The words I/We, Me/Us, My/Our, Member refers to the person(s) who open the account(s) and shall mean and include both singular and plural.
I/We agree to become a member of Ayshwarya Syndicate Souharda Credit Co-operative Limited (“ASSCCL”) in the state of Karnataka, as applicable and consent to the purchase of 1 (one) share of ASSCCL in the state of Karnataka for a fee of INR 100/- (Rupees One Hundred only) and INR 100/- (Indian National Rupees One Hundred only) towards admission/registration fees.
I/We state that I/We have the capacity to enter into contract and satisfy all the conditions specified under Section 11 of the Indian Contracts Act, 1872.
I/We agree to abide by ASSCCL's policies and rules in force available at www.assccl.com and any changes or amendments thereof made from time to time.
I/We agree that the opening and maintenance of the account is subject to rules and regulations introduced or amended from time to time by the State of Karnataka.
I/We agree that ASSCCL will be at liberty to close my account any time without assigning any reason whatsoever.
I/We agree that ASSCCL can, at its sole discretion, withdraw any of the services/facilities given in my account either wholly or partially at any time without giving me any notice.
I/We agree that any change in my account status or change of address will be immediately informed to ASSCCL.
I/We agree that all instructions relating to my account will be issued in writing to the satisfaction of ASSCCL, in form and content.
I/We agree that I/We will maintain the minimum balance, if any, in my account as prescribed by ASSCCL, and communicated to me from time to time.
I/We agree that I/We shall be liable to pay all charges, fees, interest, costs wherever applicable, which ASSCCL in its absolute discretion may levy with respect to my account or any transaction and the same may be recovered by ASSCCL by a debit to my account.
I/We agree that I/We shall not pay any amount in cash to any sales representative of ASSCCL at the time of opening an account or carrying out any transaction in the normal course of the business except in accordance of the One Man One Branch Terms and Conditions issued by ASSCCL.
I/We agree that ASSCCL will send me communications/letters/etc. through courier/messenger/mail or through any other mode at its discretion and ASSCCL shall not be liable for any loss or delay arising therefrom.
I/We agree that the One Time Passwords (“OTP”), that may be issued to me by ASSCCL, will be sent to me on my registered email id and phone number as provided by me at the time of opening my account with ASSCCL (or any other mode at the ASSCCL's discretion) at my risk and consequence. I/We will not hold ASSCCL liable in any manner whatsoever in respect of such dispatch of these items.
I/We agree that the PIN or OTP shall be sent to me on my registered email id and phone number as provided by me at the time of opening my account with ASSCCL or by courier at my risk and consequences to the address notified by me for correspondence, and ASSCCL will be not liable or held responsible in any manner whatsoever, if the PIN or OTP falls in the hands of unauthorised person/s.
I/We agree that I/We will make deposits, withdrawals and operate my account through the Spark application available at Android and iOS platforms and/or at the nearest ASSCCL branch, and or the channel partner, as applicable.
I/We agree that my signature will be stored with ASSCCL in an encrypted format and all necessary security measures will be taken to ensure the safety of my signature. I/We agree that my signature will be affixed to electronically generated deposit and withdrawal slips, as and when I/We make deposits and withdrawals from my account through the Spark application. I/We agree that the signature submitted by me is the legal representation of my signature for all purposes when it is used, including for legally binding contracts. This signature is the same as my pen-and-paper signature.
I/We hereby agree to submit my photograph to ASSCCL. I/We hereby state that my photograph as submitted is an accurate representation of my likeness. I hereby permit ASSCCL to store and use my photograph for any and all purposes related to the verification and operation of my account.
I/We agree and undertake to ensure that there will be sufficient funds/cleared balance/pre-arranged credit facilities in my account for effecting transactions. I/We agree that ASSCCL will not be liable for any consequences arising out of non-performance by ASSCCL of my instructions due to inadequacy of funds or any other failure or non-compliance attributable to me. I/We further agree that ASSCCL may at its sole discretion decide to carry out the instructions notwithstanding the inadequacy of funds.
I/We agree that ASSCCL may disclose Member information, in strict confidence, to any of its agent/s and/or contractors with whom ASSCCL enters or has entered into any arrangement in connection with providing of services.
