Kotak Multi Currency World Travel Card
In this document the following words and phrases shall have the following meanings:
- 'ATM' means an Automated Teller Machine worldwide (except in India, Nepal and Bhutan) that displays the Visa Electron logo at which, among other things, the Cardholder can use the Kotak Multi Currency World Travel Card to access funds in the Card Account subject to these Terms and Conditions.
- 'Applicant' in relation to a Card means a person who applies for and receives the Card from the Bank.
- 'Available Amount' means in relation to a Card, the amount available at a given point of time for use on the Card, being a sum of amount(s) deposited in the Card Account as reduced by a) the amount(s) utilized by using the Card for Transaction(s); and b) charges, costs and expenses on the Card charged by the Bank to the Card Account.
- 'Bank' means Kotak Mahindra Bank Limited, a company incorporated in India under the Companies Act 1956 and a banking company within the meaning of the Banking Regulation Act, 1949 and having its registered office at 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 and includes its successors and assigns.
- 'Card' refers to Kotak Multi Currency World Travel Card which is loaded with a pre-defined currency as requested by the Cardholder for such permissible amounts issued by the Bank to a Cardholder in terms hereof.
- 'Cardholder', 'you', 'your' means in relation to a Card, the customer of the Bank who has been issued and authorized to use the Kotak Multi Currency World Travel Card.
- Cross border currency conversion rate: It is the exchange rate applied by VISA for processing Cross Border Transactions where the billing currency is different from the card currency.
- Cross border Transaction: A Cross border Transaction is a transaction for which the Merchant country code differs from the Issuer country code regardless of whether the transaction currency is different from the Cardholder's billing currency or not
- 'EDC' means Electronic Data Capture terminal, printer, other peripheral and accessory and necessary software to run such device.
- 'Electronic Media' includes (though not restricted to) ATMs; POS.
- 'Merchant' or 'Merchant Establishment means an establishment which has an arrangement with Card program member bank(s) to accept and honour Cards for the sale of goods and services by the Merchant to the Cardholder. Merchant shall include among others, stores, shops, restaurants, airlines, (except in India, Nepal and Bhutan) advertised from time to time by the Bank, Visa International or the Merchant honouring the Card.
- 'PIN' means the Personal Identification Number and means and includes any randomly generated secret and confidential number, allotted by the Bank to the Cardholder and/or subsequently changed by the Cardholder as per his choice, required for using a Card on an ATM allocated by the Bank.
- 'POS' means Point of Sale (POS) electronic terminals at a Merchant Establishment abroad (except India, Nepal & Bhutan) at which the Cardholder can use the Card to make payments.
- Single Currency Transaction: A cross border transaction for which the billing currency is same as the card currency.
- 'Terms' shall mean Terms as may exist now and as may be amended from time to time.
- 'Transaction' means an instruction or an inquiry or communication as appearing in the Bank's records, given or made by a Cardholder using a Card directly or indirectly to the Bank to effect a transaction, whether via ATM, EDC, POS or any other device of the Bank or of the Bank's shared network.
- 'Multi Currency Travel Card Kit' shall include a Card, ATM PIN, Usage guide and Terms and Conditions.
- 'Visa' is the trade mark owned by Visa International and is displayed at Merchant Establishments of Visa International.
Application for a Card:
- Any person resident in India i.e. customers who maintain an account with the Bank, as well as non-customers who do not maintain an account with Kotak Bank, desirous of availing of a Card should apply to the Bank by submitting the Kotak Multi Currency World Travel Card application Form prescribed by the Bank duly filled in together with proof of identification and residence and the amount to be deposited in the Card Account along with issuance charges prescribed by the Bank. The maximum amount shall be as per the RBI/FEMA guidelines applicable from time to time
- In addition to the Issuance Fee, at the time of the purchase of the Kotak Multi Currency World Travel Card, the amount of the initial loads, any reloads, will be converted from the local currency to the currency for the Kotak Multi Currency World Travel Card using a conversion rate determined by the Bank.
- Carry multiple currencies on just one Card. Please refer to www.kotak.com for updated list of currencies available for your Kotak Multi Currency World Travel Card.
- The list of the predefined currencies may be modified/ altered at the sole discretion of the Bank.
- The Cardholders will be given the Multi Currency Travel Card Kit.
- The Bank shall have the right to accept or reject any application at its sole discretion without assigning any reason.
