Terms and Conditions for Savings Account
- Terms and Conditions for Savings Account
- Applicability of Terms
- Account Opening
- Operating Accounts
- Cheque Book
- Demand Drafts / Pay Orders
- Safe Keep of Debit Card, Passwords and Cheque Book
- Conduct of Account
- Dormant Account
- Collection Facility
- Holiday Processing
- Pass Book / Statement of Account
- Payment of Interest
- Death or Incompetence
- Sharing of Information
- Change of Terms
- Electronic Transactions
- No Encumbrances
- Banker's Lien and Set-Off
- Governing Law
- Closure of the Account
- Aadhar Number Updation in Account
- Know Your Customer
- Deposit Insurance and Credit Guarantee Corporation (DICGC)
- Foreign National Resident Account
- A) Fixed Deposit w.e.f. 29.06.2011
B) Recurring Deposit
C) 80 C Fixed Term Deposits (the "Deposit")
D) Specific Terms & Conditions applicable to Deposits without premature withdrawal facility
E) Fixed deposit with monthly income option
- ICICI Bank Salary & Employee Reimbursement Accounts
- ICICI Freedom Savings Accounts
- ICICI Asset Linked Savings Account (ALSA)
These terms and conditions apply to and regulate the operation of the Savings Account (the "Account") offered by ICICI Bank. 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:
1.1 “Account Opening Form” (AOF) refers to the relationship form for Savings Account.
1.2 "Customer" refers to any person holding an Account with ICICI Bank.
1.3 “Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
1.4 "Services" shall mean the services provided by ICICI Bank in connection with the Saving Account and more particularly described in these Terms.
1.5 "Website" refers to the website owned, established and maintained by ICICI Bank at the URL www.icicibank.com.
1.6 “ICICI Bank Customer Care Centre” refers to ICICI Bank - Phone Banking Service provided by ICICI Bank to the Customer.
- All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
- Words importing any gender include the other gender.
- Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
- All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
- Words “ICICI Bank”, “the Bank”, refer to ICICI Bank Limited having its registered office at Landmark, Race Course Circle, Vadodara 390007.
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 from time to time, to the satisfaction of the Bank. 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.
4.1 An Account may be opened in the names of:
(i) An individual in his/her own name.
(ii) Two or more persons in their joint names.
4.2 All the Accounts maintained in the name of an individual shall be operated singly by the individual or the Power of Attorney holder of such individual and in the case of joint accounts, by the account holders jointly, or by either of the joint-holder/s or as may be specified by the joint account holder/s in the opening form, or by their Power of Attorney holders and accepted by ICICI Bank in its discretion.
4.3 In case of joint Accounts, any change in operational instructions or any other information with regard to the Account Opening Form is to be given by all the joint account holders irrespective of the mode of operation.
4.4 ICICI Bank may send through courier or post from time to time to the mailing address furnished by the Customer, statements of account, balance confirmation certificate, cheque books, Debit cards, various PIN mailers and such other items relevant or pertaining to the Account. It is incumbent upon the Customer to intimate change in mailing address, if any, immediately or within 2 weeks of such a change. ICICI Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of change in mailing address.
4.5 The Customer is / are expected to examine the entries in the Account statement on receipt, and draw the attention of ICICI Bank to any not-errors or omissions that might be discovered. ICICI Bank does not accept any responsibility for any loss arising out of failure on the part of the Customer to carry out examination of entries in the passbook/statement and to point out such not-error and/or omission within fourteen (14) days from the date of the statement/ updation of passbook.
4.6 The Customer shall open the Account with a minimum balance as prescribed by ICICI Bank. The Customer shall be responsible for maintaining a minimum average balance (“MAB”) during a month. Failure to maintain the prescribed MAB may attract service charges and such charges may be deducted by ICICI Bank from the Customer’s Account.
4.7 The Customers are expected to provide PAN No. or Form 60 or any other document as may be prescribed by tax authorities from time to time for opening the Account, acceptance of cash deposits etc. in accordance with the provisions of Rule 114B to 114D of the Income Tax Rules, 1962 and compliance thereof.
4.8 I/We agree that in case of a joint account having mode of operation as anyone or survivor, anyone of us, as the account holders, may create a fixed deposit/recurring deposit by placing a request through branches, ATM, phone banking, internet banking or mobile banking channel's as made available by ICICI Bank from time to time. I/We agree that such a fixed deposit/recurring deposit shall be created in the name of all the account holders with mode of operation as anyone or survivor and I/we shall be bound by the terms and conditions applicable to such fixed deposit/recurring deposit or to a fixed deposit created by renewing / auto-renewing a fixed deposit. I/We also understand that for availing a loan against such fixed deposit or for premature termination of such a fixed deposit/recurring deposit or any fixed deposit created by renewing / auto-renewing a fixed deposit, written consent of all the fixed deposit/recurring deposit holders would be required in the manner specified by ICICI Bank. I/We shall not raise any dispute / claim against ICICI Bank for creating/closing a fixed deposit/recurring deposit in the manner specified above and shall keep ICICI Bank indemnified against any loss / harm suffered by ICICI Bank with respect to any dispute / claim raised by anyone of us or any third party.
5.1 Cheque books will be couriered directly to the mailing address given by the Customer provided all formalities are completed. Subsequent cheque books can be requisitioned through the requisition leaf available in the cheque book or through ATMs subject to satisfactory conduct of the Account. Cheque books are normally issued free of cost, however, ICICI Bank reserves the right to recover the cost of the cheque book requisitioned.
