Taqwa Deposit Accounts Terms and Conditions Manual

Taqwa Deposit Accounts Terms and Conditions Manual Taqwa Credit Co operative Society Ltd. Edition-1 June-2016

Taqwa Deposit Accounts Terms and Conditions Manual Edition-1 June, 2016

Table Of Contents 1. Deposit Accounts 3 1.1 Current and Savings Accounts 3 1.2 Current Accounts only 6 1.3 Savings Accounts only 7 1.4 Joint Accounts only 8 1.5 Overdraft Protection, Automatic Transfer only: 9 1.6 Debit Cards 9 2. Application to Open Company s Accounts 12 2.1 Sole Proprietorship 12 2.2 General Partnership/Simple Limited Partnership 13 2.3 Limited Liability Companies / Partnerships Limited By Shares / Branches of Foreign Companies 15 2.4 Societies, Clubs, Associations Account 16 3. Wakala/Fixed Deposit/Sukuk/Investment 17 4. Internet Banking Service of Taqwa 19 4.1 Definitions 19 4.2 Eligibility 20 4.3 Rules of Transactions 20 4.4 Security Tools 21 4.5 Liability 22 4.6 General 23

1. Deposit Accounts 1.1 Current and Savings Accounts: 1.1.1 Withdrawals may be made only against an "available balance" or in case of Current Account, within an agreed overdraft limit, in cash, against Cheques/Withdrawal Slips which should be drawn on forms Issued or approved by Taqwa Credit Cooperative Society Ltd hereinafter called Taqwa against written orders to pay or transfer. 1.1.2 Taqwa shall credit the Customer s Account with sums which may be paid in for such purpose by the Customer and also credit the Customer s Account with any amount paid in or transferred by any third party for the benefit of the Customer. 1.1.3 Cheques and other instruments drawn to the order of Customer or to bearer will be accepted for collection but may not be drawn against until cleared. Taqwa reserves the right to debit the Customer s Account with the value of any returned cheque for any reason whatsoever. 1.1.4 When a Cheque or a Withdrawal Slip drawn on one branch of Taqwa is presented for payment at another branch of Taqwa who shall have the right in its entire discretion to pay the Cheque or Withdrawal Slip presented or to dishonour it without being obliged to furnish justifications. 1.1.5 For the purpose of such conditions the term "available balance" means the amount standing to the credit of the Account less any cheques or other payable orders deposited which are drawn on other banks and which have not been cleared. 1.1.6 Taqwa shall send to the Customer, at the address last given by the Customer, upon request or at one/three/six month intervals, unless otherwise agreed, a Statement of Account showing entries made in the Account since the last statement and specifying the balance in the Account. If the Taqwa does not receive an objection to the statement within fifteen days from the date of sending the same, the Customer shall be deemed to have confirmed the correctness of the Account, errors and expected omissions, and, shall thereafter have no right to claim that it is incorrect. 1.1.7 Taqwa may at any time in its discretion stop operation of an Account, whether it is in debit or in credit, by notifying the Customer in writing and the Customer shall thereupon repay the amount of any debit balance and for current accounts, any interest or other charges and expenses accrued thereon. Manual - 3

1.1.8 Taqwa may at any time and without notice to the Customer combine or consolidate all or any of the Customer's Accounts at any of its branches and set off or transfer any sum or sums standing to the credit of any one or more of such Accounts or any other asset in Taqwa's custody and control in or towards satisfaction of any Customer's liabilities to Taqwa on any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral, several or joint. The combination, consolidation, set-off and transfers referred to in this Clause may be made on one or more occasions and at any time at Taqwa's absolute discretion. The exercise or non-exercise of its right under this Clause shall not affect any right to security held by Taqwa. 1.1.9 Taqwa has the right without reference to the Customer to debit the Customer's Account with all expenses, fees, including ledger fees, cost of funds and charges, commissions, taxes and stamp duties, postage, telex, telephone and other expenses paid or incurred on behalf of the Customer or arising out of any dealings between Taqwa and the Customer or by the Bank and third parties pursuant to the Customers instructions. 1.1.10 Taqwa and the Customer shall be responsible for any loss of or damage to any cheque or any other thing while the same is in transmission from the Bank to the Customer or from the Customer to the Bank or during any collection or similar process. Any letter, advice, statement or other communication mailed to the Customer at the address given is presumed to be duly received by the Customer if and when mailed to the address maintained in Taqwa s registers. 1.1.11 Taqwa and the Customer submit to the jurisdiction of the Civil Courts of the Karnataka or India but without prejudice to the Taqwa's general right to take proceedings, where necessary, in any other Court of competent jurisdiction. 1.1.12 If a Customer maintains an Account with Taqwa denominated in any currency other than Indian Rupees (Rs), the following conditions will also apply: a) Any amount withdrawn by the Customer shall be paid in the currency in which the Account is denominated. The withdrawal may be made in cash, by Demand Draft, Mail Transfer or any other means as required by the Customer subject to deduction of commission and/or charges as per Taqwa Tariff as applicable. Manual - 4

