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The Terms may be read as a stand-alone document or may be read with such other documents/terms as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. These terms and conditions are in addition to the terms and conditions as may be specified in any document/facility documents etc. as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. In the event of any of these terms and conditions being contrary to those specified therein, the terms and conditions as specified in such other document(s) in respect of a particular Account/ Service/ situation/ circumstance/ transaction as the case may be will prevail over these terms and conditions. The Terms shall be available at the Bank branches. The Customer acknowledges and agrees that the Bank may at its sole discretion add to, modify or amend the Terms (including the Charges) from time to time and such changes shall be communicated to the Customer by display in the Bank premises or on the website, but individual communication may not be sent to him. The Bank may publish notices of general nature, which are applicable to the Customers on Bank's Website or on its notice board or in any other mode as may be decided by the Bank. Such communication and notices would have the same effect as a notice served individually to each Customer. The Customer may within a period of fifteen (15) days from the issue of the notice close the Account or discontinue availing of Service, failing which he shall be deemed to have accepted the change from the effective date mentioned in the notice or from the date as may be specified by the applicable law. The Bank may be required to abide by the rules and regulations of self-regulatory bodies, to which the Bank is or maybe affiliated, statutory/regulatory authorities and the Customer agrees that he may also be required to abide by such rules and regulations as may be advised/specified.
Reserve Bank of India has a clear stance on Virtual Currencies (VCs) – that these currencies do not have any regulatory permission or protection in India. In its latest circular (dated April 6, 2018), the RBI has directed that the entities that it regulates shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. These services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase / sale of VCs. We at Kotak Mahindra Bank request you not to make any transaction involving virtual currencies from your bank account. However, if done so, under regulatory guidelines, the Bank would need to close your account without further intimation.
The Customer agrees that opening and maintenance of the Account and availing of Services is subject to the rules and regulations introduced or amended from time to time by the Reserve Bank of India or any other authority.
The opening of the Account is subject to verification, and Bank reserves the right to reject the request of the Applicant to open an Account without providing any reason. In the event where the documents submitted by the Applicants or Customers for opening an Account and/ or availing the Bank’s products and services or for processing the transactions thereon are incomplete or discrepant, Bank may at its discretion contact the Applicant for rectifying such discrepancies and/or for certain additional verification/ documentation requirements. In case highlighted discrepancies remain unresolved or upon non-receipt of required documents within the stipulated time period, if any, Bank, shall have the right to reject the opening the account of the Applicant/ service request / application in accordance with its policies and procedures and retain the application forms and documents provided for account opening, including photographs in case of rejection of the said application. In such an event the Bank shall not be liable to pay interest on the amount of deposit and shall refund the money received, if any, to the source account/applicant.
Your account is governed by various policies of the bank and other important information which are amended from time to time as per directives from RBI. They can be accessed through our Customer Corner via the Kotak website i.e www.kotak.com
DEFINITIONS
In the Terms all the capitalized words and phrases have the meaning stated hereunder unless indicated otherwise:
BHIM UPI (Unified Payment Interface)
BHIM UPI is a mode of fund transfer payment in 811/ Kotak Mobile Banking Application offered to customers and non-customers ("customer/User/s") by Kotak Mahindra Bank ("Bank") which facilitates to send & receive money. By using 811/ Kotak Mobile Banking Application customer/User hereby agrees to the terms & conditions which forms the contract between the customer/User and Bank for availing such facility. These terms and conditions form the contract between the Customer/User and the Kotak Mahindra Bank and shall be in addition to and not in derogation of other terms and conditions of any account or any other facility/services offered by the Bank and/or such other terms and conditions as may be specified by the Bank.
DEFINITIONS
The following words and phrases shall have the meanings set out herein below in this document unless repugnant to the context:
For the purposes of this document all reference to the User in masculine gender shall be deemed to include feminine gender also.
Eligibility and Usage:
This facility shall be available to the Users in India, subject to the condition that he downloads the Application, successfully installs it and thereafter authenticate himself with the applicable credentials and sets his MPIN "eligibility criteria".
The User should have his/her Mobile Phone Number registered with his/her Bank for SMS/Mobile Banking and should have existing relationship with his/her Bank for availing this Facility and services thereunder, using this Mobile Payment Application.
This facility shall be made available only to the Users satisfying the eligibility criteria and shall be provided at the sole discretion of Kotak Mahindra Bank and may be discontinued/suspended/withdrawn by Kotak Mahindra Bank at any time, with or without prior intimation to the Users.
The User understands, accepts and agree that any other condition that is a pre-requisite to access and avail the benefits under the facility, including, but not limited to a Mobile Phone, Data Connection, etc. will be the sole responsibility of the User.
Authorization:
The User irrevocably and unconditionally authorizes Kotak Mahindra Bank to access his Account and the Personal details registered while authentication of Application for availing the service including effecting Banking or other transactions of the user through the facility.
The User expressly authorizes Kotak Mahindra Bank to disclose to the service provider or any other third party, all user information in its possession, as may be required by them to provide the services offered under the said facility to the User.
The authority to record the User’s details and transaction details is hereby expressly granted by the User to Kotak Mahindra Bank. All records generated by the transactions arising out of use of the facility, including the time of the transaction, beneficiary details, etc.; recorded shall be conclusive proof of the genuineness and accuracy of the transactions.
The User authorizes Kotak Mahindra Bank to send any message or make calls to his mobile phone Number or display banners or any other communication on 811/ Kotak Mobile Banking Application to inform him about any promotional offers including information regarding Banks' new products either now available or which Kotak Mahindra Bank may come up with in the future, greetings, banners or any other promotional massages or any other message that Kotak Mahindra Bank may consider appropriate to the User.
The User irrevocably and unconditionally agrees that such calls or messages made by the Kotak Mahindra Bank and/or its Agents shall not be construed as a breach of the privacy of the User and shall not be proceeded against accordingly.
The User authorizes Kotak Mahindra Bank to send any rejection message or to reject any transaction/request, if it finds that the request sent by the User is not as per the requirements stipulated by Kotak Mahindra Bank for availing the facility.
Kotak Mahindra Bank shall make all reasonable efforts to ensure that the User’s information is kept confidential.
The User expressly authorizes Kotak Mahindra Bank to carry out all request(s) or transaction(s) for and/or at the request of the User as are available to the User through 811/ Kotak Mobile Banking Application without the Bank having to verify the authenticity of any request or transaction purporting to have been received from the User through Application.
Kotak Mahindra Bank shall have the option to introduce any new services through this facility at any time in future and the User shall be deemed to have expressly authorized Kotak Mahindra Bank to register the User for such new services.
Liabilities and Responsibilities of the User:
Terms of Service:
These terms & conditions are in addition to the general terms & conditions of any account or any other facility provided by Kotak Mahindra Bank to its Customers.
Kotak Mahindra Bank may provide the any services through this Application, directly or through its associates or contracted service providers on its behalf.
Limitations on transactions:
There will be transaction limits as mandated by NPCI from time to time and also subject to limits as may be prescribed from time to time by other banks where the user holds a bank account and have linked the said Bank account in the Application.
