- All service charges attracts GST as per the prevailing rate as per the Government enactment from to time. Present Rate of GST is 18%.
- Terms & Conditions are Subject to Changes from Time to Time
- For All Membership & Deposit Accounts Nomination Facility available.
I.Nature of Deposit : Membership Account
- 1. The Amaravathi Multi-Purpose Mutually Aided Co-Operative Society Limited is accepting Membership based on the following Co-Operative Principles:
‘Co-operative principles’ means the cooperative Principles specified in section -3 of the AP MACS Act.1995
- Voluntary and Open Membership
- Democratic Member Control
- Member’s Economic Participation
- Autonomy and Independence
- Education, Training, and Information
- Cooperation among Co-operatives
- Concern for Community
- Eligibility for membership and the procedure for admission:
- Membership of the Society shall be voluntary and available without restrictions of any social, political, racial or religious discrimination to all persons who can make use of the services of the Society and are willing to accept the responsibilities of membership for the benefit of the Society.
- Any individual who attained age of 18 (eighteen) years majority and is of sound mind and who is resident within the area of operations of the Society may apply to the Society for membership in the following manner.
- The application shall be in the form prescribed by the society.
- The individual shall also express his/her willingness in writing to accept the responsibilities of membership and to abide/ fulfill such other conditions as may be specified in the By- Laws of the Society.
- The application shall be sent to the Chairman/President/CEO/Secretary either by post or through his agent or personally or through online Modes i.e. website/Mobile App.
- The person seeking admission shall furnish two recent passport size photographs along with the application for admission. Provided that no person shall claim the membership as a matter of right since admissions are subject to the position of the Society to extend its services to the applicant. Provided further that no person shall be admitted as a member in the society, if the society is not in a position to extend its services to the applicant within the available means and within the reasonable time frame.
- The receipt of application for admission shall be serially numbered - first come first served basis-and entered in a register maintained in the Society. These applications are to be placed before the Board of Directors from time to time for consideration, duly listing out in the agenda for the said board meeting.
- Soon after the admissions are cleared by the Board of Directors, the share capital suspense if any paid by the individual shall be converted into share capital and entrance fee. Any individual who has been admitted as a member and has not paid share capital suspense, he/she shall remit the share capital and entrance fee in one lump-sum within a period of 10 days from the date on which the individual receives the communication from the Chairman, calling him to pay the value of the share capital and entrance fee. If the share capital is not paid by the individual as stipulated above, he/she shall wait for the clearance of the Board, which shall consider the issue its immediate meeting that follows the said communication to the individual and decides in the favor or in negation of the said membership. The decision of the Board shall be final. The rejection of admission shall necessarily be communicated to the individual by registered post only within 20 days. Provided that the times frame of 20 days shall be reckoned with reference to the working days of the Society.
- The names of the individuals, who are admitted as members by the Board of Directors and paid the share value and entrance fee as stipulated, shall be entered in the admission register maintained for this purpose, with all the relevant data furnished in the application form, duly obtaining the specimen signature of the thumb impression of the concerned individual. The specimen thumb impression obtained in the admission register should invariably be attested by two known persons.
- While deciding the eligibility criteria of a person to become a member of the society the following disqualifications render the rejection of admission and disqualifies the membership for the being continued as such if –
- He/ She is already a member of any other co-operative society registered under the APMACS- 1995 or the APCS Act 7 of 1964, providing same or similar service(s)
- He/ She has been sentenced for any offence involving moral turpitude, such sentence not having reversed or a period of three years has not elapsed from the date of expiration of the sentence.
- He/ She is an applicant to be adjudicated as an insolvent or in an un-discharged insolvent.
- He/ She has been expelled from the membership under the Act and the By-Laws and a period of three years has not elapsed from the date of such expulsion.
- Withdrawal and Cessation Membership
- No member shall be allowed to withdraw his membership with a period of one year from the date of admission. Thereafter, any member may withdraw his membership by sending his/her resignation letter of his membership to the chairman and such resignation shall take effect from the date on which it is accepted by the Directors.