Reloading the Card:
- The Cardholder shall be entitled to reload the Card instantly using Web Log-in, call our Customer Contact Centre or by submitting the Kotak Multi Currency World Travel Card reload form at any branch of Bank in India; however the reload facility can only be availed before the expiry period of the Card as may be specified in the Card, the total amount available on the Card after reload should not exceed the maximum amount/ limit permissible under the RBI/FEMA guidelines, applicable from time to time.
- The Cardholder shall pay the requisite reload fees as prescribed by the Bank from time to time for providing this reload facility.
- The amount will be loaded / reloaded in the Card Account within 24 working hour after realization of funds.
Applicability of Rules and Regulations:
- The issuance and use of the Card is subject to compliance by the Cardholder of the provisions of applicable laws (including FEMA, 1999), rules, regulations, and directions as issued by the Reserve Bank of India or other appropriate authority under any law in force from time to time.
- The card cannot be used for making payments towards foreign currency transactions in India, Nepal and Bhutan.
- If the card is cancelled, whether on account of non -compliance with applicable laws, rules and regulations or otherwise, the Bank will not be responsible for any attempted usage of the card, whether in India or abroad, resulting in the card being dishonored or otherwise.
- Utilization of the card shall be in accordance with the applicable laws, rules and regulations (including Exchange Control/FEMA) in force time to time. In the event of non compliance of any of the same by the cardholder the Bank shall be entitled either at its discretion, or at the instance of the RBI/Law enforcing authorities, to debar the cardholder from holding the card including cancellation and withdrawal the card.
- The card may be used within the foreign exchange entitlements as stipulated by FEMA or as prescribed by RBI from time to time for Cardholders going abroad for all bonafide personal expenses provided the total exchange drawn during the trip abroad does not exceed the entitlement. The entitlement of exchange should be ascertained (prior to the trip) from the authorized dealer branches of the Bank. The card cannot be used for effecting remittances, for which the release of exchange is not permissible under the extant regulations. Bank does not permit any payments / transactions using the card on Merchants registered in India, Nepal and Bhutan. The cardholder shall be solely responsible to the concerned authorities in the event of any violation of the applicable laws, rules and regulations in force from time to time. The Bank will not be liable for any direct, indirect or consequential loss or damage, arising from or related to the non compliance by Cardholder with the applicable laws, rules and regulations in force from time to time.
- The Cardholder hereby indemnifies and agrees to hold the Bank indemnified against all actions, claims and costs, charges and expenses arising out of or as a consequence of Cardholder not complying with the applicable laws, rules and regulations in force from time to time.
- The PIN is used for cash withdrawals and balance enquiry at ATMs. The PIN should be safeguarded carefully. Please note that the PIN cannot be changed by the Card holder at ATMs. PIN can be changed only after logging in to the Kotak Multi Currency World Travel Card customer login section. Usage of wrong PIN three times would invalidate the Card for the rest of the day. The Bank bears no liability for unauthorized use of the Card. It is the Cardholder's responsibility to ensure that the knowledge of the PIN/ PIN Mailer does not fall into any other person's hands.
- The security of the PIN is very important and breach of any of the above requirement shall amount to unauthorized use.
- The Card should be signed on the reverse of the Card. The signature on the reverse of the Card should only be of the Cardholder.
Card Validity & Usage:
- The Card is not valid for payments in India, Nepal and Bhutan
- The Card shall be valid till the valid thru date embossed on the card.
- The Card will be active for use within one working day of receipt of the clear funds towards amount deposited by the Cardholder towards the Card in the Card Account. In case of payments made via cheque the card will be activated only after the cheque has been cleared.
- Kotak Multi Currency World Travel Card will work across the world other than restricted countries. Please refer to Travel Card section at www.kotak.com for latest list restricted countries.
- The Card is acceptable at any of the following:
- Any ATM of other Banks which are members of Visa network (except in India, Nepal and Bhutan)
- Any VISA establishment (except in India, Nepal and Bhutan)
- The Bank has the authority of the Cardholder to debit the Card Account of the Cardholder for all withdrawals effected by the Cardholder by using the Card as evidenced by Bank's records which will be conclusive and binding on the Cardholder.
- The Bank also has the authority of the Cardholder to debit the Card account with service charges (if any) notified by the Bank from time to time.
- The transaction record generated by the ATM or POS will be binding on the cardholder and it will be conclusive unless verified otherwise and corrected by the Bank.
