top of page
Terms and Condition
1) The company " under Companies Act, 2013. Nidhi Company carries on the business of taking deposits and lending money among its members. Nidhi Company carries no business other than defined in the Memorandum of Association of the Company.
2) Mode of repayment of deposit shall be through cash or cheque as per the request of depositee. Any payment above Rs.20,000 shall be made through cheque only.
3) The maturity period of deposit may vary from 12 months to sixty months as per the choice of the depositor and schemes framed by the company from time to time: The rate of interest on the deposits shall be as follows: However, the above interest is subject to the following conditions: - No deposit shall be repaid within a period of three months from the date of acceptance. - If deposit is withdrawn at the request of the depositor after three months, the depositor shall not be entitled to any interest up to six months from the date of deposits. - Where at the request of the depositor, a Nidhi makes repayment of a deposit before the expiry of the period for which such deposit was accepted by Nidhi, the rate of interest payable by Nidhi on such deposit shall be reduced by two per cent from the rate which Nidhi would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run. - However, in the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor or depositors in the case of joint holding with survivor clause, or to the nominee or to legal heir with interest up to the date of repayment at the rate which the company would have ordinarily paid, had such deposit been accepted for the period for which such deposit had run.
4) The summary of financial statement of the company is not available and hence and the financial summary is not available.
5) The depositor may be paid either monthly, quarterly, half yearly, or yearly as agreed between the depositor and the company or as per the scheme framed by the company.
6) The Nidhi Company shall also have the right to repay the deposits prematurely and can make any adhoc payment to the depositor as per the policy.
7) The Nidhi Company carries a right to reserve; it may deny keeping the deposit or lending to any person or a group without stating any reason for it. 8) The fixed deposit may be renewed at the request of the depositor.
9) In case of nonpayment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the Registrar of companies having jurisdiction over Nidhi.
10) In case of any deficiency of Nidhi in servicing its depositors, the depositor may approach the National Consumers Disputes Redressal Forum, the State Consumers Disputes Redressal Forum or District Consumers Disputes Redressal Forum, as the case may be, for redressal of his relief.
11) Declaration by Board of Directors: Board of Directors of the Company hereby declare that all the requirements of Companies Act, 2013  and the rules including the Nidhi rules, 2014 made there under in respect of the subject matter of this form and matters incidental thereto have been complied with. We also declare that all the information given herein above is true, correct and complete including the attachments to this form and nothing material has been suppressed. We also declare that it is our first financial year so we don't have financial summary, however, the company has Rs.15 lakhs as its Paid-up capital and also complying with Nidhi rules to run a true and fair business.
12) Important Note: Neither Reserve Bank of India (RBI) nor Central Government does undertake any responsibility for the financial soundness of Nidhi or for the correctness of any of the statement or the representations made or opinions expressed by Nidhi and the deposits accepted by Nidhi are not insured and the repayment of deposits is not guaranteed by either the Central Government or the Reserve Bank of India.
13) Nidhi shall obtain documentary evidence of the depositor in the form of proof of identity and address as under:
A) Proof of Identity (any one of the following) - Passport - Unique Identification Number - Income tax PAN Card - Election Photo Identity card - Driving License
B) Proof of Address (any one of the following) - Passport - Unique Identification Number - Driving License - Telephone Bill (Should not be more than two months old) - Bank Account Statement (Should not be more than two months old) - Electricity Bill (Should not be more than two months old)
Exhibit 1: Terms and Conditions for Accepting Deposits
1) Deposit will be accepted from Members Only.
2) Deposit can be accepted in cash or through cheque subject to verification.
3) Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months.
4) In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by Nidhi.
5) The maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time and the rate of interest shall not exceed two per cent above the rate of interest payable on savings bank account by nationalized banks. 6) The maximum rate of interest offered on saving account will be 6%.
7) The maximum rate on Fixed deposit is 12.50% subject to some conditions.
8)The maximum rate on Recurring deposit is 12.50% subject to some conditions.
Exhibit 2: Terms and Conditions for Lending
1) Any individual loan shall not exceed Rs.2 Lakh.
2) Nidhi shall provide loan only against gold, immovable Property and FDR.
3) The value of Gold loan shall not exceed 80% of the gold secured.
4) The value of loan against immovable property shall not exceed 50% of the property secured.
5)The repayment of gold loan shall not exceed one year.
6)The repayment of loan against immovable property shall not exceed 7 years.
7) The repayment of loan against FDR shall not exceed the maturity period of FDR.
8)The maximum interest rate charged on loan shall not exceed 20.00%.
9)Any interest due or loan due shall be subject to prudential norms.
​
General Terms And Condition

