Believe it or not: This bank has no NPA for 10 years; Check out what it offers

Mumbai-headquartered Pratap Cooperative Bank (PCoB) has notched a record of zero non-performing assets (NPAs) for 10 years. It has now been named for the Maharashtra State Cooperative Banks Association Ltd. (MSCBAL) 23rd award for last fiscal, an official said on Saturday. "We have been declared the winner of the 'Padma Bhusna Vasantdada Patil Award' for FY 2017-18 for the best cooperative bank in the Rs 100 crore-Rs 500 crore deposits category," PCoB Chairman C.K. Singh was quoted as saying by IANS.

This and other categories' awards shall be given away on February 4 at a function in Mumbai to be attended by State Cooperation Minister Subhash Deshmukh, Nationalist Congress Party President Sharad Pawar and other dignitaries, said an MSCBAL official.

What Pratap Cooperative Bank offers to customers:

1. Loan Interest rates: 

Pratap Cooperative Bank provides a number of loan facilities to its customers. For cash credit, it charges a rate of 13 per cent p.a. For a housing loan, the rate is 9.75 per cent p.a. (5-years-loan), 10.25 per cent p. a (10 years), 10.75 per cent p.a (15 to 20 years). For a business loan, the rate is 13 per cent p.a, while for a vehicle and loan against daily deposit the interest rate is 12 per cent p.a. The educational loan has an interest rate of 12.50 per cent p.a, while a personal loan is available at the rate of 12 to 18 per cent p.a.

2. Fixed Deposit Interest rates: 

For 15 days to 90 days, the bank provides an interest rate of 5.5 per cent p.a. While from 91 days to 180 days, the interest of 6.50 per cent p.a can be availed. From 181 days to 12 months, the rate is 7.25 per cent p.a, and from 13 months to 24 months, the customers can avail an interest of 7.50 per cent p.a. While from 25 months to 36 months, the rate is 7.00 per cent p.a.

Pratap Cooperative Bank was inaugurated by then Maharashtra Chief Minister Late Mr Vasant Dada Patil on 9th April 1983. Its first Founder Chairman was late Mr Ayodhya Singh Chauhan. Its origin can be traced way back in 1983 when it was established by the founder member Shri Vasant Dada Patil. 

The journey of the bank commenced with a solo branch at Nagdevi Street on 9th April 1983. In the initial stages Bank could overcome all the teething problems and hurdles with the cooperation of our well-wishers, staff and the board of Directors. 

The bank did start to make profits from the very first year itself and has been consistently making profits expect in 1994 and has been paying decent dividends to its members. 

The other winning banks in the same category are: Chiplun Urban Co-Op Bank Ltd, Ratnagiri; Annasaheb Sawant Urban Co-op Bank Ltd, Raigad; Babasaheb Deshmukh Co-operative Bank Ltd, Sangli; Sangamner Merchants Co-op Bank Ltd and Rukmini Co-op Bank Ltd, both in Ahmednagar; Nanded Merchants Co-op Bank Ltd, Nanded; and Mahatma Phule Urban Co-op Bank Ltd, Amravati.