Terms and Conditions for Savings Account

These terms and conditions (“T&C”) apply to You (“Member/You/Your”), a Member of Ayshwarya Syndicate Souharda Credit Co-operative Limited (“ASSCCL”) and regulate the operation of the Savings Account (the “Savings Account / Account“) opened and operated by You through the Spark application (“Application”). These T&C’s shall be in addition to, and read in conjunction with, any other terms as stipulated by ASSCCL from time to time.

Please review the following T&C’s before availing of ASSCCL’s services pertaining to its Savings Scheme or Additional Services (“Services”). Any use of the Application and availing of the Services creates a binding agreement to comply with the provisions of the following T&C’s. In the event that You do not agree to the following T&C without any limitation or exclusions, You must refrain from accessing or using the Application and availing of the Services in any manner.

Applicability

These T&C form a legally binding contract between the Member and ASSCCL. The Member shall apply to ASSCCL through the Spark Application for opening and operation of the Account and availing the related Services. By applying for the opening of the Account, the Member acknowledges that he / she has read understood and accepted these T&C.

You agree that these T&C sets forth valid and binding obligations on You and that by the act of being directed to, visiting, registering or utilising the Application and Services in relation to the Account in any manner whatsoever, You agree to be bound to the duties, obligations and responsibilities set forth herein and to maintain adherence to the covenants, representations and warranties as are detailed under these T&C. You further agree that ASSCCL may at any point choose to alter, amend or modify the provisions of this T&C at its sole and absolute discretion without any prior notice necessitated to You.

Account Opening

The Account opening formalities are governed by the policies of ASSCCL and the Application and may be revised from time to time. The Account may be opened by the Member through the Application. The Account cannot be opened and/or operated for business purposes.

You understand and agree that certain functionalities associated with the Application and Services offered on the platform may be made available only upon the creation of a password-protected account and verification of uploaded Know-Your-Customer (“KYC”) documents on the Application. Accordingly, You may choose to create the Account on the Application to access such Services and functionalities as ASSCCL may determine at its sole and absolute discretion.

In the event that You choose to create an Account, You understand that You will be required to provide personally identifiable information including but not limited to Your name, Your photograph, Your signature, Occupation, age, mobile number, e-mail address (“Personal Information”) in accordance with ASSCCL’s KYC Policy available at www.assccl.com. The following constitute Officially Valid Documents (“OVD”) for the purposes of this T&C:

a.   Passport;

b.   Driving license;

c.   Permanent Account Number (PAN) Card;

d.   Voter’s Identity Card issued by the Election Commission of India; and

e.   Aadhar Card.

You agree that You will ensure that the Personal Information shared on the Application is truthful and accurate and that You will take the necessary steps to ensure that the Personal Information is kept up-to-date. You further agree that ASSCCL may at any time require You to provide further Personal Information for the continued usage of the Account. In the event that You registered vide a One Time Password (“OTP”) based e-KYC, You will be required to provide specific consent for authentication vide OTP; further You will be required to furnish a declaration that You will not open any further account utilising OTP based authentication. You will, additionally and in the event of creation of an account vide OTP based e-KYC be required to furnish Your OVD and other documentation as may be specified within 60 (sixty) days of registration of Your Account.

You understand and agree that You may utilise third-party applications for the purpose of registering and/or providing further Personal Information linked to Your Account on the Application. You further understand and agree that the collection and disclosure of such Personal Information shared with any such third-party applications is governed by the concerned third-party’s privacy policy and terms of use, with ASSCCL bearing no manner of responsibility or liability in such respect; provided that this T&C and the Privacy Policy shall govern any information collected by ASSCCL through Your access of any third-party application on the Application.

You consent to receive text messages, calls and messages from ASSCCL, its agents, affiliates and representatives on the mobile number registered by You on the Application or any number that ASSCCL may reasonably ascertain to be Yours via skip trace, caller ID capture and other such means. You agree that the consent with regard to the receipt of communication as provided herein this paragraph of the T&C is to be effective even if You are registered on any do not call directory.

You further agree that ASSCCL may at any time, at its sole and absolute discretion, and without any need for prior notice to You, suspend access or terminate the Account and that ASSCCL will not be liable for any damages, expenses, claims and losses accruing to You or any third party on account of such suspension or deletion.

