These Terms and Conditions apply to and regulate the issuance and usage of debit cards offered by ICICI Bank to Accountholder and/or any person as may be specified by the Accountholder. These terms and conditions (the “Terms”) shall be in addition to any other terms as stipulated by ICICI Bank from time to time. All annexure to the Terms shall form an integral part of the Terms.
1. DEFINITIONS:
In these terms and conditions, unless there is anything repugnant to the subject or context thereof, the following words / expressions shall have the meaning as stated herein under: "Account" refers to the savings and /or current account designated by ICICI Bank to be eligible account/s for operations through the use of the Card. "Account Statement" means the periodical statement of Account sent by ICICI Bank to a Cardholder, from time to time, setting out the Transactions carried out and balance in the Account as on that date, and any other information as ICICI Bank may deem fit to include. "Accountholder" refers to individuals, proprietorships, partnership concerns or company holding an Account with ICICI Bank. Provided however in case of savings account, the expression “Accountholder” refers to only individuals holding such account with ICICI Bank. "Affiliate" means and includes:Any company which is the holding or subsidiary company of ICICI Bank, or A person under the control of or under common control with ICICI Bank, or Any person in whom ICICI Bank has a direct or beneficial interest or control of more than 26% of the voting securitiesFor the purpose of this clause, "control" together with grammatical variations when used with respect to any person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever; and "person" means a company, corporation, a partnership, trust or any other entity or organization or other body whatsoever. "ATM" means any Automated Teller Machine, whether in India or overseas, whether of ICICI Bank or a specified Shared Network, at which, amongst other things, the Cardholder can use his Card to access his funds in his Account, held with ICICI Bank. "Card" refers to the ICICI Bank debit card issued to the Accountholder in India and/or any other person specified by the Accountholder to ICICI Bank. "Cardholder" refers to the Accountholder of ICICI Bank or any such person authorized by the Accountholder to whom a Card has been issued and who is authorized to hold the Card. "ICICI Bank" or “the Bank” shall mean ICICI Bank Limited, a company incorporated under the Companies Act, 1956 and a bank within the meaning of the Banking Regulation Act, 1949, having its registered office at Landmark, Race Course Circle, Vadodara 390 007, and its corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051 (which expression shall, unless it be repugnant to the subject or context thereof, include its successors, representatives and assigns), the proprietors / owners of the Card. . “ICICI Bank 24-Hour Customer Care Center” refers to ICICI Bank - Phone Banking Service provided by ICICI Bank, which shall be available to all Cardholders. All Cardholders availing of the ICICI Bank 24-Hour Customer Care Center shall be bound by the terms and conditions stipulated by ICICI Bank in this regard. “I-mint” refers to the customer rewards program, managed and operated by Loyalty Solutions and Research Limited, a public company incorporated under the Companies Act, 1956 and having its Registered Office at Florence, J.L.Nehru Road, Vakola, Santacruz (E). Mumbai 400055 (“LSRL, which expression shall, unless repugnant to the subject or context thereof, include its successors and assigns”) offering benefits, facilities or arrangements under the brand name of I-mint, to I-mint members. “I-mint Card” means the card issued by LSRL to I-mint members as per the terms specified by LSRL. “I-mint member” means the Accountholder who is also enrolled as a member of LSRL and to whom a valid I-mint Card has been issued and who is authorized to hold the I-mint Card. "International Transactions" refers to the Transactions entered into by the Cardholder on his internationally valid Card outside of India, Nepal and Bhutan. “Internet Website” shall mean websites of the Merchant Establishments wherever located which honor the Card for payments to be made by the Cardholder of the goods and services purchased through these websites or otherwise and shall include among others, the websites of stores, shops, restaurants, hotels, utility companies, railways and airline organizations advertised as honoring the Card. "Merchant Establishment" shall mean such physical and/or virtual establishments, wherever located, which honor a VISA / VISA Electron card or MasterCard and shall include, among others, stores, shops, restaurants, hotels and airlines cash advance points including ATMs and mail order advertisers (whether retailers, distributors or manufacturers). "Merchant" means any person who owns or manages or operates a Merchant Establishment. "PIN" means the Personal Identification Number allocated to the Cardholder by ICICI Bank or chosen by the Cardholder/ Bank from time to time, in relation to the Card. "POS Terminal" means the point of sale (POS) electronic terminals at Merchant Establishments whether in India or overseas, capable of processing card transactions and at which, amongst other things, the Cardholder can use his Card to access the funds from the Account linked with the Card to make purchases. "Primary Account" shall mean such primary Account that is linked to the Card. “Reward Points” shall mean points awarded by ICICI Bank under the Reward Program. “Reward Program” refers to the program wherein the Cardholder shall get Reward Points on the amounts spent by him/her using the Card at the Merchant Establishments. "Shared Network" shall mean VISA or MasterCard or any other networks which honor the Card. "Transactions" shall mean any instruction given by a Cardholder using a Card directly or indirectly to ICICI Bank to effect a transaction. ‘Tariff Annexure’ means an annexure detailing the charges applicable for the services offered on the Card. These charges are subject to changes at the sole discretion of ICICI Bank. However normally such changes in charges may be made only with prospective effect giving prior notice of 1 month to the Cardholder. “Valid Charge” means a charge incurred by the Cardholder for purchases of goods or services on the Card and any other charge as may be included by ICICI Bank from time to time for the purpose of this Reward Program.
2. INTERPRETATION:
a) All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation". b) Words importing any gender include the other gender. c) Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force. d) All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of the Terms. e) References to VISA/MASTERCARD regulations pertain to the guidelines issued by VISA/MASTERCARD to all the member banks of its network. f) The rules of interpretation as set out in the General Clauses Act shall, unless it is repugnant to the subject or context thereof, apply to the Terms as if incorporated herein.
3. APPLICABILITY OF TERMS:
The Terms form the contract between the Cardholder and ICICI Bank. The Cardholder shall be deemed to have unconditionally agreed to and accepted the Terms by signing the Card application form, or acknowledging receipt of the Card in writing, or by signing on the reverse of the Card, or by performing a transaction with the Card or by requesting POS activation of the Card or activation through ATM or by requesting through ICICI Bank's 24-Hour Customer Care Center or after 10 days have elapsed since the Card was dispatched to his address on record. The Terms will be in addition to and not in derogation of the terms and conditions relating to the Account of the Cardholder. The Cardholders availing of any services / facilities including but not limited to enquiry on transactions, Statement details through ICICI Bank 24-Hour Customer Care Center, ICICI Bank internet banking and/or any other channels, shall at all times continue be bound by the terms and conditions stipulated by ICICI Bank from time to time for such services / facilities.
4. BENEFITS OF CARD:
The Cardholder can access cash at the ATM/ at ICICI Bank branch, make payments at Merchant Establishments, ascertain information about his Account balance through the use of the Card at ATMs/ICICI Bank 24 Hour Customer Care/ Infinity /Corporate Internet Banking / by using Corporate Care Services or otherwise, place request for renewal of the fixed deposit held with ICICI Bank, or any such services as specified by ICICI Bank from time to time. The Cardholders availing of any such services through the use of the Card shall be bound by the terms and conditions stipulated by ICICI Bank, and as amended from time to time, with respect to such services. The Card is valid for use at ATMs and Merchant Establishments in India and abroad. However, the Card is not valid for payment in foreign exchange at Merchant Establishments in India, Nepal and Bhutan. The Card is valid up to the last day of the month indicated on the Card. Upon occurrence of the Transaction, the Account linked with the Card shall be instantaneously debited by ICICI Bank.
5. PERSONAL IDENTIFICATION NUMBER:
To enable the Cardholder to use the Card, a Personal Identification Number (PIN) will be issued to him in the first instance. The PIN shall be mailed to him and the Cardholder shall ensure that the same is received in a sealed envelope. This PIN may subsequently, be changed by the Cardholder, at his own risk, at any ICICI Bank ATM or at designated ICICI Bank branches or at the ICICI Bank 24-Hour Customer Care Center. The Cardholder acknowledges, represents and warrants that the PIN issued to it provides access to the Account and that the Cardholder accepts the sole responsibility for use, confidentiality and protection of the PIN, as well as for all orders and information changes entered in to the Account using such PIN. The Cardholder shall not record the PIN in any form so as to facilitate PIN coming to knowledge of a third party. The Cardholder grants express authority to ICICI Bank for carrying out transactions and instructions authenticated by the PIN and shall not revoke the same. ICICI Bank has no obligation to verify the authenticity of the transaction instruction sent or purported to have been sent from the Cardholder other than by means of verification of the Cardholder's PIN. The Cardholder shall at all times take all appropriate steps as mentioned in the Terms to maintain the security of the PIN. ICICI Bank may, in its absolute discretion issue a new PIN on the existing Card. Subject to the provisions stated herein and as specified by ICICI Bank from time to time, the Cardholder will not hold ICICI Bank liable in case of any improper/ fraudulent/unauthorized/ duplicate/erroneous use of the Card and/or the PIN. ICICI Bank will also not be liable for any consequences connected with the use/ misuse of the Card by any third party due to the Card falling in the hands of any third party or the PIN coming to the knowledge of any third party. If any third parties gain access to the services, including the Account, the Cardholder will be responsible and shall indemnify ICICI Bank against any liability, costs or damages arising out of such misuse / use by third parties based upon or relating to such access and use or otherwise.
6. LOST OR STOLEN CARDS:
If a Card is lost or stolen, the Cardholder must file a report with the local police and send a copy of the same to ICICI Bank. The Cardholder may report a Card loss over the telephone to any of ICICI Bank's 24-Hour Customer Care Centers or by way of written communication or by fax to his branch of ICICI Bank or such other mode as may be acceptable to ICICI Bank. ICICI Bank upon adequate verification will temporarily suspend the Card, and will subsequently hot list/cancel the Card during working hours on a working day of ICICI Bank following the receipt of such intimation. If the Cardholder loses his Card overseas, he may either follow the above procedure or may report the loss through the VISA/MASTERCARD Global Emergency Assistance help lines; the charges for the usage of such services shall be borne by the Cardholder. The Cardholder is responsible for the security of the Card and shall take all steps towards ensuring the safekeeping thereof. Subject to Clause 10 of the Terms, the Cardholder will be liable for all charges incurred on the Card until the Card is hot listed/ cancelled. Further, in the event ICICI Bank determines that the aforementioned steps are not complied with, financial liability on the lost or stolen Card would rest with the Cardholder The Cardholder shall take cognizance of the fact that once a Card is reported lost, stolen or damaged and is subsequently found, the same shall be promptly cut in half, returned to ICICI Bank and adequate care taken to prevent its misuse.
7. SURRENDER/REPLACEMENT OF CARD:
The Card issued to the Cardholder shall remain the property of ICICI Bank and will be surrendered to ICICI Bank, on request. The Cardholder shall return the Card to ICICI Bank for cancellation in the event the Cardholder no longer requires the services or if the services are withdrawn by ICICI Bank for any reason whatsoever. ICICI Bank, may, in its absolute discretion issue a replacement Card along with a new PIN to the Cardholders, including for any loss/ stolen Card.
8. TERMINATION:
The Cardholder may discontinue/ terminate the Card anytime by a written notice to ICICI Bank accompanied by the return of the Card cut into two pieces diagonally. The Cardholder shall be liable for all charges incurred, up to the receipt of the written notice duly acknowledged by ICICI Bank. ICICI Bank may at any time, with or without notice, as to the circumstances in ICICI Bank's absolute discretion require, terminate the Card.
9. USAGE GUIDELINES:
The Cardholder shall at all times ensure that the Card is kept at a safe place and shall under no circumstances whatsoever allow the Card to be used by any other individual. The Cardholder will sign the Card immediately upon receipt. The Cardholder must change the PIN assigned by ICICI Bank after the first usage and choose another PIN as a safety measure for secured usage of the Card. The Cardholder will be responsible for all facilities granted by ICICI Bank and for all related charges and shall act in good faith in relation to all dealings with the Card and ICICI Bank. ICICI Bank reserves the right to change the types of Transactions supported by the Card subject to a notice being given to the Cardholder in accordance with Clause 24. The Cardholder shall notify ICICI Bank immediately of any error or irregularity in maintaining the Account/ Card by ICICI Bank at any ICICI Bank's 24-Hour Customer Care Centers or by way of written communication or by fax to his branch of ICICI Bank or such other mode as may be acceptable to ICICI Bank. International Debit Cards can be used only for permissible current account transactions under the Foreign Exchange Management Act (FEMA), 1999 (and/or any other applicable laws) and the item-wise limits as mentioned in the Schedules to the Government of India Notification No.G.S.R. 381(E) dated May 3, 2000, as amended from time to time, are equally applicable to payments made through use of these Cards. International Debit Cards can be used on Internet for any purpose for which exchange can be purchased from an authorized dealer in India. International Debit Cards cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, and payment for call-back services etc. or any illegal activities; no withdrawal of foreign exchange is permitted for such items /activities.