I/We agree that I /We will not use, or permit to be used Spark, and/or any and all of ASSCCL’s products and services, or any related service thereof for any illegal or improper purposes.
I/We agree that in case of a dispute, the matter will be settled by arbitration as per the provisions of Indian Arbitration and Conciliation Act 1996.
Further, the Management Board of ASSCCL or any other person nominated by it will be the sole arbitrator and the place of arbitration will be Pune, India.
I/We agree to at all times adhere to the Savings Account Terms & Conditions issued by ASSCCL and amended or changed from time to time available at www.assccl.com and the Spark App.
I/We hereby declare that I/We am/are not enjoying credit facilities with any of the ASSCCL’s branches or any other financial institution at the time of opening this current account. I/We undertake to inform ASSCCL in writing in case any credit facility is availed of by me. I/We agree to repay to ASSCCL on demand, unconditionally, the amounts of overdrafts that ASSCCL may grant me from time to time, together with interest accrued thereon.
I/We agree that this does not imply that ASSCCL is bound to grant me any credit facility whatsoever.
I/We agree to at all times adhere to the Business Account Terms & Conditions issued by ASSCCL and amended or changed from time to time available at www.assccl.com and the Spark business portal.
I/We agree to at all times adhere to the KYC Policy, AML and CFT Policy, Chargeback Policy, Fixed Deposit and Recurring Deposit Policy and any other policies and rules issued by ASSCCL and amended or changed from time to time available at www.assccl.com and the Spark App.
“Terms and Conditions” shall mean the terms and conditions as modified from time to time applicable to products and services offered by ASSCCL through Spark;
“Confidential Information” refers to information obtained by the Member, through ASSCCL, for the effective availing of products and services or Payment Instruction Services;
“Payment Instruction” shall mean an instruction given by a Member to ASSCCL, through the Spark application, to transfer funds from the account held by the Member to accounts held by other approved Members with ASSCCL and /or in the name of the beneficiary who may or may not have an account with ASSCCL. ASSCCL may in its sole and exclusive discretion confine this facility only to certain permitted Members or may extend it from time to time to be generally available to all Members;
“Internet” refers to the network of computers / mobile phones / other electronic devices which share and exchange information. The Internet is at once a worldwide broadcasting capability, mechanism for information dissemination, and a medium for collaboration and interaction between individuals and their computers / mobile phones / other electronic devices capable of accessing the Internet without regard for geographic location;
“Spark Services” is the service provided to a Member through the Spark application which provides to the Member access to the Member’s account information, ASSCCL’s products and other services as advised by ASSCCL from time to time, through the Internet. The terms “Spark” and “Spark Services” may be interchangeably used. ASSCCL shall endeavor to provide through its Spark application, such products and services as it may decide from time to time. ASSCCL reserves the right to decide the types of products and services which may be offered on each Account and may differ from Member to Member. These facilities may be offered in a phased manner at the discretion of ASSCCL. ASSCCL may also make additions / deletions to the services offered through Spark, at its sole discretion. The availability / non-availability of a particular product and/or service may be advised through e-mail or web page of ASSCCL or written communication. All Accounts opened with ASSCCL attached to the same Member Identification Number will be accessible through the Spark application. ASSCCL shall take reasonable care to ensure the security of and prevent unauthorized access to the Spark application, and/or services provided therein, using technology reasonably available to ASSCCL.
The Member understands and agrees that Spark Services, and/or the Terms & Conditions do not include or cover the registration for, opening of, availing of, use of, and/or closure of any and all third-party products and/or services offered to a Member through the Spark application, for which ASSCCL will not be liable and/or responsible for.
“Member” refers to any person who owns a share of ASSCCL and has an Account and has been authorised by ASSCCL to avail of the said facility.
“Account” refers to the Member's savings and/or current account and/or fixed deposit or recurring deposit account opened with ASSCCL through Spark application, to be eligible account(s) for operations through the use of Spark.
“Personal Information” refers to the information about the Member obtained in connection with Spark Services and/or in connection with the opening, availing, use and/or closure of ASSCCL’s products and services.
