These terms and conditions (the “Terms” ) are in addition to and not in derogation to ICICI Bank’s Internet Banking Terms and Conditions, ICICI Bank’s Phone Banking Terms and Conditions and Terms and Conditions applicable to ICICI Bank’s Savings Bank Account (the “Primary Terms”). In event of any inconsistency between the Primary Terms and the Terms, the Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning as provided / specified under Primary Terms .

I. DEFINITIONS

"Affiliate" of ICICI Bank shall mean and include any company which is the holding company or subsidiary of ICICI Bank, or any person under the control of or under common control with ICICI Bank or in more than 26% of the voting securities of which ICICI Bank has a direct or beneficial interest or control.

“Account”shall mean ICICI Bank savings bank account held by a Customer.

“Customer” shall mean a domestic resident savings bank account holder of ICICI Bank who is desirous of availing the Invest@ease Services provided by ICICI Bank and has submitted registration form to ICICI Bank denoting his/her desire in availing of the Services.

“Instruction” shall mean any instruction issued by the Customer to ICICI Bank in the manner specified by ICICI Bank, in the course of availing of the Services including but not limited to instruction for purchase, sale, switch, as the case may be, etc of mutual fund units, life insurance policy, through Infinity, ICICI Bank 24-Hour Customer Care or submission of physical request form.

“ Invest@ease Services” or “Services” shall mean the facility provided by ICICI Bank to the Customer(s) which shall enable the Customer(s) to place investment request or purchase, sell, switch or deal in any other manner, as the case may be, in various investment products including but not limited to mutual funds, life insurance units of any collective investment scheme or any other security or financial instrument that are either offered by ICICI Bank or are distributed or introduced by ICICI Bank in its capacity as an Intermediary / agent / of such Mutual Funds/Asset Management Companies/ life insurance companies/Any other Third Party service providers/vendors.

"ICICI Bank" shall mean ICICI Bank Limited, a company incorporated under the Companies Act 1956 and a banking company within the meaning of Banking Regulation Act, 1949 having its registered office at Landmark, Race Course Circle, Vadodara 390 007 and corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051. The expression “ICICI Bank” shall, unless it be repugnant to the subject or context hereof, include its successors and assigns.

“ICICI Bank 24-Hour Customer Care Centre”shall mean and refer to ICICI Bank - Phone Banking Service provided by ICICI Bank to the Customer.

“Infinity''shall mean and refer to the trade name of ICICI Bank's Internet Banking Service / website owned, established and maintained by ICICI Bank at the URL www.icicibank.com.

“Website” shall mean the website owned, established and maintained by ICICI Bank at the URL www.icicibank.com.

II. AUTHORISATION FOR SERVICES

(a) The Customer shall submit a registration form to ICICI Bank expressing his/her interest in availing of the Services in such format and manner as prescribed by ICICI Bank.

(b) The Customer shall authorize ICICI Bank for the purpose of execution of its Instructions by virtue of a letter of authority in such manner and format as required by ICICI Bank. A copy of such letter of authority shall be submitted to ICICI Bank and ICICI Bank shall be entitled to share the same with the concerned Mutual Fund/ Asset Management Companies/life insurance companies/ Any other Third party service provider/vendor, for the purpose of rendering services.

III. TERMS OF THE SERVICES

(a) All Instructions in relation to the Services shall be issued by the Customer through the Infinity, ICICI Bank 24 Hour Customer Care Center, submission of physical request forms at ICICI Bank branches or in any other manner as may be specified by ICICI Bank from time to time .

(b) The Instructions issued by the Customer shall be deemed to be valid only if the same is made in such form and manner as prescribed by ICICI Bank and on compliance of the prescribed authentication parameters by the Customer.

(c ) The manner of providing instructions to ICICI Bank with respect to the Invest@ease services shall be the same as that of the savings account linked to these services. Further, the mode of operation with respect to the mutual fund units availed of by me / us through Invest@ease services shall be the same as that of the savings account linked to these services.