10. LIABILITY IN CASE OF UNAUTHORIZED TRANSACTIONS
If a Card is lost or stolen or in case of any unauthorized transaction, the Card Member must immediately report the loss/theft to any of ICICI Bank’s 24hour Customer Care Center or by way of written communication or by fax to his branch of ICICI Bank or such other mode as may be acceptable to ICICI Bank. The liability of the Cardholder for disputed, unauthorized Transactions (except ATM cash disbursements) shall be limited to zero provided the Cardholder notifies ICICI Bank in writing immediately of such disputed, unauthorized Transactions and the Cardholder is not, in the opinion of ICICI Bank, guilty of negligence, fraud or collusion. Provided, however, the liability of the Cardholder in respect of disputed, unauthorized Transactions carried out under loss or stolen Cards shall be limited to zero only if such disputed, unauthorized Transactions have been done within a period of 30 days prior to the date of such written notification to ICICI Bank. ICICI Bank shall provide provisional credit to the Account, within a period of seven working days (of ICICI Bank) of such notification, in respect of such disputed, unauthorized Transactions, provided copy of Police complaint or FIR is submitted to ICICI Bank along with the written notification. However, ICICI Bank may, at its sole discretion: (i) withhold providing provisional credit, if ICICI Bank, in its sole discretion, determines that investigations are required, including those for the disputed, unauthorized Transactions and/or merchant types and /or if the prior account history of the Cardholder is unsatisfactory and/or if the nature of disputed, unauthorized Transactions justifies the delay in crediting the Account; (ii) increase the amount of the Cardholder’s liability for such disputed, unauthorized Transactions if ICICI Bank, in its sole opinion, determines, based on available evidence (provided by the Cardholder or otherwise), that the Cardholder was grossly negligent or fraudulent in the handling of the Account or the Card (including protecting the Card, or Account or PIN, and reporting the loss or unauthorized Transactions). The responsibility of ICICI Bank for the non-execution or defective execution of the transaction is limited to the principal sum and the loss of interest subject to the provisions of the law governing the terms.
11. MULTIPLE ACCOUNTS
The Cardholder agrees that in case he has multiple accounts with ICICI Bank, ICICI Bank will decide the number of accounts, which will have the Card facility on them. In case of Cards linked to multiple Accounts, fast cash Transactions on ICICI Bank ATMs, all Transactions done on Shared Network ATMs and POS Terminal Transactions carried out with the Card will be affected only on the Primary Account. ICICI Bank will debit the Accounts linked to the Card for the value of all purchases of goods or services, cash, fees, charges and payments payable by the use of the Card. All Transactions will be reflected in the Account Statement of the Account(s), which are linked to the Card.
12. STATEMENTS AND RECORDS
The Cardholder can get a verbal or written history of his Transactions by calling the ICICI Bank 24-Hour Customer Care Center. The Cardholder can also check the transaction records from the Account Statement available online at ICICI Bank’s website and last 10 transactions on ICICI Bank ATM. The Cardholder will inform ICICI Bank in writing within 15 days, if any irregularities or discrepancies exist in the transactions/ particulars of the Account on any Account Statement that is made available to the Cardholder. If ICICI Bank does not receive any information to the contrary within 15 days ICICI Bank may assume that the Account Statement and the transactions are correct. To ensure the Cardholder's interests, ICICI Bank may record on camera or on videotape, at its own discretion the access to and the presence of any person while availing the use of the Card facilities. All records maintained by ICICI Bank, in electronic or documentary form of the instructions of the Cardholder and such other details (including but not limited to payments made or received) pursuant to the Terms, and all camera/video recordings made as mentioned above shall as against the Cardholder, be deemed to be conclusive evidence of such instructions and such other details.
13. ATM USAGE:
The Card can be used at the ATM locations with the help of the confidential PIN. All Transactions conducted with use of the PIN will be the Cardholder's responsibility. The Cardholder agrees that he will be allowed to withdraw only a certain amount of cash per transaction per day as determined by ICICI Bank irrespective of the credit balance in the Account(s). This amount will be announced from time to time. Any attempt to violate this limit may lead to withdrawing of his Card facility. When the Cardholder completes a transaction through an ATM he can opt to receive a printed transaction record i.e. the transaction slip/ ATM receipt. The amount of available funds is shown on this ATM receipt when the Cardholder uses his Card. The Cardholder is advised to retain the record of Transactions generated by the ATM with him. The Cardholder agrees not to attempt to withdraw using the Card unless sufficient funds are available in the Account. The onus of ensuring adequate Account balances is entirely on the Cardholder.
14. MERCHANT LOCATION USAGE:
The Card is acceptable at all Merchant Establishments in India and abroad which display the logos of ICICI Bank/VISA/MASTERCARD and/or such other agencies recognized by ICICI Bank and which have a POS terminal. The Card is for electronic use only as in the case of the charge slip/ sales slip printed electronically from the POS terminal. The Cardholder must sign a sales slip whenever the Card is used at a Merchant Establishment and should retain his copy. The Bank at an additional charge may furnish copies of the sales slip. Any sales slip not personally signed by the Cardholder, but which can be proved as being authorized by the Cardholder will be his liability. The Card is operable with the help of the Cardholder's signature or the PIN at POS terminals installed at Merchant locations depending on the functionality of the POS Terminal. The Bank will not accept responsibility for any dealings, which the Cardholder may have with the Merchant including but not limited to the supply of goods and services. In the event the Cardholder has any complaints concerning any Merchant Establishment, the Cardholder with the Merchant Establishment should resolve the matter and failure to do so will not relieve him from any obligations to ICICI Bank. However, the Cardholder should notify ICICI Bank of this complaint immediately.ICICI Bank accepts no responsibility for any surcharge levied by any Merchant Establishment and debited to the Account linked with the Card with the Transaction amount. Any charge or other payment requisition received from a Merchant Establishment by ICICI Bank for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Merchant Establishment for the amount and by the Cardholder using the Card referred to in that charge or other requisition, except where the Card has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Cardholder. In case a Cardholder wishes to cancel a completed transaction due to an error or on account of merchandise return, the Merchant must cancel the earlier sales slip and the Cardholder must retain a copy of the cancelled sales slip. In the event of reversal/refund of debits due to such Transactions charge slip / sales slip needs to be produced by the Cardholder, if called for. The Card is not to be used at hotels during check-in and also at other locations where paying arrangement is done before completion of the purchase transaction or service.
15. REWARD PROGRAM
Under the Reward Program, ICICI Bank shall award Reward Points for Valid Charges incurred by the Cardholders on the Card. ICICI Bank shall also at its sole discretion award additional Reward Points to the Cardholder. ICICI Bank Reward Points, as earned by the Cardholder, shall be indicated in the account statement sent to the Cardholder from time to time. It is to be noted that Reward Program shall not be applicable to partnership concerns or company (ies) holding an Account with ICICI Bank. The Reward Points can be redeemed by the Cardholder only upon the Cardholder becoming an i-mint member and by use of the i-mint Card against the item(s) available in the I-mint reward catalogue as may be communicated by LSRL to the I-mint Members. For details in order to become an i-mint card member, the Cardholder may visit the i-mint website at “www.imintpoints.com”. In addition to these terms and conditions, the Cardholders shall also be governed by the terms pertaining to I-mint Card issued by LSRL.On redemption, the Rewards Points so redeemed will automatically stand reduced from the accumulated Reward Points in the Card-Account. Computation of the Reward Points shall be final, conclusive and binding on the Cardholder and will not be liable to any dispute or questioning. Any tax (es) or charges payable to the Government or any other authority or body or any participating establishment which may arise or accrue to the Cardholder by redemption as aforesaid or otherwise as a result of this Reward Program, shall be to the sole account of the Cardholder.ICICI Bank expressly reserves the right, at any time and without prior notice to the Cardholders, to add to and /or alter, modify, change or vary all or in part, this Reward Program, or withdraw it altogether. Nothing contained in this Reward Program shall be construed as a binding obligation upon ICICI Bank or any participating establishment to continue the Reward Program in the event of the termination of the Reward Program or otherwise.This Reward Program is voluntary and it is understood that a Cardholder in the normal course of Card usage voluntarily incurs all charges. Disputes, if any, arising out of or in connection with, or as a result of this Reward Program or otherwise shall be subject to the exclusive jurisdiction of the competent courts/tribunals in Mumbai only. Further, disputes pertaining to I-mint Card and/ or Reward Points redemption shall be resolved directly by the Cardholders with LSRL, without involving ICICI Bank in any manner whatsoever and ICICI Bank shall not be liable for any such dispute that may arise between the Cardholder and LSRL. ICICI Bank reserves the right to nullify the Reward Points in case of ICICI Bank induced closure of the Account or the termination / cancellation of the Card.
16. GLOBAL CARDHOLDER ASSISTANCE SERVICES (VISA/MASTERCARD) GLOBAL EMERGENCY ASSISTANCE HELPLINES)
The multi-lingual VISA/MASTERCARD Emergency Assistance Services Programme offers worldwide emergency referral assistance to VISA/MASTERCARD Cardholders when traveling overseas. These include a wide range of legal, medical and other services. The communications and arrangements of services of the emergency assistance programme are provided by a third-party service provider and are paid for by VISA/MASTERCARD International and the Cardholder is responsible for the cost of any and all medical, legal or other services used. Assistance is provided on a best effort basis and may not be available due to problems of time, distance or locations. The medical and/or legal professionals suggested and/or designated by VISA/MASTERCARD International are not employees of VISA/MASTERCARD International and, therefore, they are not responsible for the availability, use, acts, omissions or results of any medical, legal or transportation service. The Bank does not accept any responsibility for the arrangement or the use of such services.
17. EXCLUSION FROM LIABILITY
In consideration of Bank providing the Cardholder with the facility of Card, the Cardholder hereby agrees to indemnify and keep ICICI Bank and /or its employees indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which ICICI Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of providing the Cardholder the said facility of the Card or by reason of ICICI Bank's acting in good faith and taking or refusing to take or omitting to take action on the Cardholder's instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Cardholder; breach or noncompliance of the Terms and the terms and conditions pertaining to the Account and/or fraud or dishonesty relating to any Transaction by the Cardholder or his employee or agents. The Cardholder shall indemnify and hold harmless ICICI Bank from any and all consequences arising from the Cardholder not complying with the Exchange Control Regulations of the RBI, breach of Foreign Exchange Management Act (FEMA) and the rules and regulations made there under and/or any other Act/Authority. The Cardholder agrees to indemnify ICICI Bank for any machine/ mechanical error/failure. The Cardholder shall also indemnify ICICI Bank fully against any loss on account of misplacement by the courier or loss-in-transit of the Card/PIN. Without prejudice to the foregoing, ICICI Bank shall be under no liability whatsoever to the Cardholder in respect of any loss or damage arising directly or indirectly out of: Any defect in quality of goods or services supplied. The refusal of any person to honor to accept a Card. The malfunction of any computer terminal/ system not within ICICI Bank’s control. Effecting Transaction instructions other than by a Cardholder. Handing over of the Card by the Cardholder to anybody other than the designated employees of ICICI Bank at ICICI Bank's premises. The exercise by ICICI Bank of its right to demand and procure the surrender of the Card prior to the expiry date exposed on its face, whether such demand and surrender is made and/or procured by ICICI Bank The exercise by ICICI Bank of its right to terminate any Card. Any injury to the credit, character and reputation of the Cardholder alleged to have been caused by the re-possession of the Card and/or, any request for its return or the refusal of any Merchant Establishment to honor or accept the Card. Any misstatement, misrepresentation, error or omission in any details disclosed by ICICI Bank except as otherwise required by law, if ICICI Bank receives any process, summons, order, injunction, execution distrait, levy lien, information or notice which ICICI Bank in good faith believes/ calls into question the Cardholder's ability, or the ability of someone purporting to be authorized by the Cardholder, to transact on the Card, ICICI Bank may, at its option and without liability to the Cardholder or such other person, decline to allow the Cardholder to obtain any portion of his funds, or may pay such funds over to an appropriate authority and take any other steps required by applicable law. ICICI Bank reserves the right to deduct from the Cardholder's Account a reasonable service charge and any expenses it incurs, including without limitation reasonable legal fees, due to legal action involving the Cardholder's Card. Any statement made by any person requesting the return of the Card or any act performed by any person in conjunction; In the event a demand or claim for settlement of outstanding dues from the Cardholder is made, either by ICICI Bank or any person acting on behalf of ICICI Bank, the Cardholder agrees and acknowledges that such demand or claim shall not amount to be an act of defamation or an act prejudicial to or reflecting upon the character of the Cardholder, in any manner. Any loss caused by a technical breakdown of the payment system if the breakdown of the system was recognizable for the Cardholder by a message on the display of the device or otherwise known.
18. ADDITION/WITHDRAWAL OF FACILITIES:
ICICI Bank may, at its discretion, make available to the Cardholder more services on the Card, ATMs, POS Terminals, Internet or otherwise and/or other devices through Shared Networks for the Cardholder's convenience and use. All fees and charges related to Transactions done by the Cardholder at these devices, as determined by ICICI Bank from time to time will be recovered by a debit to the Account linked with the Card. The Cardholder understands and agrees that the Shared Networks may provide different functionalities and service offerings and different charges for different services. ICICI Bank shall also, in its sole discretion, at any time, without notice to the Cardholder, be entitled to withdraw, discontinue, cancel, suspend/or terminate the facility to use the Card and/or services related to it, at ATMs / POS Terminal/Internet / other devices within/outside India and shall not be liable to the Cardholder for any loss or damage suffered by him resulting in any way from such suspension or termination.
19. DISCLOSURES:
The Cardholder hereby agrees that in case the Cardholder commits a default in payment or repayment of any amount due on the Card, ICICI Bank and/or the Reserve Bank of India (RBI) will have an unqualified right to disclose or publish the details of the default including the name of the Cardholder and/or its directors/partners/ co-applicants, as applicable, as defaulters in such manner and through such media as ICICI Bank or RBI in their absolute discretion may think fit. The Cardholder hereby authorizes ICICI Bank to exchange, share or part with all the information relating to the Cardholder's details and repayment history information and all information pertaining to and contained in the Terms or as expressed in the application made for the Card to its Affiliates/ banks / financial institutions/ credit bureaus / agencies / statutory bodies as may be required and undertakes not to hold ICICI Bank/its Affiliates/the other group companies of ICICI Bank Group and their agents liable for use of the aforesaid information.
