SPECIFIC TERMS AND CONDITIONS FOR FIXED DEPOSITS

These terms (“Fixed Deposit Terms”) shall be in addition to and not in derogation of the terms and conditions (“Primary Terms”) governing your Savings Account with Ayshwarya Syndicate Souharda Credit Co-operative Limited (ASSCCL) and the same is available at https://www.assccl.com.

  1. Date of Fixed Deposit
  • The effective date of fixed deposit shall be from the date on which the fixed deposit is opened or created by the Member. No fixed deposit physical advice will be issued in anticipation of realization of cheque/s in relation to any deposit and will be issued only on actual receipt of payment / deposit monies. The Member will be provided with email and SMS notifications on the registered email address and phone number respectively provided by the Member with complete information about the fixed deposit.
  • It is further clarified that in the circumstance that requests for opening fixed deposits are received on 02nd and 04th Saturday or Sunday or holidays as may be declared by ASSCCL, through electronic channels like Spark Business Portal, Spark app, or any other electronic channel, the fixed deposit will be opened with value date as on the date of creation of the fixed deposit.
  1. Fixed Deposit Receipt / Fixed Deposit Advice
  • At the time of placing the fixed deposit, if the Member does not opt for a Fixed Deposit Receipt, an advice shall be issued by ASSCCL by default in the manner as specified under Section 1.1 above. However, a Fixed Deposit Receipt or a physical Fixed Deposit Advice will be made available to the Member on specific request. If the email address of the Member is not registered with ASSCCL, then physical Fixed Deposit Advice shall be issued to the Member at the nearest branch.
  1. Auto-Renewal
  • There is no Auto-Renewal mode in place for any fixed deposit opened by the Member. The Member hereby understands that the fixed deposit created by him/her will be closed upon maturity of the fixed deposit. The maturity amount will be credited into the Member’s Spark Savings Account within one (1) day from the date of the maturity date, however, the interest amount may be periodically credited into the Member’s Spark Savings Account in accordance with the interest payout option selected by the Member. Upon reaching the maturity date of the fixed deposit, the Member has the liberty to the manually open a new fixed deposit for a term as decided by him/her.
  1. Payment of Interest on Fixed Deposit
  • Interest on fixed deposits is paid at monthly/half-yearly/yearly intervals or in lump sum at the time of maturity, and at the rate/s applicable as on the value date of opening of fixed deposits, as the case may be, in accordance with the rate fixed by ASSCCL from time to time and published in the Spark app and at https://www.assccl.com.
  • Where the interest is to be paid by ASSCCL at any interval or in lump sum at the time of maturity, the fixed deposit shall bear the yearly rate of interest on the fixed deposit.
  • ASSCCL may announce special rates for senior citizens and staff.
  • Any interest paid to the Member shall be subject to tax deducted at source in accordance with the applicable law for the time being in force.
  1. Methodology of interest calculation
  • Interest rates are simple interest rates for all tenures. All interest calculations and payments will be subject to the applicable law/s.
  • The method of calculation on interest on a fixed deposit is as under:
  1. For Non-Breakable Fixed Deposits with monthly/half-yearly/yearly pay-outs interest is calculated based on annual rates Simple Interest.
  2. In case of premature withdrawal of Non-Breakable Fixed Deposits, the interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for the incomplete month on actual number of days.
  3. For Breakable Fixed Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with ASSCCL.
  • For the purpose of interest calculation, the calendar year is taken to consist of 365 days irrespective of whether it is a leap year. A month is taken as 30 days.
  • Term deposit maturing on a holiday (including Sundays and 2nd and 4th Saturday)
  • In respect of term deposit (cumulative, recurring and traditional) placed in automatic closure mode and are maturing on a holiday (including Sundays and 2nd and 4th Saturday), the deposit shall be closed on the next working day. ASSCCL shall pay interest at the original contracted rate for the holiday period on the succeeding working day.
  1. Pre-mature/partial closure of Fixed Deposits
  • In the event of a breakable fixed deposit being closed before completing the original term of such deposit, it will lead to a standard re-adjustment of the calculation of the interest for that particular fixed deposit, and this will subsequently change the final pay-out amount, as interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with ASSCCL.
  • However, the Member understands and agrees that the above is not applicable for non-breakable fixed deposit, and the same may only be closed before the completion of the original term of the said deposit under extraordinary circumstances and at the sole discretion of ASSCCL. The Member wishing to close a non-breakable fixed deposit before completing the original terms of such deposit must make an application in writing to ASSCCL (or any other communication as ASSCCL may prescribe from time to time), citing detailed reasons behind the premature closure of the non-breakable fixed deposit. The Member understands and agrees that in the event that ASSCCL agrees for the same, ASSCCL will have the sole and absolute right to charge such penal interest for the pre-mature closure of the non-breakable fixed deposit as prescribed by ASSCCL. Irrespective when such non-breakable fixed deposit is prematurely closed, the Member agrees to immediately waive off and relinquish any and claims the Member may have in relation to, connected with or towards any interest due or payable in relation to such prematurely closed non-breakable fixed deposit as on the date of its closure. ASSCCL will transfer the remaining amount to the Sparks Savings Account of the Member after deducting any and all penal interest and removing/cancelling any and all waived or relinquished interest amounts.