- The Card may be used for Transactions upto the Available Amount on the card subject to applicable laws, rules and regulations (including Exchange Control/FEMA) in force time to time.
- The Card may be used by the Cardholder and no other person.
- Card/Card amount is not transferrable.
- Upon a Transaction utilizing an amount, such amount shall be reduced from the then Available Amount to arrive at a new Available Amount post such Transaction.
- The Cardholder agrees that the Bank's record of transactions relating to his card is authentic and conclusive.
- The Cardholder is advised to retain a record for transactions generated by the ATM/EDC terminals at Merchant Establishment with him.
- The Cardholder agrees not to attempt to withdraw/purchase using the card unless sufficient funds are available on the Card. The onus of ensuring adequate card balance shall be entirely on the Cardholder.
- The transactions on the card will be in the currency of the country in which it is transacted. However the debits to the Card Holder Account will be in the currency of the card. The exchange rate between the Transaction Currency and the Billing currency used for processing such Cross Border Currency Transactions as applied by VISA is:
Currently the Bank has a mark-up of 3.5% over such cross border currency conversion rate, other than on Single currency transactions.
- A rate selected by VISA from the range of rates available in wholesale currency markets for the applicable Processing Date, which rate may vary from the rate VISA itself received or
- The Government-mandated rate in effect for the applicable Processing Date, and plus or minus any adjustment that the issuers determine.
- No interest or bonus will be earned on the balance lying in the card account.
- Card deposit by Cardholder with the Bank does not entitle Cardholder to avail Overdraft /Credit facility.
Currency of the Card:
The Cardholder or any other person duly authorized shall have the option, to load/reload value on the Card in one or more currencies subject to these terms & conditions and under permissible threshold of the currency for the nature of travel undertaken by the Cardholder. The balance of currencies shall be herein be defined as Currency Wallet.
Carry multiple currencies on just one Card. Please refer to www.kotak.com for updated list of currencies available for your Kotak Multi Currency World Travel Card.
Currencies listed at www.kotak.com are in the currency order of priority in which funds will be taken off your card if you don't have the currency or insufficient currency of the transaction on your Kotak Multi Currency Travel Card.
However the Bank reserves the right at its sole discretion, to increase or decrease the number of currencies available without any prior notice.
The Card and Currency Wallet may be loaded and/or reloaded with permissible value of foreign exchange during its validity period by the Cardholder, or any other person duly authorized by the Cardholder giving a load instruction in the format as required by the Bank from time to time.
Loading Instructions once given shall be final and binding on the Cardholder. In the event of any use of the Card abroad or any charge that is levied on the Card, the deductions to the amounts for such purpose shall happen in the following order:
- First in case the use/charge is in a specific currency, the amount shall be deducted from the balance available in the corresponding Currency Wallet of that Currency.
- In the event that no Currency Wallet has been created for that currency or there is insufficient balance in the relevant Currency Wallet, amounts would be deducted from the Currency Wallet denominated in United States Dollars (USD).
- In the event that no Currency Wallet has been created for USD or there is insufficient balance in the USD Currency Wallet, the Bank would identify the Currency Wallet with sufficient balance from which the amount would be deducted.
It is clarified that in case amounts are deducted from a Currency Wallet of a currency, other than the currency relevant to the transaction the currency exchange rate as determined by the Bank for such conversion of currencies shall be applicable.
It is also clarified that in the event that no single Currency Wallet has sufficient balance for a particular transaction by the Cardholder, the Bank shall reject such transaction notwithstanding that sufficient amounts may be available across all the Currency Wallet in aggregate.
Merchant Location and Point of Sale Usage:
- Cash withdrawal or deposit is not allowed at Point of Sale or Merchant locations.
- The Card will normally be honoured by the Merchants, who display the Visa logo.
- Card promotional material or the Visa symbol displayed on any premises is not a warranty that all goods and services available at those premises can be purchased with the Card.
- The Card is for electronic use only and will be acceptable only at a Merchant having an EDC terminal. Any usage of the Card other than electronic use will be considered as unauthorized and the Cardholder shall be only responsible for such transactions. Electronic usage is construed as the charge slip/transaction slip printed electronically from the EDC terminal.
- The Card will be honoured only when it carries the signature of the Cardholder.
- Transactions are deemed authorized and completed once the EDC terminal generates a Charge Slip.
- The Cardholder should ensure that the Card is used only once for each purchase at Merchant location. The Charge Slip will be printed each time the Card is used and the Cardholder should ensure that there is no multiple usage of the Card at the Merchant location at the time of purchase.
