Terms and Conditions - Kotak Mahindra Bank
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Terms and Conditions


Following are the terms, conditions and rules ("Terms"), which shall be applicable to all Current (including Overdraft Accounts), Savings, Term Deposit and DEMAT Account(s) (collectively referred to as 'Accounts') with any of the branches of the Bank and the 'Services' offered by the Bank.

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:

  • 'Account' includes all existing, new and future (including but not limited to any changed or altered form) Account(s), (in any form whatsoever including but not limited to usual Banking and DEMAT Services and any kind of Banking or Financial relationship), either held, operated and/or transacted single and/or jointly at the Bank.
  • 'Alerts' mean messages sent to the Customer over Electronic Media, triggered by occurrence of certain events in respect of Customer's Account, Services or otherwise.
  • 'ATM' Cash / Demand Draft Services' includes cash delivery service, cash pick up, cheque and documents pickup / delivery or any other Services offered by Bank at its sole discretion to Customer maintaining Salary account with Bank and / or persons availing these Services from the Bank for Customers of the Bank means an 'Automated Teller Machine' whether in India or overseas, whether of the Bank or of a shared network, at which the Cardholder can use his Card to access the funds in the Account(s), held with the Bank in India.
  • 'Authorized Signatory' means an individual expressly authorized by non-individual Customers to operate the Accounts/access Services, as per powers conferred by such non-individual Customer and/or as per the applicable laws.
  • "Bank" shall mean Kotak Mahindra Bank Limited and its branches and includes, unless it is repugnant to the context or meaning thereof its officials, employees, agents, contractors, consultants, representatives, successors, content providers and any such persons or entities, who are affiliated or associated with the Bank for any purpose, in relation to any of the Accounts or provision of Services or any other Bank operations, except where the Bank has itself excluded any such person or entity herefrom.
  • 'Bank Holiday' means all Sundays, national holidays and public holidays as declared under the Negotiable Instruments Act, 1881 even though the Bank or any of its branches may be open on those days.
  • 'Business Hours' means the time period for which the Bank is open for business on the Working Days and the Business Hours may vary for each branch of the Bank, as notified from time to time.
  • 'Charges' shall mean all charges, fees, interest, costs levied by the Bank or any law with respect to any Account and/or Services and/or otherwise on the Customer and includes a Service Tax.
  • 'Cardholder' refers to a Customer or any other person, who has been issued and authorized to use the Global Debit Card.
  • 'Correspondent Bank' means and includes other banks which extend to the Bank, both at a domestic and the cross-border level, certain facilities including but not limited to maintenance of a nostro account, extending lines of credit, facilitating undertaking of trade finance activities and extending clearance and collections activity.
  • 'CRN' means the Customer Relationship Number that is allocated by the Bank to each Customer for the purpose of identification.
  • 'CIF' means Customer Identification File Number that is allocated by the Bank to each Customer for the purpose of identification.
  • 'Customer' refers to the person or person(s) (i) in whose name the Accounts(s) with the Bank are existing, may be opened (changed) now/any time in future; (ii) to whom the Services are made available; (iii) the Cardholder, wherever applicable, and includes both singular and plural, for purposes of reference to Joint Account holders, individually and collectively. The word 'Customer" includes juristic persons, partnership firm, association of persons, HUF (Hindu Undivided Family), company, co-operative society, Charitable Society or Trust, including a government or political subdivision or an agency or instrumentality thereof - having an Account with the Bank. For the sake of convenience Customer is being referred to in the masculine gender.
  • “Electronic Banking” means all banking transactions including payment of Direct and Indirect taxes and facilities carried/availed by the Customer over any Electronic Media.
  • 'DEMAT Account' means the account offered by the Bank in its capacity as a depository participant.
  • 'Electronic Media' includes (though not restricted to) ATMs; Phone (including fax); Mobile; Internet; POS.
  • 'FEDAI' means Foreign Exchange Dealers Association of India.
  • 'FEMA' means the Foreign Exchange Management Act, 1999.
  • 'Force Majeure' includes fortuitous event, fire, floods, storm, explosions, earthquake or any other acts of God, any acts of the government /semi-governmental/local authority including laws, decrees, ordinances and governmental regulations affecting the business of the Bank, civil disturbances, wars, war like situations, riots and insurrections, acts of public enemy, strikes and lockouts, transportation stoppages or slowdowns.
  • 'Global Debit Card' 'Card' refers to the International Debit Card, being issued by the Bank in association with Visa International under Visa Electron Program or in association with any other entity.
  • 'GOI' means the Government of India.
  • 'Home Banking Services' includes cash delivery service, cash pick up, cheque and documents pick up/delivery, foreign exchange delivery/pick-up or any other services offered by the Bank at its sole discretion.
  • 'Internet' refers to a network of computers and other electronic devices that share and exchange information and is at once a worldwide broadcasting capability, a mechanism for information dissemination, a medium for collaboration and interaction between individuals and their computers without regard for geographic location.
  • 'International Transactions' refer to the transactions carried out /entered into by the Cardholder using his Card outside the territories of India, Nepal and Bhutan.
  • 'Joint Account' means the Account held by more than one individual Customer.
  • 'Locker'/ 'Locker Facility' means an ancillary service provided by the Bank to its Customers to use its safe deposit lockers.
  • 'Mailing Address' is the address of the Customer recorded with the Bank (or as changed in the records of the Bank by the Customer from time to time in the manner prescribed by the Bank) as the address to which all correspondence is to be sent
  • 'Merchant or Merchant Establishment' It means any establishment wherever located which the Bank and or other VISA member Banks have approved and made arrangements with to accept and honour Cards for the sale of goods and services to Cardholders and includes among others, stores, shops, restaurants, airlines, advertised by the Bank, Visa International or the merchant as honouring a Card. It shall also mean any company, corporation, establishment, firm, association of persons or individual or any entity as may be declared by Bank from time to time, wherever located, which is designated as Merchant and / or with whom there is an arrangement with the Bank for rendering services to Customers of the Bank.
  • 'Net Banking' means the facilities offered by the Bank, at its sole discretion, to carry out various transactions including payment of Direct and Indirect taxes or avail of the information over the Internet.
  • 'NRI' means Non-Resident Indian, 'OCB' means Overseas Corporate Body, 'PIO' means Person of Indian Origin as defined under the Foreign Exchange Management Act, 1999 and/or relevant rules and regulations framed by the GOI and/or RBI.
  • 'Operating Mandate' means the mode of Account usage as may be specified by the Customer at the time of opening the Account with the Bank and as may be changed by the Customer from time to time in the manner prescribed by the Bank.
  • 'Password' means and includes any randomly generated secret and confidential code, allotted by the Bank to the Customer and/or selected by the Customer and/or subsequently changed by the Customer as per his choice, for operating the Account and/or to avail specified Services through Electronic Media.
  • 'Payment Instructions' means instructions given by a Customer for effecting transfer of funds from the Customer's Account to any other Account of another customer held with the Bank or to an account in any other bank of a customer of such bank or to a Merchant Establishment.
  • 'Phone Banking Services' means the facilities offered by the Bank, at its sole discretion, to carry out various transactions or avail of any information over the phone.
  • 'Personal Identification Number (PIN)' means and includes any randomly generated secret and confidential code, allotted by the Bank to the Customer and/or selected by the Customer and/or subsequently changed by the Customer as per his choice, for operating the Account and/or to avail specified Services through Electronic Media.
  • 'POS' means Point of Sale Terminals whether in India or overseas, whether of the Bank or a shared network, at which amongst other things, the Cardholder can use his Card to access the funds in the Account(s) held with the Bank.
  • 'Reference market rate' shall mean the market rate, benchmark rate or such other rate (by whatever name called) as may be determined by the Bank for its foreign exchange (FX) dealing.
    Note: The Bank may take into account various factors such as Bank's cost, risks and potential volatility in the market while determining IBR/reference market rate
  • 'Registered Address' is any address other than the Mailing Address provided by the Customer to the Bank at the time of opening of the Account and as changed in the records of the Bank from time to time in the manner prescribed by the Bank.
  • 'RBI' means the Reserve Bank of India.
  • 'Salary Account' means the Account opened in the name of the Customer by virtue of his employment with an entity ('Employer') with whom the Bank has an arrangement in that respect.
  • 'Secure Mail' means email facility available to Customers availing the Net Banking Service after they log into the Bank's Website.
  • 'Services' includes Services through Electronic Media; Home Banking Services; Drop Box Service or any other services as may be offered by the Bank, from time to time, at its sole discretion, to all or some of its Customers in entirety or part thereof.
  • 'Services through Electronic Media' means the facilities or services offered by the Bank, at its sole discretion, over Electronic Media including but not limited to Phone Banking, Net Banking, Global Debit Card and ATM Network, to carry out various transactions or to avail the information and also includes the transaction processing basis email request from the customer / authorized signatory of the account at the point of transaction processing..
  • 'Standing instructions' are debit instructions given by the Customer to the Bank in the manner specified, which are to be executed on future dates during a period specified by the Customer at a time interval or upon happening of the event specified by the Customer.
  • 'Sweep facility' means facility of the Bank whereby automatic transfer of funds over a specified threshold from / to the Current/Saving(s) Account to / from Term Deposit Account(s) and the linked Term Deposit Accounts will be effected in a manner of LIFO or FIFO as the Bank may decide from time to time.
  • 'Technical Snags' includes any problems and difficulties arising due to routine maintenance requirements, excess demand, power and electricity failure, computer errors, programming errors, software or hardware errors, computer breakdown, Internet or network failure, faults in the telecommunications network, non-availability of Internet connection, communication problems between the Bank's server and Customer's computer network, shutting down of the Bank's server or Website, non-availability of communication links, corruption of the computer software, snags in the service providers infrastructure and telecommunication network, and arising due to any other technology related snags; any problems and difficulties for any reasons whatsoever including but not limited to natural calamity, floods, fire and other natural disasters, legal restraints or any other problem or difficulty beyond the control of the Bank.
  • 'Terms' shall mean Terms as may exist now and as may be amended from time to time.
  • 'User ID' means and includes code, allotted by the Bank to the Customer for operating the Account and/or to avail specified Net Banking Service.
  • 'Visa Electron' and 'Plus' are the trade marks ('Visa Marks') owned by Visa International and are displayed at Merchant Establishments of Visa International.
  • 'Visa /Plus ATM Network' means ATMs of Visa International displaying Visa Marks which honour the Card.
  • 'Website' means the website of the Bank.
  • 'Working days' means the days, which are not Bank Holidays.
  • MF Investment Account - MF Investment account means the account offered by the bank for investments into units of mutual funds

