Minimum Deposite
The minimum amount accepted for Saving Account / Recurring Deposit Scheme is Rupees 1000/- (Rupees One Thousand Only)
The Minimum amount accepted for Fixed Deposit Bond is Rs. 5,000/- (Rupees Five Thousand Only).
The Minimum amount for daily Deposit is Rs. 100/- (Rupees Hundred Only)
Deposits may be made in the joint names of two or more persons, former or survivor or either-or survivor basis.
The deposits made in the name of a minor may be operated upon or withdrawn by the person making the deposit and representing the minor as his or her guardian. In case of demise of such guardian any other person claiming as guardian shall not be entitled to operate upon or withdraw the deposit unless permitted by the
Board of Directors which shall be at its discretion. Amounts of Money so paid to such guardians shall afford a
complete discharge to the Fund for payment of the deposit and shall not be questioned by minor or by anyone on his or her behalf.
Period and Maturity Value
The rate of interest payable will be decided by the Board of Directors from time to time and will apply to all deposits
accepted on or after that date, subject to RBI Regulations.
TDS in terms of the provisions of the Income Tax Act 1962 in force will be deducted at source from the interest payable.
Non assesses are requested, if necessary, to furnish a statement in the prescribed Form 15 G/15H or Form 60 161 so that
tax may at source not be deducted. This will be according to the Income Tax Act at the force on a date. The fund does not
take any liability after submission of Form 15G/15H/60/61 by depositors.
At the time of maturity, the specimen signature of the member shall be tallied.
Repayment Of Deposite
For repayment of deposit, the deposit receipt has to be surrendered duly discharged on one rupee revenue
stamp. In the case of Former or Survivor (For S) deposit, the discharge has to be made by the first named
depositor during his/her lifetime. However, in the case of Either or Survivor (E or S) deposit, either depositor
can give the discharge. In the case of joint accounts, the deposit receipt should be discharged by both the
depositors.
Withdrawal before Maturity
A fixed deposit account or a recurring deposit account or a similar nature of deposit shall be foreclosed by the
depositor subject to the following conditions, namely:-
The Company shall not pay any deposit within a period of three months from the date of its acceptance;
On prematurity request by the depositor after three months of the deposit, the depositor shall not be entitled to
any interest up to the period of six months from the date of deposit. The interest payable for the remaining
period after six months shall be payable by the ordinarily agreed/applicable rate of interest (i.e. the rate of
interest payable which the Company would have ordinarily paid, had the deposit been accepted for the period
from which such deposit had run) reduced by two percent.
In case of Pre Mature Payment of deposit, rupee value of the Gift, if any given to the depositor, shall be
recovered along with interest@ 18 % Per annum (Monthly Compounded).
All the payments of the deposits shall be made by crossed cheque/demand draft on a Bank in favor of
depositor marked account payee where applicable.
The deposit will be paid on the date shown on the passbook of the withdrawal request, provided other
conditions are met.
No interest or any other benefit will be payable, after the date of maturity.
The deposit can be renewed by signing the deposit receipt on the reverse (without revenue stamp) and
accompanied by Renewal application form duly filled in and signed. In the case of Former or Survivor (F or
S) deposit, only the first named depositor can sign the deposit receipt for renewal.
Deposit receipt is not transferable. Hence no addition, deletion or change of names is permissible during the
tenure of the deposit receipt.
The interest shall be calculated, compounded and accumulated as per the specifications of the particular
scheme approved by the Board of Directors and as amended time to time.
The fund will not recognize any lien, charge or other encumbrance on deposit. Depositors are requested to
intimate any change in address
Cheques/Drafts should be drawn in favor of” VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI
LIMITED” crossed “Account Payee”. Drafts should be made payable at Darbhanga only.
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED reserves the right to Change the
Rate of Interest and Amend, the Terms and Conditions of the Scheme.
In case of any issue regarding repayment of deposit, the depositor may approach to Registrar of Companies.
In case of any deficiency in serving to the depositor, the depositor may approach the concerned Consumer
Dispute Redressal Forum for redressal of his/her/their relief.
The deposits accepted by the Company are not insured and the repayment of the deposit is not guaranteed by
either the Central Government or the Reserve Bank of India.
All kind of deposits is always subject to the provisions of the Companies Act 2013, Nidhi Company Rules &
Regulations and all other applicable rules and regulations in India.
All the disputes are subject to Bihar jurisdiction only.
I/We agree for all the above conditions for governing the deposits and such other regulations that may be
issued by the Reserve Bank of India. I have also been supplied with a Handbook containing the details of
Branches, Board of Directors, Net Owned Funds, Dividend declared and the financial position of the Nidhi
Company for the preceding 9 years, with full knowledge, I/We accept to Deposit
Preliminary Terms & Conditions subject to change
Terms for Membership
A person is to be a member once in the company during his/her lifetime.
