Formed in 1964 by labour activists and social workers, Abhyudaya Co-op Bank Ltd gained Scheduled Bank status in 1988. Operating in Karnataka, Maharashtra, and Gujarat, it plans expansion. Offering diverse products and services catering to individual needs of its customers. Learn about the various products and services of the bank in this article.
Different Types of Products and Services Provided by Abhyudaya Bank
Abhyudaya Bank provides a number of products and services as given below:
- Abhyudaya Bank Deposits
- Abhyudaya Bank Loans
- Abhyudaya Bank Cards
- Abhyudaya Bank Banking Services
Abhyudaya Bank Deposit Accounts
You can open various categories of Deposit Accounts with Abhyudaya Co-op Bank Ltd.
Savings Account
Savings accounts are the basic account with the Bank. Savings Accounts are the first step to developing a relationship with the bank. A savings account facility is available for Non Resident-Indians under NRE/NRO schemes. The different types of savings accounts provided by the bank are:
| Type of Account | Primary Features |
| Saving Bank Deposit Account | Individuals singly or jointly, illiterate person, differently abled and blind persons, minor by guardian, Clubs and Associations, Local bodies. Co-operative societies, and students over 14 years can open the accountMinimum balance: Rs. 500Cheque book facilityPassbook providedCash withdrawal limit: Rs. 50000 for account holder and Rs. 25000 for third-parties in a dayValid KYC documents requiredNomination facility availableInterest rate 2.75% |
| Abhyudaya Zero Balance Account for Salaried | Individuals employed in Government organisations, Employees of Educational Institutions and Public Ltd Companies can open the accountThe salary should be credited to this account.Minimum Balance: Zero |
| Abhyudaya SB Youth Account | For children in schools and colleges |
| Savings Bank accounts with Zero balance for QIDS/MIDS deposit holders | Should have a minimum Rs. 1000 MIDS or QIDS deposit |
| PMJDY Savings Account/PMJDY Small Savings Account | Zero balance accountAccident Insurance Cover availableRuPay Debit Card will be provided |
Current Account
The current Account is mainly to conduct business transactions. The features of Abhyudaya Co-op Bank Ltd Current Accounts are:
| Type of Account | Primary Features |
| Current Account | Eligibility: Individuals jointly or singly, Sole Proprietorship and Partnership FirmsHUFs, Public and Private Ltd Companies, NGOs, Registered Societies/Clubs/Associations. Government/Semi-Government Organisations/Bodies can open this accountNo interest applied for the accountMinimum Balance: Rs.5000Daily cash withdrawal limit: Rs. 1.00 lac of account holders and Rs.50000/- for third partiesFree monthly e-statementRuPay Platinum Debit CardKYC documents mandatoryTrust Deed, Partnership Deed, Certificate of Incorporation of business wherever required. |
Abhyudaya Bank Cards
Abhyudaya Bank provides Rupay Debit Cards to its customers to conduct online and ATM transactions. You can do online shopping, conduct financial and non-financial transactions at ATMs, and pay utility bills with a debit card.