You agree that any access of the Application, usage of the Savings Scheme associated with the Application in addition to any data shared on the Application, which is traceable and referable to Your Account, will be deemed to have validly originated from You. You agree to be bound by any access of the Application and utilisation of the Savings Scheme without limitation irrespective of whether such access or utilisation was authorised or done with Your knowledge and that ASSCCL may hold You solely responsible and liable for such usage of the Application and utilisation of the Savings Scheme in any manner whatsoever. You further agree to indemnify ASSCCL, its officers, directors, employees, customers and agents from any and all claims, losses, liabilities, damages, expenses and costs (including attorneys’ fees and court costs) attributable to any commission or omission of any act that is traceable or referable to Your Account.

You hereby agree to exercise Your best effort in keeping Your Personal Information and Account Details, such as Membership ID, Account number, Your Personal Information and any other information that is specific to Your Account (“Account Details”) confidential. You further agree that You will be solely responsible and liable for maintaining the security and confidentiality of Your Account Details and that You are to bear any losses or damages arising from the disclosure of the details to You or to any third-party, with You indemnifying ASSCCL in relation to the same. You further agree to notify ASSCCL immediately with a communication addressed to support@assccl.co.in if You have any knowledge or any reason to believe that any unauthorised access to the Account has occurred or in the event that the confidentiality of the Account Details has been compromised.

Any notifications, alerts and information in relation to Your Account that ASSCCL sends to You through execution of its Savings Scheme and related Services will be sent to Your mobile number. You understand and agree that You are solely responsible for intimating in writing to ASSCCL any change in Your mobile number and that ASSCCL will not be liable for sending notifications, alerts or other information to Your registered mobile phone number in any way whatsoever provided that ASSCCL has not been notified of a change in Your mobile number.

You must keep the SIM card and Your mobile phone in secure/safe custody at all times. You shall be solely and absolutely responsible for the consequences in case You fail to adhere to this T&C and/or in case of any unauthorized use of Your mobile phone or SIM card.

You acknowledge that the functioning of the Savings Scheme are dependent on the telecommunications infrastructure, connectivity and services within India. You accept the timeliness of alerts sent by ASSCCL will depend on factors affecting the telecommunications industry. Neither ASSCCL nor its service providers shall be liable for non-delivery of alerts, error, loss, distortion in transmission of and wrongful transmission of alerts to You.

You accept that each notification and alert may contain certain Account information relating to You. You authorize ASSCCL to send Account related information, though not specifically requested, if ASSCCL deems that the same is relevant.

Operating Account

The Member understands and agrees that the Account on the Application may be opened only in the name of the Member alone, and by the Member himself/herself.

The Member further understands and agrees that if ASSCCL is of the view that that the KYC documents uploaded by the Member are incorrect or inconsistent or fake, ASSCCL reserves the right to disallow the individual from becoming a Member. Further, ASSCCL reserves the right to deactivate the Account of a Member under the following circumstances:

  1. If the Account is being used in a manner contrary to the T&C;
  2. If ASSCCL becomes aware that the KYC documents submitted by the Member are fake/incorrect/inaccurate/false/misleading;
  • If the Member does not use the Account, or avail any of the Services relating to the functioning of the Account for a continuous period of 2 (two) years thereby rendering the Account as inactive, such Members may be removed from membership of ASSCCL at its sole discretion;
  1. If the Member used the Account or avails the Services relating to the Account in any other manner besides for personal use.

Notwithstanding the provisions of the above clause, the Member understands and agrees that ASSCCL has the right, and without any liability whatsoever to deactivate the Account of the Member for any reason whatsoever.

All the Account/s maintained in the name of the Member shall be operated singularly by the Member ONLY at all times.

At the request of the Member, ASSCCL may send through courier or post from time to time to the mailing address furnished by the Member, statements of account, balance confirmation certificate, various PIN mailers and such other items relevant or pertaining to the Account, subject to the charges prescribed by ASSCCL. It is incumbent upon the Member to intimate change in mailing address, if any, immediately or within 1 (one) week of such a change. ASSCCL shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of change in mailing address.

The Member is expected to examine the entries in the Account statement on receipt and draw the attention of ASSCCL to any not-errors or omissions that might be discovered. ASSCCL does not accept any responsibility for any loss arising out of failure on the part of the Member to carry out examination of entries in the statement and to point out such not-error and/or omission within seven (7) days from the date of the statement.

