Khidmat

Mutually Aided Cooperative Credit Society Ltd.

Registration No.   AMC/MDK/DCO/2011/1904.

Objectives:

  1. To promote economic and social upliftment of its members through thrift, self-help and mutual aid in accordance with principles of cooperation and welfare.
  2. To provide financial and other services to the members at nominal services charges.
  3. No interest as such shall be levied on such loans and advances to members.
  4. Under takes such activities which develop education, skills, social and moral status of the member.
  5. Membership: any person above 18years of age who abide the bylaws of the society shall be made as the member.

A member has to do the following things:

  1. Purchase a minimum amount of society shares.
  2. Should pay the admission fee, open an account and shall pay annual regular fee.
  3. All members shall have equal access to all the benefits from the society

Types of accounts:

  1. Daily deposts: under this account member can save their money through daily deposits. A person appointed by the branch shall collect the amount at member doorstep.
  2. Saving account: Under this account member can save money through seving account.
  3. Term deposts: member who want to serve there follow members can deposit their amount for a period in multiple of six months.

Type of Loan:

  1. Demand loan: Member can take loan for the non-business activities by keeping gold as guaranty.
  2. A nominal service charges will be collected from the loanies.
  3. Murabaha (cost plus loan): Under this scheme, Bank will provide the business commodities as per the requirement of the applicant to an extent of 50,000(including a margin of profit) and collect the amount in easy instalment.

All process and procedure followed are just like other banks.