(d) All Instructions for purchase of mutual funds unit, or any other instrument/security/life insurance policy etc shall be issued by the Customer only on ensuring that the Account has sufficient funds for such units/instrument/security/life insurance policy etc . In the event if the Account does not have sufficient funds for the said purpose, ICICI Bank may reject the same completely or in its discretion purchase lesser number of units / security / instrument etc . The Customer agrees to have read and understood the contents / terms and conditions of the concerned Scheme Information Document (SID), Statement of Additional Information (SAI) and other related documents before issuing of Instruction for purchase of mutual fund units/instrument/security/life insurance policy.

(e) The Customer acknowledges that any request for purchase of mutual fund units may be rejected by the concerned Mutual Fund/Asset Management Company and that ICICI Bank shall not be liable in any manner whatsoever to the Customer, in such events. The Customer further acknowledges that any Instruction for purchase of mutual fund units is in compliance with the applicable law, rules, regulations and the terms of the Scheme Information Document (SID)and that ICICI Bank does not in any manner warrant the availability of such units.

(f) The Customer agrees and acknowledges that the Service is presently available in respect of select Mutual Funds/Asset Management Companies only with whom ICICI Bank has entered into a separate arrangement and as are displayed on the Website. The Customer shall be entitled to subscribe for and transact the units of such other Mutual Funds/Asset management Companies with whom ICICI Bank may enter into specific arrangement in the future on the terms and conditions as contained herein.

(g) The Customer agrees and acknowledges that any Instruction given or purported to be given by him/her before the cut off time as may be intimated by ICICI Bank to the Customer from time to time, would be processed on the same day. Any instructions received after the prescribed cut off time will be processed on the next working day.

(h) The Customer acknowledges that the units of the schemes shall be allotted, redeemed or switched, as the case may be, at the Net Asset Value (NAV) prevalent on the date of the application made to the Mutual fund, if the application for purchase, redemption or switch is received by the Asset Management Company before the cut-off time as specified by ICICI Bank and consistent with the terms of the Scheme and/or the Scheme Information Document (SID). However ICICI Bank shall not be liable for any loss that may arise to the Customer as a result of the incorrect NAV applied on units allotted to the Customer by the Asset Management Company.
The Customer acknowledges that any transaction request falling due on a holiday would be processed on the next business day and respective NAV would be applicable as per the Offer Document.

(i) ICICI Bank may at its discretion not carry out any Instructions where ICICI Bank has reasons to believe that the Instructions are not genuine or are otherwise improper or unclear or raise a doubt. ICICI Bank shall not be liable if any Instructions are not carried out for any of the reasons stated herein.

(j) On submission of Instructions for redemption of mutual fund units, the same will be submitted by ICICI Bank to the concerned mutual fund/asset management company/ registrar and the proceeds out of the redemption shall be credited to the Account by the said mutual fund/asset management company/ registrar.

(k) On submission of Instructions for switching of mutual fund units, the same will be submitted by ICICI Bank to the concerned mutual fund/asset management company/ registrar and the Instruction shall be processed and the mutual fund units held by the Customer under a specific scheme of the mutual fund/asset management company shall be switched over to the units of any other scheme of such mutual fund/asset management company (the “Switched Units”) at the NAV as existing at the time of submission of such Instruction of such Switched Units.

(l) The Customer acknowledges that the life insurance policies that are intended to be purchased by the Customer by use of the Services are issued by ICICI Prudential Life Insurance for whom ICICI Bank acts merely as a corporate agent and that ICICI Prudential Life Insurance reserve the discretion to reject any application for purchase of any specific life insurance policy and that ICICI Bank in no manner warrants the availability and/or suitability of such life insurance policy for any specific Customer. ICICI Prudential Life Insurance shall independently send/make available the policy certificate to the Customers who purchase such life insurance policies by use of the Services.

IV. TERMINATION/UN-REGISTRATION OF SERVICES

(a) The Customer may choose to terminate/un-register the Invest@ease Services by submission of written request for the same, in the form and manner as may be prescribed by ICICI Bank. Such request form ought to be endorsed by the second and third holder of the Account as well.