The Member may request to activate schedule pay-outs from his/her Account in accordance with the facilities offered on the Spark app from time to time. The Member understands that each scheduled pay-out is subject to ASCCSL’s approval and to the Member maintaining sufficient balance in their Account. ASCCSL will not be liable for any payment being rejected or failing due to lack of sufficient balance in the Member’s account. Additionally, the Member may choose to pause or stop any scheduled pay-out authorised by him/her. In the circumstance that a Member chooses to pause or stop a schedule pay-out ASCCSL will not be liable to facilitate or honour such paused or stopped scheduled pay-outs. Additionally, the Member agrees that ASCCSL will not be liable for any loss or damage or costs or penalties incurred by the Member in case of pausing or stopping of a scheduled pay-out.

Savings Account

You may open a zero balance Savings Account with ASSCCL.

In the event the balance in the Member’s Savings Account is more than INR 25,000/- (Indian National Rupees Twenty Five Thousand) at the end of each day, the member’s account will be eligible to receive interest at the rate of up to 8% p.a.

In the event balance in the Member’s Savings Account is less than INR 25,000/- (Indian National Rupees Twenty Five Thousand) at the end of each day, the member will receive account will be eligible for interest at the rate of up to 4% p.a.

Interest shall be credited to Your account daily. Interest is calculated on the lowest balance at the end of the previous day.

Any and all Interest paid or payable will be calculated and paid on the basis of simple interest. Any and all interest calculations will be in accordance with, and subject to the applicable laws.

Interest shall be rounded off to the nearest paise.

Payments to and from Your Savings Account

  1. You may deposit money into Your Savings Account via the functionalities available on the Application. You may utilise the monies lying to the credit of Your Savings Account for availing of the Services and the Additional Services

Additional Services

  1. With Your express authorization and in accordance with the terms of this T&C, we will make payments out of Your Account towards the Services that can be availed of through the Application, including but not limited to bill payments, payment of insurances premium,  education assurance, travel plans, real estate plan, annuity plan and/or retirement solution facilities, and such other facilities ASSCCL may provide in accordance with its terms and conditions (“Additional Services”).
  2. ASSCCL reserves the right to introduce Additional Services with or without giving any notice to You. ASSCCL reserves the right to send messages to the registered mobile phones regarding its products, services or any related matter, without Your express consent.

General Terms

  1. Any transaction involving Your Savings Account will cause the generation of a receipt and shall be updated in the transaction history for Your Account. You are required to examine such updation and alert ASSCCL by phone at 1-800-5725-001 or by email to support@assccl.co.in  in the event of any error in the manner of such updation or operation of the Savings Account within 14 [fourteen] days of the date on which the error in updation is reflected in Your Savings Account.
  2. All taxes, statutory dues and charges applicable in connection with the Services shall be payable by You, in accordance with charges levied by ASSCCL.
  3. ASSCCL shall have the right of primary set-off and lien, on Your Savings Account to the extent of all outstanding dues to ASSCCL. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to the ASSCCL. The lien conferred on ASSCCL here is irrevocable and shall be a continuing one and shall remain in full force and effect until such time You repay/retire all amounts due and payable and remain unpaid ASSCCL.

Tenure and Closure

  1. There is no specified minimum or default tenure of Your Savings Account.
  2. You may close Your Account by giving us an application in writing duly signed by You and hand it over visiting our office or through registered post at our registered office address 21/1 “Manjushree”, Haudin Road, Bangalore 560042 .
  3. Upon closing Your Account, we shall pay to You Your deposit balance standing to the credit of Your Savings Account within 30 (thirty) days from the date of closing the Account as per the instructions communicated by You.
  4. You may nominate any person who, in the event of Your death shall become entitled to the proceeds arising from Your Savings Account and the share of ASSCCL shall be transferred in his/her name. We may require a grant of probate or letters of administration before releasing any monies in Your account to Your executors or personal representatives.

Safe Keep of Passwords:

  • The Member shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, PINs, OTP, User ID, passwords and such other items relevant or pertaining to the Account. The Member will not hold ASSCCL liable in this regard in any manner whatsoever.
  • The Member shall keep the password totally confidential and not reveal the password to any third party.
  • The Member shall keep any and all one-time password (OTP), sent by ASSCCL via email or SMS to the Member’s registered email address and registered mobile number respectively totally confidential and not reveal the same to any third party;
  • The Member acknowledges that if any third person obtains access to the password of the Member, such third person would be able to provide Payment Instructions to ASCCSL. The Member shall ensure that the T&C applicable to the use of the password as contained in these T&C are complied with at all times.

