Terms & Conditions for use of electronic signatures- Wealth Clients
1. Customer understands and agrees that for processing financial transactions which includes RTGS, NEFT, MTRF, Tax payment etc. and for account maintenance related activities, each instruction shall be supported with electronic signatures of the Customer or the duly authorized person of the Customer.
2. Customer shall sign documents/ instructions using electronic signatures. The Customer shall always affix the electronic signatures by logging in through the email address of the Customer last registered in the Bank’s records. Usage of any other email address for affixing electronic signatures, without first registering the same with the Bank would, in Bank’s sole discretion lead to rejection of the document sent or instructions of the Customer. Any The Bank shall share the instructions for affixing electronic signatures, with the Customer, on the Customer’s last registered email address. It is hereby clarified that the Bank may, without being obliged to do so, at its sole discretion rely and act on the documents/instructions affixed with electronic signatures using an e-mail address of the Customer, which is not registered with the Bank.
3. The Customer hereby requests and authorizes the Bank to rely upon and act or omit to act, at its absolute discretion, in accordance with any instructions submitted to Bank for processing NEFT/RTGS transactions using electronic signatures. The documents/instructions for NEFT/RTGS transactions (or for other transactions as approved by the Bank at its sole discretion) may be submitted through and affixed with electronic signatures by use of a third party platform. Customer understands that documents received in electronic form online (or electronically signed) are equivalent to physical documents with wet signatures.
4. Customer understands and agrees that requests with electronic signatures raised to the Bank shall not be separately sent later via any other medium (physical/email) to avoid duplication and Bank shall not be responsible for any such duplicate request processed by it.
5. The Customer declares and confirms that the Customer has for the Customer's convenience and after being fully aware of, and having duly considered, the risks involved (which risks shall be borne fully by the Customer) requested and authorised the Bank to act on instructions signed electronically.
6. The services of sending electronically signed information/documents/instructions require engagement of third parties and uploading of the documents on their platforms for the purpose of obtaining electronic signatures of the Customer on those documents. The Customer understands that those third parties may indefinitely keep any and all the data relating to the instructions, execution of document for their internal purposes or audit purposes and / or for meeting their regulatory requirements. The Bank may use the electronically signed documents/instructions, take print outs, make copies and use those for any purposes for its records, protection or enforcement of its rights including as an evidence of Customer having electronically signed the document/instruction. The Customer shall not be entitled to challenge the veracity, genuineness or authenticity of the electronically signed document/instruction for any reason whatsoever. The Customer confirms that electronically signed documents constitute valid, legal, effective and enforceable obligation on the Customer to the Bank.
7. The Bank shall be entitled to fully rely on the authority of the persons electronically signing the documents/instructions on behalf of the Customer, without being required to check the validity of internal authorization provided by the Customer. It shall be sole responsibility of the Customer to ensure that the person/s electronically signing the documents is/are validly authorized in respect of the documents electronically signed by them on behalf of the Customer and the Bank shall be fully entitled to treat such documents as validly executed by the Customer.
8. Customer understands that the electronic signatures used by Customer is not expired and valid at the time of execution of the instructions/forms/document. The Customer confirms that its electronic signature, has always been in its custody and it has taken extraordinary care to ensure that such electronic signature is not accessed in an unauthorized manner howsoever
9. Customer understands and agrees that Bank shall under no circumstances be held for any direct or indirect damages or loss of any kind whatsoever caused due to any act or omissions as a result of using the third party platform or any such contents or for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained on the third party’s platform. No representations, warranties or guarantees whatsoever are made by the Bank as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the services provided by any third party.
10. Customer understands and agrees that time of processing of instructions received with electronic signatures 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 of the Bank. 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.
11. Customer confirms and agrees that once Customer has given an instruction using electronic signatures, the Customer will not be able to reverse it. The Bank is under no obligation to reverse any instruction once received and processed by the Bank; 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 as and when informed by the Customer and on a best effort basis, try to reverse entry to the extent that is possible under the rules and practices of the banking system at a cost to the Customer and Bank shall have no liability, of any kind, arising due to non-reversal of such instruction.
