Terms and Conditions for Recurring Deposit opened for tie ups with Corporate entities
These terms and conditions ("Terms") apply to and regulate the provision of Recurring Deposit Account opened and maintained by ICICI Bank in relation to its alliance arrangements with corporate entities. These Terms are in addition to and not in derogation with ICICI Bank’s Terms and Conditions for Recurring Deposits as appearing on www.icicibank.com ("Primary Terms and Conditions"). In case of any inconsistency between these Terms and Primary Terms and Conditions, these Terms shall prevail.
1. Definitions:
"Alliance Partner" means an entity which in pursuance to an alliance arrangement with ICICI Bank shall provide special offers on purchase of such entity’s products to ICICI Bank customers selected as per the sole discretion of ICICI Bank.
"CUG Card" means the closed user group card issued to the Customer by the CUG Partner, for making payments against products / services at select locations as mutually decided by ICICI Bank and the CUG Partner.
"CUG Partner" means an entity who approaches ICICI Bank and issues closed user group cards for ICICI Bank’s customers.
"Customer" shall mean any person holding an Account and an Alliance Partner’s Recurring Deposit with ICICI Bank.
"Offer" shall mean the discounts of a particular sum or percentage given by the Alliance Partner on purchase of its products / services to Customers during the Offer Period. The discount shall be availed on the MRP (inclusive of all taxes) and shall be calculated on the total value of the transaction.
"Maturity Instruction" means instructions given by the Customer to ICICI Bank for transfer of Deposit together with interest on the CUG Card or ICICI Bank Saving account of the customer and subsequent transfer to the Current Account of the Alliance Partner, as specified in the AOF or subsequent written instruction issued in this regard by the Customer to ICICI Bank.
2. Terms and Conditions:
- Basis the Maturity Instruction provided by the Customer in the AOF, Recurring Deposit Account will be closed upon payment of all stipulated number of Instalments on its maturity along with interest and shall be paid by crediting the said funds to the Closed User Group (CUG) Card issued to the Customer or Current Account of the Alliance Partner. On maturity, for transfer to the said Current Account, Customer’s Savings Account will be debited for the entire maturity amount and tax deducted at source.
- ICICI Bank may upon receipt of Customer consent share information related to the Recurring Deposit opened by the Customer in relation to a tie up, with the CUG Partner as required for the purpose of contacting the Applicant/s for redemption of the amount transferred to CUG Card.
- ICICI Bank reserves the right to charge any or additional monetary penalty, fees, charges, levies on the Customer as it deems fit.
- The terms contain herein are need to be read with the terms the Alliance Partner may impose upon the product.
- ICICI Bank shall not be responsible or liable in the case the Alliance Partner decides not go ahead with the Offer.
- ICICI Bank reserves the right to modify/change/delete all or any of the above Terms without assigning any reasons for the same.
