TERMS AND CONDITIONS GOVERNING THE USE OF ICICI BANK’s PHONE BANKING For Individuals / Sole Proprietorships
1. Definitions: In this document the following words and phrases have the meanings set opposite them unless the context indicates otherwise:
ACCOUNT (S) refers to the USER's Bank Account and/ or Credit Card Account and/ or Home Loan Account and/ or Automobile Loan Account and/ or Consumer Durable Loan Account and/ or any other type of account (each an “Account” and collectively “Accounts”, so maintained with any GROUP COMPANY which are eligible Account(s) for operations through the use of PHONE BANKING CENTER. One of these Accounts will be designated as the Primary Account and all other accounts (if any) of the USER referred to as Secondary Account(s).
ATM means any Automated Teller Machine whether in India or overseas, whether of ICICI Bank or a specified Shared Network, at which, amongst other things, the USER can use his/her ATM/Debit Card and / or Credit Card to access his funds in his/her Account held with ICICI Bank.
ATM/Debit Card refers to the ICICI Bank Ncash Debit cum ATM Card issued to the USER.
ATM PIN means the Personal Identification Number allocated to the USER by ICICI Bank or chosen by the USER/ICICI Bank from time to time, in relation to the ATM / Debit Card and / or Credit Card.
BANK ACCOUNT refers to the USER'S account with ICICI BANK.
Credit Card means ICICI Bank Credit Card issued to the USER.
GROUP COMPANIES refers collectively to ICICI BANK and all companies affiliated to ICICI Bank in which ICICI Bank has majority equity stake or management control and other affiliated companies that would be participating in Phone Banking Service.
ICICI BANK refers to ICICI BANK LIMITED, a company incorporated under the Companies Act, 1956 and licensed as a bank under the Banking Regulation Act, 1949 and having its registered office at Landmark, Race Course Circle, Vadodara 390 007, and its corporate office at ICICI Towers, Bandra Kurla Complex, Mumbai 400 051, (“ICICI Bank”, which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns).
LINKED ACCOUNTS refers to the Primary Account (designated by ICICI Bank) and Secondary Accounts (designated by ICICI Bank) of the USER.
PERSONAL INFORMATION refers to the information provided by the USER to ICICI Bank.
PHONE BANKING/PHONE BANKING SERVICE refers to ICICI Bank's phone banking service, pursuant to which ICICI Bank would provide information and related services through e-mail or other related systems to the USER thereof, in relation inter alia to the ACCOUNT(S) of such USER, information about products and services of the GROUP COMPANIES which are available from time to time to the customers of the GROUP COMPANIES.
T-PIN means the telephone personal identification number that is given to the USER upon acceptance of the application of the USER which number shall be quoted or entered by the USER for access to the PHONE BANKING SERVICE.
TERMS refer to Terms and conditions for use of PHONE BANKING as specified in this document.
USER refers to a customer of ICICI Bank and/ or the GROUP COMPANIES authorised to use PHONE BANKING.
2. Applicability of TERMS: These TERMS form the contract between the USER and ICICI Bank unconditionally. Each USER shall apply to ICICI Bank in the prescribed form for use of the PHONE BANKING, and ICICI Bank shall be entitled at its sole discretion to accept or reject such applications. By applying for the PHONE BANKING SERVICE and accessing the service for the first time, the USER acknowledges and accepts these TERMS. Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank and the GROUP COMPANIES in connection with the Accounts shall continue to apply.
3. PHONE BANKING SERVICE: ICICI Bank shall endeavor to provide to the USER through the PHONE BANKING SERVICE, various services including but not limited to inquiry of the balance in the Account(s), request for transfer of funds between the ACCOUNTS of the same USER and such other facilities as ICICI Bank may decide to provide from time to time. The services through the Phone Banking shall be provided in a phased manner at the discretion of ICICI Bank. ICICI Bank reserves the right to add, revise suspend in whole or in part any of the services, without any notice, provided through PHONE BANKING and these shall be binding on the USER. By using these new services, the USER shall be deemed to have accepted the TERMS.
4. UNAUTHORISED ACCESS: The USER shall take all necessary precautions to prevent unauthorized and illegal use of the service and unauthorized access to the Accounts provided by PHONE BANKING.