(b) ICICI Bank may, at its discretion, withdraw temporarily or terminate the Services, either wholly or in part, at any time without giving prior notice to the Customer. ICICI Bank may, without prior notice, suspend the Services at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Services. ICICI Bank shall endeavor to give a reasonable notice for withdrawal or termination of the Services.

(c) The closure of the Account of the Customer will automatically terminate the Services. ICICI Bank may suspend or terminate the Services without prior notice if the Customer has breached these Terms and Conditions or ICICI Bank learns of the death, bankruptcy or lack of legal incapacity of the Customer or in case there is any change in the account holders. In such event the Services may be restarted by following the process and submission of such documents as specified by ICICI Bank in this regard.

(d) In the event the I/we cease to be a Customer of ICICI Bank, it shall be my/our responsibility to inform the respective AMCs, in whose schemes I/we may have invested through invest@ease services, of such change. ICICI Bank shall not be responsible for communicating the same to the AMCs and shall not be liable for any loss / harm / damage that may result to me / us as a result of not having informed the concerned AMCs about such change

V.RECORDS

(a) All records of ICICI Bank generated by the transactions arising out of use of the Services, including the time of the Instruction recorded shall be conclusive proof of the genuineness, accuracy and time of submission of the Instructions.

VI. ACCURACY OF INFORMATION

(a) The Customer undertakes to provide accurate and complete information wherever required and shall be solely responsible for the correctness and completeness of information provided by him to ICICI Bank at all times, including, but not limited to, the Instructions for the purposes of availing of the Services. ICICI Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by ICICI Bank to him, he/she shall advise ICICI Bank as soon as possible. ICICI Bank will endeavor to correct the error wherever possible on a best effort basis. However no Instruction can be amended, modified, waived or suspended once the same is transmitted by ICICI Bank to the concerned mutual fund/asset management company, life insurance company or such other third party company/service provider/ vendor. While ICICI Bank will take all reasonable steps to ensure the accuracy of the information supplied to the Customer, ICICI Bank shall not be liable for any inadvertent error, which results in the providing of inaccurate information.

VII. DISCLAIMER OF LIABILITY

(a) The Customer agrees that ICICI Bank shall not be liable if:

A) the Customer has breached any of the terms and conditions, contained herein or

B) the Customer has contributed to or the loss is a result of failure on part of the Customer to advise ICICI Bank within a reasonable time about unauthorized access of or erroneous transactions by use of the Services;

(b) ICICI Bank shall endeavor to provide the Serviceson a best effort basis and the Customer shall not hold ICICI Bank liable for non-availability of the Services or non-performance by service providers, if any, engaged by ICICI Bank or any loss or damage caused to the Customer as a result of use of the Services for causes which are not attributable to ICICI Bank. ICICI Bank shall not be liable in any manner to the Customer in connection with the use of the Services.
Without limitation to the other provisions of this terms and conditions, ICICI Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of ICICI Bank in receiving and processing any Instruction or any failure, delay, interruption, suspension, restriction, or error in ICICI Bank's system and/or any third party who provides such services as is necessary to provide the Services.

Notwithstanding anything in the contrary provided in this terms and conditions, ICICI Bank shall not be involved in or in any way liable to the Customer for any dispute between the Customer and the mutual fund/asset management company, insurance company or any other third party company/ vendor whose products/services have been purchased/ availed by use of the Services.

c ) The Customer agrees that ICICI Bank may hold and process his personal information concerning his Account on computer or otherwise in connection with the Services as well as for analysis, credit scoring and marketing. The Customer also agrees ICICI Bank may disclose, in strict confidence, to other institutions, such information as may be reasonably necessary for reasons inclusive of but not limited compliance with legal directive, for credit rating by recognized credit scoring agencies, and for fraud prevention.

