TERMS AND CONDITIONS OF ICICI BANK LTD
I understand that:
- The representative of Bank shall replicate the details mentioned in the online application form in the physical account opening application form and contact me for further processing of my account opening request. I confirm that I shall appropriately check the details and accord my consent on the said form and applicable terms.
- All fields of the online application are mandatory except wherever specified, if any field is left blank or filled with the wrong data would be construed as an incomplete form & ICICI Bank would be constrained to cancel the account number allotted.
- I authorize ICICI Bank to collect from Unique Identification Authority of India (UIDAI); and I authorise UIDAI to release my demographic details (including email id and mobile number) to ICICI Bank through biometric authentication which ICICI Bank may use for KYC verification (identity/address proof) for the purpose of Account Opening / Re-KYC process.
- Bank representative shall contact me post submission of the online request to complete the KYC formalities. I confirm that the contact details provided by me are true and correct. In case, ICICI Bank is not able to contact me, I understand that my request will not be processed.
- The initial payment / funding will be done from the my own account held with any other bank or ICICI Bank
- The account number allotted to me shall be in debit freeze status to avoid any unauthorized transactions. Transactions will be allowed post activation of account after completion of account opening formalities. In case the documents submitted along with the application do not comply with the KYC guideline, the application shall be rejected and ICICI Bank will not be liable to pay any interest on the amount of deposit & the amount deposited in the account as initial payment/funding will be refunded to the source account. My account will become transaction active only on completion of KYC formalities. In case such KYC requirements are not complied within 15 days of online application, ICICI Bank would be constrained to cancel the account number allotted.
- I/We have read/obtained and understood the Terms and Conditions available on ICICI Bank website www.icicibank.com and citizen charter governing the opening of an account with ICICI Bank, and those relating to various services including but not limited to (a) ATMs (b) Phone Banking (c) Debit Card (d) Net Banking (e) Payment Gateway (f) Bill Pay (g) Mobile Banking (h) Alerts Service (i) Opening of an Investment Account (j) Email Statements available on the website of ICICI Bank which may be amended from time to time and I/We undertake to abide by the same.
- The Initial funding will be credited in the customer account within 3 working days of submission of the online application subject to availability of clear funds. No Interest shall be paid for the interim period.
- This application is available for opening a savings account by Resident Indian Individuals only.
- I/We hereby declare the above information is true to the best of my/our knowledge.
- I/We shall advise ICICI Bank immediately in the manner as agreed by me/us and acceptable to ICICI Bank, in case of any change in the above details and information given by me/us. Account can be funded online by transferring funds between Rs 1000/- to Rs 25000/-, using any Indian Visa/Master Debit Card or from specific list of Net Banking/Payment Gateway options.
- In case the account is not activated within 15 days, full amount will be credited back to me / my account via the same channel of funding and ICICI Bank is not liable to pay any interest on the amount if returned back to me / my account due to any reason. Refund process may take 6-8 additional working days.
- Interest on the amount funded online will be paid from the date of credit in the Savings account.
- While transferring funds through online mode(s), ICICI Bank will not accept any responsibility or liability of whatsoever nature in respect of any loss or damage arising directly or indirectly to me / my account out of the decline due to:
- lack of authorization for any transaction/s,
- or exceeding the preset limit mutually agreed by me and my remitting "Bank(s)",
- or any payment issues arising out of the transaction,
- or decline of transaction for any other reason/s.
TERMS AND CONDITIONS GOVERNING ICICI BANK’S ONLINE SAVINGS BANK ACCOUNT OPENING THROUGH OTP BASED KYC PROCESS
THESE TERMS AND CONDITIONS (“ADDITIONAL TERMS”) APPLY TO AND REGULATE THE OPENING AND OPERATION OF ONLINE SAVINGS BANK ACCOUNT OFFERED BY ICICI BANK LIMITED (“ICICI Bank”). THESE ADDITIONAL TERMS SHALL BE IN ADDITION TO AND NOT IN DERROGATION WITH PRIMARY TERMS AND CONDITIONS (AS DEFINED HEREIN BELOW). IN CASE OF ANY INCONSISTENCY BETWEEN PRIMARY TERMS AND CONDITIONS AND ADDITIONAL TERMS, THE ADDITIONAL TERMS SHALL PREVAIL.
In these terms and conditions, the following words and phrases shall have the meaning stated hereunder unless indicated otherwise:
1.1 “Customer” shall mean an individual applicant who applies for online savings bank account offered by ICICI Bank, subject to such terms and conditions as may be specified by ICICI Bank from time to time.
1.2 “Electronic Signature/ E-Signature” shall mean a mode/means of authentication, recognized under Information Technology Act, 2000 and used for the purpose of authenticating/execution of the Online Application Form/ other ancillary documents and/or operation of online savings account.
