- A person duly introduced to the bank willing to open an account should apply in the form supplied with particulars required there in duly filled in as per KYC forms.
- Every applicant will be deemed to have read and accepted these rules.
- Account may be opened in the name of an individual or jointly in the names of two or more to be payable to either or both all of them or to the survivor or survivors.
- Not more than one account shall be opened by one person in his/her name. Special arrangement can be made for Guardians and parents willing to open accounts in the name of minor.
- Interest is allowed as applicable from time to time. The amount of interest will be paid twice in a year i.e. on 30th Sept. and 31st March.
- A depositor may withdraw money from his/her account twice a week but not in excess of a quarter of the amount standing at the credit of the account or Rs.20,000/- whichever is more unless 7 days advance notice is given. A week is reckoned from Monday to Saturday.
- During the period of notice weekly withdrawals are not allowed.
- A charge as applicable will be made when an accounts is closed within three months from the date of opening.
- All payments made into or by the bank will be entered in a pass book supplied by the bank free at the time opening of the account If the pass book so given is spoiled or lost a duplicate will be supplied on payment as applicable.
- No money withdrawn account closed is allowed without the production of the Pass Book.
- Depositor should see that the entries are correctly made and duly acknowledged in the Pass Book.
- Cheque book will be issued to those who agree maintain regular balance of Rs. 500/- in account. In other cases only withdrawal form supplied by the bank in counter are to be used.
- No payment will be allowed against unrealized credits.
- Accrued interest during a year for Rs. 10.000/- or more is subject to T.D.S.
- Transaction of Rs.10 lakh and above in a year is covered under A.M.L.Act.-2002.
About Mayurbhanj Central Co-operative Bank
Mayurbhanj Central Cooperative Bank came in to existence with its founder President HH Maharaja Sir Shri PRATAP CHANDRA BHANJ DEO and got registered under Orissa Cooperative Societies Act on 31.01.1951 with Regd. No 28MB. The Bank started its functioning from 25.07.1951 with Sri Lambodar Dandpat, ARCS, as its President (Ex-Officio) and Sri Bhagirathi Nanda as its first Secretary having its head quarter at Baripada. The district has a total population of 2,513,895…
