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Blow are the types of accounts for Mahalakshmi Cooperative Bank and account opening requirements:
—-Savings Account
| Info | Details |
| Who can open savings Account | ✓ Individual in his own name. ✓ Two or more individuals in their joint names with suitable repayment instructions. ✓ A guardian on behalf of a minor. ✓ In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, executors and administrators. Secretaries, Treasures, Managers or other duly constituted officers of Corporations whether incorporated or not. The Rules governing such institutions and all other necessary information should be furnished in writing when opening the account. Note : Nomination Facility is available. |
| Initial deposit at opening of account | ✓ Minimum amount of just Rs. 1000/- |
| Rate of interest | 3.5% The interest will be paid at rates applicable for the period of deposit on daily basis as prescribed under the Reserve Bank of India’s rules/directives/guidelines from time to time and fixed by the Bank. |
| Cheque Book facility | Will be provided to the account holder who maintains a minimum balance of Rs.1000/-. First CTS cheque book will be provided free of cost, subsequent cheque book will be charged |
| Passbook | No charge will be applicable for the passbook issued to the depositor on account opening. |
| Duplicate passbook | Duplicate passbook will be issued on payment of applicable charges. |
| NEFT/RTGS facility | NEFT/RTGS facility available |
| Demand Draft Facility | Demand Draft Facility available |
| Documents required for opening the accounts | ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card ✓ PAN card ✓ Photographs Note : Aadhar card is mandatory to open account |
Mahalakshmi Vidya Siri
| Info | Details |
| Who can open savings Account | ✓ Students in his own name. ✓ Age limit 10-23 years ✓ A guardian on behalf of a minor. |
| Initial deposit at opening of account | NIL |
| Rate of interest | 3.5% The interest will be paid at rates applicable for the period of deposit on daily basis as prescribed under the Reserve Bank of India’s rules/directives/guidelines from time to time and fixed by the Bank. |
| Cheque Book facility | NIL |
| Passbook | No charge will be applicable for the passbook issued to the depositor on account opening. |
| Duplicate passbook | Duplicate passbook will be issued on payment of applicable charges. |
| NEFT/RTGS facility | NEFT/RTGS facility available |
| Mobile Banking | Facility available |
| Documents required for opening the accounts | ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card ✓ PAN card ✓ Photographs Note : Aadhar card is mandatory to open account |
Mahalakshmi Gold / Platinum SB
New SB product introduction with effect from 01-08-2022
| Account Name | Minimum Balance to be maintained | Individual | Institution |
| Mahalakshmi Gold A/C | Rs.200000 | 4.25% | 4.75% |
| Mahalakshmi Platinum A/C | Rs.500000 | 4.75% | 5.25% |
—–Fixed Deposit Account
| Info | Details |
| Who can open fixed deposit | ✓ Individual in his own name. ✓ Two or more individuals in their joint names with suitable repayment. ✓ A guardian on behalf of a minor. ✓ In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators. |
| Repayment on Maturity | The deposit is repayable on the maturity date as indicated on the deposit receipt |
| Premature Closure | For premature closure interest will be paid at 1% less than the rate applicable for the period of deposit remained with the bank. |
| Renewal of matured Deposits | The total amount of matured deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 15 days, beyond the date on which it is renewed and the renewal is made within 15 days from the date of maturity. The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed. |
| Documents required for opening the account | ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card ✓ PAN card ✓ Photographs Note : Aadhar card is mandatory to open account |
| Loan against deposit | Depositor can avail a loan up to 90% of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit. |
| Transfer of Deposit Account | The fixed Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only. |
—-Current Account
| Info | Details |
| Who can open Current Account | Individuals and other Firms/Company (known to the Bank or) properly introduced. Co-operative and other Institutions |
| Initial deposit at opening of account | Minimum amount of Rs. 5000/-. |
| Cheque Book facility | First CTS cheque book will be provided free of cost, subsequent cheque book will be charged |
| Passbook | No charges for the passbook issued to the depositor. However charges are applicable for the issue of duplicate passbook |
| NEFT/RTGS facility | NEFT/RTGS facility available |
| Demand Draft Facility | Demand Draft Facility available |
| Non maintenance of minimum balance | Will be charged |
| Documents required for opening the accounts | Individual person desiring to open a Current Account 1. Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card . 2. PAN card 3. Photographs For Co-operative and other Institutions, the resolution of the Board of Management of the concerned institution, for opening an account and the officials authorized to operate on the account, together with the Rules and Bye-laws governing such institution’s Memorandum and Articles of Association, as the case may be, identify proof of the operators, their Pan card and all other necessary information required by the Bank should be furnished at the time of opening the account. |
| Nomination | Nomination Facility is available. |
—Daily Deposit Account
These accounts are designed to help the individual to inculcate the habit of savings money and money and meet their future requirement of money. Amount can be deposits/ withdrawals from this account s by way of cheques/ withdrawal slips. It helps the customer to keep minimum cash at home besides earning interest
Rate of interest: – 4%
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