1. Credit Score Seva Kendram ” under Companies Act, 2013. Micro Finance Company carries on the business of taking deposits and lending money among its members. Micro Finance Company carries no business other than defined in the Memorandum of Association of Credit Score Seva Kendram.
2. Mode of repayment of deposit shall be through cash or cheque as per the request of depositee. Any payment above Rs.20,000 shall be made through cheque only.
3. The maturity period of deposit may vary from 12 months to sixty months as per the choice of the depositor and schemes framed by Credit Score Seva Kendram from time to time: The rate of interest on the deposits shall be as follows: However, the above interest is subject to the following conditions: – No deposit shall be repaid within a period of three months from the date of acceptance. – If deposit is withdrawn at the request of the depositor after three months, the depositor shall not be entitled to any interest up to six months from the date of deposits. – Where at the request of the depositor, a Micro Finance makes repayment of a deposit before the expiry of the period for which such deposit was accepted by Micro Finance, the rate of interest payable by Micro Finance on such deposit shall be reduced by two per cent from the rate which Micro Finance would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run. – However, in the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor or depositors in the case of joint holding with survivor clause, or to the nominee or to legal heir with interest up to the date of repayment at the rate which Credit Score Seva Kendram would have ordinarily paid, had such deposit been accepted for the period for which such deposit had run.
4. The summary of financial statement of Credit Score Seva Kendram is not available and hence and the financial summary is not available.
5. The depositor may be paid either monthly, quarterly, half yearly, or yearly as agreed between the depositor and the company or as per the scheme framed by Credit Score Seva Kendram.
6. The Micro Finance Company shall also have the right to repay the deposits prematurely and can make any adhoc payment to the depositor as per the policy.
7. The Micro Finance Company carries a right to reserve; it may deny keeping the deposit or lending to any person or a group without stating any reason for it.
8. The fixed deposit may be renewed at the request of the depositor.
9. In case of nonpayment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the Registrar of companies having jurisdiction over Micro Finance.
10. In case of any deficiency of Micro Finance in servicing its depositors, the depositor may approach the National Consumers Disputes Redressal Forum, the State Consumers Disputes Redressal Forum or District Consumers Disputes Redressal Forum, as the case may be, for redressal of his relief.
11. Declaration by Board of Directors: Board of Directors of Credit Score Seva Kendram hereby declare that all the requirements of Companies Act, 2013 and the rules including the Micro Finance rules, 2014 made there under in respect of the subject matter of this form and matters incidental thereto have been complied with. We also declare that all the information given herein above is true, correct and complete including the attachments to this form and nothing material has been suppressed. We also declare that it is our first financial year so we don’t have financial summary, however, Credit Score Seva Kendram has Rs.15 lakhs as its Paid-up capital and also complying with Micro Finance rules to run a true and fair business.
12. Important Note: Neither Reserve Bank of India (RBI) nor Central Government does undertake any responsibility for the financial soundness of Micro Finance or for the correctness of any of the statement or the representations made or opinions expressed by Micro Finance and the deposits accepted by Micro Finance are not insured and the repayment of deposits is not guaranteed by either the Central Government or the Reserve Bank of India.
13. Micro Finance shall obtain documentary evidence of the depositor in the form of proof of identity and address as under:
    • A) Proof of Identity (any one of the following) – Passport – Unique Identification Number – Income tax PAN Card – Election Photo Identity card – Driving License
    • B) Proof of Address (any one of the following) – Passport – Unique Identification Number – Driving License – Telephone Bill (Should not be more than two months old) – Bank Account Statement (Should not be more than two months old) – Electricity Bill (Should not be more than two months old)

Exhibit 1: Terms and Conditions for Accepting Deposits

1. Deposit will be accepted from Members Only.
2. Deposit can be accepted in cash or through cheque subject to verification.
3. Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months.
4. In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by Micro Finance.
5. The maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time and the rate of interest shall not exceed two per cent above the rate of interest payable on savings bank account by nationalized banks.
6. The maximum rate of interest offered on saving account will be 6%.
7. The maximum rate on Fixed deposit is 12.50% subject to some conditions.
8. The maximum rate on Recurring deposit is 12.50% subject to some conditions.

Exhibit 2: Terms and Conditions for Lending

1. Any individual loan shall not exceed Rs.2 Lakh.
2. Micro Finance shall provide loan only against gold, immovable Property and FDR.
3. The value of Gold loan shall not exceed 80% of the gold secured.
4. The value of loan against immovable property shall not exceed 50% of the property secured.
5. The repayment of gold loan shall not exceed one year.
6. The repayment of loan against immovable property shall not exceed 7 years. The repayment of loan against FDR shall not exceed the maturity period of FDR.
7. The maximum interest rate charged on loan shall not exceed 20.00%.