Any inaccurate, incomplete or false disclosure of statement of financial transaction or reportable account by me would lead to penal consequence on the Bank under applicable law. The Bank shall be entitled to recover from me such amount levied due to such inaccuracy, incompleteness or false disclosure. I will indemnify the Bank in respect of all or any liabilities incurred by Bank, by reason of any of the information or particulars given by me, being incorrect or false or being suppressed or omitted
As per RBI master direction of KYC, in case of any update in the documents submitted by me at the time of establishment of business relationship / account-based relationship and thereafter, as necessary; I shall submit to the Bank the update of such documents. This shall be done within 30 days of the update to the documents for the purpose of updating the records at Bank’s end.
ACKNOWLEDGEMENT
The Customer acknowledges that he has read, reviewed and understood these Terms and conditions. The Customer unconditionally agrees to abide by the Terms and conditions and all the applicable laws including FEMA, rules and regulations of the RBI or any other regulatory/statutory authority, as may be prescribed and as may be amended from time to time. The Customer also acknowledges that the Account or Services that are offered to the Customer are not assignable/ transferable to any third party under any circumstances and shall be used only by the Customer.
ACCURACY OF PERSONAL INFORMATION
The Customer is responsible for the correctness of information supplied to the Bank from time to time. If the Customer has reason to believe that there is an error in the information furnished to the Bank he shall immediately advise the Bank in writing. The Bank shall not be liable for any consequences arising out of erroneous or misleading, incorrect, untimely or incomplete information furnished by the Customer.
CORRESPONDENT BANK RELATIONSHIPS
Bank may use the service of Correspondent Banks to provide certain Services or facilities. Bank will take due care to protect the interest of the Customer, but the Bank will not be responsible if there are any losses/liabilities which arise as a result of any act or omission of the Correspondent Bank and/or any delay in realization of cheques deposited.
DISCLOSURE OF INFORMATION
Customer hereby irrevocably agrees to and consents that the Bank may disclose at any time and share with or in any manner make available to any agencies, bureaus, affiliate companies, firms, associations, corporate bodies and other persons including any outside agencies any information of the Customer as may be required in strict confidence.
Customer further agrees that the Bank may hold and process his personal information on computer or otherwise in connection with any Service for statistical analysis and credit scoring. The Customer also agrees that the Bank may disclose in strict confidence to other institutions such personal information may be necessary for reasons inclusive but not limited to (i) participation in any telecommunication or electronic clearing network (ii) in compliance with a legal or regulatory directive/instruction (iii) for credit rating by a credit rating agency (iv) for fraud prevention purposes.
REPRESENTATION AND WARRANTIES OF THE CUSTOMER
Customer represents and warrants that (i) he has the authority and/or he is lawfully entitled to accept the Terms and that he is not under any disability, restriction or prohibition which shall prevent him from performing or adhering to any of his obligations under the Terms; (ii) the execution of the Terms or any part therein is not, directly or indirectly, in conflict with any other agreement or document that the Customer has executed or entered into; (iii) there are no liabilities against, relating to or affecting the Customer, which individually or in aggregate, are material to the business of the Bank; (iv) the personal information provided by the Customer to the Bank at the time of registration is true and accurate and any other information provided thereafter shall be true and accurate; (v) there are no legal proceedings, or injunctive or stay orders pending against or likely to arise against the Customer that may violate the Terms or materially affect the Customer's fulfillment of these Terms.
LIMITATION OF BANK'S LIABILITY
The Bank shall take all care to provide secure and error free services to its Customers on best effort basis. The Bank shall not be liable or responsible for any damages, loss, harm, expense, liability and the like arising to the Customer or any third party for any reasons whatsoever whether attributable to the Bank or not.
Without prejudice to the above, the Bank shall not be liable to the Customer or any third party for any loss or damage suffered due to the following reasons: Any action carried on by the Bank in good faith, based upon the instructions of the Customer, by exercising due diligence, or taking reasonable care; Any unauthorized, unlawful and illegal transactions occurring through the use of Account(s) and/or Service(s), which can be attributed to the fraudulent or negligent conduct of the Customer and/or any third party; Intrusion or hacking into the computer systems/network or communication network of the Bank; Failure to carry out any instructions of the Customer due to insufficiency of balance in the Customer's Account(s); Failure of the Customer to access the Bank Account or avail of any Services due to any Force Majeure Event or any Technical Snags or any other reason beyond the control of the Bank; Failure of the Customer to inform the Bank when the Customer's Bank Account is being illegally used or Services illegally availed of by third parties; Failure of the Customer to keep confidential and secure, any Passwords, or other identification marks or any Card or token given to the Customers for operating the Accounts or availing of any Services; Failure to provide or provision of inaccurate, incorrect information by the Customer whether personal or in respect of any Account or Service; Any stop payment instructions or such instruction of the Customer being/not being carried out or any delay thereof; Violation of any Indian law or foreign law; or Breach of any of the Terms by the Customer or any other person with/ without the Consent of the Customer.
In the event that the Bank is held liable for any loss or damage to Customer as a result of use of any Service provided by the Bank, Bank shall only be liable for direct loss or damage which, in the ordinary course of events, might reasonably be expected to result from the circumstances in question and only if such loss or damage is caused by Bank's gross negligence or willful default and Bank shall not be liable for any incidental, indirect, remote, consequential, special loss or damage in this regard.
Customer should not hand over cash to any bank official outside the bank premises. Customer should tender cash only at the cash counters during working hours of the bank. Bank shall not be liable or responsible for any such loss or harm arising to the customer due to handing over the cash outside the bank premises. However cash can be handed over to the authorised agent of the bank at the registered address of the customer, in case a cash pick up request is placed by the customer. For Cash Pick up facility please refer Terms & Condition governing the Home Banking Facility.
FORCE MAJEURE / TECHNICAL SNAGS
Notwithstanding anything to the contrary contained herein, nothing herein shall apply if the Bank is prevented from discharging any or all of its obligation herein or otherwise due to any cause arising out of or related to Force Majeure or Technical Snags or for any reasons beyond the reasonable control of the Bank.
INDEMNIFICATION
The Customer 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 attorneys' 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 (i) breach of the Customer's representations and warranties;(ii) improper use of the Account and/or Services by the Customer or any other person with/ without the consent of the Customer; or (iii) breach by Customer or any other person with/ without the consent of the Customer, of any of the provisions of the Terms or any other agreement with the Bank or, (iv) by reason of the Bank in good faith taking or refusing to take or omitting to take action on any instruction given by the Customer due to acts or omissions of the Customer, 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, unlawful or illegal transactions; (b) Failure to keep confidential and secure the Passwords from third parties; (c) Failure to inform the Bank regarding any changes in his/its personal information or Account information; (d) Unauthorized, unlawful or illegal access to the computer system/network and/or data of the Bank by using a Customer's Passwords; (e) Failure to comply with the law; (f) Failure to comply with the usage guidelines issued by the Bank in respect of Accounts or Services as may be applicable at the relevant time; (g) Failure to comply with these Terms and any agreement between the Bank and the Customer.