Withdrawals in cash will require prior written notice from the Customer. The notice period will be determined by Taqwa at the time of withdrawal. Foreign currency exchange rates will be determined by Taqwa. b) Taqwa shall have no responsibility for or liability to the Account Holder for any diminution due to taxes or imposts or depreciation in the value of funds credited to the Account. c) Taqwa shall have absolute discretion, upon providing a 15 days notice to the Account holder(s), to discharge of its entire liability with respect to the Account or may close the Account whereby it shall mail to the Account holder(s), at the address last recorded with Taqwa, a bankers draft in the amount of the then credit balance of the Account and in the currency in which the Account was denominated payable to the Account holder(s) without recourse on Taqwa as drawer of the draft. d) The dealings in the funds by Taqwa in accordance with the Customers instructions and/or the provisions of this agreement shall be a full and complete discharge for Taqwa from all liabilities and obligations with respect to the balance of the Account and profit receivable thereon. 1.1.13 Taqwa reserves the right to amend or add to these conditions at any time by notifying the customer by means of any communication as desired by Taqwa. 1.1.14 The Customer shall maintain such minimum balance in the Account as Taqwa may prescribe from time to time. Such amount will be advised by a notice displayed through the website www. taqwabanking.com. 1.1.15 The customer may close his/her account at any time by withdrawing the entire balance. The customer should submit Application for Closing of Account form duly completed. 1.1.16 In the case of deceased Account Holder the heirs or other persons entitled to receive the property of the deceased Account Holder must establish their rights in accordance with the laws of the land in force. 1.1.17 Taqwa reserves the right to close any Account without assigning a reason. This will not constitute any obligation on the part of Taqwa who will inform Account Holder(s) of such action. Manual - 5

Manual - 6 1.1.18 Accounts for minors may be opened and operated by their father or legally appointed guardian following Taqwa s internal requirements/credit Cooperative Society Act of Karnataka 1960/ local law regulations as applicable. 1.1.19 Taqwa shall have the right to freeze credit balances in any of the Accounts in the name of the Customer or any associated Account pursuant to the law or on receipt of a Court Order to this effect. 1.1.20 Taqwa may report any money laundering transactions or any other suspicious activity in or related to any Account to the appropriate authorities in compliance with the relevant laws and regulations. 1.1.21 Disclosure of Information 1.2 Current Accounts Only: a) The Customer acknowledges that Taqwa is authorized to respond to any other banks enquiries relating to the Customers status without any responsibility or commitment on the part of Taqwa or its officers by confidentially supplying the required information, without the Customer's prior approval or notice. b) Taqwa is authorized to respond to enquiries of authorities other than banks, under the following special circumstances under compulsion of law; in the national interest and as and when required by local authorities. 1.2.1 Debit balances of the Customer shall be debited for Interim Service Cost on the basis of the amount of the available balance. 1.2.2 The Customer must ensure the safekeeping of all cheque forms issued by Taqwa and immediately notify them in writing in the event of any loss or theft. If the Customer closes the Account all un-issued cheque book/leaves should be returned to any of Taqwa branches against a written receipt. If the Customer fails to give such notice or does not submit unused cheque book leaves at the time of Account closure, the Customer will be held responsible for any loss resulting from the misuse of such lost or stolen cheque forms. 1.2.3 In the event of Taqwa granting the Customer overdraft facilities to an extent at their sole discretion, the Customer undertakes to pay Interim Service Cost on such overdraft at the prevailing rate determined by Taqwa from time to time. Interim Service Cost shall be calculated daily from the effect of the overdraft and compounded monthly and the Customer is deemed and agreed to have the binding force of a contractual agreement between Taqwa and the Customer.

1.2.4 Taqwa is authorized to debit the Customer s Account with all expenses and disbursements incurred in recovering amounts owing to it including legal costs and costs of taking and realizing security. 1.2.5 For each Cheque that is returned by Taqwa due to insufficient funds, the Account will be debited with related charges as prescribed by them. 1.3 Savings Accounts Only: 1.3.1 Taqwa recognizes no owner of a Savings Account balance other than the person in whose name the Account has been opened. Taqwa should be informed promptly of any change of address of the Customer. 1.3.2 At the time of opening an Account and making the initial deposit a pass book will be issued This will show the Account number, which must be quoted in all correspondence with Taqwa. 1.3.3 The amount shown in the Balance column of the pass book shall not constitute evidence of the balance to the credit of the Account at any time unless expressly verified by Taqwa by comparison with its records. 1.3.4 The pass book must be kept safely If it is lost, mislaid or stolen, notice should be given in writing to Taqwa immediately, so that the Account is closed and a new one is opened with a new pass book carrying forward the previous balance. 1.3.5 Under no circumstances should the Account Holder write, amend or make any entry in the pass book. Any pass book bearing such unauthorised entries may be withdrawn or can- celled, and a fee charged for issue of a new book. 1.3.6 Whenever a pass book is returned to the Account Holder, by Taqwa, he/she must examine. 1.3.7 Account Holders must present themselves in person to make any withdrawals from the Account and may appoint an Attorney on Taqwa s General Power of Attorney Form or by authorization attested by Notary Public. 1.3.8 Cheque Books will be issued to Savings Account(s) if a minimum monthly balanced is maintain Rs 10,000/-. The withdrawal-form supplied by Taqwa must be completed and presented along with the pass book when withdrawal is to be made at the Branch counter. Withdrawals may be made as frequently as required subject to the minimum balance being retained. Profit will be distributed Manual - 7