5. PHONE BANKING Access TO USERS:
CATEGORIES OF USERS:
(i) Demat Account holders:
USER may access the Phone Banking Service through the use of 14 digit Demat Account Number and the TPIN allotted to the USER.
The USER will be allotted a secret T-PIN by ICICI Bank upon acceptance of the application of the USER. The USER shall change the T-PIN assigned by ICICI Bank on accessing the PHONE BANKING SERVICE for the first time and as frequently thereafter as possible as a safety measure. Each time the USER is desirous of accessing the PHONE BANKING the USER shall provide the 14 digit Demat Account Number and the T-PIN, in the directed manner. ICICI Bank shall also have the right to at its discretion request the USER for further information for authentication of the USER’s bonafides. ICICI Bank reserves the right to use any other information for authentication of the USER. The USER shall be deemed to represent that he is the legal and beneficial owner of, or, authorised to deal with the funds and property in the ACCOUNT (S) each time the USER uses the PHONE BANKING SERVICE and seek information in respect thereof .
(ii) Credit Card holders
USER may access the Phone Banking Service through the use of 16 digit Credit Card Number and the ATM PIN allotted to the USER.
Each time the USER is desirous of accessing the PHONE BANKING the USER shall provide the 16 digit Credit Card Number and the ATM PIN, in the directed manner. ICICI Bank shall also have the right to at its discretion request the USER for further information for authentication of the USER’s bonafides. ICICI Bank reserves the right to use any other information for authentication of the USER. The USER shall be deemed to represent that he is the legal and beneficial owner of, or, authorised to deal with the funds and property in the ACCOUNT (S) each time the USER uses the PHONE BANKING SERVICE and seek information in respect thereof.
(iii) Saving Deposit Account and Sole proprietor current account
USER may access the Phone Banking Service through the use of ATM/Debit Card Number and the ATM PIN allotted to the USER.
Each time the USER is desirous of accessing the PHONE BANKING the USER shall provide the ATM/Debit Card Number and the ATM PIN, in the directed manner. ICICI Bank shall also have the right to at its discretion request the USER for further information for authentication of the USER’s bonafides. ICICI Bank reserves the right to use any other information for authentication of the USER. The USER shall be deemed to represent that he is the legal and beneficial owner of, or, authorised to deal with the funds and property in the ACCOUNT (S) each time the USER uses the PHONE BANKING SERVICE and seek information in respect thereof.
(iv) Bond holders
USER may access the Phone Banking Service through the use of the Bond Holder Number allotted to the USER.
Each time the USER is desirous of accessing the PHONE BANKING the USER shall provide the Bond Holder Number, in the directed manner. ICICI Bank shall also have the right to at its discretion request the USER for further information for authentication of the USER’s bonafides. ICICI Bank reserves the right to use any other information for authentication of the USER. The USER shall be deemed to represent that he is the legal and beneficial owner of, or, authorised to deal with the funds and property in the ACCOUNT (S) each time the USER uses the PHONE BANKING SERVICE and seek information in respect thereof.
(v) Mutual fund holders
USER may access the Phone Banking Service through the use of the Folio Number and the TPIN allotted to the USER.
Each time the USER is desirous of accessing the PHONE BANKING the USER shall provide the Folio Number and the TPIN allotted to the USER, in the directed manner. ICICI Bank shall also have the right to at its discretion request the USER for further information for authentication of the USER’s bonafides. ICICI Bank reserves the right to use any other information for authentication of the USER. The USER shall be deemed to represent that he is the legal and beneficial owner of, or, authorised to deal with the funds and property in the ACCOUNT (S) each time the USER uses the PHONE BANKING SERVICE and seek information in respect thereof.
(i) The USER unconditionally undertakes to have a TPIN of four digit and ensure that the same is kept confidential; and, to not let any unauthorised person have access to the telephone while the USER is accessing the PHONE BANKING SERVICE.
(ii) If the USER forgets/ loses/ misplaces the T-PIN, the USER may request for the issue of a new T-PIN by through Phone Banking. A new T-PIN will be issued to the USER after the necessary authentication procedures are carried out. Issuance of a new T-PIN shall not be construed as the commencement of a new contract.