5.2 Alterations, if any, on cheques are required to be authenticated by the drawer’s signature against each such alteration. ICICI Bank reserves the right to refuse payment of cheques that have been altered in any way unless the alteration is authenticated by the drawer under full signature as per specimen on record with ICICI Bank. Cheques should be drawn in such a way as to prevent alteration after issue and the drawer’s signature should be uniform with that on record.
5.3 ICICI Bank will record and accept instructions from the drawer for stopping payment requests against cheque/s that are lost, stolen, or not required to be paid against, only if such instructions are received from the drawer by the Bank, prior to presentment of such cheques at the Bank or in the case of e-cheques, only if the stop payment requests are logged prior to payment of moneys against the same, and ICICI Bank shall not be responsible in any manner whatsoever for any losses caused, or payments made, if the cheques are presented for payment to ICICI Bank prior to receipt of instructions, if any, from the drawer of the cheque/s or in the case of e-cheques, if the stop payment requests are logged after payment against such cheques has been initiated by ICICI Bank. ICICI Bank may charge Service charge for such countermanding instructions.
5.4 ICICI Bank may dishonour and/or return cheques unpaid which are altered, if considered by the Bank to be ambiguous or suspicious in any way, or if received for payment more than three months after the date the cheque is drawn.
5.5 Customer should issue cheques in the account only after making prior arrangement of funds in the account to avoid returns/dishonour. If a cheque issued by a Customer is required to be returned for insufficient balance in the Account or for being in excess of arrangements, a penalty/charge may be levied by ICICI Bank. If any cheque deposited by the Customer is returned unpaid, service charge may be recovered from the Customer. In case of large number of returns/dishonours in the account, the Bank reserves the right to take corrective action for the specific accounts as deemed fit.
The Customer may place a request for issue of demand drafts / pay orders (the “Instrument”) by visiting ICICI Bank branch or through ICICI Bank 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 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 Instrument is placed through ICICI Bank 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.
8.1 A Customer may request for transfer of his/her Account from one branch to another branch of ICICI Bank online, or by giving a written request. The Savings account and linked Fixed Deposits, if any, will get transferred to the branch within 2 working days.
8.2 Transactions are entertained normally during banking hours at the branch where the Account is maintained or at any other ICICI Bank Branches under Any Where Banking (AWB). ICICI Bank shall not be liable for any delay on any account of failure of connectivity. AWB will not be available on the day(s) when the branch where the account holder has his/her Relationship, is closed.
8.3 Standing instructions are accepted free of charge for transferring funds from Savings account to Fixed deposit or Recurring deposit accounts. Other standing instructions are subject to service charges.
8.4 ICICI Bank in its sole discretion may restrict the number of withdrawals in the Account.
9.1 ICICI Bank may classify an Account as
Inactive if there are no Customer-induced transactions for 12 months in the Account
Dormant if there are no Customer-induced transactions for 24 months in the Account. i.e no Customer-induced transactions for 12 months after the Account has become Inactive
Customer-induced transactions shall mean any credit or debit transactions done by a Customer in the Account through the following modes:
- Transactions through Cheque
- Cash or Cheque Deposit
- Withdrawal or Deposit through ATM
- Transaction through Internet
- Transaction by EFT
- Inward / Outward Bill
9.2 ICICI Bank may in its sole discretion deny Services and / or transaction in the Account of a Customer, which has been classified as Inactive or Dormant.
10.1 Cheques, drafts, bills, dividend / interest warrants and other instruments issued in favour 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 of 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).
10.2 ICICI Bank has the authority to debit the accounts to recover any amount credited erroneously.
10.3 Local cheques, etc., may be tendered for collection sufficiently early in the day as required vis-a-vis the local clearing house timings. Drawals against clearing cheques will be normally permitted only against cleared balances as per clearing house rules.
10.4 In cases where a cheque is returned, the amount in respect of which had already been credited to the Customer’s Account and/or in respect of which withdrawal was permitted, ICICI Bank will reverse the credit of such amount and debit the amount equal to the amount of the returned cheque. In such cases, if the Account does not have sufficient funds, the outstanding amount shall be deemed to be a temporary overdraft granted to the Customer and the Customer is bound to repay the amount immediately on demand by the Bank. In debiting the amount as aforesaid, ICICI Bank would debit the amount credited or the Rupee amount equivalent to the relevant foreign currency denominated cheque whichever is higher. The service charges, penalties and other charges as applicable will also be levied by ICICI Bank in such instances.
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 Customer/s who are individuals the option of availing a passbook OR a monthly e-mail statement of their Savings Account (“Account”) In case of Customer/s 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.
In addition to the aforesaid, the physical monthly statement of Account for the previous month shall be available to all Customer/s on request, free of cost, at any ICICI Bank branch. Customer/s shall also be able to view/download the statement of Account from the Website in relation to their Account/s with ICICI Bank as per the process prescribed in this regard by ICICI Bank.
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 / registered E mail ID as per ICICI Bank's records. ICICI Bank shall not be responsible for statements of Account lost in mail/post/undelivered. 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 / impostors. 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.
The statement of Account/s issued to Customer/s in the aforesaid manner shall be deemed to be an invoice/bill/challan issued by ICICI Bank with respect to the Account/s of the Customer/s under the Service Tax Rules, 1994.
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 specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. With effect from March 30, 2016, interest will be paid quarterly in March, June, September and December.