20. FEES AND CHARGES:
The annual fees for the Card will be debited to the Primary Account linked with the Card on application/renewal at the Bank's prevailing rate. The fees are not refundable. The Cardholder shall maintain at all times such minimum balance in the Account, as ICICI Bank may stipulate from time to time. ICICI Bank reserves the right at any time to charge the Cardholder for the issue or reissue of a Card and/or any fees/charges for the transactions carried out by the Cardholder on the Card. Any government charges, duty or debits, or tax payable as a result of the use of the Card shall be the Cardholder's responsibility and if imposed upon ICICI Bank (either directly or indirectly), ICICI Bank shall debit such charges, duty or tax against the Account. In addition, operators of Shared Networks may impose an additional charge for each use of their ATM/ POS Terminal/other device, and any such charge along with other applicable fees/charges will be deducted from the Cardholder's Account. There will be separate service charges levied for such facilities as may be announced by the Bank from time to time and deducted from the Cardholder's Account. In the situation that the Account does not have sufficient funds to deduct such fees, the Bank reserves the right to deny any further Transactions. In case of Accounts classified as overdrawn Accounts, the Cardholder will have to rectify the Account balance position immediately. In every such situation where the Account gets overdrawn, a flat charge could be levied in addition to the interest to be charged on the debit balance in the Account. This charge will be determined by the Bank and will be announced from time to time. In the event of an Account being overdrawn due to Card Transactions, the Bank reserves the right to setoff this amount against any credit lying from any of the Cardholder's other Accounts held jointly or singly without giving any notice. Nothing in the Terms shall affect the Bank's right of setoff, transfer and application of monies at law or pursuant to any other agreement from time to time subsisting between the Bank and Cardholder. The Cardholder also authorizes ICICI Bank to deduct from his Account, and indemnifies ICICI Bank against any expenses it may incur in collecting money owed to it by the Cardholder in connection with the Card. (including without limitation reasonable legal fees). ICICI Bank may, at its discretion levy penal charges for non- maintenance of the minimum balance. In addition to the minimum balance stipulation ICICI Bank may levy service and other charges for use of the Card, which will be notified to the Cardholder from time to time. In the case of transactions entered into by the Cardholder through his internationally valid Debit Card, the equivalent in the currency in which the Cardholder's Account is held, along with processing charges, conversion charges, fees if any charged as per VISA/MASTERCARD regulations, any other service charges for such transactions shall be debited to the Account linked with the Card held at ICICI Bank in India. The Cardholder authorizes ICICI Bank to recover all charges related to the Card as determined by ICICI Bank from time to time by debiting the Account linked with the Card. Details of the applicable fees and charges as stipulated by ICICI Bank will be displayed on the website and / or at the branches. Please refer Annexure III for details on the tariff applicable as on date.
21. DISPUTES:
ICICI Bank accepts no responsibility for refusal by any Merchant Establishment to accept and/or honor the Card. In case of dispute pertaining to a Transaction with a Merchant Establishment a charge/sales lip with the signature of the Cardholder together with the Card number noted thereon shall be conclusive evidence as between ICICI Bank and the Cardholder as to the extent of liability incurred by the Cardholder and ICICI Bank shall not be required to ensure that the Cardholder has duly received the goods purchased/to be purchased or has duly received the service availed/to be availed to the Cardholder's satisfaction. In case the Cardholder has any dispute in respect of any charge indicated in the Account Statement, the Cardholder shall advise details to ICICI Bank within 15 days of the Account Statement date failing which it will be construed that all charges are acceptable and in order. ICICI Bank may at its sole discretion accept any disputes on charges older than 15 days. ICICI Bank shall make bonafide and reasonable efforts to resolve an aggrieved Cardholder's disagreement with the applicable charge indicated in the Account Statement within two months of receipt of the notice of disagreement. If after such effort ICICI Bank determines that the charge indicated is correct then it shall communicate the same to the Cardholder along with details including a copy of the Sales Slip or payment requisition. Any dispute in respect of a Shared Network ATM Transaction will be resolved as per VISA/MASTERCARD regulations. ICICI Bank does not accept responsibility for any dealings the Cardholder may have with Shared Networks. In the event the Cardholder has any complaints concerning any Shared Network ATM, the Cardholder with the Shared Network should resolve the matter, and failure to do so will not relieve him from any obligations to ICICI Bank. However, the Cardholder should notify ICICI Bank of the complaint immediately.
22. QUALITY OF GOODS AND SERVICES:
ICICI Bank shall not in any way be responsible for merchandise, merchandise warranty or services purchased, or availed of by the Cardholder from Merchant Establishments, including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods by the Cardholder. It must be distinctly understood that the Debit Card is purely a facility to the Cardholder to purchase goods and/or avail of services, ICICI Bank holds out no warranty or makes no representation about quality, delivery or otherwise of the merchandise. The Card Member with the Merchant Establishment must resolve any dispute or claim regarding the merchandise. The existence of the claim or dispute shall not relieve the Card Member of his/her obligation to pay all the Charges due to ICICI Bank and the Card Member agrees to pay promptly such charges.
23. GOVERNING LAW AND JURISDICTION:
ICICI Bank and Cardholder agree that any legal action or proceedings arising out of Terms shall be brought in the courts or tribunals at Mumbai in India and irrevocably submitting themselves to the jurisdiction of that court or tribunal. ICICI Bank may, however, in its absolute discretion commence any legal or proceedings arising out of these Terms and Conditions in any other court, tribunal or other appropriate forum, and the Cardholder hereby consents to the jurisdiction. These Terms shall be governed by and construed in accordance with the laws of India.
24. NOTIFICATION OF CHANGES:
ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms, features and benefits offered on the Card including, without limitation to, changes which affect interest charges or rates and methods of calculation at any time. The Cardholder shall be liable for all charges incurred and all other obligations under these revised Terms until all amounts under the Card are repaid in full. ICICI Bank may communicate the amended Terms by hosting the same on the ICICI Bank’s website or in any other manner as decided by ICICI Bank from time to time. The Customer shall be responsible for regularly reviewing these Terms and Conditions including amendments thereto as may be posted on ICICI Bank’s website. In the event the Cardholder, as a consequence of the change in the Terms, desires to discontinue the Card he may do so within a period of two months from the date of communication/ uploading of the amended Terms on the ICICI Bank’s website. However, he shall be deemed to have accepted the amended Terms by continuing to use the Card post notification of such amended Terms. . Any change in the Terms and Conditions shall be communicated to the Card Member, in the manner as aforesaid, one month prior to the date of their implementation.
25. INSURANCE BENEFIT:
The Cardholder may, under the Card, be offered various insurance benefits from time to time by ICICI Bank through a tie-up with an insurance company, The Cardholder specifically acknowledges that he shall not hold ICICI Bank responsible for any matter arising out of or in conjunction with such insurance cover, whether for or in respect of any deficiency or defect in such insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise howsoever, and all such matters shall be addressed to and sorted out directly with the insurance company. The insurance company will be solely liable for settlement of the claim. Further, the Cardholder also agrees that ICICI Bank may at any time (in its sole discretion and without giving any notice thereof to the Cardholder or assigning any reason thereof) suspend, withdraw or cancel the benefit of such insurance cover, and there will be no binding obligation on ICICI Bank to continue this benefit.
26. ADDITIONAL TERMS AND CONDITIONS
In addition to the terms and conditions set out herein, the Cardholder shall also comply with the terms and conditions set out in Annexure I in relation to the Card issued by ICICI Bank for savings account and in Annexure II in relation to the Card issued by ICICI Bank for current account. To the extent of any inconsistency, the terms and conditions set out in Annexure I and / or Annexure II will prevail for all purposes and intents.
ANNEXURE I
DEBIT CARD FOR SAVINGS ACCOUNT
These additional terms and conditions apply to and regulate the issuance and usage of debit card offered to savings account holder (“Terms for Debit Card for Savings Account).
INTERNET WEBSITE USAGE:
The Card can be used by the Cardholder (unless otherwise intimated by ICICI Bank) at all Internet Websites in India and abroad which display the logos of the Bank/VISA/MasterCard and which have the facility of offering goods or services for purchase through the Internet. The amount of the transaction is debited from the account linked to the Card immediately. The Card is operable with the help of the Card Number, CVV2 security digits and grid values printed at the back of the Card on Internet websites. The Bank will not accept responsibility for any dealings, the Cardholder may have through Internet Website, including but not limited to the supply of goods and services. Should the Cardholder have any complaints concerning any transaction placed through Internet Website, the matter should be resolved by the Cardholder with the Merchant and failure to do so will not relieve him from any obligations to the Bank. However, the Cardholder should notify the Bank of this complaint immediately. The Bank accepts no responsibility for any surcharge levied by any Internet Website and the same being debited to the Cardholder's Account with the Transaction amount. Any charge or other payment requisition received from an Internet Website by the Bank for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Internet Website by the Cardholder, except where the Card has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Cardholder. In case a Cardholder wishes to cancel a completed transaction due to an error or on account of merchandise return, the earlier transaction must be cancelled at the Internet Website and an electronic copy of the cancelled receipt must be retained in the Cardholder's possession. Reversal/refund of debits due to such transactions will be processed manually and the electronic copy of the cancelled receipt needs to be produced by the Cardholder, if called for. The Card is not to be used at hotels during check-in and also at other locations where paying arrangement is done before completion of the purchase transaction or service. The Card should not be used for any mail order/phone order purchases and any such usage will be considered as unauthorized and the Cardholder shall be solely responsible for such usage. In addition to these terms and conditions, Cardholder agrees to abide by Internet Banking Terms and Conditions also. The Terms shall be in addition to and not in derogation of the terms and conditions relating to savings account of the Cardholder.
ANNEXURE II
DEBIT CARD FOR CURRENT ACCOUNT
CORPORATE CARE AND CORPORATE INTERNET BANKING
Corporate Internet Banking: The Cardholder agrees that the Cardholder will need to use the Login id and Password (“Login Id” and “Password” refers to the 16 digit debit card number and the four digit PIN) issued to the Cardholder to access the Corporate Internet Banking website. The Cardholder can use the Card for viewing information/ transactions of the Account(s). The Cardholder agrees that he shall comply with the terms and conditions for the usage of the Corporate Internet Banking.
Corporate Care Services: The Cardholder can use the Login id and Password to access the Corporate Care Services. The Cardholder agrees that the Card will be used to access ICICI Bank's Corporate Care Services for seeking the Account related information and performing transactions. The Cardholder agrees that he shall be able to perform transactions through the Corporate Care Services only on acceptance of the application for the said Service by ICICI Bank and subject to the terms and conditions for the Corporate Care Service. By availing the Corporate Care Services and the Corporate Internet Banking Services, the Cardholder shall be governed by the respective terms and conditions pertaining to the said services, which terms and conditions shall be in addition to and not in derogation of the Terms and the terms and conditions relating to current account of the Cardholder. Inquiry Card The expression “Card” for the purposes of Account shall include Inquiry card issued to the authorized signatories of the Account who may/may not have applied for Cards or Corporate Care Services specifically. Inquiry card is issued by ICICI Bank for the purpose of providing view access to the Account information at ATM, Corporate Internet Banking and Corporate Care Services and cannot be used for performing any transactions including ATM and POS transactions. However, the authorized signatories may apply to ICICI Bank requesting for upgradation of the Inquiry card so as to include transaction access. ICICI Bank shall at its sole discretion decide whether it should provide the said Cardholder with transaction access on the Inquiry card. Upon receiving such request and the required documents to its satisfaction, ICICI Bank may provide with a transaction/usage limit, to the extent it may deem fit, on the Inquiry card.
ANNEXURE III
Applicable tariff to be changed from time to time
Enrolment Fee
Nil
Card Replacement Fee
Rs.200
ATM withdrawal charges from non-ICICI Bank ATM
Rs.60
Balance enquiry charges from non-ICICI Bank ATM
Rs.25
ATM withdrawal charges from ATMs outside India
Rs.107
Balance enquiry charges from ATMs outside India
Rs.25
Surcharge & service tax as applicable
The charges for using the ATMs of the other banks in the National Financial Switch (NFS) network is Rs. 20/- for a cash withdrawal and Rs. 10/- for a balance enquiry transaction, plus service tax at 12.36% of the charge amount. For details of banks in this network, please refer to www.icicibank.com.
Wednesday, August 8, 2007
Monday, August 6, 2007
Terms and conditions for the issue and use of ICICI Bank ATM cards
Meaning of certain terms :
The term "Bank" refers to "ICICI Bank Ltd." "ATM" refers to the Automated Teller Machines installed by the Bank "Card holder" refers to an account who has been issued an ICICI Bank ATM Card.
ICICI Bank ATM Card Issuance :
An account holder may be issued an ICICI Bank ATM Card by the bank at its discretion, if he/she has satisfactorily conducted savings and/or current account and/or any other type of account so designated by the Bank to be eligible account(s) for operations through the use ICICI Bank ATM Card. The account holder shall give his/her preference of such account(s) held by him in writing in the Relationship form for issue of ICICI Bank ATM Card. A Minor's account or an account in which a minor is a joint account holder, is not eligible for issuance of ICICI Bank ATM Card.
There may be more than one such account in which case one account shall be designated as " Primary Account", and the others as "Secondary Account 1" and " Secondary Account 2" at the option of the Cardholder.
ICICI Bank ATM Card :
ICICI Bank ATM Card shall be issued to an approved account holder in respect of his account to enable him to operate the ATM.