12. The Customer agrees that Bank has every right to reject the processing of any instruction, if there is any erroneous, incomplete, garbled, self- contradictory, unclear or misleading information provided by the customer or for any other similar reason whatsoever with/without assigning any reason. The Customer confirms that the Customer shall not hold the Bank responsible or liable for any loss on any grounds whatsoever incurred by the Customer pursuant to the Bank not being able to act on the basis of an instruction transmitted through any mode including the third party platform or for any reason whatsoever.
13. The Customer hereby acknowledges and expressly agrees that all data/information related to the Customer or any other individuals associated with the Customer held by the Bank may be disclosed to any statutory or regulatory or supervisory authority/ies upon request or where such disclosure is required under the laws or regulations applicable to the Bank.
14. Customer hereby confirms and acknowledges that payments through electronic transfer of funds are subject to Sec.40A (3) of the Income Tax Act, 1961.
15. Customer understands that the financial information available by means of the service through the third party platform or any other mode is for reference purposes only and the Bank shall not be liable for any loss incurred or damage suffered by the Customer or third party by reason of having access to or disclosure of any such financial information.
16. Customer confirms and agrees that the Bank shall endeavor to effect fund transfer, payment transactions, any instruction related to deposits, trade, LRS, account maintenance or modification etc. received) through electronically signed documents/instructions by the Customer, provided that, there are sufficient funds available in Customer's Account(s).The Bank shall not be liable for any omission or refusal to make any of these payments or for late payments on account of insufficient funds or due to any other circumstances beyond the reasonable control of the Bank.
17. Bank shall execute instruction received using electronic signatures via registered email of the Customer post due-diligence to validate the Customer’s request.. However, the Bank shall not be liable for any loss to the Customer if the same accrues inspite of the Bank have done the due-diligence or for reasons of the Customer not having maintained the confidentiality of the information (including in respect of electronic transactions) or for any other reason attributable to the Customer whatsoever.
18. Customer is aware and confirms that sending information/instructions/documents signed electronically on a third party platform is not a secure means of sending information/instruction/document; and the Customer is aware of and acknowledges the risk that such electronically signed instructions may be fraudulently written or sent or not be received in whole or in part by the intended recipient or may be read or be known to an unauthorized person in which case the Bank shall not be responsible in any manner whatsoever including but not limited to breach of confidentiality.
19. The Customer declares and agrees that the Customer has, for the Customer's convenience and after being fully aware of, and having duly considered, the risks involved (which risks shall be borne fully by the Customer) requested and authorized the Bank to rely upon and act on instructions signed electronically for the Customer’s convenience and benefit. The Customer further declares and confirms that the Customer is aware that the Bank is agreeing to act on the basis of such electronically signed instructions only by reason of, and relying upon, the Customer accepting and agreeing, confirming, declaring and indemnifying the Bank as done by accepting terms and conditions and the Bank would not have done so in the absence thereof.
20. Notwithstanding anything contained herein or elsewhere, the Bank shall not be bound to act in accordance with the whole or any part of the electronically signed instructions and may in its sole discretion and exclusive determination, and without being required to give any notice or assign reason, decline or omit to act pursuant to any electronically signed instruction, or defer acting in accordance with any such electronically signed instruction, and the same shall be at the Customer's risk and the Bank shall not be liable for the consequences of any such refusal or omission to act or deferment of action. The Customer confirms that the Customer shall not hold the Bank responsible or liable for any loss on any grounds whatsoever incurred by the Customer pursuant to the Bank not being able to act on the basis of an electronically signed instruction transmitted.[MKS(K2]
21. The Customer shall immediately indemnify and hold harmless the Bank its directors and officers (each an “Indemnified Party”) against all losses, proceedings, claims, costs and liabilities howsoever arising in consequence of or in any way related to the Bank having acted or omitted to act in accordance with or pursuant to any electronically signed instruction/form/document or the terms hereof.
