These terms and conditions apply to and regulate the operation of the Easy Receive Account (the “Account”) 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.
In these terms and conditions, the following words and phrases have the meaning stated hereunder unless indicated otherwise:
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.
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.
Customer induced transactions shall mean any credit or debit transactions done by a Customer in the Account through the following modes:
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).
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 MAB 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.
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.
The Statement of Accounts for each Account shall be issued & charged on a frequency as determined by the ICICI Bank for each Account. The monthly statement of accounts will be available to the Customer on request free of cost, once a month, at any ICICI Bank branch.
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 not-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 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.
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.
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.
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.
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.
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.
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.
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,
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.
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.
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.
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.
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:
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.
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*ICICI Bank may, at its sole discretion, utilise the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products
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