(iii) The USER agrees and acknowledges that ICICI Bank shall in no way be held responsible or liable if the USER incurs any loss as a result of information being disclosed by ICICI Bank regarding his/her accounts or carrying the instruction of the USER pursuant to the access of the PHONE BANKING SERVICE and the USER shall fully indemnifies and holds harmless ICICI Bank and the GROUP COMPANIES in that behalf.
(iv) The USER shall maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake. ICICI Bank does not assume responsibility on his/her behalf.
7. ATM PIN:
The security of the ATM PIN is very important. If the USER fails to observe these security requirements, he may incur liability for unauthorized use. Any instructions given by means of the ATM PIN, whether in conjunction or independently, may be deemed to be instructions given by the USER, and ICICI Bank shall be entitled to assume that those instructions are given by the USER. The USER shall ensure that he does not reveal his ATM PIN to anyone and takes all precautions to prevent anyone else from having any kind of access to the ATM PIN. It is recommended that the USER memorizes his ATM PIN and then destroys any record of it.
8. Joint Accounts
(i) In case of Joint Accounts, financial transactions through the PHONE BANKING SERVICE, will be available if the mode of operation is indicated as 'either or survivor' or 'anyone or survivor'. The USER desirous of using Phone Banking should be the account holder and authorised to act independently in case of a Joint account. In event all the joint accountholders are desirous to operate the ACCOUNT through the phone banking service, all the joint accountholders shall be bound by the terms and conditions of the PHONE BANKING SERVICE. ICICI Bank shall not be held responsible for acting upon the instructions given by one or more of the Joint accountholders through PHONE BANKING SERVICE. The other Joint account holders shall expressly agree with the arrangement and give their consent on the application form for use of PHONE BANKING SERVICE. ICICI Bank shall act on the instruction received first and any subsequent contrary instruction shall be neglected. All correspondence will be addressed to the first named person only. All transactions arising from the use of PHONE BANKING in the Joint account shall be binding on all the Joint account holders, jointly and severally.
(ii) In case of other kinds of Joints accounts the service would be restricted to balance inquiry and statement issue and no financial transaction shall be permitted through the PHONE BANKING SERVICE. If any one of the Joint account holders gives “stop payment” instructions in respect of operations through the PHONE BANKING (or in writing), on any of the PHONE BANKING accounts held jointly by them, the PHONE BANKING SERVICE will be discontinued for such Joint Accounts.
(iii) An Account in the name of a minor or an Account, in which a minor is a Joint account holder, is not eligible for PHONE BANKING.
9. Charges: The USER hereby irrevocably and unconditionally authorises ICICI Bank to recover all charges related to PHONE BANKING as determined by ICICI Bank from time to time by debiting one of ACCOUNTS of the USER or sending a bill for the said to the USER who would be liable to make the payment within the specified period. Failure to do so shall result in interest being payable at the rate specified at that point in time by ICICI Bank. The PHONE BANKING SERVICE shall be withdrawn if any charges remain unpaid, without any notice to the USER and/or without ICICI Bank incurring any liability or responsibility for such withdrawal.
10. Maintenance Of Sufficient Balance: The USER shall ensure that there are sufficient funds (or prearranged credit facilities) in ICICI Bank Account for operations through PHONE BANKING and ICICI Bank shall not be liable for any consequences arising out of ICICI Bank’s failure to carry out the instructions due to inadequacy of funds and/or credit facilities provided always that ICICI Bank shall at its sole discretion, be entitled to carry out the instructions notwithstanding such inadequacy without seeking the prior approval from or notice to the USER and the USER shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related to costs and charges.
11. Funds Transfer
The facility of funds transfer will be provided only between the Linked Accounts and in accordance with the arrangement between ICICI Bank and the GROUP COMPANIES. ICICI Bank will endeavor to effect such funds transfer transaction received through PHONE BANKING SERVICE subject to sufficient balance available in the USER’s Bank Account and subject to arrangement between ICICI Bank and the Group Companies. ICICI Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond the reasonable control of ICICI Bank.
