1. Regulatory Status
   • The IFSC Branch is registered in the IFSC as a branch of the Bank, a banking company regulated by the Reserve Bank of India. The IFSC Branch is regulated by the IFSCA and is authorised to render financial services in respect of financial products in accordance with the rules and regulations of the IFSCA.
   • IFSC Branch may offer all or part of the Services to the Customers from time to time at its discretion in accordance with the terms and conditions set out in this Terms (defined hereinafter) and the applicable law, rules, and regulations and the Customer confirms its acceptance of these terms and conditions.
2. General Terms
   • Following are the general terms, conditions and rules (‘Terms’), which shall be applicable to the Services provided by the IFSC Branch for all current, loan, savings, term deposit, dematerialised account(s) and such other accounts as may be offered by the IFSC Branch, at its discretion, from time to time (collectively referred to as ‘Account(s)’) and to the other Services as may be offered by the IFSC Branch from time to time.
   • 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(s)/situation/circumstance/ transaction. These Terms are in addition to the terms and conditions as may be specified in any document/facility documents etc. as applicable to a particular Account/ Service(s)/ situation/ circumstance/ transaction and that the Terms and such other documents/terms as may apply to a particular Account/Service(s)/situation/circumstance/transaction shall be binding on the Customer.
   • These Terms, as amended, modified, updated and/or substituted, from time to time, shall be available on the Website at https://www.kotak.com/en/personal-banking/gift/home.html. The Customer acknowledges and agrees that the Bank/IFSC Branch may at its sole discretion add to, modify or amend the Terms (including the Charges) from time to time and the modified Terms will be available on the Website. The Terms as stated herein are not exhaustive and shall be read in conjunction with the terms and conditions applicable to specific product and Services as may be provided by the IFSC Branch to the Customer. The Bank reserves the right, at any time, without previous notice to add, alter, modify, change or vary all or any terms and conditions/Terms, or to replace, wholly or in part, this offer by another offer, whether similar to this offer or not, or to extend or withdraw it altogether. In case of any inconsistency between specific terms applicable to any particular Service and/or product and the Terms, the specific terms and conditions applicable to respective Service(s) and/or product(s) shall prevail over these Terms.
   • The IFSC Branch may publish notices of general nature, which are applicable to the Customers on Website or in any other mode as may be decided by the IFSC Branch. 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(s), 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 IFSC Branch may be required to abide by the rules and regulations of self-regulatory bodies, to which the IFSC Branch 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.
   • The IFSC Branch will not provide services in relation to cryptocurrencies such as maintaining accounts, registering, trading, settling, clearing, giving loans against crypto currencies, accepting them as collateral, opening accounts of exchanges dealing with crypto currencies and transfer/receipt of money in accounts relating to purchase/sale of cryptocurrencies. We at Kotak Mahindra Bank and the IFSC Branch request the Customer not to make any Financial Transaction involving crypto currencies from their Account. However, if done so, basis Bank’s policy, the IFSC Branch would need to close such Account or withdraw any Service(s) 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 IFSCA or any other applicable authority.
   • The Customer’s Account and Service(s) is governed by various policies of the IFSC Branch and other important information which are amended from time to time as per directives from the IFSCA. These can be accessed on the Website at https://www.kotak.com/en/personal-banking/gift/home.html.
3. Definitions

   In the Terms, all the capitalized words and phrases have the meaning stated hereunder unless indicated otherwise:

   ‘Account Holder’ shall mean a Customer holding an Account, and having a client relationship with the IFSC Branch. For the sake of convenience, Account Holder is being referred to in the masculine gender, the reference shall be deemed to include feminine gender also.

   ‘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.

   ‘Authorized Signatory’ in case of a non-individual Customer means an individual expressly authorized by non-individual Customer to operate the Accounts/access Services, as per powers conferred by such non-individual Customer and/or as per the applicable laws and in case of an individual Customer means any individual expressly authorized by such individual Customer to operate the Accounts/access Services, as per powers conferred by such individual Customer and/or as per the applicable laws.

   ‘Bank’ or ‘Kotak Mahindra Bank’ shall mean Kotak Mahindra Bank Limited and its branches, including the IFSC Branch and includes, unless it is repugnant to the context or meaning thereof, its officials, employees, representatives, successors, 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 operations of the Bank.

   ‘Business Day’ shall mean a day (other than a IFSC Branch Holiday) on which the IFSC Branch is open for business.

   ‘Business Hours’ means the time period for which the IFSC Branch is open for business on the Working Days.

   ‘Charges’ shall mean all charges, fees, interest, costs levied by the Bank/IFSC Branch  under/ pursuant to any law with respect to any Account and/or Services and/or otherwise on the Customer and includes government charges, duties or debits or tax payable.

   ‘CRN’ means the Customer Relationship Number that is allocated by the IFSC Branch to each Customer for the purpose of identification.

   ‘Customer’ or ‘Client’ refers to the person or person(s) (including Account Holder) (i) in whose name the Account(s) with the IFSC Branch are existing, or may be opened (changed) now/any time in future; (ii) to whom the Service(s) are made available, wherever applicable, and includes both singular and plural, for purposes of reference to Joint Account holders, individually and collectively; (iii) to whom different financial products are made available by the IFSC Branch, at its sole discretion, from time to time; (iv) any other person or person(s) that the IFSC Branch may consider as a Customer at its sole discretion. 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 and/or is availing Service(s) with the IFSC Branch in accordance with applicable laws. For the sake of convenience, a Customer or Client is being referred to in the masculine gender, the reference shall be deemed to include feminine gender also.

   ‘Electronic Banking’ means all banking transactions and Services over any Electronic Media, carried/availed by the Customer and, in its sole discretion, provided by the IFSC Branch, including but not limited to Net Banking.

   ‘Electronic Media’ means Internet, email and such other medium as maybe introduced by IFSC Branch from time to time.

   ‘Financial Transaction’ shall mean all the transaction(s)/any fund transfer service to send or receive money through Electronic Banking and/or through Society for Worldwide Interbank Financial Telecommunications (‘SWIFT’) system and/or through such other means as the IFSC Branch may permit from time to time.

   ‘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/ IFSC Branch, civil disturbances, wars, war like situations, epidemics, pandemics, riots and insurrections, acts of public enemy, strikes and lockouts, transportation stoppages or slowdowns.

   ‘IFSCA’ means International Financial Services Centres Authority.

   ‘IFSC’ means International Financial Services Centre regulated by the IFSCA.

   ‘IFSC Branch’ means Kotak Mahindra Bank IFSC Banking Unit, GIFT City, IFSC branch of Kotak Mahindra Bank Limited, a branch office registered under the laws of the IFSCA, and having its branch address at, Kotak Mahindra Bank Ltd., 10th Floor, Hiranandani Signature GIFT SEZ, GIFT City, Gandhinagar – 382355, Gujarat, India, and licensed and regulated by the IFSCA.

   ‘IFSC Branch Holiday’ means all Saturdays, Sundays, and any day on which banks are authorised or required to be closed (a) in (i) the State of New York, United States of America and/ or (ii) Mumbai, India and/ or (b) by the IFSCA.