 

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:

  • "Application" or "Mobile Payment Application" refers to  '811/ Kotak Mobile Banking Application' mobile application by Kotak Mahindra Bank which can be downloaded from Google Play store for Android and iOS  mobile operating systems to avail products and services offered by Kotak Mahindra Bank through this mobile application.
  • "Account(s)" shall mean an operative bank account maintained by the User with Kotak Mahindra Bank or any other Bank Account which User provide at the time of authentication process of Application, for availing the facility which is being offered.
  • "Account Holder" shall mean a User holding an Account, excluding Non-Resident Indians, Corporate Account Holders and Foreign Account Holders.
  • "Bank" and "Kotak Mahindra Bank" shall mean Kotak Mahindra Bank Limited, a company incorporated under the Companies Act 1956 and licensed as a bank under Banking Regulation Act, 1949 having its registered office at 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051.
  • "Debit Card" shall means and includes the debit card issued to the User in respect of an operative bank account maintained by the User with Kotak Mahindra Bank or any other Bank Account.
  • "Facility" shall mean 811/ Kotak Mobile Banking Application offered by Kotak Mahindra Bank to facilitate User to send or receive money via UPI platform, through said Mobile Payment Application.
  • "Issuing Bank" shall mean member banks participating in UPI network to identify the bank account basis Mobile No in case of customer is registering through any PSP App.
  • "Mobile Phone Number" shall mean the mobile number of the User used during registration for Mobile/ SMS Banking via secured channel with Kotak Mahindra Bank or for the 811/ Kotak Mobile Banking Application, for the purpose of availing the facility. 
  • "UPI" shall mean unified payments interface is a service provided by NPCI that allows transfer of money using a Virtual Payment Address that is mapped to an account of the User after complete validation. 
  • "NPCI" shall mean National Payment Corporation of India. The funds transfer feature (send and collect) is provided using UPI service of NPCI. 
  • "Virtual Payment Address (VPA)" shall mean an identifier that can be uniquely mapped to an individual account using a translation service.
  • "Mobile Phone" shall mean a valid SIM card enabled smartphone (running on Android and iOS operating system), which is owned by the User.
  • "Personal information" shall mean any information about the User provided by the User to and obtained by Kotak Mahindra Bank in relation to the facility.
  • "Services" shall mean all the products and services offered by Kotak Mahindra Bank under the said facility on 811/ Kotak Mobile Banking Application.
  • "Transaction" shall mean the fund transfer service to send or receive money; offered under the said facility on 811/ Kotak Mobile Banking Application; "User" shall mean an Account Holder of Kotak Mahindra Bank as well as any other person (not necessary having any relationship with Bank) who has downloaded the 811/ Kotak Mobile Banking Application and who is eligible for availing fund transfer facility to send or receive money offered thereunder.
  • "User" shall mean and includes the existing Customer of Kotak Mahindra Bank or any other Bank Customer who has downloaded the Application.

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:

  • The User shall be responsible for the accuracy and authenticity of any information/instructions provided by the user for availing the facility. 
  • The USER shall be solely responsible for fund transfer through 811/ Kotak Mobile Banking Application to the correct Beneficiary/ Virtual Payment Address. 
  • The USER shall also be responsible to comply with the applicable Anti-Money Laundering (AML) norms governing such funds transfers as stipulated by Reserve Bank of India (“RBI”), from time to time.
  • The USER shall be liable and responsible in case of any discrepancy found in the information/details provided by him for availing fund transfer service offered through the Application.
  • If, the USER suspects that, there is an error in the information supplied to Kotak Mahindra Bank, he shall inform the Bank immediately. Kotak Mahindra Bank will endeavour to correct the error promptly wherever possible on a best effort basis.
  • Kotak Mahindra Bank shall not be held liable for any loss suffered by the User due to disclosure of the Personal information to any service provider or third party by the Bank, for reasons including but not limited to participation in any telecommunication or electronic clearing network, in compliance with any legal or regulatory directives, for statistical analysis or for credit rating or for any legal or regulatory compliance.
  • The User shall be solely responsible for protecting his Mobile Phone and MPIN for the use of the said facility.
  • The User shall be liable to the Bank for any kind of unauthorized or unlawful use of any of the above mentioned MPIN/passwords or of the said Application or any fraudulent or erroneous instruction given and any financial charges thus incurred shall be payable by the User only.
  • The User accepts that for the purposes of the said facility any transaction emanating from the Mobile Phone Number registered by User shall be assumed to have initiated by the User at his sole discretion.
  • It is the sole responsibility of the User to request the Bank, to suspend the said facility due to change of his registered Mobile Phone Number or if his Mobile Phone has been lost or has been allotted to some other person. The User shall also be obliged to inform the Bank, if any, unauthorized transaction in his account, of which he has knowledge.
  • It shall be the responsibility of the User to update him with regard to any information relating to the services as Kotak Mahindra Bank may decide to provide certain other additional services under the said facility. Kotak Mahindra Bank shall not be responsible for any disregard on the part of the User.
  • The User shall be liable for all loss if he/she has breached the Terms and conditions contained herein and other applicable terms & conditions or contributed or caused the loss by negligent actions or a failure on his part to advise Kotak Mahindra Bank within a reasonable time about any unauthorized access made on his behalf in the 811/ Kotak Mobile Banking Application.
  • The User shall agree that by use of this facility, he shall be deemed to have accepted and agreed to all the above terms and conditions and such terms and conditions shall be binding on me/us in the same manner as if he has agreed to the same in writing.

 

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.

