Terms and Conditions of Use

1. Member Account Rules & Know Your Customer (KYC)

I agree to abide by BSL Nidhi Ltd.'s Terms and Conditions and rules in force and the changes thereto in Terms and Conditions from time to time relating to my account as communicated and made available on BSL Nidhi Ltd.'s website.

I agree that the opening and maintenance of the account is subject to rules and regulations introduced or amended from time to time by the Governing Authorities (e.g. RBI).

I agree that BSL Nidhi Ltd. before opening any deposit account, will carry out a due diligence as required under Know Your Customer guidelines of BSL Nidhi Ltd. I would be required to submit necessary documents or proofs, such as identity, address, photograph and any such information to meet with KYC, AML or other statutory/regulatory requirements. Further, after the account is opened, in compliance with the extant regulatory guidelines, I agree to submit the above documents again at periodic intervals, as may be required by BSL Nidhi Ltd.

I agree that BSL Nidhi Ltd. may, at its discretion, engage the services of Business Facilitators (hereinafter referred to as "BF") and Business Correspondents (hereinafter referred to as "BC") for extension of its services so as to ensure greater financial inclusion and increasing the outreach of BSL Nidhi Ltd. BSL Nidhi Ltd., however, shall be responsible for the acts and omission of such BC and BF.

2. Account Maintenance & Minimum Balance

I agree that, under normal circumstances, BSL Nidhi Ltd. has the liberty to close my account at any time by giving me at least 30 days notice. However, if the Average Monthly/Quarterly Balance is not maintained, BSL Nidhi Ltd. reserves the right to close my account without giving any prior notice.

I agree that BSL Nidhi Ltd. can at its sole discretion, amend any of the services/facilities given in my account either wholly or partially at any time by giving me at least 30 days notice and/or provide an option to me to switch to other services/facilities.

I agree that any change in my account status or change of address will be immediately informed to BSL Nidhi Ltd. failing which I shall be responsible for any non-receipt of communication/deliverables or the same being delivered at my old address.

I agree that all instructions relating to my account will be issued to BSL Nidhi Ltd. as per acceptable mode of communication to BSL Nidhi Ltd.

I agree to preserve my cheque book/ATM Card/Banking App carefully. In case of loss/theft of the same I shall immediately inform BSL Nidhi Ltd. in writing.

I agree that I will maintain the minimum balance in my account as prescribed by BSL Nidhi Ltd. from time to time.

I agree that I shall be liable to pay all charges, fees, interest, costs wherever applicable, which BSL Nidhi Ltd. may levy with respect to my account or any transaction or services rendered and the same may be recovered by BSL Nidhi Ltd. by a debit to my account. I agree and acknowledge that in case of non-availability of adequate funds the charges will be debited to the account over a period of time till the entire amount is recovered.

BSL Nidhi Ltd. reserves the right to refuse Chequebooks, Adhoc Statements, PhoneBanking TINs, NetBanking IPINs, Debit/ATM Cards & PINs to the customer, in case the Average Monthly/Quarterly Balance in the account is not maintained.

3. Communications & Deliverables

I agree that BSL Nidhi Ltd. will send me communications/letters etc. through courier/messenger/mail or through any other mode at its discretion and BSL Nidhi Ltd. shall not be liable for any delay arising therefrom.

I agree and acknowledge that in the absence of my specific instructions to personally collect from the Branch, the cheque books, PhoneBanking TINs, NetBanking IPINs, Debit/ATM Cards & PINs will be dispatched by courier/messenger/mail or through any other mode by BSL Nidhi Ltd. at its discretion to the address notified by me for correspondence.

I agree that BSL Nidhi Ltd. will, unless requested by me in writing to the contrary, issue cheque book on the opening of my account. Further issue of cheque books will be only against written requisition by me or through ATM, PhoneBanking or NetBanking.

4. Accounts of Minors & Fund Adequacy

I agree that an account may be opened on behalf of a Minor by his natural guardian or by a guardian appointed by a court of Competent Jurisdiction. The guardian shall represent the Minor in all transactions of any description in the above account until the said Minor attains majority. Upon the Minor attaining majority, the right of the guardian to operate the account shall cease. The guardian agrees to indemnify BSL Nidhi Ltd. against the claim of above Minor for any withdrawal/transactions made by him in the Minor's account.