   ‘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.

   ‘Joint Account’ means the Account held by more than one Account Holder.

   ‘Net Banking’ means the Electronic Banking facilities offered by the IFSC Branch, at its sole discretion, over the Internet to carry out various transactions or to avail information.

   ‘Operating Mandate’ means the mode of Account usage as may be specified by the Account Holder at the time of opening the Account with the IFSC Branch and as may be changed by the Account Holder from time to time in the manner prescribed by the IFSC Branch.

   ‘Password’ means and includes any randomly generated secret and confidential code, allotted by the IFSC Branch 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 or to an account of any other person in any other bank or to the Customer’s Account held with the Bank/IFSC Branch or to an account of the Customer in any other bank or to a merchant establishment.

   ‘Personal information’ shall mean any information about the Customer/Account Holder/User provided by the Customer/Account Holder/User to and obtained by IFSC Branch in relation to any Account(s) or Service(s) as provided or maybe provided by the IFSC Branch, at its sole discretion, from time to time.

   ‘RBI’ means the Reserve Bank of India.

   ‘Service(s)’ includes Service(s) through Electronic Media or services related to the Account or any other services as may be offered by the IFSC Branch, from time to time, at its sole discretion, to all or some of its Customers in entirety or part thereof.

   ‘Service(s) through Electronic Media’ means the facilities or services, including but not limited to Electronic Banking and Net Banking, offered/to be offered by the IFSC Branch over Electronic Media, at its sole discretion, to carry out various transactions or to avail information.

   ‘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.

   ‘User’ shall mean and includes the existing Account Holder of IFSC Branch who is availing Net Banking. For the purposes of this document, all references to the User in masculine gender shall be deemed to include feminine gender also.

   ‘User ID’ means and includes code, allotted by the IFSC Branch to the User for operating the Account through Net Banking.

   ‘Website’ means the website of the Bank including the web page, as updated from time to time at the following link on the website of the Bank:[https://www.kotak.com/en/personal-banking/gift/home.html.

   ‘Working days’ means the days, which are not IFSC Branch Holidays.

4. Authorization
   • The Customer irrevocably and unconditionally authorizes the IFSC Branch and/or Kotak Mahindra Bank to access his Account and/or the Personal information registered while authentication, for availing the Service(s) including effecting banking or other transactions of the Customer.
   • The Customer expressly authorizes the IFSC Branch and/or Kotak Mahindra Bank to disclose to the service provider or any other third party, all Customer information in its possession, as may be required by them to provide the Service(s) offered to the Customer.
   • The authority to record the Customer’s details and transaction details is hereby expressly granted by the Customer to the IFSC Branch and/or Kotak Mahindra Bank.
   • The Customer authorizes the IFSC Branch and/or Kotak Mahindra Bank to send any email or display banners or update the Website or any other communication on the Net Banking and/or any other Service(s) page on the Website to inform him about any promotional offers including information regarding IFSC Branch’s and/ or Bank’s new products either now available or which the IFSC Branch and/or Kotak Mahindra Bank may come up with in the future, greetings, banners or any other promotional messages or any other message that the IFSC Branch and/or Kotak Mahindra Bank may consider appropriate for the Customer.
   • The Customer irrevocably and unconditionally agrees that such promotional offers made by the IFSC Branch and/or Kotak Mahindra Bank and/or its agents shall not be construed as a breach of the privacy of the Customer and shall not be proceeded against accordingly.
   • The Customer authorizes the IFSC Branch and/or Kotak Mahindra Bank to send any rejection message or to reject any transaction/request, if it finds that the request sent by the Customer is not as per the requirements stipulated by IFSC Branch and/or Kotak Mahindra Bank for availing the Service(s).
   • The IFSC Branch shall have the option to introduce any new Service(s) at any time in future and the Customer shall be deemed to have expressly authorized the IFSC Branch to register the Customer for such new Service(s).
5. Liabilities and Responsibilities of the Customer
   • The Customer shall be responsible for the accuracy and authenticity of any information/instructions provided by the Customer for availing any Service(s).
   • The Customer shall also be responsible to comply with the applicable Anti-Money Laundering (AML) norms governing such fund transfers as stipulated by the IFSCA and/or applicable laws from time to time.
   • If the Customer suspects that, there is an error in the information supplied to the IFSC Branch, he shall inform the IFSC Branch immediately. The IFSC Branch will endeavour to correct the error promptly, wherever possible, on a reasonable effort basis.
   • Kotak Mahindra Bank and the IFSC Branch shall not be held liable for any loss suffered by the Customer due to disclosure of the Personal information to any service provider or third party by the Bank and/or IFSC Branch, 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 or otherwise.
   • The Customer shall be solely responsible for protecting his Passwords and for maintaining secrecy of his Account details for the use of the said Service(s).
   • The Customer shall be liable to the Bank and the IFSC Branch for any kind of unauthorized or unlawful use of any of the above mentioned Passwords or of the said Service(s) or any fraudulent or erroneous instruction given by the Customer or otherwise and any financial charges thus incurred shall be payable by the Customer only.
   • The Customer accepts that for the purposes of the said Service(s), any transaction emanating from the Service(s) registered in the name of Customer shall be assumed to have initiated by the Customer at his sole discretion.
   • It is the sole responsibility of the Customer to request the IFSC Branch, to suspend the said Service(s) due to change of his registered email address or if the email is hacked or otherwise. The Customer shall also be obliged to inform the IFSC Branch of any unauthorized transaction in his Account, of which he has knowledge.
   • It shall be the responsibility of the Customer to update himself with regard to any information relating to the Service(s) as the IFSC Branch may decide to provide certain other additional services. Kotak Mahindra Bank and the IFSC Branch shall not be responsible for any disregard on the part of the Customer.
   • The Customer shall agree that by use of the Service(s), he shall be deemed to have accepted and agreed to all the Terms and such Terms and conditions shall be binding on the Customer in the same manner as if he has agreed to the same in writing.
6. Terms of Service
   • The Account Holder irrevocably and unconditionally authorizes the IFSC Branch to debit or credit his Account(s) with the IFSC Branch registered for availing the Service(s).
   • For the purpose of availing this Service(s), the Customer shall take all necessary precautions to prevent unauthorized and illegal use of Net Banking and/or any other Service(s) offered by the IFSC Branch.
   • The Customer will be required to register his details including Account details for availing any Service(s) and to send and receive the funds through the said Service(s).
   • The Customer shall be responsible for maintaining the confidentiality of Password and for all the consequences which may arise due to use or misuse of such Password.
   • The Customer shall not use/access Service(s) offered in any manner other than as authorized by the IFSC Branch. In case the Customer uses the Service(s) for any purpose which is illegal, improper or which is not authorised under these Terms/other specified terms & conditions, then the IFSC Branch/ Kotak Mahindra Bank has a right to take all reasonable measures in order to prevent such unauthorised access by the Customer.
   • The Customer confirms that, any instructions given by him shall be effected only after validation of authentic Password/ response to security question used by him or through any other mode as maybe prescribed and allowed by the IFSC Branch, for availing such Service(s).
   • The Customer agrees and confirms that, once the Financial Transaction is materialized, any stop Payment Instructions given by him cannot be accepted and acted upon by the IFSC Branch.
   • The Customer shall, at all times, while utilizing the Service(s) ensure that:
     • He has authority to access and avail the Services obtained and shall duly comply with the applicable laws and regulations prevailing in IFSC.
     • He shall provide IFSC Branch with such information and/or assistance as is required by IFSC Branch for the performance of the Service(s) and /or any other obligations of the IFSC Branch under this Service(s).
     • He shall be responsible for providing the accurate and authentic information/instructions to the IFSC Branch for availing such Service(s).
     • He shall not at any time provide to any person, with any details of Accounts held by him with the IFSC Branch or any other bank including the Passwords, Account number, which are allotted, from time to time and shall not provide to any person with any details of Service(s) availed by him with the IFSC Branch or any other bank including the Password used by him for availing such Service(s).
   • The Customer agrees that the IFSC Branch and Kotak Mahindra Bank shall not be responsible in respect of:
     • Any transactions carried out under the service in good faith relying on Customer’s instructions and information provided.
     • Not carrying out transactions where the IFSC Branch has reason to believe in its sole discretion that the instructions are not properly authorised, genuine or are otherwise unclear, improper, vague or doubtful.
     • For any loss or damage incurred or suffered by the Customer for any error, defect, failure or interruption of the Service(s) or consequences arising out of delayed transfer/remittance and for any reason which is beyond the control of the IFSC Branch.
     • Unauthorized access of any third party to the information/instructions given by Customer to third party using said Service(s).
     • For any direct, indirect, or consequential damages occurred to Customer while availing any Service(s), arising out of any error in the Service(s) and which are beyond the control of the IFSC Branch.
     • Any loss, damage, liability caused or suffered by Customer due to disclosure of all information of confidential nature.
     • Customer agrees that Charges, if any, for the Service(s) offered by the IFSC Branch will be at the sole discretion of the IFSC Branch and the IFSC Branch is at the liberty to withdraw/modify/vary the same from time to time, without giving any notice to me/us.
   • The Account Holder agrees that, if his Account is closed/ blocked pursuant to using the Service(s), for any reason whatsoever, the Account Holder shall settle the issue directly with the IFSC Branch and shall not hold Kotak Mahindra Bank in any way responsible for the same.
   • The Customer shall remain responsible for any and all the transactions made through the Service(s). The IFSC Branch may withdraw or terminate the Service(s) anytime or in case of breach of terms by Customer without a prior notice; or if the IFSC Branch learns of demise, bankruptcy or lack of legal capacity of the Customer or for any reason whatsoever.
   • The Customer agrees to indemnify, defend and hold harmless the IFSC Branch, 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 Customer of any term of these Terms or any other additional terms & conditions and policies of the IFSC Branch and/ or Kotak Mahindra Bank
     • any dispute or litigation caused by Customer’s actions or omissions
     • any negligence or violation or alleged violation of any law or rights of a third party by the Customer.
   • The IFSC Branch may provide all or part or few of Service(s), directly or through its associates or contracted service providers or any other partner agency on its behalf.
7. 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 email 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.
   • The IFSC Branch shall, at all times, have the right to set-off the whole amount lying to the credit of any Joint Account of the Account Holder 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 Accounts can only be operated jointly by all the holders of such Account. 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, if permitted under applicable laws/ regulations of the IFSCA, as the case be. In the event the Account Holders have given an Operating Mandate, the IFSC Branch, at its sole discretion, may permit operation in the account/all or any of the above transactions based on the Operating Mandate by any of the Account Holder. In case the transaction is processed based on a single signature/as per the Operating Mandate, the same shall be binding on all the Joint Account Holders.
8. Non-Individual Accounts