1.4 Joint Accounts Only: to all savings accounts based on the profitability of Taqwa under this segment of the G L Savings Account. Taqwa Management shall determine the profit rate to be applied from time to time on monthly minimum balances. Taqwa reserves the right to change the profit rate. Profit earned will be credited to the Savings Account half yearly in June and December. Pass book Account Holders should present their pass book to Taqwa on or after 1st July and 1st January respectively for profit to be entered. Should an Account Holder wish to close the Account, profit will be paid up to the last complete calendar month prior to the date of closing. An Account Holder who does not wish to receive profit must advise Taqwa accordingly in writing. 1.4.1 For Personal Joint Accounts the following mandate to be filled in (*delete and/or complete as necessary): 1.4.2 We authorise you to honour all drawings and to carry out all other instructions relative to this Account signed by *BOTH/ALL/ ANY. of us and to debit such Accounts any Bill of Exchange or Promissory Notes so accepted or so made, notwithstanding that any such honouring, carrying out or debiting may cause such Accounts to be overdrawn or any overdraft thereon to be increased but without prejudice to your right to refuse to allow any overdraft or increase of overdraft; and we agree that any liability to you incurred by us on such Accounts shall be joint and several. 1.4.3 We also without in any way limiting the foregoing general request and authority authorise you at the request of BOTH/ALL/ ANY.. of us to make any advance to us by way of any finance or overdraft or discount or in any manner howsoever with or without security; and we agree that any liability to you incurred by us in respect of any such advance shall be joint and several. 1.4.4 We also without in any way limiting the foregoing general request and authority authorise you to deliver up anything received or held by you by way of security or for safe custody or collection or any purpose whatsoever on our accounts against the written receipt or instruction of BOTH/ALL/ANY of us. 1.4.5 On the death or loss of legal capacity of Either/Any of us the other(s) must duly notify Taqwa within a maximum period of ten days of the date of death or loss of legal capacity. Taqwa shall suspend withdrawals from the joint Account from the date of being notified until a successor is appointed. The acceptability of the document Manual - 8

evidencing appointment of the successor(s) will be under the sole discretion of Taqwa. 1.5 Overdraft Protection, Automatic Transfer Only: 1.5.1 Instructions relative to Overdraft Protection and Automatic Transfer(s) (if requested) will continue to be executed until these are revoked by the Customer. Taqwa will not be held responsible if these instructions are not executed due to failure of the computer system or any other reasons which are beyond the control of Taqwa For Automatic Transfer(s) the Customer shall ensure that adequate cleared funds are made available in the Account on the appointed dates The Customer shall agree that Taqwa will not be responsible for any delays or non-execution of the Customer s instruction(s) for want of adequate cleared funds in the Account. All Taqwa s charges are to be debited to Customers Account under advice to the Customer. 1.6 Debit Cards 1.6.1 Debit Card(s) Only: I/We request Taqwa to issue me/us a Co-Branded Card(s). I/We accept and agree to be bound by the following terms and conditions of use as may be amended from time to time by Taqwa. I/we authorize you to debit my/our Account(s) for all amounts arising from the use of Principal and/or Supplementary Card(s) issued to me/us and/or any sum(s) deemed appropriate by Taqwa. 1.6.2 DEFINITIONS - Taqwa means Taqwa Credit Cooperative Society Ltd, its successor(s) and/or assignee(s); - Card means Taqwa Co-Branded Card; - Principal Cardholder means a person maintaining a Cardholder Account (as defined below) and for whose use a Card is issued by Taqwa; - Supplementary Cardholder means a Cardholder nominated by the Principal Cardholder; - Cardholder means the Principal Cardholder or a Supplementary Cardholder for whose use a Card is issued by Taqwa. - Cardholder s Account means the Current and/or Savings Account maintained by the Principal Cardholder with Taqwa. - PIN means Personal Identification Number issued to the Cardholder. Manual - 9

