Terms & Conditions

Welcome to Sitapur Basic Shikshak Vetan Bhogi Sahkari Rin Samiti Ltd.. By accessing or using our platform (the "Service") and becoming a member, you ("Member", "You", "Your") agree to be bound by these Terms & Conditions. Please read them carefully.

1. Definitions

• Society means Sitapur Basic Shikshak Vetan Bhogi Sahkari Rin Samiti Ltd., registration number UPCR0000334/2024.
• Member means an individual whose membership application has been approved by the Secretary and Managing Director.
• Platform means our website, mobile app, and physical office, collectively.
• Services include savings accounts, fixed deposits, recurring deposits, personal loans, share capital, and overdraft facilities.

2. Eligibility for Membership

To become a Member:

• You must be a current or retired salary-drawing employee of the Basic Education Department within our jurisdiction.
• You must be at least 18 years of age.
• You must possess a valid EHRMS code, Aadhar, and PAN.
• You must not have any record of default with any cooperative society or financial institution.
• You must pay the one-time share capital (₹ 1,000) and annual membership fee (₹ 100).

3. Application & Approval

• All membership applications are subject to verification and approval by the Secretary and Managing Director.
• The Society reserves the right to reject any application without assigning reasons.
• You confirm that all information provided is true, accurate, and complete. False information may result in immediate termination of membership and legal action.

4. Member Obligations

As a Member, you agree to:

• Keep your contact information (mobile, email, address) up to date.
• Maintain the confidentiality of your login credentials and not share them with anyone.
• Notify us immediately of any unauthorized access or suspected security breach.
• Repay all loans and EMIs on time as per the agreed schedule.
• Abide by the Society's bye-laws, resolutions passed at General Meetings, and directives of the Board.
• Attend or send proxy to Annual General Meetings.
• Not misuse the platform for fraudulent, illegal, or unauthorized purposes.

5. Deposits

5.1 Savings Account

• Interest is credited quarterly based on the prevailing rate announced by the Board.
• Withdrawals may be subject to a minimum notice period for large amounts.

5.2 Fixed Deposit (FD)

• Deposits are accepted for fixed tenures (6 months to 5 years).
• Premature withdrawal attracts a 1% penalty on the applicable interest rate.
• Interest payout options: monthly, quarterly, or at maturity.

5.3 Recurring Deposit (RD)

• Fixed monthly installments as agreed at the time of opening.
• Missed installments attract a nominal late fee as per Board resolution.
• Premature closure allowed with revised interest calculation.

6. Loans

6.1 Eligibility

• Only approved Members with at least 6 months of active membership may apply (exceptions for emergencies).
• Maximum loan amount is determined based on repayment capacity, historical record, and Board-approved limits.

6.2 Sanction & Disbursement

• All loans require approval from both Secretary and Managing Director.
• The Society may sanction an amount lower than requested based on repayment capacity.
• The Society reserves the right to reject any loan application without assigning reasons.

6.3 Repayment

• EMIs are due on the date specified in the disbursement letter. Auto-debit from salary is the default.
• Late payment after 15 days attracts a 2% penalty per month on the overdue amount.
• Continued default (60+ days) may result in recovery proceedings, including but not limited to: recovery from salary, legal action, and reporting to regulatory authorities.

6.4 Prepayment

• Partial prepayments are allowed at any time without penalty.
• Full prepayment (foreclosure) is allowed after 6 months with a nominal foreclosure fee of 1% of outstanding principal.

7. Share Capital & Dividends

• Every Member must hold at least 1 share of ₹ 1,000.
• Additional shares may be purchased voluntarily up to Board-approved limits.
• Dividends are declared annually at the AGM based on the Society's surplus and are subject to applicable tax deductions.
• Shares are not transferable except to nominees in case of death.

8. Fees & Charges

• Membership fee: ₹ 100 per annum
• Loan processing fee: 1% of sanctioned amount
• Foreclosure fee: 1% of outstanding principal (after 6 months)
• Duplicate passbook/statement: ₹ 50 per copy
• NEFT/UPI transactions: no charge

All fees are reviewed annually and may be revised with 30 days' notice.

9. Termination of Membership

• Voluntary: You may terminate membership with 3 months' written notice, subject to clearance of all dues.
• Involuntary: The Society may terminate membership for persistent default, misuse of platform, fraudulent activity, or breach of bye-laws — with a 30-day show-cause notice.
• On termination, share capital is refunded within 90 days, less any outstanding dues.

10. Platform Usage

• You agree not to attempt unauthorized access, reverse engineering, or interference with the platform.
• You agree not to post or upload content that is illegal, defamatory, obscene, or violates others' rights.
• The Society reserves the right to modify, suspend, or discontinue any feature at any time.

11. Intellectual Property

All trademarks, logos, content, and software on the platform are the exclusive property of the Society or its licensors. You may not copy, reproduce, or distribute any content without written permission.

12. Limitation of Liability

To the maximum extent permitted by law:

• The Society shall not be liable for indirect, incidental, or consequential damages arising from platform downtime, data loss, or third-party actions.
• Our total liability for any claim shall not exceed the amount of your total deposits with the Society at the time of the claim.
• The Society is not liable for losses caused by your failure to safeguard login credentials or for unauthorized transactions resulting from such failure.

13. Force Majeure

The Society shall not be liable for failure to perform obligations due to events beyond reasonable control, including natural disasters, government actions, internet outages, or cyberattacks.

14. Dispute Resolution

• All disputes shall be first attempted to be resolved through mutual discussion.
• Unresolved disputes shall be referred to the Registrar of Cooperative Societies, Uttar Pradesh, as per the UP Co-operative Societies Act, 2019.
• The courts of Sitapur, Uttar Pradesh shall have exclusive jurisdiction for any legal proceedings.

15. Amendments

These Terms may be updated from time to time. Material changes will be notified via email and prominently displayed on our website for 30 days before taking effect. Continued use of the platform after changes constitutes acceptance.

16. Governing Law

These Terms are governed by the laws of India, including:

• Uttar Pradesh Co-operative Societies Act, 2019
• Indian Contract Act, 1872
• Information Technology Act, 2000
• Digital Personal Data Protection Act, 2023

17. Contact

For any questions about these Terms, please contact us at ecsbstp@gmail.com or visit our contact page.