APPLICABLE/GOVERNING LAW
These Terms, Accounts/Services and obligations of the Bank shall be governed and be subject to laws and guidelines as may be issued by RBI from time to time. The Bank accepts no liability whatsoever, direct or indirect, for noncompliance with the laws of any country other than that of India. The mere fact that the Account or Services can be accessed through Internet or by phone or mobile in a country other than India shall not be interpreted to imply that the laws of that country govern these Terms, and/or the operations of the Accounts of the Customer.
COMPLIANCE WITH LAW
All Customers must be either by himself or through legally authorized representative eligible and capable by law to open and operate the Account or avail of the Service, as the case may be. The Bank shall not be liable to the Customer or any third party for any loss or damage suffered due to the ineligibility or incapacity of the Customer.
All the Customers agree that they are aware of and shall comply with any law that may be applicable to any of the transactions they carry out, in India or abroad, through their Accounts or Services. The Bank shall not be responsible or liable to any third party for the Customer's violation of any law.
ARBITRATION
Remedy of arbitration as stated herein below, shall be resorted to only when the differences do not fall within the jurisdiction of the Debts Recovery Tribunal established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. In cases where the differences fall within the jurisdiction of the DRT, the Tribunal will have the jurisdiction over the matter.
The Customer agrees that he will, at all times, make all attempts to resolve all differences arising in respect of the Terms and conditions or any other agreement with the Bank by discussion with the Bank failing which, by arbitration, provided that the arbitration shall be by a sole arbitrator, nominated by the Bank. In the event of death, refusal, neglect, inability or incapability of a person appointed to act as an arbitrator, the Bank shall appoint another sole arbitrator. The arbitration shall be conducted in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and shall be conducted in English. The place of arbitration shall be Mumbai, India. The Customer waives any objection to such proceedings on grounds of venue. Notwithstanding the aforesaid provisions of this Agreement, in the event of any breach or apprehended/ threatened breach of the the terms and conditions herein or the respective facility documents by the Customer, the customers authorized representative/ representatives/employees the Bank shall be entitled, in addition to all other remedies, to an injunction, restraining any such breach, without recourse to arbitration. In the event of any breach or threatened breach of the Terms and conditions or any other agreement with the Bank by the Customer's authorized representatives/employees of the Terms and conditions or the respective agreements between them and the Customer, the Customer shall cooperate with the Bank in such manner as may be required to restrain such breach, including the pursuit of all legal remedies. Without prejudice to the foregoing, the Courts of the city in which the branch of the Bank in which the Account is/was opened is situated shall have the exclusive jurisdiction to decide any dispute in respect of the Terms. Notwithstanding the above, the Bank has the right to bring /file a claim in any other competent court or judicial forum having jurisdiction, whether in or outside India.
MAINTENANCE AND PRESERVATION OF RECORDS
Bank at its sole option and discretion shall maintain or destroy such records of transaction in respect of the Accounts or Services, as the Bank may deem fit or as mandated by law. The Customer shall not question the validity and correctness of the same. In case of conflict between the records kept by the Bank and those of the Customer, the records of the Bank shall be conclusive and binding.
RIGHT TO SET-OFF/LIEN
The Customer agrees that Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present / future on Fixed Deposits held in the Customer's Accounts whether in single/joint name(s), in any of the Accounts of the Customer maintained with the Bank, and over any and all securities of the Customer lying or that may come into the possession of the Bank from time to time, for safe keeping or otherwise, to the extent of all outstanding dues, whatsoever, and howsoever arising and this agreement shall be binding upon the nominees, heirs, executors, legal representatives and administrators of the Customer.
The Bank has the irrevocable right to reverse any entry (debit or credit) made in the Account with reference to any transaction carried out over the Electronic Media or otherwise, where in the course of any scrutiny, verification, checking, investigation, audit or otherwise it is found or determined that the entry was incorrect/not accompanied by proper supporting documents or authorizations/did not meet any rules or regulations or specifications including but not limited to those of the Bank. The Bank shall have a lien on the Account of the Customer to recover such costs/damages/liability that the Bank may incur and shall have the right to claim and recover any shortfall from the Customer.
TAX DEDUCTION AT SOURCE (TDS)
Tax will be deducted at source, on the interest income as prescribed under the Income Tax Act, 1961 and as amended from time to time. Unless specified otherwise, the certificate for TDS may be issued by the Bank on a quarterly basis covering all interest accruals/payments for that quarter of the financial year consolidated for all deposits.
The amount mentioned on the Fixed Deposit Advice is not adjusted for tax, withholding taxes or any deductions on account of redemption and hence no liability is placed on the Bank to pay the amount specified on such advice and the said amount is subject to the applicable taxes. In the event the Customer does not furnish Form No.15 (G) / Form No.15 (H) / appropriate Income Tax exemption certificate to the Bank, wherever applicable, the Customer authorizes the Bank to debit the Fixed Deposit Account with the TDS applicable on the interest on such deposits or Customer's other deposits or Bank Account(s) existing and/or to be opened in future. In case of Joint Fixed Deposits, the incidence of TDS would be on the Joint Account Holder whose name appears first in the application form. In the event the amount of tax to be deducted is less than the amount of interest available for deduction, Bank is entitled to recover the same either from another Account of the Customer and/or from the principal of the Fixed Deposit itself and for that purpose the Bank is also entitled to prematurely break the same, without any liability for the loss arising out of such premature encashment.
MISCELLANEOUS
Customer should not hand over cash to any bank official outside the bank premises. Customer should tender cash only at the cash counters during working hours of the bank. However cash can be handed over to the authorised agent of the bank at the registered address of the Customer incase of a cash pick up request is placed by the customer. For Cash Pick up facility please refer Terms & Condition governing the Home Banking Facility.
Customer agrees that the Bank may sub-contract and employ agents, consultants, contractors, content providers or representatives to carry out any of the provisions of this Agreement. The Bank shall not be responsible for any negligent or fraudulent acts of such persons or any acts done outside the scope of their authority.
Save and except as expressly provided in these Terms, no exercise, or failure to exercise, or delay in exercising any right, power or remedy vested in these Terms shall constitute a waiver by the Bank of that or any other right, remedy or power. If one or more of the provisions of Terms are unenforceable against one of the Customers, this will not in any way affect the enforceability of that provision against the other Customers. The Bank may decide to waive or relax any of the provisions of the Terms, at its own discretion on a temporary basis or as a special case only and this will not affect the Bank's right to enforce that provision strictly at any other time.
In the event that any provision of these Terms and conditions is held to be in violation of any applicable law or if for any reason a court of competent jurisdiction finds any provision of these Terms or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of these Terms and conditions, and the remainder of these Terms and conditions shall continue in full force and effect.
Bank reserves to right to amend, modify or withdraw, without attracting any claim/s, any or all services if it finds them to be unviable or prone to unacceptable risks.
ACCOUNT CLOSURE / SERVICES DISCONTINUED
Bank may at its absolute discretion, close any Account or terminate any of the services by giving such days notice to the Customer as it may deem fit with / without assigning any reason. Notwithstanding the above, the Customer acknowledges and agrees that Bank may at any time without notice as the circumstances in the Bank's absolute discretion may require, discontinue /modify/cancel/terminate the services, if the Bank is of the opinion that continuation of services is prejudicial to Bank's interests. Bank shall not be made liable for any consequences arising out of such closure of Account or termination of Services.