Overdrawing:

If for whatever reasons the Account has a negative balance, the Member shall pay interest and other charges in accordance with ASSCCL’s prevalent rates and practice. Any temporary overdraft in the Account should be construed as a one-time facility only and not a continuous arrangement, unless otherwise agreed to by ASSCCL in writing.

Charges / Fees:

  • The Member agrees and confirms that in the event any of the Services in connection with the Account are or become liable to tax under the applicable laws and regulations, the Member shall bear all the taxes or duties (by whatever name called) in connection with such Services and ASSCCL is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent / authorization from the Member.
  • In the event of occurrence of any of the above events, the Member shall receive balance amounts, net of all deductions made as per the T&C hereof. The Member shall be intimated at the last address provided by the Member and required to collect all such amounts, from ASSCCL through the Application. In case the Member does not collect the amounts within the time period stipulated ASSCCL in the communication sent to him / her as above, then ASSCCL shall send the amount at the last known address of the Member and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Member or any losses or damages incurred by the Member as a consequence thereof.

Holiday Processing:

  • Any transactions on any Sunday or any public holiday may be shown in the Account and website of ASSCCL, at the sole discretion of ASSCCL, as having taken place on the same or subsequent business day of ASSCCL. All deductions/accretions on such amount shall be deducted/accrued as of such day. ASSCCL not be responsible for any loss of interest or liability incurred/suffered by the Member including but not limited to loss of interest arising due to such transaction being not shown on the day the same actually occurred. Any amount deposited on any day which is a Sunday or public holiday or after the time of clearing for the day is normally effected by ASSCCL shall be sent for clearing on the next business day of ASSCCL.
  • The Member may find the complete list of holidays on the website of ASSCCL for reference purpose.

Physical Statement of Account:

  • ASSCCL shall offer the Member the option of availing a monthly physical statement of their Account, subject to charges as prescribed by ASSCCL. The Member shall have the option of availing the physical statement from the office of ASSCCL, or request for the same to be sent by post or courier to the last given address of the Member, subject to the charges being debited from the Account of the Member by ASSCCL.
  • Member/s shall also be able to view/download the statement of Account from the Application in relation to their Account/s with ASSCCL as per the process prescribed in this regard by ASSCCL.
  • Unless disputed by the Member within seven (7) days of mailing of the statement of Account of Member, the same shall be deemed to be accepted by the Member. ASSCCL reserves the right to rectify discrepancies in the statement of Account, if any, at any point of time. If the Member delays in examining the statement of Account or in reporting a problem or error, it may affect ASSCCL’s ability to resolve the problem, and Member shall be liable for the losses that may occur.
  • All the statements of Account will be mailed to Member’s communication address / registered E-mail ID as per ASSCCL’s records. ASSCCL will not be responsible for statements of Account lost in mail/post/undelivered. The Member will be required to contact ASSCCL promptly if the statement of Account is not received and request for a duplicate statement of Account, if required. At the request of the Member, the statement of Account may be sent to the Member’s e-mail address. Members are required to verify the authenticity of the emails received by them and ASSCCL will not be liable in the event any statement of Account is received by the Member’s from fraudulent persons / impostors. ASSCCL will not be liable in the event of any defects or failure in the computer system / network of the Member on account of receipt of email/s by the Member from ASSCCL.
  • Duplicate statement of Account may be issued at the request of the Member for a fee, as intimated by ASSCCL, from time to time.

Payment of Interest:

Interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ASCCSL from time to time. The interest amount calculated is rounded off to the nearest paise. The interest will be paid to the Member daily.

Nomination in the event of Death or Incompetence:

  • You may nominate any individual who, in the event of Your death or You being declared incompetent will become entitled to the proceeds arising from Your Account. We may require a grant of probate or letters of administration before releasing any monies in Your account to Your executors or personal representatives.
  • ASSCCL may freeze the Account of the Member until it establishes the identity and credentials of the successor/beneficiary/nominee to its satisfaction.
  • The Member is at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with ASSCCL.

