GENERAL TERMS & CONDITIONS
ACCOUNT OPENING
The minimum denomination of the company as follows: Daily Deposit
minimum Rs. 20/-
Recurring Deposit Minimum Rs. 100/-
Fixed Deposit minimum Rs. 1000/-
Monthly income Scheme Minimum Rs 25000/-
MODE OF PAYMENT:
All payments to the company shall be made either in cash or by account payee cheque or Demand Draft in favour of Gramin Swablamban Bharat Nidhi Ltd. The Cheque/Demand Draft will be credited in the name of the Member of the Company subject to clearance of Chque/Demand Draft. Receipts duly countersigned by the authorised signatory of the authorised Branch bearing the seal of the company's authorised Branch will be given after each payment to the Member of the Company.
ISSUE OF PASSBOOK OR CERTIFICATE
A Pass book shall be issued to every member for Daily & Saving A/c His/Her Pass Book will be updated at regular intervals from pass Book update counter and Certificate will be issued for Fixed Deposit, and Rucurring Deposit Income Scheme, Bond Signed by the authorised signatory. If any discrepancy is found between the entries and the payments made by the member, proper scrutiny will be solicited to take decision.
MATURITY
Maturity payment of irregular Payment Accounts: The Account wherein the Applicant has not continued the account regularly would be treated as irregular Account. The Company will charge liquidated damages on these tregular account on account of non receipts of deposit installments in time and the resultant loss of investment opportunity etc. The liquidated damages would be deducted from or adjusted against the interest amount payable to the Member. No deduction of any kind shall be made from the principal after the completion of tenure deposited by the Member of the Company Pension of Maturity Payment may vary in case of Lone taken against our deposit policy.
SECURE LOAN (LOANAGAINST DEPOSIT) Loan Facility is applicable on 5 year Policy income Holder
Member who has Deposited minimum installments of 36 months for Daily Account, RD and MIS regularly and also minimum 36 month after the deposit of FD from the date of account opening, can avail lone against deposit, maximum upto 50%of the principal amount standing to the credit of the Member as on the date of application. Member will have to submit an application for availing lone against deposit facility which will be paid within 15 days from the date of application, Pension and final maturity Pay will be adjusted with any amount remaining unpaid in loan against deposit account. Rate of interest on loan against deposit would be . per Annum higher applicable rate of interest.
NOMINEE BENEFIT
1. Nominee age should be minimum 18 year of age.
2. If applicant\ member death during paying term, than nominee will get only total deposit amount after submit the relevant documents.
3. If nominee is minor, then his\ her quardian will be receive the benefit amount.
4. Nominee can continue the policy after the death of Member\Applicant.
5. In case of nominee is minor, then hisl her guardian can continue the Policy after the death of MemberApplicant.
General Rules
1. The Company may at any time after, cary, add to or delete from these terms and conditions on account of Government Policy as applicable from time to time or otherwise by notifying of Company's notice board or by publication on the Newspaper
2. The Company reserves the right to settle the account with Applicable rate of interest for the company tenure of the Accounteven before the completion of the declared tenure.
3. Deposit are accepted on the understanding that the Member assumes full responsibility for genuiness, validity and correctness of all signatures and endorsement appearing thereon and their sources of fund.
4. The payment of the Member in excess of Rs.19,999/- shall be made by account payee cheque or demand draft only.
Arbitration
in case of dispute between the Company and the Member Account Holder, the same shall be decided by an arbitration proceedings and the preceding arising out of Awards shall be binding on both the parties.
