Mutually Aided Cooperative Credit Society Ltd – MACCS

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 18 years 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 deposits: 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 saving account.
  3. Term deposits: Member who want to serve there fellow 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 guarantee.
  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 installments.

All process and procedure followed are just like other banks.

Branches:-

S.no
Name
Branch
Designation
Phone
Email
1. 
Md. Nayeemuddin sb
BMC President
9908743966
2.   
Ashfaq Patel
BMC President
9030401664
3.   
Rafiuddin
Khidmat Zaheerabad
BMC President
9440015474
4.   
Md. Asadulla Umri
Khidmat Guntur
BMC President
9296200448
5.    
Siraj Samdani
SEVA Tandur
Vice President
9848079212
6.     
Suleman Baqar
Vice President
8790077635
7.     
Mohd. Mushtaq
SEVA Charminar
BMC Member
7386127179
8.     
Khaja Faheemullah
SEVA Nizamabad
BMC President
9963359896
9.     
Tanveer Ahmed
SEVA Adilabad
President
8341742172
 

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