  • This facility is available only to the User having a bank account with any bank in India providing Immediate Payment Service (IMPS), Unified Payment Interface (UPI), including the fund transfer service.
  • User shall register him for using the Application in such manner and through such modes as may be specified and made available by Kotak Mahindra Bank from time to time for availing and using the facility.
  • Kotak Mahindra Bank reserves right to charge the User for the services offered under the said facility. User agrees that charges, if any, for the facility offered by the Bank will be at the sole discretion of the Bank and the Bank is at the liberty to withdraw/modify/vary the same from time to time, without giving any notice to me/us.
  • This facility will be provided by Kotak Mahindra Bank at the request of the User to enable them to Send or receive the funds through Application to the accounts/Virtual Payment Addresses added in the application based on the instructions received from User.
  • The User irrevocably and unconditionally authorizes Kotak Mahindra Bank to debit or Credit his account/s with the Bank registered for availing the facility.
  • For the purpose of availing this facility, User shall take all necessary precautions to prevent unauthorized and illegal use of Application and services offered through the facility. 
  • The User will be required to register his details including bank account details after downloading the Application to Send and receive the funds through said facility and all linked bank account will also be reflected in BHIM Kotakpay (with same VPA). 
  • The User shall be responsible for maintaining the confidentiality of MPIN/ OTP/Code/password and for all the consequences which may arise due to use or misuse of such MPIN/OTP/Passcode/password.
  • The User shall be responsible and liable for any and all the fund transferred to beneficiaries at their request or received by using the Application.
  • The User shall be liable for all loss caused due to negligent actions or a failure on his part to immediately notify Kotak Mahindra Bank within a reasonable time, about any unauthorized use/access made on his behalf in the Application or misuse of MPIN/ OTP/Passcode/password or any other breach of security regarding the facility, of which he has knowledge.
  • The User irrevocably and unconditionally authorise Kotak Mahindra Bank to access all the necessary information for effecting transactions executed by him under the facility and to share his necessary information with any third parties for the purpose of accepting/ executing such requests.
  • Kotak Mahindra Bank may keep records of the transactions in any form it wishes. In the event of any dispute, Bank's records shall be binding as the conclusive evidence of the transactions carried out through the said Application.
  • The User shall not to use/access the Application and/or services offered through the same in any manner other than as authorized by Kotak Mahindra Bank. In case the User uses the Application for any purpose which is illegal, improper or which is not authorised under these terms /other specified terms & conditions then Kotak Mahindra Bank has a right to take all reasonable measures in order to prevent such unauthorised access by the User.
  • The User confirms that, any instructions given by him shall be effected only after validation of authentic MPIN/ OTP/Passcode/Password used by him for availing such facility.
  • The User agrees and confirms that, once the transaction is materialized, any stop payment instructions given by him cannot be accepted and acted upon by Kotak Mahindra Bank.
  • The User shall while utilizing the facility ensure that : 
    • He has authority to access and avail the services obtained and shall duly comply with the applicable laws and regulations prevailing in India.
    • He shall provide Kotak Mahindra Bank with such information and/or assistance as is required by Kotak Mahindra Bank for the performance of the service and /or any other obligations of Kotak Mahindra Bank under this facility.
    • He shall be responsible for providing the accurate and authentic information/instructions to Kotak Mahindra Bank for availing such facility.
    • he shall not at any time provide to any person, with any details of accounts held by him with Kotak Mahindra Bank or any other Bank including the passwords, account number which are allotted, from time to time.
  • The User acknowledges that, the services offered by Kotak Mahindra Bank under the said facility shall be availed by him at his own risk and these risks shall include the following risks:
    • Any technical error, failure, glitch, network failure, legal restraints and other reasons which is beyond control of Kotak Mahindra Bank and for which Kotak Mahindra Bank shall not hold in any manner
    • Any loss, damages, etc. that may be incurred/suffered by User, for the reason that the information provided by him turns out to be wrong/incorrect/inaccurate, for which Kotak Mahindra Bank shall not be held responsible.
    • For the performance of any service provider/other third party/entity involved in the process; and for any loss or damage incurred or suffered by User for any error, defect, failure or interruption of the service or consequences arising out of delayed fund transfer.
    • any loss of damage arising or resulting from delay in transmission delivery or no delivery of online/electronic instructions or any mistake, omission or error in transmission or delivery thereof or in decrypting the instructions from any cause whatsoever or from its misinterpretation received or any act or even beyond control of Kotak Mahindra Bank.
    • The technology for enabling the transfer of funds and the other services offered by Kotak Mahindra Bank under the said facility over the 811/ Kotak Mobile Banking Application could be affected by virus or other malicious, destructive or corrupting code, program or macro. It may be possible that the said Application/ server of Kotak Mahindra Bank may require maintenance and during such time it may not be possible to process the request/transaction of the Users. This could result in delays in the processing of instructions or failure in the processing of instructions and other such failures and inability. User understand that Kotak Mahindra Bank disclaims all and any liability, whether direct or indirect, whether arising out of loss or otherwise arising out of any failure or inability by the Bank to honour any User instruction for whatsoever reason.
    • The User shall be entering all his sensitive information including such as account details, debit card details, OTP or MPIN and any personal information in NPCI library for authorizing any transaction initiated by the User and the final authorisation of any such transaction which will be done by the Issuing bank only after confirmation received from the Issuing bank from the User. User agrees and confirms that, he shall be alone responsible for use/disclosure of his details as mentioned herein, for initiating/authorizing any transaction through 811/ Kotak Mobile Banking Application via NPCI and the Issuing bank and shall keep Kotak Mahindra Bank indemnified, harmless and absolved from any liability in this regard including from any loss, cost, penalty, charges, including legal fees/charge, etc; which may cause to Kotak Mahindra Bank due to use/disclosure of User's details mentioned herein by User, over NPCI Library and to the Issuing bank for seeking their confirmations, in respect of any transaction initiated/authorized by the User. Therefore, the User shall be solely liable and responsible, in such case if any loss, cost, penalty, charges, including legal fees/charge, etc; incurred to the User, in any manner whatsoever in this regard.
  • The User agree that Kotak Mahindra Bank shall assume no responsibility in respect of:
    • Transactions carried out under the service in good faith relying on User's instructions and information provided.
    • Not carrying out transactions where Kotak Mahindra Bank has reason to believe in its sole discretion that the instructions are not genuine or are otherwise unclear, improper, vague or doubtful.
    • For any loss or damage incurred or suffered by User for any error, defect, failure or interruption of the service or consequences arising out of delayed transfer/remittance and for any reason which is beyond control of Kotak Mahindra Bank.
    • User acknowledge and agree that Kotak Mahindra Bank remains a mere facilitator for this service and that Kotak Mahindra Bank does not warrant or claim any responsibility for this facility nor does Kotak Mahindra Bank endorse any such service and/or its standing or reputation whatsoever and Kotak Mahindra Bank shall not liable for any deficient or bad services in any manner whatsoever and for any loss, whatsoever that User may suffer. The risk in this regard is entirely on the User.
    • Unauthorized access of any third party to the information/instructions given by user to third party using said facility.
    • For any direct, indirect or consequential damages occurred to User while availing this facility, arising out of any error in the facility and which are beyond control of Kotak Mahindra Bank.
    • When Kotak Mahindra Bank acted in good faith.
    • Any loss, damage, liability caused or suffered by User due to disclosure of all information of confidential nature
  • in respect of UPI System, as the connectivity to UPI System is extended to the Kotak Mahindra Bank only and any/all secure credentials that are required to process the transaction shall be provided by the User which will be captured and encrypted as per the construct and requirement of UPI only, by NPCI. Therefore, the secure mechanism or interface will be extended by NPCI through UPI system to Kotak Mahindra Bank including but not limited to secured credentials or sensitive information such as User's MPIN, Account details, Debit card Number, Expiry date, OTP, etc. in encrypted manner. User agree that, charges if any for the facility offered by Kotak Mahindra Bank will be at the sole discretion of Kotak Mahindra Bank and Kotak Mahindra Bank is at the liberty to withdraw/modify/vary the same from time to time, without giving any notice to me/us.
  • The Bank at its sole discretion reserves the exclusive right to block, temporarily or permanently, virtual payment address (es) of the User, if it identifies that the user-name or words used in the virtual payment address (es), as misleading, offensive, prohibited, promotional or brand-names, trademark or copyright pertaining to any third party, with or without prior intimation to the User, for which the Bank shall not be held liable or responsible in any manner whatsoever.
  • The User agree that, if his bank account is closed/ blocked pursuant using the facility, for any reason whatsoever, user shall settle the issue directly with his Bank and shall not hold Kotak Mahindra Bank any way responsible for the same.
  • The User shall remain responsible for any and all the transactions made through the facility. Kotak Mahindra Bank may withdraw or terminate the facility anytime or in case of breach of terms by me/us without a prior notice; or if Kotak Mahindra Bank learns of demise, bankruptcy or lack of legal capacity of the User or for any reason whatsoever.
  • The User agree that, User is not entitled to consolidate amounts available in his different bank accounts maintained with his bank(s) for making payments using said Application. Therefore, at one given point of time User is entitled to use funds available in particular bank account which he has chosen for making payment using the said Application.
  • The Bank may at any time add/modify/vary these terms and conditions from time to time, without giving any notice to the User and the same shall be binding on the User.
  • The User agree to indemnify, defend and hold harmless Kotak Mahindra Bank and its directors, officers, owners, agents, co-branders or other partners, employees, information providers, licensors, licensees, consultants, contractors and other applicable third parties (collectively "Indemnified Parties") from and against any and all claims, demands, causes of action, debt or liability, including reasonable attorney's fees, and costs incurred by the Indemnified Parties arising out of, related to, or which may arise from :
    • any breach or non-compliance by User of any term of these Terms of Service or any other additional terms & conditions and policies of Kotak Mahindra Bank;
    • any dispute or litigation caused by Users actions or omissions;
    • any negligence or violation or alleged violation of any law or rights of a third party by the User.

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.

  • For ActivMoney (2 way sweep Deposits) Regular Fixed Deposit rates will be applicable for all customers, including Senior Citizen's / Bank Staff.
  • Interest on TD will be compounded at quarterly rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 181 days and above.
  • For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

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/-
Sweep out: Above Rs. 20,000/-
Sweep in below - 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

  • This Five Year Tax Saving Fixed Deposit is being made in order to avail benefit under sec 80C of Income Tax Act
  • No pre-mature withdrawal of principal or accrued interest is permitted under this scheme.
  • No lien can be marked on the Fixed Deposit receipt issued under this scheme.
  • In case the Tax Saving Fixed Deposit receipt is lost, stolen, destroyed, mutilated or defaced, a duplicate receipt will be issued only on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee.
  • On maturity, the depositor is required to discharge the TD receipt issued by the Kotak Mahindra Bank Ltd. by signing on a revenue stamp and submit it to the bank.
  • This fixed deposit is governed by the Bank Fixed Deposit Scheme, 2006 by the Government of India vide it's Notification No. 203/2006 dated 28th July,2006, and amendments as published by the Government from time to time in the official gazette.
  • In addition to the above points, the guidelines issued by the Reserve Bank of India from time to time in respect of fixed deposits shall also apply

Floating Rate Linked Term Deposit

Interest :

  • Interest shall be calculated on daily basis and on the basis of 365 days in a year for deposits in course in a non-leap year and 366 days in a year for deposits in course in a leap (calendar) year.  The payout is calculated at simple interest.
  • Benchmark Reset will be applicable on T+1 basis. Eg.  If there is a change in the Repo Rate today (T)  it will be applied to the deposit on the next calendar day (T+1).
  • The interest earned on TD shall be subject to the tax deducted at source as per the prevailing income tax laws and regulations.
  • All Deposits will be booked basis the prevailing deposit rates only.

Premature Withdrawals of the Deposit:

Minimum Notice Period of 35 calendar days is required to be given for all Premature Withdrawals.

  • Notice once given cannot be withdrawn.
  • Interest Pay out to be as follows in case of Premature Withdrawal
  • The interest would be paid at the original card rate corresponding to the tenor for which the deposit stayed with the Bank or the original contracted rate whichever is lower.
  • Auto Renewal and partial withdrawal is not available for TD.
  • Any requests that are unclear, incomplete or require additional information may be unable to be processed the same day
  • For deposits where maturity proceeds are to be paid out, in case of maturity falling due on a day which is not a business day, the maturity proceeds of the deposit will be paid on the next business day. Interest at the contracted deposit rate will be paid for such an additional period for which deposit remained with the Bank.
  • No claim can be made by depositor for any interest on the deposit for any period after the date of maturity in case the funds stay with the Bank for any reason including on account of incorrect, incomplete or invalid payment instructions.
  • The depositor will abide by the Bank’s rules, policies and prevailing RBI guidelines for deposits in force from time to time. The Bank reserves the right to change these terms and conditions from time to time and in accordance with prevalent regulatory guidelines without any intimation to the depositor.
  • By agreeing to place the deposit with the Bank on the terms hereof, the depositor shall be deemed to have accepted the Terms and Conditions as amended from time to time. In case of any inconsistency between the terms hereof and the general Terms and Conditions, the terms of hereof shall prevail over the said inconsistent general Terms and Conditions.

RECURRING DEPOSIT

Payment of interest

  • Interest on RDs will be calculated by the bank in accordance with the methodology advised by Indian Banks' Association.
  • The interest rates for RDs will be the corresponding rate as applicable for a Fixed Deposit as on date of booking of RD.
  • The interest on the RD is compounded at quarterly intervals, at the applicable rates.

Payment of installment:

  • The installment amount once fixed will not be allowed to be altered at a later date.
  • In case of more than one installment being overdue at the time of payment, the paid installment if sufficient to cover only one installment will be appropriated towards the first/ earliest installment overdue.
  • Partial / Advance payment of installments will not be permitted.
  • The Bank shall not be responsible for informing the depositor(s) to maintain adequate balance in his/her/their account to pay the installments.