  • This webpage/segment of website contains terms and conditions applicable to accounts which are existing or may be opened anytime in the future with Shiva Shambhu Nidhi Limited;

 

  • This document lays out the General Terms and Conditions (“Terms and Conditions”) which shall be applicable to all the Account (defined below) which are existing or may be opened anytime in the future with Shiva Shambhu Nidhi Limited. These Terms and Conditions, including any changes/modifications from time to time, shall govern the relationship including, without limitation, all transactions relating to the operation and maintenance of the Account between the Customer and Shiva Shambhu Nidhi Limited and shall govern the general relationship and the particular services mentioned hereinafter and / or made available to the Customer at the sole discretion of Shiva Shambhu Nidhi Limited (“Facilities”). These Terms and Conditions are in addition to the terms and conditions as may be specified in any other document(s) as may apply to a particular Account, Facilities, or transaction. In the event of any of these Terms and conditions being contrary to those specified therein, the terms and conditions as specified in such other document(s) in respect of a particular Account, Facilities or transaction as the case may be will prevail over these Terms and Conditions.

  • The Customer unconditionally accepts and agrees to comply with and be bound by these Terms and Conditions, as in force and the changes thereto from time to time as communicated and / or made available on the Website (defined below). Without prejudice to the foregoing, the use of the Account by the Customer will be deemed acceptance of the Terms and Conditions. No act, delay or omission by the Company shall affect its rights, powers and remedies under these Terms and Conditions.

  • Words importing the plural shall include the singular and vice-versa;

  • References to masculine gender shall include references to feminine and third gender;

  • An "authorisation" includes an authorisation, consent, clearance, approval, permission, resolution, license, exemption, filing and registration;

  • The headings in these Terms and Conditions are inserted for convenience of reference only and are to be ignored in construing and interpreting the Terms and Conditions;

  • “Account” shall mean all existing, new and future Savings Account, Term/Fixed Deposit Account opened by the Customer with the Company on acceptance of these Terms and Conditions and would be a domestic liability account offered by Company, as more particularly described in the Account opening documents;

  • “Affiliate” means, with respect to any party, any person which, directly or indirectly, (a) controls such party, (b) is controlled by such party, (c) is under common control with such party;

  • “ATM” means any automated teller machine whether of the Company’s or a shared network, at which, amongst other things, the Customer can use the ATM Card issued to perform Account Transactions;

  • "ATM/DEBIT Card" means the Debit Card issued by the Company to the Holder, which, either in conjunction with the PIN/ One Time Password and/or Aadhaar based Biometric authentication or on authentication of the Customer’s signature, will allow the Holder to perform Account Transactions;

  • “Authorised Signatory(ies)” means the person(s) appointed by the Customer for the purpose of giving instructions to the Company and is the Customer;

  • “Authority” means any competent regulatory, prosecuting, tax or governmental authority, court or tribunal, in any jurisdiction, domestic or foreign;

  • “SSN” or “SSN LIMITED” shall mean Shiva Shambhu Nidhi Limited, a company registered under the Companies Act, 2013 and a Nidhi Company having its Registered Office at Quarsi Chauraha, Ramghat Road, Aligarh-202001, Uttar Pradesh, India.

  • Account Opening:

  • The Customer agrees that opening an Account with the Company shall be in accordance with these Terms and Condition and such other terms of the Account opening form

  • An individual in his/her own name only.

  • Withdrawals / Payments: All Cash withdrawals shall be permitted only through the withdrawal slips supplied by the Company and/or through the ATM/microATM/Debit Cards and/or any other mode as may be prescribed by the Company from time to time.

  • The obligations with respect to the Account and operations of the Account are subject to Law or Regulation. The Customer understands and confirms that the Company will be entitled at all times, to act in accordance with Law or Regulation, without requiring to provide prior intimation of such actions to the Customer. Any and all limits/constraints imposed by Law or Regulation shall apply to the Account and the Facilities.

  • The Customer may also obtain balance information relating to the Account or get a verbal or written history of the Customer’s transactions by calling the Customer Care Number of the Company, or through Internet Banking or ATM.

