THE Mattancherry
SARVAJANIK CO-OPERATIVE BANK LTD
(RBI licensed Urban Bank)
| Deposit Rates WEF 06/04/2026 | ||||
| TENURE | NORMAL RATES | SENIOR CITIZENS | SUPER SENIOR CITIZENS | |
| DAYS | ||||
| 15 Days to 45 Days | 3.25 % | 3.75% | 3.80% | |
| 46 Days to 180 days | 6.25% | 6.75% | 6.80% | |
| 181 Days to 364 days | 7.30% | 7.80% | 7.85% | |
| 1 year to 5 years | 7.75% | 8.25% | 8.30% | |
| Above -5 yrs to 10 years | 7.80% | 8.30% | 8.35% | |
| Savings Bank Interest | 2.75 % | 2.75 % | 2.75% | |
| Special Benefits: | ||||
| Premature closure penal interest rate of 2.00% | ||||
| No reinvestment is allowed | ||||
| Note: | ||||
| Rate Applicable to new and renewals of deposits | ||||
The said society was purely a communal one and only persons belonging to the Gowda Saraswath Brahmin Community were admitted as members. It worked successfully for 23 years and built up a large clientele and good resources of its own. When the Travancore Cochin Co-operative Act X 1953 came in to existence the said Mattancherry Saraswath Co-operative Bank Ltd., No.217 went in to voluntary liquidation in the year 1953 as the continuance of communal societies was ultra vires of the said act.
So the members of the society joined together and registered a separate society under the T.C.Co-operative Societies Act, X of 1952, by name the Mattancherry Sarvajanik Co-operative Bank Ltd., No.3284 and got enrolled 527 members and started its operations on 16th March, 1953, with a princely sum of Rs.13000.00 as share capital. The Late Sri. N Govinda Pai was the first president to be followed by Sri. G Vasudeva Shenoy in 1954.