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 Bank will automatically convert a fully KYC compliant account into a 'Senior Citizen Account’ on the first/primary account holder completing 60 years based on the date of birth available/updated in the Banks records.
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,
ICICI Bank Tower, 7th Floor, Survey No: 115/27,
Plot No. 12, Nanakramguda, Serilingampally,
Hyderabad - 500032 ,
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 / Services effected by or through facilities for conducting remote transactions including the Website, ICICI Bank Customer Care Centre, World Wide Web, electronic data interchange, 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.
All Privilege Banking customers are given default access to the online mutual fund investment platform i.e. Invest@ease. In order to enable access to Invest@ease platform, ICICI Bank will be required to share with registrars customer's Name, Address, PAN details and other information as provided by customer in ICICI Bank Savings Account Opening Form or subsequently updated with ICICI Bank. For those customers, who are not Know Your Customer Registration Agency (KRA) verified (which is mandatory requirement for mutual fund investments) the above mentioned details shall be shared with KRA agencies for completing KRA verification process.
Nomination for Mutual Fund schemes will be same as per nomination details provided by customer in ICICI Bank Savings Account Form or updated by him/her subsequently. In case customer wants to make nomination changes or seek Invest@ease platform access, customer can visit nearest ICICI Bank branch.
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 hereby agrees that the Customer shall, at his/its own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability any other loss that may occur, arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by the Customer of any of these Terms or the acts, not-errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.
- Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
- ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
- The Customer shall indemnify ICICI Bank as collecting banker for any loss or damage which ICICI Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ICICI Bank shall be deemed to have been given in every case at the Customer's express request.
- The Customer shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Account with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
- If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
- The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with ICICI Bank and shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
- The indemnities as aforesaid shall continue notwithstanding the termination of the Account.
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.
- ICICI Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any Account of the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of ICICI Bank's services extended to and/or used by the Customer or as a result of any other facilities that may be granted by ICICI Bank to the Customer. ICICI Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to ICICI Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to ICICI Bank hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any Account(s) held by the Customer with ICICI Bank, notwithstanding that the deposit(s)/ balances lying in such Account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
- In addition to ICICI Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises ICICI Bank: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any branch or office of ICICI Bank Limited (whether in India or elsewhere); and (b) to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any account, in the Customer's name or jointly with any other person, with any branch or office of ICICI Bank Limited (whether in India or elsewhere) towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Customer's account(s) or under the terms of any other facilities that may be granted by ICICI Bank to the Customer.
- In respect of a joint Account, ICICI Bank shall be entitled to set-off any sums standing to the credit of such joint account against the debit balance in other accounts which may be held by one or more holders of such joint Account.
- ICICI Bank shall not be under any obligation to exercise any of its rights under this Paragraph.
- The above mentioned rights of ICICI Bank are without prejudice to the obligations of the Customer to pay to ICICI Bank when due all its indebtedness and without prejudice to any other rights that ICICI Bank may have against the Customer for recovery of outstanding from Customer to ICICI Bank.
- ICICI Bank shall be entitled to withhold payments out of the Customer's Account or dishonour the Customer's cheque/instructions in case any amounts outstanding from the Customer to ICICI Bank are not paid when due.
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 these 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.
(a) The Customer hereby irrevocably authorises ICICI Bank to disclose, as and when ICICI Bank is required to do so by applicable law or when ICICI Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Customer from ICICI Bank whether singly or jointly with others or otherwise), any information relating to the Customer, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer's behalf to:-
1) the head office, affiliates or any other branches or subsidiaries of ICICI Bank;
2) his/her auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
3) vendors, installers, maintainers or servicers of ICICI Bank’s computer systems;
4) any exchange, market, or other authority or regulatory body having jurisdiction over ICICI Bank, its head office or any other branch of ICICI Bank or over any transactions effected by the customer or the Borrower or for the customer's or the Borrower’s account;
5) any party entitled to make such demand or request;
6) any person with whom ICICI Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
7) any person (including any agent, contractor or third party service provider) with whom ICICI Bank contracts or proposes to contract with regard to the provision of services in respect of the Customer's or the Borrower’s account(s) or Facilities (as the case may be) or in connection with the operation of ICICI Bank's business;
8) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing services to the customers or the Borrower’s or processing transactions pertaining to the Customers’ or the Borrower’s accounts or Facilities; and
9) to enable ICICI Bank to centralise or outsource its data processing and other administrative operations) to ICICI Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.
(b) The Customer hereby agrees and consents that ICICI Bank shall be entitled, in connection with the Customer’s application for any account, facilities or services provided by ICICI Bank, or during the course of the Customer’s relationship with ICICI Bank, to obtain and procure information pertaining to the Customer or any of his/ her/ its accounts, legal or financial position from whatever sources available to 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:
- In case any of the documents furnished towards Identity and address proof are found to be fake / forged / defective;
- The Account opening cheque is returned unpaid for financial reasons/ signature not matching;
- In case fraudulent / forged / fake cheques / bank drafts or any such instruments are attempted to be cleared / cleared through the Account;
- In case of frequent returns of inward / outward cheques in the Account;
- In case a debit balance for reasons, including but not limited to, non-repayment in case of facilities offered by ICICI Bank, where repayment is to be made through Customer's Account; reversal of wrong credit; any temporary overdraft granted to the Customers by in the Bank in relation to any facility or otherwise, etc., is allowed to continue for more than 90 days in the Account;
- Improper conduct of the Account in terms of volume / type of transactions;
- For unsatisfactory conduct of the Account.