  • In case of the fixed deposit being pre-maturely closed for the purpose of re-investment into another scheme of Fixed Deposit, the existing deposit would be subject to penal rate of interest as prescribed by ASSCCL on the date of deposit. Interest will be paid for the period the deposit has remained with the ASSCCL. The interest rate prevailing on date of re-investment of term deposit will be applicable for the new term deposit.
  • The Member understands and agrees that the fixed deposit amount along with the interest will be paid to the Member within fourteen (14) working days from the date on which the fixed deposit is broken, or the maturity date, whichever is earlier.
  1. Nomination
  • The Member holding the Sparks Savings Account under which a fixed deposit/s was opened may, by filing in necessary particulars in the prescribed form at the time of making the Deposit, nominate any person who, in the event of death of the Member, or both the joint holders as the case may be, shall become entitled to the Deposit and the payment thereon.
  • If such nomination is not made at the time of making the Deposit, it may be made by the Member at any time after the Deposit receipt is issued but before its maturity, by means of an application in the prescribed form to the officer in charge of the branch of ASSCCL from which the term Deposit is issued, or from the channel partner from whom the fixed deposit was opened.
  • In the event of death of the Deposit holder in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Deposit to encash the Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of ASSCCL or the channel partner (as applicable), supported by proof of death of the Deposit holder by way of submitting a certified copy of the Death Certificate of the deceased.
  • If a Deposit holder dies and there is no nomination in force at the time of his / her death, ASSCCL shall pay the sum due to the deceased, to his / her legal heirs.
  1. Replacement of lost or destroyed term deposit receipts
  • In the event the Deposit receipt is lost, stolen, destroyed, mutilated or defaced, such member may apply for the issue of a duplicate Deposit receipt writing to the branch manager or the channel partner of ASSCCL, as applicable
  • Every application for issue of lost Deposit receipt shall be accompanied by letter of indemnity in format as attached under Annexure – 1 along with a First Information Report (FIR) copy and statement showing particulars, such as fixed deposit number, date of opening of fixed deposit, whether such fixed deposit was breakable or non-breakable, the term of the Deposit, and the circumstance leading to such loss, theft, destruction, mutilation or defacement.
  • After the applicant furnishes an indemnity letter and the officer in charge of ASSCCL is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate certificate, within 30 (thirty) days from the date of receipt of the application upon the receipt of INR 500/- (Indian National Rupees Five Hundred Rupees only) from the applicant. Such certificate issued will have the words “DUPLICATE” mentioned on the Deposit receipt.
  • Provided, that where the face value or the aggregate face value of the Deposit receipt lost, stolen, destroyed, mutilated or defaced is INR 500/- (Indian National Rupees Five Hundred Rupees only) or less, a duplicate certificate may be issued on the applicant furnishing an indemnity letter without any such surety or guarantee.
  1. Other terms
    • The deposit holder(s) shall intimate ASSCCL in writing of any change in address and residential status of the depositor holder/s.
  • All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these fixed deposits will be recoverable from the Member.
  • ASSCCL shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future all account/deposits of the deposit holder/s with ASSCCL, to the extent of all outstanding dues to ASSCCL. For such purposes, ASSCCL may at its sole discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to ASSCCL from the deposit holder. The lien conferred on ASSCCL as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to ASSCCL in respect of any monies due to ASSCCL from the deposit holder/s.
  • These terms and conditions are subject to change/modification at the sole discretion of ASSCCL. ASSCCL may give notice of any changes either through email address as recorded with ASSCCL (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the deposit holder/s or on its website or any other mode as may be deemed fit by ASSCCL. In addition, ASSCCL may also publish notice of general nature, which are applicable to all deposit holders of similar nature on its website. Such notice will be deemed to have been served individually to the deposit holder/s. All notices / communication to ASSCCL should be given in writing and sent by post or delivered to its corporate office at No. 21/1 Manjushree, Haudin Road, Ulsoor, Bangalore 560042 or such other address as may be indicated by ASSCCL.
  • At the discretion of ASSCCL, loan against the fixed deposit maybe given to the depositing Member, in whose name the deposit has been opened and who are authorised to withdraw the deposit, as per original mandate.