A person has to affix his passport size photograph along with a self-attested copy of Aadhaar Card ,PAN Card and Identity Proof in the Application Form which is mandatory.
A member can open Saving/Recurring/Fixed Deposit and any other specific deposit account as decided by the company.
The loan can be granted to the members only.
Loan to members can be granted against their deposits/gold/properties and other specified securities etc. on
the sole discretion of the company only
At the time of maturity, the specimen signature of the member shall be tallied.
The applicant shall not be a member of another Nidhi / Mutual Benefit Company.
The applicant shall be of major, sound mind and eligible to enter into a contract or agreement.
The member shall not have been punished for any criminal offense by any court of law.
The member shall not be engaged with any other competitor of the company in any manner.
The member can transfer shares only after he/she/they have completed one year of the membership in the
company.
In case of loss/transfer of Share Certificate the member have to pay Rs. 200/- for reissue of the Share
Certificate.
All the Cheques/DD shall be drawn in favor of “Vyavsayi Bachat Evam Sakh Swamlambi Nidi Limited”
The company reserves all the rights related to the refund/buyback of shares
The membership of the applicant can be terminated by the company if any of the information provided by the
applicant is found false/wrong and/or if the member does not comply with the terms and conditions of the
company.
The Membership and Shareholding are also subject to the provisions of the Companies Act 2013, Nidhi
Company Rules & Regulations and all other applicable rules and regulations in India.
All the disputes are subject to Bihar jurisdiction only.
I/We acknowledge I/We have read and understood the contents of this form, and have been given full
opportunity to discuss the implications of this consent of my/our own free will and my/our decision is not
based upon representations or advice by representatives of the Company.
Preliminary Terms & Conditions subject to change.
Terms for Loan Against Deposits
Loan amount (outstanding) will not exceed 90% of the deposit amount at any point of time. In case of
cumulative interest option, the deposit amount will comprise of the original deposit amount and interest
credited. However, the loan amount will be restricted to a net present value of the deposit amount discounted
at a loan interest rate from the maturity date of the deposit in the event of deposit interest is not
recovered/repaid against loan interest.
The rate of interest on the loan will be1.5% above the deposit interest rate. In addition, any other charges by
way of tax/levy, applicable on interest on the loan, shall be payable by the depositor, as applicable from time
to time.
The period of loan will be up to the date of maturity of the deposit. Loan against deposit can be considered
only after completion of three months from the date of considered.
All depositors shall apply jointly for the loan and their liability thereto will be joint and several. In case any of
the depositors is a minor, loan against deposit shall not be considered.
The loan will be secured by the pledge of deposit by way of delivering to Vyavsayi Bachat Evam Sakh
Swamlambi NIDHI LIMITED the original deposit receipt duly discharged by of all the depositors as well as
the Promissory Note
Interest on the loan will be compounded monthly/quarterly/half yearly/yearly as per the sole discretion of
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED.
The interest on the loan will be recovered/paid from the interest on deposit (subject to TDS, if any) and/or
maturity value of the deposit. However, interest on loan amount can be paid in part or in full at any time.
The loan amount can be repaid either in part or in full at any time. The outstanding loan amount will be
recovered from the deposit amount on the date of maturity or premature withdrawal.
All amounts due either by the way of interest or principal and any other charges (including interest tax) will be
recovered from the amount payable on maturity or premature withdrawal.
The above terms and conditions pertaining to loan against deposit are subject to change without prior notice at
the sole discretion of VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED.
Preliminary Terms & Conditions subject to change.
INTEREST/PENAL CHARGES
The interest payable on the Loan shall be as mentioned in the Sanction Letter and/or Gold Deposit Receipt
and will be charged on an actual/reducing basis and shall be computed on the basis of a year of three hundred
and sixty- five days. Subject to prevailing policies of THE NIDHI COMPANY with regard to (a) the Loan
amount applied by the Borrower(s) and sanctioned to the Borrower(s); and/or (b) loan-to-value, the
Borrower(s) may be required by THE NIDHI COMPANY to pay the interest amount either on monthly,
quarterly, half yearly, yearly basis. THE NIDHI COMPANY, without furnishing any notice, shall be entitled
to deduct, prior to the disbursement of any funds under the Loan, from the total amount of funds made
available to the Borrower(s) under the Loan, the total amount of interest payable with respect to the Loan,
including interest tax (if any).
The Borrower(s) understand/s and agree/s to pay the interest at monthly/quarterly/ Half yearly, yearly or such
intervals as decided and agreed by THE NIDHI COMPANY. The interest amount to be paid in cash. The
Borrower(s) is/are required to produce all the receipts of the interest paid at the time of expiry of the loan. The
Borrower(s) shall be liable to pay a minimum applicable rate of interest.