- The Bank will not accept responsibility for any dealings the Cardholder may have with the Merchant including but not limited to the supply of goods and services. Should the Cardholder have any complaints concerning any Visa Electron Merchant Establishments, the matter should be resolved by the Cardholder with the Merchant Establishment and failure to do so will not relieve the Cardholder from any obligations to the Bank. However, the Cardholder should notify the Bank immediately.
- The Bank accepts no responsibility for any surcharge levied by a Merchant and debited to the Card Account.
- The Cardholder must sign and retain the Charge Slip whenever the Card is used at Merchant Establishment. The Bank at an additional charge may furnish copies of the Charge Slip. Any Charge Slip not personally signed by the Cardholder, but which can be proved, as being authorized by the Cardholder, will be the Cardholder's liability.
- Any charge or other payment requisition received from a Merchant by the Bank for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Merchant in the amount and by the Cardholder referred to in that charge or other requisition, as the case may be, by the use of the Card, except where the Card has been lost, stolen or fraudulently misused, the onus of proof for which shall be on the Cardholder.
- In case a Cardholder wishes to cancel a completed Transaction due to an error or on account of merchandise return, the earlier sales receipt must be cancelled by the Merchant and a copy of the cancelled receipt must be retained by the Cardholder in his possession. All Refunds and Adjustments due to any Merchant/device error or communication link must be processed manually and the account will be credited after due verification and in accordance with Visa rules and regulations as applicable. The Cardholder agrees that any debits received during this time will be honored based only on the Available Balance on the Card without considering this Refund. The Cardholder also indemnifies the Bank from such acts of dishonoring the payment instructions.
- The Card is not to be used at hotels during check-in and also at locations where paying arrangements is done before completion of the purchase transaction or service.
- The Card should not be used for any Mail Order/Phone Order purchases and any such usage will be considered as unauthorized and the Cardholder will be solely responsible.
- The Card should not be used for the payment of subscription to foreign magazines/periodicals and any such usage will be considered as unauthorized and the Cardholder will be solely responsible.
- Use of Card at any ATM/EDC/POS other devices may entail a service charge and/or Transaction fee and/or processing fee being levied on the Card.
- All such charges will be deducted from the Available Amount whether or not prior notice of such charges is given to the Cardholder.
- The Cardholder is advised to retain record of Transactions.
Cardholders Obligations & Covenants:
- The Cardholder shall notify the Bank immediately in case of change of his address.
- The Cardholder shall at all times ensure that the Card is kept in a safe place.
- The Card is the property of the Bank and must be returned to an authorized person of the Bank on request. The Cardholder shall ensure that the identity of the authorized person of the Bank is established before handing over the Card.
- The Cardholder will be liable for all Transactions and for the related charges.
- The Cardholder accepts that at his request and risk the Bank has agreed to provide him the Card and accepts full responsibility for all Transactions recorded by use of his Card.
- An instruction given by means of the Card shall be irrevocable.
- The Cardholder shall, in all circumstances, accept full responsibility for the use of the Card, whether or not processed with his knowledge or his authority, expressed or implied.
- The Cardholder irrevocably authorizes the Bank to debit the amounts utilized by using the Card for Transactions to his Card Account.
- The Cardholder should hold the Bank indemnified and harmless for its action in good faith and in the normal course of business based on Transactions.
- The Bank will employ its best effort in carrying out the Transactions but will not incur any liability either to the Cardholder or any other person for any reason whatsoever including for its delay or inability to carry out a Transaction or an instruction.
- The Cardholder agrees to bring all disputes about a Transaction or entry in the Card Account to the notice of the Bank within 7 days from the date of such Transaction or entry, in absence of which all Transactions and Card Account entries shall be construed as correct and accepted by the Cardholder.
- The Cardholder shall return the Card to the Bank when not required or expired or upon its retrieval after being reported lost.
With Travel Card Customer Web Login, the Cardholder shall be entitled to access the card account details which comprise of the following services:
- Online Instant Reloading
- Account summary.
- Statement of account through email.
- Card Locking / Unlocking.
- View Transactions.
- ATM PIN reset.
Customer Contact Centre
Now you can reload your card over the call. SMS k travel to 5676788 and we will call you within 30 minutes to process your card reload request. The customers can call our 24-hour Customer Contact Centre for queries, register their complaints and mist importantly, report lost card.