Sharing of Information

  • The Member undertakes and authorises ASSCCL, its affiliates to exchange, share or part with all the information, data or documents relating to his/her application to other ASSCCL / its partner companies / Banks / Financial Institutions / Credit Bureaus / Agencies / Statutory Bodies / Tax authorities /Central Information Bureaus/ such other persons as ASSCCL may deem necessary or appropriate as may be required for use or processing of the said information / data by such person/s or furnishing of the processed information / data / products thereof to other Banks / Financial Institutions / credit providers / users registered with such persons and will not hold ASSCCL liable for use of this information.

Technology Risks

  • The Member agrees and understands that the technology for enabling the transfer of funds and the other services offered by ASSCCL could be affected by virus or other malicious, destructive or corrupting code, programme or macro. It may also be possible that the site of ASSCCL may require maintenance and during such time it may not be possible to process the request of the Members. This could result in delays in the processing of instructions or failure in the processing of instructions and other such failures and inability. ASSCCL disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by ASSCCL to honor any customer instruction for whatsoever reason.

Change of Terms

  • ASSCCL shall have the absolute discretion to amend or supplement any of the terms of this T&C at any time. ASSCCL may communicate the amended terms by hosting the same on the Website or in any other manner as decided by ASSCCL. The Member shall be responsible for regularly reviewing these terms including amendments thereto as may be posted on the Website.

Non-Transferability

  • The Account and the Services provided to the Member are not transferable under any circumstances, and shall be used only by the Member, unless and otherwise transferred in accordance with Clause 11. However, ASSCCL shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these terms shall continue to be in force and effect for the benefit of the successors and assigns of ASSCCL.

Notices

  • Notices in respect of the Account, the services and facilities in connection with the Account may be given by ASSCCL either through email or posting a letter to the Member’s address. ASSCCL may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Member upon its publication on the Website.
  • All notices in connection with the Services or the Account by the Member to ASSCCL shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by ASSCCL only upon acknowledgment of receipt of the same in writing by ASSCCL.

Ayshwarya Syndicate Souharda Credit Co-operative Limited (ASSCCL)

2nd Floor, No. 21/1, Haudin Road, Ulsoor, Bengaluru – 560 042

Electronic Transactions

  • The Member agrees to adhere to and comply with these T&C, the Primary Terms and any other policies as ASSCCL may prescribe from time to time, and hereby agrees and confirms that all transactions / Services effected by or through facilities for conducting remote transactions including the Website, ASSCCL customer support, World Wide Web, electronic data interchange, tele-service operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ASSCCL, for and in respect of the Account, or ASSCCL’s other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with these T&C, the Primary Terms and any other policies for such facilities, as may be prescribed from time to time.

Waiver

  • No failure or delay by ASSCCL in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of ASSCCL as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.

Indemnity

  • The Member hereby agrees that the Member will, at his/its own expense, indemnify, defend and hold harmless ASSCCL from and against any and all liability, any other loss that may occur arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by the Member of any of these T&C or the acts, errors, representations, misrepresentations, misconduct or negligence of the Member in the performance of its obligations.
  • Under no circumstances will ASSCCL be liable to the Member for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
  • ASSCCL will not be liable for any failure to perform any obligation contained in these T&C or for any loss or damage whatsoever suffered or incurred by the Member howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
  • The Member will keep ASSCCL indemnified at all times against, and save ASSCCL harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ASSCCL in resolving any dispute relating to the Member’s Account with ASSCCL or in enforcing ASSCCL rights under or in connection with these T&C contained herein, or which may have arisen either directly or indirectly out of or in connection with ASSCCL performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
  • If any sum due and payable by the Member is not paid on the due date, including without limitation any moneys claimed under this paragraph, the Member will be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ASSCCL may from time to time stipulate from the date payment is due up to the date of payment.
  • The Member will solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with ASSCCL and will indemnify and keep indemnified ASSCCL from all actions, proceedings, claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ASSCCL in connection with any failure to comply with any such applicable laws/regulations.
  • The indemnities as aforesaid will continue notwithstanding the termination of the Account.

No Encumbrances

  • The Member will not create or permit to subsist, any encumbrance or third party interest over or against any account(s) with ASSCCL or any monies lying therein without ASSCCL’s express prior written consent.