ATM-Facilities:
The facilities offered under ATM facility will include withdrawal of cash by the Cardholder from his account up to a stipulated amount limit only during a cycle of 24 hours deposit of cash and cheques in the account enquiry about the balance in the account(s), cash/cheque deposits requisition for a statement of account, request for changed PIN number, request for issue of cheque-books, request for transfer of amount from the Primary Account to the Secondary Account(s) or vice-versa and such other facilities as the Bank may decide to provide, from time to time.
Minimum Balance in Primary Account :
The Cardholder shall maintain, at all times, such minimum balance in his account, as the Bank may decide from time to time and the Bank may at its discretion levy such penal or service charges as per the Bank's rules from time to time, or withdraw the ATM facility, if at any time the amount of deposit falls short of the required minimum as aforesaid, without giving any further notice to the Cardholder(s) and/or without incurring any liability or responsibility whatsoever by reason of such withdrawal.
Fees: Currently, the ATM card is issued free of cost to customers. Also no charges are levied for transactions made through the ATM. However, the Bank reserves the right to charge fees for the ATM facilities in future with prior intimation to customers.
Bank's Lien :
The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Cardholder's Primary Account and/or, Secondary Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the ICICI Bank ATM card services extended to and / or used by the Cardholder
(i) The Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any accounts of the Cardholder/s, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/ under the control of The Bank and/or its group companies (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Cardholder/s in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any of The Bank's or its group companies’ services extended to and/or used by the Cardholder/s and/or as a result of any other facilities that may be granted by The Bank and/or its group companies to the Cardholder/s. The Bank and/ or its group companies are entitled without any notice to the Cardholder/s to settle any indebtedness whatsoever owed by the Cardholder/s to The Bank and/or its group companies, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Cardholder/s with The Bank and/or its group companies notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness.
The Bank's and its group companies’ rights hereunder shall not be affected by the Cardholder/s’ bankruptcy, death or winding-up. It shall be the Cardholder/s’ sole responsibility and liability to settle all disputes/ objections with any such joint account holders. (ii) In addition to the above mentioned right or any other right which The Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, the Cardholder authorises the Bank: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Cardholder with or to any branch of The Bank and/or its group companies; (b) to sell any of the Cardholder/s’ securities or properties held by the Bank by way of public or private sale without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to The Bank and/or it group companies from the Cardholder/s, including costs and expenses in connection with such sale; and (c) in case of cross currency set-off, to convert an obligation in one currency to another currency at a rate determined at the sole discretion of The Bank and/or its group companies.
Multiple Cards :
In case of joint account(s) Either or Survivor /anyone or Survivor where more than one person has been issued ICICI Bank ATM Card, all the Card-holders put together, shall withdraw only upto the permissible limit allowed to single card account(s), within the cycle time of 24 hours.
Joint account :
In case of joint accounts where only one card is issued to a joint account holder, the other joint account holder(s) shall expressly agree with and give his/her consent on the application form for issue of ICICI Bank ATM card. In case any of the joint account holder(s) gives "stop payment stop transactions" instructions in respect of operations through the use of ICICI Bank ATM card, on any of the accounts held jointly by them, no operations will be allowed on such account(s) through the use of ICICI Bank ATM card. The "stop payment stop transactions" instruction can be given only in respect of such accounts in which he/she is a joint account holder.
Non-Transferability :
ICICI Bank ATM card is not transferable under any circumstance and shall be used only by the Cardholder.
Personal Identification Number :
Each Cardholder will be issued a sealed envelope containing a four digit number called Personal Identification number (PIN) to gain access to the ATM services. This number can be changed to any other convenient four digit number by the cardholder, at the ATM. The PIN shall under no circumstances be revealed to any third party. The Cardholder shall be solely responsible for the consequences arising out of the disclosure of his PIN and/or unauthorised use of ICICI Bank ATM card and shall be liable for any increased liability which he may incur on account of unauthorised use of the PIN and ICICI Bank ATM card. If the Cardholder forgets the PIN, he/she should make an application in writing for a fresh PIN. The selection of a new Personal Identification Number and/or the replacement of ICICI Bank ATM card shall not be construed as the commencement of a new contract.
Funds in the accounts:
The Cardholder should not use or attempt to use ICICI Bank ATM card without sufficient funds in the account he wants to operate through the card.
Loss/ Theft of Cards :
The Cardholder shall be responsible for the safe custody of ICICI Bank ATM card. In case of loss or theft of the ICICI Bank ATM card, the Cardholder shall advise any of our branches, preferably the ICICI Bank ATM card issuing branch as promptly as possible in writing, of the loss of ICICI Bank ATM card, however occuring. Cardholder shall however be responsible and liable for all transactions effected by the user of the Card until it is confiscated / cancelled. Another ICICI Bank ATM card will be issued to the Cardholder, in lieu of lost / stolen ICICI Bank ATM card, upon request in writing and payment of issue fee.
Authority to debit the account :
The Cardholder along with the joint account holder(s), if any, shall authorise the Bank to debit the account(s) with the amount of withdrawals, or transfers effected by the use of ICICI Bank ATM card, as per the Bank's records. The Bank's record for transactions processed by the ATM machine shall be binding on all the joint account holders, jointly and severally.
Deposits :
The amount of cash/cheque deposits shall be verified by two members of the Bank's staff, one of whom will be an officer. The amount verified by the Bank shall be deemed to be correct amount deposited by the Cardholder. The statement issued by the ATM at the time of deposit only represents what the Cardholder purports to have deposited and will not be binding on the Bank. If there are soiled, mutilated notes in such deposits, the acceptance of such deposits shall be subject to final acceptance and reimbursement by RBI as per the Note Refund Rules. Cheques will be accepted for collection only and the proceeds will not be available until they have been cleared. Deposits of foreign currency cash/cheques /soiled and mutilated notes or any other deposits which are unacceptable, shall be returned, at the Cardholders cost, risk and responsibility.
Responsibility for all transactions processed through the ATMs :
Operations through the ATM facility on the Cardholders account(s) can only be through the use of ICICI Bank ATM card on the machine. The Cardholder shall in all circumstances, accept full responsibility for all transactions processed by the use of his/ her ICICI Bank ATM card, whether or not processed with the Cardholder's knowledge or authority, express or implied. The printed output that is produced at the time of operation of the ATMs are a record of the operation of the ATMs and shall not be construed as the Bank's records. The Bank's records of transactions shall be accepted as conclusive and binding for all purpose.
Closure of account(s) :
If the Cardholder desires to close his account(s) or withdraw any ICICI Bank ATM card linked deposit, or even otherwise decides to terminate the use of the ICICI Bank ATM card facility, he shall give a written notice of at least two days and surrender ICICI Bank ATM card to the Bank. The Cardholder shall also pay dues, if any, payable to the Bank in connection with the ATM facility.
Change of terms and conditions :
The Bank has the absolute discretion to withdraw ICICI Bank ATM card, the service thereby provided, or amend or supplement any of the above terms and conditions at any time without prior notice to the Cardholder.
Honouring the Card :
The Bank shall in no circumstances be held liable to the Cardholder if ICICI Bank ATM card is not honoured in the desired manner for whatsoever reason, or if the ATM is destroyed or not functioning due to power failure, temporary insufficiency of cash in the ATM or any other reason. The Bank will not be liable for any consequential or indirect loss or damage arising therefrom.
Ownership of ICICI Bank ATM card:
ICICI Bank ATM card shall be the property of the Bank and will be surrendered to the Bank on request or in the event of the Cardholder no longer requiring the service. The Bank reserves the right to disclose, in strict confidence, to other institutions, such information concerning the Cardholder's account as may be necessary or appropriate in connection with its participation in any ATM or Electronic Fund Transfer Network.
Saturday, August 4, 2007
Terms and Conditions for Savings Account
These terms and conditions apply to and regulate the operation of the Savings Account (the “Account”) offered by ICICI Bank. These terms and conditions shall be in addition to any other terms as stipulated by ICICI Bank from time to time.
1. Definitions
In these terms and conditions, the following words and phrases have the meaning stated hereunder unless indicated otherwise:
1.1 “Account Opening Form” (AOF) refers to the relationship form for Savings Account.
1.2 "Customer" refers to any person holding an Account with ICICI Bank.
1.3 “Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
1.4 "Services" shall mean the services provided by ICICI Bank in connection with the Saving Account and more particularly described in these Terms.
1.5 "Website" refers to the website owned, established and maintained by ICICI Bank.
1.6 “ICICI Bank 24-Hour Customer Care Centre” refers to ICICI Bank - Phone Banking Service provided by ICICI Bank to the Customer.
Interpretation:
a. All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
b. Words importing any gender include the other gender.
c. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
d. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
e. Words “ICICI Bank”, “the Bank”, refer to ICICI Bank Limited having its registered office at Landmark, Race Course Circle, Vadodara 390007.
2. Applicability of Terms:
These terms and conditions form the contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for operation of the Account and availing of the related Services. By applying for opening the Account, the Customer acknowledges that he / she has /have read understood and accepted these terms and conditions.
3. Account Opening:
The account opening formalities are governed by the policies of ICICI Bank and may be revised from time to time. It may require customer/s to submit duly filled application form/s along with the prescribed set of documents stipulated including Permanent Account No. (PAN) or Form 60/61 from time to time, to the satisfaction of the Bank. The Account cannot be opened for business purposes.
In case the Account is opened with an account opening cheque, ICICI Bank reserves the right not to open/activate the Account in the event the account opening cheque is dishonored.
Any transactions undertaken from this account, shall be in compliance of all the FEMA rules, regulations or notifications thereunder.
4. Operating Accounts:
4.1 An Account may be opened in the names of: (i) An individual in his/her own name.(ii) Two or more persons in their joint names.
4.2 All the Accounts maintained in the name of an individual shall be operated singly by the individual or the Power of Attorney holder of such individual and in the case of joint accounts, by the account holders jointly, or by either of the joint-holder/s or as may be specified by the joint account holder/s in the opening form, or by their Power of Attorney holders and accepted by ICICI Bank in its discretion.
4.3 In case of joint Accounts, any change in operational instructions or any other information with regard to the Account Opening Form is to be given by all the joint account holders irrespective of the mode of operation.
4.4 ICICI Bank may send through courier or post from time to time to the mailing address furnished by the Customer, statements of account, balance confirmation certificate, cheque books, Debit cards, various PIN mailers and such other items relevant or pertaining to the Account. It is incumbent upon the Customer to intimate change in mailing address, if any, immediately. ICICI Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of change in mailing address .
4.5 The Customer is / are expected to examine the entries in the Account statement on receipt, and draw the attention of ICICI Bank to any errors or omissions that might be discovered. ICICI Bank does not accept any responsibility for any loss arising out of failure on the part of the Customer to carry out examination of entries in the passbook/statement and to point out such error and/or omission within fourteen (14) days from the date of the statement/ updation of passbook.
4.6 The Customer shall open the Account with a minimum balance as prescribed by ICICI Bank. The Customer shall be responsible for maintaining a minimum average balance (“QAB”) during a Quarter. Failure to maintain the prescribed QAB may attract service charges and such charges may be deducted by ICICI Bank from the Customer’s Account.
4.7 The Customers are expected to provide PAN No. or Form 60/61 or any other document as may be prescribed by tax authorities from time to time for opening the Account, acceptance of cash deposits etc. in accordance with the provisions of Rule 114B to 114D of the Income Tax Rules, 1962 and compliance thereof.
5. Cheque Book:
5.1 Cheque books will be couriered directly to the mailing address given by the Customer provided all formalities are completed. Subsequent cheque books can be requisitioned through the requisition leaf available in the cheque book or through ATMs subject to satisfactory conduct of the Account. Cheque books are normally issued free of cost, however, ICICI Bank reserves the right to recover the cost of the cheque book requisitioned.
5.2 Alterations, if any, on cheques are required to be authenticated by the drawer’s signature against each such alteration. ICICI Bank reserves the right to refuse payment of cheques that have been altered in any way unless the alteration is authenticated by the drawer under full signature as per specimen on record with ICICI Bank. Cheques should be drawn in such a way as to prevent alteration after issue and the drawer’s signature should be uniform with that on record.
5.3 ICICI Bank will record and accept instructions from the drawer for stopping payment requests against cheque/s that are lost, stolen, or not required to be paid against, only if such instructions are received from the drawer by the Bank, prior to presentment of such cheques at the Bank or in the case of e-cheques, only if the stop payment requests are logged prior to payment of moneys against the same, and ICICI Bank shall not be responsible in any manner whatsoever for any losses caused, or payments made, if the cheques are presented for payment to ICICI Bank prior to receipt of instructions, if any, from the drawer of the cheque/s or in the case of e-cheques, if the stop payment requests are logged after payment against such cheques has been initiated by ICICI Bank. ICICI Bank may charge Service charge for such countermanding instructions.
5.4 ICICI Bank may dishonour and/or return cheques unpaid which are altered, if considered by the Bank to be ambiguous or suspicious in any way, or if received for payment more than six months after the date the cheque is drawn.
5.5 Customer should issue cheques in the account only after making prior arrangement of funds in the account to avoid returns/dishonour. If a cheque issued by a Customer is required to be returned for insufficient balance in the Account or for being in excess of arrangements, a penalty/charge may be levied by ICICI Bank. If any cheque deposited by the Customer is returned unpaid, service charge may be recovered from the Customer. In case of large number of returns/dishonours in the account, the Bank reserves the right to take corrective action for the specific accounts as deemed fit.