22. The Bank may at any time without assigning any reason and without any notice withdraw the facility of accepting electronically signed documents/instructions. However, any such termination shall not affect anything done or any rights or liability accrued or incurred prior to the termination and all the above indemnities given by the Customer to the Bank hereunder shall survive any such termination.
23. Customer declares and confirms that the Bank shall be entitled to rely on all/any electronically signed communication, information or instruction and all such communications, information and details shall be valid, final and binding on the Customer.
24. Customer understands and confirms that the Bank has every right to close or debit freeze the account, if the details provided by him/her are found to be inaccurate, incorrect or false by the Bank or for any other reason whatsoever without assigning any reason thereof.
25. Customer confirms and agrees that the Bank reserves the right to make any changes, alterations, cancellations, in the above rules at any time without notice. Any person opting for this facility shall be bound by the above terms as modified from time to time including but not limited to standard terms applicable to account.
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.
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
By choosing to login, you agree to accept all applicable terms & conditions and you also authorise the bank to use the text messages for promoting its banking products.
You also give the following permission to the bank:
In the Terms all the capitalized words and phrases have the meaning stated hereunder unless indicated otherwise:
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.
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.
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.
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 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.
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.
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.
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 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 to pay by Cheque and vice versa. In the event the Account holders have given an Operating Mandate, the Bank 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.
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.
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.
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.
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.
|Tenure of Fixed Deposit||Penalty|
|Less than 181 days||Nil|
|181 days and above||0.50%|
Tenure of Fixed Deposit
Less than 181 days
181 days and above
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.
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 above.
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 account, the "Minimum default threshold" effective 1st November’17 is as below:
Minimum Sweep Out Threshold (in Rs)
Minimum Sweep In Threshold (in Rs)
Astra 15 Current Account
Astra 5 Current Account
Ace / GTA Ace Current Account
Elite / GTA Elite Current Account
Pro / GTA Pro Current Account
Edge Current Account
Neo Current Account
Classic Current Account
Synergy Current Account
Startup Regular Current Account
Startup Premium Current Account
For Current Accounts, the "Minimum default Threshold" till 30th November'14 is as below:
Sweep Out Threshold (in Rs)
Sweep In Threshold (in Rs)
Ace Current Account
Elite Current Account
Pro Current Account
Edge Current Account
Neo Current Account
Classic Current Account
Synergy Current Account
Trader Pro Current Account
Trader Classic Current Account
For Current account, the "Minimum default threshold" effective 1st December'14 is as below:
Sweep Out Threshold (in Rs)
Sweep In Threshold (in Rs)
Ace Current Account
Elite Current Account
Pro Current Account
Edge Current Account
Neo Current Account
Classic Current Account
Synergy Current Account
Trader Pro Current Account
Trader Classic Current Account
For Current account, the "Minimum default sweep threshold" effective 5th January' 2016 is as below:
Minimum Sweep Out Threshold (in Rs)
Minimum Sweep In Threshold (in Rs)
Astra 5 Current Account (Rs.5 lac AQB)
Astra 10 Current Account (Rs.10 lac AQB)
Astra 25 Current Account (Rs.25 lac AQB)
Kotak Ace Plus Current Account (Rs.2.5 lac AQB)
Kotak Elite Plus Current Account (Rs.1 lac AQB)
Kotak Pro Plus Current Account (Rs.50K AQB)
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
Two times of Product AMB in multiple of Rs.10,000/-
One time of Product AMB in multiple of Rs.10,000/-
For Edge customer with AMB of Rs.10,000/-
AUTOCLOSURE OF FIXED DEPOSIT
On account of part redemptions / liquidations, if the Fixed Deposit balance falls below the minimum amount required for opening of Fixed deposit, then the Fixed Deposit will be auto closed.
