Mumbai District Central Co-Op Bank LTD History & Accounts Details

Saving Account

Who can open an Account

  • An Individual in his/her name
  • More than one person jointly
  • An illiterate person
  • A blind / visually Impaired / Incapacitated Persons
  • A guardian on behalf of minor in the minor’s name
  • Clubs, Association, ( only if registered)
  • Local bodies, Co-operative Housing Societies.

Interest

Advertisements
Loading...

It will be calculated @ 4% p.a. on the basis of Daily Product and will be credited to the account at quarterly intervals in March,June,September & December.

Pass Book

Pass book will be supplied to every savings Bank depositor showing his account number, Name, address, transactions with date, amount and particulars.

Incidental Charges

  • If a minimum balance of Rs.1000/- (with cheque book facility) or Rs.500/- (without cheque book facility) is not kept, the Bank will charge incidental charges at the rates as in force from time to time.
    Also refer to our Service Charges on this site for other incidental charges.
  • Initial Deposit for opening Savings Bank Account & minimum balance to be maintained in the account :

With Cheque Book Facility – Rs.1,000/-

Without Cheque Book Facility – Rs. 500/-

Requirements for opening account

General

  • Penalty at the rate prescribed will be debited to the account on quarterly basis for non maintenance of prescribed minimum balance.
  • Bank reserves the right to close any account, if cheques drawn are returned unpaid frequently for want of funds or the account is considered as irregular/non-satisfactory.
  • Account not in operation for more than 2 years will be treated as inoperative/dormant account.
  • Bank reserves the right to alter, amend, and rescind the rules from time to time.
  • Two copies of latest photographs
  • Proof of residence to the satisfaction of the Bank (passport, Driving Licence, Ration Card, Voters Card, Electricity Bill, etc.)
  • Photo Identity Proof ,PanCard, AADHAR Card.
  • Introduction by person known and acceptable to the Bank
  • Permanent Account Number (PAN) with original for verification or declaration in Form 60/61.
  • Initial deposit in cash

Current Account

Initial Deposit for opening Current Account & minimum balance to be maintained in the account :– Rs. 2000/-
No Interest
Statement of Account : Bank will issue statement of account to the account holder once in a month.

Pass book will be supplied to every current Account Holder showing his account number, Name, address, transactions with date, amount and particulars.

Benefits : For Saving and Current Account.
  • Any Branch Banking (ABB), Inter connectivity
  • ATM Facility / Debit Card Facility
  • RTGS/NEFT Facility
  • SMS Banking Facility
  • AADHAR Card based facilities.
  • Statment of account on E-mail.
History

The Mumbai District Central Co-operative Bank Ltd. is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975. Since there is no agriculture production in this District, MUMBAI BANK is catering to the financial needs of non agricultural co-operative societies such as Urban co-op. banks, Urban co-op. credit societies, Employees co-op. credit societies, Housing co-op. societies, Co-op. consumers stores, Industrial, fisheries and labour co-op. societies etc.

In India, an integral part of the policies formed by the Co-operative movement is focused on the development of the country, upliftment of poor and propagation of principle which represents the very socio-cultural ethos of the country. Co-operative movement has enabled us to develop the economy and to bring social change at large. The success of the co-operative depends largely on their ability to face the challenges by converting these challenges into opportunities of growth and development in the fast changing liberalized economic era. The Indian co-operative movement is so far the largest movement in the world. In India co-operatives operate in almost all important sectors i.e. agricultural, agro-processing, fertiliser, marketing, credit, dairies, spinning, handloom and handicrafts, sugar, fisheries, banking, etc.

In India co-operatives have gained popularity because they have proven capabilities to reach at the grass root level and have strengthen the faith in co-operatives. The area of operation of some of the co-operatives is limited to village, taluka, district, state or all India basis. Computerization is a new need of business in co-operatives. Operational efficiency, customer service, communication & management information system are the four important parameters to ensure success of business organization. These parameters are improved to a great extent with the help of computers and information technology (IT) by The Mumbai District Central Co-operative Bank Limited. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. The co-operative principles are the guidelines by which co-operatives put their values into practice. The International Co-operative Alliance (ICA) in its centennial conference held in Manchester in September 1995 approved and adopted seven basic principles of Co-operation.

  • Voluntary and Open Membership
  • Democratic Member Control
  • Member Economic participation & Control
  • Autonomy & Independence
  • Education, Training & Information
  • Co-operation among Co-operation
  • Concern for Community

A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs through a jointly owned and democratically controlled enterprise. There is three tier co-operative credit structure in the state of Maharashtra. The Maharashtra State Co-operative Bank is the Apex institution working at the state level whereas the district central co-operative banks are working at district level. These district central co-operative banks are catering to the financial needs of primary co-operatives in the concerned district. These banks are playing vital role particularly in providing financial assistance for agriculture as well as non-agricultural cooperative sector through member co-operatives. District Central Co-operatives are also acting as a balancing centre of surplus funds of all primary co-operatives in the district..

We appeal to all co-operatives and corporations to come forward and avail financial assistance from our bank for the socio- economic Development of the people in greater Mumbai and Maharashtra.