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, to close the Account without any further notice -
- In case the account is in debit balance for more than 12 months (6 months w.e.f May 1, 2010) due to reasons, including but not limited to, non-maintenance of MAB, annual fees for Debit/ATM cards, ATM card interchange charges, etc.
- In case the account is in inoperative/dormant status w.e.f April 1, 2018.
- In case of any credit balances in the account, customer can approach branch for account activation and claim the credit balance available in his/her account.
- As per RBI circular - The Depositor Education and Awareness Fund Scheme, 2014 - Section 26A of Banking Regulation Act, 1949, the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to The Depositor Education and Awareness Fund, within a period of three months from the expiry of the said period of ten years.
- By agreeing to these terms, the customer(s) have consented that they have no objection in authenticating themselves with Aadhaar based Authentication system and hereby give their voluntary consent as required under the Aadhaar Act 2016 and Regulations framed thereunder for seeding your Aadhaar number to their bank account & to provide their identity information (Aadhaar number, biometric information & demographic information) for Aadhaar based authentication for the purpose of availing of the banking services including operation of account & for benefits and services or any other facility relating to banking operations.
- Aadhaar number provided by customer during new account opening, for KYC or for seeding will be updated in the account.
- Aadhaar will be updated in all bank relationships including linked ICICI Direct account for the purposes of authentication, availing banking services including operation of bank account and for benefits and services or any other facility relating to the banking operations.
- The linked Aadhaar enabled bank account of the customer shall be used for receiving Government payment across schemes that they are eligible for and/or any other payment using the Aadhaar based information
- By agreeing to these terms, the customer(s) have agreed that they have been explained about the nature of information that may be shared upon authentication and they have been given to understand that their information submitted to the bank herewith shall not be used for any purpose other than mentioned above, or as per requirements of law. Also, the customer declares that all the information voluntarily furnished by them to the Bank are true, correct and complete.
- Customer’s request for updation of Aadhaar number will be completed within 7 working days by the Bank. This request will not be processed, if:
- Aadhaar number provided above is incorrect
- Details in bank account do not match with details available with UIDAI
- ICICI Bank does not take any responsibility and will also not be liable for your claims, if the details provided by the customer are incorrect/ incomplete.
- Customer hereby gives consent to use/exchange or share their Aadhaar number, Aadhaar information for registration of client information with Exchange, KRA, CERSAI and with any other regulatory agency of ICICI Bank or I-Direct as ICICI Bank deems fit or as per requirements of law.
As per the Reserve Bank of India ("RBI") guidelines ("Guidelines") on Know Your Customer ("KYC") / Anti Money Laundering ("AML") / Combating of Financing Terrorism ("CFT") issued under Prevention of Money Laundering Act, 2002 the banks are required to collect and update from time to time, the KYC and other relevant profile information of its customers.
Accordingly, the Bank shall request its customers to provide appropriate information/and or documents (including latest photograph/s, identity proof, address proof, profile details of account holder/s, authorized signatories, mandate holders, beneficial owners, etc.) in accordance with the Guidelines to ensure that any changes/updates in the KYC/profile information of the customers are duly updated in the records of the Bank.
The Bank in compliance with the Guidelines may make use of communication channels which shall include but not be limited to letters, bank statements, ATM/internet banking, etc. The bank shall enable various channels through which such information can be submitted to facilitate and ease this process for the customers. In line with the Guidelines, failure to provide these documents/information within stipulated timelines or submission of wrong, incomplete or false documents/information sought may result in the account/s being closed/ blocked for debit and/or credit transactions."
Each depositor is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of Rs. 1 lakh, for both principal and interest amount held by him in the same right and same capacity.
Foreign nationals employed in India and holding valid visas are eligible to maintain Resident Accounts with ICICI Bank as per extant Reserve Bank of India (“RBI”) regulations.
- The resident savings account is opened by foreign nationals residing in India for more than 182 days and holding a valid visa for taking up employment or for carrying on business or vocation in India (“Account Holders”).
- The Account holders have to get their renewed Visa details updated with the Bank at least 5 working days before the date of expiry of the Visa
- If the renewed Visa details are not updated, the Account shall be marked a ‘Total Freeze’ as per which no transaction would be performed from the date of expiry of the Visa of the Foreign national
- The Foreign national to collect their pending dues in India may request to re-designate their Account to Non-Resident Ordinary Account (“NRO”) on leaving the country after their employment to enable them to receive the pending dues, subject to regulatory guidelines issued by RBI and the applicable terms and conditions with respect to NRO accounts as detailed by the Bank
- The freeze can be removed by submitting the renewed visa details at the nearest ICICI bank branch
"Traditional Fixed Deposits" are fixed deposits where interest is paid at regular intervals, i.e., Quarterly or Monthly, as requested by the Customer/s at the time of creating the fixed deposits.'
"Cumulative Fixed Deposits" are fixed deposits where interest is compounded quarterly and reinvested with principal amount.
"Maturity Value" shall mean the amount payable to the customer at the end of the term of the fixed deposit subject to deduction of any tax as may be applicable.
1.1 The effective date of fixed deposit shall be the date on which the amounts of deposit placed are realized by / credited to ICICI Bank Limited (the "Bank"). No fixed deposit advice will be issued in anticipation of realisation of cheque/s in relation to any deposit and will be issued only on actual receipt of payment / deposit monies.