  • The Company shall offer passbook facility free of cost to Customers having Individual Savings Account.

  • Customer shall get the passbook updated only from branch where the Account is maintained on a regular basis. Customer shall examine the entries reflected in the passbook and immediately intimate the Company of any errors or omissions.

  • Physical Statement(s) will not be provided to the Customers availing the passbook facility. The Company at its sole discretion may also, in addition to the passbook facility, decide to provide the Customer with statement of accounts at monthly/quarterly or any other frequency.

  • Entries in the passbook are system generated and thus, do not require any authentication /signature by a Company official.

  • In case the Customer fails to get his/her passbook updated on a regular basis and,

  • transactions to be updated in the passbook are older than 6 months, the Company would only provide a statement of account for the said period.

  • The passbook only reflects the transactions details in the Account and is to be used for verification of Account Transactions. Balance as reflected in the passbook is not to be construed as a balance confirmation certificate issued by the Company.

  • Customer shall ensure safe custody of the passbook and in case the passbook issued is either lost, stolen, destroyed or spoilt, customer to make an application to the Company for issuance of a duplicate passbook. The Company would issue duplicate Passbook after levying a nominal charge as specified in the Schedule of Charges and such passbook shall detail the transactions from the month when the duplicate passbook is issued.

  • The Customer undertakes to execute such documents and writings in addition to the instructions for making transfer of funds via IMPS facility, in a form and manner satisfactory to the Company, as the Company may require from time to time.

  • The Customer acknowledges and understands that the completion of transactions for transfer of funds based on the Customer's instruction shall involve various counter-parties. The Customer confirms that the Company shall not be held liable or responsible for any delays/deficiencies in settlement of a transaction due to system constraints, actions of other parties or any other circumstances outside the control of the Company. Without prejudice to the generality of the foregoing, the Customer agrees and accepts its responsibility to compensate/ reimburse the Company for any losses, claims or actions and to save, keep harmless and keep protected the Company against any improper/ fraudulent instructions purporting to be received from the Customer and/or for furnishing incomplete information.

  • The Company shall be entitled to charge such fees and charges as it determines to be adequate for provision of the IMPS and as specified in Schedule of Charges.

  • The Company reserves the right and the Customer hereby authorizes the Company to reverse any entries erroneously passed, with or without notice to/ from the Customer and to debit/credit the Account to the extent required to correct any erroneous entries that may have been inadvertently made by the Company.

  • The Company may at any time, in its sole discretion, without liability, close the Account after giving a prior notice of at least thirty (30) days to the Customer. However, the Company may also close the Account under certain conditions (including without limitation) the improper conduct of the Account, and/or the Account profile or transactions in the Account not being in line with the Company’s internal policies or guidelines pertaining to KYC/AML, without giving any prior notice to the Customer. The Company shall not be liable for any consequences arising out of such closure of an Account.

  • The Company may charge such fee/service charges for usage / maintenance of the Account, as applicable and any or all of the Facilities provided by the Company, from time to time, to the Customer and the Customer agrees that the said fees/charges maybe debited by the Company to the Account. Details of the current applicable fees/charges may be obtained from the Company, from time to time. The Customer acknowledges its awareness that some ATM owners or operators of shared networks may impose an additional charge for each use of their ATMs, and any such charge along with other applicable fees/ charges will be debited to the Account. Any government charges, duties or taxes payable as a result of any use of any of the Facilities shall, if imposed upon the Company (either directly or indirectly), be debited to the Account.

  • The Customer also authorizes the Company to deduct from the Account, any expenses the Company may incur in collecting money the Customer owes to the Company in connection with any Facilities (including, without limitation, legal expenses and fees). The charges/fees may be revised by the Company, at the Company’s absolute discretion from time to time without giving any prior notice to the Customer. The Company may debit the Account with the full amount of costs, charges, fees and penalties payable for services rendered by the Company whether in respect of the Account or otherwise.

  • The Company enables its customers to register complaints through multiple channels. The various channels available to customers are as follows:

    • Customer Care: Customers can contact our Company on Call over the phone for redressal of issues. Customer Service Number are published on our Website.

    • Branch: Customer can speak to the branch officials for resolution of their issues or register their grievances at the branch.