Lost / Theft / Misuse or Stolen Cards:
- If the Card is lost /stolen, the Cardholder must immediately inform the Bank in person or by calling the Bank's Customer Care Centre or the Cardholder can block the Card through Kotak World Travel Card customer login section. If there is any delay in notification to Bank on loss or theft of the card, Cardholder will be responsible for any misuse on the card / losses incurred in the interim.
- The Cardholder must file a report of Card loss with the police and send a physical true copy thereof to the Bank.
- The Bank upon receipt of information and verification of Cardholder's identity hot list the Card.
- The Cardholder will continue to be liable for all transaction carried out on his Card till he reports the loss of his Card to the Bank through the above prescribed modes. The Cardholder however continues to be liable for charges, if any, incurred post sending intimation by any other mode apart from prescribed modes as above till the same is actioned / hot-listed by the Bank.
- In case of loss of card new replacement Travel Card Kit will be issued and Bank shall transfer the available Amount less applicable charges to the new Card.
- Any instruction received by the Bank for hot listing of a Card cannot be revoked.
Surrender of Card:
- The Card Holder wishing to surrender the Kotak Multi Currency World Travel Card will give the Bank notice in writing and surrender the Card along with the notice.
- The Card Holder will be entitled to receive balance in the Card after deducting the applicable charges and only if all the transactions are settled
Fees & Charges
- "Card Issuance Fee" shall refer to the one time fee/s or charges, which is required to be paid by the applicant, at the time of making the Application of the card. Please visit to www.kotak.com and refer to Fees & Charges section of Kotak Multi Currency World Travel Card for latest fees and charges.
- "Card Reload Fee" shall refer to the fee/s or charges, which is required to be paid by the applicant. At the time of every reload required for the desired currency to be reloaded on the card. Please visit to www.kotak.com and refer to Fees & Charges section of Kotak Multi Currency World Travel Card for latest fees and charges.
- "Card Replacement Fee" shall refer to the fee/s or charges to be paid by the applicant for the replacement Card. Details of applicable fees and charges can be obtained from the Bank.
- The Bank reserves the right at any time to charge the Cardholder any fees/charges to the transactions carried out by you on the Card. Details of applicable fees and charges can be obtained from the Bank and are subject to change from time to time.
- Any government charges, or debts, or tax payable as a result of the use of the Card shall be Cardholder's responsibility.
- The Cardholder authorizes the Bank to deduct from the balance on his Card, and agrees to indemnify the Bank against any expenses that the Bank may incur in collecting money the Cardholder owes the Bank in connection with his Card (including without limitation reasonable attorney's fees to the extent permitted by law).
- Amount due and payable by the Cardholder, if not paid separately, be recovered by the Bank from the Available Amount or to the debit of any other account with the Bank of the Cardholder if any.
Change of facilities:
- The Bank may at its discretion make available the use of a Card at more ATM's, EDC, POS and/ or other devices through shared networks. The Cardholder understands and agrees that such networks may provide different functionality, service offerings and different charges for different services and/or locations.
- The Bank shall in its sole discretion at any time, without notice to the Cardholder, be entitled to withdraw, discontinue, cancel, suspend and/or terminate the facility to use the Card and/or services related to it, at an ATM/other devices and shall not be liable to the Cardholder for any loss or damage suffered resulting in any way from such suspension or termination.
- Maintenance: While advance notice of maintenance work likely to affect the availability of services, shall be given, the Bank reserves the right to suspend, without any notice, access to ATM/other similar device or the provision of all or any of the services, at any time, if the Bank deems it necessary to do so, whether for routine maintenance or technical snags/force measure for any other reason.
Printed Transaction Records, Balance information Statement, Errors, Complaints:
- The Cardholder may opt for a printed record of Transaction through an ATM and verify such record.
- The Cardholder must inform the Bank in writing within 7 days, if any irregularities or discrepancies exist in the Transactions/particulars on the Card. If the Bank does not receive any information to the contrary within 7 days, the Bank may assume that the statement and the Transactions are correct.
- All records maintained by the Bank, in electronic or documentary form, of the instructions of the Cardholder and such other details (including, but not limited to payments made or received) pursuant to this agreement, shall as against the Cardholder, will be deemed to be conclusive evidence of such instructions and such other details.
- The ATM machine may capture the Card, if responses sought from the Cardholder by the machine are not provided by the Cardholder within a specific time. In circumstances when the Card is captured then the Cardholder shall have to apply for a new Travel Card Kit in the manner prescribed above.