“Application for Spark Services” ASSCCL may offer Spark Services to selected Members at its discretion. I agree that in order to be eligible for Spark Services I would need to be a current Internet user or have access to the Internet and knowledge of how the Internet works. I accept that the application for Spark Services does not automatically imply acceptance by ASSCCL.
“Software” Spark will advise from time to time the Internet software such as browsers, hardware, etc., which are required for accessing and using Spark Services. There will be no obligation on Spark and/or ASSCCL to support all the versions of this Internet software. I agree that I will be responsible for upgrading my software, hardware and the operating system at my cost from time to time so as to be compatible with that of Spark and/or ASSCCL. Spark and/or ASSCCL will be at liberty to change, vary or upgrade its software, hardware, operating systems, etc., from time to time and shall be under no obligation to support the software, hardware, operating systems used by me and that the same will be my sole responsibility.
I/We understand that ASSCCL may allot me a Member-ID and a password in the first instance to access the Spark application. In the circumstance that ASSCCL issues a password to me as described above, I/We will be required to change such password assigned to me on accessing Spark for the first time. As a safety measure I/We will change the password as frequently thereafter as possible. ASSCCL may, at its sole discretion, offer to a Member the facility of accessing the Spark Services through an MPIN which may be created by me in accordance with the instructions available on Spark. I/We agree that I/We will be liable for any and all use or misuse of such MPIN to access the Spark Services.
In addition to Member-ID and password, ASSCCL may, at its discretion, require Me/Us to adopt such other means of authentication including but not limited to using facial recognition or biometrics such as fingerprint recognition, digital certification and / or smart cards. I/We agree that I/We will not hold ASSCCL liable in the event any third party accesses My/Our phone and gains access to Spark using my facial recognition or biometrics or other means of authentication. I/We agree that I/We will access Spark from my device at my/our risk. Further I/We will not attempt or permit others to attempt accessing the account information stored in the computers of ASSCCL through any means other than Spark.
I/We am/are aware that the transaction through Spark can be effected by use of my Member ID, password and OTP only. I/We shall not request /demand any evidence of proof for transactions undertaken through the Net and the audit trail of the log-in would be conclusive proof to establish that the transactions are bonafide.
I/We understand and agree that I/We must:
In case I/We forget My/Our Spark password, I/We may request for change of the password. I/We understand and agree that such replacement shall not be construed/deemed as the commencement of a new contract.
I/We authorize ASSCCL to recover all charges related to Spark Service and/or any and all of ASSCCL’s products and/or services availed of by me, as determined by ASSCCL from time to time by debiting my Account.
All correspondence / delivery by ASSCCL shall only be made at the address and / or e-mail address on My/Our registered email id and/ or through SMS on My/Our registered mobile number as registered with ASSCCL. I/We will immediately notify any and all change in correspondence / delivery addresses to ASSCCL. I /We understand and agree that ASSCCL will not be liable or responsible for any failure by me to notify ASSCCL of such change. ASSCCL will not be liable or responsible for the delivery of any and all such communications to any correspondence / delivery addresses provided to it.
All the requests for instantaneous transactions will be given effect to instantaneously, subject to banking hours. All the requests for non-instantaneous transactions such as fixed deposit opening etc., will be carried out at the end of the day on first in first out basis subject to availability of clear funds in the account authorised for debit. In case requests for effecting any transactions are received on weekly offs/holiday/public holidays, they shall be effected on the immediately succeeding working day on the terms and conditions prevailing on that day.
I/We will not hold ASSCCL responsible for not processing/effecting any transactions in case ASSCCL does not receive instruction to this effect even though I have forwarded the same.
In the circumstance that there is a delay or failure of more than 1 (one) working day in the transfer of any amount from a Member’s Savings Account to their registered bank account, ASSCCL will resolve the same within 7 to 15 working days from the date of transfer. Further, if ASSCCL is unable to resolve the issue within 15 (fifteen) working days, ASSCCL will pay nominal interest amount on the transferred amount to the Member, in the Member’s Savings Account.
Similarly, in the circumstance that there is a delay or failure of more than 1 (one) working day in the transfer of any amount from a Member’s registered bank account to their Savings Account, ASSCCL will resolve the same within 7 to 15 working days from the date of transfer. Further, if ASSCCL is unable to resolve the issue within 15 (fifteen) working days, ASSCCL will pay nominal interest amount on the transferred amount to the Member, in the Member’s Savings Account.