10. Specific Terms & Conditions applicable to Deposits without premature withdrawal facility 

  • These terms and conditions (“Terms”) apply to fixed deposits opened with ASSCCL (“Fixed Deposit”). These Terms shall be in addition to and not in derogation of the terms and conditions governing ASSCCL Fixed Deposits available on https://www.assccl.com (“Primary Terms”). In the event of any contradiction in the Terms and the Primary Terms, these Terms shall prevail.
  • The Non-Breakable Fixed Deposit does not have premature withdrawal facility i.e. the Non-Breakable Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, ASSCCL may allow premature withdrawal of these deposits in following exceptional circumstances, such as any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
  • In the event of premature withdrawal of these deposits under:
  1. Direction from any statutory and/or regulatory authority: Any interest will not be paid on the principal amount of the deposit. Any interest accrued / paid till date of premature closure will be recovered from the deposit amount or as per penal rates under https://www.assccl.com.
  2. Deceased claim settlement: Interest will be paid for the period the deposit has remained with ASSCCL.
  • Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account. The Member can give renewal instructions within thirty (30) days before maturity date of such deposit.

11. Definition

  • Non-Breakable Fixed Deposits” are fixed deposits without premature withdrawal facility, opened with ASSCCL, as provided under clause 10.
  • Breakable Fixed Deposits” are fixed deposits with premature withdrawal facility, opened with ASSCCL, as provided under this document.
  • Maturity Value” shall mean the amount payable to the Member at the end of the term of the fixed deposit subject to deduction of any tax as may be applicable.
  1. Disclaimer
  • These Fixed Deposit Terms relate specifically to the Fixed Deposit product offered by ASSCCL through the Spark application.
  • The Member understands and agrees that in the circumstance of any discrepancy between these Fixed Deposit Terms and the Primary Terms, in relation to the opening, operation, utilization and closure of the Account, these Fixed Deposit Terms shall take precedence. In the circumstance that these Fixed Deposit Terms are silent on any matter, but the same have been elaborated in the Primary Terms or any other policies issued by ASSCCL and/or Spark, the Primary Terms and/or other policies issued by ASSCCL and/or Spark will take precedence.
  • The Member further understands and agrees that these Fixed Deposit Terms must be read in conjunction with the other polices and terms issued by ASSCCL and/or Spark.