- If any member dies his membership ipso facto ceases, notwithstanding anything contained in By Law no 11A
- Termination of Membership
Society should mention that on a member becoming ineligible to continue as a member, or a member acting against the interest of the society, the board may terminate the membership of the person, having given him/her an opportunity to present his/her case. Society may provide for an appeal against the decision of the Board before the Elders Council. The details of termination of members and the decision of the elder’s council shall be placed before AGM.
(As per Andhra Pradesh Mutually aided Co-operative societies Act, 1995 as per instructions & guidelines of the RBI as well as instructions & guidelines of the Registrar of Co-operative Society AP & Banking Regulation Act 1949).
- Nomination / Legal Heirs:
- Every member on his admission shall nominate his representatives to succeed in the event of his death to his share or interest in the Society, such nomination, shall be in the event of death of the member, be given effect to by the Society.
- The nomination is so made by the members shall be recorded/ registered in the books of the society kept for this purpose.
- The nomination so made by the member shall be attested by two signatories as witness and this form of nomination shall be kept as a record. Provided further that the member may change his/her nomination at his/her will and pleasure at any time such change shall not be made more than twice during his/her membership tenure. Provided further that in case where no nomination is made or the nominee died prior to the death of the member the share capital and any other interest of the members shall be transferred to the suspense account and it shall be refunded to the legal heirs of the deceased member.
- The nominee/legal heir of the deceased member has no right to claim the membership rights of the deceased and all such cases shall be considered for admission, by the Board of Directors as fresh case observing all the formalities.
- In case of refunds of share capital on cessation of membership, the aggregate amount of refund shall not exceed in any accounting year one tenth of the total share capital outstanding at the beginning if the said accounting year. The claims of refunds shall be settled “first come first served basis’ – and all death cases shall exclude the aggregate limit.
- If any member has incurred any liability directly or indirectly by the time he/she resigns/dies, the society shall have a right to adjust the interest of such member in the society against the said liability and the balance if any is to be refunded.
(As per Andhra Pradesh Mutually aided Co-operative societies Act, 1995 as per instructions & guidelines of the RBI as well as instructions & guidelines of the Registrar of Co-operative Society AP & Banking Regulation Act 1949).
- The Share Capital and Entrance Fee:
Every individual who is admitted as a member of the Society shall take a minimum of one share subject to maximum of 1000 shares. (other than Chief Promoter & Directors). Any person shall not hold more than one-fifth of the total authorized share capital. The value of each share shall be paid in one lump sum on allotment. Every member on admission shall pay an entrance fee of Rs.10/- (Rupees Ten only) per share. The entrance fee once paid will not be refunded. To get the voting right the member shall have at least 100 shares on his name. (As per Andhra Pradesh Mutually aided Co-operative societies Act, 1995 as per instructions & guidelines of the RBI as well as instructions & guidelines of the Registrar of Co- operative Society AP & Banking Regulation Act 1949).
- Share holders of eligible for Dividend on their Share Capital.
Declared Dividend Since Inception of Co-Operative Society:
| Year |
Interest/Dividend |
| 2017-2018 |
NIL |
| 2018-2019 |
3% |
| 2019-2020 |
3% |
| 2021-2022 |
6% |
| 2021-2023 |
6% |
| 2023-2024 |
22% |
II.Nature of Deposit : FIXED DEPOSIT ACCOUNT
- The Amaravathi multi-purpose Mutually aided Co-Operative Society limited is registered with government of Andhra Pradesh Under The Andhra Pradesh mutually aided Co-Operative societies Act-1995 with department of Co-operative, East Godavari district vibe registration No: AMC/EGDT/DCO/2017/12,Dated 18th august 2017.
- The Amaravathi Multi-purpose Mutually aided co-operative Society Limited is accepting deposits from its members.
- The deposit schemes are regulated by “Banning of unregulated deposits act-2019”
- Voluntary regulation for rate of intrest on Deposits followed by The Amaravathi Multi-Purpose Mutually Aided Co-Operative Society Limited:
- RBI / 2015-16/21,DNBR(PD)CC. No042/03.10.119/2015-16,dated 01-Jul-2015
- RBI/2006-2007/345,bnbr(pd)ccc.no.92/03.02.089/2006-07dated 24-Apr-2007
- There is no TDS on interest earned on deposit as per the present income tax guidelines.As such , our deposits are not displayed in Form26AS.
