Last Updated : 28th February, 2017
These terms ("Terms") are applicable for usage of Smart Secure 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 Savings Account (“Primary Terms”) and Terms and Conditions as may be applicable to each other attachment products (“Additional Terms”) defined below.
In these Terms, the following words and phrases shall have the meaning stated hereunder unless indicated otherwise:
"Attachment Products" mean Life Insurance Group Term Plan, General Insurance Group Personal Accident Plan, Demat and Trading Account and Expressions Debit Card;
"MAB" mean Monthly Average Balance that the Customer may be required to maintain as per these Terms;
"Smart Secure Savings Account" or "Product" mean a combination of Savings Bank Account, Life Insurance Group Term Plan, General Insurance Group Personal Accident Plan, Demat and Trading Account and Expressions Debit Card;
These Terms, Primary Terms and Additional Terms forms the express contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for opening the Smart Secure Savings Account. By applying, the Customer acknowledges that he / she has /have read understood and accepted these terms and conditions.
4.1 The Attachment Products request will only be processed upon activation of the Savings Account.
4.2 An annual debit will be made towards payments for the Attachment Products basis the standing instructions provided by the Customer in the application form(s).
4.3 If the customer defaults in making any payment(s) towards any of the Attachment Products at any point of time, 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 variant and the benefits shall deemed to be forfeited with no further notification. Post account modification, customer will have to maintain MAB criteria as applicable to avoid default charges.
4.4 Under this Product, if the Savings Account once converted into the silver savings account variant, it cannot be restored again to Smart Secure Savings Account.
4.5 The Smart Secure 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.
4.6 In case, the Customer do 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 an required MAB and his account will be auto-converted to Silver Savings Account variant. Consequently, the Customer will be required to maintain the MAB as applicable.
4.7 ICICI Bank is merely soliciting 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.
4.8 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.
4.9 Customer has the choice to opt for any of the products on a standalone basis with any other Savings account.
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.
ICICI Bank shall neither be responsible nor be liable for and towards any claims, services, and/or any product offerings of any third party, including ICICI Prudential Life Insurance Company and ICICI Lombard Insurance Company.
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.
For terms and conditions applicable on the ICICI Bank Savings Account, please click here.
For terms and conditions applicable on the Life Insurance Group Term Plan, please click here.
For terms and conditions applicable on the General Insurance Group Personal Accident Plan, please click here.
For terms and conditions applicable on Demat and Trading Account, please click here.
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