6. Demand Drafts / Pay Orders:
The Customer may place a request for issue of demand drafts / pay orders (the “Instrument”) by visiting ICICI Bank branch or through ICICI Bank 24-Hour Customer Care Centre or through such other mode and subject to such terms and conditions as ICICI Bank may intimate from time to time. In the event the Customer places a request through ICICI Bank 24-Hour Customer Care Centre, of such amount as may be intimated by ICICI Bank, he may thereafter collect the same from any Instrument issuing ICICI Bank branch chosen by the Customer on the same day of placing such request within such time as may be intimated to the Customer, failing which the Instrument will be sent to the communication address of the Customer last recorded in ICICI Bank’s records. In such an event, ICICI Bank shall be at a liberty to recover charges for such posting. ICICI Bank shall not be responsible on account of non-delivery or delays in delivery or non-receipt of the Instrument.
ICICI Bank reserves the right to discontinue the Service at any time without prior notice to the
Customer.
ICICI Bank shall have the right to reject the request in the event of insufficient balance at any point of time from acceptance of request till dispatch of the Instrument to the Customer. ICICI Bank shall be entitled, at its sole discretion to accept or reject such requests. The provision of such Service shall be subject to such charges as may be applicable and the Customer authorises ICICI Bank to recover such charges by debiting the Account.
The Customer may request for cancellation of the Instrument in the event the request for issue of the Instrumentis placed through ICICI Bank 24-Hour Customer Care Centre, provided such request for cancellation is placed while the Instrument is still within the possession of ICICI Bank.
If the Instrument is lost or has to be cancelled once the same is with the Customer or his agent, the request for cancellation shall be accepted at the Instrument issuing ICICI Bank branch.
7. Safe Keep of Debit Card, Passwords and Cheque Book:
The Customer shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, balance confirmation certificate, cheque books, Debit card and its PIN, user id and passwords relating to internet banking and such other items relevant or pertaining to the Account.
8. Conduct of Account:
8.1 A Customer may request for transfer of his/her Account from one branch to another branch of ICICI Bank by giving a written request along with, surrender of the ATM/Debit card, unused cheque books. ICICI Bank will close the Account and arrange to open a new Account at the other branch and will issue new cheque book, new ATM/debit card, etc.
8.2 Transactions are entertained normally during banking hours at the branch where the Account is maintained or at any other ICICI Bank Branches under Any Where Banking (AWB). ICICI Bank shall not be liable for any delay on any account of failure of connectivity. AWB will not be available on the day(s) when the branch where the account holder has his/her Relationship, is closed.
8.3 Standing instructions are accepted free of charge for transferring funds from Savings account to Fixed deposit or Recurring deposit accounts. Other standing instructions are subject to service charges.
8.4 ICICI Bank in its sole discretion may restrict the n umber of withdrawals in the Account.
9. Dormant Account:
9.1 ICICI Bank may classify an Account as
an inactive if there are no customer-induced transactions for 15 months in the Account
Dormant if there are no customer-induced transactions for 18 months in the account. i.e no customer-induced transactions for 3 months after the account had become inactive
Customer induced transactions shall mean any credit or debit transactions done by a Customer in his Account through the following modes:
1. Transactions through cheque.2. Cash or cheque deposit.Withdrawal or deposit through ATM.3. Transaction through internet4. Transaction by standing instruction, ECS and EFT.
8.2 ICICI Bank may in its sole discretion deny Services and/ or transaction in the Account of a Customer, which has been classified as inactive or dormant.
10. Collection Facility:
10.1 Cheques, drafts, bills, dividend / interest warrants and other instruments issued in favor of the Customer are accepted for collection on Customer’s behalf. The collection of outstation instruments entails collection charges. ICICI Bank does not accept any responsibility for loss, delay, mutilation or interception of the instruments in postal or courier transit. ICICI Bank does not accept or share any responsibility for delay in realisation of such instruments or for the genuineness, validity or correctness of the signatures or endorsements thereon. The drawals against such instruments are permissible only on realisation of proceeds by ICICI Bank. Any provisional credit allowed at the discretion of ICICI Bank for an instrument under collection is recoverable with interest if the instrument is returned unpaid. ICICI Bank has right to disallow any drawings against such provisional credit (shadow balance).
10.2 ICICI Bank has the authority to debit the accounts to recover any amount credited erroneously.
10.3 Local cheques, etc., may be tendered for collection sufficiently early in the day as required vis-a-vis the local clearing house timings. Drawals against clearing cheques will be normally permitted only against cleared balances as per clearing house rules.
10.4 In cases where a cheque is returned, the amount in respect of which had already been credited to the Customer’s Account and/or in respect of which withdrawal was permitted, ICICI Bank will reverse the credit of such amount and debit the amount equal to the amount of the returned cheque. In such cases, if the Account does not have sufficient funds, the outstanding amount shall be deemed to be a temporary overdraft granted to the Customer and the Customer is bound to repay the amount immediately on demand by the Bank. In debiting the amount as aforesaid, ICICI Bank would debit the amount credited or the Rupee amount equivalent to the relevant foreign currency denominated cheque whichever is higher. The service charges, penalties and other charges as applicable will also be levied by ICICI Bank in such instances.
11. Overdrawing:
If for whatever reasons the Account has a debit balance, Customer shall pay interest and other charges in accordance with ICICI Bank's prevalent rates and practice. Any temporary overdraft in the Account should be construed as a one time facility only and not a continuous arrangement, unless otherwise agreed to, by ICICI Bank in writing.
12. Charges / Fees:
Charges in connection with the operation of the Account and the Services would be levied at the rates as prescribed on the Website from time to time. Charges will be debited to the Account at such intervals as may be deemed fit by ICICI Bank.
ICICI Bank will also have the right to set-off the service charges, charges for non-maintenance of QAB or any wrong credit or late returns reported by the correspondent bank /counter party by debiting the Account, without requirement of providing further notice or seeking additional consent / authorisation. In case balance in the Account becomes overdrawn as a result of such set-off, ICICI Bank will be entitled to charge interest at such rates as ICICI Bank may deem fit in its sole discretion, for the period for which the Account remains overdrawn at any time during the maintenance of the Account. In case of any shortfall in the Account or in the event of closure of the Account, the Customer shall be liable to pay the amount outstanding on account of charges / interest or otherwise to ICICI Bank, forthwith, without demur or protest.
The Customer agrees and confirms that in the event any of the Services in connection with the Account are or become liable to tax under the applicable laws and regulations, the Customer shall bear all the taxes or duties (by whatever name called) in connection with such Services and ICICI Bank is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent / authorisation.
In the event of occurrence of any of the above events, the Customer shall receive balance amounts, net of all deductions made as per the terms and conditions hereof. The Customer shall be intimated at the last address provided by the Customer and required to collect all such amounts, from ICICI Bank; in case the Customer does not collect the amounts within the time period stipulated by the Bank in the communication sent to him / her as above, then ICICI Bank shall send the amounts at the last known address of the Customer and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Customer or any losses or damages incurred by the Customer as a consequence thereof.
13. Holiday Processing:
Any transactions on any Sunday or any public holiday may be shown in the Account, at the sole discretion of ICICI Bank, as having taken place on the same or subsequent business day of ICICI Bank. All deductions/accretions on such amount shall be deducted/accrued as of such day. ICICI Bank shall not be responsible for any loss of interest or liability incurred/suffered by the Customer including but not limited to return of cheques, loss of interest arising due to such transaction being not shown on the day the same actually occurred. The Cheques / drafts / pay orders / other instrument deposited on any day which is a Sunday or public holiday or after the time of clearing for the day is normally effected by ICICI Bank shall be sent for clearing on the next business day of ICICI Bank.
14 . Pass Book / Statement of Account:
ICICI Bank shall offer to the Customers who are individuals the option of availing a passbook or a monthly statement of Account. Such Customers would be offered the passbook or the monthly statement of Account, free of cost. In case of Customers other than individuals, a physical quarterly statement of Account shall be issued free of cost by ICICI Bank. However, in the event such Customers opt for a monthly statement of Account by e-mail, the same shall be issued to the Customer free of cost. Additionally, the physical monthly statement of Account for the previous month will be available to such Customers on request free of cost, at any ICICI Bank branch.
Unless disputed by the Customer within fourteen (14) days of mailing of the statement of Account /posting of entries in the passbook of Customers, the same shall be deemed to be accepted by the Customer. ICICI Bank reserves the right to rectify discrepancies in the statement of Account/passbook, if any, at any point of time. If Customer delays in examining the statement of Account /passbook or in reporting a problem or error, it may affect ICICI Bank's ability to resolve the problem, and Customer shall be liable for the losses that may occur.
All the statements of Account will be mailed to Customer's communication address as per ICICI Bank's records. ICICI Bank shall not be responsible for statements of Account lost in mail/post. The Customer shall be required to contact ICICI Bank promptly if the statement of Account is not received and request for a duplicate statement of Account , if required. At the request of the Customer, the statement of Account may be sent to the Customer’s e-mail address. Customers are required to verify the authenticity of the emails received by them and ICICI Bank shall not be liable in the event any statement of Account is received by the Customer’s from fraudulent persons / imposters. ICICI Bank shall not be liable in the event of any defects or failure in the computer system / network of the Customer on account of receipt of email/s by the Customer from ICICI Bank.
Duplicate statement of Account shall be issued at the request of the Customer for a fee, as intimated by ICICI Bank, from time to time . Ordinarily, duplicate statement of Account shall be issued only for a period not exceeding 36 months prior to date of request.
15. Payment of Interest :
Interest is paid on the minimum credit balance maintained between the 10th day and last day of each calendar month in the Account at the rate in force in accordance with RBI directives after deduction of tax at applicable rates. Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee. Interest is paid every half year in September and March.
16. Death or Incompletence :
The Customer agrees to notify ICICI Bank promptly if any of the joint account holders or authorized signatory of the Account dies or is declared incompetent by a court. ICICI Bank may place a freeze on the Account and stop all operations when any of the joint account holders or authorized signatories dies or is declared incompetent. ICICI Bank may retain the freeze on the Account until it establishes the identity and credentials of the successor/beneficiary to its satisfaction.
17. Nomination :
Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Customer duly witnessed by a third person. The Customer should ensure that he/ she gets/ is given the acknowledgement as per the nomination rules framed by Reserve Bank of India. The Customer is at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with ICICI Bank.
18. Sharing of Information :
The Customer undertakes and authorises ICICI Bank, its Group Companies to exchange, share or part with all the information, data or documents relating to his/her application to other ICICI Group Companies / Banks / Financial Institutions / Credit Bureaus / Agencies / Statutory Bodies /Tax authorities /Central Information Bureaus/ such other persons as ICICI Bank / its Group Companies may deem necessary or appropriate as may be required for use or processing of the said information / data by such person/s or furnishing of the processed information / data / products thereof to other Banks / Financial Institutions / credit providers / users registered with such persons and shall not hold ICICI Bank / its Group Companies liable for use of this information.
19. Change of Terms :
ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms at any time. ICICI Bank may communicate the amended Terms by hosting the same on the Website or in any other manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.
20. Non-Transferability :
The Account and the Services provided to the Customer are not transferable under any circumstance and shall be used only by the Customer. However, ICICI Bank shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of ICICI Bank.
21. Notices :
Notices in respect of the Account, the services and facilities in connection with the Account may be given by ICICI Bank either through email or posting a letter to the Customer’s address. ICICI Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.
All notices in connection with the Services or the Account by the Customer to ICICI Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by ICICI Bank only upon acknowledgment of receipt of the same in writing by ICICI Bank.
ICICI Bank Limited ICICI Bank Phone Banking CentreP. O. Box No. 20Banjara Hills P. O. Hyderabad 500 034,India
22. Electronic Transactions :
The Customer agrees to adhere to and comply with all such terms and conditions as ICICI Bank may prescribe from time to time, and hereby agrees and confirms that all transactions / Services effected by or through facilities for conducting remote transactions including the Website, ICICI Bank 24-Hour Customer Care Centre, World Wide Web, electronic data interchange, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ICICI Bank, for and in respect of the Account, or ICICI Bank's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with ICICI Bank's terms and conditions for such facilities, as may be prescribed from time to time.
23. Waiver :
No failure or delay by ICICI Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of ICICI Bank as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.
24. Indemnity :
a) The Customer hereby agrees that the Customer shall, at his/its own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability any other loss that may occur, arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by the Customer of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.
b) Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
c) ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
d) The Customer shall indemnify ICICI Bank as collecting banker for any loss or damage which ICICI Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ICICI Bank shall be deemed to have been given in every case at the Customer's express request.
e) The Customer shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Account with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
f) If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
g) The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with ICICI Bank and shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
h) The indemnities as aforesaid shall continue notwithstanding the termination of the Account.
25. No Encumbrances :
The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account(s) with ICICI Bank or any monies lying therein without ICICI Bank's express prior written consent.
26. Banker's Lien and Set-Off :
a) ICICI Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any Account of the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of ICICI Bank's services extended to and/or used by the Customer or as a result of any other facilities that may be granted by ICICI Bank to the Customer. ICICI Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to ICICI Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to ICICI Bank hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any Account(s) held by the Customer with ICICI Bank, notwithstanding that the deposit(s)/ balances lying in such Account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
b) In addition to ICICI Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises ICICI Bank: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any branch or office of ICICI Bank Limited (whether in India or elsewhere); and (b) to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any account, in the Customer's name or jointly with any other person, with any branch or office of ICICI Bank Limited (whether in India or elsewhere) towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Customer's account(s) or under the terms of any other facilities that may be granted by ICICI Bank to the Customer.
c) In respect of a joint Account, ICICI Bank shall be entitled to set-off any sums standing to the credit of such joint account against the debit balance in other accounts which may be held by one or more holders of such joint Account.
d) ICICI Bank shall not be under any obligation to exercise any of its rights under this Paragraph.
e) The abovementioned rights of ICICI Bank are without prejudice to the obligations of the Customer to pay to ICICI Bank when due all its indebtedness and without prejudice to any other rights that ICICI Bank may have against the Customer for recovery of outstanding from Customer to ICICI Bank.
f) ICICI Bank shall be entitled to withhold payments out of the Customer's Account or dishonour the Customer's cheque/ instructions in case any amounts outstanding from the Customer to ICICI Bank are not paid when due.
