Terms and Conditions

 
  RBI NEFT

Rights and obligation of customer
1

The customer shall be responsible for the accuracy of the particulars given in the NEFT Request and shall be liable to compensate the Bank for any loss arising on the account of any error in his NEFT Request.
2

The customer shall ensure availability of funds in his account properly applicable to the NEFT Request before the execution of the NEFT Request by the Bank. Where however, the Bank executes the NEFT Request without properly applicable funds being available in the customer’s account the customer shall be bound to pay to the Bank the amount debited to his account for which an NEFT was executed by the Bank pursuant to his NEFT Request together with the applicable charges including interest payable to the Bank.
3

Customer agrees that the NEFT Request shall become irrevocable as & when it is accepted & executed by Bank.
4

Customer agrees that he shall not be entitled to make any claim against any party in the RBI NEFT Scheme.
5

Customer agrees that in the event of any delay in the completion of the Funds Transfer or any loss on account of error in the execution of the Funds Transfer pursuant to a Request by customer for NEFT, the Bank liability shall be limited to the extent of payment of interest at the Bank rate for any period of delay in the case of delayed payment and refund of the amount together with interest at the Bank Rate upto the date of refund, in the event of loss on account of error, negligence or fraud on the part of any employee of the Bank.
6

The Customer shall be bound by any NEFT Request executed by the Bank if the Bank had executed the NEFT Request in good faith and in compliance with the security procedure.
7

The cut-off time for receiving instructions and the financial limits for NEFT transactions from the customer will be fixed by the Bank from time to time and will be informed to the customer. Requests received by the Bank after the cut-off will be processed the next working day.
8

NEFT service Charges as decided by the Bank/ and or RBI shall be debited to the customer’s account.
9

The customer shall ensure that all transactions under the NEFT facility would be undertaken in compliance and in adherence with all laws applicable in India and / or otherwise but not limited to Foreign Exchange Management Act 1999, (FEMA), Anti Money Laundering Law, including any rules, regulation, notifications there under and not use the NEFT facility for any transaction that is prohibited.

10
Customer agrees that no special circumstances shall attach to any NEFT Request executed under the NEFT Facility and under no circumstances customer shall be entitled to claim any compensation in excess of the amount and that which is provided in clause (5) above.
 
Rights and obligations of the Bank
The Bank shall execute an NEFT Request issued by the customer duly authenticated by him as verified by the security procedure, unless:
a

The funds available in the account of the customer are not adequate or properly applicable to comply with the NEFT Request and the customer has not made any other arrangement to meet the payment obligation.
b

The Bank has reason to believe that the NEFT Request is issued to carry out an unlawful transaction.
c

The NEFT Request in incomplete or it is not issued in the agreed form.
d

The NEFT Request cannot be executed under the RBI NEFT Scheme.
e

The NEFT Request is attached with notice of any special circumstances.

No NEFT Request issued by the customer shall be binding on the Bank until the Bank has accepted it.

The Bank shall, upon execution of every NEFT Request executed by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance. If the funds transfer is not initiated before the close of business of the third following NEFT business day the Bank shall advise the customer accordingly.

 
CONDITIONS OF TRANSFER

The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or the action of the destination Bank or any act or even beyond control.

All payment instructions should be checked carefully by the Customer.
The Bank is not responsible for any charges/commission levied/charged by the Beneficiary Bank.

These terms & conditions are to be read in conjunction with those as stipulated in the NEFT Request Form, Terms and Conditions and Rules for Accounts and Services of the Bank.

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