Eligibility:

  • Resident individuals (Including Minors) and HUF.

Maturity:

  • The Deposit shall mature on completion of the contracted tenure even if there are installments due to be paid and shall be due for repayment post deducting the applicable penal interest charges for such nonpayment.
  • In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
  • The maturity amount mentioned on the RD advice is subject to payment of all installments on time

Penalty on delay in payment of installment:

  • In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.
  • Fraction of a month will be treated as full month for the purpose of calculating such interest.
  • Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
  • The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.

Premature Withdrawal of RD:

  • In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
  • On premature withdrawal of RD. 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 post deducting penal charge of 0.5% on premature withdrawal of deposit

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.


ATTORNEY/ MANDATE HOLDER

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.

The Bank will execute foreign exchange (FX) transaction at the applicable exchange rate. The Customer shall note that the Bank may quote the exchange rate upon considering various factors including Bank's reference market rate (at its discretion).

Note: "applicable exchange rate" will be a foreign exchange rate quoted by the Bank after taking into account inter-alia, reference market rate, risk factors, costs and spread, as may be determined by the Bank. There could be variations in Customer's assessment on the FX rate vis-a-vis Bank's quote. The Customer shall independently assess whether the exchange rates quoted by the Bank are suitable for the Customer, prior to booking any FX deal with the Bank. The Customer shall not dispute or raise any objection after booking a FX deal with the Bank.

FOREIGN INWARD REMITTANCE

On any remittance made in any Account from outside India, the Customer should, without any notice from the Bank, state the reason/purpose for the same to the Bank, with such proof or evidence as may be required by the Bank.


BILLS PAYMENT/PRESENTMENT AND E-SHOPPING

Bank may, at its discretion, make available the service to the Customer to make payment from his Account with respect to certain bills/outstanding of bills of certain service providers/vendors/utilities ('Billers') by receiving request through Bank branch or over Electronic Media, with or without the ability for the Customer to know the details of such bills. However, the Bank shall not be liable or responsible for (i) the timeliness of payment to or receipt of payment by the respective Billers; (ii) the accuracy of such bills/outstandings and/or details thereof or whether the bill was made available over Electronic Media in time or not; (iii) to check whether or not the Customer has made payments through channels other than the Bank channels;(iv) any short/excess payment made to Billers (the Customer is solely liable to follow up and settle the shortfall and or for refunds); (v) the discontinuation/suspension/partial suspension/cancellation of the service/ goods/ utility, for any reason whatsoever, and any consequences thereof; (iv) the quality of the service/goods for which the payment is intended/made or delay/non-delivery of the same due to any reason whatsoever including but not limited to the fault of the creditors or the creditors going into bankruptcy/suspending/ceasing to do business.

The Customer acknowledges and agrees that the Bank remains a mere channel and facilitator for this service and that the Bank does not warrant or claim any responsibility for this service nor does the Bank endorse any such service and/or its standing or reputation whatsoever, and is not liable for any deficient or bad services in any manner whatsoever and for any loss, whatsoever that the Customer may suffer or incur. Risk in this regard is entirely on the Customer and he is required to do his own survey. The debits or credits to the NRI/PIO/OCB Customer Account are further subject to restrictions and limits as are specified for NRI/PIO/OCB operated Accounts as also by the Bank and the RBI.

KOTAK BILLPAY SERVICE

The Electronic Bill Presentment and Payment (EBPP) facility provided by Kotak BillPay through the Website of the Bank is extended to Customers through Branches (Service) via Bill Pay Service Form ("Form") and is governed by the following Terms and Conditions.

Definitions:

"Billing Company" means various merchants / shoppers /service providers, with whom the Bank has entered into a Collection arrangement to enable the Customers to make the payment of Utility Bills /insurance premia/ donations / subscriptions and Visa Money Transfer by payment instructions through branches.

"Customer" means a resident of India who is the sole or first holder of Kotak Bank Account, and who has accepted these Terms and Conditions.

"Information/Instructions" shall mean the form containing information relating to and/or in respect of and/or pursuant to this Service received by Bank from Customer thereby authorizing Bank to register the Customer for Kotak BillPay Services or/and to make payments.

"AutoPay" means an automatic debit instruction to make payment for the Utility /Services used/ availed by the Customer for the entire amount or the amount specified by the Customer

"Due Date" means the date on which the payment for the Utilities/Services becomes due as determined the Billing Company(ies)

"Effective Date" means 4 (four) days prior to the Due Date or the date specified by the Customer for effecting AutoPay.

"Customer" means a resident of India who is the sole or first holder of Kotak Bank Account, and who has accepted these Terms and Conditions

"Operator" shall mean and include the mobile operators/Direct to Home(DTH) operators.

"Payment" means the payments that the Customer is required to make for the Utilities / services used / availed of / to be used / availed of by the Customer, which payment the Customer intends to make by using this Service through charge / debit to the Customer's Account through a written instruction to a branch.

"Terms and Conditions" means these terms and conditions and any and all annexures, schedules, exhibits, appendices attached to it or incorporated by reference from time to time. Terms and Conditions are subject to change at the sole discretion of the Bank

"Utilities" shall mean the goods, utilities and services offered by Billing Company / Bank under the purview of Kotak BillPay, from time to time, which the Customer may avail of and/or make Payment for, as the case may be.

"Recharge" will allow customers to do a top up for prepaid mobile phone or DTH service instantly anytime from anywhere and pay directly from his Bank account

"Website" means the website presently with the domain name http://www.kotak.com owned and controlled by the Bank.

The Customer acknowledges and confirms that the Customer has read and has unconditionally accepted and will unconditionally accept and be bound by the following:

  1. The maximum limit for payment per transaction may vary with each billers.
  2. There are 3 types of Bills which are accepted in Kotak Bill Pay:
    1. Instapay - User can do the payment without doing bill registration on Kotak Bill Pay system
    2. Register & Pay - User can do the payment after doing registration on Kotak Bill Pay system
    3. Autopay - Doing registration, user can opt for Auto payment and whenever bills get generated for that biller, Autopay will get executed
  3. Currently, user can make the payment through Kotak Bank Account or Kotak Credit Card
  4. Helpline number & customer email ID will be updated on the Kotak Website and you can contact our call centre through these contact details
  5. In case of any complaint, you can connect with our customer care executive or raise an complaint through Kotak Bill Pay section of Net Banking or Mobile Banking App
  6. If the Bill Pay transaction has failed and amount has been debited then it will get refunded within 2 working days
  7. The Customer shall furnish the required information as specified by the billing company and other essential data pertaining to the Bills through the form so as to identify the same and confirm that information provided is/are in relation to the service, and is/are owned/in the control of the Customer.
  8. Bank shall be entitled to rely upon all Information/Instructions provided to the Bank through the Form and Bank shall not be obliged to verify or make further inquiry into the authenticity or correctness or accuracy of the information/instruction and the Customer shall in no circumstance dispute such reliance by Bank. Further the Bank shall not be held liable for any loss or damage of any nature that the Customer may incur/suffer in the event such billing details and/or information turns out to be inaccurate / incorrect.
  9. The Customer acknowledges that the information so furnished through the Form is subject to authentication by the billing company so as to register the user in its system, and this process may take anywhere from 5 – 45 working days. Customer understands that at times billing company(ies) do not confirm if the application for registration has been honoured / attended and if the registration is successful / failed and the role of Bank is merely to facilitate the payment of the bills of the Customer once the registration is successful.
  10. The Customer understands that though the payments towards utilities / services are made and account is debited towards such payment, the status of the payment may be displayed as ‘pending' until the next billing cycle. Further Customer has the sole responsibility to update himself/herself on the status of registration/payment made or attempted to be made and Bank has no obligation to inform / update the Customer about the same.
  11. The Customer understands, agrees and confirms that Bank may, at its sole discretion, record in such mode and manner and retain and use in any manner for such period of time as deemed fit by Bank, any or all Information / Instructions received from the Customer. The Customer further confirms and agrees that Information / Instructions as well as the data provided through the Form may be used and relied upon by Bank as conclusive proof and binding for all purposes, may be given as evidence to any persons who may reasonably require the same, including to courts and regulators and government authorities, and/or relied upon in any legal proceedings. In the context of this clause, the Customer shall not hold the Bank liable in any way whatsoever.
  12. Bank does not warrant that Payment will not be delayed, including for reasons beyond its control. As the Instructions/Information would depend on various electronic technology used from time to time, there could be delays and snags in transmission of the Information/Instructions to and from Bank, the Customer, Billing Companies. Further, Bank does not warrant the receipt of Instructions/Information. Bank shall not be held liable or responsible for any failure or delay, whether directly or indirectly caused by any circumstances beyond the control of Bank, including, but not limited to, acts of God, systems and communications breakdowns, failures or disruptions, orders or restrictions, war or warlike conditions, hostilities, sanctions, mobilizations, blockades, embargoes, detentions, revolutions, riots, looting, strikes, stoppages of labor, lockouts or other labor troubles, earthquakes, fires or accidents. Bank shall not be liable or responsible to the Customer for any loss, damage whether direct or indirect, costs, charges or expenses, due to or occasioned by delay/inability, under any circumstances.
  13. Bank may, at its discretion, not make a Payment and shall communicate such decision to the Customer at the time of submission of the form and the Customer agrees to not hold the Bank liable for such refusal.
  14. In the event that the Bank makes a Payment on basis of instruction given by the Customer through the Form and such payment is rejected or returned by the Billing Company for any reason whatsoever, Bank shall refund the amount of the Payment to the Customer by credit to the Bank Account, upon receipt of the same from the Billing Company, and shall not be liable for any late charges, penalty, loss, damage whether direct or indirect, costs, charges or expenses incurred by the Customer in this regard.
  15. Billing Companies may from time to time and in particular instances specify the date on which Payment is to be made and, notwithstanding any Instructions given by the Customer in this regard, Bank shall have the authority from the Customer to cause Payment only on the date specified by the Billing Company.
  16. Without prejudice to the generality of these Terms and Conditions, processing of all the Instructions is subject to the availability of free, clear and available funds in the Customer's Account, as the case may be. In the event of clear funds not being wholly available, Bank shall not process the Instructions and shall not make Payments.
  17. Bank neither endorses any of the Utilities/Services offered, nor makes in any manner recommendations and/or warranties, representations or assurances in respect of the same and/or Billing Company. Bank is not in any manner a party to the contracts or agreements or understandings that may be executed and/or arrived at between the Customer and Billing Company. Customer understands that the Billing Company shall be solely responsible to the Customer to render the Utilities/Services for which Payment is to be made under these Terms and Conditions and Bank shall not be responsible and liable for any deficiency or defect in the same including, but not limited to, delayed, deficient or defective quality, delivery, quantity etc., and shall not be made party to any disputes between the Customer and any Billing Company.. The Customer shall not hold Bank liable for any non-service, delayed service, faulty service rendered by Billing Company, and shall not contact, communicate in any manner whatsoever, with Bank in this regard.
  18. The Customer may delete a biller at any time by giving a delete instruction through the Form. The Customer shall remain responsible for any transactions made through the form until the time of such de-registration.
  19. Bank reserves the right, but shall not be obliged, at any time, without any specific or prior notice to the Customer in this regard: to suspend for any duration/terminate to make changes, enhancements, and/or modifications any or all of the services offered by Bank.
  20. Bank reserves the right to, from time to time at its sole discretion, but with prior intimation to the Customer either by way of personal intimation and/or by display on its website/branch premises, charge fees in consideration for the provision of any and/or all of the Services.
  21. In consideration of Bank agreeing to provide to the Customer the facility of Kotak BillPay, the Customer hereby irrevocably agrees, to indemnify and keep Bank indemnified and harmless, at all times hereafter, from all losses, damages, costs, charges and consequences, legal fees and expenses, whatsoever, suffered or incurred by Bank on account of any claims, actions, suits or otherwise instituted by the Customer, or by any third party whatsoever, arising out of or in connection with any and all transactions initiated by the use of the service, Instructions/Information, deletions, messages and communication whether with or without the knowledge of the Customer, or whether the same have been initiated bonafide or otherwise. The Customer further agrees and confirms that this indemnity shall remain valid and subsisting and binding upon the Customer notwithstanding any withdrawal, either partially or in totality, of and from the service.
  22. Without prejudice to any other provisions hereof, Bank shall not be liable to the Customer for any loss or damage whatsoever or howsoever caused arising directly or indirectly in connection with the service and/or these Terms and Conditions.
  23. To the extent not prohibited by applicable law, Bank shall be entitled to transfer any information relating to the Customer and/or any other information given by the Customer for utilization of the Services including any Information/Instructions, to and between its branches, subsidiaries, representative offices, affiliates, representatives, auditors and agents of Bank, and other third parties selected by Bank, wherever situated, for confidential use in and in connection with the Bill Pay Services, and
  24. The construction, validity and performance of these Terms and Conditions shall be governed in all respects by the laws of India. The parties hereby submit to the exclusive jurisdiction of the competent Courts at Mumbai, India which courts shall have jurisdiction in the matter to the exclusion of any other courts, irrespective of whether such other courts have similar jurisdiction in the matter.