Bank may its discretion, and without prejudice to the above and in addition thereto close the Account of a person having a Current, Saving or Overdraft Account if such person's cheques valuing Rupees One Crore and above have been dishonoured on four or more occasions in a financial year for want of sufficient funds in that Account. Bank will however issue a notice to such person whose account it may close, after dishonour of the third cheque.
The Bank shall also be entitled to freeze operations in the account of a customer with or without notice, if the Bank suspects any fraud/mischief/im-personification etc., for such period as it may deemed fit until it has received full clarification sought from the customer and/or until it is convinced that operations in the account can be re-permitted. The customer shall provide all clarifications if any sought by the Bank and the Bank shall not be held responsible or liable for any losses, expenses, cost etc. suffered or incurred by the customer by reason of freezing of the account. The Bank pursuant to any notice received from any statutory authority including Income Tax/PF/Excise etc. is entitled to mark a freeze in the account/remit the amount standing to the credit of the account(s) whether jointly or singly as the case may be to the concernced authority without any notice to the customer.
Customer may close his Account or discontinue availing of any Service at any time. Bank shall be entitled to refuse the closing of the Account till such time that all Charges payable by the Customer to the Bank have been paid in full. The Bank may notify the Customer the date on which his Account would be closed and the Service would be discontinued. Upon closure of any Account, the Services associated with such an Account would be automatically terminated. At the time of closing of the Account, the Customer shall return to the Bank and/or confirm destruction of all unused cheque leaves / Card / Demat instruction slip, as applicable, to the Bank.
Without prejudice to the Bank's right to claim from any of the Customer's funds/ assets/ Account(s) in the Bank's possession or care, the Customer hereby unconditionally, irrevocably and without demur agrees and undertakes to immediately pay the Bank, in such manner as specified, upon the Bank's written demand and without cavil or argument any sum or sums so claimed without needing to prove or to show grounds or reasons for the Bank's demand for the sum specified therein.
The Bank may at its sole discretion levy a Charge on the Customer if the Account is closed by the Customer within a period of 6 months from the date of the opening of Account.
The Customer shall indemnify and keep the Bank indemnified against any loss or damage that the Bank may suffer on account of dishonour of cheque after the closure of the Account.
JOINT ACCOUNTS
All holders of Joint Accounts shall be jointly and severally bound by all actions, omissions and transactions arising from the use of the Joint Account, irrespective of Operating Mandate.
Communications, including but not restricted to Account Statements, in respect of Joint Accounts shall be sent to the Mailing Address of the first mentioned Account holder. In such a case, all such communications shall be deemed to have been received by all the holders of the Joint Account.
Bank shall, at all times, have the right to set-off the whole amount lying to the credit of any Joint Account of the Customer against outstanding of any of the holders of such Account. If any holder forbids payment from the Account, no amount shall be paid from the Account except on discharge from all holders/survivor(s).
Joint Fixed Deposit/ Recurring Deposit Accounts can be operated by all the holders as per the operating instruction provided by holder(s) at the time of creation of Deposit or any valid subsequent request submitted to bank. It is clarified that operating an Account shall mean and include without limitation, (a) premature breakage's (partial or whole) (b) change of the maturity instructions from auto renewal to single maturity and vice versa (c) premature renewals (d) change of interest disposition instruction from credit to an Account to reinvestment and vice versa (e) change in principal disposition instruction from credit to an Account to pay by Cheque and vice versa.
In the event the Account holders have given an Operating Mandate (Applicable for deposits with mode of operation Either / anyone or Survivor / Former or Survivor), the Bank at its sole discretion may permit operation in the account/all or any of the above transactions based on the consent by any of the Account holder. In case the transaction is processed based on a single signature (single holder consent) and as per the operating mandate, the same shall be binding on all the Joint Account holders.
NON-INDIVIDUAL ACCOUNTS
Accounts held by non-individuals entities shall be operated as per the laws applicable to them and by the Authorized Signatory as per the Operating Mandate or as may be required by the Bank. The Customer agrees that all cheque(s) / payment instruction(s) / other instructions received by the Bank from alternate channels, which are executed and issued by the Authorised Signatory (ies) whose name(s) is / are sought to be deleted, shall be honoured by the bank in ordinary course till the deletion of name(s) in bank records and that the customer shall not hold the bank liable or responsible for the same.
Accounts of non-individual entities can be operated as per mode of operation (MOP) provided at the time of opening of account or any valid subsequent request submitted to bank. It is clarified that operating an Account shall mean and include without limitation, closure of account.
In the event of request of closure of account as per Operating Mandate, the Bank at its sole discretion may permit closure of account based on the consent as per MOP of the account and same shall be binding to all.
FOREIGN CURRENCY/ NON-RESIDENT ACCOUNTS
Foreign Currency denominated Account(s) of residents/ non-residents and rupee denominated Account(s) of Non-residents shall be governed by regulations of RBI/GOI and these regulations shall prevail in case of any conflict with the Terms and conditions.
NON-RESIDENT INDIANS (NRI)
The NRI Customer undertakes that he shall (i) intimate about his return to India for permanent residence; (ii) abide by the NRE/NRO or any other applicable scheme/directions laid by the RBI from time to time (iii) ensure, in case of debits to NRO/NRE Accounts for the purpose of investments in India and credits representing sale proceeds of investments, such investments/disinvestments would be covered by the general or specific permission of the RBI.
The NRI Customer hereby agrees to indemnify the Bank against any losses, claims, costs, charges and expenses arising from or suffered by the Bank by reason of non-compliance by him of the applicable laws.
SALARY ACCOUNT
The Customer acknowledges and agrees that in respect of his Salary Account, at the sole discretion of the Bank ;
(i) he may be entitled to certain facilities only during currency of his employment with the Employer
(ii) any of the said facilities in respect of the Salary Account may be discontinued, completely or partially,
(iii) the Salary Account may be closed or redesignated, as deemed fit by the Bank, to any of the Savings Account products as specified in the Bank's website www.kotak.com from time to time, if no amounts are credited by the Employer for a continuous period of two months or more and/or on the instructions of the Employer that the Customer has ceased to be in the services of the Employer for any reason whatsoever. The customer hereby agrees to maintain Average Monthly Balance applicable for the Savings Account scheme, where the account is redesignated. In the event of failure to maintain Average Monthly Balance as per the prevailing product parameters of the redesignated savings account product, the customer hereby authorizes the Bank to recover the non maintenance charge as defined by the Bank from time to time, by making a demand on the customer/by appropriating from any other amounts/accounts of the customer held singly or jointly with or without notice to the customer. The Customer hereby irrevocably and unconditionally authorizes the Bank on the request of the Employer to recover by debiting/ reversal of credit, any excess amount credited by and/or on the instructions of the Employer into his Account, without any reference to or recourse to him. The customer further irrevocably and unconditionally authorizes the Bank to debit/reverse any amount on the instruction of the Employer by reason of fraud if any committed by the employer and/or without any reason. The Bank shall not be held responsible or liable for any of the acts mentioned hereinabove.