   Accounts held by non-individual 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 IFSC Branch. The Account Holder agrees that all Payment Instruction(s)/other instructions received by the IFSC Branch 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 IFSC Branch in ordinary course till the deletion of name(s) in IFSC Branch’s records and that the Account Holder shall not hold the IFSC Branch and/ or Bank liable or responsible for the same.

9. Acknowledgement
   • The Customer acknowledges that he has read, reviewed and understood these Terms.
   • The Customer unconditionally agrees to abide by the Terms and all the applicable laws including rules and regulations of the IFSCA and rules and regulations of the RBI to the extent applicable or any other regulatory/statutory authority, and all applicable laws and regulations of Customer’s home country, as may be prescribed and as may be amended from time to time. The Customer also acknowledges that the Account or Service(s) 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.
10. Accuracy of Personal Information
    • The Customer is responsible for the correctness of information supplied to the IFSC Branch from time to time.
    • If the Customer has reason to believe that there is an error in the information furnished to the IFSC Branch, he shall immediately advise the IFSC Branch in writing. The IFSC Branch and the Bank shall not be liable for any consequences arising out of erroneous or misleading, incorrect, untimely or incomplete information or any discrepancy in the information furnished by the Customer.
11. Correspondent Bank Relationships

    IFSC Branch may use the service of correspondent banks to provide certain Service(s). IFSC Branch will take due care to protect the interest of the Customer, but the IFSC Branch and/or Bank shall not be responsible if there are any losses/liabilities which arise as a result of any act or omission of the correspondent bank.

12. Disclosure of Information
    • Customer hereby irrevocably agrees to and consents that the IFSC Branch may disclose at any time and share with or in any manner make available to any agencies, bureaus, affiliates, 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 IFSC Branch may hold and process his Personal information on computer or otherwise in connection with any Service(s) for statistical analysis and credit scoring. The Customer also agrees that the IFSC Branch may disclose in strict confidence to other institutions such Personal information as 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.
13. Services Through Electronic Media
    • Service(s) through Electronic Media are provided by the IFSC Branch at its sole discretion and only as a convenience to the Customer. The Customer may avail the Service(s) at his own risk. In addition to these Terms, Customer shall comply with the guidelines for the use, access and operation of the Service(s) through Electronic Media as may be issued by the IFSC Branch from time to time.
    • Availing of any Service(s) 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 Service(s) through Electronic Media would be subject to the applicable laws and at the sole discretion of the IFSC Branch and the Bank. The Bank and/or IFSC Branch 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/User ID or other identifiers of the Customer as issued by the IFSC Branch. The Customer hereby grants express authority to the IFSC Branch for carrying out any transaction received by the IFSC Branch through Electronic Media (using his Password/User ID), post authentication and the same will be deemed to have emanated from such Customer.

    Security and Confidentiality of Password

    • To ensure that the Customer alone is able to access and give instructions through Electronic Media, he must at all times comply with the following security procedures- (i) Customer shall change his Password regularly or if so required by the IFSC Branch; (ii) not choose a Password, which he has used before or which is likely to be guessed by anyone; (iii) to safeguard his Passwords at all times and not to disclose any details of his Password to anyone else (including to Joint Account Holder or a member of the Bank/IFSC Branch staff); (iv) not record Passwords in a way whereby it will be legible or accessible to any third party; (v) preferably memorize Passwords and then destroy any record of it; (vi) not allow anyone to operate the Service(s) 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. The 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. The Customer shall indemnify the IFSC Branch and Bank if any loss is suffered by the IFSC Branch and/or Bank due to failure to comply with the above security procedures.

