Concept of Resource of Fixed Interest Income
These terms and conditions outline the terms and conditions for use of the International Resource Bank’s Concept of Resource of Fixed Interest Income
Last Update 16/09/2024 22:15
- The International Resource Bank is a self-regulatory private organization that carries out research in the economics, planning, tourism, health, and banking and finance areas. referred to as IRB from here on.
- Resource of Fixed Interest Income: A concept referred to as the Resource of Fixed Interest Income was developed by an International Resource Bank to raise funds for administrative and research expenditures. Hereinafter referred to as
- Debt is the sum that is paid in multiples of 10,000 to International Resource Bank in order to receive fixed interest return income.
- Interest Rate is the amount of interest paid on the sum that was contributed to International Resource Bank in multiples of 10,000 in order to get a fixed interest return income.
A)The interest rate varies according to international resource banks’ predefined categories. It changes in accordance with market
conditions, pressure from the government, fiscal policies, and guidelines established by the Reserve Bank of India.
B)The interest shall only be credited to the creditor’s personal bank account.
C)In the event of the creditor’s death, interest will only be credited to his or her registered heir’s account.
- Donation: By “Donation,” we mean the sum of donations made in multiples of 100 for the International Resource Bank’s charitable activity.
- Term : Term refers to the period of time set by the International Resource Bank under the terms and conditions necessary to obtain a fixed return on investment.
The period is 6 years for women(Nari Shakti), 3 years for rural communities with an annual income of less than 5 lakh(Common Man), and 10 years for those with an income of more than 5 lakh (Eminent Person)
- Maturity Date: The phrase “Maturity Date” refers to the date that the International Resource Bank set as the deadline for receiving fixed interest return income. which, following appropriate verification, shall be measured starting from the date the promissory note certificate was issued.
As an illustration,
If Amrita Joshi pays on January 1, 2021, and the certificate is granted to her on January 15, 2021, her maturity date will be April 15, 2031.
A) 6% penalty will be applied for a premature withdrawal.
- Creditor: When we say “creditor,” we mean the person or entity that lends money to the International Resource Bank for the benefit for a set interest rate.
- Mutual Contract: The term “mutual contract” refers to a contract made in accordance with The Negotiable Instruments Act of 1881.
- Witness : A witness is a person who personally attests to the signing of an official RFII document in his or her presence.
- Payment Mode: By “payment mode,” we mean the method of payment.
- Digital Payments: When we refer to digital payments, we’re talking about UPI-compatible apps like Google Pay, Phone Pay, etc.
- Document Handling Charges are defined as the document handling fees, which are calculated as 0.5% (zero integer 5%) of the total payment or Rs. 500, whichever is smaller.
“The document handling fees will be utilised towards maintaining the online and computerised portion of the RFII procedure.
To an international resource bank, the lender will pay document handling charges.
- TDS & Taxes indicates that interest is considered income, and that any taxes due to the government on it might be collected in accordance with government policy. If applicable, accrued
- Reserves the rights: It is understood by the phrase “reserves the rights to amend and terms & conditions’ ‘ that the IRB retains the ability to make changes to the RFII’s terms and conditions at any time and without prior notice.
- Closed to fund withdrawal Once the money has been accepted by the Resource Bank, the applicant cannot withdraw it before the maturity date for any reason—including death—or make a legal claim for it. From the day the certificate was issued, the first three years must be fulfilled.(7)
- The term “notifications” refers to a message sent by SMS or mail alerting the recipient of a change.
- KYC Rule: Financial institutions and financial services businesses are required by law to establish customer identity and identify risk indicators through KYC. KYC procedures aid in preventing financial crimes such as identity theft, money laundering, financial fraud, financing of terrorism, and others. Heavy fines and penalties may be imposed for failing to comply with KYC rules.
- Permit to use KYC for free for legal work. Under this section, you may use free KYC for legal work.
- Information to be shared with the RBI; If necessary, the IRB may share information with the RBI.
- I am fully aware that once paid, rupees are non-refundable for any reason.
- All legal proceedings will be subject to Kolhapur jurisdiction only.
ADDITIONAL DECLARATION AND APPROVAL
According to research, it has been found that, if a business organization in India. It has a trying to stable or growing business; Some individuals, motivated by selfishness, unofficially demand money and free services from such organizations and if their demands are not met or fulfilled by such entrepreneurs. Then, by spreading false rumours about the said organization in the market through them, they endanger the credit of that organization. So many startups and entrepreneurs in India have fallen prey to such practices and ruined their lives. Therefore, I hereby declare that, in exceptional circumstances, I will not believe such rumours. And will not fall prey to any organization’s fallacy.
I hereby give permission to the IRB, that, if in such exceptional circumstances, I am found to be directly or indirectly involved in the investigation by the police or by the investigation committee constituted by the institution itself or by a third party mechanism, all the amount paid by me and the benefits thereof in the state of Maharashtra for more than 3 years and contribution to social work. The donation will be made to a giving charity or to the Maharashtra State Chief Minister’s Assistance Fund. I will not complain about this. I won’t work in such exceptional circumstances. I will fully cooperate with the investigating agencies. I will always follow officially broadcast news and news only. Joining this is my own responsibility to use my experience and education for nation building.
I have read all the terms and conditions carefully 2 times and I understand them and agree to them, therefore I am signing this agreement voluntarily, without pressure, spontaneously. The information given above is true and correct, if any discrepancy is found in the said information, I sign that, I will be liable to legal action under Indian Penal Code Section 199, 193(2), 200.
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