FIXED DEPOSITS (TD)
The minimum amount and term for with which the TD can be opened by the Bank, and the interest thereon, shall be as, notified by the Bank from time to time.
The effective date of TD shall be the date on which the Customer/ depositor deposits the cash with the Bank or the date on which the cheque deposited with the Bank is realized or the fund transfer is effected on Net Banking, as the case may be.
Customer agrees that on maturity of the Fixed Deposit, in the absence of written instructions on disposal of funds, the Bank has the right at its discretion to renew the deposit along with accrued interest thereon on the same terms as that of the matured TD at the prevailing interest rates. If the TD is issued in name of more than one Customer, the renewal instructions should be given by at least one of the Customers.
The terms of the TD may be modified or revised only if Customer applies to the Bank by a written request signed by him; or in case of Joint TD - if a written application signed by all Joint Account Holders is filed with the Bank. However, the Bank shall have the sole discretion whether to modify or change such terms.
Premature withdrawal of Fixed Deposits would be permitted at the sole discretion of the Bank and on premature withdrawal of fixed deposit. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower.
Customers are aware that the premature withdrawal of deposit(s) will require signature and consent of all the Depositor(s) irrespective of the mode of operation. Customers jointly may provide a mandate and authorize the Bank that in the event of death of any one of the depositors, the Bank upon receipt of written request from the surviving depositor(s), may allow surviving depositor(s) to prematurely withdraw the Fixed Deposit without seeking concurrence from the legal heirs of the deceased depositor(s). Customer has been informed that penalty on premature closure of Fixed Deposits is not applicable in case of deposits that are Prematurely withdrawn on account of death of any one of the depositors. This is applicable for deposits booked after 2012.
Premature Withdrawal Not Allowed Deposits:
- Premature withdrawal of this deposits is not allowed till maturity
- ActivMoney/ Sweep-in facility is not available on this deposit
- Auto Renewal option is not available on this deposit.
- Monthly payout option is not available on this deposit.
Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for fixed deposits booked/ renewed on or after 1st November, 2012 till 19th May,2022.
Tenure of Fixed Deposit |
Penalty |
Less than 181 days |
Nil |
181 days and above |
0.50% |
For erstwhile ING Vysya Bank customers the above premature withdrawal penalty slabs will be applicable for Tem Deposits booked/ Renewed on or after 1st April 2015 till 19th May,2022.
Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for fixed deposits booked/ renewed on or after 20th May, 2022.
Tenure of Fixed Deposit |
Penalty |
Less than equal to 180 days |
Nil |
Greater than 180 days to less than or equal to 364 Days |
0.50% |
Greater than or equal to 365 Days |
1.00% |
Customer agrees that if the bank permits him to make a premature breakage of Fixed Deposit, the recovery of interest already paid may be recovered from the proceeds of the Fixed Deposit. Instructions for premature withdrawal of the Fixed Deposit shall be duly signed by the account holder(s) as per the 'mode of operation' of the Fixed Deposit.
Standalone Fixed Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as below mentioned in premature withdrawal penalty section.
Interest on Fixed Deposit can be paid for a period of less than a quarter at the discounted interest rates as per RBI directives.
The calculation of interest is basis 365 days in a year for deposits booked in a non-leap year and 366 days in a year for fixed deposits booked in a leap (calendar) year.
Fixed deposits are governed by the terms and conditions of the Bank.
Nomination facility can be availed at the nearest Kotak Mahindra Bank branch
ACTIVMONEY: Minimum Thresholds for Current accounts and Savings Accounts
For Current Accounts, the "Minimum default Threshold" till 30th November'14 is as below:
Product |
Sweep Out Threshold (in Rs) |
Sweep In Threshold (in Rs) |
Ace Current Account |
5,00,000/- |
2,50,000/- |
Elite Current Account |
2,00,000/- |
1,00,000/- |
Pro Current Account |
1,00,000/- |
50,000/- |
Edge Current Account |
50,000/- |
25,000/- |
Neo Current Account |
50,000/- |
10,000/- |
Classic Current Account |
50,000/- |
10,000/- |
Synergy Current Account |
20,000/- |
10,000/- |
Trader Pro Current Account |
5,00,000/- |
50,000/- |
Trader Classic Current Account |
1,00,000/- |
10,000/- |
For Current account, the "Minimum default threshold" effective 1st December'14 is as below:
Product |
Sweep Out Threshold (in Rs) |
Sweep In Threshold (in Rs) |
Ace Current Account |
5,00,000/- |
5,00,000/- |
Elite Current Account |
2,00,000/- |
2,00,000/- |
Pro Current Account |
1,00,000/- |
1,00,000/- |
Edge Current Account |
50,000/- |
50,000/- |
Neo Current Account |
50,000/- |
50,000/- |
Classic Current Account |
50,000/- |
50,000/- |
Synergy Current Account |
50,000/- |
50,000/- |
Trader Pro Current Account |
5,00,000/- |
5,00,000/- |
Trader Classic Current Account |
1,00,000/- |
1,00,000/- |
For Current account, the "Minimum default sweep threshold" effective 5th January' 2016 is as below:
Product |
Minimum Sweep Out Threshold (in Rs) |
Minimum Sweep In Threshold (in Rs) |
Astra 5 Current Account (Rs.5 lac AQB) |
10,00,000/- |
10,00,000/- |
Astra 10 Current Account (Rs.10 lac AQB) |
20,00,000/- |
20,00,000/- |
Astra 25 Current Account (Rs.25 lac AQB) |
50,00,000/- |
50,00,000/- |
Kotak Ace Plus Current Account (Rs.2.5 lac AQB) |
5,00,000/- |
5,00,000/- |
Kotak Elite Plus Current Account (Rs.1 lac AQB) |
2,00,000/- |
2,00,000/- |
Kotak Pro Plus Current Account (Rs.50K AQB) |
1,00,000/- |
1,00,000/- |
Note: These are the floor level (minimum threshold),the agreed ActivMoney in any account will be basis bank offer and customer acceptance and will finally be at the discretion of the bank subject to the minimum threshold.
* For Savings Account: Default Threshold will be "Two times of AMB for Sweep Out and 1x of the AMB for Sweep In".
For Privy league: Customers the default sweep in and sweep out limits as 1.5 Lac and 2 Lac respectively
*Sweep Out |
*Sweep-In |
Example |
Two times of Product AMB in multiple of Rs.10,000/- |
One time of Product AMB in multiple of Rs.10,000/- |
For Edge customer with AMB of Rs.10,000/- |
AUTOCLOSURE OF FIXED DEPOSIT
On account of part redemptions / liquidations, if the Fixed Deposit balance falls below the minimum amount required for opening of Fixed deposit, then the Fixed Deposit will be auto closed.
TAX SAVING FIXED DEPOSIT
Floating Rate Linked Term Deposit
Interest :
Premature Withdrawals of the Deposit:
Minimum Notice Period of 35 calendar days is required to be given for all Premature Withdrawals.