    Loss of Password / User ID

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

    Liability of the Customer / Rights of the IFSC Branch

    • The Bank/ IFSC Branch may apply such technology as it deems fit to ensure the security of and prevent unauthorized access to the Services through Electronic Media. The IFSC Branch 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.

    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.
    • 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(s) through Electronic Media is for reference purposes only. Account information available through this Service(s) will not reflect Financial Transactions that may be in the IFSC Branch’s hands, but which have not been processed or which still have to be verified for payment. The Bank and/or IFSC Branch 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 IFSC Branch shall endeavor to effect Financial Transactions received through the Electronic Media, provided there are sufficient funds available in Customer’s Account(s), and the Bank and/or IFSC Branch 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 IFSC Branch.
    • IFSC Branch shall execute instruction received basis various channels like electronic confirmation via registered email, post due diligence to validate the Customer and Customer may not be required to submit any physical document to the IFSC Branch for such transactions.

    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 Service(s) through Electronic Media which are compatible with the IFSC Branch’s system. The IFSC Branch 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 IFSC Branch will, at its sole discretion, set and reset, minimum and maximum limits for any Financial 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 IFSC Branch from time to time.

    Access to Services through Electronic Media

    • Access to Service(s) through Electronic Media shall be made available at the Customer’s request and at the IFSC Branch’s discretion. All Accounts linked to the Account Holder may be accessible through Electronic Media, subject to IFSC Branch’s rules. However, the nature of Financial Transactions available on each Account that is accessible will depend on the Account Holder’s Operating Mandate on that Account. In case of non-individual Account Holders, access will be provided based on the Account Holder’s request to those individuals who are so authorized by the Account Holder’s appropriate governing body.
    • In case of dematerialised 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 onus of ensuring adequate Account balances is entirely on the Account Holder. In the event any attempt is made to violate the limits, the IFSC Branch may withdraw the Service(s) through Electronic Media to the Customer or take such other steps as the IFSC Branch may deem fit.

    Excess Credit

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

    Dematerialised Accounts Statements

    • The IFSC Branch may provide a facility to its Account Holders having dematerialised account for receiving statements on email. These statements may include but are not restricted to Financial Transaction statements, holding statements and billing statements. The Account Holder by requesting the IFSC Branch 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 IFSC Branch and/or Bank The Account Holder undertakes to keep the IFSC Branch informed in writing 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 Service(s) as well as other software which is required for availing Service(s) accessing Account through Electronic Media are the legal property of the IFSC Branch/Bank or the respective vendors. The permission given by the IFSC Branch to access the Accounts and utilize the Service(s) 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 IFSC Branch 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. Financial Transactions on Accounts will continue to be guided by prevalent banking practice and the IFSC Branch on best effort basis may display certain pre-defined Alerts. However, the IFSC Branch and/or the Bank shall not be responsible or liable for the timeliness, completeness, accuracy and successful delivery or receipt of the Alerts.
14. Net Banking
    • The IFSC Branch will take reasonably practicable steps to ensure that systems used by it for providing Net Banking 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. The User is aware of the risks, responsibilities and liabilities involved in Net Banking and has after due consideration availed of the same. The User represents and warrants that he has a complete working knowledge of computers/electronic machinery, e-mail and the Internet, which will enable the User to avail the Net Banking.
    • Payment Instruction undertaken by the User may not materialize or get completed by acts or omissions of the persons in whose favour such Payment Instructions have been effected. The Bank and the IFSC Branch shall not be responsible and/or liable or in any way involved in such Financial Transaction of the User not materializing or getting completed.
    • The User agrees that, he is not entitled to consolidate amounts available in his different Accounts maintained with the IFSC Branch for making payments using Net Banking. Therefore, at one given point of time, the User is entitled to use funds available in particular Account which he has chosen for making payment using Net Banking.
    • Any Financial Transaction as per the Payment Instructions of the User may not materialize or get completed for any reason whatsoever and for such non materialization and/or non- completion of the Financial Transaction, the Bank and/or IFSC Branch shall in no way be responsible. The User understands that the IFSC Branch is only providing Service(s) of transfer of funds pursuant to User’s Payment Instructions.
    • The terms and conditions applicable in respect of Net Banking are made available on the Website at https://www.kotak.com/en/personal-banking/gift/home.html and the User is required to read the same before availing of Net Banking. If the User avails of the Net Banking it would be deemed that he has accepted and is bound by these Terms for Net Banking.
    • Protecting Against Viruses: User must take all reasonably practicable measures to ensure that User’s system or any computer or other equipment or device from which User 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 and the IFSC Branch will take steps to prevent introduction of Virus and other such destructive materials on the Website, it does not represent, warrant or guarantee that the Website or the content downloaded from the Website or linked Websites do not contain such Viruses or destructive material. The Bank and/or IFSC Branch is not liable for any damage or harm attributable to such virus or destructive materials. The Bank and/or IFSC Branch does not warrant that the Bank’s Website or functions thereof will be uninterrupted or free of any error or defect.
    • Password(s)/Access: The User will be allotted Passwords/ User ID by the IFSC Branch to avail of the Net Banking. The IFSC Branch shall send the same through a Password protected pdf emailed to the registered email (‘Mailer’) of the User. 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 and/or avail any other Service(s), as the case maybe. The terms and conditions governing User ID are also applicable for nick name. User’s access to Net Banking will be disabled if wrong Password is entered successively three times (or number of attempts as decided by the IFSC Branch from time to time). In such event, the IFSC Branch may automatically reactivate access after a specific interval. The IFSC Branch may decide to disable Password in case the Service(s) are not used for a continuous period, as decided by the IFSC Branch. The User may also request for temporary disabling of access. To reactivate access to Net Banking, the User must intimate the IFSC Branch by way of an email sent through his registered email address or such other mode as may be prescribed by the IFSC Branch, providing certain details as may be required or prescribed by the IFSC Branch and the information so sent shall be deemed to be correct.
    • Extent of Liability for Loss or Damage: Bank/ IFSC Branch will not be liable for any loss or damage, whether direct, indirect, consequential, remote or special, that may be suffered by the User as a result of making/not making the Net Banking available to User. Following are the illustrative list (but not exhaustive) of circumstances in which Bank/IFSC Branch shall NOT be liable to User: (i) When such loss or damage arises out of Force Majeure or Technical Snags; (ii) any incompatibility between User’s system and the IFSC Branch’s system; (iii) any misuse of User’s system by him or anyone else; (iv) any access to information about User’s Accounts which is obtained by a third party as a result of User using the Net Banking; (v) use by any third party of User’s Password; (vi) loss/distortion/ corruption of data during transmission or otherwise; (vii) any loss/delay due to circumstances beyond IFSC Branch’s control, (viii) unavailability of Net Banking during the Business Hours; and/or (ix) 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 of the instructions received or any act or even beyond control of Kotak Mahindra Bank.
    • The User acknowledges and agrees that the IFSC Branch and Kotak Mahindra Bank remains a mere facilitator for this Service(s) and that the IFSC Branch and Kotak Mahindra Bank do not warrant or claim any responsibility for this Service(s) nor does the IFSC Branch and/or Kotak Mahindra Bank endorse any such Service and/or its standing or reputation whatsoever and IFSC Branch and/or Kotak Mahindra Bank shall not be 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.
    • The User expressly authorizes the IFSC Branch 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 Net Banking without the IFSC Branch/Bank having to verify the authenticity of any request or transaction purporting to have been received from the User through the Net Banking.
    • The User shall be solely responsible and liable for Financial Transactions through Net Banking to the correct beneficiary.
    • 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 or any other service offered through the Net Banking.
    • This Service(s) will be provided by IFSC Branch at the request of the User to enable them to send or receive the funds through Net Banking to the accounts provided by the User and based on the Payment Instructions received from the User.
    • The User shall be liable for all loss caused due to negligent actions or a failure on his part to immediately notify the IFSC Branch within a reasonable time, about any unauthorized use/access made on his behalf under Net Banking or misuse of Password or any other breach of security in relation to any Service(s), of which he has knowledge.
    • The User understands and agrees that the Bank may offer this service directly or through any other partner agency.
15. 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 IFSC Branch; (iv) the Personal information provided by the Customer to the IFSC Branch 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 fulfilment of these Terms.