1.6.3 The Co-Branded Debit Cards issued by Taqwa are strictly for ELECTRONIC USE ONLY. Accordingly, these Cards should be used by the Cardholder only at designated Automated Teller Machines (ATMs) and Electronic Point of Sale Terminals (POSTs). 1.6.4 Mail Order, Telephone Order, Internet transactions and other transactions of a similar nature where the Card is not present and/ or magnetic stripe is not read in full are strictly prohibited. 1.6.5 Taqwa shall not be responsible for any loss or damage, financial or otherwise, which a Cardholder may sustain as a result of unauthorized use of the Card as stated in this paragraph. However, the Taqwa reserves the right to debit the Cardholder s Account with the value of all such non-electronic transactions. 1.6.6 Taqwa may issue Supplementary Card(s) to person(s) nominated by the Principal Cardholder. However, the Principal Cardholder will be irrevocably, unconditionally, and fully liable for all the amounts which may arise from the use of Supplementary Card(s) or Card number(s). 1.6.7 The Card remains the property of Taqwa at all times. On request, all or any Cards, issued for use on the Cardholder s Account must be returned to Taqwa or to any other person acting for Taqwa. 1.6.8 Cash deposits made through Taqwa ATMs will be credited to the Cardholder s Account on the following working day subject to physical counting and verification by them. Cheques deposited will be credited to the Cardholder s Account upon actual realization by Taqwa s funds representing the amounts of the cheques. 1.6.9 The amount of any ATM and/or POS transaction in a currency other than Rupees will be converted at a rate of exchange determined by Taqwa for the date when the ATM or POS transaction is debited to the Cardholder s Account. In addition, cash withdrawal, balance enquiry and other permitted transactions at Taqwa ATMs and/or POS terminals shall attract a transaction based fee which shall be determined by Taqwa from time to time. 1.6.10 Taqwa may at anytime, without notice, cancel or suspend the right to use the Card or refuse or replace any Card, without affecting the Cardholder s obligations set out in these Terms and Conditions which shall remain in force until all liabilities of the Card have been finally, fully and satisfactorily settled. 1.6.11 The Card must be signed by the Cardholder immediately on receipt and may only be used by the Cardholder subject to the Terms Manual - 10

and Conditions prevailing/applicable at the time of use within the available balance in the Cardholder s Account subject to the right of Taqwa, in its absolute discretion and without prior notice, at any time to withdraw the right to use the Card for, or to refuse any request for authorization of any particular Card payment or cash withdrawal and to communicate any such withdrawal or refusal to any third party. 1.6.12 Taqwa shall debit the Cardholder s Account with the amount of all cash withdrawals, transfers, direct debits, payments for goods and services at any Point of Sale Terminals (POSTs) and any other payments effected by the use of the Card along with the related Taqwa Charges If however, for any reason the Cardholder s Account is overdrawn as a result of the use of the Card, the Cardholder is responsible for repayment of such debt together with Interim Service Cost commission, on first demand by Taqwa. 1.6.13 Utility bills must be inserted while requesting payment of such bills through any ATMs. Otherwise, the transaction will not be processed. Taqwa will not be responsible for any delays in or non settlement of Utility bills or disconnection of telephone and other communication links as a result thereof. 1.6.14 Taqwa shall not be liable if the Card is not honoured by a third party or if for any reason, the Automated Teller Machine or Point of Sale Terminal fails to accept the Card. Further, Taqwa shall not be responsible for goods and/or services purchased by the Cardholder on the Card and in all circumstances, the Cardholder must accept all debits arising as a result of the use of the Card. 1.6.15 The Card and related PIN are issued to the Cardholder at his/her own risk, and Taqwa shall bear no liability whatsoever for any loss/ damage arising from the use of the Card and/or related PIN. 1.6.16 The Cardholder must keep the PIN secret and exercise all possible care to ensure the safety of the Card to prevent misuse. If the Card or PIN are lost or stolen, the Cardholder must immediately notify his/her Account Holding Branch or Contact Centre (Call Centre) to block the Card and subsequently request for a replacement Card and/or PIN, as the case may be. 1.6.17 Taqwa has the right, without reference to the Cardholder, to increase or decrease the maximum ATM withdrawals amount, number of ATM withdrawals permitted and/or the maximum Payment Card Transactions amount and number of transactions permitted. Manual - 11

1.6.18 Taqwa issues Cards on the understanding that goods or services obtained with a Card will not be resold or returned for cash refund. However, goods or services may be returned for credit to the Cardholder s Account provided the merchant accepts such returns. 1.6.19 The Cardholder shall at all times remain liable for any transaction made by the use of the Card and shall indemnify Taqwa for any loss/ damage howsoever caused by the unauthorized use of the Card or related PIN. Taqwa s record of card transactions shall be conclusive and binding for all purposes, in particular for the purpose of legal evidence. 1.6.20 The Cardholder must verify all Card transactions appearing in the Cardholder s Account Statement. In case of any discrepancy or dispute, the Cardholder must notify Taqwa in writing within two weeks from the statement date, failing which, all Card transactions will be confirmed as correct. 1.6.21 Taqwa reserves the right to vary these Terms and Conditions without reference to the Cardholder. Subject to the requirements of law, notification of any such variation shall be given to the Cardholder by Taqwa either in writing or by publication thereof by such means as Taqwa may select and a variation so notified shall be binding on the Cardholder. 1.6.22 These Terms and Conditions shall be construed and governed by the laws for the time being in force in Karnataka or India. 1.6.23 The Customer should refer to Taqwa for clarification of any terms used in the form which are not fully understood, and Taqwa will not be held responsible if the Customer does not obtain sufficient clarification prior to signing. 2. Application to Open Company s Accounts 2.1 Sole Proprietorship: I hereby request you to open and/or continue Current/Call/Deposit Account(s), in the name of, being a sole proprietorship concern wholly owned by me, in accordance with Taqwa s Terms and Conditions for the Operation of Business Accounts below, and any modifications or variations thereto in local and/or foreign currency (as required from time to time) and in pursuance of this request hand Taqwa herewith: - Valid Trade License/Professional License - Certificate of Registration in the Commercial Register (as applicable) - Certificate of Membership of the Chamber of Commerce and Industry (as applicable) Manual - 12