    • Company’s Website: Customers to whom Internet Banking facility has been extended can log in to online account and register a complaint via a complaints form. A duly registered service request number would be shared with the Customer via email and SMS to acknowledge the receipt of complaint.

  • Escalation of complaints: The Company believes in providing transparent and efficient services to our Customers at all times. However, if a Customer is not satisfied with the timelines of response or the resolution provided through the channels listed above, the Customer can escalate the grievance to the registered office.

  • he Customer shall not hold the Company liable on account of the Company acting in good faith on any instructions given by the Customer or on account of delay or inability on the part of the Company to act immediately or at all on any of the Customer’s instructions.

  • In following any instructions with regard to any of the Facilities, the Company will be doing so on a best-effort basis.

  • The Company may in its discretion and, from time to time, charge for any or all of the Facilities, wholly or in part.

  • In case the Account has joint signatories, each authorised to operate the Account individually, the Company may act on instructions from either/any one of the signatories, subject to there not being any conflict between the signatories concerning such instructions prior to the Company acting on the same.

  • The Company may rely on the authority of each Authorised Signatory designated (in a form acceptable to the Company) by the Customer or on a Customer’s mandate to send communications (as hereinafter defined) until the Company has received written notice or other notice acceptable to it of any change from a duly authorized person and the Company has had a reasonable time to act (after which time it may rely on the change).

  • An Account may be opened on behalf of a Minor by his natural guardian or by a guardian appointed by a court of Competent Jurisdiction. The guardian shall represent the Minor in all transactions of any description in the above Account until the said Minor attains majority. Upon the Minor attaining majority, the right of the guardian to operate the account shall cease. The guardian agrees to indemnify the Company against the claim of above Minor for any withdrawal/transactions made by him in the Minor's Account.

  • An Account in the name of a minor shall be converted into a normal individual Account upon the minor attaining the age of majority and the right of the guardian, if any, to operate the Account shall cease forthwith. Minors above the age of 10 years with self-operated account are not covered under this.

  • The Customer shall provide to the Company such documentation for this purpose, as may be required by the Company. At least fifteen (15) days prior to the minor becoming a major (as per the records of the Company), the Company shall send a communication seeking documentation to effect conversion of the Account from a minor Account to a normal individual Account. Failure to provide such documentation in a timely manner may result in operations on the Account being blocked until such time that the required documentation is provided to the satisfaction of the Company.

  • Accounts on which an attachment order or other legal notice from any authority or individual prohibiting operation of the Account is received by the Company will be blocked and no further operation will be allowed until the prohibition order is removed. The Company shall endeavor to inform the Customer about any such order or notice, however the Company shall not be bound to do so.

  • The Company may, at its sole discretion, decide not to carry out any instructions where the Company has reason to believe (the decision of the Company shall not be questioned or disputed by the Customer) that the instructions are not genuine or are otherwise improper or unclear or raise a doubt. If the Company receives any process, summons, order, injunction, execution, distraint, levy, lien, information or notice, which the Company, in good faith, believes calls into question the Customer’s ability, or the ability of someone purporting to be authorized by the Customer, to transact any business, the Company may, at the Company’s option and without liability to the Customer and/or such other person, decline to allow transactions or may take any other steps required by applicable law.

  • Transactions initiated will be completed only if the amount of funds available in the Account is sufficient to meet the transaction amount in full, including any applicable charges/fees, etc. The amount of each completed transaction will be immediately deducted from the Account. The Customer will not hold the Company liable in case of improper/fraudulent/unauthorized/ duplicate/erroneous use of the confidential codes and/ or the materials supplied by the Company to the Customer.

  • Nothing contained herein shall require the Company to violate any Law or Regulation related to transfer of funds or other transactions.

  • GENERAL CONDITIONS APPLICABLE FOR ACCOUNTS (i.e. OTHER THAN TERM/FIXED DEPOSIT AND RECURRING DEPOSITS ACCOUNTS) ONLY

  • Unless specifically agreed with the Company, the Account at any point in time shall not be temporarily overdrawn. The Company may, at its discretion, allow the Account to be overdrawn to the extent agreed and advised by the Company in writing, if the Customer has previously made arrangements with the Company for such overdraft facility. Interest will be charged on any overdrawn Account in accordance with the Company’s prevailing rate and practice.

