Compare 3 Shariah-compliant products from 2 providers available in Bihar. Every listing includes Shariah oversight details, ratings, and direct provider links.
Al-Khair's core doorstep savings product: a recurring daily or weekly deposit account opened with a minimum of INR 50 (multiples of INR 10 thereafter) into which an authorised society collector gathers savings at the member's shop or home, recording each collection on a signed card held by the member and a matching book entry. Joint accounts of up to two persons are allowed, both must be shareholders. Withdrawals open only after the next calendar month from deposit, up to deposits made through the previous-to-last month, with a minimum balance of INR 50; the passbook must be presented monthly and withdrawals happen at the branch counter. A regular DD history is the gateway to Al-Khair's loan products. No interest is paid on any deposit (crawled alkhairsociety.com 2026-08-06).
Best for: Street vendors, shopkeepers and daily earners in Al-Khair's branch cities who want doorstep savings collection and a route to interest-free loans
Al-Khair's on-demand deposit account family. The What-is-Al-Khair page describes the Amanat account as 'like a saving account': members deposit and withdraw anytime with a minimum balance of INR 100. The dedicated Saving Account page adds limits for the saving variant: a member may place INR 5,000 up to a maximum of INR 10,000 per account, with withdrawals during working hours on any working day, and authorises the society to use the funds for lending to needy members. Loan disbursements are normally credited to the member's Amanat account. Alongside sit special-purpose deposits: Sahyog (philanthropists' six-month deposits to grow the society's business), earmarked guarantee funds held against a specific member's loan, and a Haj account for pilgrimage savings. No interest is paid on any deposit (crawled alkhairsociety.com 2026-08-06).
Best for: Members who want anytime-withdrawal cash safekeeping at the society, plus special-purpose pots for Haj savings or loan guarantees
Account Type
On-demand savings (Amanat)
Monthly Fee
None published
Min Deposit
Saving Account page states INR 5,000, maximum INR 10,000 per account
Structure
No return paid; society authorised to lend idle funds interest-free to members
Amanah Deposit Accounts (ACSD, ACD and Deposit Family)
Janseva's deposit architecture is the most doctrinally explicit in India's interest-free cooperative sector. Demand deposits 'will be treated as qard e hasnah', creating a hard obligation to repay on demand. Every ordinary and associate member must open an Amanah Compulsory Saving Deposit account (ACSD) saving at least INR 10 per day or INR 250 per month, with a two-year lock-in on the minimum and anytime withdrawal above it; the society may deploy ACSD funds at its own risk while depositors 'remain indemnified from outcome of fund utilization' and repayable in full on demand. The Amanah Current Deposit (ACD) works like a bank current account: amanah-held, liquid, withdrawable in part or full anytime, with the depositor sharing neither risk nor return. Around these sit eleven further account types including SHG savings and corpus deposits, Mutual Help Fund, Service/Support Recurring, Recurring Investment, and an investment-deposit family (asset-based, portfolio, participatory business, general and SPV investment deposits) for members who want their money deployed for halal returns. Membership requires shares of INR 100 (General tier: ten shares plus 1% processing and INR 10 admission; Silver 100, Golden 1,000, Diamond 5,000 shares) (crawled janseva.in 2026-08-06).
Best for: Members across Janseva's twelve states who want doctrinally named deposit contracts (qard, amanah) and an optional halal investment-deposit route
Account Type
Compulsory savings (ACSD), current (ACD), SHG, recurring and investment deposits
Monthly Fee
None published
Min Deposit
Membership first: 10 shares of INR 100 (General tier) plus 1% processing and INR 10 admission
Structure
Qard and amanah accounts pay nothing; the investment-deposit family (ABID, PID, PBID, GID, SPVID) shares risk and return per board-decided terms
Qard-e-hasanah demand deposits and amanah accounts with opt-in investment deposits12 statesEst. 2010
India has no Islamic bank accounts, so this category is cooperative society deposits plus the current-account workaround. Eyes open on both.
1
Cooperatives Are Not Banks
The societies here are registered credit cooperatives, not RBI-licensed banks, and their deposits carry no DICGC insurance. That is a structural fact of the entire sector, stated on every relevant product we list.
2
Know What Your Deposit Earns
Al-Khair pays nothing on any deposit by design: your money funds interest-free lending. Bait-Un-Nas'r advertises a term deposit at up to 10% profit sharing, with mechanics not published. If a return matters to you, ask how it is generated before depositing.
3
The Current-Account Workaround
RBI rules make the current account the one deposit type that pays no interest by design, at any bank, everywhere in India. Savings accounts must pay interest by regulation; the documented practice is to keep them minimal and purify credited interest by donation.
4
Membership Mechanics
Cooperative accounts require membership: share purchases (Al-Khair: minimum ten Rs 10 shares, non-refundable for three years), admission fees, and branch-counter operation with a passbook. This is community banking in its original sense, with the friction that implies.
Shariah Oversight in Bihar
How providers available in Bihar handle Shariah compliance verification
2 providers
No Public Review
No formal Shariah board or fatwa published publicly
Frequently Asked Questions
Common questions about interest-free deposit accounts in Bihar
Are there Islamic bank accounts in India?