1.2 In case requests for opening fixed deposits are received on 2nd and 4th Saturday or Sunday or holiday through electronic channels like Internet banking, Phone banking, ATM, iMobile or any other electronic channel, the fixed deposit will be opened with value date of the next business working day.
2.1 At the time of placing the fixed deposit if the Customer does not opt for a Fixed Deposit Receipt, an Advice shall be issued by ICICI Bank by default. In cases where Auto Renewal or Auto Closure option is selected by the Customer, an electronic Fixed Deposit Advice shall be sent to the Customer on his registered email id updated with the Bank. However, a Fixed Deposit Receipt or a physical Fixed Deposit Advice will be made available to the Customer on specific request. If email id of the Customer is not registered with ICICI Bank then physical Fixed Deposit Advice shall be issued to the Customer.
3.1 With effect from February 15, 2010 all fixed deposits maturing on or after that date other than Fixed Deposits for Non Individuals, Tax Saver Fixed Deposits, Recurring Deposits, Fixed Deposit amounting to Rs. 1 Crore & above and such Fixed Deposits where Fixed Deposit Receipt is issued on security paper, shall be placed under auto renewal mode, unless otherwise instructed by the Customer/s at least one day prior to the date of maturity of the fixed deposit and as per the mode of operation. On the date of maturity, such fixed deposits shall be auto renewed for the original term of the respective fixed deposits at such rate of interest as would be applicable on that date to the amount being auto renewed. For Traditional Fixed Deposit, the principal deposit amount shall be renewed, while for Cumulative Fixed Deposit the entire maturity proceeds less TDS shall be renewed.
3.2 With effect from February 15, 2010 all fixed deposits lying in overdue status on that date other than Fixed Deposits for Non Individuals, Tax Saver Fixed Deposits, Recurring Deposits, Fixed Deposit amounting to Rs. 1 Crore & above and such Fixed Deposits where Fixed Deposit Receipt is issued on security paper, shall be auto renewed unless otherwise instructed by the Customer/s latest by February 15, 2010 and as per the mode of operation. On February 15, 2010, such fixed deposits shall be auto renewed for the original term of the respective fixed deposits at such rate of interest as would be applicable on that date to the amount being auto renewed. For both Traditional and Cumulative overdue Fixed Deposit the principal deposit amount plus accrued interest if any less TDS, shall be renewed.
3.3 In case of Auto Renewal without any change in the existing mode of operation, the respective fixed deposit opening form shall be treated as valid and continuing.
3.4 In case of overdue fixed deposits eligible for auto renewal as per law and under the present terms and conditions, savings bank rate of interest will be payable from maturity date or August 22, 2008 i.e. the date of the RBI circular stipulating such payment of interest, whichever is later, up to the date of auto renewal.
3.5 For fixed deposits being auto renewed, an Advice shall be sent to the communication address of the customer as available in ICICI Bank records at the time of auto renewal of the Fixed Deposit stating the renewed amount and interest rates applicable at the time of auto renewal.
3.6 With effect from June 29, 2011, all existing domestic fixed deposits, against which a Fixed Deposit Receipt has been issued as on that date, shall be instructed for autorenewal on the date of their maturity, for the same tenure as that of the existing fixed deposit and at the rates of interest prevailing on the date of maturity, unless instructions to the contrary are received by ICICI Bank by June 28, 2011 by the fixed deposit holder. The new fixed deposit amount shall be the Maturity Amount so accumulated excluding the Tax Deducted at Source, if any. For any other request of maturity instruction, closure, partial closure, change in tenure or fixed deposit scheme, before June 28, 2011 or after renewals henceforth, original fixed deposit receipt is required to be submitted to the nearest ICICI Bank Branch. The above mentioned shall exclude a) New fixed deposits created after June 29, 2011 for which Fixed Deposit Receipt is issued by ICICI Bank; b) Fixed deposits which have been created prior to June 29, 2011 but for which fresh Fixed Deposit Receipt has been issued after June 29, 2011,c) Fixed deposits with fixed deposit receipt which have matured on or before June 29,2011, d) Fixed deposits of non-individuals, e) Tax Saver fixed deposits, f) Recurring Deposits, g) fixed deposits having Value of Rs. 1 Crore and above , h) lien marked fixed deposits , i) joint fixed deposit, j) Erstwhile Bank Of Rajasthan fixed deposits.
4.1 Interest on fixed deposits is reckoned/paid at quarterly / monthly intervals and at the rate/s applicable as on the value date of opening of fixed deposits, as the case may be, in accordance with the rate fixed by the Bank from time to time as also directives issued by Reserve Bank of India ("RBI").
4.2 The interest may be paid either in a lump sum at the time of maturity or it may be paid every quarter or every month in accordance with the regulatory payments for payment of interest on the fixed deposit. Where the interest is to be paid by the Bank in lump sum at the time of maturity, the fixed deposit shall bear the yearly rate of interest on the fixed deposit.
4.3 The Bank may announce special rates for senior citizens and staff
4.4 Customer should not make multiple deposits, across all channels, in a single day in one particular tenor bucket where the applicable interest rate is higher than the rate applicable for the aggregate value of such deposits. In case such multiple deposits are made, the same should be closed and a single deposit for the aggregate value should be made.
5.1 Interest rates are money market (i.e. simple interest) rates for tenors up to 6 months and quarterly compounded rates for tenors of 6 months and above. However, in case of Traditional fixed deposits interest rates are money market (i.e. simple interest) rates irrespective of the tenor.
