Deposit Insurance and Credit Guarantee Corporation
The Palamoor Co-operative Urban Bank was started in the year 1998 and completed 23 years of services to the customers and managed by experienced and professional board of directors like senior Advocate,Chartered Accountants and successful businessmen.
The Palamoor Co-operative Urban Bank is a licensed, non –scheduled and unistate Bank under Tier I category. The area of operation of the Bank is confined to the entire earstwhile Mahabubnagar, RangaReddy and Hyderabad Districts in Telangana State.
The Palamoor Co-operative Urban Bank has been earning profits since inception and paying good dividend to the share holders. The Palamoor Co-operative Urban Bank is enabled with Core Banking Solutions and extending online services like NEFT/RTGS Facilities to the customers for funds transfer. The Bank is also having separate IFS Code and extending CTS clearing facilities to the customers
The Palamoor Co-operative Urban Bank has opened a branch at shadnagar town (Previously in Mahabubnagar District and now in Ranga Reddy District) on 9.11.2013 and functioning well and continuously earning profits. The shadnagar branch is located H.No 17-14/5 opposite BSNL office Main Road,Shadnagar(Ranga Reddy District)
The Bank has made a tie up agreement with IDBI Bank for providing H2H services to our Bank. Hence our Bank customers can now send amounts online for credit to their accounts (savings, Current and Loan Accounts) directly through NEFT/RTGS Facility.
Our Bank IFS Code is IBKL01681PB
We are extremely happy to announce that our Bank is running on sound and Profitable lines since its inception. The financial position of the Bank as on 31.03.21 is as under.
Term Deposits
Interest Rates on Advances
Recently with effect from 07.10.2021 we have introduced a special deposit scheme “Srinidhi Deposit Scheme” in which a customer who deposits Rs 70,000/- in the scheme receives Rs 1,00,012/- after 60 months on Maturity.
Now the deposits in the bank upto Rs 5,00,000/- per individual is covered under insurance with the deposit insurance and Credit Guarantee Corporation of India (DICGC).
As on 31.03.2021 our Bank’s Investments stood at Rs 1585.89 Lakhs which are kept in Govt securities, Mutual Funds and Fixed Deposits in various banks.
Locker Facilities are available in our Bank Comparatively at reasonable rents.