1.3 “Online Savings Bank Account/ Online Savings Account” shall mean a savings bank account offered by ICICI Bank which may be applied for online through available digital modes and is governed by Primary Terms and Conditions and Additional Terms;
1.4 “Online Savings Account Application Form / Online Application Form” shall mean savings bank account application form submitted online through usage of E-Signature;
1.5 “Online Savings Banks Account Opening Process / Account Opening Process” shall mean the process of opening Online Savings Bank Account by the Customer, including but not limited to, OTP based E-KYC, video verification process and initial account funding.
1.6 “Primary Terms and Condition” shall mean the below specified terms and conditions which shall be in addition to these Additional Terms:
- ICICI Bank’s savings bank account terms and condition as more specifically available on the Website.
- Citizen Charter issued by the Reserve Bank of India (“RBI”) and available at https://www.icicibank.com/managed-assets/docs/personal/accounts-and-deposits/ICICI_Bank_Citizens_Charter.pdf
- Terms and Conditions governing the various services offered by ICICI Bank, including but not limited to (a) Phone Banking (b) Debit Card (c) Internet Banking and (d) Mobile Banking; all of which are available on the Website.
1.7 "Website" refers to the website owned, established and maintained by ICICI Bank at the URL www.icicibank.com.
2. ACCOUNT OPENING
2.1 All field(s) in the Online Application Form are mandatory (except where specified otherwise). If any field is left blank, or is filled with incorrect or incomplete data, the Online Application Form shall be considered as incomplete and may be rejected by ICICI Bank.
2.2 The Customer undertakes, agrees and confirms that any and all information/details/ data/ documents etc provided by him/her at each and every stage of the Account Opening Process (including PAN details / Form 60, nomination details, FATCA declaration etc) shall be accurate, up to date, genuine, true and correct in every manner whatsoever.
2.3 As a part of the Account Opening Process, the Customer shall be required to provide his/ her Aadhaar number along with OTP (sent on mobile number registered with UIDAI), to facilitate extraction, reliance and verification of Customer’s data stored with Unique Identification Authority of India (UIDAI) and the same shall be governed by Terms and Conditions relating to Aadhaar Updation and Authentication as provided in the Online Application Form. The Customer authorizes ICICI Bank to use Aadhaar number and OTP (sent on registered mobile number) mentioned in the Online Application Form to authenticate the Customer and collect/verify information/details of the Customer from UIDAI. The Customer understands and agrees that the Customer related details (including demographic details) received from UIDAI database shall be pre-populated in his/her Online Application Form and that ICICI Bank may, for all purposes, be relying on the information so received from UIDAI for processing the Online Application Form.
2.4 Once the Online Application Form is duly signed and submitted, the Customer may receive an interim account number, if any. However, the Online Savings Bank Account so opened, shall be in debit freeze mode until (i) the KYC formalities are completed; and (ii) the Online Savings Bank Account has been credited with the initial funding amount.
2.5 ICICI Bank retains the right to upgrade the limited account to a full savings account by completing the full physical KYC verification /Customer Due Diligence (CDD) of the Customer.
3. ACCOUNT FUNDING
3.1 The Customer shall, depending upon the type/variant of savings account chosen, fund the account with initial balance in the range of INR 1000.00 - INR 25,000.00. Funding can done through online channels: (i) Debit Card; (ii) Net Banking or any such other mode as may be decided by ICICI Bank from time to time. The amount so transferred shall be credited to the account within 3 working days from the date of transfer.
3.2 The Customer agrees and understands that the initial funding amount shall be from his/her own savings bank account held with ICICI Bank or any other bank. The Customer agrees and understands that the initial funding amount so transferred by him /her (as per the product variant selected by the Customer) shall be credited to the Online Savings Account within three (3) working days from the date of transfer. The interest on the said amount shall be paid from the date of credit in the Online Savings Account.
3.3 The Customer understands, agrees and authorises ICICI Bank that, in the event and as part of Account Opening Process, if the Customer doesn’t provide for any initial account funding and/ or provides for only partial funding, ICICI Bank shall be required to contact the Customer for obtaining the said funding amount through other acceptable modes and to process further the Account Opening Process.
3.4 The Customer agrees and understands that in case the Online Application Form is rejected by ICICI Bank for any reason whatsoever, no interest shall be paid either on the initial funding amount so transferred by the Customer and / or on further amounts deposited / credited in the Online Savings Account and the same shall be refunded to the source account electronically. The refund process may take 6-8 additional working days. The Customer agrees and understands that at the time of Online Savings Account funding through debit card, the Customer may be levied with ICICI Bank charges and/or payment gateway charges and/or any other transactional charges, which shall not be refunded.
3.5 The Customer hereby agrees and confirms that while transferring funds through online mode(s), ICICI Bank shall not accept any responsibility or liability of whatsoever nature in respect of any loss or damage arising directly or indirectly to the Customer or to his/her Online Savings Account due to:
- non-transfer of any funds, or;
- decline of transaction for any other reason/s.
