Business Current Account


Amaravathi Current Deposit Account (Current Account) :

  • All our Deposit Schemes shall be offered to our Members Only.
  • The Amaravathi Multi-Purpose Mutually Aided Co-Operative Society Ltd is registered under the Andhra Pradesh Mutually Aided Co-Operative Societies Act – 1995
  • All our Deposit Schemes come under Regulated Deposit Schemes Under the Banning of Unregistered Deposits Act-2019.

Ever have you thought of balances in your current account fetch Interest?

-No

Then here is Amaravathi MMACS Quasi Bank’s Business Deposit Account gives you 7.00% p.a. on your Day End Balances.

The Day End balances greater than ₹ 3000/- in the Current Account will fetch you Interest.

Product

% of Interest

Interest Calculation

Amaravathi Business Deposit Current Account (ABDCA)

7.00% p.a.
  • Interest on QAB (Quarterly Average Balance) Pro-Rata Basis Calculation.
  • Interest will be credited on last working of the Banking Quarters.

Features & Benefits:

  • Great Opportunity to fetch Interest on idle funds in your Current Account.
  • No TDS Deduction on interest for members (as per current IT act)
  • The Current Account Can be opened with client type Individuals or Proprietary Firm.
  • Transaction Rule: The amounts deposited/credited on any day should not be allowed to use on the same day.
  • Number of CASH withdrawals & Cash Deposits :
    • Unlimited withdrawals upto previous day balance
    • Not allowed withdrawal, the amounts deposited/credited transactions on same day.
  • SMS Facility
  • Interest Reckoning : The End of the Day Balance "=> ₹.3000/- will be taken into consideration for allowing 7% Interest. (" <2999" no interest). This interest shall be paid credited to the respective accounts on Quarter end.
  • NEFT/RTGS free of cost.
  • Mobile Banking/Net Banking Facility Available.

*Terms & Conditions apply