RECURRING DEPOSIT
Payment of interest
Payment of installment:
Eligibility:
Maturity:
Penalty on delay in payment of installment:
Premature Withdrawal of RD:
OVERDRAFT AGAINST FIXED DEPOSIT
The overdraft facility extended to applicant(s) against the security of the Fixed Deposit(s) shall be automatically renewed by the Bank unless Bank decides otherwise at its sole discretion. A notification with regard to renewal shall be sent by the bank and If no request for cancellation is received from the applicant(s) within 30 days from the date of such notification by the Bank, the applicant(s) shall be deemed to have accepted the modified rate from the effective date mentioned in such notification. The rate of interest chargeable for the overdraft utilised will be as per the sanctioned rate of interest above fixed deposit rate (Spread) or such other modified rates as notified by the Bank from time to time for the overdraft facility and the applicant(s) agree to abide by such modification. The validity of the Overdraft Facility will be for the period as may be stipulated by the Bank from time to time.
Till full and final repayment of the Overdraft utilised, charges payable in respect of such availment and cancellation of the Limit being effected, the Fixed Deposit(s) shall be held as security by the Bank and will be renewed from time to time at the sole discretion of the Bank at the rates prevailing at the time of renewal and without any reference to the Deposit Holders and such renewed Fixed Deposit(s) will continue to be held as security against the Overdraft. The Bank may, in its absolute discretion, discontinue, cancel and/or terminate an Overdraft already allowed and utilised, apply, set-off, appropriate and adjust the principal sum and all interest standing to the credit of the Deposit Holders, in relation to any or all of the Fixed Deposit(s) in or towards full or part satisfaction and liquidation of the balance outstanding under or in respect of the Overdraft. The Bank may at its sole discretion modify, reduce the OD limits and the applicants on being so communicated, be required to pay such amounts to the Bank to bring the facility within the new limit and Bank will have the right to appropriate such amounts from the Fixed Deposits if required.
The applicants shall not, subject to the extent as permitted make or assert any claim on the Bank, based on any theory of liability and In fact waive all their rights thereto in respect of any special, indirect, consequential or punitive damages as opposed to actual and direct damages arising in any way or connected with the Overdraft Facility or for any damage whatsoever caused by or arising from, directly or indirectly, the error, failure, negligence, act or omission of any other person, system, institution or payment infrastructure.
If the Customer wishes to appoint an attorney to operate the Account or avail of the Services on his behalf, he shall forward the certified true copy of the duly notarized Power of Attorney/ letter of mandate to the Bank (in the format approved by the Bank) along with the original for the purposes of verification. The Bank may at its absolute discretion accept such Power of Attorney / letter of mandate and allow such Power of Attorney/ mandate holder to operate the Account or avail of the Services on behalf of the Customer in the manner acceptable to the Bank. In the event of revocation of the Power of Attorney the Customer shall immediately inform the Bank in writing of such revocation and submit the documents in support of revocation.
ADDRESS
Bank shall send all communications, correspondences, Account Statements, cheque books, drafts, etc. to the Customer at the Mailing Address, except in exceptional circumstances, at the discretion of the Bank.
The Customer must promptly notify the Bank any change of his Mailing Address/Registered Address in writing. However, if any Registered Address is to be changed as the Mailing Address or vice- versa the communication could be sent by any other mode acceptable to the Bank. Change of any of the addresses will be applicable to all the Accounts of the Customer wherein he is the sole or the primary holder, unless otherwise indicated. In case of Joint Account with joint Operating Mandate no change in Mailing/Registered Address shall be effected unless communicated by all the holders.
If the Customer does not receive any mail posted/couriered by the Bank at such address due to any reason whatsoever the Bank shall not be responsible. The reasons may include (but not limited to) fault of the postal/courier agency, mail being delivered at the given address but being not received by the Customer and/or mail not being delivered at the given address due to the Customer not being available thereat.. In case of non- delivery or non-receipt of the mail, Bank will not be responsible or liable to re-deliver the same.
COMMUNICATION BY CUSTOMER
The Customer should communicate with the Bank only via the mode that is specified and no other. Bank is not bound by communication received via any other mode. Specifically, if certain kinds of transaction requests are not allowed through phone or email, the same should not be used. The Customer should not use Secure Mail for time critical instructions e.g. stop cheque or hot listing of the Card. All communication whether in writing or otherwise shall be valid only if the same is sent in the format (if any) prescribed by the Bank.
INSTRUCTIONS TO THE BANK
All instructions to the Bank shall be complied within such time as may be advised by the Bank at the time of receipt of the instruction and as is permissible by applicable laws. Instructions received by the Customer may be reversed anytime before the Bank acts on the same. The Bank shall not be liable for any loss/liability incurred by the Customer if he fails to give such reversal instructions before the Bank acts on it. Any transaction directly effected by the Customer on Net Banking cannot be reversed.
Bank may refuse to honour a request to withdraw funds in cash from a Customer's Account or carry out any other request if it believes that (i) it is required by law to do so, (ii) the amount is unreasonably large, (iii) raises reasonable suspicion in the mind of the Bank, (iv) honouring the request could cause the Bank undue hardship, or (v) security risk and the Bank may communicate the reasons of such refusal to the Customer.
HOLIDAY PROCESSING
Any transactions on a Bank Holiday or after Business Hours shall be shown in the Account, at the sole discretion of the Bank, as having taken place on the succeeding Working Day and not the actual day of the transaction and all deductions/accretions on such amount shall be deducted/accrued as of such Working Day. 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. Exchange rate for any transaction including but not limited to FCNR placement shall be applied on the basis of Bank determined/applied rates subject to next Working Day requirements or as otherwise may be made applicable by RBI.
ADDITION OR DELETION OF THE NAME
Bank may, at the request of all the joint account holders, allow the addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder. The Joint Holders/individual depositor as the case may be shall provide such information and documents as may be required by the Bank. However, in no case should the amount or duration of the original deposit undergo a change in any manner in case the deposit is a Fixed Deposit. The Bank may, at its discretion, and at the request of all the joint account holders of a deposit receipt, allow the splitting up of the joint deposit, in the name of each of the joint account holders only, provided that the period and the aggregate amount of the deposit do not undergo any change.
DEATH OR INCOMPETENCE
Nomination facility is available in accordance with applicable laws including the Banking Companies (Nomination) Rules, 1985. Customer is advised to designate a nominee while opening the Account.
In case of Joint Accounts or in case of non-individual Account, the Customer agrees and undertakes to notify the Bank promptly if any Joint Account holder or Authorized Signatory/ of the Account, as the case may be, dies or is declared incompetent by a Court or any other competent authority. Bank may place a hold on the Account and stop all operations when any Account holder dies or is declared incompetent or it is revealed that he is of unsound mind or a restriction is placed on its operations, although the Bank can continue to levy Charges on such Accounts and claim such amounts as are due to it under any bankers lien or otherwise.
In case a nomination facility has been availed by the Customer, Bank will be discharged of its liability by making the payment to the nominee upon the terms and conditions as may be specified by the Bank at the relevant time, unless specifically prohibited by an order of the Court. In the absence of any nominee, the Bank may retain any and all funds in the Account until it establishes the identity and credentials of the successor to the Account holder to its satisfaction, which may include insisting on a succession certificate/probate of a will or any other evidence as may be required by the law for the time being in force.