I agree and undertake to ensure that there would be sufficient funds/cleared balance/pre-arranged credit facilities in my account for effecting transactions. I agree that BSL Nidhi Ltd. shall not be liable for any consequences arising out of non-compliance by BSL Nidhi Ltd. of my instructions due to inadequacy of funds and BSL Nidhi Ltd. can at its sole discretion decide to carry out the instructions not withstanding the inadequacy of funds without prior approval from or notice to me and I shall be liable to repay with interest the resulting advance, overdraft or credit thereby created and all related charges arising thereby at prime lending rate applicable from time to time. I agree that frequent dishonor of cheques or high value cheque returns due to insufficient funds may lead to discontinuation of cheque books / closure of bank account.

I agree that in the event of an account being overdrawn, BSL Nidhi Ltd. reserves the right to set off this amount against any credit lying in any of my accounts.

I agree that the transactions conducted by me at the BC counters shall be reflected in BSL Nidhi Ltd.’s books latest by the next working day.

I agree that BSL Nidhi Ltd. shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non availability of any of services/facilities due to technical fault/error or any failure in telecommunication network or any error in any software or hardware systems beyond the control of BSL Nidhi Ltd.

5. Disclosure of Information

I agree that BSL Nidhi Ltd. may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of:

• For participation in any telecommunication or electronic clearing network
• In compliance with a legal directive
• For credit rating by recognized credit rating agencies
• For fraud prevention purposes
• To credit information bureaus

6. Force Majeure & Indemnity

BSL Nidhi Ltd. shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of BSL Nidhi Ltd. to perform any of its obligations under these Terms and Conditions or those applicable specifically to its services/facilities if performance is prevented, hindered or delayed by a Force Majeure event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure event continues.

"Force Majeure Event" means any event due to any cause beyond the reasonable control of BSL Nidhi Ltd., including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of god, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures or power shut down, faults or failures in telecommunication etc.

I agree that I shall indemnify and hold BSL Nidhi Ltd. harmless against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which BSL Nidhi Ltd. may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of providing any of the services or due to any negligence/mistake/misconduct on my part or breach or non-compliance by me of any of the Terms and Conditions relating to any of the services or by reason of BSL Nidhi Ltd. in good faith taking or refusing to take action on any instruction given by me.

7. Right of Lien / Set Off

I hereby grant and confirm the existence of the right of lien and set-off with BSL Nidhi Ltd., which BSL Nidhi Ltd. may at any time without prejudice to any of its specific rights under any other agreements with me, at its sole discretion and without notice to me utilize to appropriate any moneys belonging to me and lying/deposited with BSL Nidhi Ltd. or due by BSL Nidhi Ltd. to me, towards any of BSL Nidhi Ltd.’s dues and outstandings under or in respect of a loan facility, including any charges/fees/dues payable under these Terms and Conditions.

8. Governing Law & Exclusive Jurisdiction

All claims, matters and disputes are subject to the exclusive jurisdiction of the competent courts in Gorakhpur/Lucknow only.

These Terms and Conditions and/or the operations in the accounts of the customer maintained by BSL Nidhi Ltd. and/or the use of the services provided by BSL Nidhi Ltd. shall be governed by the laws of the Republic of India and no other nation. The customer and BSL Nidhi Ltd. agree to submit to the exclusive Jurisdiction of the Courts located in Gorakhpur/Lucknow, India as regards any claims or matters arising under these Terms and Conditions. BSL Nidhi Ltd. accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India.

Failure to enforce any rights conferred by these Terms and Conditions or any law shall not be deemed to be a waiver of any such rights or operate so as to the exercise or enforcement thereof at any subsequent time.

9. Dormant Account Classification

In case there are no transactions initiated by me / us in the account for a continuous period of 6(six) months for Savings Account and Current Account (excludes system generated transactions like credit interest, debit interest), I / We agree that the account would be treated as a 'Dormant' Account & will be blocked for any Debit transaction for Account safety by BSL Nidhi Ltd.