4. KNOW YOUR CUSTOMER (KYC)
OTP based e-KYC
4.1 As part of Account Opening Process through OTP based e-KYC, the Customer agrees and understands that such Online Savings Account is opened through OTP based e-KYC and the aggregate balance of such Online Savings Account shall not exceed INR one (1) lakh.
4.2 The Customer agrees and understands that the aggregate of all credits in a particular financial year, for the Online Savings Account opened through OTP based e-KYC, shall not exceed INR two (2) lakh.
4.3 Customer agrees and understands that ICICI Bank reserves the right to freeze the Online Savings Account open through OTP based e-KYC if the aforementioned limits of INR one (1) lakh and INR two (2) lakh are breached by the Customer.
4.4 The Customer agrees and understands that upon physical completion of KYC verification and customer due diligence (“CDD”) the above mentioned limits of INR one (1) lakh and INR two (2) lakh on Online Savings Account opened through OTP based e-KYC shall be removed.
4.5 Customer agrees and understands Online Savings Account open through OTP based e-KYC shall be closed immediately if physical completion of KYC verification and/or CDD is not completed because of any reason whatsoever within one (1) year of opening the Online Savings Account opened through OTP based e-KYC.
4.6 The Customer agrees and understands that he/she has not opened any account nor shall open any other account with ICICI Bank or any other bank using the OTP based e-KYC mode.
4.7 Customer understands and agrees that, pursuant to the provisions under applicable laws, approvals/ permissions, and policies of ICICI Bank, ICICI Bank may be required to collect physical certified true copies of account opening documents / KYC documents etc from the Customer. Customer agrees and consents to cooperate and provide all such relevant data/ documents etc. for the purpose of verification and account opening.
4.8 Customer agrees and understands that debit card for the Online Savings Account opened through OTP based e-KYC shall be dispatched to communication address mentioned by the Customer while opening such Online Savings Account.
4.9 Customer agrees and understands that cheque book for the Online Savings Account opened through OTP based e-KYC shall only be provided upon physical completion of KYC verification and/or CDD.
4.10 Customer agrees and understands that for he/she can avail internet banking facility on Online Savings Account opened through OTP based e-KYC, only by generating the internet banking user id and password from the Website.
4.11 Customer agrees and understands that the nomination details filled by him/her on the Website shall be updated in his//her Online Savings Account opened through OTP based e-KYC. In case the Customer wants to change/modify the nomination details, he/she shall be required to visit the nearest branch of ICICI Bank.
5. ELECTRONIC –SIGNATURE
5.1 By affixing his E-signature on the Online Application Form, the Customer shall be deemed to have accorded his written approval/consent to (i) the Online Application Form, (ii) the consents, authorizations, declarations and undertakings etc mentioned therein, (iii) nominee details (iv) FATCA declaration (v) these Additional Terms and the Primary Terms and Conditions (iv) Account Opening Process (v) ICICI Bank for opening the Online Savings Account of the Customer.
5.2 The Customer agrees and understands that E-signature facility is being provided through a third party platform and available for use on Website. ICICI Bank shall not be liable for any mismatch in E-signature or failure of authentication in any manner whatsoever.
6.1 Customer agrees that all costs incurred at the Customer’s end (technical/ data plan related or otherwise) for completing the Account Opening Process shall be borne by the Customer solely.
6.2 The Customer agrees that ICICI Bank shall not be liable for any connectivity/ signal/ data related issues leading to incomplete information/ application being provided by the Customer.
6.3 Customer agrees and understands that ICICI Bank shall be relying upon the ((i) the Online Application Form, (ii) the consents, authorizations, declarations and undertakings etc. mentioned therein, (iii) these Additional Terms and the Primary Terms and Conditions (iv) Account Opening Process for purpose of Account Opening Process.
6.4 In case the application is not completed/submitted for any reason whatsoever, the ICICI Bank may contact the customer for offline account opening process
6.5 Customer hereby agrees to indemnify, defend and hold harmless ICICI Bank from and against any and all liability, loss that may occur, arise from reliance by ICICI Bank on the information, declarations, documents, images and undertakings etc. provided by the Customer (on account of them being fake/incorrect/erroneous), the usage of online mode for opening, operation or use of the Online Savings Account or breach, non-performance or inadequate performance by the Customer of any of these Additional Terms, Primary Terms and Conditions or the acts, not-errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.
6.6 In case of any inconsistency/inaccuracy/ non-completion of any formalities in the opening of Online Savings Account and/or verification process or for any other reason whatsoever, ICICI Bank may contact the Customer for physical completion/process of opening of Online Savings Account. The Customer agrees and confirms that ICICI Bank shall at its sole discretion reject the Online Application Form for any reason whatsoever including but not limited reasons attributable to erroneous, incomplete, misleading information or non-compliance with the KYC norms/non submission of KYC documents to ICICI Bank or upon any notice/directions received form any other regulatory body.