- I undertake to inform Taqwa whenever any change occurs in the proprietorship and such advice shall be in writing addressed to Taqwa. Until I receive written acknowledgement of that advice and, where appropriate, confirmation that all my liabilities as sole owner of the proprietorship have been discharged, I shall remain fully liable to Taqwa. - I declare that until such advice is given as indicated in (2) above, no other person or persons has or have any interest or interests in the proprietorship. - I request and authorise you, until I give you notice in writing to the contrary, to honour all cheques or other orders which may be drawn on the said Account(s) provided such cheques are signed by me or by any person appointed by me. I request and authorise you to debit such cheques or other orders to the said Account(s) whether such Accounts be for the time being in credit or overdrawn and I declare myself to be responsible for any overdraft or other sums that may be due to Taqwa in connection with the said Account(s). I understand that nothing herein will oblige Taqwa to honour my cheques if the same shall create or increase an overdraft in my Account or Accounts. 2.2 General Partnership/Simple Limited Partnership 2.2.1 We, the undersigned partners in the partnership, hereby request you to open and/or continue Current/Deposit/Call Accounts in accordance with the Terms and Conditions for the Operation of Business Accounts below, and any modifications or variations thereto, in local and/or foreign currency (as required from time to time) for the partnership, and to honour any drawings thereon signed on behalf of the partnership by authorised signatories as stipulated on the Account Opening Form, whose specimen signatures are furnished on the form and to carry out any instructions so signed relating to any drawing thereon and to debit to such Account(s) any bill of exchange or promissory note so accepted or so made, notwithstanding that such honouring, carrying out or debiting may cause such Account(s) to be overdrawn or any overdraft thereon to be increased, but without prejudice to your right to refuse to allow any overdraft or increase of overdraft: and we agree that any liability to you incurred by us on such Account(s) shall be joint and several, and we undertake to pay to you on demand out of the assets of the partnership or, if these are insufficient, then from our private means, any claim that you may have upon the said partnership in future, to any amount and of any nature whatsoever. 2.2.2 We also without in any way limiting the foregoing general request and authorise you at your sole discretion: Manual - 13

- to make any advance to the partnership by way of finance or overdraft or discount in any manner howsoever with or without security and to enter into any agreement with or incur any liability on behalf of the partnership, and we agree that any such liability to you incurred by us shall be joint and several in accordance with its Articles of Association and the Law. - to accept by way of pledge or of deposit as security or for safe custody or collection or any purpose whatsoever anything belonging to the partnership, and any document of charge signed as aforesaid and to deliver up anything so accepted and/or held by you on the account of the partnership against a written receipt or instruction, or any other document required by you so signed. 2.2.3 We agree that all the above things, and anything relating to the Account(s), done in accordance with this request and authority shall be binding upon the partnership and shall be deemed to be done for carrying on the business of the partnership in accordance with its Articles of Association and the Law. 2.2.4 Upon any partner(s) ceasing to be a member of the partnership by death, you may act upon the conditions mentioned in the partnership agreement with the consent of the legal heirs of the deceased as per directives of the Competent Court or otherwise act as per laws prevailing in the country. 2.2.5 This authority shall remain in force until revoked in writing. Any change in the constitution or name or membership of the partnership and anything affecting the partnership or any partner shall be promptly advised to Taqwa. Any change as above mentioned shall not absolve the partnership or the partners from their liability to Taqwa. 2.2.6 We hand to Taqwa herewith: - Certificate of Registration in the Commercial Register. - Certified copy of Memorandum and Articles of Association of the Partnership and/or, where applicable, Certified copy of Partnership Agreement. - Certified copy of Decree of Incorporation (where applicable). - Valid Trade License. - Certificate of Membership of the Chamber of Commerce and Industry as applicable. Manual - 14

