Terms and Conditions ITSA

Terms and Conditions Governing Investment & Tax Savings Account for Retail Customers

These terms ("Terms") are applicable for usage of Investment & Tax Savings Account (“Product”) offered to the retail customers. These terms are in addition to and not in derogation to the Terms and Conditions as may be applicable to the Investment & Tax Savings Account (“Primary Terms”) and Terms and Conditions as may be applicable to each of the other attachment products (“Additional Terms”) defined below.

Definitions

In these Terms, the following words and phrases shall have the meaning stated hereunder unless indicated otherwise:

“Attachment Products” mean Mutual Fund and Expressions Debit Card;

“MAB” mean Monthly Average Balance that the Customer may be required to maintain as per these Terms;

“Investment & Tax Savings Account” (ITSA) or “Product” mean a combination of Savings Bank Account, Mutual Fund and Expressions Debit Card;

 

Interpretation:

  • All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
  • Words importing any gender include the other gender.
  • 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.
  • 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.
  • Words “ICICI Bank”, “the Bank”, refer to ICICI Bank Limited having its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat.
Applicability of Terms

These Terms, Primary Terms and Additional Terms form the express contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for opening the Investment & Tax Savings Account. By applying, the Customer acknowledges that he / she has /have read understood and accepted these terms and conditions.

General Terms

Eligibility Criteria

  • Product available to resident Indian in age group of 18 years and above
  • Exclusive offers and privileges on Expressions Debit Card
  • Customer shall take the following Attachment Products to avail the benefits of Investment & Tax Savings Account:
  • Mutual Fund with monthly installments as mentioned below, which shall be deducted through standing instruction/ debit authorization for initial two years. This amount will be deducted once the Investment & Tax Savings Account is activated and will be further debited each month as per the standing instruction/ debit authorization given by the customer.
ITSA - GoldITSA - Silver
Mutual Fund :
  • Min 5k per month
  • Max - 12.5k per month
  • Note – SIP should be in multiplication of 500
Mutual Fund :
  • Min - 3k per month
  • Max - 12.5k per month
  • Note – SIP should be in multiplication of 500
  • Expression Debit Card (“EDC”) with annual fee of Rs. 499/- (Rupees Four Hundred Ninety Nine only) plus GST for Normal EDC or Rs 799/- (Rupees Seven Ninety Nine only) plus GST for Coral EDC, which shall be deducted upon the activation of Savings Account. The EDC shall be issued by ICICI Bank. If the Investment & Tax Savings Account is sourced through i-Kit mode then for the first year no separate debit card fees will be charged.
  • The Customer will have to open the Investment & Tax Savings Account with minimum account opening cheque of Rs. 50,000 (Rupees Fifty Thousands only) for ITSA Gold and Rs 25,000 (Rupees Twenty-Five Thousands only) for ITSA Silver. This shall include charges of Mutual Fund and Expressions Debit Card, which shall be debited upon Savings Account opening pursuant to the standing instruction/debit authorization.
  • Monthly Average Balance (MAB) requirement for the Savings Account will be waived till the time Customer makes timely payment of all Attachment Products without any default.
  • Tax benefit will be given to the customer as per the terms and conditions of Mutual Fund for a period of minimum two (2) years, subject to payment of requisite premium and due adherence to the terms and conditions as applicable.
  • Other benefits as mentioned below :
ITSA-GoldITSA-Silver
Features Free Gold Privilege Debit Card with exciting offers & Visa* Privileges. Note - Cash withdrawal limit of Rs. 75,000 per day and transaction limit of Rs. 125,000 per day Smart Shopper Silver Debit Card with exciting offers and Visa Privileges. Note - Cash withdrawal limit of Rs. 50,000 per day and transaction limit of Rs. 100,000 per day*
Unlimited cash withdrawal transactions at any bank’s ATM, free of charge Make unlimited cash withdrawals from any banks’ ATM, free of charge
Avail 20% discount on annual locker rentals Free Anywhere banking
Waiver on Trading account opening fee of Rs. 975 and first year Demat Annual Maintenance Charges (AMC) of Rs. 500 Get 15% discount on annual locker rentals
Free Anywhere banking Money multiplier facility: Earn more on your savings account
Free unlimited cash transactions at base branch (branches in same city) Free unlimited cash transactions at base branch and branches in same city
Waiver of DD/PO charges for up to Rs.1,50,000 per day Waiver of DD/ PO charges for up to Rs.1,00,000 per day
Money Multiplier facility 15% discount on annual fee for Safe Deposit Lockers
Free SMS Facility Free SMS Facility
  • The benefits associated with Investment & Tax Savings Account is being offered by ICICI Bank at its sole discretion and the same can be altered/modified or terminated at any point of time by ICICI Bank, at its sole discretion, without any notice, subject to these Terms.
Other Terms and Conditions
  • The Attachment Products request will only be processed upon activation of the Savings Account.
  • An annual/ monthly debit will be made towards payments for the Attachment Products basis the standing instructions provided by the Customer in the application form(s).
  • If the customer defaults in making any payment(s) towards any of the Attachment Products at any point of time, the account will be downgraded from ITSA to the respective non-ITSA variant and the customer will have to maintain the MAB as applicable with immediate effect. In such case, the account will be automatically converted to Silver Savings Account/ Gold Privilege Account variant and the benefits shall deemed to be forfeited with no further notification. Post account modification, the customer shall be bound by the Primary Terms and Additional Terms as applicable to each of the Savings Account, the Mutual Fund and Expressions Debit Card and the customer will have to maintain MAB criteria as applicable to avoid default charges.
  • Under this Product, if the Investment & Tax Savings Account once converted into the silver savings account/ / Gold Privilege Account variant, it cannot be restored again to Investment & Tax Savings Account.
  • The Investment & Tax Savings Account is subject to the terms and conditions of each individual Attachment Product. ICICI Bank shall endeavor to give reasonable notice of such alternations/modifications or termination of the Product but shall not be bound to do so.
  • In case, the Customer does not abide by any provision(s) of the Terms, Primary Terms and Additional Terms including failure to make timely payment of premium(s) for the Attachment Products throughout the tenure of the relationship then, the waiver of requirement of MAB will cease to apply and accordingly, the Customer shall be required to maintain the required MAB and his account will be auto-converted to Silver Savings Account/ / Gold Privilege Account variant. Consequently, the Customer will be required to maintain the MAB as applicable.
  • ICICI Bank is merely sourcing the Attachment Products by collecting the application form and other details and is in no way responsible and liable for queries, claims or other concerns pertaining to any of the Attachment Products.
  • ICICI Banks decision on all matters relating to the Product shall be final and binding on all Customers. ICICI Bank reserves the right in its sole and absolute discretion to vary, delete or add to any of these terms and conditions from time to time or to suspend or terminate the Product at any time without prior notice or liability to any person.
  • Customer has the choice to opt for any of the products on a standalone basis with any other Savings account.
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.

Limitation of Liability

ICICI Bank shall neither be responsible nor be liable for and towards any claims, services, and/or any product offerings of any third party.

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.

 

Note:

  • For terms and conditions applicable on the ICICI Bank Savings Account, please click here.
  • For terms and conditions applicable on the Mutual Fund, please click here.
  • For terms and conditions applicable on Expression Debit Card, please click here.

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