It is understood, by the Borrower that for default in repayment of interest/principal as it may fall due as per
loan terms, additional penal charges at the @ 2% a. are applicable on the principal amount from the day of
default for the period the amount is in default.
THE NIDHI COMPANY shall give notice of change in the interest rate and terms and conditions either by
email, SMS, correspondence, display the same on its website/ branch offices or any other manner as THE
NIDHI COMPANY may deem fit and such change(s) will thereupon apply to and be binding on the
Borrower(s). The Borrower(s) agrees and accepts that it is his/ their prime responsibility to keep himself/
themselves update regarding any such change in the interest rate and additional/penal interest rate or any other
benchmark rate regardless of receipt of such notice or communication or otherwise.
Prepayment/Part Payment of Loan
The Borrower(s) agrees that the Loan may be prepaid, in whole or in part, by the Borrower(s) with the prior
written consent of THE NIDHI COMPANY.
After consideration, THE NIDHI COMPANY may grant on such conditions as it may deem fit, including
without limitation the payment of prepayment or part payment charges as the case may be, as stipulated by
THE NIDHI COMPANY, which prepayment and/or part payment charges may be applied and collected by
THE NIDHI COMPANY either at the time of maturity or closure or renewal, whichever is earlier. Without
prejudice to any other rights that THE NIDHI COMPANY may have under law, in case of non-payment of
any dues, the Borrower(s) shall be liable to pay additional interest/default interest at such rate as may be
prescribed by THE NIDHI COMPANY on the entire Loan plus the interest due on that date
Costs
The Borrower(s) shall pay all costs, charges and expenses, including stamp duty, VAT and legal costs,
proportionate insurance cost on an actual basis and other charges and expenses which may be incurred in
preparation of any documents related and/or incidental to the Loan, as also for the enforcement or attempted
enforcement of the security created
The Borrower(s) authorizes THE NIDHI COMPANY to debit /credit the Borrower(s)’s account(s) kept with
THE NIDHI COMPANY towards any charges/servicing the Loan.
RTGS/NEFT Transection
The Borrower(s) authorizes THE NIDHI COMPANY to carry out the RTGS/NEFT transaction as per detail
mentioned in the application. The Borrower(s) understands that the RTGS/NEFT request is subject to the
Reserve Bank of India (“RBI”) regulations and guidelines governing the same. The Borrower(s) further
acknowledges that THE NIDHI COMPANY accepts no liability for any consequences arising out of
erroneous details provided by the Borrower(s).
Representations and Warranties by the Borrower(S)
The Borrower(s)(s) represent(s) and warrant(s) that:
The Borrower shall observe and perform all its obligations under these Terms and Conditions.
The Borrower(s) are/is citizen(s) of India
The Borrower shall not leave India for employment or business or a long stay or permanently (without first
repaying the Loan) or without the prior permission of THE NIDHI COMPANY.
The Borrower(s) shall utilize the Loan solely for the purpose stated in the Application Form and will not be
used for any speculative, unlawful, illegal or anti-social purpose.
The Borrower(s) shall perform and be bound by all the covenants/conditions set out herein, in the agreement
governing terms & conditions of Gold Loan and any further conditions as may be prescribed by THE NIDHI
COMPANY
The Borrower also represents that the Borrower does not appear on the Reserve Bank of India’s (“RBI”) list
of defaulters and Export & Credit Guarantee Corporation’s (“ECGC”) caution is Further, if any such
proceeding is initiated by any of such departments, THE NIDHI COMPANY shall be promptly informed of
the same. In the event, THE NIDHI COMPANY discovers that the said representation was incorrect at a later
stage, or in case of nonreporting of any subsequent proceedings, THE NIDHI COMPANY shall be fully
empowered to take any criminal action/ other suitable proceedings against the Borrower. Further, the
Borrower’s names do not appear on any lists, notifications or directions issued by the RBI with respect to antimoney laundering or combating the financing of terrorism or any sanctions lists published by the United
Nations Security Council with respect to terrorist-related activities.
Default
THE NIDHI COMPANY may, without assigning any reason and upon written notice mailed or delivered to
the Borrower(s) cancel in full or in part the Loan and demand repayment thereof Upon such notice, any dues
shall become forthwith due and payable by the Borrower(s) to THE NIDHI COMPANY.
The following events shall constitute events of default under this Agreement (“Events of Default”), upon the
occurrence of which any dues shall become immediately due and payable by the Borrower(s) to THE NIDHI
COMPANY and further enable THE NIDHI COMPANY to enforce the Gold Security and any other security
furnished hereunder and sell the same:
One of the triggers for default would be where collateral coverage for THE NIDHI COMPANY exceeds 90%
in terms of outstanding principal and accumulated interest, in the event of the prices of gold falling sharply.