I/We hereby agree to abide by the following terms and conditions in addition to the terms and conditions as applicable to use of Spark:
I/We hereby acknowledge that I/We are availing the Payment Instruction Service at my/our own risk and ASSCCL will not be liable and/or responsible in relation to such risks. These risks would include but not be limited to the following risks:
Similarly in the case of request for third party transfers I would be required to fill in the correct details such as the name of the payee (who may or may not have an account with ASSCCL), mailing address, amount of the third party transfers and the city/state where the third party transfer is payable. In the event of any inaccuracy in this regard, the funds could be transferred to incorrect accounts or the third party transfers maybe incorrectly issued or sent to a wrong address and there is no guarantee of recovery thereafter. I/We will therefore take all care to ensure that there are no mistakes and errors and that the information given by me/us to ASSCCL and Spark in this regard is error free, accurate, proper and complete at all points of time. I agree that ASSCCL is providing the products and services at my sole risk. I agree that ASSCCL and/or Spark will not be liable for any loss, damages or consequences whatsoever arising due to any erroneous or incomplete information or any delay in executing the instructions for reasons beyond the control of ASSCCL and/or Spark. On the other hand, in the event of my Account receiving an incorrect credit by reason of a mistake committed by some other person, ASSCCL and/or will be entitled to reverse the incorrect credit at any time whatsoever without the consent of the Member. I/We will be liable and responsible to ASSCCL and/or Spark and accede to accept ASSCCL's instructions without questions for any unfair or unjust gain obtained by me as a result of the same.
Transactions in the Member's Account(s) through Spark are permitted only after authentication of the Member-ID and password, or MPIN as applicable. I/We agree that I/We grant express authority to ASSCCL for carrying out the transactions performed by me/us through Spark. ASSCCL shall have no obligation to verify the authenticity of any transaction received from me/us through Spark or purporting to have been sent by me/us via Spark other than by means of verification of my Member-ID and the password, or MPIN as applicable. The display or printed output that is produced by me at the time of operation of Spark is a record of the operation of the internet access and shall not be construed as ASSCCL's record of the relative transactions. ASSCCL's own record of transactions maintained through computer systems or otherwise will be accepted as conclusive and binding for all purposes unless any discrepancy is pointed out within one (1) week from the date of access or from the date of sending the periodical statement, whichever is earlier. All transactions arising from the use of Spark to operate a joint account, shall be binding on all the joint account holders, jointly and severally.
I/We agree that I/We am responsible for the correctness of information supplied to ASSCCL through the use of Spark or through any other means such as electronic mail, SMS or written communication. ASSCCL and Spark accept no liability for the consequences arising out of erroneous information supplied by Me/Us. I/We agree that if I/We notice any error in the account information supplied to Me/Us through Spark or by the use of any of the Spark Services, I/We shall inform ASSCCL as soon as possible. ASSCCL shall endeavour to correct the error promptly and adjust any interest or charges arising out of the error. All outputs of statements are duplicate statements of account and will be prepared by electronic means and the information contained therein will be extracted from a computerised back up system maintained by ASSCCL. While ASSCCL will take all reasonable steps to ensure the accuracy of the statement, ASSCCL is not liable for any error.
I/We will submit any and all queries through Spark on the Internet for transactions and holding information. I/We agree that the results of the query generated on the Internet shall substitute such statements. I/We acknowledge that all information provided in Spark is obtained by ASSCCL from sources believed by ASSCCL to be accurate and reliable. Because of the possibility of human and technical error as well as other factors, ASSCCL is not responsible for any errors of omissions.
I/We agree that I/We shall hold ASSCCL harmless against any loss, damages, etc. that may be incurred/ suffered by Me/Us, if the information contained in the above said outputs turns out to be inaccurate / incorrect.