ASSCCL’s Lien and Set-Off

  • ASSCCL will have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any Account of the Member, whether in single name or joint name(s), to the extent of all amounts payable by the Member arising as a result of any of ASSCCL’s services extended to and/or used by the Member or as a result of any other facilities that may be granted by ASSCCL to the Member. ASSCCL is entitled without any notice to the Member to settle any indebtedness whatsoever owed by the Member to ASSCCL, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Member to ASSCCL hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any Account(s) held by the Member with ASSCCL, notwithstanding that the deposit(s)/ balances lying in such Account(s) may not be expressed in the same currency as such indebtedness. ASSCCL’s rights hereunder shall not be affected by the Customer’s bankruptcy, insolvency, death or winding-up.
  • In addition to ASSCCL’s rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Member authorises ASSCCL: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Member with or to any branch or office of ASSCCL (whether in India or elsewhere); and (b) to apply, set-off or transfer at any time (without prior notice to the Member) any credit balance (whether or not then due) to which the Member is at any time beneficially entitled on any account, in the Member’s name, with any branch or office of ASSCCL (whether in India or elsewhere) towards the satisfaction of any or all of the Member’s liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Member’s account(s) or under the terms of any other facilities that may be granted by ASSCCL to the Member.
  • ASSCCL shall not be under any obligation to exercise any of its rights under this paragraph.
  • The above mentioned rights of ASSCCL are without prejudice to the obligations of the Member to pay to ASSCCL when due all its indebtedness and without prejudice to any other rights that ASSCCL may have against the Member for recovery of outstanding from Member to ASSCCL.
  • ASSCCL will be entitled to withhold payments out of the Member’s Account or dishonour the Member’s instructions in case any amounts outstanding from the Member to ASSCCL are not paid when due.

Force Majeure

  • You acknowledge and agree that ASSCCL is to not bear any form of liability for any damage or loss caused due to any default of its obligations under this Agreement arising directly or indirectly from a cause affecting the performance by ASSCCL of its obligations resulting from acts, events, omissions, happenings or non-happenings beyond its reasonable control, including but not limited to acts of God, riots, war or armed conflict, embargo, acts of terrorism, acts of government, local government or regulatory bodies, fire, flood, storm or earthquake or any internet connectivity failures or computer.

Governing Law

  • These T&C and/or the operations in the accounts of the Member maintained by ASSCCL and/or the use of the services provided through the Application shall be governed by the laws of the Republic of India and no other nation. The Member and ASSCCL agree to submit to the exclusive Jurisdiction of the Courts located in Bangalore, India as regards any claims or matters arising under these T&C. ASSCCL accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that the Spark Service can be accessed through the Internet by a Member in a country other than India shall not be interpreted to imply that the laws of the said country govern these T&C and/or the operations in the Account of the Member and/or the use of the Application.

Dispute Resolution

  • All disputes arising out of or in relation to this T&C shall be settled amicably by the Parties within a period of 30 [thirty] days from the date of the first initiation of the dispute. In the event no amicable settlement is arrived at within a period of thirty days from the date of first initiation of the dispute by one Party to other, the Parties shall resolve the dispute by means of arbitration pursuant to the Arbitration and Conciliation Act, 1996.
  • The arbitration shall be conducted by an arbitral tribunal comprising of 1 (one) arbitrator appointed by ASSCCL.
  • The arbitration proceedings shall be conducted in English language only and the venue for arbitration shall be at Bangalore.
  • The award of the arbitral tribunal shall be final and binding on the Parties.

Disclosure

The Member hereby irrevocably authorises ASSCCL to disclose, as and when ASSCCL is required to do so by applicable law or when ASSCCL regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Member from ASSCCL whether singly or jointly with others or otherwise), any information relating to the Member, his/her Account(s) or other assets or credit facilities whatsoever held on the Member’s behalf to:

  • the head office, affiliates or any other branches or subsidiaries of ASSCCL;
  • his/her auditors, professional advisers and any other person(s) under a duty of confidentiality to the ASSCCL;
  • vendors, installers, maintainers or servicers of ASSCCL’s computer systems;
  • any party entitled to make such demand or request;
  • any person with whom ASSCCL contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
  • any person (including any agent, contractor or third party service provider) with whom ASSCCL contracts or proposes to contract with regard to the provision of services in respect of the ASSCCL’s or the Member’s account(s) or facilities (as the case may be) or in connection with the operation of ASSCCL’s business;
  • any person employed with, or engaged as an agent by ASSCCL, including any relationship officers for the purposes of or in connection with interactions with the Member’s or providing services to the Member or processing transactions pertaining to the Member’s Account or facilities.