THE NIDHI COMPANY in the first instance will give notice to the Borrower to provide additional collateral
to cover up margin within 3 days from the date of such notice, failing which the same shall be construed as an
event of default permitting THE NIDHI COMPANY to go ahead with the liquidation of collateral.
If the Loan is not repaid on the date of maturity
In the event of non-servicing of interest on the due date
If any representations or statements or particulars made in the application form for the Loan (“Application
Form”) are found to be false, misleading or incorrect
Upon detection of any systemic fraud in relation to the quality of the gold pledged by the Borrower, by THE
NIDHI COMPANY
If the value of the gold security falls lower than the required margin of THE NIDHI COMPANY as applicable
from time to time, due to a change in market price or any other reason.
If it is discovered owing to reasonable suspicion on the part of THE NIDHI COMPANY that there is a
collusion between the assayer and the Borrower resulting in a fraudulent and erroneous valuation of the gold
security.
In the event of insolvency, failure in business, a commission of an act of bankruptcy by the Borrower.
There exists any circumstance which in the opinion of THE NIDHI COMPANY jeopardizes THE NIDHI
COMPANY’s interest;
The Borrower committing default under any other terms and conditions of THE NIDHI COMPANY
Terms for Term Loan Rate Of Interest
The rate of interest applicable for floating rate lending products is determined with reference to the
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITEDTerm Loan Reference Rate (i.e.
TLRR) and customer margin communicated in the sanction Letter at the time of origination and thereafter.
The TLRR may change from time to time and any revision in this rate will have an impact on the interest rate.
Any change in the rate of interest can impact Equated Installments or Tenure or both. The customer would be
required to service the loan monthly at the rate set out in the Loan agreement.
Fees And Charges
Please refer to the Schedule of charges for the latest fees. Customer can also make inquiries at any branch of
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITEDor with VYAVSAYI BACHAT
EVAM SAKH SWAMLAMBI NIDHI LIMITEDCustomer service. Any fees and charges mentioned in the
Sanction Letter are the rates applicable on the date of issue of the Sanction Letter and are subject to change
from time to time. Any Service Tax as applicable on the fees and charges shall be payable by the Borrower.
Liability Of Borrower
Where the Loan is provided to more than one Borrower, then the liability of the Borrower to repay the Loan
together with interest and all other amounts and to observe the terms and conditions of the
Agreement/ and any other agreement(s), document(s) made between the Borrower and VYAVSAYI
BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITEDin respect of the Loan will be joint and several.
Security
The loan will be secured by Equitable/Registered mortgage/extension of mortgage of land and building/flat
for which the loan is to be sanctioned.
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED shall have the right to decide, in its
sole discretion, the type, manner and the timing of the creation of mortgage or any other security; and/or any
additional security to be created by the Borrower for securing the Loan and all other amounts due to
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED. The Borrower is bound to create
such security and shall duly execute documents evidencing the same as may be required by VYAVSAYI
BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITEDLoan which is being offered is based on the
understanding, that the property is located in India and within VYAVSAYI BACHAT EVAM SAKH
SWAMLAMBI NIDHI LIMITED approved city limits. Even if the property is within the specified limits,
VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED may refuse to disburse the loan if
the property does not meet VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED credit
policies, guidelines, and criteria as deemed fit by it in its sole discretion. Borrower shall procure prior written
consent of VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITEDbefore renting out the
mortgaged properties or any part thereof or before making any structural alterations in the mortgaged
properties.
Terms For Shareholders
TERMS & CONDITIONS FOR MEMBERSHIP (SHAREHOLDER)
A resident of India (BHARAT) or persons employed in this country or professionals with their business
establishment in this country become a member of the company.
The applicant should not be a member of another loan Nidhi / mutual benefit Company.
The applicant’s age should be 18 years or above.
He /She Should not have been enter into a contract.
He / She Should not be engaged with any other competitor of VYAVSAYI BACHAT EVAM SAKH SWAMLAMBI NIDHI LIMITED.
A member can open Saving/Recurring/Fixed Deposit and any other specific deposit account as decided by the company.
The loan can be granted to the members only.
Loan to members can be granted against their deposits/gold/properties and other specified securities etc. on sole discretion of the company only.
At the time of maturity, the specimen signature of the member shall be tallied.
The company reserves all the rights related to the refund/buyback of shares.
The membership of the applicant can be terminated by the company if any of the information provided by the
applicant is found false/wrong and/or if the member does not comply with the terms and conditions of the
company.
The Membership and Shareholding are also subject to the provisions of the Companies Act 2013, Nidhi
Company Rules & Regulations and all other applicable rules and regulations in India.
All the disputes are subject to Gurgaon, Haryana jurisdiction only.Note: As per the company rules/sub-rules your share/shares are transferable after one year.