5.2 The method of calculation on interest on a fixed deposit, both Traditional and Cumulative deposits is as under:
- For Traditional fixed deposits with quarterly pay-outs interest is calculated based on annual rates (Simple Interest). However, in case of monthly pay-outs, interest is paid at a discounted value. For Traditional fixed deposits with quarterly pay-out, interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for incomplete month on actual number of days.
- For Cumulative deposits, interest is compounded quarterly on completion of exact quarters. For the broken period beyond completed quarters, simple interest is calculated on the cumulated deposit amount for remaining number of days.
- In case of premature withdrawal the interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for incomplete month on actual number of days.
5.3 For the purpose of interest calculation calendar year is taken to consist of 365 days irrespective of whether it is a leap year.
5.4 Term deposit maturing on a holiday (including Sundays and 2nd and 4th Saturday)
In respect of term deposit (cumulative, recurring and traditional) placed in automatic closure mode and are maturing on a holiday (including Sundays and 2nd and 4th Saturday), the deposit shall be closed on the next working day. Bank shall pay interest at the original contracted rate for holiday period on the succeeding working day.
In case of cumulative deposits and recurring deposits, bank shall pay interest on the maturity value and in case of traditional deposits with interest pay-out option, interest shall be paid on the principal amount
6.1 In the event of the fixed deposit being closed before completing the original term of such deposit, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with the Bank. The deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.
6.2 For the deposit amount remaining after the part withdrawal, interest rate will be reset as the rate applicable for the amount remaining, for the original tenure, as prevailing on the date of opening of the deposit.
6.3 In case of the fixed deposit being prematurely closed for the purpose of reinvestment into another scheme of Fixed Deposit, the existing deposit would be subject to penal rate of interest as prescribed by the Bank on the date of deposit. Interest will be paid for the period the deposit has remained with the bank. The interest rate prevailing on date of re-investment of term deposit will be applicable for the new term deposit.
7.1 Tax is deducted at source on interest on fixed deposit held by the resident if the interest paid or payable by the Bank for the financial year exceeds the threshold limit specified by Income Tax Act, 1961. Currently, the threshold limit for this purpose is Rs.10,000 p.a.
7.2 For Traditional FD (with quarterly / monthly interest payment), tax is deducted on each interest payment and on interest accrued on March 31st of every year. For Cumulative FD, tax is deducted on interest accrued on March 31st of every year and on maturity. The TDS amount calculated on the accrued interest is remitted to the tax authorities on behalf of the customer by the Bank. The interest on the TDS amount from April 1st till maturity of the deposit is adjusted from the interest payable to the client.
7.3 As per provisions of Finance Act 2009, w.e.f. April 01, 2010, valid PAN is required to be submitted by all customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/H shall not be treated as valid unless PAN is mentioned in such forms.
7.4 In case the deposit holder does not want the Tax to be deducted at source, they may submit Form 15G / 15H (other than company, firm or co-operative society)/ Exemption Certificate under Section 197 (in case of all holders)/ or any other Tax Exemption Certificate with the Bank. Such form or tax exemption certificate has to be submitted every financial year for each fixed / recurring deposit held and on each renewal of the deposit.
7.5 In case of non-resident FD holders tax shall be deducted at source as per the provisions of Section 195 of Income Tax Act, 1961.
8.1 The Deposit may be transferred from one branch of the Bank from which it has been issued, to any other branch of the Bank, on the Deposit holder making an application, at either of the two branches provided that no Deposit shall be transferred from the Bank to another scheduled bank.
8.2 Every such application shall be signed by the Deposit holder; Provided that in the case of joint holder type deposit, the application may be signed by one of the joint holders if the other is dead.
9.1 The single holder or the joint holders of the Deposit may, by filing in necessary particulars in the prescribed form at the time of making the Deposit, nominate any person who, in the event of death of the single or both the joint holders as the case may be shall become entitled to the Deposit and the payment thereon.
9.2 If such nomination is not made at the time of making the Deposit, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the Deposit receipt is issued but before its maturity, by means of an application in the prescribed form to the officer in charge of the branch of the Bank from which the term Deposit is issued.
9.3 In the event of death of the Deposit holder in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Deposit to encash the Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of the Bank, supported by proof of death of the Deposit holder.
9.4 If a Deposit holder dies and there is no nomination in force at the time of his / her death, the Bank shall pay the sum due to the deceased, to his / her legal heirs.
10.1 If the Deposit receipt is lost, stolen, destroyed, mutilated or defaced, the person entitled thereto / the Deposit holder may apply for the issue of a duplicate receipt to the branch of the Bank from where the receipt was issued.
10.2 Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the receipt, and the circumstance attending such loss, theft, destruction, mutilation or defacement.
10.3 If the officer in charge of the Bank is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate receipt on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee:
Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a duplicate receipt or receipts may be issued on the applicant furnishing an indemnity bond without any such surety or guarantee:
Provided further that where such application is made with respect to a receipt mutilated or defaced, of whatever face value, a duplicate receipt may be issued without any such indemnity bond, surety or guarantee, if the receipt mutilated or defaced is surrendered and the receipt is capable of being identified as the one originally issued.
10.4 A duplicate receipt issued under sub-paragraph-3 shall be treated as equivalent to the original receipt for all the purposes of this scheme except that it shall not be encashable at a branch of the Bank other than the branch at which such receipt is issued without previous verification.