Account shall be closed and the balance thereof shall be given to the surviving Account holder. On the death of the Account holder other than the first mentioned Account Holder, the Account shall continue to operate in the name of the surviving Account holder.
Notwithstanding anything stated above, in the event of surviving holder(s)/nominee/claimant approaching the bank claiming the amount lying in the account of the deceased Account Holder, Bank shall be at liberty to first deduct all the dues payable by the deceased Account holder under any loans/credit cards/credit facilities availed by him/her from the Bank whether it is in default or not and then release the payment if any available in the account of the deceased Account Holder to the surviving holder(s)/nominee/claimant.
CHEQUE BOOKS AND CHEQUES
Cheque books may be issued by the Bank to persons having Savings, Current or Overdraft Accounts at such Charges as may be indicated by the Bank. The cheque book shall be sent to the Customer at his Mailing Address. The Bank may at its discretion offer 'at par' cheque books to certain Customers as per the law.
Bank shall deny issuing a fresh Cheque Book to any person having a Current, Savings or Overdraft Account if such person's cheques valuing Rupees One Crore and above was dishonoured for four or more occasions during a financial year for want of sufficient funds in the account of such person. Also, the bank may at its discretion consider closing the current account.
Bank also reserves right to discontinue Cheques Book in event of frequent dishonor of cheques / Exceeding bank defined cheque-book threshold in a month (Individual Account – exceeding 100 leaves, Non-Individual - exceeding 500 leaves.
The Customers must draw cheques in such a way as to prevent alteration after issue and the Customer's signature should confirm with the signature in the Bank's record. Any alteration on the cheques must be authenticated by the Customer's signature against each such alteration. The Bank reserves the right to refuse payment of cheques that have been altered in any way unless the alteration is authenticated by the Customer under full signature as per specimen on record with the Bank.
CHEQUE/ DRAFT/ PAY ORDER DEPOSIT
Bank may accept a cheque/ draft/ payorder (hereinafter referred to as an 'Instrument' for the purpose of this section) for deposit to the Customer's Account from anyone. Bank is not required to or obliged to question the authority of the person making the deposit, unless otherwise mandated by applicable law.
Customer is advised to check with the Bank for the prevailing clearing timings in respect of the Instrument. Local Instrument will be presented to the drawee bank on the next working day. Non-local Cheques (drawn in India or outside) will be sent to the Correspondent Banks/own branches on collection basis or directly to the drawee bank and the proceeds of such Instrument will be credited to the Account upon realization of funds. Bank will try on a best effort basis to meet the next applicable clearing time and shall not be liable for any losses/liabilities incurred as a result of a delay. Credit of foreign currency Instrument to the Account shall be subject to all the applicable laws including FEMA, and such exchange control and other regulations as RBI or any regulatory authority may direct from time to time.
The Bank will consider the clear balance available in your account at the beginning of the day to process cheques in Inward Clearing.
The Bank shall take all due care to ensure that the Instrument reaches the Correspondent Bank/own branch, however the Bank shall not be responsible in case the Instrument sent to the Correspondent Banks/own branches on collection basis are either lost in transit or the funds are not received by the Bank. In such a scenario, Bank is not under any obligation to follow up with the Correspondent Bank/drawee bank and the Customer needs to contact the issuer of the Instrument for further action.
In case the Instrument have been returned by the Correspondent Bank /drawee bank/own branch after the funds for the same has been credited to the Account, Bank will debit the Account for the Instrument amount and charges, if any, without prior notice.
Bank shall not be responsible or liable for any contractual obligations, which were honoured by the Customer based on earlier crediting the proceeds into the Account. Customer may deposit a high value Instrument drawn on a branch participating in high value clearing for same day clearance. While depositing an Instrument meant to be sent for high value clearing, the Customer should state the same on the deposit slip to assist the Bank in identifying the accompanying Instrument as meant for high value clearing. The Bank shall take all reasonable steps to follow such instructions. The Bank shall not be liable for any loss suffered by the Customer, if the Bank, due to reasons beyond its control, is unable to comply with the instructions. Customer should inquire at the Bank for prevailing guidelines for this Service.
Bank will not be liable or responsible for any loss, including but not limited to, consequential loss due to: (i) crediting the amount of the Instrument in an Account other than the Account of the depositor due to lack of clarity/overwriting of the Account number written on the deposit slip; or (ii) due to delay in forwarding the Instrument for clearing due to any reasons whatsoever. In case of any dispute on whether an Instrument was attached to the deposit slip or not, the decision of the Bank shall be final and binding.
Bank is entitled to refuse acceptance of a Instrument drawn on a non-local clearing, in case the proceeds of the Instrument is less than the collection Charges to be levied and/or with respect to such location where the Bank has no arrangement with any bank thereat.
Cheques drawn by customer and payable at any branch of the Bank, as per the arrangement between the Bank and the Customer, the presentment of such cheque at any branch of the bank at the time and date of such presentment shall be deemed to be effective presentment of the cheque at the drawee branch at such time and date.
CHEQUE RETURNS
Bank will not be liable for returning any cheque, if the Account has insufficient balance to debit the entire cheque amount as per the balance amount shown in the record of the Bank at the time cheque is presented to the Bank for clearance, even though, on the same date, the Account may have sufficient balance at some other time, due to receipt of clearing, deposit of cash, etc. Bank is not liable or obliged to inform the Customer about cheques, which are returned unpaid due to any reason, whatsoever.
AVERAGE QUARTERLY / MONTHLY BALANCE
Customer is required to maintain a minimum of average quarterly/ monthly balance in his Account as per the limits as may be prescribed by the Bank from time to time. Average quarterly balance is computed by adding the daily ending balance of the Account and dividing the sum with the total number of days the Account is active from the first day of the calendar quarter to the last day of that calendar quarter. Average monthly balance is computed by adding the daily ending balance of the Account and dividing the sum with the total number of days the Account is active from the first day of the calendar month to the last day of that calendar month. Service charges, as may be prescribed or notified by the Bank are computed based on non-maintenance of minimum Average quarterly / Monthly balance required.
CHARGES AND INTEREST
Customer(s) shall be liable and undertakes to pay all Charges in respect of the Account or for any Services as may be indicated from time to time.
Interest payable on Saving and Fixed Deposit Accounts shall be at such rate or rates as may be determined by the Bank, from time to time, at its absolute discretion and as per the applicable laws. It may vary (both upward and downward) from time to time.
In case of insufficient balances in the Accounts of the Customer, the Bank shall have a lien to the extent of the Charges over the amounts that may be credited in the Account. The Bank reserves the right to recover (partially or fully) this amount from subsequent credits either into the same Account or from any other Account of the Customer. The Bank will be entitled to recover its Charges from any credit balance lying in any of the Accounts of the Customer, without any prior or post notice to the Customer, and the Bank shall also not be liable for any return of cheques due to such recovery.
Any Charges, government charges, duty or debits or tax payable as a result of the use of the Card shall be the sole responsibility of the Customer and if imposed upon, the Bank shall debit such Charge, government charges, duty or tax to the Account. Customer hereby authorizes the Bank to make deductions from the Account and undertakes to indemnify the Bank against any expenses the Bank incurs in collecting money that the Customer may owe in connection with the Card (including without limitation reasonable attorney's fees to the extent permitted by law).
