I have invested my amount in sahara coop. Credit society for a term of 5 years ,but since sahara is in trouble I want to withdraw that amount and discontinue investing more. But on contacting the sahara officials, they say that amount cannot be withdraw till the end of your term. Please give a solution.
Also, Kindly advice whether the procedure for withdrawl in any coop. Credit scoiety is the same or every society has their own rules.
I C Naik
Placing amount in Credit Society or a Bank as a Deposit is a contract between the Depositor and the Credit Society or a Bank. As such where the contractual terms so provide premature withdrawal at some charge as stipulated in the terms, is possible.If nothing is mentioned it is an implied condition that you have to wait till the end of the term.