  • Interest: The Company shall pay interest on Savings Accounts at rates as per agreed interest rate offered by the board. The Company may inform the Customer of the said rates of interest and the methods of calculation of the same on a periodic basis as may be determined by the Company.

  • If the customer has applied for the issue of an ATM/Debit Card(s) linked to the Account, and the terms and conditions appearing in this section apply to all transactions involving the use of the ATM/Debit Card. Terms and Conditions with regard to the Account, not repugnant to these terms and conditions, shall continue to apply and shall not be, in any way, over-ridden, annulled, amended, modified or substituted by the terms and conditions. The Customer understands and agrees that the availment and use of the ATM/Debit Card Facility will be deemed acceptance of relevant and applicable terms and conditions and the Customer agrees to be unconditionally bound by the same.

  • Definitions:

  • Capitalised terms used in this Section but not defined hereunder shall have the same meanings as assigned to them under the Terms and Conditions generally applicable to the Account. In this Section, unless the context otherwise requires:

  • “ Account Transactions” shall mean any or all of the following transactions on the Account performed by using the ATM/Debit Card:

  • withdrawal of cash from an ATM/micro ATM;

  • obtaining Account information from an ATM/ micro ATM;

  • changing of the ATM PIN using an ATM/ micro ATM;

  • “ PIN” means the confidential personal identification number, allocated to each Holder of an ATM/Debit Card by the Company or, as subsequently chosen by the Holder of the ATM/Debit Card from time to time, in relation to each ATM/Debit Card.

  • Issue of ATM/Debit Card to Holder(s):

    • On the request of the Customer and subject to these terms and conditions and all of the Terms and Conditions applicable to the Account, the Company shall, at its sole discretion, issue to each Holder, an ATM/Debit Card. The ATM/Debit Card is not transferable. The Holder may use the ATM/Debit Card to carry out Account Transactions at any Device.

    • To enable such use, a Personal Identification Number (PIN) will be issued to each Holder. The Holder may choose to generate his/her own PIN. This PIN shall be pre-encoded on the ATM/Debit Card prior to its delivery to the Customer. The PIN may subsequently be changed by the Holder,

    • Customers who do want ATM/Debit Card will not have access to the channels for which ATM/Debit Card details (including PIN) are required.

    • Customers who wish to activate their ATM/Debit Cards for international use accept that the Company has enabled their cards upon their specific request. International usage of ATM/Debit Card may lead to levy of charges by the Company and/or the service providers, the Company shall not be held responsible for any international usage and charges linked to the same.

  • Securing the PIN:

    • The security of the PIN is paramount and the Holder needs to keep it confidential and not reveal it to any third party. It is recommended that the Holder memorizes the PIN and then destroys all record of it. The Holder also needs to ensure that the Device is covered to prevent anyone from seeing the PIN that is being entered. Further, the Holder will ensure that he/she:

      • does not disclose the PIN to any person, under any circumstances whatsoever and shall prevent anyone from seeing the PIN being entered into any device and shall take all possible care to prevent its discovery by any person;

      • shall not write or indicate the PIN on the ATM/Debit Card or keep a record of the PIN in any manner;

      • shall not retain any physical noting of the PIN in any manner such that any person is able to access the same;

      • shall observe all precautions as indicated on the cover/letter/ envelope within which the PIN is delivered.

    • Neither the Customer nor the Holder shall hold the Company liable in case of fraudulent/unauthorized use of the PIN through the ATM/Debit Card being misused and/or fall in the hands of any third-party or through the PIN being misused and/ or coming to the knowledge of any third-party. The Customer shall be solely liable for any losses, damages, costs, charges or expenses including those that may be incurred/suffered by the Company as a result of such misuse and/or fraudulent/unauthorized use of the ATM/Debit Card and/or the PIN. If Holder fails to observe these security requirements and allows compromise of the PIN, he/she shall be responsible and liable for any consequences arising there from.

  • Cancellation of ATM/Debit Card: The use of the ATM/Debit Card shall automatically stand terminated in case the Account is closed permanently or is temporarily non-operational or services in the Account are withdrawn permanently or temporarily for any reason whatsoever. Without prejudice to the Company’s right to cancel, suspend or terminate the use of ATM/Debit Card at its own discretion, the Customer may voluntarily request the Company to cancel the ATM/Debit Card by blocking the ATM/Debit Card, cutting the ATM/Debit Card in half and returning the same to the Company for cancellation. Upon receipt of advice/instructions from the Holder, the Company shall cancel the ATM/Debit Card and PIN. After cancellation, the ATM/Debit Card and PIN should not be used again even if subsequently found.