- The deposit made is non transferable.
- If depositor opts for lock-in deposits scheme, prematurity is not allowed under any circumstances.
- If depositor opts for Non-Lock-in deposit, premature withdrawals will be alloed after 30 days from date of deposit.
- For Non Lock in Deposit, premature interest rate will be calculated 2% less than the interest rates as on date of closure for the period held with the Society. If the deposit is MIS, premature calculated interest will be deducted from Principle Amount.
- Loan Facility Available. Loan will be sanctioned after 15 days from the date of Deposit.
| If Lock in Deposit |
Cumulative |
85% of the Deposit Amount |
| Monthly |
80% of the Deposit Amount |
| If Non Lock in Deposit |
Cumulative |
80% of the Deposit Amount |
| Monthly |
75% of the Deposit Amount |
- ROI on loan against deposit is 4% extra on “Deposit rate of interest”
III.Nature of Deposit : RECURRING DEPOSIT ACCOUINT/POLICY
General terms &conditions for recurring deposit policy
- Recurring deposit is special type of term deposit which a depositor, to save by paying into the account on agreed fixed amount monthly year over a stipulated period.
- RD instalment payment pattern:
- Member joins on or before 15th of calendar month, the subsequent installments should be paid on or before 10th of every month.
- Member joins on or after 15th of calendar month, the subsequent installments should be paid on or before 20th of every month.
- When all the stipulated installments paid by the depositor, the mutually proceeds will be repayable together with accrued interest on the date of maturity. However, if the installments is NOT received by the society on due date, maturity amount will be vary. And Maturity date is also vary from original date.
- Pre-maturity closure /surrender of RD policy:
- Pre-mature closing/surrender of RD policy is NOT allowed.
- Interest will be not be paid whenever pre-maturity closure/surrender of RD policy.
- Gold coins issuance as bonus : in certain RD policies, society offering gold coins as bonus. This bonus is offering only to inculcate savings/thrift habit among depositors. Hence its not treated as freebie. If any depositors surrenders the RD policy pre-maturity, it treated as break of contract and on such event the price of gold coin(s) issued in such scheme will be deducted as follows: “ Either the prescribed gold coin price as Date of closure or the prescribed gold coin price as on date of issuance which ever is Higher.
- Bonus gold coins issuance schedule : The schemes eligible for bonus gold coins are RD Golden Jubilee , RD-gold RD & RD-SLS
(on payment of installment at period mentioned)
| RD GOLDEN JUBILEE (18 Months - ₹2500) - 1 Gm |
RD GOLD (36 Months - ₹1500) – 1 Gm
(18 Months - ₹2500) - 1 Gm |
| Installment Paid |
Gold Coin Grammage |
Installment Paid |
Gold Coin Grammage |
| 3rd Month |
0.50 gm |
6th Month |
0.50 gm |
| On Maturity |
0.50 gm |
On Maturity |
0.50 gm |
| RD Swarna Lakshadhikari (Total 2 Gms) |
| Installment Paid |
Gold Coin Grammage |
Installment Paid |
Gold Coin Grammage |
| 1) 2nd Month |
0.50 gm |
3) 24th Month |
0.50 gm |
| 2) 12th Month |
0.50 gm |
4) On Maturity |
0.50 gm |
IV Nature of Deposit : Digital Savings Account
- Savings / thrift account minimum balance : an amount od ₹.1000 is minimum balance for Digital Savings/thrift deposit account. This balance cannot be withdrawn at the time of closing of account only.
- Savings account cannot be closed before 6 months of its opening.
- SMS charges: an amount of 20/- for every quarter will be charged for SMS
- Account closure charges: An amount of 260/- will be charged for closure of account.
- In case of joint account , account closure request application should be signed by all the joint account holders irrespective of mode of operation.
- Savings premier:
- Mobile banking app
- inward/outward remittances
One time charges for mobile banking app provision is 250/- + GST inward/outward remittences charges applicable