Terms of Services

(A) i. Application and Remittance:
Application for Deposit and Renewal thereof should be made on the prescribed application form duly completed in all respects,
and accompanied By cash/cheque/draft/Bank Challan etc., outstation Deposits should be made by DD/MT Bankers Cheque
only. All cheque/drafts should be crossed “Account payee” and made payable to Abhivriti Credit Cooperative Society.

ii. INTEREST PAYMENTS

(a) Interest will accrue from the date of realization of Cheques.
(b) Interest ceases to accrue from the date of maturity of the deposit, unless renewed.
(c) No overdue interest is payable if such amount is unclaimed after the due date.
(d) Income-tax, wherever applicable with be deducted at source in accordance to the Provisions of the income Tax Act 1961,
Tax will not be deducted if declaration in For 15G/H as required under the Act is furnished to the Company at the beginning of
each financial year.

(e) In the case of Cumulative Deposit for the purposed of deduction of tax, interest will be deemed to accrued every year and
tax will be deducted on the accrued interest In each financial year, if warranted.

iii. Renewals:

The deposit for should send the discharged FD/RD Completed fresh application to the company preferably 10 days before
maturity.

iv. Saving Deposits:

(a) No person can have more than one account in the individual name, and the initial Deposit shall not be less than Rs. 100/-
(b) A minimum balance of Rs. 100/- should always be maintained in accounts having withdrawal facility.
(c) Interest will be calculated for each calendar month on the lowest balance at credit Subject to a maximum of 20,000/- of an
account between the tenth and the last day of month and the same will be added to the principal amount on the 30th
September and 31st March of every year.
(d) If the Pass Book supplied by the company is spoiled or lost, a duplicate will be Supplied on payment of Rs.20/-
(e) Any sum not less than Rs.1000/- can on any date be transferred into Fixed Deposits
(f) No accounts shall be closed before six months from the date of opening. A charge of Rs.250/- will be made if the account
is enclosed within six months from the date of its opening.

v. Repayments:

(a) Re-payment of any Deposits will be made on the Due Date.
(b) The Receipt duly discharges over a revenue stamp of Rupee. 1/- must be surrendered to the company for repayment
amount will be normally paid only by Crossed A/C payee cheque. However on Request the same will be paid by Net Transfer
for credit of Bank account.

vi. Joint Deposits:

(a) Former or Survivor: Deposits will be accepted with this stipulation. All payments of interest and principal will be made to
the former only during his/her life time, unless specifically authorized otherwise, such payments will be made to the survivor
only one production of death certificate only.
(b) Either or Survivor: In the case of either or survivor deposits, only two persons can make the deposit. All cheques for
payment of interest will be drawn in favor of the second depositor. The discharge given by either depositor for payment of
interest or principal shall be valid and binding on the other depositor and payment will be made to the depositor, who has
discharged the deposit receipt. In the event of death of either depositor, all payments, on account of principal and interest, will
be made, upon maturity of the deposit, to the surviving depositor on production of death certificate.
(c) Any one or survivor: Deposits will be accepted in favor of more than two persons and the principal on maturity will be paid
on discharge by anyone of the depositors, to the depositor who has discharged the deposits receipt. In the event of death of
anyone of the depositors, all payments on account of principal and interest will be made on maturity of the deposit to anyone
of the surviving depositors who has discharged the receipt on production of death certificate. All cheques for payment of
interest will be drawn in favor of the first named depositor unless authorized in favor of any other depositor.
(d) Jointly: In the case of deposits made in joint names, all correspondence will be addressed to the person whose name
appears first in the deposit receipt. All interest warrants / cheques for payment of interest will also be drawn in favor of the
first named depositor unless authorized in favor of anyone of the other depositors, by all the depositors jointly, in the event of
death of anyone of the depositors, all payments, will be made to the surviving depositors and successors of the deceased
depositor(s), jointly on production of death certificate(s). Succession joint depositors, the deposit amount on maturity will be
paid to the first named depositor only on the joint discharge of all the depositors. Payment on maturity can also be made to
anyone of the other depositors provided all Certificate(s) issued by competent authority. During the life-time of the the
depositors jointly so direct.

vii. Deposit from Minors:

The guardian must sign the application form and must mention his/her name. The company will made all payments in the
name of the guardian.

viii. General:

(a) In the event of loss of destruction or multination of a Deposit Receipt, the company may, as its sole discretion reissue a
duplicate, upon receiving an indemnity Bond from the depositor in a form prescribed by the company. All expenses in this
connection will have to be borne by the Depositor.
(b) The company will not recognize any charge or assignment of deposits or another encumbrances.
(c) The company reserves the right to reject any application for Deposits without assigning any reason therefore.
(d) Where the Due date of any payment falls on a Holiday the payment will be made on the next working day.
(e) If is not obligatory on the part of the company to give notice or advance intimation about the maturity of the deposit.
(f) It is suggested that the depositor fills in the column “Nominee” in the application form in favor of a person of his/her choice
to receive the deposit amount in case o unfortunate death.
(g) In order to be effective, depositor’s instructions in relation to change of address, tax exemption etc., must be notified to the
company at least 30 days before payment of interest or principal becomes due.
(h) If the aggregate of total Deposits with the Society exceeds Rs.20,000/- and above, all the Deposits (including RD) made
should be only by way of crossed A/C payee Draft/Cheques as per the provisions of the Income Tax Act

(i) The accumulated Recurring Deposits will in the ordinary course mature for payment 30 days after the date of payment of
the last installment whichever is later. A recurring Deposit pass book will be issued to each depositor which will incorporate
these Terms and Conditions.
(i) Loans will be allowed against Recurring deposit accumulation.
(k) In the event of a RD account being closed after 6 months period of its opening, an incidental charge of Rs. 10/- will be
made and deducted from the amount repayable.
(i) No interest will be payable on a Recurring Deposit Account which is closed prior to maturity unless such interest amount
is not less than Rs.10/-
(m) The depositor will be provided with a pass book in which installment paid from time to time will be entered by the
Company. The entries should be examined by the depositor and if any errors or omissions are discovered the attention of
the company must be drawn to them immediately. The company will not be responsible for any loss arising from neglect of
this precaution.
(n) The company reserves the right to close any account in which the monthly installments are not regularly paid or the
installments are allowed to fall in arrears for a continuous period of 4 months after giving a fortnight’s notice.
(B) (i) In the case of nonpayment of the deposit or part thereof as per the terms and conditions of the Deposits, the depositor
may approach the Bench of Company Law Board of Bhopal Jurisdiction.
(ii) And in case of any deficiency of serving Deposit, the Depositor may Approach the National Consumer Disputes
Redresser Forum, the state Level Consumers Disputes redressed Forum or District level consumers Disputes Redressed
Forum for Relief.
(iii) The financial statement of the Society as disclosed and the representation made in the application form are true and
correct and The Board of Directors are responsible for the correctness and veracity thereof.
(iv) All disputes are subject to Bhopal Jurisdiction only.
(v) The financial activities of the Society is regulated by the Department of Company Affairs. It must however, be distinctly
understood that the Department of Company Affairs does not undertake any responsibility the statement or the
representations made or opinions expressed by the Society and for repayment of Deposit/discharge of liabilities by the
society.
(vi) I have gone through the financial and other statements / particulars /representations furnished made by the Society and
after careful consideration I am making the Deposit with the Society and after careful consideration I am making the Deposit
with the society at any own risk and volition.