  • Lost or Stolen ATM/Debit Card or Disclosed PIN: The Holder shall inform the Company as soon as the Holder has reason to apprehend that the ATM/Debit Card has been or may be misused, lost or stolen or that the PIN has become known to anyone. The Company will not be liable for any loss by the misuse of the Card prior to the Card being reported as lost/stolen by the Holder unless the Holder is deemed eligible by the Company for the “Lost Card liability” cover based on the terms and conditions published on the Company’s website from time to time.
    Upon receipt of advice/instructions from the Holder or the Customer, the Company shall cancel the ATM/Debit Card and PIN. After cancellation, the ATM/Debit Card and PIN should not be used again even if subsequently found. Provided that, in case of misuse, loss or theft of the ATM/Debit Card or disclosure of the PIN to / access to the ATM/Debit Card and/or PIN by any person, the Customer / Holder must immediately inform the Company and also file an FIR and send a copy thereafter to the Company. The Customer shall be liable for all charges incurred on the said ATM/Debit Card / PIN, till the ATM/Debit Card / PIN is reported lost to the Company by the Customer and usage on the same is suspended as a result of such reporting. The Company may, without referring or issuing a notice to the Customer/Holder, give the police or other relevant authorities any information about the loss or theft of the ATM/Debit Card / PIN. Further, a copy of the written confirmation of the misuse, loss or theft of the ATM/Debit Card or disclosure of the PIN to / access to the PIN by any third-party along with a copy of the police report shall be submitted to the Company.
    The Company shall not be liable for any misuse of the ATM/Debit Card and/or PIN under any circumstances and/or at any time, whatsoever. Any replacement ATM/Debit Card and PIN subsequently issued by the Company, at application therefore by the Customer, shall be governed by these terms and conditions.

  • Use of ATM/Debit Card and Liability for Misuse:

    • All Holder(s) and the Customer, jointly and severally, accept and agree that, at the request and risk of the Customer, the Company has agreed to provide the Holder(s) the facility of executing Account Transactions by using the ATM/Debit Card. However, the use of ATM/Debit Card is subject to the holding of the appropriate credit balance in the Account.

    • The facility of cash withdrawal through the ATM/Debit Card is made available by the Company on the best effort basis and the Customer agrees that he will not hold the Company responsible or liable in any manner for any consequences whatsoever in case of inability of the Customer to withdraw cash at an ATM on account of malfunction of the ATM or inadequate cash balance at the ATM or closure of an ATM site or otherwise howsoever.

    • The Customer hereby irrevocably authorizes the Company to process any and all Account Transactions whether the same have been performed bonafide or otherwise and by the Holder or by any joint Holder of the Account or any other party whosoever. The Customer undertakes to comply with all applicable laws/ procedures while availing of / utilizing the ATM/Debit Card.

    • The Customer accepts full responsibility and liability in all circumstances for Account Transactions performed on any Device through the ATM/Debit Card whether or not such an Account Transaction is processed with the knowledge of the Customer. Any instruction given through utilization / in respect of the ATM/Debit Card shall be irrevocable. The Customer hereby authorizes the Company to debit the Account with the amount of any withdrawal or transfer or carry out any such instructions that may be received by the use of any ATM/Debit Card in accordance with the Company’s record of transactions, which the Customer agrees to accept as final and conclusive.

    • The Customer understands, agrees and undertake that:

      • The Customer shall not hold the Company liable for acting on and pursuant to Account Transactions with the ATM/Debit Card.

      • The Company shall, in its sole discretion, without assigning any reason whatsoever, be entitled to withdraw, discontinue, cancel, suspend or terminate the facility to use the ATM/Debit Card and/or services related to it and shall not be liable for any loss or damage suffered or claimed by the Customer resulting in any way from such action. Such action may be immediate and without prior notice should the circumstances, in the view of the Company, warrant the same.

      • Without prejudice to the Company’s inability to monitor the use of, or the nature of Account Transactions performed on the ATM/Debit Card, the Company may, at its sole discretion but without any obligation, liability or responsibility in this regard, decide not to carry out any such instructions where the Company has reason to believe that the instructions are not genuine or are such as to raise a doubt or are otherwise improper and cannot be put into effect for any reasons whatsoever.

