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These terms and conditions (“Terms”) apply to
and regulate the operation of the Accounts offered by ICICI
Bank to customers. These terms and conditions shall be in
addition to any other terms as stipulated by ICICI Bank
from time to time.
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 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 at the www.icicibank.com. |
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|
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.
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2. Applicability of Terms
The Terms 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.
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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.
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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.
Delivery costs like courier charges, would however
be recovered from the customers. |
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| 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.
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| 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. |
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| 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. |
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| 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.
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6. 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.
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| 7.
Conduct of Account |
| 7.1 |
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. |
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| 7.2 |
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. |
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| 7.3 |
Standing
instructions are accepted free of charge for transferring
funds from Account to Fixed deposit or Recurring
deposit accounts. Other standing instructions are
subject to service charges. |
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| 7.4 |
ICICI Bank
in its sole discretion may restrict the number of
withdrawals in the Account. |
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| 8.
Dormant Account |
| 8.1 |
ICICI
Bank may classify an Account as
- 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:
- Transactions through cheque.
- Cash or cheque deposit.
- Withdrawal or deposit through ATM.
- Transaction through internet
- 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 . |
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9. Collection Facility |
| 9.1 |
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 or 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). |
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| 9.2 |
ICICI Bank
has the authority to debit the accounts to recover
any amount credited erroneously. |
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| 9.3 |
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. |
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| 9.4 |
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.
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10. 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.
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11. 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 / or like
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.
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12. Statement of Account
The Statement of Accounts for each Account shall be issued
& charged on a frequency as determined by the ICICI
Bank for each Account. Unless disputed by the Customer within
fourteen (14) days of mailing of the statement, the same
shall be deemed to be accepted by the Customer. ICICI Bank
reserves the right to rectify discrepancies in the statement
of Account, if any, at any point of time. If Customer delays
in examining the statement 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.
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All the statements will be mailed to Customer's
communication address as per ICICI Bank's records. ICICI
Bank shall not be responsible for statements lost in mail/post.
The Customer should contact ICICI Bank promptly if the Statement
is not received and ask for duplicate statements, if required.
With the approval or at the request of the Customer, 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 statements are 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 statements are issued at the request of the Customer
for a fee. Ordinarily, duplicate statements are issued only
for a period not exceeding 36 months prior to date of request.
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13. 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.
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14. Death or Incompetence
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 accountholders 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.
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15. 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.
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16. 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.
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17. 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.
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18. 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.
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19. 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 Centre
P. O. Box No. 20
Banjara Hills P. O.
Hyderabad 500 034,
India
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20. 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
effected by or through facilities for conducting remote
transactions including the Internet, World Wide Web, electronic
data interchange, call centers, 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.
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21. Electronic Instructions
The Customer agrees that ICICI Bank shall not be liable
for executing any instructions ICICI Bank receives through
Telephone, Facsimile or other form of electronic communication.
The Customer further agrees to keep ICICI Bank indemnified
from and against all claims either by the customer or any
other, actions, demands, liabilities, costs, charges, damages,
losses, expenses and consequences of whatever nature (including
legal fees on a full indemnity basis) and howsoever arising,
which may be brought or preferred against ICICI Bank or
that ICICI Bank may suffer, incur or sustain by reason of
or on account of ICICI Bank having so acted whether wrongly
or mistakenly or not, or of ICICI Bank failing to act wholly
or in part in accordance with the instructions.
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22. Waiver
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
effected by or through facilities for conducting remote
transactions including the Internet, World Wide Web, electronic
data interchange, call centers, 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.
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23. Indemnity
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
The indemnities as aforesaid shall continue notwithstanding
the termination of the Account.
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24. 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.
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25. Bankers lien and Setoff
- 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.
- 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.
- 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.
- ICICI Bank shall not be under any obligation to exercise
any of its rights under this Paragraph.
- 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.
- 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.
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26. 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 the
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.
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27. Disclosure
- 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.
- 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.
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28. 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:
- In case any of the documents furnished towards Identity
and address proof are found to be fake / forged / defective;
- Account opening cheque is returned unpaid for financial
reasons/ signature not matching;
- In case fraudulent / forged / fake cheques / bank
drafts or any such instruments are attempted to be cleared
/ cleared through the Account;
- In case of frequent returns of inward / outward cheques
in the Account;
- In case debit balance is allowed to continue for
more than 90 days in the Account;
- Improper conduct of the Account in terms of volume
/ type of transactions;
- 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
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29. Change of communication address
Customer agrees to notify ICICI Bank regarding change in his/her residence/employment address, contact number and e-mail id for communication as stated in the application form for opening the relationship, and provide any other information that ICICI Bank may require from time to time. In case account holder fails to update communication address ICICI Bank disclaims all liability resulting from any loss or damage due to delivery of deliverables like I-kit, cheque book, debit card, internet banking user id/ password etc to the incorrect address.
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Fixed Deposits
1. Date of Fixed Deposit |
| 1.1 |
The
effective date of Fixed Deposit shall be the date
on which the bank gets funds to its account. No
Fixed Deposit Receipt is issued in anticipation
of realisation of the cheque. |
| 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 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 rupee denominated fixed deposits is reckoned/paid
at quarterly intervals, at the rates applicable
at the time of acceptance as the case may be, in
accordance with RBI directives. |
|
| 5.2 |
The interest
on FCNR(B) deposits will be paid on the basis of
360 days to a year. The method of calculation of
interest is as below:
• FCNR(B) deposits for one year, the applicable
rate without any compounding effect.
• In respect to FCNR(B) deposits for more
than 1 year, at intervals of 180 days each and thereafter
simple interest for remaining actual number of days.
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Premature closure of Fixed Deposits
- If NRE, FCNR(B) & RFC deposits are closed before
completion of 12 months from the date of deposit, no
interest is payable.
- On premature withdrawal of deposits, subject to item
1 above
• For NRE deposits below Rs. 100 million: There
is no penalty for premature withdrawal of deposits.
Interest will be paid at the rate applicable for the
period deposit has been with the Bank or the contracted
rate, whichever is less.
• For NRE deposits of Rs. 100 million and above:
Interest will be paid at 1% below the rate applicable
for the period deposit has remained with the Bank or
1% below the contracted rate whichever is less.
• For FCNR(B) & RFC Deposits: Interest will
be paid at 1% below the applicable rate for the period
the deposit has remained with the Bank or 1% below the
contracted rate whichever is less.
• For NRO deposits: Interest will be paid at the
rate applicable on the date of deposit for the period
the deposit has remained with the Bank or the contracted
rate whichever is less, minus the applicable penalty.
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