departments, and hostels associated with the three colleges for the purpose of receiving deposits.

Currently, Class A members are eligible for loans up to Rs. 30 lakh at the lowest rates under various schemes:

Ordinary loan: Up to Rs. 20 lakh, repayable over a maximum period of 240 months.

Housing loan: Up to Rs. 25 lakh, repayable over a maximum period of 240 months.

Cash credit: Up to Rs. 10 lakh for one year.

Consumer and vehicle loan: Up to Rs. 5 lakh for five years.

The society also offers scholarships to the children of its members who excel in university and board examinations, as well as in sports and cultural activities.

Currently, Prof. Dr. Toji Thomas, Professor of Botany, serves as the Hon. President, and Mr. Joji Jacob, Assistant Professor of Economics, serves as the Hon. Secretary of the society. The society employs two permanent staff members: Sri. Sajumon V.J., Assistant Secretary, and Sri. Anto Jacob, Attender.