11.1 The tax on such interest shall be deducted in accordance with the provisions of Section 194A for residents or Section 195 for non-residents of the Act.
12.1 The deposit holder(s) shall intimate the Bank in writing of any change in address and residential status of the depositor holder/s.
12.2 All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these fixed deposits will be recoverable from the customer.
12.3 The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future all account/deposits of the deposit holder/s with the Bank, whether in single name or joint name(s), to the extent of all outstanding dues to the Bank. For such purposes, the Bank may at its sole discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to the ICICI Bank from the deposit holder. The lien conferred on the Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to the Bank from the deposit holder/s.
12.4 These terms and conditions are subject to change/modification at the sole discretion of ICICI Bank. The Bank may give notice of any changes either through email address as recorded with ICICI Bank (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the deposit holder/s or on its website or any other mode as may be deemed fit by the Bank. In addition, the Bank may also publish notice of general nature, which are applicable to all deposit holders of similar nature on its website. Such notice will be deemed to have been served individually to the deposit holder/s. All notices / communication to the Bank should be given in writing and sent by post or delivered to its corporate office at ICICI Bank Limited, Bandra-Kurla Complex or such other address as may be indicated by the Bank.
12.5 At the discretion of the Bank, loan against the fixed deposit maybe given to the depositors, in whose name the deposit has been opened and who are authorised to withdraw the deposit, as per original mandate.
1. Types of deposit & other features of deposit
1.1 Single holder type deposits -- The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family;
1.2 Joint holder type deposits -- The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor: Provided that in the case of joint holder type deposit, the deduction from income under Section 80C of the Income Tax Act, 1961 (the "Act") shall be available only to the first holder of the deposit.
1.3 The minimum amount of Deposit which can be placed with the Bank shall be Rs 10,000 and the maximum amount of Deposit which can be placed shall be Rs. 150,000 in multiples of Rs. 100.
1.4 Only individuals and HUF – Indian residents are eligible for applying for the Deposit.
1.5 The maturity period of a Deposit receipt of any denomination shall be five years commencing from the date of the receipt. There shall be no auto renewal facility for the Deposit.
1.6 No Deposit shall be encashed before the expiry of five years from the date of the respective receipt.
1.7 Conversion of any other fixed deposit/s placed by the Deposit holder with the Bank to the Deposit is not permissible.
1.8 Permanent Account Number (PAN) is mandatory to open a 80 C Fixed Deposit.
1.9 The Deposit shall not be pledged to secure any loan or as security to any other asset.
2.0 Terms and conditions relating to Deposit(s) are in addition to and not in derogation to the terms and conditions relating to Fixed Deposits as specified in Section (A) above and in the event of any inconsistency between the terms mentioned under Section (A) above and Section (B), the terms relating to the Deposit as stated in this Section shall prevail for all intents and purposes.
2.1 In addition, the regulation Bank Term Deposit Scheme, 2006 issued by the Central Government shall also apply to the Deposit.
- These terms and conditions (“Terms”) apply to fixed deposits without premature withdrawal facility, opened with ICICI Bank, as per the guidelines prescribed by Reserve Bank of India (RBI) in this regard from time to time (“Fixed Deposit”). These Terms shall be in addition to and not in derogation of the terms and conditions governing ICICI Bank Fixed Deposits available on www.icicibank.com (“Primary Terms”). In the event of any contradiction in the Terms and the Primary Terms, these Terms shall prevail.
- The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
- In the event of premature withdrawal of these deposits under:
- Direction from any statutory and/or regulatory authority: Any interest will not be paid on the principal amount of the deposit. Any interest accrued / paid till date of premature closure will be recovered from the deposit amount.
- Deceased claim settlement: Interest will be paid for the period the deposit has remained with the Bank.
- Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account. The customer can give renewal instructions within 30 days before maturity date of such deposit.
1.1 These terms ("Terms") are applicable for operating a Salary Account (the "Salary Account") and are in addition to the other terms and conditions for operating the Account ("Terms and Conditions"). Wherever there is a conflict between these Terms and the Terms and Conditions, these Terms shall prevail.
1.2 "Customer" for the purpose of the Terms shall mean the individual employed with the entity (the "Employer") who has been offered a salary account scheme (the "Scheme") by ICICI Bank and which Scheme has been duly accepted by the Employer.
1.3 "Regular Salary Account" shall mean a Salary Account which shall be required to maintain a MAB as prescribed under the Terms and Conditions.
Click here for applicable Service charges and Fees.
1.4 The Customer represents that he/she has read and understood the "terms and conditions" under which the Salary Accounts Scheme is offered to the corporate and agrees to be bound by the terms of the Scheme for the purpose of operation of the Salary Account.
1.5 In the event the Employer instructs ICICI Bank to reverse any deposit made by the Employer in the Salary Account within three (3) working days from the date of such deposit, ICICI Bank shall act upon such instruction and the customer will not dispute or hold the bank responsible for any such debits in the customer's account. For this purpose the entity/organization from whom the last salary credit has been received shall be considered as the employer. ICICI Bank shall however not be liable in any manner whatsoever for having acted upon the aforesaid instruction of the Employer.
