The Malad Sahakari Bank Limited
Building Trust Through Cooperative Banking Since 1976
The Malad Sahakari Bank Limited
Building Trust Through Cooperative Banking Since 1976
The depositor himself if the receipt stands in his single name.
All the depositors or any of them with authority from all depositors when in joint names payable to Either or Survivor/Former or Survivor.
Natural/Legal guardians when the deposit is in the name of a minor.
Proprietor in his personal name when the deposit stands in the name of his proprietary concern and vice versa.
Partnership firm when the deposit is in the name of the firm or in the individual name of the partner of a firm. The loan should not be given to a partner in an individual name if the deposit receipt is in the name of his firm.
Third parties with authority from the depositors.
Survivor alone if all the depositors have given a mandate at the time of opening the deposit account.
Limited company with Board Resolution. No charge needs to be registered with the Registrar of Companies (ROC).
Personal exigencies/Business/Profession.
Maximum 90% of the face value of the deposit and with accrued interest in the case of a re-investment deposit.
10% Of Face Value of Deposit
On demand or on maturity of the deposits.
In the case of loans against monthly/quarterly deposits, interest shall be credited to the loan account.
This may be waived if a sufficient margin is maintained.
Interest will be applicable as per the Bank's prevailing Interest rates and scheme terms. click here