Disclosure of Information:
- The Bank reserves the right to disclose to other institutions, such information concerning the Card or the Cardholder as may be necessary or appropriate in connection with its participation in any Electronic Funds Transfer Network.
- The use of the Card at ATM/EDC-POS/other devices shall constitute the Cardholder's express consent. To the collection, storage, communication and processing of identifying and Card balance information by any means necessary for the Bank to maintain appropriate Transaction records.
- To release and transmission to participants and processors ATM network/other network details of the Cardholder's account and Transaction information and other data necessary to enable the Card to be used at an ATM/other device.
- To the retention of such information and data by the said participants and processors in the Bank/other networks.
- To the compliance by the said participants and processors in the Bank ATM network/other networks with laws and regulation governing disclosure of information to which such participants and processors are subject.
- To the disclosure of information to third parties about the Transactions where it is so necessary for completing Transactions or when necessary to comply with law or government agency or court orders or legal proceedings or when necessary to resolve errors or question the Cardholder has raised or in order to satisfy the Bank's internal data processing requirements.
- The Cardholder hereby expressly authorizes the Bank to disclose at any time and for any purpose, any information whatsoever relating to his personal particulars, Card transaction or dealings with the Bank, to the head office or any other branches, subsidiaries or associated or affiliated corporations of the Bank wherever located, any government or regulatory agencies or authorities in India or elsewhere, any agents or contractors which have entered into an agreement to perform any service(s) for the Bank's benefit, and any other person(s) whatsoever where the disclosure is required by law or otherwise to whom the Bank deems fit to make such disclosure.
- The Cardholder agrees to provide the Bank information that the Bank requires from the Cardholder by law or regulation, or any other appropriate information that the bank may reasonably request from time to time.
- The Bank may at its sole discretion withdraw or suspend the Card or amend any of its features without notice to the Cardholder.
- The Bank shall have discretion not to carry out a Transaction where it has reason to believe that the use of the Card is not authorized or the Transaction appears not genuine or unclear or such as to raise a doubt or it cannot be put into effect for whatsoever reasons.
- The Bank may at its discretion, videotape or record on camera the Cardholder's access at ATM and rely on footage of such clippings as evidence in any proceedings.
- Should any instruction given by the Cardholder be capable of being executed by the Bank in more ways than one, the Bank may execute the said instruction in any one of the said ways, at its sole discretion.
Cardholder disputes with Merchants:
- A Charge Slip with the Cardholder's signature together with the Card number noted thereon shall be conclusive evidence as between the Bank and the Cardholder as to the extent of liability incurred by the Cardholder.
- The Bank shall not be in any manner responsible for the quality, value warranty, and delay in delivery, non-delivery, non-receipt of any goods or services received by the Cardholder.
- Merchant Establishments may reject the use of the Card for any reason whatsoever and Bank shall not be responsible for the same nor should be responsible in respect of goods or items supplied.
- It must be distinctly understood that the Card facility is purely a facility to the Cardholder to purchase goods or avail of services and the Bank holds out no warranty or makes no representation about quality, quantity, value, delivery or otherwise, howsoever regarding the goods or services ,and any dispute should be resolved with the Merchant Establishment directly. However, the Cardholder shall report to the Bank about the dispute with the Merchant, detailing the name of locations, date and time of the transaction and other details that will assist the Bank in its investigations.
- The Bank shall make bonafide and reasonable efforts to resolve an aggrieved Cardholder's disagreement with the applicable charge indicated in the statement within 120 days of receipt of the notice of disagreement. If after such effort, the Bank determines that the charge indicated is correct then it shall communicate the same to the Cardholder along with details including a copy of the Charge Slip or payment requisition along with charges if any.
- The Bank accepts no responsibility for refusal by any establishment to honour the Card.
The Cardholder specifically acknowledges that the Bank will not be liable in any manner whatsoever by virtue of any insurance cover provided and that the insurance company will be solely liable for compensation if any in case of the death of a cardholder and/or loss of baggage and/or loss of passport and shall not hold the bank responsible for any matter arising from in connection with such insurance cover, whether for or in respect of any deficiency or defect in such insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise howsoever and all such matters shall be addressed to and sorted out directly with the insurance company.