TAX SAVING FIXED DEPOSIT
Payment of interest
Payment of installment:
Penalty on delay in payment of installment:
Premature Withdrawal of RD:
OVERDRAFT AGAINST FIXED DEPOSIT
The overdraft facility extended to applicant(s) against the security of the Fixed Deposit(s) shall be automatically renewed by the Bank unless Bank decides otherwise at its sole discretion. A notification with regard to renewal shall be sent by the bank and If no request for cancellation is received from the applicant(s) within 30 days from the date of such notification by the Bank, the applicant(s) shall be deemed to have accepted the modified rate from the effective date mentioned in such notification. The rate of interest chargeable for the overdraft utilised will be as per the sanctioned rate of interest above fixed deposit rate (Spread) or such other modified rates as notified by the Bank from time to time for the overdraft facility and the applicant(s) agree to abide by such modification. The validity of the Overdraft Facility will be for the period as may be stipulated by the Bank from time to time.
Till full and final repayment of the Overdraft utilised, charges payable in respect of such availment and cancellation of the Limit being effected, the Fixed Deposit(s) shall be held as security by the Bank and will be renewed from time to time at the sole discretion of the Bank at the rates prevailing at the time of renewal and without any reference to the Deposit Holders and such renewed Fixed Deposit(s) will continue to be held as security against the Overdraft. The Bank may, in its absolute discretion, discontinue, cancel and/or terminate an Overdraft already allowed and utilised, apply, set-off, appropriate and adjust the principal sum and all interest standing to the credit of the Deposit Holders, in relation to any or all of the Fixed Deposit(s) in or towards full or part satisfaction and liquidation of the balance outstanding under or in respect of the Overdraft. The Bank may at its sole discretion modify, reduce the OD limits and the applicants on being so communicated, be required to pay such amounts to the Bank to bring the facility within the new limit and Bank will have the right to appropriate such amounts from the Fixed Deposits if required.
The applicants shall not, subject to the extent as permitted make or assert any claim on the Bank, based on any theory of liability and In fact waive all their rights thereto in respect of any special, indirect, consequential or punitive damages as opposed to actual and direct damages arising in any way or connected with the Overdraft Facility or for any damage whatsoever caused by or arising from, directly or indirectly, the error, failure, negligence, act or omission of any other person, system, institution or payment infrastructure.
If the Customer wishes to appoint an attorney to operate the Account or avail of the Services on his behalf, he shall forward the certified true copy of the duly notarized Power of Attorney/ letter of mandate to the Bank (in the format approved by the Bank) along with the original for the purposes of verification. The Bank may at its absolute discretion accept such Power of Attorney / letter of mandate and allow such Power of Attorney/ mandate holder to operate the Account or avail of the Services on behalf of the Customer in the manner acceptable to the Bank. In the event of revocation of the Power of Attorney the Customer shall immediately inform the Bank in writing of such revocation and submit the documents in support of revocation.
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.
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.
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.
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).
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.
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.
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.
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 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.
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.
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.
"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 is Rs. 25,000/- (Rupees twenty-five thousand only).
2) 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.
3) 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.
4) 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.
5) 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.
6) 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.
7) 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.
8) 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.
9) 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.
10) 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.
11) 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.
12) 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.
13) 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.
14) 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.
15) 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.
16) 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.
17) 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.
18) 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
19) 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/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.
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.
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 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 Media/Fax 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 Fax
The Customer may send the written and signed instructions via fax. The Bank may act upon these instructions at its own discretion. It is the responsibility of the Customer to ensure that the fax instructions shall be followed by the hard copy of the communication.
The Customer acknowledges that the fax is not a secure medium and before sending the fax, the Customer should ensure that the fax is being sent to the correct number and call at the Bank to verify that the fax has reached the intended recipient. The Customer also acknowledges that he shall send instructions via fax at his own risk and the Bank shall not be liable for any loss or damage suffered by the Customer by use of the fax.
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.
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 post due-diligence to validate the customer & customer will not be required to submit any physical document to bank 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 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, 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.
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.
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.
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.
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.
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 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 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 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.