      • The Company may, at its sole discretion, videotape or record on camera the Customer’s access/presence/ use of the Company’s facilities at premises/machines/ equipment of the Company and/or any shared network and the Customer understands and accepts that the Company may rely on footage of such clipping as evidence in any proceedings.

      • Account Transactions initiated by the Customer will be completed only if the funds are clear and sufficient to meet the transaction amount in full including any applicable charges/fees, etc. The amount of each completed transaction will be immediately debited from the Account.

      • If any instruction given by the Customer is capable of being executed by the Company in more ways than one, the Company may execute such instruction in any one of such ways, at its sole discretion.

      • The Company shall not be liable for any failure to provide the facility of ATM/Debit Card for any reason whatsoever including, but not limited to, on account of any electronic or other systems or systems related failure, disruption, force majeure or other circumstance outside the control of the Company.

      • The Holder shall ensure that all Account Transactions initiated by the ATM/Debit Card are properly terminated so as not to allow any other person to transact on the Account;

      • The Holder(s) and the Customer shall be, jointly and severally, responsible to intimate the Company, in the manner prescribed in the terms and conditions, if the ATM/Debit Card and/or the PIN has/have been or is/are likely to be fraudulently used, or misused.

      • The Customer specifically agrees, acknowledges and understands that any offers (schemes, gifts, discounts, etc.) of any nature whatsoever are subject to the terms and conditions of that specific offer.

      • The Customer further agrees and acknowledges that the Company shall not, in any manner, be held liable or responsible for any loss, damage or injury whatsoever suffered by the Customer/ Holder, directly or indirectly, by use or non-use of products/ services under the offer. Without prejudice to the foregoing, an offer may be terminated/withdrawn/amended by the Company without any prior notice. The Company shall not be under any obligation to continue the offer after the offer termination date as notified by the Merchant Establishment or as subsequently changed by the Company, as the case may be. Further, the Company reserves the right, at any time during an offer, with prior notice, to add/alter/change/modify the terms and conditions of an offer or to replace, wholly or in part, an offer with another offer, similar or otherwise.

      • The Company shall send alerts for all successful ATM / Debit Card transactions, irrespective of the amount, on the mobile number of the Customer /Holder registered with the Company. The alerts will not be sent for any unsuccessful / declined transaction.

  • Limitation on Use
    The Company reserves the right to limit the minimum and/or maximum aggregate amount of the Account Transactions per day and such limits being further subject to availability of clear funds in the Account. The Customer acknowledges and understands that daily minimum and/or maximum transaction limits apply to all Devices (within India only) and may vary between different Devices belonging to different shared networks. The Holder will also be allowed to set his/her own limits to the overall maximum limits set by the Company. The Company shall not be liable or responsible for any loss or inconvenience the Customer may suffer due to lack of uniformity in these limits for transactions through different ATMs/micro ATMs/networks.

  • Internet Banking facility will be available to the Customers upon opening of Account with the Company without requiring completion of any formalities for activation of such service. However, the Company in its sole discretion reserves a right to not make available the Internet Banking facility in relation to some of the Accounts. The Customer further understands and accepts that these Terms and Conditions are in addition to any and all such specific terms and conditions as may be applicable to the Internet Banking facility (including applicable payment methods/charges). Further, the Customer also authorize the Company to recover all charges related to Internet Banking as determined by the Company from time to time by debiting his Account and confirm that the Schedule of Charges would be applicable as mentioned on the website.

  • User ID and IPIN:

    • The Customer is aware of the confidential nature of the IPIN and confirms that neither the Customer nor any Authorized Signatory/Account Representative of the Customer shall disclose the IPIN to any person.

    • The Customer shall select a User ID and IPIN which are at least 6 characters long and shall commit them to memory and not write / reveal the same in any form or manner.

    • The Company shall not be required to verify or judge the correctness of any instructions received by it, so long as it satisfies itself of the correctness of the I-PIN used to transact on the Internet Banking service. The Customer acknowledges that any instruction received by the Company shall be irrevocable. Should any instruction issued by the Customer, be capable of being executed by the Company in more ways than one, the Company may execute the said instruction in any one of the said ways at the Company’s sole discretion.

Terms And Condition(Desktop Only): Text
bottom of page