These Terms and Conditions shall be in addition to and not in derogation of the terms and conditions applicable to other services offered by the Bank.

HOME BANKING SERVICES

Home Banking Services may be offered by the Bank as per the product offering at the relevant time and only to the Customers approved by the Bank as per applicable laws including the existing RBI guidelines, Bank guidelines. Bank may levy such Charges for these services, as the Bank may at its absolute discretion decide. These Services would be made available to the Customer at his Mailing/Registered Address. Acceptance of any other address for delivery/pick up requests shall be at Bank's sole discretion ('Mailing/Approved Address'). To avail of these Services, the Customer may convey his request to the Bank by any Electronic Medium acceptable to the Bank. Notwithstanding anything contained herein, the Bank shall not, nor shall it be obliged or be bound to authenticate the Customer's instructions received over Electronic Medium, mail or courier; or to verify whether the person conveying instructions and using the Customer's PIN/Password/User ID or other identifying details is the Customer or not. Bank may retain record of instructions received from the Customer by Electronic Medium, as the Bank may deem proper.

While the Bank shall use reasonable precautions, these Services are provided on a 'no warranty no risk basis'. These Services are offered and provided on the express condition that the Bank does not warrant that the Services would be provided at a specified time (whether by the Bank, Delivery Person or otherwise) and the Bank shall not be liable or responsible for any loss arising there from any delay or misuse of the Services. Customer agrees that Bank shall have no liability to Customer or any other parties for any costs or damages arising out of Services and Customer further agrees to keep the Bank indemnified in this regard.

These Services may be provided by the Bank through a courier/ messenger/ mail and such medium as the Bank may deem fit ('Delivery Person'), except where Bank may have specified a mode or where the Customer may have requested for a specified mode (with or without any additional Charges) then through such specifically specified / requested medium. For the purpose of identification, Customer shall carefully check the identity card of the Delivery Person.

The Customer may be required to show or provide copy of any authentication document as specified by the Bank to the Delivery Person. However, Delivery Person is not bound to insist upon or verify the identity of the Customer or verify the signature of the Customer.

Cash/Draft Delivery

Cash/Drafts within limits as prescribed by the Bank, from time to time, will be delivered at Mailing/Approved Address upon receiving Customers request. The Customer shall convey to the Bank the cheque number against which the cash/draft is to be delivered to the Customer. On receipt of instructions, Bank will immediately debit the Customer's Account for such amount and then arrange for the delivery of cash/draft.

The Delivery Person is not bound (i) to verify whether the signature on the cheque is that of the Customer, or (ii) to complete the delivery in case of any differences in the amount in words and figures of the cheque amount, or in case the cheque amount is different from the original request of the Customer as received by the Bank. The Customer needs to ensure that the cheque is not post dated or stale. Additionally in case of any material alteration in the cheque details the Customer is required to sign in full authorizing the alteration. In the event of any discrepancy on such cheque, the Bank shall still be entitled to honour the debit instructions earlier given by the Customer.

Bank shall not be liable for non-delivery of the cash/draft to the Customer for any reason including but not limited to non-presence of the Customer at the Mailing/Approved Address at the time of delivery. In case of non-delivery of cash/draft, the credit for the same and the Charges shall be processed by the Bank on the same day or on the following working day, at the sole discretion of the Bank and the Bank shall not be liable for any return of cheques due to delay in credit in the Account.

Physical currency (in cash or other defined form as is excluded) cannot and will not be delivered outside India and shall be subject to-such geographical limits as the Bank may impose. Without limiting the Bank's rights, it shall also be subject to such physical presence requirements for NRI's as the Bank may deem fit, for each specific request received.

Cash/Cheque Pick Up

Cash within such limits as prescribed by the Bank, from time to time, will be picked up from Mailing/Approved Address upon Customers request and at the discretion of the Bank.

Upon receiving the instructions from the Customer for PickUp the Bank will organize the Delivery Person to visit the Mailing/Approved Address. The Customer is required to give the Delivery Person the Cash/Cheque(s) and completed Deposit Slip. The Delivery Person will issue a temporary receipt acknowledging receipt from the Customer and will thereafter hand over the Deposit Slip and Cash/Cheque to the authorized officials at the Bank.

The amount of the deposit of cash or cheque will be subject to verification by the Bank and this verified amount shall be final and binding on the Customer. The credit for deposits will be available to the Customer on the following Working Day in case of cash deposits, and in case of cheque deposits after the same has been duly paid by the payee Bank.

The acknowledgement given by the Delivery Person at the time of deposit only represents what the Customer purports to have deposited and will not be binding on the Bank. If there are soiled, mutilated notes in such deposits, the acceptance of such deposits shall be subject to final acceptance and reimbursement by RBI as per the Currency Note Refund Rules. Deposits of foreign currency cash/ cheques or any other deposits, which are unacceptable, shall be returned at the Customers cost, risk and responsibility.

FOREIGN EXCHANGE (Forex) DELIVERY/PICK-UP

Upon Customer's request the Bank may at its discretion, as advised to the Customer arrange to deliver/pick-up Forex in cash and/or travelers cheques to/from the Customer subject to the laws including FEMA, RBI guidelines and such terms that may be specified by the Bank from time to time. This Service may be provided to Customers, either through Bank's authorized agents or independent service provider duly authorized by RBI to function as a moneychanger.

LOCKER SERVICES

The Bank may, at its sole discretion offer/ withdraw the Locker Facility to its Customers and may levy such Charges as it may deem fit and the Customer shall enter into a separate agreement (Locker Terms & Conditions) with the Bank for the purpose of availing the Locker Facility. The Customer shall abide by these Terms and Locker Terms & Conditions for the Locker Facility. In the event of any locker dues remaining outstanding, the Bank shall at its discretion be entitled to recover the outstanding amount from any amounts held with the Bank either in term deposits/time deposits etc. held singly or jointly as the case may be.

DEMAT SERVICES

The Bank, at its sole discretion may offer/ withdraw the facility of the DEMAT Account and may levy such Charges as it may deem fit and the Customer shall enter into a separate agreement with the Bank for the purpose of DEMAT Account. The Customer shall abide by these Terms and separate agreement for the DEMAT Account.

DROP BOX SERVICE

Through this Service the local currency cheques and instructions are accepted at drop boxes located at Bank sites. This Service is provided only for the convenience of the Customer and he should inquire about the guidelines for this Service before availing of the same.

The instrument deposited in the Drop Box should be executed properly and should be deposited with the deposit slip attached to it. The Bank may refuse (with no liability to the Bank) any credit with respect to any instrument deposited in the Drop Box, and/or reverse entry, when the instrument is incomplete, not properly executed or not supported with adequate proof or documentation as per RBI regulations or is found to be discrepant or inadequate by the Bank. In case of any dispute in respect of this clause the decision of the Bank shall be final and binding. Customer undertakes to bear all costs for communication with and by the Bank and indemnify the Bank from any loss or damage suffered by the Bank arising out of Customer's act or omission.

