Mutually Aided Cooperative Credit Society Ltd.
Registration No. AMC/MDK/DCO/2011/1904.
- To promote economic and social upliftment of its members through thrift, self-help and mutual aid in accordance with principles of cooperation and welfare.
- To provide financial and other services to the members at nominal services charges.
- No interest as such shall be levied on such loans and advances to members.
- Under takes such activities which develop education, skills, social and moral status of the member.
- 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:
- Purchase a minimum amount of society shares.
- Should pay the admission fee, open an account and shall pay annual regular fee.
- All members shall have equal access to all the benefits from the society
Types of accounts:
- 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.
- Saving account: Under this account member can save money through seving account.
- 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:
- Demand loan: Member can take loan for the non-business activities by keeping gold as guaranty.
- A nominal service charges will be collected from the loanies.
- 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.