2.3 Limited Liability Companies / Partnerships Limited by Shares / Branches of Foreign Companies 2.3.1 The directors of the said Company request Taqwa to open and/or continue an Account in the Company s name in accordance with the Terms and Conditions for the Operation of Business Accounts below, and any modifications or variations thereto in local and/or foreign currency (as required from time to time) and in pursuance of this request hand to Taqwa herewith: - Certificate of Registration in the Commercial Register. - Certified copy of the Memorandum and Articles of Association of the Company. - Certified copy of Decree/Certificate of Incorporation. (Except for Companies or foreign company branches established in India). - Valid Trade License. - Certificate of Membership of the Chamber of Commerce and Industry. - Certified copy of Resolutions of the Board of Directors regulating the conduct of the Account. - Certified copy of the minutes of the latest Annual General Meeting of the Company, specifying the names of the members of the Board of Directors. 2.3.2 Taqwa is hereby authorised and requested to honour and debit to the Company s Account(s) whether in credit or overdrawn or becoming overdrawn in consequence of such debit, cheques, drafts or other orders or receipts for money signed, bills accepted and promissory notes made on behalf of the Company provided they are signed or accepted by the Company s authorised signatories as stipulated on the related Form (see 4. & 5 below) and updated from time to time. 2.3.3 The Company s Account(s) with Taqwa may be overdrawn from time to time to such an extent as the Company may require and Taqwa may agree to allow, and officials authorised to sign cheques for and on behalf of the Company are also hereby authorised to overdraw for and on behalf of the Company s said Account(s) accordingly. 2.3.4 The Company s authorised signatories are hereby authorised on behalf of the Company: Manual - 15

- To arrange for the issue of Letters of Credit and/or Guarantees by Taqwa at home or abroad. - To arrange for the discounting of any bills endorsed on behalf of the Company by the authorised signatories. - To sign any indemnities or counter-indemnities to Taqwa. - To arrange with Taqwa from time to time for any facilities including advances to the Company by way of finance and/or overdraft or other means. - To mortgage or charge ail or any of the assets of the Company and to sign on behalf of the Company any documents from time to time required by Taqwa relating to or for securing any advances/ finances to the Company or any liabilities of the Company to Taqwa. 2.3.5 A list of the names and specimen signatures of the person(s) authorised to sign will be furnished to Taqwa who will be advised by letter signed by the Chairman, his deputy or the Managing Director for the time being of ail changes that may take place in the same from time to time. 2.3.6 A resolution passed at a meeting of the Board of Directors detailing the conduct of the account duly certified by the Chairman/Managing Director of the Company is being attached with this for Taqwa s records. 2.4 Societies, Clubs, Associations Account 2.4.1 The Management Committee of the Club/Society/Association known by the name of wishes to open and/or continue Account(s) in the name of as mentioned on the account opening form in accordance with Taqwa s Terms and Conditions for the Operation of Business Accounts below, and any modifications or variations thereto, in local and/or foreign currency (as required from time to time) and in pursuance of this request, hand Taqwa herewith the following: - Certified copy of the Constitution and Regulations. - Certified copy of the Resolution relative hereto. - Certified copy of the Society/Club/Association official permit. Manual - 16

- Certified list of office bearers and committee members, elected at the last Annual General Meeting, approved by the Ministry of Labour and Social Affairs or other competent authority. - Specimen signature(s) of the persons duly authorised to sign. 2.4.2 We undertake to inform you promptly of any change in the names of the office bearers and Committee members of the Club/Society/ Association as well as persons who are duly authorised to sign on behalf of the Club/Society/Association. Unless and until Taqwa so informed, it has the full right to act in accordance with details submitted with this application. 2.4.3 We attach with this a resolution by the Management Committee appointing you as the Bankers authorised and empowered to honour all cheques, orders for payment, bills I exchange and promissory notes drawn, signed, accepted or made on behalf of the Club/Society/Association and detailing the names of persons authorised to sign on behalf of the Club/Society/Association. 3. Wakala/Fixed Deposit/Sukuk/Investment 3.1.1 Unless Taqwa receives written instructions to the contrary at least two working days before the maturity date shown, the total amount due will be renew automatically on maturity for a similar fixed time. 3.1.2 Taqwa shall not repay foreign currency deposit accounts in the cash of that currency unless such currency is available at Taqwa s counter and subject to Taqwa Tariff to follow the law of the land. 3.1.3 Each deposit made on, after or renewed subsequent to the date appearing on the face hereof is subject to the conditions of this Agreement here-in below: - Within a reasonable time after the commencement of the original deposit period or renewal, Taqwa shall mail by ordinary post addressed to the depositor s last known address. - If the deposit is not renewed for an additional term, no profit will be paid on the deposited amount for any period following maturity as specified in the application or renewal form, as the case may be. - In the event of the death or incapacity of one or any of the Account holders, the surviving party(ies) shall notify Taqwa of the occurrence of such event within 10 days of its occurrence. Taqwa will suspend all activities on the relevant Account(s) as of the date it receives such notification and will not release the deposited Manual - 17