The development of the products and services of ASSCCL is a continuous process and published information on the Internet may not be up to date. The formats, update frequency and retention period of the information will be decided at the sole discretion of ASSCCL. All information is provided on an 'as is' basis without warranty of the kind. ASSCCL makes no representation and disclaims all express, implied and statutory warranties of any kind to the user and/or any third party including warranties as to accuracy, timeliness, completeness, merchantability or fitness of the information for any particular purpose. All proprietary rights in the information received will remain the property of ASSCCL. Reproduction, redistribution and transmission of any information contained on the website or Spark is strictly prohibited. Access by you of the website and/or the Spark application is a confirmation by you that you have understood and accepted these terms and conditions.
I/We shall not be liable for any unauthorized transactions occurring through the use of Spark, which can be attributed to the fraudulent or negligent conduct of the employees of ASSCCL. If I/We comply with the Terms and Conditions and advise ASSCCL in writing under acknowledgment immediately after I/We suspect that My/Our Member-ID or password is known to another person and/or notice an unauthorized transaction in My/Our Account, I/We shall not be liable for losses arising out of the unauthorized transactions occurring in my Account after the receipt of such advice by ASSCCL. I/We agree that I/We will be liable for some or all loss from unauthorized transactions in my Account if I/We have breached the Terms and Conditions or contributed or caused the loss by negligent actions such as the following:
ASSCCL and/or Spark will in no circumstances be held liable to the Member if Spark access is not available in the desired manner for reasons including but not limited to natural calamity, floods, fire and other natural disasters, legal restraints, breakout of epidemics and pandemic, faults in the telecommunication network or Internet or network failure, software or hardware error or any other reason beyond the control of ASSCCL and/or Spark. ASSCCL and/or Spark will under no circumstances be liable for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by me or any other person.
I/We agree that ASSCCL and/or Spark, or its contractors may hold and process my/our Personal Information on computer, mobile devices and any other hardware or otherwise in connection with Spark Services and/or ASSCCL’s products and/or services as well as for statistical analysis and credit scoring. I/We also agree that ASSCCL and/or Spark may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of, but not limited to, the following:
I/We agree that ASSCCL will have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in My/Our accounts, to the extent of all outstanding dues, whatsoever, arising as a result of my usage of the Spark Services and/or ASSCCL’s products and/or services extended to and/or used by me.
I/We acknowledge that the software underlying the Spark Service as well as other Internet related software which are required for accessing Spark are the legal property of the respective vendors. The permission given by ASSCCL and/or Spark to access Spark will not convey any proprietary or ownership rights in the above software. I/We agree that I/We will not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying Spark application or create any derivative product based on the software. I/We agree that I/We will not attempt to copyright, trademark, patent and/or impose any other form or registration or ownership over Spark or any component thereof.
The grant of facility of Spark to Me/Us is not transferable under any circumstance and will be used only by Me/Us. I further agree that any of ASSCCL’s products and/or services availed of by Me/Us is not transferable under any circumstances.
I/We may request for termination of the facility provided to me through Spark at any time by giving a prior written notice of at least 15 (fifteen) days to ASSCCL. I/We agree that I/We will remain responsible for any transactions made on my/our Account(s) through Spark prior to the time of such cancellation of the Spark Service. The closure of all My/Our Accounts will automatically terminate the Spark Service. ASSCCL may suspend or terminate the facility provided to me through Spark without prior notice if these Terms and Conditions are breached.
I/We and ASSCCL and/or Spark may give notices under these Terms and Conditions:
ASSCCL may also give any notice by posting the notice on the website and the same will be deemed to have been received by the Member upon its publication on the website.
These Terms and Conditions and/or the operations in the Accounts of the Member maintained by ASSCCL through Spark and/or the use of the services provided through Spark shall be governed by the laws of the Republic of India. The Member and ASSCCL agree to submit to the exclusive Jurisdiction of the Courts located in Pune, India as regards any claims or matters arising under these Terms and Conditions. ASSCCL and Spark accept no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that Spark can be accessed through Internet by a Member in a country other than India shall not be interpreted to imply that the laws of the said country govern these Terms and Conditions and/or the operations in the Account of the Member and/or the use of Spark.
The clause headings in this Terms and Conditions are only for convenience and do not affect the meaning of the relative clause. I/We will not assign these Terms and Conditions to anybody else. ASSCCL may subcontract and employ agents to carry out any of its obligations under these Terms and Conditions.