16. Limitation of IFSC Branch and Bank’s Liability
    • The IFSC Branch shall take all care to provide secure and error free Service(s) to its Customers on reasonable effort basis. The Bank and IFSC Branch 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/ IFSC Branch or not.
    • Without prejudice to the above, the Bank/ IFSC Branch shall not be liable to the Customer or any third party for any loss or damage suffered due to the following reasons: (i) Any action carried on by the Bank/ IFSC Branch in good faith, based upon the instructions of the Customer, by exercising due diligence, or taking reasonable care; (ii) Any unauthorized, unlawful and illegal Financial 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; (iii) Intrusion or hacking into the computer systems/network or communication network of the Bank/IFSC Branch; (iv) Failure to carry out any instructions of the Customer due to insufficiency of balance in the Customer’s Account(s); (v) Failure of the Customer to access the Account or avail of any Service(s) due to any Force Majeure Event or any Technical Snags or any other reason beyond the control of the IFSC Branch; (vi) Failure of the Customer to inform the IFSC Branch when the Customer’s Account is being illegally used or Service(s) illegally availed of by third parties; (vii) 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 Service(s); (viii) Failure to provide or provision of inaccurate, incorrect information by the Customer, whether personal or in respect of any Account or Service(s); (ix) Any stop Payment Instructions or such instruction of the Customer being/not being carried out or any delay thereof; (x) Violation of any Indian law or IFSC law or foreign law; or (xi) breach of any of the Terms by the Customer or any other person with/without the consent of the Customer; (xii) for the performance of any service provider/other third party/entity involved in the process of imparting Services by the IFSC Branch.
    • In the event that the Bank and/or the IFSC Branch is held liable for any loss or damage to Customer as a result of use of any Service(s) provided by the Bank/IFSC Branch, Bank/ IFSC Branch 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 proved to be caused by IFSC Branch’s gross negligence or wilful default and the IFSC Branch/ Bank shall not be liable for any incidental, indirect, remote, consequential, special loss or damage in this regard.
17. Force Majeure / Technical Snags

    Notwithstanding anything to the contrary contained herein, nothing herein shall apply if the IFSC Branch/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 IFSC Branch.

18. Indemnification

    The Customer agrees to and shall indemnify and hold the IFSC Branch and the Bank and each of the employees, agents, consultants contractors, content providers or representatives of the IFSC Branch and 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 IFSC Branch and/or 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 Service(s) 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 IFSC Branch/ Bank or, (iv) by reason of the IFSC Branch/ 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 IFSC Branch 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 Financial Transactions; (b) Failure to keep confidential and secure the Passwords from third parties; (c) Failure to inform the IFSC Branch 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 IFSC Branch/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 IFSC Branch/Bank in respect of Accounts or Service(s) as may be applicable at the relevant time; (g) Failure to comply with these Terms and any agreement between the IFSC Branch and the Customer.

19. Applicable/Governing Law and jurisdiction of courts
    • These Terms, Accounts/Service(s) and obligations of the IFSC Branch shall be governed and be subject to laws and guidelines as may be issued by IFSCA from time to time and as applicable in IFSC from time to time. The IFSC Branch and/or 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 Service(s) can be accessed through Internet 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.
    • The Courts of Gandhinagar shall have the exclusive jurisdiction to decide any dispute in respect of the Terms. Notwithstanding the above, the Bank and/or the IFSC Branch has the right to bring/file a claim in any other competent court or judicial forum having jurisdiction, whether in or outside India.
    • In the event of any breach or apprehended/threatened breach of the Terms or the specific terms and conditions in relation to any Service(s) and/ or any other agreement between the IFSC Branch and the Customer/the Customer’s authorized representative(s)/employees/ relatives/affiliates, the IFSC Branch shall be entitled, in addition to all other remedies, to an injunction, restraining any such breach. In the event of any breach or threatened breach of the Terms or specific terms and conditions in relation to any Services between IFSC Branch and the Customer or any other agreement with the IFSC Branch/Bank, by the Customer/Customer’s authorized representatives/employees, the Customer shall cooperate with the IFSC Branch in such manner as may be required to restrain such breach, including the pursuit of all legal remedies.
20. 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(s), as the case may be. The IFSC Branch and/ or 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 Financial Transactions they carry out, in India or abroad, through their Accounts or Service(s). The IFSC Branch and/or Bank shall not be responsible or liable to any third party for the Customer’s violation of any law.
21. Maintenance and Preservation of Records

    IFSC Branch, at its sole option and discretion, shall maintain or destroy such records of transaction in respect of the Accounts or Service(s), as the IFSC Branch may deem fit or as mandated by the IFSCA or the applicable law in the IFSC. The Customer shall not question the validity and correctness of the same. All records generated by the transactions arising out of use of the Service(s), including the time of the transaction, beneficiary details, etc., recorded shall be conclusive proof of the genuineness and accuracy of the transactions. In the event of any dispute or conflict between the records kept by the IFSC Branch and those of the Customer, IFSC Branch’s records shall be conclusive and binding.

22. Right to Set-Off/Lien
    • The IFSC Branch shall have the right of set-off and lien, irrespective of any other lien or charge, present/future on fixed deposits held in the Account Holder’s Accounts, whether in single/joint name(s), in any of the Accounts of the Account Holder maintained with the IFSC Branch, and over any and all securities of the Account Holder lying or that may come into the possession of the IFSC Branch from time to time, for safe keeping or otherwise, to the extent of all outstanding dues, whatsoever, and howsoever arising.
    • The IFSC Branch has the irrevocable right to reverse any entry (debit or credit) made in the Account with reference to any Financial 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 IFSC Branch. The IFSC Branch shall have a lien on the Account of the Account Holder to recover such costs/damages/liability that the IFSC Branch/Bank may incur and shall have the right to claim and recover any shortfall from the Account Holder.
23. Tax Deduction at Source (TDS)

    If required under applicable law, 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 IFSC Branch on a quarterly basis covering all interest accruals/payments for that quarter of the financial year consolidated for all deposits.