27. Governing Law :
The laws of India shall govern these Terms. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.
28. Disclosure :
(a) The Customer hereby irrevocably authorises ICICI Bank to disclose, as and when ICICI Bank is required to do so by applicable law or when ICICI Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Customer from ICICI Bank whether singly or jointly with others or otherwise), any information relating to the Customer, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer's behalf to:-
1) the head office, affiliates or any other branches or subsidiaries of ICICI Bank;
2) his/her auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
3) vendors, installers, maintainers or servicers of ICICI Bank’s computer systems;
4) any exchange, market, or other authority or regulatory body having jurisdiction over ICICI Bank, its head office or any other branch of ICICI Bank or over any transactions effected by the customer or the Borrower or for the customer's or the Borrower’s account;
5) any party entitled to make such demand or request;
6) any person with whom ICICI Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
7) any person (including any agent, contractor or third party service provider) with whom ICICI Bank contracts or proposes to contract with regard to the provision of services in respect of the Customer's or the Borrower’s account(s) or Facilities (as the case may be) or in connection with the operation of ICICI Bank's business;
8) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing services to the customers or the Borrower’s or processing transactions pertaining to the Customers’ or the Borrower’s accounts or Facilities; and
9) to enable ICICI Bank to centralise or outsource its data processing and other administrative operations) to ICICI Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.
(b) The Customer hereby agrees and consents that ICICI Bank shall be entitled, in connection with the Customer’s application for any account, facilities or services provided by ICICI Bank, or during the course of the Customer’s relationship with ICICI Bank, to obtain and procure information pertaining to the Customer or any of his/ her/ its accounts, legal or financial position from whatever sources available to ICICI Bank.
29. Closure of the Account :
ICICI Bank reserves the right to close or freeze the Account(s), after due notice to the Customers for reasons which may include, but not limited to, the following:
1. In case any of the documents furnished towards Identity and address proof are found to be fake / forged / defective;
2. The Account opening cheque is returned unpaid for financial reasons/ signature not matching;
3. In case fraudulent / forged / fake cheques / bank drafts or any such instruments are attempted to be cleared / cleared through the Account;
4. In case of frequent returns of inward / outward cheques in the Account;
5. In case debit balance is allowed to continue for more than 90 days in the Account;
6. Improper conduct of the Account in terms of volume / type of transactions;
7. For unsatisfactory conduct of the Account.
The Customers shall be solely liable for return of cheques / dishonouring of any instruments consequent to such closure and all costs / charges arising out of such closure / freezing of the Account(s).
Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Customer shall take steps to collect any balance amount in the Account, if any, and till such time the Customer collects such amounts, ICICI Bank reserves the right to keep such amounts in a special office account without any interest being payable on the same.
II. A) Fixed Deposits
1. Date of Fixed Deposit
1.1 The effective date of fixed deposit shall be the date on which the amounts of deposit placed are realized by / credited to ICICI Bank Limited (the “Bank” ). No fixed deposit receipt will be issued in anticipation of realisation of cheque/s in relation to any deposit and will be issued only on actual receipt of payment / deposit monies.
2. Auto Renewal
2.1 Fixed deposits are accepted with auto-renewal facility at periodicity as opted by the depositors.
3. Fixed Deposit Receipt / Memorandum of Deposit
3.1 Fixed Deposit Receipt or Memorandum of Deposit or any advice will be issued to account holder as may be decided by the Bank from time to time for customer convenience.
4. Tax Deducted at Source
4.1 Tax at source is deducted as applicable from the interest on fixed deposit, as per Income Tax Act, 1961.
5. Payment of Interest on Fixed Deposit
5.1 Interest on fixed deposits is reckoned/paid at quarterly / monthly intervals and at the rate/s applicable at the time of acceptance, as the case may be, in accordance with with the rate fixed by the Bank from time to time as also directives issued by Reserve Bank of India (“RBI”).
5.2 The interest may be paid either in a lump sum at the time of maturity or it may be paid every quarter or every month in accordance with the regulatory payments for payment of interest on the fixed deposit. Where the interest is to be paid by the Bank in lump sum at the time of maturity, the fixed deposit shall bear the yearly rate of interest on the fixed deposit.
5.3 The Bank may announce special rates for senior citizens and staff.
6. Premature closure of Fixed Deposits
6.1 In the event of the fixed deposit being closed before completing the original term of such deposit, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with the Bank. The deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.
7. Other terms
7.1 The deposit holder(s) shall intimate the Bank in writing of any change in address and residential status of the depositor holder/s.
7.2 All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these fixed deposits will be recoverable from the customer.
7.3 The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future all account/deposits of the deposit holder/s with the Bank, whether in single name or joint name(s), to the extent of all outstanding dues to the Bank. For such purposes, the Bank may at its sole discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to the ICICI Bank from the deposit holder. The lien conferred on the Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to the Bank from the deposit holder/s.
7.4 These terms and conditions are subject to change/modification at the sole discretion of ICICI Bank. The Bank may give notice of any changes either through email address as recorded with ICICI Bank (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the deposit holder/s or on its website or any other mode as may be deemed fit by the Bank. In addition, the Bank may also publish notice of general nature, which are applicable to all deposit holders of similar nature on its website. Such notice will be deemed to have been served individually to the deposit holder/s. All notices / communication to the Bank should be given in writing and sent by post or delivered to its ________ office at ICICI Bank Limited, ________________ or such other address as may be indicated by the Bank.
(B) 80 C Fixed Term Deposits (the “Deposit”)
1. Types of deposit & other features of deposit
1.1 Single holder type deposits -- The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family;
1.2 Joint holder type deposits -- The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor: Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act, 1961 (the “Act”) shall be available only to the first holder of the deposit.
1.3 The minimum amount of Deposit which can be placed with the Bank shall be Rs 10,000 and the maximum amount of Deposit which can be placed shall be Rs. 100,000 in multiples of Rs. 100.
1.4 Only individuals and HUF – Indian residents are eligible for applying for the Deposit.
1.5 The maturity period of a Deposit receipt of any denomination shall be five years commencing from the date of the receipt. There shall be no auto renewal facility for the Deposit.
1.6 No Deposit shall be encashed before the expiry of five years from the date of the respective receipt.
1.7 Conversion of any other fixed deposit/s placed by the Deposit holder with the Bank to the Deposit is not permissible.
2. Nomination
2.1 The single holder or the joint holders of the Deposit may, by filing in necessary particulars in the prescribed form at the time of making the Deposit, nominate any person who, in the event of death of the single or both the joint holders as the case may be shall become entitled to the Deposit and the payment thereon.
2.2 If such nomination is not made at the time of making the Deposit, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the Deposit receipt is issued but before its maturity, by means of an application in the prescribed form to the officer in charge of the branch of the Bank from which the term Deposit is issued.
2.3 No nomination can be made in respect of a Deposit applied for and held by or on behalf of a minor.
2.4 In the event of death of the Deposit holder in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Deposit to encash the Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of the Bank, supported by proof of death of the Deposit holder.
2.5 If a Deposit holder dies and there is no nomination in force at the time of his / her death, the Bank shall pay the sum due to the deceased, to his / her legal heirs.
3. Transfer of Deposit from one branch to another branch
3.1 The Deposit may be transferred from one branch of the Bank from which it has been issued, to any other branch of the Bank, on the Deposit holder making an application, at either of the two branches :
Provided that no Deposit shall be transferred from the Bank to another scheduled bank.
3.2 Every such application shall be signed by the Deposit holder; Provided that in the case of joint holder type deposit, the application may be signed by one of the joint holders if the other is dead.
4. Pledging of the Deposit
The Deposit shall not be pledged to secure any loan or as security to any other asset.
5. Replacement of lost or destroyed term deposit receipts
5.1 If the Deposit receipt is lost, stolen, destroyed, mutilated or defaced, the person entitled thereto / the Deposit holder may apply for the issue of a duplicate receipt to the branch of the Bank from where the receipt was issued.
5.2 Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the receipt, and the circumstance attending such loss, theft, destruction, mutilation or defacement.
5.3 If the officer in charge of the Bank is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate receipt on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee:
Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a duplicate receipt or receipts may be issued on the applicant furnishing an indemnity bond without any such surety or guarantee:
Provided further that where such application is made with respect to a receipt mutilated or defaced, of whatever face value, a duplicate receipt may be issued without any such indemnity bond, surety or guarantee, if the receipt mutilated or defaced is surrendered and the receipt is capable of being identified as the one originally issued.
5.4 A duplicate receipt issued under sub-paragraph-3 shall be treated as equivalent to the original receipt for all the purposes of this scheme except that it shall not be encashable at a branch of the Bank other than the branch at which such receipt is issued without previous verification.
6. Tax Treatment :
6.1 Interest on the Deposit shall be liable to tax under the Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the Deposit holder.
6.2 The tax on such interest shall be deducted in accordance with the provisions of Section 194A or section 195 of the Act.
7. Inconsistency
These terms and conditions relating to the Deposit are in addition to and not in derogation to the terms and conditions relating to Fixed Deposits as specified in Section (A) above and in the event of any inconsistency, the terms relating to the Deposit as stated in this Section shall prevail for all intents and purposes.
In addition, the Bank Term Deposit Scheme, 2006 issued by the Central Government shall also apply to the Deposit.
III. ICICI Bank Salary Accounts
1.1 It is the responsibility of the customer to ensure that he has read and understood the "terms and conditions" under which the Salary Accounts scheme is offered to the corporate1.2 The employer has full right to reverse any instruction given by him to credit the customer's account for any amount within a period of 3 working days and the account holder will not dispute or hold the bank responsible for any such debits in the customer's account.1.3 It is the responsibility of the customer to inform ICICI bank immediately on termination of his employment with the current employer whereupon he will cease to enjoy any/all benefits under Salary Accounts scheme1.4 If no credits are made to the account for a continuous period of 6 months, ICICI Bank reserves the right to change the status of the Salary account to ICICI bank saving account without any intimation to the account holder and the terms and conditions as applicable to the ICICI bank saving account shall apply to this account from the date of change of the status.1.5 In case of a joint account, both the applicant and joint applicant are singly and jointly liable for Overdraft if any, even if the application cum demand promissory note is signed by the applicant alone
1. Definitions
In these terms and conditions, the following words and phrases have the meaning stated hereunder unless indicated otherwise:
1.1 “Account Opening Form” (AOF) refers to the relationship form for Savings Account.
1.2 "Customer" refers to any person holding an Account with ICICI Bank.
1.3 “Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
1.4 "Services" shall mean the services provided by ICICI Bank in connection with the Saving Account and more particularly described in these Terms.
1.5 "Website" refers to the website owned, established and maintained by ICICI Bank.
1.6 “ICICI Bank 24-Hour Customer Care Centre” refers to ICICI Bank - Phone Banking Service provided by ICICI Bank to the Customer.
Interpretation:
a. All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
b. Words importing any gender include the other gender.
c. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
d. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
e. Words “ICICI Bank”, “the Bank”, refer to ICICI Bank Limited having its registered office at Landmark, Race Course Circle, Vadodara 390007.
2. Applicability of Terms:
These terms and conditions form the contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for operation of the Account and availing of the related Services. By applying for opening the Account, the Customer acknowledges that he / she has /have read understood and accepted these terms and conditions.
3. Account Opening:
The account opening formalities are governed by the policies of ICICI Bank and may be revised from time to time. It may require customer/s to submit duly filled application form/s along with the prescribed set of documents stipulated including Permanent Account No. (PAN) or Form 60/61 from time to time, to the satisfaction of the Bank. The Account cannot be opened for business purposes.
In case the Account is opened with an account opening cheque, ICICI Bank reserves the right not to open/activate the Account in the event the account opening cheque is dishonored.
Any transactions undertaken from this account, shall be in compliance of all the FEMA rules, regulations or notifications thereunder.
4. Operating Accounts:
4.1 An Account may be opened in the names of: (i) An individual in his/her own name.(ii) Two or more persons in their joint names.
4.2 All the Accounts maintained in the name of an individual shall be operated singly by the individual or the Power of Attorney holder of such individual and in the case of joint accounts, by the account holders jointly, or by either of the joint-holder/s or as may be specified by the joint account holder/s in the opening form, or by their Power of Attorney holders and accepted by ICICI Bank in its discretion.
4.3 In case of joint Accounts, any change in operational instructions or any other information with regard to the Account Opening Form is to be given by all the joint account holders irrespective of the mode of operation.
4.4 ICICI Bank may send through courier or post from time to time to the mailing address furnished by the Customer, statements of account, balance confirmation certificate, cheque books, Debit cards, various PIN mailers and such other items relevant or pertaining to the Account. It is incumbent upon the Customer to intimate change in mailing address, if any, immediately. ICICI Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of change in mailing address .
4.5 The Customer is / are expected to examine the entries in the Account statement on receipt, and draw the attention of ICICI Bank to any errors or omissions that might be discovered. ICICI Bank does not accept any responsibility for any loss arising out of failure on the part of the Customer to carry out examination of entries in the passbook/statement and to point out such error and/or omission within fourteen (14) days from the date of the statement/ updation of passbook.