The Bank does not accept any liability for any loss or damage that the Customer or any third party may suffer due to non-processing or delayed processing of any instrument or cheque deposited into the Drop Box; or crediting the amount of the instruments in an Account other than the Account intended, due to lack of clarity/overwriting of the Account number on the deposit slip or otherwise.


SERVICES THROUGH ELECTRONIC MEDIA

Services through Electronic Media are provided by the Bank at its discretion and only as a convenience to the Customer. The Customer may avail the Service at his own risk. In addition to Terms, Customer shall comply with the guidelines for the use, access and operation of the Services through Electronic Media as may be issued by the Bank from time to time.

Availing of any Services through Electronic Media shall constitute the express consent of the Customer to the terms and conditions prevailing at the time of use. The timings for the provision of the Services through Electronic Media would be subject to the applicable laws and at the sole discretion of the Bank and the Bank without any prior intimation may effect any change in timings.

Customer Identification and Authentication

Electronic Banking is permitted only after authentication of the Customer by means of Password/PIN/User ID or other identifiers of the Customer as issued by the Bank. The Customer hereby grants express authority to the Bank for carrying out any transaction received by the Bank through Electronic Media (using his Password/PIN/User ID), post authentication and the same will be deemed to have emanated from such Customer. The Bank shall have no obligation to verify the authenticity of any transaction received through Electronic mode including Email or purporting to have been sent by the Customer other than by means of verification of the Password /PIN / User ID. The Bank will not be liable for acting in good faith on such instructions.

If the Bank believes that an instruction over Electronic Media may not have been properly authorized by Customer, the Bank may after making reasonable efforts to check whether it was properly authorized, refuse to carry out such instruction or to take steps to reverse any action taken on the basis of that instruction. The Bank may at its sole discretion decide not to carry out any instruction/s through Electronic Media where the Bank has reason to believe that the instruction/s are not genuine or otherwise improper or unclear or raise a doubt. Bank will not be responsible for any loss to Customer / third party that results from such refusal to carry out instructions or reversal.

At the Customer's request, the Bank may send the Customer by facsimile ('fax') (at a fax number given by the Customer), financial information (sought by the Customer) regarding the Customer's Account(s) which may be of a private and confidential nature and the Customer shall not hold the Bank liable in any manner whatsoever, should such information come to the knowledge of any third party.

Instructions through Electronic mode including Email

The Customer may send the written and signed instructions via Electronic mode including Email. The Bank may act upon these instructions at its own discretion. It is the responsibility of the Customer to ensure that the Electronic mode including Email instructions shall be followed by the hard copy of the communication.

The Customer acknowledges that the Electronic mode including Email is not a secure medium and before sending the Electronic mode instructions including Email, the Customer should ensure that the Electronic mode instructions including Email is being sent to the correct coordinates and call at the Bank to verify that the instructions has reached the intended recipient. The Customer also acknowledges and confirms that he shall send instructions via Electronic mode including Email at his own risk and the Bank shall not be liable for any loss or damage suffered by the Customer by use of the Electronic mode communication .

Record of Transactions

Only the Bank's own record of transactions over Electronic Media maintained through computer systems or otherwise shall be accepted by the Bank as conclusive and shall be binding on the Bank and the Customer for all purposes and the Customer recognizes, undertakes and agrees to accept such record of the Bank without demur or protest. Due to inherent features of some of Electronic Media, the Customer may be able to take out a print of the transaction attempted to be effected by the Customer over Electronic Media. However, only the record maintained by the Bank shall prevail. The Customer unconditionally acknowledges and agrees not to contest any transaction carried out or not carried out by the Bank upon requesting for the same over Electronic Media.

Password(s)/Pin/Access

The Customer will be allotted Passwords/ User ID by the Bank to avail of the Net Banking Services. The Bank shall send the same in a tamper proof sealed envelope ("Mailer"). The Customer shall ensure that the Mailer is received in a sealed envelope with out any tampering, and if not, the Customer shall forthwith inform the Bank immediately in writing or by phone.

After the first successful login, the user may change the password and create a Nick Name which may be used to Login into Net banking. The Terms and Conditions governing User ID are also applicable for Nick name.

Customer's access to Net Banking will be disabled if wrong password is entered successively three times (or number of attempts as decided by the Bank from time to time). In such event the Bank may automatically reactivate access after a specific interval.

The Bank may decide to disable password in case the Services are not used for a continuous period as decided by the Bank. The Customer may also request for temporary disabling of access. To reactivate access to Net Banking, the Customer must intimate the Bank by way of a letter, phone or such other mode as may be prescribed by the Bank, providing certain details as may be required or prescribed by the Bank and the information so sent shall be deemed to be correct.

Security and Confidentiality of Password/PIN

Customer agrees and acknowledges that he shall be solely responsible for maintaining secrecy of his Account details and Passwords/PIN. Customer must comply with any other requirements designed to protect the security of his use of the Electronic Media, which are set out in the guidelines or notified to Customer from time to time.

To ensure that the Customer alone is able to access and give instructions through Electronic Medium, he must all times comply with the following security procedures. (i) Customer shall change his Password/PIN regularly or if so required by the Bank; (ii) not choose a Password/PIN, which he has used before or which is likely to be guessed by anyone; (iii) to safeguard his Passwords/PIN at all times and not to disclose any details of his Password/PIN to anyone else (including to Joint Account Holder or a member of the Bank staff; (iv) not record Passwords/PIN in a way whereby it will be legible or accessible to any third party; (v) preferably memorize Passwords/PIN and then destroy any record of it; (vi) not allow anyone to operate the Services through Electronic Media on his behalf; (vii) not leave any system unattended while he is logged on to the Electronic Media and each time he goes away from such system to log-out from Electronic Media; (viii) not access the Electronic Media from any equipment or device connected to a local area network (or LAN), such as an office environment, without first ensuring that no one else is able to observe or copy his Passwords/PIN. The Customer shall indemnify the Bank if any loss is suffered by the Bank due to failure to comply with the above security procedures.

If Customer discovers or suspects that his Password/PIN or any part of them are known to someone else, he must immediately change the Password/PIN himself through the Electronic Media. If this is not possible, Customer must notify the Bank immediately at the Bank branch during Business Hours or through the phone. The Bank may suspend use of the Services through Electronic Media until new Passwords/PIN have been set up. Any transaction done prior to such a notification shall be entirely at Customer's risk and cost.

Loss of Password /PIN / User Id:

If the Customer forgets or loses the Password/PIN he shall inform the Bank in the manner prescribed by the Bank, who shall at its sole discretion arrange to regenerate and send a new Password/PIN to the Customer.

Liability of the Customer / Rights of the Bank:

The Bank may apply such technology as it deems fit to ensure the security of and prevent unauthorized access to the Services through Electronic Media. The Bank shall endeavor to use the best technology, but the Customer understands that due to the nature of technology, it may not be possible to keep the system foolproof and tamperproof at all times.

The Customer acknowledges and unconditionally accepts and agrees that in no way shall the Bank be/held responsible if the Customer incurs a loss as a result of misuse/unauthorized use of the Services through Electronic Media and/or Passwords/PIN or as a result of information being disclosed by the Bank regarding his Bank Account/s to any person or carrying out the transaction or instruction received through Electronic Media by use of Passwords/PIN. If the Customer fails to observe the security and confidentiality requirements he may incur liability for unauthorized use. The Bank does not assume any responsibility on this behalf under any circumstances.

Processing of Transactions

Time of processing of transactions through the Electronic Media may vary depending on whether they are processed manually or electronically and or whether they can be updated immediately or whether they are processed after the close of Business Hours. For Stop Payment instructions and other urgent/important request, the Customer should follow up with the Bank and ensure that the same are physically recorded/ carried out by the Bank.

Once Customer has given an instruction through the Electronic Media, Customer will not be able to reverse it. Bank is under no obligation to reverse an instruction Customer has given; or to accept an instruction that is conditional or reversible or which requires Bank to pay a third party sooner than it would been able to pay following normal banking practices. Bank may at its discretion try to reverse entry to the extent that this is possible under the rules and practices of the banking system at a cost to the Customer.

Customer hereby confirms and acknowledges that payments through electronic transfer of funds are subject to Sec.40A (3) of the Income Tax Act, 1961.

The financial information available by means of the Service through Electronic Media is for reference purposes only. Account information available through this Service will not reflect transactions that may be in the Bank's hands but which have not been processed or which still have to be verified for payment. The Bank shall not be liable for any loss incurred or damage suffered by the Customer or third party by reason or in consequence of any such financial information.

The Bank shall endeavor to effect fund transfer and payment transactions received through the Electronic Media provided there are sufficient funds available in Customer's Account(s) and the Bank shall not be liable for any omission to make any of these payments or for late payments due to circumstances beyond the reasonable control of the Bank.

Bank shall execute instruction received basis various channels like electronic confirmation via registered email of all the authorised signatories/customer basis email Indemnity executed by customer and registered with Bank and post due-diligence to validate the authorised signatories/customer & authorised signatories/customer will not be required to submit any physical document to bank for such transactions at the point of transaction processing and such email instructions shall be followed by hard copy of the communication to be submitted to Bank as per process of Bank.

Customer understands and agree to that any change in authorised signatories and powers assigned to them in respect to account and services availed on such account, shall be intimated to Bank immediately. Bank shall not be liable for any delay or rejection of instructions due to non- intimation of such changes.

Software and Hardware

The Customer shall at its cost, procure, maintain and update/upgrade all such software and computer and communication systems, as applicable, from time to time, to avail and use the Services through Electronic Media which are compatible with the Bank's system. The Bank shall be at liberty to change, vary or upgrade its software, hardware, operating systems, Software Development kit (SDKs), etc., from time to time and shall be under no obligation to support the software, hardware, operating systems of the Customer and that the same shall be the sole responsibility of the Customer.

