RECURRING DEPOSIT – TERMS AND CONDITIONS

These Terms and Conditions apply to and regulate the provision of Recurring Deposit product offered by Ayshwarya Syndicate Souharda Credit Co-operative Limited (“ASSCCL”).

  1. DEFINITION
  • Recurring Deposit Account” or “Account” means the account opened in the name of the Depositor/s and maintained by ASSCCL in connection with the Deposits.
  • Account Opening Form” means the form for Recurring Deposits Account.
  • Depositor/s” or “Member/s” means any person who is a member of ASSCCL and holds and an Account with ASSCCL.
  • Deposit” means the amount accumulated in the Account by monthly payment of the Instalment by the Depositor/s and may be either a breakable or a non-breakable recurring deposit.
  • Maturity Date” means the Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Instalment or on completion of the Tenure, whichever is later.
  • Instalment” means the amount specified as instalment in the AOF, which shall be deposited recurringly by the Depositor/s into the Account on the specified period as agreed between the Depositor/s and ASSCCL.
  • Standing Instruction/s” means any instruction given by a Member, either directly or indirectly, to ASSCCL through any mode acceptable to ASSCCL to transfer the Instalment from any current / savings account of the ASSCCL to the Account.
  • Services” means the services provided by ASSCCL in connection with the Account and more particularly described in these Terms.
  • Tenure” means the period for which the Deposit is to be maintained commencing from the date of the deposit of first Instalment till the period as specified in the AOF.
  • Website” refers to the website owned, established and maintained by ASSCCL at the URL www.assccl.com.

2. INTERPRETATION

  1. All references to singular include plural and vice versa and the word “includes” should be construed as “without limitation”.
  2. Words importing any gender include the other gender.
  3. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
  4. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.

3. DATE OF RECURRING DEPOSIT

The effective date from which the credit shall be given for any Instalment shall be the date on which ASSCCL gets clear funds into the Account of the Member.

4. MINIMUM INSTALLMENT AMOUNT

The minimum core Instalment to be deposited by the Member shall be INR 1000/- ( Indian National Rupees One Thousand only) which can be increased in multiples of INR 100/- (Indian National Rupees One Hundred only). The Member shall, at the time of opening the Account, stipulate the Instalment and the total number of instalments to be payable. The Instalment and the number of instalments cannot be altered subsequently.

5. PAYMENT OF INSTALLMENT

All deposits into the Account should be by way of NEFT / IMPS to the Members Account Standing Instructions from the Member. Instalment for any calendar month must be paid on or before the last working day of that particular calendar month. The funds deposited on a date following the non-payment of the Instalment for the previous month(s), shall first be appropriated towards the un-paid Instalment.

6. DURATION OF DEPOSIT

Deposit can be maintained for a minimum tenure of 12 (twelve) months subject to a maximum tenure of 10 (ten) years.

7. PAYMENT OF INTEREST ON RECURRING DEPOSIT

Interest on the Deposits is calculated at quarterly intervals, at the applicable rates as communicated to the Member at the time of Account opening and in the Statements, Interest rates are simple interest rates for all tenures. All Interest calculations and payments will be subject to the applicable law/s. The interest amount shall be paid to the Member on the Maturity date or on completion of the Tenure, whichever is later. 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.

8. MATURITY DATE

The Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Instalment or on completion of the Tenure, whichever is later.

9. REPAYMENT BEFORE MATURITY

  1. In case of a breakable Deposit: On pre-mature withdrawal of the Deposit, interest will be calculated at the rate applicable for the period of the Deposit and the Deposit amount accumulated in the Account up to the date of termination with such interest less the amounts payable by the Members to ASSCCL, shall be paid to the Members. The Member understands and agrees that the recurring deposit amount along with the interest will be paid to the Member within 30 (thirty) working days from the date on which the breakable Deposit is prematurely withdrawn/closed, or the maturity date, whichever is earlier.
  2. In case of a non-breakable Deposit: The Member understands and agrees that a non – breakable recurring Deposit may be prematurely closed before the completion of the original term of the said Deposit solely in extraordinary circumstances and at the sole discretion of ASSCCL. The Member wishing to close a non-breakable recurring 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 pre-mature closure of the non-breakable recurring 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 recurring Deposit as prescribed by ASSCCL. Irrespective when such non-breakable recurring 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 recurring deposit as on the date of its premature withdrawal and 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.

10.  CLOSURE OF ACCOUNTS

An Account will normally be closed upon payment of all the stipulated number of instalments.

11.  CHANGE IN TERMS

ASSCCL reserves the right to revise the terms and conditions contained herein and shall notify the Members of such revised terms and conditions one month prior to its implementation. Such revised terms and conditions shall then be binding on the Members.

12.  DISCLAIMER

  1. These Recurring Deposit Terms relate specifically to the Spark Recurring Deposit product offered by ASSCCL through the Spark application.
  2. The Member understands and agrees that in the circumstance of any discrepancy between these Recurring Deposit Terms and the Primary Terms, in relation to the opening, operation, utilization and closure of the Account, these Recurring Deposit Terms shall take precedence. In the circumstance that these Recurring 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.
  3. The Member further understands and agrees that these Recurring Deposit Terms must be read in conjunction with the other polices and terms issued by ASSCCL and/or Spark.