12. Authority to ICICI Bank
(1) The USER irrevocably and unconditionally authorises ICICI Bank to access all his Accounts for effecting banking or other transactions performed by the USER through the PHONE BANKING SERVICE or otherwise for providing to the USER any information sought by him through access to the PHONE BANKING SERVICE. The instruction of the USER shall be effected only after authentication as specified in Section 5 above. ICICI Bank shall have no obligation to verify the authenticity of any transaction received from the USER through PHONE BANKING SERVICE or purporting to have been sent by the USER via PHONE BANKING SERVICE after they are authenticated by the use of (1) ATM/Debit Card or Credit Card or Demat Account Number or Bond holder Number or Folio Number as the case may be or (2) any other procedure which may be prescribed by ICICI Bank.
(2) The read-out or the faxed /email output, if any, that is received by the USER at the time of operation of PHONE BANKING is a record of the operation of the telephonic access by the USER and shall not be construed as ICICI Bank’s own record of the transaction maintained through computer system or otherwise shall be accepted as conclusive and binding for all purpose. All the records of ICICI Bank generated by the transactions arising out of the use of the PHONE BANKING SERVICE, including the time the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transaction. The authority to tape or record the transaction over telephone is hereby expressly granted by the USER to ICICI Bank.
(3) While ICICI Bank and the GROUP COMPANIES shall endeavor to carry out the instructions promptly they shall not be responsible for any delay in carrying on the instructions due to any reason whatsoever, including due to failure of operational systems or any requirement of law.
13. Instructions: All the instructions for operating the PHONE BANKING shall be given through telephone by the USER in the manner acceptable to ICICI Bank. The USER is also responsible for the accuracy and authenticity of the instructions provided to ICICI Bank and the same shall be considered to be sufficient to operate the PHONE BANKING. ICICI Bank shall not be required to independently verify the instructions.
ICICI Bank has no liability if it does not or is unable to stop or prevent the implementation of the initial instruction subsequently revoked by the USER. Where ICICI Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the USER before acting on any instruction of the USER or act upon any such instruction as it thinks fit.
ICICI Bank states that it has no liability or obligation to keep a record of the instructions to provide information to the USER or for verifying USER's instructions. ICICI Bank shall refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction. ICICI Bank has the right to suspend the operations through the PHONE BANKING if it has reason to believe that the USER’s instructions will lead or expose to direct or indirect loss or may require an indemnity from the USER before continuing to operate the PHONE BANKING SERVICE.
14. Accuracy of Information: The USER is responsible for the correctness of information supplied to ICICI Bank for use of the PHONE BANKING SERVICE. ICICI Bank accepts no liability for the consequences arising out of erroneous information supplied by the USER.
If the USER notices an not-error in the information supplied to ICICI Bank either in the application form or any other communication, he shall immediately advice ICICI Bank and ICICI Bank will endeavor to correct the not-error wherever possible on a ‘’reasonable efforts ‘’basis.
15. Liability of the USER and ICICI Bank: Neither ICICI Bank nor the GROUP COMPANIES shall be liable for any unauthorized transactions occurring through the use of PHONE BANKING SERVICE and the USER hereby fully indemnifies and holds ICICI Bank and the GROUP COMPANIES harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. ICICI Bank shall under no circumstance be held liable to the USER if PHONE BANKING access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of ICICI Bank. Under no circumstances shall ICICI Bank be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the USER or by any other person. Illegal or improper use of the PHONE BANKING SERVICE shall render the USER liable for payment of financial charges (to be decided by ICICI Bank) or will result in suspension of the operations through the PHONE BANKING SERVICE.
16. Indemnity: In consideration of ICICI-Bank providing the USER the said service of the PHONE BANKING SERVICE the USER shall indemnify and hold ICICI Bank and/or the GROUP COMPANIES, as the case may be, including both their officer, employees and agents, indemnified against all losses and expenses on full indemnity basis which ICICI Bank may incur, sustain, suffer or is likely to suffer in connection with ICICI Bank or GROUP COMPANIES’ execution of the USER’S instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing PHONE BANKING service by ICICI Bank through the PHONE BANKING or for any action taken or omitted to be taken by ICICI Bank and /or the GROUP COMPANIES, its officers, employees or agents, on the instructions of the USER. The USER will pay to ICICI Bank and /or the GROUP COMPANIES such amount as may be determined to be sufficient to indemnify it against any such, loss or expenses even though they may not have arisen or are contingent in nature.