Limits

The Bank will, at its sole option, set and reset, minimum and maximum limits for any transaction that may be carried out by the Customer over Electronic Media or otherwise and any such limits would be subject to the availability of balance in the Account. Such limits may be based on parameters as may be prescribed by the Bank from time to time

Daily minimum/maximum transaction limits shall apply to all ATMs and may vary between different ATMs belonging to different banks' networks, country to country and from time to time. The Bank would not be responsible for any loss or inconvenience that the Customer may suffer due to lack of uniformity in these limits for transactions through different ATMs/networks.

Access to Services through Electronic Media

Access to Services through Electronic Media shall be made available at the Customer's request and at the Bank's discretion. All Accounts linked to the Customer's CRN may be accessible through Electronic Media, subject to Bank's rules. However, the nature of transactions available on each Account that is accessible will depend on the Customer's Operating Mandate on that Account. In case of non-individual Customers, access will be provided based on the Customer's request to those individuals who are so authorized by the Customer's appropriate governing body.

In case of DEMAT Accounts access through Electronic Media will be given to any of the Account holders subject to written consent by all other holders

Sufficiency of Funds

The Customer agrees not to attempt to withdraw any cash from his Account using the Electronic Media unless sufficient funds are available in his Account. The onus of ensuring adequate Account balances is entirely on the Customer. In the event any attempt is made to violate the limit the Bank may withdraw the Services through Electronic Media to the Customer or take such other steps as the Bank may deem fit.

Excess Credit

In the event of excess credit by the Bank due to some technical error, inadvertenly or otherwise, the Bank is at liberty and entitled without notice to the customer to reverse the entry and recover the amount excessly credited into the account of the customer. In the event of their being insufficient balance in the account, the Bank is entitled to recover the same from any other amounts held with the Bank in any deposits etc. with or without notice to the customer. In the event of refusal by the customer to repay the excess amount on receipt of notice from the Bank, the Bank shall be at liberty to intiate such legal proceedings as deemed fit, including criminal proceedings.

DEMAT Accounts Statements:

The Bank may provide a facility to its Customers having DEMAT Account for receiving statements on email. These statements may include but are not restricted to transaction statements, holding statements and billing statements. The Customer by requesting the Bank to furnish such particulars and details and statements by e-mail declares and confirms that he is aware of the risks concerning the e-mail and will not hold the Bank liable. The Customer undertakes to keep the Bank informed about his email id changes.

Intellectual Property

The Customer acknowledges and agrees that all the intellectual property rights in the software underlying any of the Services as well as other software which is required for availing Services accessing Account through Electronic Media are the legal property of the Bank or the respective vendors. The permission given by the Bank to access the Bank Accounts and utilize the Banking Services shall not convey any proprietary or ownership rights in the intellectual property of the software. The Customer shall not attempt to modify, translate, disassemble, de-compile or reverse engineer the above-mentioned software or copy the source code of the software or create any derivative product based on the software.

Alerts

The Bank may offer the facility of Alerts to all or any of the Customers for information only and may discontinue the same at its own discretion. Transactions on Accounts will continue to be guided by prevalent Banking practice and the Bank on best effort basis may display certain pre-defined Alerts. However the Bank shall not be responsible or liable for the timeliness, completeness, accuracy and successful delivery or receipt of the Alerts.

PHONE BANKING SERVICES

The Bank may offer, from time to time, various facilities under this service either through staff assistance or by dialing in choices on an automated phone banking system.

For security purposes and to protect Customers and its staff and also to help resolve disputes, if any, Bank may at its discretion tape or record telephonic conversations between Customer and the Bank, keep record of it, as also Customer instructions and listen to the same, and Customer accords his consent for the above.

NET BANKING SERVICES

The Bank will take reasonably practicable steps to ensure that systems used by it for providing Net Banking Services contain adequate security safeguards; control and manage the risks in operating such systems, taking into account any applicable law, rules, regulations, guidelines, circulars, codes of conduct and also prevailing market practices. Customer is aware of the risks, responsibilities and liabilities involved in Net Banking and has after due consideration availed of the same. Customer represents and warrants that he has a complete working knowledge of computers/electronic machinery, e-mail and the Internet, which will enable Customer to avail the Net Banking.

Transaction: Payment Instruction for effecting transfer of funds including payment of Direct and Indirect taxes may be in respect of transaction under taken by the Customer and which may not materialize or get completed by acts or omissions of the persons in whose favour such payment instructions have been effected. The Bank shall not be responsible and/or liable or in any way involved in such transaction of the Customer not materializing or getting completed.

Any transaction for transfer of funds including payment of Direct and Indirect taxes as per the instructions of the Customer may not materialize or get completed for any reason whatsoever and for such non materialization and/or non completion of the transaction the Bank shall in no way be responsible. The Customer understands that the Bank is only providing Services of transfer of funds including payment of Direct and Indirect taxes pursuant to Customer's instructions.

The terms and conditions applicable in respect of the Net Banking are made available at the Bank's Website and the Customer is required to read the same before availing of Net Banking Services. If the Customer avails of the Net Banking Services it would be deemed that he has accepted these Terms and terms and conditions for Net Banking Services.

Use of Digital Signatures/Smart Cards/Biometrics and Opening Online Accounts The Bank reserves the right and discretion to permit the use of digital signatures using the Public Key Infrastructure System as provided for under the Information Technology Act, 2000/biometrics for opening a Bank Account online and operating such Bank Account or the existing Account, as per Bank's policy or as and when the law authorizes and technology facilitates such transformation.

Protecting Against Viruses: Customer must take all reasonably practicable measures to ensure that Customer's system or any computer or other equipment or device from which Customer accesses the Net Banking is free of any computer virus or similar software/device including, without limitation, devices commonly known as software bombs, Trojan horses and worms ('Viruses') and is adequately maintained and secured in every way. Though the Bank will take steps to prevent introduction of virus and other such destructive materials on the Bank's Website, it does not represent, warrant or guarantee that the Bank's Website or the Content downloaded from the Bank's Website or Linked Websites do not contain such virus or destructive materials. Bank is not liable for any damage or harm attributable to such virus or destructive materials. The Bank does not warrant that the Bank's Website or functions thereof will be uninterrupted or free of any error or defect.

Extent of Liability for Loss Or Damage: Bank will not be liable for any loss or damage, whether direct, indirect, consequential, remote or special, that may be suffered by the Customer as a result of making/not making the Net Banking Service available to Customer. Following are the illustrative list (but not exhaustive) of circumstances in which Bank shall NOT be liable to Customer: When such loss or damage arises out of Force Majeure or Technical Snags; any incompatibility between Customer's system and the Bank's system; any misuse of Customer's system by Customer or anyone else; any access to information about Customer's Accounts which is obtained by a third party as a result of Customer using the Net Banking; use by any third party of Customer's Password/ PIN; loss/distortion/ corruption of data during transmission or otherwise; any loss/delay due to circumstances beyond Bank's control, unavailability of Net Banking Services during the Business Hours.

CASH/DEMAND DRAFT / BANKERS CHEQUE DELIVERY SERVICES

The customer acknowledges and agrees that the Designated Representative for Cash / Demand Draft Delivery Services appointed as per terms of the Service prescribed by Bank will arrange for sending of request via Electronic mode including Email to Bank as per Bank's prescribed format, within prescribed time. The Bank and / or its agency shall wait at the customer location for a maximum of one hour for effecting the delivery of cash / Demand Draft / Bankers Cheque. Bank shall offer Cash / Demand Draft Delivery Services to Customers and persons availing the Services on the terms and conditions as may be prescribed by Bank from time to time in connection with the Services. For this purpose, 'Designated Representative' means a person appointed by the Customer / persons availing the Cash / Demand Draft Delivery Services from the Bank for the Customers of the Bank.

The Customer agrees to execute all documents that may be prescribed by Bank from time to time for availing these Services.

The customer acknowledges and agrees that Demand Draft delivery will also be effected only against a cheque for the requested amount made payable to 'Yourselves'.

The Customer Acknowledges that he is aware of the risks attendant to the transaction requests made through Electronic mode including Email and the Bank may (but shall not be obliged to) act on any transaction received through Electronic mode including Email even if there is any error / lack of clarity / authority or authenticity and the Bank may treat the same as fully authorized and binding on the Customer, AND the receipt of such request received through Electronic mode including Email from the customer by bank shall be deemed to be conclusive instructions from Customer of Bank, for the Bank to act upon the same.

The Customer acknowledges and agrees that the Bank shall not be responsible / liable for any loss / damage caused to the customer or its employees who avail of the Services, arising on account of non-delivery / delayed delivery of services in case of any failure of communication equipment at the Bank / Corporate Customer or receipt of illegible instructions through Electronic mode including Email or whatsoever reason.

The Customer agrees that Bank shall place complete reliance on all documents / instructions so given by Customer to Bank and that the Bank shall not be required to make any further enquiries into the veracity / authority and competence of the signatories / executants thereof.

The Customer shall give their consent in the format acceptable to Bank on the terms and conditions as prescribed by Bank and furnish the same to the Bank as and when required by Bank. The furnishing of Consent Letter is a condition precedent for the availing of these Services.

By availing of the Services, the Customer will be deemed to have agreed to and accepted all the above terms & conditions. While the Bank shall use reasonable precautions, the customer is acknowledges that these services are provided on a 'No Warranty or Risk basis'. The Customer agrees that the Bank shall have no liability to Customer or any other parties for any indirect, incidental, punitive or consequential costs, damages or otherwise with respect to the Bank offering these services and the Bank shall not be liable or responsible on account of any misuse of the Services. The Customer agrees to keep the Bank indemnified in this regard.

Customer agrees that in the event of breach of any of the terms by Customer and /or any Agent or Representative, the Customer shall be liable to pay damages and compensation to Bank. The Customer agrees that damages & compensation shall include all direct & indirect damages claims, costs, charges, expenses that may be caused to or incurred or suffered by the Bank (inclusive those on account of any actions or proceedings by or against the Bank) directly or indirectly consequent to or by reason of the breach.