No. India licenses no Islamic banks, and RBI's Master Direction on deposit interest mandates interest on savings accounts while prohibiting banks from accepting interest-free deposits in any other account type. The one structurally interest-free deposit in Indian banking is the current account, which pays nothing by regulation.
What are the accounts listed on this page, then?
Deposit accounts at interest-free credit cooperatives: member-owned societies registered under cooperative law, not RBI-licensed banks. Al-Khair (Bihar, Jharkhand, UP, Delhi) pays no return on any deposit by design; Bait-Un-Nas'r (Mumbai and Thane) runs savings, recurring, and term deposit accounts, with a profit-sharing term deposit advertised at up to 10%. These are community institutions and should be evaluated as such.
Can I open an interest-free account in Bihar?
We list 3 cooperative account products from 2 societies serving Bihar. Cooperative accounts open at branch counters with KYC documents (Aadhaar, PAN, photographs) and require membership shares. A current account at any bank is the alternative available everywhere.
Is my money insured at a cooperative society?
No. Cooperative society deposits in this sector carry no DICGC insurance, full stop. DICGC covers banks, including licensed cooperative banks, but the interest-free societies we list are credit societies, not banks. Deposit only what you have verified and can afford to place with a community institution.
What about the interest my savings account pays?
RBI's Master Direction mandates interest on savings deposits, so a savings account cannot lawfully run at zero interest, and the widely repeated belief that Indian banks accept standing interest-waiver instructions has no basis in the current framework. The documented practice: track credited interest and donate it to the poor without intention of reward (purification), as published Deobandi rulings direct.
Do these cooperatives have Shariah boards?
No society in our dataset publishes a Shariah board review; that is a structural fact of the sector, and our transparency labels reflect it. Their compliance claim rests on the interest-free structure itself rather than on scholarly certification.
What is Al-Khair and how established is it?
Al-Khair Co-operative Credit Society, headquartered in Phulwari Sharif, Patna, has been registered under the Multi-State Co-operative Societies Act since 2002 (MSCS/CR/136/2002) and operates across Bihar, Jharkhand, UP, and Delhi. Deposits earn nothing by design; loans carry published one-time service charges plus GST.
Is money at Al-Khair insured like a bank deposit?
No. Al-Khair is a credit society, not a bank, so DICGC deposit insurance does not apply. That is true of every interest-free cooperative in India. Deposit only after verifying the registration and understanding that the protection is institutional trust, not statutory insurance.
How to Choose the Right Option in Bihar
A step-by-step guide to evaluating interest-free deposit accounts providers
1
Verify Shariah governance
Check whether the provider names its Shariah advisors or certifying body (TASIS certification, an in-house scholar panel, or a published screening methodology). India has no statutory Shariah governance regime, so named scholars and published rulings are the strongest signals.
2
Compare financing structures
Understand whether the product uses Diminishing Musharakah, Murabaha, Ijarah, Mudarabah, or Wakalah. Each has different risk, ownership, and cost implications, especially for early settlement.
3
Check branch and city coverage
Some products are offered nationwide through large branch networks or digital apps; others are limited to specific cities. Confirm the provider serves your city before applying.
4
Evaluate total cost
Look past the headline rate. For financing, ask for the full KIBOR-linked pricing, processing fees, Takaful cost, and documentation charges. For deposits, compare declared rates and weightages, not marketing tiers.
5
Read the fine print on rates
Deposit profit rates are declared after each month from actual pool results, and financing rates reprice with KIBOR. Ask for the declared-rate history and the repricing frequency in writing.
6
Consult a qualified advisor
For major decisions, speak with the bank's Shariah compliance department and, where the sums are large, an independent Islamic finance advisor who understands your situation.
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Bihar Market Snapshot
A region-level view of interest-free deposit accounts availability based on our latest provider dataset.
Total products in Bihar
3
Nationwide options
0
Region-specific options
3
Top providers currently available in Bihar
Al-Khair Co-operative Credit Society, Janseva Co-operative Credit Society
Halal Finance in Bihar: Market Overview
Patna is the headquarters of Al-Khair Co-operative Credit Society, registered under the Multi-State Co-operative Societies Act since 2002 and one of India's most established interest-free credit cooperatives. Its model is candid: deposits earn nothing by design, loans carry published one-time service charges (8% for 3-month business loans, 16% to 18% for 8-to-12-month terms, plus GST), and membership requires shares and guarantors. Janseva's footprint also covers Bihar. No cooperative deposit carries DICGC insurance. The regulated halal shelf, Shariah-screened funds, the Shariah BeES ETF, screening apps, works digitally from anywhere in the state.
Also Available in Bihar
Explore other halal financial products for Bihar residents
Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-03-06•Disclosure: No provider pays for placement or ranking on this page. Editorial policy and full disclosures.
Reviewed monthly and updated when regional availability, provider coverage, or product details change.
How We Review Bank Accounts in Bihar
We prioritize data accuracy, transparency, and Shariah-related disclosures. Product availability and details are sourced from provider materials and our structured product dataset. We do not fabricate statistics, reviews, or financial projections.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.