(d) ICICI Bank will not be liable for:

(A) acting in good faith on any instructions received by ICICI Bank from or on behalf of the Customer in relation to the Services;

(B) error, default, delay or inability of ICICI Bank to act on all or any of the Instructions given by the Customer

(C) loss of any information/instructions in transmission;

(D) unauthorized access by any other person to any information /instructions given by the Customer or breach of confidentiality;

VIII. DISCLAIMER FOR INSURANCE PRODUCTS

Disclaimer for Life Insurance Products:

"ICICI Bank is acting merely as the Corporate Agent with ICICI Life and there is no direct or indirect linkage between the provision of the banking services offered by the Bank to its customers and their usage of the product or participation in the scheme. The participation to this product is purely on a voluntary basis. ICICI Bank has not sponsored any of the products displayed or listed or it does not take any responsibility for any information or content displayed on the website owned by ICICI Life.

For more details on risk factors and terms and conditions please read sales brochure carefully before conducting a sale. Insurance is a subject matter of solicitation"
 

IX.INDEMNITY

(a) In consideration of ICICI Bank providing the Services, the Customer, at his own expense, agrees to indemnify, defend and hold harmless, ICICI Bank, its directors and employees, representatives, agents, as the case may be, against all losses, damages, expenses, actions, claims, demands and proceedings whatsoever, that ICICI Bank may incur, sustain, suffer or be put to at any time as a consequence of acting on or omitting or refusing to act on any Instructions given by the Customer or otherwise for use of the Services.

X.FEES

(a) ICICI Bank shall have the discretion to charge such fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Services, by notifying the Customer of such revision through the Website or in any manner as may be specified by ICICI Bank from time to time. The Customer shall be required to refer to the schedule of fees put up on the Website from time to time.

XI.MODIFICATION

(a) ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms and Conditions, features and benefits in relation to the Services. ICICI Bank may communicate the amended Terms and Conditions by hosting the same on Infinity or in any other manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms and Conditions, including amendments thereto as may be posted on Infinity and shall be deemed to have accepted the amended Terms and Conditions by continuing to use the Services. Any change in the Terms and Conditions shall be communicated to the Customer, in the manner as aforesaid, one month prior to the date of their implementation.

XII.NOTICES

(a) ICICI Bank and the Customer may give notice under these Terms and Conditions electronically to the mailbox of the Customer (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the registered address of the Customer, last recorded with ICICI Bank and in case to ICICI Bank at its office at 3rd Floor, South Tower, ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051. In addition, ICICI Bank shall also provide notice of a general nature regarding the Services and the Terms and Conditions, which are applicable to all Customers using the Services, on its Website and/ or also by means the customised messages sent to the Customer over his mobile phone as SMS or other mode as may be deemed fit by ICICI Bank. Such notice will be deemed to have been served individually to each Customer.

XIII. GOVERNING LAW AND JURISDICTION

(a) The terms of Invest@ease Services shall be governed by the provisions of Indian laws, rules and regulations.

(a) Any dispute or differences arising out of or in connection with the Services shall be subject to the exclusive jurisdiction of the Courts of Mumbai.

XIV. SET-OFF

(a) ICICI 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 other Account/s of the Customer maintained with ICICI Bank and / or Affiliates, 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 ICICI Bank and/or Affiliates (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Customer in any capacity) towards the satisfaction of the Customer’s liability under the Services. ICICI Bank and/ or Affiliates are entitled without any notice to the Customer, to settle any indebtedness whatsoever owed by the Customer to ICICI Bank and/or Affiliates, (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 Customer with ICICI Bank and/or Affiliates 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 and its Affiliates’ rights hereunder shall not be affected by the Customer’s bankruptcy, death or winding-up. It shall be the Customer’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 ICICI Bank and its Affiliates may at any time be entitled whether by operation of law, contract or otherwise, ICICI Bank is authorized / will be entitled: (a) to combine or consolidate at any time all or any of the Accounts and liabilities of the Customer with or to any branch of ICICI Bank and/or its Affiliates; (b) to sell or otherwise dispose off any of the Customer’s securities or properties held by ICICI Bank by way of public or private sale or otherwise without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to ICICI Bank and/or to the Affiliates from the Customer, including costs and expenses in connection with such sale or disposal; 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 ICICI Bank and/or its Affiliates.