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 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 shall be opened / activated post submission of requisite documents and completion of process and formalities as per the bank's policy. 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.
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.
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.
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.
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. ICICI Bank, at its sole discretion, may levy service charges for the facilities provided by the Bank, in parts subject to maximum limit/s as decided by the Bank from time to time.
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 / 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.
ICICI Bank shall offer, free of cost, to the Customers who are individuals a monthly e-mail statement of Account and in case registered e-mail id is not available a physical quarterly statement of Account would be sent to their communication address. In case of Customers other than individuals, a physical monthly Statement of Account shall be issued free of cost by ICICI Bank. Customer/s shall also have the option to avail a monthly physical Statement of Account or a Passbook.
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 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 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.
Interest is calculated on a daily basis on the daily closing balance in the Account at the rate in force in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. With effect from December 30, 2013*, interest will be paid every half year in June and December.
*Interest for the period September 1, 2013 to December 29, 2013 will be paid in December 2013 and interest for period December 30, 2013 to June 29, 2014 will be paid in June 2014.
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.
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.
*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.
* ICICI Bank reserves the right, without any further notice, to close the Account without any notice in case the account is in debit balance for more than 12 (twelve) months due to reasons, including but not limited to, non-maintenance of MAB, annual fees for Debit/ATM cards, ATM card interchange charges, etc..
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