amount until Taqwa is provided with the relevant grant of probate or a court order appointing a legal guardian, as the case may be, at which point the deposited amount will be released in accordance with the instructions provided in such order(s). - Unless otherwise agreed by Taqwa, foreign Currency Deposit withdrawals by means of transfer or demand draft may only be made at the expiration of the original or any additional deposit period and if so agreed to by Taqwa; each withdrawal made by the depositor will be subject to the terms and conditions governing such withdrawals as are established by Taqwa at the time of withdrawal. - Amounts representing the principal of the deposit and any profit accrued thereon shall be payable in the currency in which the Account is denominated. The withdrawal may be made by a Demand Draft, Mail Transfer or any other means as required by the Customer subject to deduction of commission and/or charges per Taqwa Tariff as applicable. Withdrawals in cash will require prior written notice from the customer. The notice period will be determined by Taqwa at the time of withdrawal and the relevant amount will not earn profit during the notice period. Foreign currency exchange rates will be determined by Taqwa. 3.1.4 Taqwa shall have no responsibility for or liability to the account holder for any diminution due to taxes or imposts or depreciation in the value of funds credited to the Account. 3.1.5 Taqwa shall have absolute discretion, upon providing a 15 days notice to the Account holder(s), to discharge of its entire liability with respect to the Account or may close the Account whereby it shall mail to the Account holder(s), at the address last recorded with Taqwa, a bankers draft in the amount of the then credit balance of the Account and in the currency in which the Account was denominated payable to the Account holder(s) without recourse on Taqwa as drawer of the draft. 3.1.6 The dealings in the funds by Taqwa in accordance with the Account holders instructions and/or the provisions of this Application shall be a full and complete discharge for the Taqwa from all liabilities and obligations with respect to the balance of the Account and profit accrued thereon. Manual - 18

4. Internet Banking Service of Taqwa In this document the following words and phrases shall have the meanings as set below unless indicated otherwise. You should read every definition, clause, phrase and sentence detailed in this document with utmost care and should not leave anything without fully understanding its meaning, interpretation and should follow instructions and requirements detailed therein without any exception. If you do not understand any part of this document or you require further clarifications you should immediately contact Taqwa and seek further clarification as deemed necessary. You must read these Terms and Conditions carefully prior to signing on the Personal Banking Application. By signing the Application, you shall be deemed to have understood, accepted and bound by the Terms and Conditions mentioned herein. 4.1 Definitions 4.1.1 Application: A written application signed by the Customer requesting the Service. 4.1.2 Taqwa: Taqwa Credit Cooperative Society Ltd. 4.1.3 Business Day: A day on which Taqwa is open for operations in India. 4.1.4 Customer: An Individual or group of individuals or a corporate entity who maintain and/or participate in an account(s) with Taqwa and who are authorised to conduct Transactions and/or Instructions via the Service. 4.1.5 Terms: Refers to the terms and conditions mentioned herein governing the use of Internet Banking service offered by Taqwa. 4.1.6 Rs: Rs refer to Indian currency is issued by the Reserve of India being the official currency in circulation in India. 4.1.7 Sign-On: Refers to the process of successfully logging-in to taqwabanking Online using correct combination of User ID and Password. 4.1.8 Email: Refers to the Mail option available within taqwabanking Online enabling secured electronic mail communication between the User and Taqwa and is accessible to authenticated users only. 4.1.9 Website: Website Refers to the website owned, established and maintained by Taqwa located at the URL www.taqwabanking.com 4.1.10 Instructions: Electronic data initiated remotely by the User and electronically transmitted via internet to Taqwa. Manual - 19

Manual - 20 4.1.11 Password: A group of alphanumeric characters formulated by Taqwa or the User to be used by the User in conjunction with the User ID. 4.1.12 Payments: Fund transfers into any account maintained by any person with Taqwa. 4.1.13 Remittances: Fund transfers from Customer s account to any account in Taqwa or in another bank. 4.1.14 Security Tools: User ID, Password, Secure ID, and any other means of security implemented by Taqwa from time to time for a User to access the Service. 4.1.15 Secure ID: Numeric code electronically issued by Taqwa and transmitted to the User. 4.1.16 Service Electronic banking system which enables the Customer/ User to conduct Transactions and Instructions on the account(s) with Taqwa via the Internet. 4.1.17 Transactions Instructions affecting the Customer s account(s). 4.1.18 Transfers Fund transfers between Customer s accounts with Taqwa. 4.1.19 User ID A group of alpha and numeric characters formulated by Taqwa. 4.1.20 User Refers to any individual, either a Customer of Taqwa or not, who will have access to use Internet service. 4.2 Eligibility 4.3 Rules of Transactions Any Taqwa account holder with at least one share account, and current, call or savings account is eligible to apply. Taqwa reserves the right to refuse the Application and may at any time at its sole discretion stop Service or access to the Service by the Customer or a User. 4.3.1 Transactions will be processed only upon the availability of sufficient funds in the Customer s account at the time the User submits the Transaction and subject to the daily transaction limit specified in the Application. 4.3.2 Transfers/payments are permitted between Customer s own accounts with Taqwa. 4.3.3 Transfers & Payments in Indian Rupees will be available round the clock.

