DD – Daily Deposit Rules

1. The customer shall deposit the prescribed daily instalment as per the selected scheme.
2. Deposits must be made only through authorised channels of the Society.
3. Any amount paid to an unauthorised person, or to an agent but not deposited or credited in the Society’s records, shall be subject to the Society’s applicable collection policy.
4. Delay or default in daily instalments may affect the maturity date and/or benefits of the scheme.
5. The customer shall retain the receipt or transaction confirmation for every payment.
6. Premature closure or partial withdrawal shall be governed by the specific scheme rules.
7. Maturity benefits shall be payable only after verification of the Society’s records and fulfilment of all applicable scheme conditions.

RD – Recurring Deposit Rules

1. The customer shall pay the fixed instalment on the agreed due date every month.
2. The customer must maintain regular instalments throughout the RD tenure.
3. Delayed or missed instalments may attract applicable charges and/or affect the maturity benefits.
4. Overdue instalments may be accepted subject to the rules of the particular RD scheme.
5. The maturity amount shall be calculated according to the applicable rate and scheme terms.
6. Premature closure shall be subject to the applicable premature-closure rules.
7. No additional benefit or bonus shall be payable unless specifically mentioned in the product terms.

FD – Fixed Deposit Rules

1. The FD shall be opened for the selected amount and tenure as agreed at the time of booking.
2. Interest shall be payable and/or calculated according to the applicable FD scheme and rate.
3. The FD shall mature on the maturity date mentioned in the deposit certificate or receipt.
4. Premature withdrawal shall be permitted only according to the applicable scheme rules and may result in reduction of interest and/or applicable charges.
5. Where permitted, a loan or advance against FD shall be subject to the Society’s applicable rules.
6. Any interest or bonus benefit specifically linked to the FD may be withdrawn or recalculated upon premature closure or partial withdrawal.
7. Maturity proceeds shall be paid or settled only after verification of the depositor’s identity and account details.

Common Rules for DD, RD & FD

1. The customer must provide correct and complete KYC and account information.
2. The customer should not make payments into the personal bank account of any employee or agent.
3. Payments should be made only through authorised Society channels.
4. The Society’s official books and transaction records shall be treated as the basis for determining the amount deposited and the applicable maturity benefits.
5. The customer must immediately report any discrepancy in receipts, statements or transactions.
6. Applicable taxes, statutory deductions and charges, wherever required by law, shall apply.
7. The Society may amend product rules in accordance with applicable law and regulatory requirements.
8. Any dispute shall be handled according to the applicable law, registered bye-laws and jurisdiction applicable to the Society.

Important Note

If these schemes are being offered by a Co-operative Credit Society in Maharashtra, the final wording should be aligned with:

• The Society’s registered bye-laws;
• The approved scheme terms and applicable Board Resolution(s); and
• Applicable co-operative laws, rules and regulatory requirements.

DD, RD and FD schemes should be described as deposit schemes of the Society and should not be presented or represented as banking products unless legally permitted.