1. 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.
2. Understanding of Recurring Debt (RD)
Under the RD model, IRB is the borrower and the account holder is the lender. Funds contributed are utilized for IRB’s research, operations, and financial inclusion initiatives.
3. Interest & Withdrawal
RD contributions earn a fixed annual interest of 6.75% on a prorated basis. In case of premature withdrawal, a penalty of 1.75% will be deducted from the applicable interest.
4. Insurance & Risk Clause
There are no insurance benefits attached to the RD account. In the event of the death of the account holder, no insurance claim or benefit shall be provided.
5. 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.
6. Cash Contributions
Any contributions made in cash will be deemed invalid and non-accountable. Only digitally traceable transactions will be accepted.
7. 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.
8. Loan Facility Not Available
There is no loan facility available for RD contributors. Account holders are not eligible to avail any type of loan against their contributions.
9. RD Periodicity & Interest Calculation
The term of RD contribution is flexible and can be made on a daily, weekly, bi-weekly, tri-weekly, or monthly basis, depending on the convenience of the account holder. However, for the purpose of interest calculation, the return is calculated monthly as follows:
Annual interest rate: 6.75% ➝ Monthly interest rate: 6.75 / 12 = 0.5625% per month (on a prorated basis).
Month Stands as per above :
- applied in 1st of Day to 15th of day is calculated 1st Month
- applied in 16th of Day to 30/31st of day is calculated 2nd Month
By Example and Scenario :
- If Asavari Joshi started her contribution daily in 1st of May (5) 2024 and Maturity is in 31st March (3) 2025 then her interest calculated for 11 months only =0.5625 X 11 = 6.1875%
- If Asavari Joshi started her contribution daily in 16th of May (5) 2024 and Maturity is in 31st March (3) 2025 then her interest calculated for 10 months only =0.5625 X 10 = 5.625%
10. Dispute Resolution & Jurisdiction
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.
11. Policy and Terms & Conditions Amendments
International Resource Bank (IRB) reserves the right to make or amend changes to the Recurring Debt (RD) 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.
END of Policy and Terms & Conditions