Savings account terms

Who may open one

• Any member of the Society, singly or jointly, and a minor through a guardian.
• A joint account is operated as chosen at opening: either or survivor, jointly, or former or survivor.

Deposits and withdrawals

• Deposits are made at the branch, through the Society's collection agents, or by cheque or bank transfer. A deposit counts once the branch has approved it; a cheque counts once it has cleared.
• Withdrawals are made at the branch by the account holder or an authorised operator, against identification.
• The Society may set a minimum balance and limits on cash withdrawals, published at the branch.

Interest

• Interest is calculated on the daily balance at the rate the Society publishes, and credited at the intervals it sets.
• The rate may change; the change applies from the date it is published.

Dormancy and closure

• An account with no customer-initiated transaction for two years may be classed dormant; it is reactivated at the branch after KYC is refreshed.
• You may close the account at any time at the branch. The Society may close an account run against these terms or the law, after notice.

The Society and these terms

Yashodhan Co-operative Credit Society Limited (the Society) is registered under the Maharashtra Co-operative Societies Act, 1960. These terms sit alongside that Act, the rules made under it and the Society's bye-laws; where they differ, the Act, the rules and the bye-laws prevail. The Society may change these terms; a change is published here as a new version and applies from the date shown, except that the interest rate agreed on a term deposit does not change for its term.

Your details

• Keep your address, mobile number, email address and nominee up to date with your branch.
• The Society relies on the KYC documents you give it, and may ask for them again as the law requires.
• The Society sends alerts, receipts and statements to the mobile number and email address it holds for you. Tell your branch within 30 days if an entry looks wrong.

Disputes

Disputes are settled as the Maharashtra Co-operative Societies Act, 1960 provides. Courts at the place of the Society's registered office have jurisdiction.