24. Miscellaneous
    • Customer agrees that the IFSC Branch may sub-contract and employ agents, consultants, contractors, content providers or representatives to carry out any of the provisions of Service(s). The Bank and the IFSC Branch 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 IFSC Branch/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 Customer. The IFSC Branch 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 IFSC Branch’s right to enforce that provision strictly at any other time.
    • In the event that any provision of these Terms 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 the remainder of these Terms shall continue in full force and effect.
    • The IFSC Branch reserves right to amend, modify or withdraw, without attracting any claim/s, any or all Service(s) if it finds them to be unviable or prone to unacceptable risks.
    • The Terms herein are to be read in conjunction with the client agreement and product/ Service(s) specific terms and conditions. In case of any conflict in interpretation between these Terms, client agreement, and the product/Service(s) specific terms and conditions, the interpretation of product/ Service(s) specific terms and conditions, in such regards shall prevail.
25. Services Discontinued
    • IFSC Branch may at its absolute discretion, close any Account or terminate any of the Service(s) 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 IFSC Branch may at any time without notice, as the circumstances in the IFSC Branch’s absolute discretion may require, discontinue/modify/cancel/terminate the Service(s), if the IFSC Branch is of the opinion that continuation of Service(s) is prejudicial to IFSC Branch’s interests. IFSC Branch/Bank shall not be made liable for any consequences arising out of such closure of Account or termination of Services.
    • The IFSC Branch shall also be entitled to freeze operations in the Account of an Account Holder with or without notice, if the IFSC Branch suspects any fraud/mischief/im-personification etc., for such period as it may deem fit until it has received full clarification sought from the Account Holder and/or until it is convinced that operations in the Account can be re-permitted. The Account Holder shall provide all clarifications, if any, sought by the IFSC Branch and the IFSC Branch shall not be held responsible or liable for any losses, expenses, cost etc. suffered or incurred by the Account Holder by reason of freezing of the Account. The IFSC Branch pursuant to any notice received from any regulatory/statutory authority including Income Tax/PF/Excise or judicial authority or order of court of law 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 concerned authority/law without any notice to the Account Holder.
    • Customer may close his Account or discontinue availing of any Service(s) at any time. IFSC Branch shall be entitled to refuse the closing of the Account till such time that all Charges payable by the Customer to the IFSC Branch have been paid in full. The IFSC Branch 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 Service(s) associated with such an Account would be automatically terminated.
    • Without prejudice to the IFSC Branch’s right to claim from any of the Customer’s funds/ assets/Account(s) in the IFSC Branch’s possession or care, the Customer hereby unconditionally, irrevocably and without demur agrees and undertakes to immediately pay the IFSC Branch, in such manner as specified, upon the IFSC Branch’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 IFSC Branch’s demand for the sum specified therein.
26. Address and Email
    • IFSC Branch shall send all communications, correspondences, account statements, etc. to the Customer at the its registered email address, at the discretion of the IFSC Branch.
    • The Customer must promptly notify the IFSC Branch any change of his registered emailing address/registered address in writing. However, if any email address is to be changed as the registered email address, the communication could be sent by any other mode acceptable to the IFSC Branch. Change of any of the registered email address will be applicable to all the Accounts of the Account Holder wherein he is the sole or the primary holder, unless otherwise indicated. In case of Joint Account with joint Operating Mandate, no change in registered email address/registered address shall be effected unless communicated by all the holders.
    • All communications, correspondences, account statements shall be deemed to have been validly given on the Working day immediately after the date of confirmation of transmission recorded on the IFSC Branch’s computer in case of e-mail transmission. If the Customer does not receive any email by the IFSC Branch at such address due to any reason whatsoever, the IFSC Branch/ Bank shall not be responsible. In case of non- delivery or non-receipt of the email, IFSC Branch/Bank will not be responsible or liable to re-send the same.
27. Communication by Customer

    The Customer should communicate with the IFSC Branch only via the mode that is specified by the IFSC Branch and no other mode. IFSC Branch is not bound by communication received via any other mode. Specifically, if certain kinds of transaction requests are not allowed through available Services, the same should not be used. All communication whether in writing or otherwise shall be valid only if the same is sent in the format (if any) prescribed by the IFSC Branch.

28. Instructions

    The IFSC Branch and/or 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 IFSC Branch and/or Bank to pay a third party sooner than it would been able to pay following normal banking practices. The IFSC Branch 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. For stop payment instructions and other urgent/ important request, the Customer should write to and follow up with the IFSC Branch and ensure that each such instruction is acknowledged and expressly accepted by the IFSC Branch, and that the Bank/ IFSC Branch shall not be subject to any damages or liability in consequences thereof.

29. Holiday Processing

    Any Financial Transactions on a IFSC Branch Holiday or after Business Hours shall be shown in the Account, at the sole discretion of the IFSC Branch, as having taken place on the succeeding Working day and not the actual day of the Financial Transaction and all deductions/accretions on such amount shall be deducted/accrued as of such Working day. IFSC Branch/Bank shall not be responsible for any loss of interest or liability incurred/suffered by the Customer including but not limited to loss of interest arising due to such Financial Transaction being not shown on the day the same actually occurred. Exchange rate for any Financial Transaction shall be applied on the basis of IFSC Branch determined/applied rates, subject to next Working day requirements or as otherwise may be made applicable by the IFSCA.

30. Addition or Deletion of the Name
    • IFSC Branch 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 Account Holders/individual depositor, as the case may be, shall provide such information and documents as may be required by the IFSC Branch. 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 IFSC Branch 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.
31. Death or Incompetence
    • Nomination facility is available in accordance with applicable IFSC laws. Account Holder is advised to designate a nominee while opening the Account.
    • In case of Joint Accounts or in case of non-individual Account, the Account Holder agrees and undertakes to notify the IFSC Branch 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. IFSC Branch 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 IFSC Branch 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 Account Holder, the IFSC Branch will be discharged of its liability by making the payment to the nominee upon the terms and conditions as may be specified by the IFSC Branch at the relevant time, unless specifically prohibited by an order of the court. In the absence of any nominee, the IFSC Branch 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 applicable law for the time being in force in the IFSC.
    • In case of Joint Account, such Joint 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.
32. 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 any Accounts shall be at such rate or rates as may be determined by the IFSC Branch 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 Account Holder, the IFSC Branch shall have a lien to the extent of the Charges over the amounts that may be credited in the Account. The IFSC Branch 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 Account Holder. The IFSC Branch will be entitled to recover its Charges from any credit balance lying in any of the Accounts of the Account Holder, without any prior or post notice to the Account Holder.
    • Any Charges as a result of the use of the Service(s) shall be the sole responsibility of the Customer and if imposed upon, the IFSC Branch shall debit such Charge to the Account. Account Holder hereby authorizes the IFSC Branch to make deductions from the Account and undertakes to indemnify the IFSC Branch and Bank against any expenses the IFSC Branch/ Bank incurs in collecting money that the Customer may owe in connection with the Services (including without limitation reasonable attorney’s fees to the extent permitted by law).
33. Funds Transfer
    • The Account Holder shall not attempt to transfer funds without sufficient funds in the concerned Account.
    • The IFSC Branch may, at its discretion, carry out the instructions notwithstanding inadequacy of funds/credit facility without prior approval from or notice to the Account Holder and the Account Holder shall repay with interest the resulting overdraft/advance/credit and all related Charges and interest on the excess amount, at such rates as the IFSC Branch may levy.
    • The Bank/IFSC Branch shall not be liable for any omission to make all or any of the payments or for late payments due to any reason whatsoever.
    • The funds transfer will be undertaken by the Account Holder in a manner as allowed under the applicable laws/regulations/rules in relation to the same as may be prescribed by the IFSCA from time to time and as prescribed by the Bank/IFSC Branch from time to time.
34. Privacy of Data

