Al-Khair Co-operative Credit Society Amanat / Saving Account
Interest-Free Deposit Accounts in Bihar
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).
The Amanat account is the liquid half of Al-Khair's deposit shelf: trust-based safekeeping with anytime withdrawal, zero return, and the disclosed social contract that idle money funds interest-free loans. The INR 10,000 cap on the saving variant and the conflicting minimums between pages show a society whose disclosure culture is genuine but unpolished. For members it is the right operational account; for anyone wanting yield or insurance, it is neither designed nor licensed for that.
Pros
- Full liquidity, unlike the DD account's one-month lag
- Purpose-built pots (Haj, guarantee, philanthropy) map to real community needs
- Disclosed use of deposits: interest-free lending to members
- Backed by a 20-plus-year-old registered multi-state society
Cons
- No DICGC deposit insurance - cooperative society, not an RBI-licensed bank
- Page inconsistency: INR 100 minimum vs INR 5,000 to INR 10,000 band across pages
- INR 10,000 cap makes the saving variant a small-money product by design
- No Shariah board or certification published
Open Account
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Product Details
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
Al-Khair Co-operative Credit Society in Bihar
Al-Khair Co-operative Credit Society's On-demand savings (Amanat) serves members in Bihar. This is a cooperative society account, not a bank account: the society is registered under cooperative law, not licensed by the RBI, and deposits carry no DICGC insurance. A monthly fee of None published applies. Al-Khair Co-operative Credit Society serves 4 states, including Bihar.
Shariah Compliance & Oversight
No Shariah supervisory board is published by Al-Khair. The interest-free discipline is structural (no interest on deposits, one-time service charges on loans under board lending rules of 31 December 2011) and network-based through Sahulat Microfinance Society affiliation (crawled alkhairsociety.com 2026-08-06).
2026-08-06
Why It's Halal
Amanat means trust deposit: the member's money is held and returned on demand with no return paid, and the site is explicit that no interest is paid on any deposit and deposits come only from members. The society's use of idle deposits for interest-free lending is disclosed on the Saving Account page itself. Honest caveats: the published figures are inconsistent between pages (Amanat minimum INR 100 on one page; INR 5,000 to INR 10,000 band on the Saving Account page) and Al-Khair publishes no Shariah board. It is a registered cooperative society, not an RBI-licensed bank: deposits carry no DICGC insurance and no banking-regulator protection. (crawled 2026-08-06).
Open Account: Al-Khair Co-operative Credit Society
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Compare With Other Options in Bihar
2 other bank accounts products available to Bihar residents
Interest-free daily-collection savings (cooperative society deposit) · 4 states
EstablishedQard-e-hasanah demand deposits and amanah accounts with opt-in investment deposits · 12 states
Frequently Asked Questions
What is Al-Khair Co-operative Credit Society Amanat / Saving Account?
Why is Al-Khair Co-operative Credit Society Amanat / Saving Account considered halal?
Is Al-Khair Co-operative Credit Society Amanat / Saving Account available in Bihar?
What Shariah oversight does Al-Khair Co-operative Credit Society have?
What structure does Al-Khair Co-operative Credit Society Amanat / Saving Account use?
How do I apply for Al-Khair Co-operative Credit Society Amanat / Saving Account in Bihar?
What is Al-Khair and how established is it?
Is money at Al-Khair insured like a bank deposit?
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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.