I/We agree that the account status would change to 'Active' only on my/our (all joint holders) written instruction in this regard and by initiating a transaction by me / us at the home branch. I/We understand that until the account status is 'Dormant', transactions through Direct Banking Channels like ATM, Net Banking, Phone-banking may not be allowed by BSL Nidhi Ltd.

I/We agree that, in case I/we have issued single cheque/instruction, for debit to my/our account, for issuing more than one Demand Draft/Pay-order, then the same will reflect as multiple debit entries in my/our account.

10. Third-Party Agents & CIBIL / Credit Bureau Reporting

BSL Nidhi Ltd. shall be entitled at its discretion to engage/avail of, at the risk and cost of the customer, services of any person/third party service provider/agent/agency, for anything required to be done for/in relation to/pursuant to any of the products/services offered, including collections, recovery of dues, enforcement of security, getting or verifying any information of the customer/assets, and any necessary or incidental lawful acts/deeds/matters and things connected thereto, as BSL Nidhi Ltd. may deem fit.

BSL Nidhi Ltd. shall have the right to not return the application, the photographs, information and documents submitted by the customer. BSL Nidhi Ltd. shall, without notice to or without any consent of the customer, be absolutely entitled and have full right, power and authority to make disclosure of any information relating to customer including personal information, details in relation to documents, products/services offered, defaults, security, obligations of customer, to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, credit bureau, RBI, BSL Nidhi Ltd.'s other branches/subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, any third parties, any assignees/potential assignees of transferees, who may need the information and may process the information, publish in such manner and through such medium as may be deemed necessary by the publisher/Bank/RBI, including publishing the name as part of willful defaulter's list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes.

In this connection, the customer waives the privilege of privacy and privacy of contract. BSL Nidhi Ltd. shall have the right, without notice to or without any consent of the customer, to approach, make enquiries, obtain information, from any person including other banks/finance entities/credit bureaus, customer's employer/family members, any other person related to the customer, to obtain any information for assessing track record, credit risk, or for establishing contact with the customer or for the purpose of recovery of dues from the customer.

In case any personal information or sensitive information is collected by BSL Nidhi Ltd., the same shall be dealt with in accordance with the privacy policy of BSL Nidhi Ltd. which is available on the website of BSL Nidhi Ltd. at bslfinance.in.

BSL Nidhi Ltd. reserves the right to record telephonic conversations with customers for quality control purposes.

Notwithstanding the documentation and account opening form provided, BSL Nidhi Ltd. reserves the right to accept / reject your application. BSL Nidhi Ltd.'s decision in this regard would be final.

Any loans/facilities, other banking products, may be made available through the internet banking platform or any similar platform of BSL Nidhi Ltd. (platforms through which the customer/borrower can access/monitor the account by use of the customer/log-in id and password) and BSL Nidhi Ltd. may use such platform for providing the customers/borrowers the facility to complete online application as well as enter into/make the loan documents online. Every usage and operation of the internet banking or any such other platform using such customer id and password, including in cases of online loan processes from time to time, should be deemed to be usage and operation personally by the customer/borrower himself and in physically and mentally stable state notwithstanding any loss, theft, hacking etc. of the password; and that BSL Nidhi Ltd. shall not be required to check the identity of the person operating the internet banking account at any point of time or his mental or physical stability.

12. Minimum Balance Intimation Policy

In the event of non-maintenance of minimum balance, BSL Nidhi Ltd. will notify the customer by SMS/e-mail/letter etc. that in case the minimum balance is not restored in the account in the subsequent month, non-maintenance of minimum balance, charges will be applicable till such time the minimum balance is restored.

BSL Nidhi Ltd. will notify the customer in the initial month only in case of non-maintenance of minimum balance and no further intimation will be given in consecutive months if minimum balance is not maintained. It will be the responsibility of the customer to ensure that his valid e-mail ID, mobile number and address is updated with BSL Nidhi Ltd. at all times, failing which, customer may not receive the notification(s).