    Customer’s data will not be shared with online retail merchants or merchants or any other third parties without prior consent save as otherwise required under applicable laws or by regulatory authorities or governments or a judicial body in relation to any transactions for which Net Banking and/or Service(s) are used. The Customer acknowledges and agrees that the IFSC Branch may keep their data and also may disclose such data, if required to do so by applicable law, in the good faith belief that such preservation or disclosure is permitted by applicable law, or as reasonably necessary to (i) comply with legal process or (ii) enforce the Terms.

35. Age and Responsibility
    • Except as otherwise provided by applicable law or in the Terms, the Customer understands that it is financially responsible for all uses of Net Banking and/or Service(s) and those authorized by the Customer to use their data, Password or other verification information.
    • Certain websites/the IFSC Branch, at a later date, may provide for any additional authentication in addition to what has been requested for. The Customer agrees to validate such requirements at a future date.
36. Conduct Guidelines
    • The Customer agrees not to:
      • Impersonate any person or entity using Net Banking and/or Service(s)
      • Upload, post, email or otherwise transmit any material that contains software Viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment used by Net Banking and/or Service(s)
      • Spam or flood Website
      • Modify, adapt, sub-license, translate, sell, reverse, engineer, decompile or disassemble any portion of Website or Service(s) or the software used in connection with Net Banking and/or Service(s)
      • Remove any copyright, trademark, or other proprietary rights notices contained in Net Banking and/or Service(s)
      • “frame” or “mirror” any part of Net Banking site or Service(s) site without IFSC Branch’s prior written authorization
      • Use any robot, spider, site search/retrieval application, or other manual or automatic device or process to retrieve, index, “data mine,” or in any way reproduce or circumvent the navigational structure or presentation of Website or Service(s) or its contents
      • otherwise interfere with, or disrupt, Net Banking and/or Service(s) or servers or networks connected to Net Banking and/or Service(s), or violate these Terms or any requirements, procedures, policies or regulations or of any networks connected to Website; or
      • intentionally or unintentionally violate any applicable local, state, national or international statute, regulation, regulatory guideline or judicial or administrative interpretation, or any rule or requirement established by the IFSC Branch/Bank in connection with the use of Website by the Customer.
37. Account Statements
    • Account statements for each Account shall be issued on a frequency as determined by the IFSC Branch at its sole discretion for each Account. The Account Holder acknowledges that the statements of Accounts sent to him by the IFSC Branch may not be signed on behalf of the IFSC Branch.
    • If the Account Holder notices any error in the account information supplied to him by the IFSC Branch, he shall intimate the IFSC Branch accordingly within fifteen (15) days of receipt of the statement of Account, failing which it would be deemed to have been accepted by the Account Holder. If the Account Holder becomes aware of any transaction on any of his Accounts that has not been validly authorized by him, he shall inform the IFSC Branch immediately. IFSC Branch will endeavour, but is not obliged, to correct the error promptly and adjust any interest or Charges arising out of such error. IFSC Branch reserves the right to rectify discrepancies in the Account statement, if any, at any point of time. IFSC Branch/ Bank shall not be liable for any consequence arising out of any delay, lapse, omission, or neglect on part of the Account Holder to notify the IFSC Branch about any such doubtful debit/withdrawal and the Account Holder solely is liable for any consequences or losses that may occur. If Account Holder delays in examining the statement or in reporting a problem, it may affect IFSC Branch’s ability to resolve the problem. The Account Holder authorizes the IFSC Branch to engage and utilize the services of third parties/vendors to prepare and mail the statements and/or other documents/material. IFSC Branch and/or Bank is not responsible for statements lost in mail.
    • The Account Holder should contact the IFSC Branch for duplicate statements, if required. Statements or messages sent from the IFSC Branch through Electronic Media, 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 IFSC Branch/ Bank is not and cannot be responsible or made liable for such transmission. In the event that the statements/ messages as sent to the Account Holder 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 IFSC Branch, the latter shall prevail. The Customer agrees to pay any Charges levied by the IFSC Branch for issuing duplicate statements.
38. Foreign Exchange Financial Transactions and Exchange Rate
    • All Financial Transactions conducted in the Account involving foreign exchange including the applicable exchange rate will be as per the regulatory guidelines issued from time to time and the IFSC Branch’s decision in this regard will be final and binding.
    • The IFSC Branch will execute foreign exchange (FX) Financial Transaction at the applicable exchange rate. The Customer shall note that the IFSC Branch may quote the exchange rate upon considering various factors including IFSC Branch’s reference market rate (at its discretion).
    • The “applicable exchange rate” will be a foreign exchange rate quoted by the IFSC Branch after taking into account, inter-alia, reference market rate, risk factors, costs and spread, as may be determined by the IFSC Branch. There could be variations in Customer’s assessment on the forex rate vis-à-vis IFSC Branch’s quote. The Customer shall independently assess whether the exchange rates quoted by the IFSC Branch are suitable for the Customer, prior to booking any forex deal with the IFSC Branch. The Customer shall not dispute or raise any objection after booking a forex deal with the IFSC Branch.
39. Remittance involving India

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

40. Confirmation of Trade

    The terms and conditions as provided in Annexure I shall apply in respect of the process of confirming trade by the Customer, through Electronic Media (other than Net Banking) with the IFSC Branch (being a professional clearing member).

41. Entire Agreement

    These Terms, together with the annexures hereto and with such other documents/terms as may apply to a particular Account/ Service(s)/ situation/ circumstance/ transaction, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. All the annexures form an integral part of these Terms.

42. The contents of the Terms together with the annexures and with such other documents/terms as may apply to a particular Account/Service(s)/situation/circumstance/ transaction shall always be binding on the Customer.
43. Complaints Redressal
    • The IFSC Branch take complaints against them very seriously and maintains a procedure to ensure that complaints are dealt in a fair, consistent and timely manner and with all due courtesy. If the Customer wishes to register their complaint, the Customer shall send an email to [email protected]. If the IFSC Branch cannot resolve the Customer’s complaint straight away, the IFSC Branch will acknowledge its receipt promptly and provide the Customer with a response, advising the Customer of any delay (including the reason) in dealing with the complaint and give an indicative date when a final response will be provided.
    • A copy of complaints handling procedure is available to the Customer free of charge upon such request by the Customer to the IFSC Branch in writing.