17. Disclosure of INFORMATION: The USER agrees that ICICI Bank and GROUP COMPANIES or their contractors may hold and process his Personal Information and all other information concerning with his ACCOUNT(S) on computer or otherwise in connection with PHONE BANKING SERVICE as well as for analysis, credit scoring and marketing. The USER also agrees that ICICI Bank may disclose, in strict confidence, to other institutions, such INFORMATION as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognised credit scoring agencies, for fraud prevention purposes.
18. Change of Terms and Conditions: ICICI Bank has the absolute discretion to amend or supplement any of the TERMS at any time and will endeavor to give prior notice of fifteen days for such changes wherever feasible. Changed terms and conditions for the new services introduced shall be communicated to the USER. By using the new services, the USER shall be deemed to have accepted the changed terms and conditions.
19. Non-Transferability: The grant of facility of PHONE BANKING to a USER is not transferable under any circumstance and shall be used only by the USER.
20. Termination of PHONE BANKING Service: The USER may request for termination of the PHONE BANKING facility any time by giving a written notice of at least 15 days to ICICI Bank. In event the PHONE BANKING facility is used by all or any joint accountholders, the termination notice shall be given by all the joint accountholders. The termination shall take effect on the completion of the fifteenth day. The USER will remain responsible for any transactions made through the PHONE BANKING until the time of such termination. ICICI Bank may withdraw or terminate the PHONE BANKING SERVICE anytime either entirely or with reference to a specific service or USER. ICICI Bank may suspend or terminate PHONE BANKING facilities without prior notice if the USER has breached these terms and conditions or ICICI Bank learns of the death, bankruptcy or lack of legal capacity of the USER. Clause 13 shall survive the termination of this agreement for any reason whatsoever.
21. Notices: Notices under these TERMS may be given by ICICI Bank and the USER in writing by delivering them by hand or by sending them by post to the last address given by the USER and in the case of ICICI Bank to its Corporate Office address as set out hereinabove. In addition, ICICI Bank may also publish notices of general nature, which are applicable to all USERS of PHONE BANKING in a newspaper or on its web site. Such notices will have the same effect as a notice served individually to each USER. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.
22. Governing Law: These terms and conditions and/or the operations in the accounts of the USER maintained by ICICI Bank and/or the laws of India and no other nation shall govern the use of the services provided through PHONE BANKING.
The Parties hereby agree that any legal action or proceedings arising out of these terms and conditions for PHONE BANKING 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 their absolute discretion commence any legal action or proceedings arising out of these terms and conditions for PHONE BANKING in any other court, tribunal or other appropriate forum, and the USER hereby consents to that jurisdiction.
Any provision of these terms and conditions for PHONE BANKING 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 these terms and conditions for PHONE BANKING or affect such provision in any other jurisdiction.
23. APPLICABILITY TO FUTURE ACCOUNTS: ICICI Bank and the USER agree that if the USER opens further Accounts with/subscribes to any of the products/services of ICICI Bank or any of the GROUP COMPANIES, and ICICI Bank extends the PHONE BANKING SERVICE to such Accounts or products or services and the USER opts for use thereof, then these TERMS shall automatically apply to such further use of the PHONE BANKING by the USER.
(1) The clause headings in this agreement are for only for convenience and do not affect the meaning of the relative clause.
(2) ICICI Bank may sub-contract and employ agents to carry out any of its obligations under this contract. ICICI Bank may transfer or assign its rights and obligations under this contract to any other entity.
(3) The PHONE BANKING would operate during timings specified by ICICI Bank from time to time and transactions would be carried out on the same day or on the next working day depending upon the time of logging of the transaction.
(4) The USER would have to ensure that the telephone he uses meets the criteria. The service is available only in certain cities. All costs incurred by the USER including telecommunication costs to use the PHONE BANKING would be borne by the USER.
25. ASSIGNMENT :
(i) ICICI Bank shall be entitled to sell, assign, securitise or transfer ICICI Bank’s right and obligations under this Agreement and any security in favour of ICICI Bank (including all guarantee/s) to any person of ICICI Bank’s choice in whole or in part and in such manner and on such terms and conditions as ICICI Bank may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the USER and all other persons.
(ii) The USER, his heirs, legal representatives, executors, administrators and successors are bound by the terms of this Agreement. However, the USER shall not be entitled to transfer or assign any of his rights and obligations under this Agreement.
"ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services."