The Cardholder agrees that the insurance cover so provided will be available to the Cardholder only as per the terms of the relevant insurance policy in force and only so long as the Cardholder is and remains a Cardholder of the Bank with his maintained in good standing. On the Card being cancelled or withdrawn temporarily or permanently for whatsoever reason the benefit of such insurance cover shall automatically discontinue from such date of cessation of card. The current insurance benefits offered on your Kotak Multi Currency World Travel Card are in association with Insurance Service Provider for more details refer to www.kotak.com.
Exclusion from Liability:
- Without prejudice to the foregoing the Bank shall be under no liability whatsoever to the Cardholder in respect of any loss or damage arising directly or indirectly out of.
- Any defect in goods or services supplied.
- The refusal of any person to honour or accept the Card.
- Any statement made by any person requesting the return of the Card or any act performed by any other person in conjunction.
- The exercise by the Bank of its right to demand and procure the surrender of the Card prior to the expiry date exposed on its face whether such demand and surrender made and/or procured by the Bank or any person or computer terminal.
- The exercise by the Bank of its right to terminate any Card.
- Any injury to the credit character and/or reputation of the Cardholder alleged to have been caused by the re-possession of the Card and/or any request for its return or the refusal of any Merchant Establishment to honour or accept the Card.
- Any mis-statement, mis-representation, error or omission in any details disclosed to the Bank. Decline of transaction due to any reason at a Merchant location ATM
- The Bank accepts no responsibility and will not be liable for any loss or damage for any service failures or disruptions (including but not limited to loss of data) attributable to a system or equipment failure or due to reliance by the Bank on third party, products or interdependencies including but not limited to electricity or telecommunication.
- The Bank accepts no liability or responsibility for the consequences arising out of the interruption of its business by Acts of God, riots, civil commotions, insurrections wars or any other causes beyond its control, or by any strikes or lockouts.
- If an ATM or similar device malfunctions, resulting in loss to the Cardholder of some or all amount of a transaction, and such a loss is confirmed by the Bank through a verification of the Bank's records, the Bank will correct that loss by making any adjustments to the Card including any adjustments for service charges, if any.
- The bank shall not be responsible/ liable for failure of any ATM to dispense cash or if the cardholder is unable to withdraw cash for any reason whatsoever or if unable to avail the facility.
- The Bank shall not be responsible for any loss or damage caused to the Card holder by reason of any failure to comply with the Cardholder's instructions, when such failure is caused due to reason beyond the control of the Bank, the opinion of the Bank being final in this regard.
- By applying for and availing the Card facility, the Cardholder grants express authority to the Bank or carrying out the Transactions performed by use of the Card. The Bank shall have no obligation to verify the authenticity of a transaction made other than by means of the PIN.
- The Bank shall under no circumstances be liable for any claims for losses or damages whatsoever whether direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the Cardholder or any other person.
- The Bank shall not be liable for non-availability of the funds credited to the Card due to restrictions on convertibility or transferability, requisitions, involuntary transfers acts of war or civil strife or other similar causes beyond the Bank's control, in which circumstance no other branch, subsidiary or affiliate of the Bank shall be responsible thereof.
Ability to refuse payment:
- Except as otherwise required by law, if the Bank receives any process, summons, order, injunction, execution, distrait, levy, lien, information or notice which the Bank in good faith believes calls into question the Cardholder's ability to transact on the Card the Bank may, at its discretion and without liability to the Cardholder or such other person decline to allow the Cardholder to obtain any portion of his funds, or the Bank may pay such funds over to an appropriate authority and take any other steps required by applicable law.
- The Bank reserves the right to deduct from the Available Amount on the Card a reasonable service charge and any expenses the Bank incurs, including without limitation reasonable legal fees, due to legal action involving the Card.
Termination of Card:
- In the event the Cardholder decides to terminate the use of the Card, the Cardholder shall give the Bank not less than 15 days prior notice in writing and forthwith return the Card to the Bank after cutting the card into 4 pieces and obtain a valid receipt thereof. Such termination shall also be deemed a termination of all facilities accorded by the Bank to a Cardholder.
- In the event charges are incurred on the Card after the Cardholder claims to have destroyed the Card, the Cardholder shall be entirely liable for the charges incurred on the Card whether or not the same are result of misuse and whether or not the bank has been intimated of the destruction of the Card.
- The Bank shall be entitled to discontinue this facility at any time by canceling the Card with or without assigning any reason whatsoever and by giving 15 days notice and shall be deemed to have been received by the Cardholder within 15 days of posting to the Cardholder's address in India, last notified in writing to the Bank.
