My Account - Savings
Savings That Lead to Life
Every meaningful journey begins with a first step—and often, that step is a savings account. At Mahalakshmi Cooperative Bank, My Accounts are designed to support everyday life while quietly preparing for tomorrow.
Whether for individuals, families, salaried professionals, seniors, or young learners, our savings and personal accounts combine attractive interest rates, dependable branch service, and convenient access to funds when needed. Easy withdrawals, cheque facilities, passbooks or account statements, and growing digital support ensure that managing money remains simple, secure, and stress-free.
More than a place to deposit funds, My Accounts are where habits are formed, goals take shape, and financial confidence grows—because savings, when nurtured with care, naturally lead to a better life.
Info | Details |
Who can open savings Account | ✓ Individual in his own name. ✓ Two or more individuals in their joint names with suitable repayment instructions. ✓ A guardian on behalf of a minor. ✓ In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, executors and administrators. Secretaries, Treasures, Managers or other duly constituted officers of Corporations whether incorporated or not. The Rules governing such institutions and all other necessary information should be furnished in writing when opening the account. Note : Nomination Facility is available. |
Initial deposit at opening of account | ✓ Minimum amount of just Rs. 1000/- |
Rate of interest | 3.5% The interest will be paid at rates applicable for the period of deposit on daily basis as prescribed under the Reserve Bank of India's rules/directives/guidelines from time to time and fixed by the Bank. |
Cheque Book facility | Will be provided to the account holder who maintains a minimum balance of Rs.1000/-. First CTS cheque book will be provided free of cost, subsequent cheque book will be charged |
Passbook | No charge will be applicable for the passbook issued to the depositor on account opening. |
Duplicate passbook | Duplicate passbook will be issued on payment of applicable charges. |
NEFT/RTGS facility | NEFT/RTGS facility available |
Demand Draft Facility | Demand Draft Facility available |
Documents required for opening the accounts | ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card ✓ PAN card ✓ Photographs Note : Aadhar card is mandatory to open account |
Mahalakshmi Vidya Siri
Info | Details |
Who can open savings Account | ✓ Students in his own name. ✓ Age limit 10-23 years ✓ A guardian on behalf of a minor. |
Initial deposit at opening of account | NIL |
Rate of interest | 3.5% The interest will be paid at rates applicable for the period of deposit on daily basis as prescribed under the Reserve Bank of India's rules/directives/guidelines from time to time and fixed by the Bank. |
Cheque Book facility | NIL |
Passbook | No charge will be applicable for the passbook issued to the depositor on account opening. |
Duplicate passbook | Duplicate passbook will be issued on payment of applicable charges. |
NEFT/RTGS facility | NEFT/RTGS facility available |
Mobile Banking | Facility available |
Documents required for opening the accounts | ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card ✓ PAN card ✓ Photographs Note : Aadhar card is mandatory to open account |
Mahalakshmi Gold / Platinum SB
New SB product introduction with effect from 01-08-2022
Account Name | Minimum Balance to be maintained | Individual | Institution |
Mahalakshmi Gold A/C | Rs.200000 | 4.25% | 4.75% |
Mahalakshmi Platinum A/C | Rs.500000 | 4.75% | 5.25% |