Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah)
Interest-Free Deposit Accounts in Maharashtra
Bait-Un-Nas'r's five-scheme deposit shelf, opened at any of nine Mumbai and Thane branches with KYC documents (Aadhaar, PAN, photographs): a Saving Deposit for everyday funds with safe custody and easy withdrawal; a Spot Deposit with daily doorstep collection from the member's shop or home; a Recurring Deposit for disciplined monthly contributions with flexible tenure; a Term Deposit in short, lumpsum and recurring variants advertising 'up to 10% profit sharing' (asterisked); and a Haj Umrah Deposit as a dedicated pilgrimage savings plan. The society was established in 1976 under the Maharashtra Co-operative Societies Act 1960 (registration BOM/RSR/786 of 1976) and states 100% interest-free operation under strict Sharia principles (crawled bait-un-nasr.org 2026-08-06).
Bait-Un-Nas'r's deposit shelf is the most complete in Mumbai's interest-free sector, and the Term Deposit's up-to-10% profit share is the closest thing to a halal return on term money in this market, where cooperative law lets a society share surplus. The disclosure gap is real: everything beyond scheme names and headline claims requires a branch visit, and the profit-share asterisk is unexplained. Choose it for the 50-year institution and doorstep service; go in asking exactly how the profit share is computed and declared.
Pros
- The only deposit shelf in this cluster offering a stated profit-share return on term money
- Doorstep daily collection embedded since the society's Dharavi-era roots
- Longest institutional track record in Indian interest-free finance (est. 1976)
- Nine physical branches with published contacts
Cons
- No DICGC deposit insurance - state-registered cooperative society, not an RBI-licensed bank
- Profit-sharing mechanics behind the 'up to 10%*' claim are not published online
- No published minimums, fees or scheme rules; branch visit required for terms
- No Shariah board named; academic case study notes conventional terminology in statutory books
Open Account
Visit Bait-Un-Nas'r Urban Co-operative Credit Society's website to learn more and get started.
See pricing & termsOpens Bait-Un-Nas'r Urban Co-operative Credit Society's site, no obligation
Product Details
Account Type
Savings, spot (doorstep), recurring, term and Haj Umrah deposits
Monthly Fee
None published
Min Deposit
Not published on page; branch opening with Aadhaar, PAN and photos
Structure
Term Deposit advertises profit sharing up to 10% (asterisked); other deposits are non-return safekeeping accounts
Bait-Un-Nas'r Urban Co-operative Credit Society in Maharashtra
Bait-Un-Nas'r Urban Co-operative Credit Society's Savings, spot (doorstep), recurring, term and Haj Umrah deposits serves members in Maharashtra. 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. Bait-Un-Nas'r Urban Co-operative Credit Society serves 1 state, including Maharashtra.
Shariah Compliance & Oversight
No Shariah board or named scholars appear on bait-un-nasr.org; the Sharia commitment is stated at site level ('strict Sharia principles', '100% interest-free transactions'). The society is a listed affiliate of the Sahulat Microfinance Society network (crawled 2026-08-06).
2026-08-06
Why It's Halal
The homepage commits to 'strict Sharia principles, ensuring 100% interest-free transactions and ethical investments', and the deposit design follows the interest-free cooperative pattern: safekeeping accounts pay nothing, while the Term Deposit offers profit sharing (up to 10%, asterisked) rather than a guaranteed rate, aligning reward with the society's actual results rather than a fixed interest promise. Honest caveats: the profit-sharing mechanics (calculation basis, declaration frequency, the meaning of the asterisk) are not published on the page and require a branch visit; no Shariah board is named; and the 2019 Emerald case study of the society notes that statutory books record transactions in conventional cooperative terminology, a reporting constraint common to the sector. 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).
Regional Availability
Available in 1 region
Open Account: Bait-Un-Nas'r Urban Co-operative Credit Society
Visit Bait-Un-Nas'r Urban Co-operative Credit Society's website to get current terms, check eligibility for Maharashtra, and get started today.
See pricing & termsOpens Bait-Un-Nas'r Urban Co-operative Credit Society's site, you're not committing to anything
Compare With Other Options in Maharashtra
1 other bank accounts product available to Maharashtra residents
Qard-e-hasanah demand deposits and amanah accounts with opt-in investment deposits · 12 states
Frequently Asked Questions
What is Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah)?
Why is Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah) considered halal?
Is Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah) available in Maharashtra?
What Shariah oversight does Bait-Un-Nas'r Urban Co-operative Credit Society have?
What structure does Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah) use?
How do I apply for Bait-Un-Nas'r Urban Co-operative Credit Society Deposit Accounts (Saving, Spot, Recurring, Term, Haj Umrah) in Maharashtra?
What makes Mumbai different for halal finance?
Is Bait-Un-Nas'r a bank?
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Stay Updated
Get notified about new interest-free account options in India
Free. No spam. Unsubscribe anytime.
Explore All Bank Accounts in Maharashtra
Compare every bank accounts option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed quarterly and updated for major content changes.
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.