IRB’s Nature of Operation
International Resource Bank (IRB) is not a traditional bank. It operates as a private research and development institute that serves as a bridge between consumers and Financial Institutions, Banks, and Government programs.
1. Objective of RFII
The Resource of Fixed Interest Income (RFII) is a structured program initiated by the International Resource Bank (IRB) to generate funds for its research, development, administrative, and financial inclusion activities, while offering contributors a fixed return on their contributed amounts.
2. Nature of Contribution
- Under the RFII model, contributors (also referred to as “creditors”) lend a sum of money to IRB.
- These contributions are made strictly in multiples of ₹10,000.
- In return, the creditor earns a fixed interest income at rates predetermined by the IRB and subject to revision based on market conditions, regulatory changes, and fiscal policies.
3. Classification of Bonds under RFII
RFII offers different bond types based on contributor profile:
- Nari Shakti Bond – 6-year term (for women contributors)
- Common Man Bond – 3-year term (for individuals from rural areas with an annual income of less than ₹5 lakh)
- Eminent Person Bond – 10-year term (for individuals with income exceeding ₹5 lakh)
Each category offers tailored terms to encourage participation across different socio-economic groups.
4. Interest Structure
- Interest is calculated at a fixed annual rate, reviewed periodically.
- Interest earnings are taxable as per prevailing income tax laws and subject to TDS where applicable.
- Interest is credited only to the contributor’s registered bank account and, in the case of death, to the nominee’s bank account.
- RFII contributions earn a fixed annual interest of 10.50% on a prorated basis. In case of premature withdrawal, a penalty of 2.75% will be deducted from the applicable interest.
5. Contribution Lock-in and Withdrawal
- A minimum lock-in period of three (3) years applies to all contributions.
- Premature withdrawal attracts a 2.75% penalty and will be deducted from the applicable interest.
- After the mandatory lock-in, premature closure can be requested, subject to IRB’s terms and procedures.
6. Documentation and Legal Standing
- Upon receipt of the contribution, IRB issues a Promissory Note Certificate, formalizing the debt.
- The transaction is treated as a Mutual Contract under the Negotiable Instruments Act, 1881.
- Every contract must be attested by a witness who was present during the signing.
7. Mode of Payment
- Only digitally traceable payments (e.g., UPI, NEFT, IMPS) are accepted.
- Cash contributions are strictly prohibited.
8. Document Handling Charges
A nominal document handling charge of 0.5% of the contribution or ₹500, whichever is lower, is levied to maintain the RFII’s digital and legal records.
9. Non-Refundability Clause
Contributions made under RFII are non-refundable except through the structured maturity or withdrawal procedures outlined in the Terms and Conditions.
10. Notifications
Changes, updates, or important communications will be conveyed via SMS or email notifications.
11. KYC Compliance
All participants must adhere to Know Your Customer (KYC) regulations.
Non-compliance may attract heavy penalties and other legal consequences as per applicable law.
12. Legal Usage of KYC
Participants permit the use of KYC information for legal and regulatory purposes.
13. IRB’s Right to Amend Terms
International Resource Bank (IRB) reserves the right to make or amend changes to the Resource of Fixed Interest Income (RFII) policy at any time without prior notice or intimation to contributors. All updates, if any, will be considered effective from the date of implementation as decided by IRB management.
14. Insurance & Risk Clause
There are no insurance benefits attached to the RFII account. In the event of the death of the account holder, no insurance claim or benefit shall be provided.
15. Nominee & Claim Settlement
Maturity benefits will be paid only to the registered nominee, who must be a blood relative of the account holder. All maturity amounts will be credited directly to the registered bank account. No cash settlements shall be made under any circumstances.
16.Cash Contributions
Any contributions made in cash will be deemed invalid and non-accountable. Only digitally traceable transactions will be accepted.
17. Maturity Claim Procedure
To claim maturity before the due date, the account holder must submit a written notice via email or WhatsApp at least 30 days in advance.
18.Regulatory Compliance and Jurisdiction
- IRB reserves the right to share contributor information with RBI or other regulatory agencies if required.
- In case of any dispute, efforts will be made to resolve it mutually and amicably. If unresolved, the decision of the IRB Grievance Redressal Panel will be final. If not satisfied with the panel’s decision, the matter will fall under the exclusive jurisdiction of the Kolhapur Court only.
END of Policy and Terms & Conditions. As on Date 27/04/2025 22:09 IST