All Copyrights Reserved Sir. M. Visvesvaraya Co-Operative Bank Ltd, Developed by Connect Pathway Corp
Savings Bank Accounts:-
Q - 1 What are the document that are to be produced at the time of opening of S.B. Accounts?
Prescribed application form duly filled.
Two Recent pass port colour Photographs
Address Prof :-
Voters ID Card
ID card subject to Bank satisfaction.
Bank Account statement
Letter from Any recognized Public authority.
Q - 2 What would be the initial deposit for opening of SB Accounts?
For Basic Savings Bank Deposit Account - Rs.100/-
Account with out cheque book facilities - Rs.250/-
Account with cheque book facilities - Rs.500/-
Q - 3 Is there is any charges for Non maintaining of minimum balance, if so how much ?
Yes, Rs.20/- Per Month + Applicable Service tax
Q - 4 What are the charges for Issue cheque book?
Rs.2/- per leaves, Rs.25/- for additional cheque book
Q - 5 Is there is any charges for issue of Pass Book ?
There is no charges for the pass book where as if the original is lost and required duplicate pass book there will be a charge of Rs.10/- + Service tax
Q - 6 What are the other charges relating to SB Accounts ?
Cheque return charges Rs.50/- + Applicable Service Tax
Stop Payment charges Rs.25/- Per Instrument + Applicable Service Tax
Closing of Account Before One Year Rs.25/- Plus Applicable Service Tax
Current Accounts :-
Q - 1 What are the documents that are to be produced at the time of Opening of Current Account?
Duly Filled prescribed application form
Customer Identification procedure
Individuals Current Accounts
Legal name and Any other name used.
Correct Permanent Address
Voterís Identity Card
Identity Card(Subject to the Bankís Satisfaction)
Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Bank.
Bank account statement.
Name of the Company
Principal place of business
Mailing address of the company.
Certificate of incorporation and Memorandum & Articles of Association.
Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account.
Power of Attorney granted to its managers, officers of employees to transact bus iness on its behalf.
Copy of PAN allotment letter
Copy of the telephone bill
Accounts partnership firms
Names of all partner and their addresses
Telephone numbers of the firm and partners
Registration certificate. (if registered )
Power of attorney granted to a partner or an employee of the firm to transact business on its behalf.
Any officially valid document identifying the partners and the persons holding the power of attorney and their address
Telephone bill in the name of firm/partners
Accounts of trusts & foundations
Name of trustees,
Settlers, beneficiaries and signatories.
Names and addresses of the founder, the managers/ directors and the beneficiaries.
Telephone / fax numbers
Certificate of registration (If Registered)
Power of Attorney granted to transact business on its behalf
Any officially valid document to identify the trustees, settlers, beneficiaries and those holding power of attorney, founder/managers/ directors and their addresses.
Resolution of the managing body of the foundation/association
Q - 2 What are the charge relating to Current Accounts ?.
Minimum Balance charges Rs.50/- per Month + Applicable Service Tax
(For Non maintenance of balance of Rs.2000/- in any day of the Month)
Cheque Book Charges Rs.50/- Per book + Applicable Service tax for, 25 Leaves book.
Cheque return Charges Rs.100/- per instrument /instance + Applicable Service Tax.
Incidental charges Rs.30/- + Applicable Service tax, for 30 Lines twice in a year.
Duplicate Pass Book Charges Rs.10/- + Applicable Service tax
Loans : Immovable Property Loan :- For the Purpose of Purchase of Site/House Property /Flats / Construction of House /Repairs and Renovation
Q - 1 Can I Get Housing Loan?
Yes, If you are a member of the Bank and Having Savings Bank accounts with any of our Branches.
For enrolling yourself as a member for availing loan facilities, please contact Corporate office / nearest Branches.
Q - 2 What is the Maximum limit of advances ?
Rs. 70/- Lakhs for Construction / Purchase.
Rs. 05/- Lakhs for Repair and renovations
Q - 3 What are the documents to be produced for availing loan facilities ?.
The Applicant should produce the following documents in original with one set of Xerox copy along with the application to obtain legal opinion:-
Title deeds like Sale Deed/ Partition Deed / Gift Deed/ Will Deed establishing ownership
Parental / Link documents as well as genealogical Tree wherever necessary for verifying the flow of title
Land Conversion Order wherever applicable
E.C. for 13 years or more on case to case basis
Approved layout plan.
Approved building plan and license for construction from competent authority.
Up to date Tax paid receipt
Allotment letter / possession certificate issued by BDA/Housing Co-op Society Etc.
No Objection certificate from the concerned authority for availing loan, if applicable.
Affidavit from the major son/s and un married daughter/s stating that they have no objection for borrowing money on property under reference on adequate amount of stamp paper wherever necessary.
Affidavit from Brotherís/ Sisterís stating that they have no objection for borrowing money on property under reference on stamp paper in case of joint family property ( Specimen Available in the Branch)
Family members should stand as guarantee to the proposed loan.
Any other documents required by the bankís legal advisor to provide opinion on the title.
Q - 4 What are the documents are to be produced in support of my Income ?
If you are a salaried employee
Latest Original Salary certificate / Salary Slip.
I T Assessment order / Form 16 of previous financial year.
If you are businessmen/ Entrepreneur,
I.T. Assessment order with computation of income of last three financial year.
Audited / provisional profit and loss accounts and balance sheet for the last Two financial year.
If you are self employed / Profession
I.T. Assessment order with computation of income of last three financial year.
Q - 5 The Property is in my fatherís Name, can I availed loan?
Yes, If the property is in the name of the Applicant / Spouse/Family/ members(Father/ Mother) /Husband and wife. Father & Son, HUF & Kartha
Q - 6 What about the legal scrutiny and valuation ?
Legal scrutiny report will be obtained by our panel of advocate & valuation of property will be done by our valuator
Q - 7 What is the eligibility as per Valuation ?
UP to Max of 75 % of the Valuation
Q - 8 What is the processing fee / charges ?
1% of the loan amount.
Q - 9 How much share I should hold for availing Loan ?
1.50% of the loan amount, Share fees Rs.5/- per share, Ex. For a Loan of Rs,10,00,000/-Share Amount Rs.15,000/-Share Fee Rs.1,800/-
Q - 10 What is the repayment period of Loan ?
In Maximum of 240 Installments
Q - 11 There is any moratorium period is available ?
Yes, for construction of property/ house there is a 6 Months moratorium is allowed for principal repayment, the interest to be served with out fail.
Q - 12 What is Rate of Interest?
Refer Rate of Interest Table
Q - 13 What about the Insurance of the property ?
The property will be insured by the Bank at the cost of the borrower under tie up arrangement with Oriental Insurance company at present.
Q - 14 How the loan amount will be disbursed/ released ?
Disbursement will be made in phased manner depending upon the progress made in construction in stages.
Q - 15 What are the available mode of repayment ?
Reducing Balance Method
Stepped up method.
EMI scheme is also available for surety loan
Q - 16 How the mortgage will be created ?.
The Property is to be mortgaged infavor of the Bank by way of registered Memorandum of Deposit of Title Deeds (DTD).
Encumbrance reflecting the Bank name in the EC should be submitted before disbursement of loan.
Q - 17 What is the processing time ?
Below Rs.5 Lakhs -08 days
Above Rs.5 Lakhs to Below 10 Lakhs -10 days
Above Rs.10 Lakhs up to 50 Lakhs -15 days
Above Rs.50 Lakhs up to 2 Crores -15 days
Above 2 Crores -20 days
Q - 18 May I repay the installments in advance ?
Yes no charges / penalty for advance payment, but interest should be served every month to avail the rebate