4.6 The Customer shall open the Account with a minimum balance as prescribed by ICICI Bank. The Customer shall be responsible for maintaining a minimum average balance (“QAB”) during a Quarter. Failure to maintain the prescribed QAB may attract service charges and such charges may be deducted by ICICI Bank from the Customer’s Account.
4.7 The Customers are expected to provide PAN No. or Form 60/61 or any other document as may be prescribed by tax authorities from time to time for opening the Account, acceptance of cash deposits etc. in accordance with the provisions of Rule 114B to 114D of the Income Tax Rules, 1962 and compliance thereof.
5. Cheque Book:
5.1 Cheque books will be couriered directly to the mailing address given by the Customer provided all formalities are completed. Subsequent cheque books can be requisitioned through the requisition leaf available in the cheque book or through ATMs subject to satisfactory conduct of the Account. Cheque books are normally issued free of cost, however, ICICI Bank reserves the right to recover the cost of the cheque book requisitioned.
5.2 Alterations, if any, on cheques are required to be authenticated by the drawer’s signature against each such alteration. ICICI Bank reserves the right to refuse payment of cheques that have been altered in any way unless the alteration is authenticated by the drawer under full signature as per specimen on record with ICICI Bank. Cheques should be drawn in such a way as to prevent alteration after issue and the drawer’s signature should be uniform with that on record.
5.3 ICICI Bank will record and accept instructions from the drawer for stopping payment requests against cheque/s that are lost, stolen, or not required to be paid against, only if such instructions are received from the drawer by the Bank, prior to presentment of such cheques at the Bank or in the case of e-cheques, only if the stop payment requests are logged prior to payment of moneys against the same, and ICICI Bank shall not be responsible in any manner whatsoever for any losses caused, or payments made, if the cheques are presented for payment to ICICI Bank prior to receipt of instructions, if any, from the drawer of the cheque/s or in the case of e-cheques, if the stop payment requests are logged after payment against such cheques has been initiated by ICICI Bank. ICICI Bank may charge Service charge for such countermanding instructions.
5.4 ICICI Bank may dishonour and/or return cheques unpaid which are altered, if considered by the Bank to be ambiguous or suspicious in any way, or if received for payment more than six months after the date the cheque is drawn.
5.5 Customer should issue cheques in the account only after making prior arrangement of funds in the account to avoid returns/dishonour. If a cheque issued by a Customer is required to be returned for insufficient balance in the Account or for being in excess of arrangements, a penalty/charge may be levied by ICICI Bank. If any cheque deposited by the Customer is returned unpaid, service charge may be recovered from the Customer. In case of large number of returns/dishonours in the account, the Bank reserves the right to take corrective action for the specific accounts as deemed fit.
6. Demand Drafts / Pay Orders:
The Customer may place a request for issue of demand drafts / pay orders (the “Instrument”) by visiting ICICI Bank branch or through ICICI Bank 24-Hour Customer Care Centre or through such other mode and subject to such terms and conditions as ICICI Bank may intimate from time to time. In the event the Customer places a request through ICICI Bank 24-Hour Customer Care Centre, of such amount as may be intimated by ICICI Bank, he may thereafter collect the same from any Instrument issuing ICICI Bank branch chosen by the Customer on the same day of placing such request within such time as may be intimated to the Customer, failing which the Instrument will be sent to the communication address of the Customer last recorded in ICICI Bank’s records. In such an event, ICICI Bank shall be at a liberty to recover charges for such posting. ICICI Bank shall not be responsible on account of non-delivery or delays in delivery or non-receipt of the Instrument.
ICICI Bank reserves the right to discontinue the Service at any time without prior notice to the
Customer.
ICICI Bank shall have the right to reject the request in the event of insufficient balance at any point of time from acceptance of request till dispatch of the Instrument to the Customer. ICICI Bank shall be entitled, at its sole discretion to accept or reject such requests. The provision of such Service shall be subject to such charges as may be applicable and the Customer authorises ICICI Bank to recover such charges by debiting the Account.
The Customer may request for cancellation of the Instrument in the event the request for issue of the Instrumentis placed through ICICI Bank 24-Hour Customer Care Centre, provided such request for cancellation is placed while the Instrument is still within the possession of ICICI Bank.
If the Instrument is lost or has to be cancelled once the same is with the Customer or his agent, the request for cancellation shall be accepted at the Instrument issuing ICICI Bank branch.
7. Safe Keep of Debit Card, Passwords and Cheque Book:
The Customer shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, balance confirmation certificate, cheque books, Debit card and its PIN, user id and passwords relating to internet banking and such other items relevant or pertaining to the Account.
8. Conduct of Account:
8.1 A Customer may request for transfer of his/her Account from one branch to another branch of ICICI Bank by giving a written request along with, surrender of the ATM/Debit card, unused cheque books. ICICI Bank will close the Account and arrange to open a new Account at the other branch and will issue new cheque book, new ATM/debit card, etc.
8.2 Transactions are entertained normally during banking hours at the branch where the Account is maintained or at any other ICICI Bank Branches under Any Where Banking (AWB). ICICI Bank shall not be liable for any delay on any account of failure of connectivity. AWB will not be available on the day(s) when the branch where the account holder has his/her Relationship, is closed.
8.3 Standing instructions are accepted free of charge for transferring funds from Savings account to Fixed deposit or Recurring deposit accounts. Other standing instructions are subject to service charges.
8.4 ICICI Bank in its sole discretion may restrict the n umber of withdrawals in the Account.
9. Dormant Account:
9.1 ICICI Bank may classify an Account as
an inactive if there are no customer-induced transactions for 15 months in the Account
Dormant if there are no customer-induced transactions for 18 months in the account. i.e no customer-induced transactions for 3 months after the account had become inactive
Customer induced transactions shall mean any credit or debit transactions done by a Customer in his Account through the following modes:
1. Transactions through cheque.2. Cash or cheque deposit.Withdrawal or deposit through ATM.3. Transaction through internet4. Transaction by standing instruction, ECS and EFT.
8.2 ICICI Bank may in its sole discretion deny Services and/ or transaction in the Account of a Customer, which has been classified as inactive or dormant.
10. Collection Facility:
10.1 Cheques, drafts, bills, dividend / interest warrants and other instruments issued in favor of the Customer are accepted for collection on Customer’s behalf. The collection of outstation instruments entails collection charges. ICICI Bank does not accept any responsibility for loss, delay, mutilation or interception of the instruments in postal or courier transit. ICICI Bank does not accept or share any responsibility for delay in realisation of such instruments or for the genuineness, validity or correctness of the signatures or endorsements thereon. The drawals against such instruments are permissible only on realisation of proceeds by ICICI Bank. Any provisional credit allowed at the discretion of ICICI Bank for an instrument under collection is recoverable with interest if the instrument is returned unpaid. ICICI Bank has right to disallow any drawings against such provisional credit (shadow balance).
10.2 ICICI Bank has the authority to debit the accounts to recover any amount credited erroneously.
10.3 Local cheques, etc., may be tendered for collection sufficiently early in the day as required vis-a-vis the local clearing house timings. Drawals against clearing cheques will be normally permitted only against cleared balances as per clearing house rules.
10.4 In cases where a cheque is returned, the amount in respect of which had already been credited to the Customer’s Account and/or in respect of which withdrawal was permitted, ICICI Bank will reverse the credit of such amount and debit the amount equal to the amount of the returned cheque. In such cases, if the Account does not have sufficient funds, the outstanding amount shall be deemed to be a temporary overdraft granted to the Customer and the Customer is bound to repay the amount immediately on demand by the Bank. In debiting the amount as aforesaid, ICICI Bank would debit the amount credited or the Rupee amount equivalent to the relevant foreign currency denominated cheque whichever is higher. The service charges, penalties and other charges as applicable will also be levied by ICICI Bank in such instances.
11. Overdrawing:
If for whatever reasons the Account has a debit balance, Customer shall pay interest and other charges in accordance with ICICI Bank's prevalent rates and practice. Any temporary overdraft in the Account should be construed as a one time facility only and not a continuous arrangement, unless otherwise agreed to, by ICICI Bank in writing.
12. Charges / Fees:
Charges in connection with the operation of the Account and the Services would be levied at the rates as prescribed on the Website from time to time. Charges will be debited to the Account at such intervals as may be deemed fit by ICICI Bank.
ICICI Bank will also have the right to set-off the service charges, charges for non-maintenance of QAB or any wrong credit or late returns reported by the correspondent bank /counter party by debiting the Account, without requirement of providing further notice or seeking additional consent / authorisation. In case balance in the Account becomes overdrawn as a result of such set-off, ICICI Bank will be entitled to charge interest at such rates as ICICI Bank may deem fit in its sole discretion, for the period for which the Account remains overdrawn at any time during the maintenance of the Account. In case of any shortfall in the Account or in the event of closure of the Account, the Customer shall be liable to pay the amount outstanding on account of charges / interest or otherwise to ICICI Bank, forthwith, without demur or protest.
The Customer agrees and confirms that in the event any of the Services in connection with the Account are or become liable to tax under the applicable laws and regulations, the Customer shall bear all the taxes or duties (by whatever name called) in connection with such Services and ICICI Bank is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent / authorisation.
In the event of occurrence of any of the above events, the Customer shall receive balance amounts, net of all deductions made as per the terms and conditions hereof. The Customer shall be intimated at the last address provided by the Customer and required to collect all such amounts, from ICICI Bank; in case the Customer does not collect the amounts within the time period stipulated by the Bank in the communication sent to him / her as above, then ICICI Bank shall send the amounts at the last known address of the Customer and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Customer or any losses or damages incurred by the Customer as a consequence thereof.
13. Holiday Processing:
Any transactions on any Sunday or any public holiday may be shown in the Account, at the sole discretion of ICICI Bank, as having taken place on the same or subsequent business day of ICICI Bank. All deductions/accretions on such amount shall be deducted/accrued as of such day. ICICI Bank shall not be responsible for any loss of interest or liability incurred/suffered by the Customer including but not limited to return of cheques, loss of interest arising due to such transaction being not shown on the day the same actually occurred. The Cheques / drafts / pay orders / other instrument deposited on any day which is a Sunday or public holiday or after the time of clearing for the day is normally effected by ICICI Bank shall be sent for clearing on the next business day of ICICI Bank.
14 . Pass Book / Statement of Account:
ICICI Bank shall offer to the Customers who are individuals the option of availing a passbook or a monthly statement of Account. Such Customers would be offered the passbook or the monthly statement of Account, free of cost. In case of Customers other than individuals, a physical quarterly statement of Account shall be issued free of cost by ICICI Bank. However, in the event such Customers opt for a monthly statement of Account by e-mail, the same shall be issued to the Customer free of cost. Additionally, the physical monthly statement of Account for the previous month will be available to such Customers on request free of cost, at any ICICI Bank branch.
Unless disputed by the Customer within fourteen (14) days of mailing of the statement of Account /posting of entries in the passbook of Customers, the same shall be deemed to be accepted by the Customer. ICICI Bank reserves the right to rectify discrepancies in the statement of Account/passbook, if any, at any point of time. If Customer delays in examining the statement of Account /passbook or in reporting a problem or error, it may affect ICICI Bank's ability to resolve the problem, and Customer shall be liable for the losses that may occur.
All the statements of Account will be mailed to Customer's communication address as per ICICI Bank's records. ICICI Bank shall not be responsible for statements of Account lost in mail/post. The Customer shall be required to contact ICICI Bank promptly if the statement of Account is not received and request for a duplicate statement of Account , if required. At the request of the Customer, the statement of Account may be sent to the Customer’s e-mail address. Customers are required to verify the authenticity of the emails received by them and ICICI Bank shall not be liable in the event any statement of Account is received by the Customer’s from fraudulent persons / imposters. ICICI Bank shall not be liable in the event of any defects or failure in the computer system / network of the Customer on account of receipt of email/s by the Customer from ICICI Bank.
Duplicate statement of Account shall be issued at the request of the Customer for a fee, as intimated by ICICI Bank, from time to time . Ordinarily, duplicate statement of Account shall be issued only for a period not exceeding 36 months prior to date of request.
15. Payment of Interest :
Interest is paid on the minimum credit balance maintained between the 10th day and last day of each calendar month in the Account at the rate in force in accordance with RBI directives after deduction of tax at applicable rates. Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee. Interest is paid every half year in September and March.
16. Death or Incompletence :
The Customer agrees to notify ICICI Bank promptly if any of the joint account holders or authorized signatory of the Account dies or is declared incompetent by a court. ICICI Bank may place a freeze on the Account and stop all operations when any of the joint account holders or authorized signatories dies or is declared incompetent. ICICI Bank may retain the freeze on the Account until it establishes the identity and credentials of the successor/beneficiary to its satisfaction.
17. Nomination :
Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Customer duly witnessed by a third person. The Customer should ensure that he/ she gets/ is given the acknowledgement as per the nomination rules framed by Reserve Bank of India. The Customer is at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with ICICI Bank.
18. Sharing of Information :
The Customer undertakes and authorises ICICI Bank, its Group Companies to exchange, share or part with all the information, data or documents relating to his/her application to other ICICI Group Companies / Banks / Financial Institutions / Credit Bureaus / Agencies / Statutory Bodies /Tax authorities /Central Information Bureaus/ such other persons as ICICI Bank / its Group Companies may deem necessary or appropriate as may be required for use or processing of the said information / data by such person/s or furnishing of the processed information / data / products thereof to other Banks / Financial Institutions / credit providers / users registered with such persons and shall not hold ICICI Bank / its Group Companies liable for use of this information.