4.3.4 Transfers & Payments in foreign currencies will be available round the clock and shall be processed on the same Business Day at the prevailing exchange rate applicable at the time of the transaction. 4.3.5 Indian Rupees remittances submitted by 11.00 AM (Indian Time) will be processed on the same day. Foreign currency remittances may be submitted latest by 1.00 PM (Indian Time) and will be processed on the same day. 4.3.6 Indian Rupees and Foreign currency remittances submitted after the above mentioned cut-off times or during any public holiday in Indian will be processed on the next business day. 4.3.7 Additional correspondent and/or beneficiary bank charges, if any, will be deducted from the remittance amount. 4.3.8 The cost of the Secure ID device(s) or any replacement thereof and all Taqwa s fees and charges, shall be debited from the Customer s account. 4.4 Security Tools 4.4.1 The User shall be fully responsible for safeguarding the Security Tools and not to disclose them to any person. The User is required to change the Password(s) as instructed by Taqwa through the Service or any other means of communications 4.4.2 In case the Secure ID device is lost/stolen/damaged, the User must immediately report to Taqwa to disable it. 4.4.3 The Security Tools are considered as the User identification & authentication. Once completely & successfully entered, Taqwa shall consider the User as the source of all Instructions and Transactions. 4.4.4 Access to the Service will be automatically stopped if the login Password is entered incorrectly five consecutive times. Thereafter, the User may contact Taqwa for further assistance and request for a new login Password to be delivered to User at any branch of Taqwa for collection against acknowledgment. If the User wishes to reactivate the same, Taqwa would allow further 5 attempts to login. After re-activation, if the Service is stopped again consecutively for second time due to wrong Password input, Taqwa will reset and issue a new login password to be delivered to the User at any branch of the Taqwa as requested by the User for collection against acknowledgement. 4.4.5 Requests made by the Customer for a new login password due to lost, forgotten password (or if the Customer has established that Manual - 21

existing login password is compromised), will be responded by Taqwa only upon positive authentication of the Customer. Taqwa will reset and issue a new login password to be delivered to the Customer at any branch of Taqwa as selected by the Customer for collection against acknowledgement. 4.5 Liability 4.5.1 The Customer hereby acknowledges that Taqwa shall not be responsible for any errors, damages and claims that may result from the open nature of the internet. The Customer shall be solely responsible for all risks resulting from using the Service. 4.5.2 The Customer is solely responsible for the accuracy and correctness of all information and details transmitted via the Service. The Customer acknowledges that all Transactions & Instructions conducted via the Service will be processed without any further reference, written notice or verification. 4.5.3 Once the Customer submits and confirms Instructions or Transactions through the Service, Taqwa shall be under no obligation to accept any amendment or cancellation thereof. 4.5.4 The Customer shall be solely responsible for establishing, adding or modifying beneficiary details through the Service. Taqwa will not be liable for non-payment as a result of error of beneficiary details submitted by the User, any failure to identify the beneficiary or delay in payment to the beneficiary at the receiving destination. 4.5.5 The Customer agrees to treat the access rights, documentation, or any information related to the Service, strictly private and confidential at all times and shall not copy or reproduce them in any form either in whole or in part. 4.5.6 Taqwa shall not accept any claim for compensation, loss or damage that may result from any Transaction and Instruction via the Service. 4.5.7 The Customer shall be liable for any misuse of the Service as a result of non-compliance with security procedures, these terms and conditions, disclosure of any Security Tools or any other form of security breach from the User s terminal. 4.5.8 Taqwa shall not be liable for any failure of the Service beyond its reasonable control. 4.5.9 Taqwa shall not be a party to any dispute between the Customer and any service provide. Manual - 22

4.6 General 4.6.1 Taqwa s records of Transactions & Instructions shall be legally binding and conclusive evidence of such Transactions & Instructions. 4.6.2 In the event of any misuse by the User of the e-mail provided through the Service, Taqwa shall be entitled to disable the User s access to the Service without prior notice. 4.6.3 Taqwa reserves the right to vary these terms and conditions from time to time. 4.6.4 Each party has the right to terminate this agreement by 3 Business Days prior written notice to the other. 4.6.5 This agreement shall be governed by, and construed, and interpreted in accordance with the laws of the land in India. Any dispute arising out of or in connection with this agreement shall be submitted to the exclusive jurisdiction of the civil courts of India. 4.6.6 It is the responsibility of the User to ensure strict adherence to the security guidelines issued and updated regularly by Taqwa. The User is also responsible to observe and comply with any other security alerts that are posted on Taqwa s website: www.taqwabanking.com and/or advised through email to User s email address as per the records with Taqwa. Manual - 23

P.O.Box 25, Above TFC.Inn, N.H 66, Bhatkal-581320 (N.K) Karnataka-India. Cell: +91 88678 78002, Office : +91 83852 22288, email: salman@taqwabanking.com, www.taqwabanking.com