FUNDS TRANSFER
The Customer shall not attempt to transfer funds without sufficient funds in the concerned Account or without a pre-existing arrangement with the Bank for the grant of an overdraft.
The Bank may, at its discretion, carry out the instructions notwithstanding inadequacy of funds/credit facility without prior approval from or notice to the Customer and the Customer shall repay with interest the resulting overdraft/advance/credit and all related Charges and interest on the excess amount, at such rates as the Bank may levy.
Requests for funds transfer not received directly from the Customer in person must be accompanied by a cheque signed by the Authorized Signatory/Customer.
The Bank shall not be liable for any omission to make all or any of the payments or for late payments due to any reason whatsoever.
STANDING INSTRUCTIONS
The Bank may at its sole discretion provide its Customers the facility to give Standing Instruction via the branch or Electronic Media. For each instruction the Customer has to specify the amount that shall be debited from his Account for transfer to another Account held with the Bank or by way of a draft. The Customer is responsible for making sure that concerned Account has sufficient funds on the date when the standing instructions are to be executed. The Bank may, at its discretion, carry out the Standing Instructions notwithstanding inadequacy of funds/credit facility without prior approval from or notice to the Customer and the Customer shall repay with interest the resulting overdraft/advance/credit and all related Charges and interest on the excess amount, at such rates as the Bank may levy. The Bank shall not be liable for any omission to execute all or any of the instructions or for late instructions due to any reason whatsoever. The Customer agrees to pay the Bank the Charges levied by the Bank.
OVERDRAWN ACCOUNT
If for whatever reasons the Account has a debit balance, Customer shall pay and undertakes to pay interest and other Charges in accordance with the Bank's prevalent rate and practice and shall regularize the Account on the same day, unless the Bank specifically makes an exception. Overdraft facility to NRI/PIO/OCB clients shall be subject to such further regulations as RBI has or may stipulate from time to time.
INSUFFICIENT FUNDS
When the Customer does not have sufficient funds in the Account to cover a cheque drawn by him or for any other debit, Bank may consider the cheque or debit an insufficient funds item regardless of any notification to the contrary that may be issued by the Customer.
ACCOUNT STATEMENTS
Account Statements for each Account shall be issued on a frequency as determined by the Bank at its sole discretion for each Account. The Customer acknowledges that the statements of Accounts sent to him by the Bank may not be signed on behalf of the Bank.
If the Customer notices any error in the Account information supplied to him by the Bank he shall intimate the Bank accordingly within fifteen (15) days of receipt of the statement of Account, failing which it would be deemed to have been accepted by the Customer. If the Customer becomes aware of any transaction on any of his Accounts that has not been validly authorized by him, he shall inform the Bank immediately. Bank will endeavour, but is not obliged, to correct the error promptly and adjust any interest or Charges arising out of such error. Bank reserves the right to rectify discrepancies in the Account Statement, if any, at any point of time. Bank shall not be liable for any consequence arising out of any delay, lapse, omission, or neglect on part of the Customer to notify the Bank about any such doubtful debit/withdrawal and the Customer solely is liable for the any consequences or losses that may occur. If Customer delays in examining the statement or in reporting a problem, it may affect Bank's ability to resolve the problem. The Customer authorizes the Bank to engage and utilize the services of third parties/vendors to prepare and mail the statements and/or other documents/material. Bank is not responsible for statements lost in mail.
The Customer should contact the Bank for duplicate statements, if required. Statements or messages sent from the Bank to an e-mail account or other electronic receiving communication systems/ servers, is at the entire risk of the Customer and if the same is lost, incorrectly received, or sent to the incorrect e-mail or are accessible to third parties, the Bank is not and cannot be responsible or made liable for such transmission. In the event that the statements/ messages as sent to the Customer over any Electronic Media (including but not limited to Net Banking or e-mail) do not tally, for whatever reason, with the records available at the Bank, the latter shall prevail. The Customer agrees to pay any Charges levied by the Bank for issuing duplicate statements.
Terms and Conditions governing the Bank's Passbook
1. Customer should carefully examine the entries made in their passbooks immediately upon such entries being made and draw Bank's attention to any errors / omissions/discrepancies that may be discovered on the same day or on the next bank working day.
2. Bank will not accept any responsibility for any claim arising out of Customer's failure to carry out examination of entries and promptly bringing them to the bank's notice.
3. The Customer should ensure that their passbooks are presented at regular intervals for updating. Whenever, the quantum of the update required is substantial the Bank reserves the right to retain the passbook overnight and the Customer may be required to comeback the next day to collect the passbook.
4. The passbook is to be stored in a place of safety by the Customer. The Bank shall not be responsible for any loss or incorrect payment attributable to the neglect of this rule.
5. If a passbook is lost or spoilt a charge of Rs. 250/- (+applicable Service Tax) will be levied for a duplicate passbook, which will be issued only after due enquiry. The Bank shall have the discretion to revise the said charge without any prior notice to the Customer.
6. The Customer should not fill up the passbook in his own hand and any such entries made by the Customer would not be accepted by Bank.
7. The Customer shall not create any security including but not limited to bailment or pledge on the passbook with Bank or any other person.
8. Any change in the Customer contact details has to be immediately brought to the notice of the Bank and the same shall be updated in the passbook by the Bank.
9. The Bank reserves the rights to make any changes, alterations, cancellations in the above terms and conditions.
10. These terms and conditions shall be read in conjunction with the general Terms & Conditions which governs the conduct of Savings Bank Account.
STOP PAYMENT
It is the Customer's responsibility to ensure that stop payment instructions are to be advised to the Bank directly through Phone Banking, at the branch counter or through the Stop Payment feature on Services over Electronic Media before the cheque is received in clearing by the Bank. Stop Payment instructions in any mode will not be acted upon if the cheque has already been received in clearing by the Bank.
For stop payment instruction(s) communicated to the Bank through any other mode, the Bank shall not be responsible or liable for non-processing or delayed processing of such stop payment instruction(s) and consequential losses, if any, and for clearance of the cheque(s) covered by such stop payment instruction(s). Any Account, which has an Operating Mandate for joint operations, the stop payment instructions must be signed in the same manner as applicable to the operations of the Account.
While the Bank may at its sole discretion accept all stop payment instructions through Electronic Media, it may insist for written instructions from Customer. However, in the event, the Bank honours the stop payment instructions without receiving any written instructions, which results in any damage or loss to Customer or the third party, the Bank shall not be liable for the same. Bank shall not be liable or responsible for clearing of Cheques, or any consequences thereof, for which stop payment instructions have been received by the Bank - if such instructions are not through acceptable modes and/or have not been signed as per the Operating Mandate.
Customer agrees that a stop payment instruction once accepted cannot be revoked.
FOREIGN EXCHANGE TRANSACTIONS AND EXCHANGE RATE
All transactions conducted in the Account involving foreign exchange including the applicable exchange rate will be as per the regulatory guidelines issued by the RBI/GOI/FEDAI and the Bank's decision in this regard will be final and binding.
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