- If Cardholder uses the Card at any unauthorized location or for any purpose other than as stated under these Terms and conditions or for strictly prohibited purposes, it may result in cancellation of the Card by Bank.
- In the event the Cardholder fails to comply or adhere terms and conditions mentioned therein.
- In the event of pendency of any bankruptcy insolvency proceeding or proceedings of a similar nature against the Cardholder, it may result in cancellation of the Card by Bank.
- In the event if Cardholder fails to furnish the necessary Know Your Customer (KYC) documents which is also subject to verification by Bank, it may result in cancellation of the Card by Bank.
The Cardholder agrees to and shall indemnify and hold the Bank and each of the employee agents, consultants contractors, content providers or representatives of the Bank harmless against all actions, claims, liabilities, demands, proceedings, losses, damages, costs, charges and expenses including reasonable attorney's fees and court / adjudicating body costs whatsoever, which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of,
- breach of the Cardholder's representations and warranties;
the improper use of the Card by the Cardholder or any other person with/without the consent of the Cardholder; or
- the breach by Cardholder or any other person with/without the consent of the Cardholder of any of the provisions of these Terms or any other agreement with the Bank by the Cardholder or,
- fraud or dishonesty relating to any transaction by the Cardholder or his employees/agents
- by reason of the Bank in good faith taking or refusing to take or omitting to take action on any instruction given by the Cardholder due to acts or omissions of the Cardholder, including but not limiting to :
(a) Failure to intimate/inform the Bank when he/it suspects or knows that his/its Passwords are known to third parties or when third parties use his/its Passwords for carrying out unauthorized or illegal transactions;
(b) Failure to keep confidential and secure the PIN from third parties;
(c) Failure to inform the Bank regarding any changes in his/its personal information;
(d) Failure to comply with the Law;
(e) Failure to comply with the usage guidelines issued by the Bank in respect of the Card as may be applicable at the relevant time;
(f) Failure to comply with these Terms and any agreement between the Bank and the Cardholder.
Terms and Conditions and Changes:
- The Cardholder shall be deemed to have unconditionally agreed to and accepted these terms and conditions by signing the Card application form.
- The Bank reserves the right to revise policies, features and benefits offered on the Card and alter these Terms and Conditions from time to time and may notify the Cardholder of such alterations in any manner it thinks appropriate. The Cardholder will be bound by such alterations unless the Card is returned to the Bank for cancellation before the date upon which any alteration is to have effect.
- These Terms form a contract between the Cardholder and the Bank. By accessing the service, the Cardholder accepts these terms and conditions.
- The Bank could make changes including (but not limited to) the purposes reasons listed below:
- Impose or increase charges relating solely to the use of the Card.
- Increase the Cardholder's liability for losses relating to transactions with his Card.
- The Bank may also make a change without notice if the change is necessary to maintain or restore the security of the electronic system or equipment used for the Card transactions.
- Notification of these and any other changes may be given by the Bank by posting it to the Cardholder's latest address recorded with the Bank or displayed at the Bank's branch or on the website of the Bank. The Cardholder must notify the Bank of any change to his address promptly. Proof of posting to such last notified address shall be conclusive proof of the notification at the time when it ought to be delivered in due course by the post even if the notification may be returned through the post undelivered.
Governing Law & Jurisdiction:
These Terms/Transactions/Services and obligations of the Bank shall be governed by and be subject to Indian law and guidelines as may be issued by the RBI from time to time. The courts in Mumbai shall have the exclusive jurisdiction as regards any claims or matters arising out of the use of the Card.
Compliance with law:
The Cardholder must be either by himself or through legally authorized representative eligible and capable by law to avail of the Card. The Bank shall not be liable to the Cardholder or any third party for any loss or damage suffered due to the ineligibility or incapacity of the Cardholder. The Cardholder agrees that he is aware of and shall comply with any law that may be applicable to any of the transactions he carries out, through the Card. The Bank shall not be responsible or liable to any third party for the Cardholder's violation of any law.
Contact us for Queries or Complaints and Grievance Redressal:
In case of any complaints / queries in connections with Card Account, Card Holder may contact at Bank's Phone Banking Number 1860 266 2666 (local call rates apply) or can write a letter to us at Kotak Mahindra Bank Ltd. P.O. Box: 16344, Mumbai - 400013 or can email at firstname.lastname@example.org. If Cardholder disputes remain unresolved, he/she may directly approach the Banking Ombudsman for redressal of grievance