19. Change of Terms :
ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms at any time. ICICI Bank may communicate the amended Terms by hosting the same on the Website or in any other manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.
20. Non-Transferability :
The Account and the Services provided to the Customer are not transferable under any circumstance and shall be used only by the Customer. However, ICICI Bank shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of ICICI Bank.
21. Notices :
Notices in respect of the Account, the services and facilities in connection with the Account may be given by ICICI Bank either through email or posting a letter to the Customer’s address. ICICI Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.
All notices in connection with the Services or the Account by the Customer to ICICI Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by ICICI Bank only upon acknowledgment of receipt of the same in writing by ICICI Bank.
ICICI Bank Limited ICICI Bank Phone Banking CentreP. O. Box No. 20Banjara Hills P. O. Hyderabad 500 034,India
22. Electronic Transactions :
The Customer agrees to adhere to and comply with all such terms and conditions as ICICI Bank may prescribe from time to time, and hereby agrees and confirms that all transactions / Services effected by or through facilities for conducting remote transactions including the Website, ICICI Bank 24-Hour Customer Care Centre, World Wide Web, electronic data interchange, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ICICI Bank, for and in respect of the Account, or ICICI Bank's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with ICICI Bank's terms and conditions for such facilities, as may be prescribed from time to time.
23. Waiver :
No failure or delay by ICICI Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of ICICI Bank as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.
24. Indemnity :
a) The Customer hereby agrees that the Customer shall, at his/its own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability any other loss that may occur, arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by the Customer of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.
b) Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
c) ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
d) The Customer shall indemnify ICICI Bank as collecting banker for any loss or damage which ICICI Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ICICI Bank shall be deemed to have been given in every case at the Customer's express request.
e) The Customer shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Account with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
f) If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
g) The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with ICICI Bank and shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
h) The indemnities as aforesaid shall continue notwithstanding the termination of the Account.
25. No Encumbrances :
The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account(s) with ICICI Bank or any monies lying therein without ICICI Bank's express prior written consent.
26. Banker's Lien and Set-Off :
a) ICICI Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any Account of the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of ICICI Bank's services extended to and/or used by the Customer or as a result of any other facilities that may be granted by ICICI Bank to the Customer. ICICI Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to ICICI Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to ICICI Bank hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any Account(s) held by the Customer with ICICI Bank, notwithstanding that the deposit(s)/ balances lying in such Account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
b) In addition to ICICI Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises ICICI Bank: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any branch or office of ICICI Bank Limited (whether in India or elsewhere); and (b) to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any account, in the Customer's name or jointly with any other person, with any branch or office of ICICI Bank Limited (whether in India or elsewhere) towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Customer's account(s) or under the terms of any other facilities that may be granted by ICICI Bank to the Customer.
c) In respect of a joint Account, ICICI Bank shall be entitled to set-off any sums standing to the credit of such joint account against the debit balance in other accounts which may be held by one or more holders of such joint Account.
d) ICICI Bank shall not be under any obligation to exercise any of its rights under this Paragraph.
e) The abovementioned rights of ICICI Bank are without prejudice to the obligations of the Customer to pay to ICICI Bank when due all its indebtedness and without prejudice to any other rights that ICICI Bank may have against the Customer for recovery of outstanding from Customer to ICICI Bank.
f) ICICI Bank shall be entitled to withhold payments out of the Customer's Account or dishonour the Customer's cheque/ instructions in case any amounts outstanding from the Customer to ICICI Bank are not paid when due.
27. Governing Law :
The laws of India shall govern these Terms. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.
28. Disclosure :
(a) The Customer hereby irrevocably authorises ICICI Bank to disclose, as and when ICICI Bank is required to do so by applicable law or when ICICI Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Customer from ICICI Bank whether singly or jointly with others or otherwise), any information relating to the Customer, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer's behalf to:-
1) the head office, affiliates or any other branches or subsidiaries of ICICI Bank;
2) his/her auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
3) vendors, installers, maintainers or servicers of ICICI Bank’s computer systems;
4) any exchange, market, or other authority or regulatory body having jurisdiction over ICICI Bank, its head office or any other branch of ICICI Bank or over any transactions effected by the customer or the Borrower or for the customer's or the Borrower’s account;
5) any party entitled to make such demand or request;
6) any person with whom ICICI Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
7) any person (including any agent, contractor or third party service provider) with whom ICICI Bank contracts or proposes to contract with regard to the provision of services in respect of the Customer's or the Borrower’s account(s) or Facilities (as the case may be) or in connection with the operation of ICICI Bank's business;
8) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing services to the customers or the Borrower’s or processing transactions pertaining to the Customers’ or the Borrower’s accounts or Facilities; and
9) to enable ICICI Bank to centralise or outsource its data processing and other administrative operations) to ICICI Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.
(b) The Customer hereby agrees and consents that ICICI Bank shall be entitled, in connection with the Customer’s application for any account, facilities or services provided by ICICI Bank, or during the course of the Customer’s relationship with ICICI Bank, to obtain and procure information pertaining to the Customer or any of his/ her/ its accounts, legal or financial position from whatever sources available to ICICI Bank.
29. Closure of the Account :
ICICI Bank reserves the right to close or freeze the Account(s), after due notice to the Customers for reasons which may include, but not limited to, the following:
1. In case any of the documents furnished towards Identity and address proof are found to be fake / forged / defective;
2. The Account opening cheque is returned unpaid for financial reasons/ signature not matching;
3. In case fraudulent / forged / fake cheques / bank drafts or any such instruments are attempted to be cleared / cleared through the Account;
4. In case of frequent returns of inward / outward cheques in the Account;
5. In case debit balance is allowed to continue for more than 90 days in the Account;
6. Improper conduct of the Account in terms of volume / type of transactions;
7. For unsatisfactory conduct of the Account.
The Customers shall be solely liable for return of cheques / dishonouring of any instruments consequent to such closure and all costs / charges arising out of such closure / freezing of the Account(s).
Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Customer shall take steps to collect any balance amount in the Account, if any, and till such time the Customer collects such amounts, ICICI Bank reserves the right to keep such amounts in a special office account without any interest being payable on the same.
II. A) Fixed Deposits
1. Date of Fixed Deposit
1.1 The effective date of fixed deposit shall be the date on which the amounts of deposit placed are realized by / credited to ICICI Bank Limited (the “Bank” ). No fixed deposit receipt will be issued in anticipation of realisation of cheque/s in relation to any deposit and will be issued only on actual receipt of payment / deposit monies.
2. Auto Renewal
2.1 Fixed deposits are accepted with auto-renewal facility at periodicity as opted by the depositors.
3. Fixed Deposit Receipt / Memorandum of Deposit
3.1 Fixed Deposit Receipt or Memorandum of Deposit or any advice will be issued to account holder as may be decided by the Bank from time to time for customer convenience.
4. Tax Deducted at Source
4.1 Tax at source is deducted as applicable from the interest on fixed deposit, as per Income Tax Act, 1961.
5. Payment of Interest on Fixed Deposit
5.1 Interest on fixed deposits is reckoned/paid at quarterly / monthly intervals and at the rate/s applicable at the time of acceptance, as the case may be, in accordance with with the rate fixed by the Bank from time to time as also directives issued by Reserve Bank of India (“RBI”).
5.2 The interest may be paid either in a lump sum at the time of maturity or it may be paid every quarter or every month in accordance with the regulatory payments for payment of interest on the fixed deposit. Where the interest is to be paid by the Bank in lump sum at the time of maturity, the fixed deposit shall bear the yearly rate of interest on the fixed deposit.
5.3 The Bank may announce special rates for senior citizens and staff.
6. Premature closure of Fixed Deposits
6.1 In the event of the fixed deposit being closed before completing the original term of such deposit, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with the Bank. The deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.
7. Other terms
7.1 The deposit holder(s) shall intimate the Bank in writing of any change in address and residential status of the depositor holder/s.
7.2 All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these fixed deposits will be recoverable from the customer.
7.3 The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future all account/deposits of the deposit holder/s with the Bank, whether in single name or joint name(s), to the extent of all outstanding dues to the Bank. For such purposes, the Bank may at its sole discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to the ICICI Bank from the deposit holder. The lien conferred on the Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to the Bank from the deposit holder/s.
7.4 These terms and conditions are subject to change/modification at the sole discretion of ICICI Bank. The Bank may give notice of any changes either through email address as recorded with ICICI Bank (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the deposit holder/s or on its website or any other mode as may be deemed fit by the Bank. In addition, the Bank may also publish notice of general nature, which are applicable to all deposit holders of similar nature on its website. Such notice will be deemed to have been served individually to the deposit holder/s. All notices / communication to the Bank should be given in writing and sent by post or delivered to its ________ office at ICICI Bank Limited, ________________ or such other address as may be indicated by the Bank.
(B) 80 C Fixed Term Deposits (the “Deposit”)
1. Types of deposit & other features of deposit
1.1 Single holder type deposits -- The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family;
1.2 Joint holder type deposits -- The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor: Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act, 1961 (the “Act”) shall be available only to the first holder of the deposit.
1.3 The minimum amount of Deposit which can be placed with the Bank shall be Rs 10,000 and the maximum amount of Deposit which can be placed shall be Rs. 100,000 in multiples of Rs. 100.
1.4 Only individuals and HUF – Indian residents are eligible for applying for the Deposit.
1.5 The maturity period of a Deposit receipt of any denomination shall be five years commencing from the date of the receipt. There shall be no auto renewal facility for the Deposit.
1.6 No Deposit shall be encashed before the expiry of five years from the date of the respective receipt.
1.7 Conversion of any other fixed deposit/s placed by the Deposit holder with the Bank to the Deposit is not permissible.
2. Nomination
2.1 The single holder or the joint holders of the Deposit may, by filing in necessary particulars in the prescribed form at the time of making the Deposit, nominate any person who, in the event of death of the single or both the joint holders as the case may be shall become entitled to the Deposit and the payment thereon.
2.2 If such nomination is not made at the time of making the Deposit, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the Deposit receipt is issued but before its maturity, by means of an application in the prescribed form to the officer in charge of the branch of the Bank from which the term Deposit is issued.
2.3 No nomination can be made in respect of a Deposit applied for and held by or on behalf of a minor.
2.4 In the event of death of the Deposit holder in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Deposit to encash the Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of the Bank, supported by proof of death of the Deposit holder.
2.5 If a Deposit holder dies and there is no nomination in force at the time of his / her death, the Bank shall pay the sum due to the deceased, to his / her legal heirs.
3. Transfer of Deposit from one branch to another branch
3.1 The Deposit may be transferred from one branch of the Bank from which it has been issued, to any other branch of the Bank, on the Deposit holder making an application, at either of the two branches :
Provided that no Deposit shall be transferred from the Bank to another scheduled bank.
3.2 Every such application shall be signed by the Deposit holder; Provided that in the case of joint holder type deposit, the application may be signed by one of the joint holders if the other is dead.
4. Pledging of the Deposit
The Deposit shall not be pledged to secure any loan or as security to any other asset.
5. Replacement of lost or destroyed term deposit receipts
5.1 If the Deposit receipt is lost, stolen, destroyed, mutilated or defaced, the person entitled thereto / the Deposit holder may apply for the issue of a duplicate receipt to the branch of the Bank from where the receipt was issued.
5.2 Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the receipt, and the circumstance attending such loss, theft, destruction, mutilation or defacement.
5.3 If the officer in charge of the Bank is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate receipt on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee:
Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a duplicate receipt or receipts may be issued on the applicant furnishing an indemnity bond without any such surety or guarantee:
Provided further that where such application is made with respect to a receipt mutilated or defaced, of whatever face value, a duplicate receipt may be issued without any such indemnity bond, surety or guarantee, if the receipt mutilated or defaced is surrendered and the receipt is capable of being identified as the one originally issued.
5.4 A duplicate receipt issued under sub-paragraph-3 shall be treated as equivalent to the original receipt for all the purposes of this scheme except that it shall not be encashable at a branch of the Bank other than the branch at which such receipt is issued without previous verification.
6. Tax Treatment :
6.1 Interest on the Deposit shall be liable to tax under the Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the Deposit holder.
6.2 The tax on such interest shall be deducted in accordance with the provisions of Section 194A or section 195 of the Act.
7. Inconsistency
These terms and conditions relating to the Deposit are in addition to and not in derogation to the terms and conditions relating to Fixed Deposits as specified in Section (A) above and in the event of any inconsistency, the terms relating to the Deposit as stated in this Section shall prevail for all intents and purposes.
In addition, the Bank Term Deposit Scheme, 2006 issued by the Central Government shall also apply to the Deposit.
III. ICICI Bank Salary Accounts
1.1 It is the responsibility of the customer to ensure that he has read and understood the "terms and conditions" under which the Salary Accounts scheme is offered to the corporate1.2 The employer has full right to reverse any instruction given by him to credit the customer's account for any amount within a period of 3 working days and the account holder will not dispute or hold the bank responsible for any such debits in the customer's account.1.3 It is the responsibility of the customer to inform ICICI bank immediately on termination of his employment with the current employer whereupon he will cease to enjoy any/all benefits under Salary Accounts scheme1.4 If no credits are made to the account for a continuous period of 6 months, ICICI Bank reserves the right to change the status of the Salary account to ICICI bank saving account without any intimation to the account holder and the terms and conditions as applicable to the ICICI bank saving account shall apply to this account from the date of change of the status.1.5 In case of a joint account, both the applicant and joint applicant are singly and jointly liable for Overdraft if any, even if the application cum demand promissory note is signed by the applicant alone
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