Annexure I

CONFIRMATION OF TRADE

• The following terms and conditions (‘Annexure Terms’) shall apply in respect of the process of confirming trade by the Customer, through Electronic Media(other than Net Banking) with the IFSC Branch (being a professional clearing member).
• In this Annexure I:

‘Confirmation’ shall mean a confirmation of trades done by the Constituent through a trading member or trading members on the relevant exchange.

WHEREAS

• The IFSC Branch, being a clearing member of a recognised stock exchange in IFSC, has agreed to clear & settle the trades done by the Account Holder (also referred to as ‘the Constituent’ in this clause) through a trading member or trading members subject to the terms and conditions of relevant agreements, and the rules, bye laws and regulations of applicable clearing corporations and relevant exchanges (‘Rules’).
• Pursuant to the relevant agreements and in terms of the applicable Rules, the Constituent is required to communicate its Confirmation pertaining to various trade summary sent by the IFSC Branch in respect of Constituent’s trade(s) on the relevant exchanges for the purpose of clearing and settlement with the applicable clearing corporations (‘Trades’). For this purpose, the Constituent has to provide Confirmation through various modes including but not limited to e-mail and/or fax transmission and/ or any other Electronic Media, as may be prescribed by the IFSC Branch, from time to time.
• The Constituent has represented that it is well versed in the use of computer systems and has understood to its complete satisfaction the process and working of the online systems and Electronic Media (other than Net Banking) to provide Confirmation as the IFSC Branch may require from time to time and in a manner as prescribed by the IFSC Branch from time to time.
• NOW, THEREFORE, in consideration for the mutual covenants contained herein, the adequacy, receipt, and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
• Acceptance of Confirmation Through Electronic Media (other than Net Banking): The Constituent hereby confirms, accepts, agrees/acknowledges:
  • that the report of Constituent’s trades at the relevant exchanges could be made available by the IFSC Branch in the electronic form on the secure system of the computer resource, for the Constituent to verify and provide Confirmation for trade(s) which could be cleared in terms of the relevant agreements and Rules.
  • to ensure that the secure Passwords are used as per the Terms on the secure system of computer resource.
  • to ensure that only the authorised personnel gives Confirmation on behalf of the Constituent on the internet platform.
  • that the Confirmations once provided by it would not be considered as duly submitted for acceptance by the IFSC Branch unless the IFSC Branch approves it on the Electronic Media (other than Net Banking).
• Representations and Warranties by Constituent: The Constituent represents and warrants that:
  • all corporate and other permissions, approvals, licences, consents, registrations and authorisations (if any) required under applicable law or under any contract or arrangement enabling the Constituent to enter into these Annexure Terms and to perform its obligations herein are in full force and effect.
  • each of the following statements are true and accurate as on the date of these Terms and shall continue to be true and accurate:
    • It has the power to enter into and perform its obligations under these Annexure Terms and each of the other documents referred to in these Annexure Terms to which it is a party/required to be a party;
    • it has all necessary consents, licences and approvals in connection with the entry into and performance of its obligations under these Annexure Terms;
    • Being a party to these Annexure Terms and performing its respective obligations under these Annexure Terms will not violate or conflict with, or exceed any limit imposed by (i) any law or regulation to which such party is subject to, (ii) its Memorandum and Articles of Association or other applicable constitutional documents (iii) any other agreement, instrument or undertaking binding upon it; or (iv) any order, judgment and decree applicable to it.
    • the recitals to these Annexure Terms are true and accurate insofar as they relate to it.
• Each of the warranties shall be construed as a separate warranty and (save as expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of any other warranties or any other term of these Annexure Terms.
• Limitation of Liability
  • The IFSC Branch/Bank does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the Internet and/or electronic platform or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. The IFSC Branch/Bank shall not be subject to any damages or liability for any errors, omissions, or delays therein. The IFSC Branch/Bank makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the Constituent, or any other person or entity from the use of the Electronic Media (other than Net Banking) or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall the IFSC Branch/Bank be liable for any direct, indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. The IFSC Branch/Bank does not warrant that the services provided under these Annexure Terms will be trouble free or uninterrupted. The IFSC Branch would be deemed to have delivered to the Constituent any document and/or report, if such document/report is uploaded or sent via Electronic Media (other than Net Banking). Failure to advise the IFSC Branch of any difficulty in opening a document so delivered within twenty-four (24) hours after delivery shall serve as an affirmation regarding the acceptance of the receipt of such document and/or reports.
  • The IFSC Branch/Bank shall not be liable for any loss, damage, costs, claims, expenses etc. whatsoever: (i) arising from mechanical or electrical or network breakdown or power failure or malfunction of any computer and/ or data transmission or software or receiving apparatus and/or auxiliary equipment or delay in operation or transmission, or computer Virus or system failure or any other cause beyond the reasonable control of the IFSC Branch, or (ii) based upon direct, special, indirect, economic or consequential loss or damage including, but not limited to loss of profit, business revenue, opportunity costs, goodwill or anticipated savings, or (iii) caused or contributed to by any event of Force Majeure, or (iv) any other way arising due to reasons not being gross negligence or wilful default of the IFSC Branch.
  • Neither IFSC Branch nor the Bank nor their respective directors, managers, officers, governing body members and employees guarantee the sequence, accuracy or completeness of information/data provided under Electronic Media.
  • The IFSC Branch/Bank and the directors, managers, officers, governing body members, employees of the IFSC Branch/Bank shall not be liable in any way to the Constituent or to any other persons, for any delays, inaccuracies, errors in or omissions from the information/data provided in relation to availing services under these Annexure Terms, or in the transmission thereof, or any non-performance or interruption of Service or for any damages, consequential or otherwise, arising therefrom or occasioned thereby.
  • The IFSC Branch may at any time and without any notice to the Constituent, withdraw or suspend the facility available pursuant to these Annexure Terms, at its discretion, without incurring any liability whatsoever. The Constituent acknowledges that there are other modes of confirming the Trades and by availing this facility in accordance with/pursuant to these Annexure Terms, the Constituent shall not absolve itself from any liability under the relevant agreements and rules and in absence of this facility, the Constituent shall communicate its Confirmations from such other modes as may be required and acceptable to the IFSC Branch without any demur or protest. The Constituent expressly agrees that use of the services pursuant to these Annexure Terms is at its sole risk.
• Indemnity: In consideration of the IFSC Branch agreeing to provide this facility to the Constituent, the Constituent hereby irrevocably and unconditionally agrees to indemnify and do hereby indemnify the IFSC Branch, Bank, its directors and officers, governing body members, representatives and employees (each an ‘Indemnified Party’) and keep the Indemnified Party at all times saved, harmless and indemnified from and against all actions, suits, proceedings, costs, claims, demands, charges, expenses, losses and liabilities howsoever arising in consequence of or related to this writing or in any way arising from breach of the Annexure Terms by the Constituent.

“I/WE CONFIRM THAT I/WE HAVE READ AND UNDERSTOOD & AGREE AND ACCEPT THE ABOVE TERMS READ TOGETHER WITH THE ANNEXURES AND WISH TO PROCEED TO THE WEBSITE”