The Member hereby agrees and consents that ASSCCL will be entitled, in connection with the Member’s application for any account, facilities or services provided by ASSCCL, or during the course of the Member’s relationship with ASSCCL, to obtain and procure information pertaining to the Member or any of his/ her/ its accounts, legal or financial position from whatever sources available to ASSCCL.

Closure of the Account

ASSCCL reserves the right to close or freeze the Account(s), without due notice to the Member for reasons which may include, but not limited to, the following:

  • In case any of the documents furnished towards identity and address proof are found to be fake / forged / defective;
  • The Account opening cheque is returned unpaid for financial reasons/ signature not matching;
  • In case a negative balance for reasons, including but not limited to, non-repayment in case of facilities offered by ASSCCL, where repayment is to be made through Member’s Account; reversal of wrong credit; any temporary overdraft granted to the Member by ASSCCL in relation to any facility or otherwise, etc., is allowed to continue for more than 90 days in the Account;
  • Improper conduct of the Account in terms of volume / type of transactions; and/or
  • For unsatisfactory conduct of the Account.

The Member shall be solely liable for return of cheques / dishonoring of any instruments consequent to such closure and all costs / charges arising out of such closure / freezing of the Account(s).

Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Member shall take steps to collect any balance amount in the Account, if any, and till such time the Member collects such amounts, ASSCCL reserves the right to keep such amounts in a special office account without any interest being payable on the same.

Know Your Customer / Anti-Money Laundering / Counter Terrorism Financing

The Member shall comply with ASSCCL’s Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) policies available at the https://www.assccl.com. Failure to provide these documents/information within stipulated timelines or submission of wrong, incomplete or false documents/information sought may result in the account/s being closed/ blocked for debit and/or credit transactions.

Definitions 

In these T&C, the following words and phrases have the meaning stated hereunder unless indicated otherwise:

  •  “Account” refers to the Member’s Savings Account or any other type of account so designated by ASSCCL to be eligible account(s) for operations by the Member.
  • Confidential Information” refers to information obtained by the Member, through ASSCCL, for the effective availing of Services or Payment Instruction Services business portal services.
  • “Force Majeure Event” shall mean any cause affecting the performance by a Party of its obligations arising from acts, events, omissions, happenings or non-happenings beyond its reasonable control, including acts of God, riots, war or armed conflict, embargo, acts of terrorism, acts of government, local government or regulatory bodies, fire, flood, storm or earthquake, or disaster but excluding any industrial dispute relating to either Party or either Party’s personnel.
  • Internet” refers to the network of computers / mobile phones / other electronic devices which share and exchange information. The Internet is at once a worldwide broadcasting capability, mechanism for information dissemination, and a medium for collaboration and interaction between individuals and their computers / mobile phones / other electronic devices capable of accessing the Internet without regard for geographic location.
  • Member” refers to any person who purchases at least one share of Ayshwarya Syndicate Souharda Credit Co-operative Limited in the state of Karnataka and who has been authorised by ASSCCL to avail of the Account facility.
  • Payment Instruction” shall mean an instruction given by a Member to transfer funds from the Account held by the Member to accounts held by other approved Members with ASSCCL and /or in the name of the beneficiary who may or may not have an account with ASSCCL. ASSCCL may in its sole and exclusive discretion confine this facility only to certain permitted Members or may extend it from time to time to be generally available to all Members.
  • Personal Information” refers to the information about the Member obtained in connection with the Account.
  • Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
  • Services” shall mean the services provided by ASSCCL in connection with the Saving Account and more particularly described in these Terms.
  • Spark”- means the mobile application owned by Tecnovos Technologies LLP and licensed to Ayshwarya Syndicate Souharda Credit Co-operative Limited.
  • Primary Terms” shall mean the general terms and conditions, as modified from time to time applicable to Spark services offered by ASSCCL, and available at https://www.assccl.com.
  • Website” refers to the website owned, established and maintained by ASSCCL at the URL https://www.assccl.com.

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 T&C.
  5. The word “ASSCCL”, refer to Ayshwarya Syndicate Souharda Credit Co-operative Limited having its registered office at 2nd Floor, No. 21/1, Haudin Road, Ulsoor, Bengaluru – 560 042.

Disclaimer

These Terms and Conditions relate specifically to the Savings Account product offered by ASSCCL through the Spark Application.

The Member further understands and agrees that these Terms and Conditions must be read in conjunction with the other polices and terms issued by ASSCCL and/or Spark.