Abhyudaya Bank Loans
Abhyudaya Bank has designed various loan schemes to suit the needs of its customers. The various loans are:
| Type of Loan | Features |
| Housing Loan | Purpose: For the construction of a house, the purchase of a flat, renovation and additions to existing property, and taking over of loans from other banks.Amount: Depends on the project cost and repayment capacity of the applicantThe property should be held in the applicant’s nameSecurity: EMT of asset createdTenure: Maximum 20 years |
| Education Loan | Purpose: For higher studies in India as well as abroad. The course to be taken up should be on the approved list of the bankAmount: Maximum Rs.10 lacs for inland studies and Rs. 20.00 lacs for studies abroadParents should be joint borrowersRepayment: Commences 1 year after the completion of the course. Maximum repayment period: 15 years |
| Vehicle Loan | Purpose: For the purchase of four-wheelers as well as commercial vehiclesAmount: Maximum Rs. 50.00 lacs for new vehicles and Rs. 25.00 lacs for pre-owned vehiclesRepayment period: Maximum 84 months for new vehicles. For pre-owned cars it will be 36 months and pre-owned buses it will be 48 months |
| Gold Loan | Purpose: For any personal requirement except speculationBullet Gold Loan: Maximum loan amount Rs. 2.00 lacs per person. Repayment period: 12 months or in bulk at the time of maturityGold Loan (EGLLN) and Secured (SODGLD): The maximum amount Rs.25.00 lacs and repayment period 12 months. |
| Loan to Professionals | Eligibility: Lawyers, Architects, Chartered Engineers, Chartered Accountants, and Software Engineers can avail the loan.Amount: Up to Rs. 10.00 lacs without personal guarantee. For loans above Rs. 10.00 lacs minimum monthly income of Rs.30000 will be required.Repayment Period: 84 months including moratorium period |
| Loan to Medical Practitioners | Eligibility: Medical practitioners for the purchase of premises to run a clinic, expansion and modernisation of existing clinic and to purchase equipment. Amount: Maximum Rs.5.00 lacs under Cash Credit and Rs. 50.00 lacs under term loan. A composite loan up to Rs. 50.00 lacs is also possibleRepayment period: 10 years for the purchase of premises and 84 months for other purposes including the holiday period |
| Loan against deposit | Loan/overdraft facility up to 90% of the accrued deposit valueA loan will be provided against deposit held in the name of the applicant as well as third-party deposits.NOC from third-party required |
Abhyudaya Bank Investment Options
You can invest in the Term Deposit Schemes of the Bank for better returns. Time-bound investments with varying interest rates based on duration and amount. Accessible to Non-Resident Indians (NRE/NRO) and all bank customers. Multiple plans available.
Monthly Income Deposit Scheme: Under this scheme, the interest will be paid monthly either by cash or as a credit to the savings account.
Quarterly Income Deposit Scheme: Interest on the funds invested will be paid quarterly. The interest will be either credited to the savings account or paid in cash.
Quarterly Interest cum Reinvestment Scheme: The interest will be applied quarterly but paid at the time of maturity.
Recurring Deposit: The customer is permitted to save a fixed amount in monthly instalments. This will help the customer to plan for an anticipated expense in the future.
Abhyudaya Tax-Savings Scheme: Investment in the scheme allows customers to avail of a Section 80C deduction under Income Tax Act. Maximum investment of Rs. 1.5 lakhs qualifies, exceeding this disqualifies for deduction. Deposits are locked for 5 years, with a minimum investment of Rs. 5000/- and multiples of 100.
Abhyudaya Bank Banking Services
The following are the banking services provided by Abhyudaya Bank
- Abhyudaya Bank Net Banking and Mobile Banking: To conduct online financial and non-financial transactions like funds transfers, managing debit cards, downloading account statements, balance enquiry, requesting cheque book, utility bills payment, etc. The services are available beyond the Abhyudaya Bank timings.
- Telebanking: You can get the latest account balance, details of inward cheques, etc can be availed by registering for the facility. You will have to call the Abhyudaya Bank balance check number 022-25272070/81.
- SMS Banking: You get transaction alerts for debit transactions above Rs. 5000/-, NEFT/RTGS transactions above Rs. 50000/- and all ATM transactions. You can give a missed call to Abhyudaya Bank balance check number 18003135235 and get your account balance via SMS.
- ATM Banking: Cash withdrawal, balance enquiry, and mini-statement facilities can be availed at ATMs using your ATM debit card.
- Lockers: Lockers for the safekeeping of valuables and important documents are available at select branches.
Abhyudaya Bank Customer Care
For queries and information, you can reach Abhyudaya Bank Customer Care by calling the Abhyudaya Bank Customer Care number 1800223131. You can also write to them at secretarial@abhyudayabank.net. You can also call the alternate Abhyudaya Bank Customer Care number 022-24115047 or 24105097 for grievances and complaints.