1.6 In the event the employment of the Customer with the Employer ceases, the Customer shall immediately notify ICICI Bank regarding such termination of employment. On termination of the employment, ICICI Bank reserves the right to close the Salary Account or to treat the Salary Account as an Account wherein the customer will cease to enjoy any/all benefits under Salary Account scheme, provided however the Customer deposits all documents as required by ICICI Bank and under such circumstances, these Terms shall cease to apply to such Account and it shall be governed by the Terms and Conditions.
1.7 In the event of change in employer, the Customer shall immediately notify ICICI Bank regarding change in employment status and authorize ICICI Bank to change the employer details based on such information being received from the Customer or his current employer or otherwise.
1.8 In the event of change in employment status, the benefits applicable to the Salary/ reimbursement account stand to be modified. The joint a/c holders agree to these terms and will not dispute the same due to change in employer status of the Primary A/c holder.
1.9 If no salary is credited in the account or there are no transactions in the account for 6 consecutive months, ICICI Bank shall be entitled to treat the Salary Account as a Regular Salary Account without any intimation to the customer and the customer shall be bound to maintain a minimum Monthly Average Balance (MAB) of Rs. 10,000 or as applicable from time to time and the terms and conditions as applicable to ICICI Bank Regular Salary Account shall apply to this account from the date of change of the status. ICICI Bank also reserves the right to close the salary account and terminate the relationship; or to cease all operations in the account. ICICI Bank may treat the salary account as a normal account, if the customer deposits all such requisite documents as may be desired by ICICI Bank and under such circumstances, Regular Salary Account terms shall cease to apply to such account and it shall be governed by the extant terms and conditions.
1.10 I authorise the bank to transfer my account from one branch to another on request received from my employer.
1.11 That any modification in the salary account with respect to addition, deletion of name, address modification shall be applicable to the Employee Reimbursement Account.
1.12 In case of a joint account, both the applicant and joint applicant are singly and jointly liable for Overdraft if any, even if the application cum demand promissory note is signed by the applicant alone.
Following terms (the “Special Terms”) are applicable to Freedom Account only and are in addition to Savings Account Terms and Condition. In event of any inconsistency between these Special Terms and Terms and Conditions of Savings Account, these Special Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning assigned to them under Savings Account Terms and Conditions.
“Freedom Account” shall mean an Account, in which a minimum MAB of Rs. 10000 is maintained and which can be operated at Non-ICICI ATMs without levy of any added charge for such operation at Non-ICICI ATMs.
“Non-ICICI ATMs” shall mean such ATMs other than ICICI Bank ATMs that are affiliated to Master Card and VISA.
"Freedom Account Holder” shall mean such Customer who holds a Freedom Account.
The Customer shall be required to submit registration form at any ICICI Bank branch or by giving instruction to that effect at ICICI Bank Customer Care Centre, or by submission of written request at the time of submission of AOF. On such successful registration the Customer shall be deemed to be a Freedom Account Holder.
A Freedom Account Holder shall be entitled to carry out all permissible operations with respect to the Freedom Account, at Non-ICICI ATMs, without payment of any charge/fees for the same, provided the MAB requirement for a Freedom Account is maintained at all times.
In the event the above said MAB requirement is not maintained the Freedom Account Holder shall be obliged to pay the requisite charges as may be applicable for transacting on Non-ICICI ATMs during the period of the quarter.
Following terms (the “Special Terms”) are applicable to ICICI Bank’s Asset Linked Savings Account only and are in addition to Savings Account Terms and Condition. In event of any inconsistency between these Special Terms and Terms and Conditions of Savings Account, these Special Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning assigned to them under Savings Account Terms and Conditions.
“Asset Linked Savings Account” (hereinafter referred to as “ALSA Account”) shall mean an ICICI Bank’s savings account, through which at least one equated monthly instalment (EMI) is paid (either by giving standing instruction mandate or through post-dated cheque) towards repayment of ICICI Bank loan / facility and/or in which a minimum Monthly Average Balance (MAB) of Rs.10,000/- (Rs.5,000/- in selected cities*) is maintained.
“Standing Instruction” shall mean instruction/s in the manner specified by ICICI Bank from time to time, issued by the Customer to debit amount equal to EMI from his ALSA Account towards the repayment of ICICI Bank’s loan amount / facility amount on a specified date of a month / quarter .
“Pre signed cheques” shall mean post-dated cheques signed and furnished by the Customers towards the repayment of ICICI Bank’s loan amount / facility amount.
"Asset Linked Savings Account Holder / Account Holder” shall mean such Customer who holds an ALSA Account with ICICI bank.
The Account Holder shall not be required to maintain minimum monthly average balance in the ALSA Account if EMI for repayment of ICICI Bank’s loan amount / facility amount is received in the month either by way of standing instructions towards such payment or by rendering of post-dated cheque through the ALSA Account towards such ICICI Bank’s loan repayment.
Any EMI Payment towards ICICI Bank’s loan / facility, by cash will not be eligible for zero minimum balance facility in the ALSA Account.
In the event the Customer chooses not to repay ICICI Bank’s facility amount / loan amount through his ALSA Account by either providing standing instructions or rendering post-dated cheques, the Customer shall be required to maintain below specified minimum balance in ALSA Account. The Customer shall be required to maintain minimum MAB requirement of Rs.10,000 (Rs.5,000 in selected cities*) for the ALSA Account.
In the event the above said MAB requirement is not maintained the Asset Linked Savings Account Holder shall be obliged to pay the MAB charges as may be applicable during the period of the quarter and as may be specified by ICICI Bank from time to time.
The above changes are applicable with effect from July 01, 2008.
"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."