GLOBAL DEBIT CARD

Issuance: The Bank may at its discretion issue a debit card ('Card') to the Customer, which is valid for use in India and abroad. However the Card is not valid for foreign exchange payments in India, Nepal & Bhutan. An ATM PIN is allotted to the customer along with the Card. The Customer can access his Account/s at Bank's ATMs, NFS , Cashnet network ATMs in India and Visa network ATMs globally. The Card can be used for making purchases at merchant establishments. Further the Card can be used for Cash @ PoS at select Merchant Establishments. The Cardholder shall take all the necessary steps to prevent the misuse of the Card. The Card may be used only by the Cardholder in whose name it is issued and is not transferable under any circumstances. Cardholder shall be solely responsible for any use or misuse of the Card.

Validity: The Card is valid upto the date specified on the face of the Card. Upon expiry of the validity period, the Bank may replace the card having new validity period if the account is active and not having negative balance. After the expiry of the Card the Cardholder shall destroy the Card by cutting / breaking the same in a manner such that the same cannot be used on any ATM.

Loss of Card:

(A) If the Card is lost / stolen, Cardholder must immediately inform the Bank by calling the Phone Banking number and report loss or theft of the Card. Customer shall request the Bank Officials to block the card so that it cannot be used / misused after such reporting to the Bank.

(B) In case of loss of Card abroad, the Cardholder shall either call the Phone Banking number of the Bank or the Visa Global Customer Assistance Service (GCAS) number and inform about such loss or theft of the Card and shall request the VISA officials to block the card so that it can not be used / misused after such reporting. The Visa GCAS call in numbers are available in www.visa.com. The Bank or Visa GCAS upon receipt of intimation and after adequate verification of the Cardholder’s identity shall hot list the Card

(C) Additionally the Cardholder should also file a report with the local police and send a physical true copy thereof to the Bank.

(D) The Customer shall be liable for all Charges incurred on the Card till receipt of intimation of loss through above prescribed modes. Further, the Customer understands that Customer shall continue to be liable to pay for the expenses, if any, incurred by use or misuse of the card post sending intimation to the bank by any mode other than the prescribed modes till the same reaches the Bank and card is hot-listed by the Bank.

Any instruction received by the Bank for hot listing of a Card cannot be revoked, even if the Card reported lost is subsequently found. In such a case, the Cardholder shall destroy the Card and shall indemnify the Bank for any loss suffered due to the failure to do so.

Authority to Debit the Customer's Account: The Customer authorises the Bank to debit his Account with the amount of withdrawals, transfers or any other cash transaction effected by the use of the Card as per the Bank's records and the Charges, which may be levied from time to time for the services rendered. All such transactions and related Charges will be binding on all Customers of the Account. In case of Non-individual Accounts the use of the Card by the user who has been duly authorised by such a Non-individual Customer shall be binding on the Customer and the Bank shall not be liable for any loss or expense suffered by the Customer by the use /misuse of the card by the card holder.

Supplementary Cards: At the request of the Customer, the Bank at its sole discretion may issue more than one Card to the same Customer. Every such Supplementary Card shall be linked to the account of the Customer. All transactions on all the Cards issued with respect to an Account shall be binding on the Customer absolutely and he shall not be entitled to claim that a transaction on any of the Cards was not authorised by him. The Bank reserves the right to debit additional fees for the issue of Supplementary Cards.

Add on Cards: At the request of the Customer, the Bank at its sole discretion may issue Add On Card. The Add On Cardholder can avail of all the facilities (upto specific limits set by the Customer within the prescribed limit as set by the Bank). All Charges incurred by or as applicable for the Add-On Card will be deemed as Charges incurred by Customer who will be fully liable for discharge of all obligations in respect of all the transactions performed by use of Add On Card or by the Add On Cardholder.

Ownership: Card shall be and always remain the property of Bank and the Cardholder must return the same to the Bank forthwith or have the same returned to the Bank, on demand made by the Bank in this regard or closure of the Account. In the event of any misuse of the Card, the Bank reserves the right to seize/capture/hotlist/deactivate the Card or withdraw the facilities connected with the Card without any notice to the Cardholder.

Linking of Accounts: All Accounts of the Customer, existing or opened in future, if eligible as per the Operating Mandate, will automatically be linked to the Card unless specifically instructed otherwise by the Customer. In case the Customer has more than one Account linked to his Card, the first Account opened by the Customer will be designated as the Primary Account. The Customer can designate any other Account as his Primary Account by way of giving instructions to the Bank in the manner prescribed by the Bank. The Customer can access all Accounts at any of the Bank's ATMs, however, only the Primary Account can be accessed on other Bank's ATM/ POS network.

ATM/POS Network: The Card is acceptable at any Visa Plus / Cashnet / NFS ATM network belonging to other banks and on all VISA accepting ATM’s overseas. However the Card is not valid for foreign exchange payments in India, Nepal & Bhutan. Bank may, at its discretion, make available to the Cardholder ATMs, POS, and /or other devices through shared networks for the convenience and use of the Cardholder. Bank will levy a separate Charge for such facilities that will be announced from time to time. The type of transactions offered at such ATMs may differ from those offered on the Bank's own network. The Bank will support only the minimum transaction set that will be offered at the ATMs belonging to other networks. The Bank reserves the right to change the transaction limit without notice to the Cardholder.

Should the Cardholder have any complaints concerning any Visa/Plus / Cashnet / NFS ATM network establishment, the matter should be resolved by the Cardholder with such establishment and failure to do so will not relieve him from any obligations to the Bank. However the Cardholder should notify the Bank of this complaint immediately.

In case of usage of a Non Kotak ATM, the transaction is the responsibility of the Bank owning the Non-Kotak ATM (herein after referred to as "Acquiring bank"). However in case there is a short cash dispensed at a non Kotak ATM, the cardholder may be given a credit to the account based on his request at the Bank’s discretion. In case if the acquiring bank disputes any such short / excess cash dispensing, the Bank shall debit the cardholders account to extent of the disputed amount. In case of the cardholder’s account not having sufficient funds for such debit by the Bank, the card holder undertakes to deposit such shortfall amount in his account within two working days of being contacted by the Bank.

Honoring the Card: The Bank shall in no circumstance be held liable to the Cardholder or any third party if the Card is not honoured in the desired manner, due to Technical Snags/ Force Majeure among other reasons or on account of any consequential or indirect loss or damage arising from such events. The responsibility of the Bank, if any, for non-execution or defective execution of the transaction is limited to the principal sum and the loss of interest subject to the provisions of the Indian law.

Use of the Card outside India: The use of the Card in jurisdictions other than India is subject to applicable regulations framed by Government of India and Reserve Bank of India (RBI), issued from time to time, and shall not in the ordinary course be permitted, except as may be specified by RBI and limits prescribed therein, from time to time. The onus of ensuring compliance with FEMA/RBI/GOI guidelines rests solely with the Cardholder. The Customer accepts full responsibility for wrongful use thereof by him in contravention of these rules and regulations and undertakes to indemnify the Bank to make good any loss, damage, interest, conversion, any other financial Charges that the Bank may incur and/or suffer on account of such wrongful use.

Merchant Location Usage: The Card will normally be honoured by all Merchant Establishments in India and abroad having POS Terminals, which display the Visa Marks. Any usage of the Card other than the electronic use will be considered as unauthorised and the Cardholder will be solely responsible for such transactions. Electronic usage is construed as the charge slip/transaction slip printed electronically from the POS Terminal. The Card will be honoured only when it carries the signature of the Cardholder. Transactions are deemed complete once the POS Terminal generates a sales slip and the sales slip is signed by the Cardholder. The amount of the transaction is debited immediately from the primary Account linked to the Card. The Cardholder should ensure that the Card is used properly at the Merchant Establishment towards payment for a particular purchase. The sales slip will be retained by the Customer each time the card is used and the Cardholder should ensure that there is no multiple usage of the Card at the Merchant Establishment.

The Bank will not accept any 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 Merchant Establishment or the goods purchased or service availed from any Merchant, the matter should be resolved by the Cardholder with the Merchant Establishment and failure to do so will not relieve him from any obligations to the Bank. However, the Cardholder should notify the Bank immediately. The Bank accepts no responsibility for any surcharge levied by any Merchant Establishment and debited to Cardholder's Account with the transaction amount. The Bank at an additional charge may furnish copies of the sales slip. Any other Charge or other payment requisition received from a Merchant Establishment by the Bank for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Merchant Establishment 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 Merchant wishes to cancel a completed transaction due to an error or an account of merchandise return, the earlier sales receipt must be cancelled by the merchant and copy of the cancelled receipt must be retained 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 Customer agrees that any debits received during this time will be honoured based only on the available balance in the Account(s) without considering this refund. The Customer also indemnifies the Bank from such acts of dishonouring the payment instructions.

Cardholder Information: The Bank reserves the right to disclose, in strict confidence, to other institutions/agencies/local authorities, such information concerning the Cardholder's Bank Account/s as may be necessary or appropriate in connection with its participation in any ATM or Electronic Funds Transfer Network or on account of the Bank's statutory obligations.

Deposits Through ATM: The amount of the deposit of cash or cheque will be subject to verification by the Bank and this verified amount shall be final and binding on the Customer. The credit for (i) the cash deposits made in the ATMs will be available to the Customer on the following Working Day, and (ii) the cheque deposits will be available to the Customer after the cheque has been duly paid by the payee Bank. The statement issued by the ATM at the time of deposit only represents what the Cardholder purports to have deposited and will not be binding on the Bank. If there are soiled, mutilated notes in such deposits, the acceptance of such deposits shall be subject to final acceptance and reimbursement by RBI as per the Currency Note Refund Rules. Deposits of foreign currency cash/ cheques or any other deposits, which are unacceptable, shall be returned, at the Customers cost, risk and responsibility.

Global Cardholder Assistance Services (Visa Global Emergency Assistance Help lines)

Applicable