SI SET UP IN NET BANKING FOR RENTPAY
The Bank shall not be held responsible for any erroneous transfer of funds through electronic or any other mode to a wrong beneficiary. The Bank shall not be responsible for any errors or mistakes done by the Customer. All liabilities for any errors/mistakes of the customer would rest with the customer only.
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 fax 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 facsimile instructions and the Bank may (but shall not be obliged to) act on any facsimile instruction 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 fax instruction from the customer by bank shall be deemed to be conclusive instructions from Corporate Salary Account 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 fax 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.
Kotak 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)
A. Customer understands that the multi-lingual Visa Emergency Assistance Services Programme offers worldwide emergency referral assistance to Visa cardholders when traveling overseas. These include a wide range of legal, medical and other services. The communications and arrangements of services of the emergency card replacement and assistance program are provided by a third party service provider and are paid for by Visa International and the cardholder is responsible for the cost of any and all medical, legal or other services availed by him. The cardholder can also avail Emergency Card replacement through this process by satisfying about cardholder’s identification to Visa.
B. The Emergency Card Replacement can be issued by Visa when the cardholder looses his card abroad. The Emergency Card will work only at Point Of Sales (POS) and not at ATMs. Cardholder, after returning to India, will have to personally surrender the Emergency card so issued to the Bank. Save and except as mentioned here, all the terms and conditions regarding the use of the card shall apply to such Emergency card also.
C. 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.
Visa Concierge Services -
Applicable to Signature and Infinite Debit Cardholders.
Services such as organizing a flight to Paris, recommending a restaurant in Hong Kong, arranging for opera tickets in Milan or even suggesting a reliable dry cleaner away from home are just some of the services available. All it takes is a phone call, any time, anywhere in the world. The Visa Platinum Customer Centre (VPCC) is manned by professionals 24 hours a day, 7 days a week.
Kotak Bank and Visa shall not be responsible for, nor does it guarantee the quality of goods and services provided by or availed from the Concierge service provider, nor is Kotak Bank and Visa liable for any deficiency in the products or inadequacies of the services so obtained or availed of by the Cardholder.
Cardholders irrevocably agree that, any dispute, if any, arising out of or in connection with this offer or otherwise relating hereto shall be subject to the exclusive jurisdiction of the Courts in Mumbai only irrespective of whether courts / tribunals in other areas have concurrent or similar jurisdiction and such disputes shall be governed under the provisions of Arbitration and Conciliation Act, 1996 (as amended up to date)
For Gold, Platinum, Privy Platinum, Business Gold, Business Platinum, Signature and Platinum Debit Cards, presently, Bank has decided to waive the Fuel Surcharge (presently 2.5%). Bank reserves the right to withdraw the Fuel Surcharge waiver in the future, with prior notice to the customer
Visa Card Offers
The Debit Card also has premium offering supported by Visa through tie-ups which entitles users of the Debit Card to receive discounts on services and products purchased or availed through Visa Debit Card. These are across various categories like lifestyle, fine dining, travel and health care. Cardholder understands that these offers are applicable on usage of Debit Card only and not on usage of any other card issued by the Bank.
Bank offers insurance to customers holding Kotak Debit Card. The details of insurance provided can be accessed at https://www.kotak.com/en/personal-banking/cards/debit-cards/debit-card-services/insurnace-on-debit-card.html
MF INVESTMENT ACCOUNT
A. The Customer hereby authorizes the Bank, at his / their risk and cost, all or any of the following:
1. To subscribe to the units of the mutual fund & securities on his/their behalf and to pay for the units so purchased, on Customer's specific instructions;
2. To purchase and redeem units of mutual funds on his/their behalf and to pay for the units so purchased, on Customer's specific instructions;
3. To receive the account statement(s) and any other communication from the mutual fund pertaining to the above said units and/or to acknowledge receipt of the same;
4. To redeem / sell the units held by Customer (whether solely or jointly with others) and to receive the payment of the redemption/ sale price and acknowledge receipt of the same, based on Customer specific instructions;
5. To sign all such writings and do all such acts as may be required for redeeming any units;
6. To collect, receive and give good and effectual receipts and discharges for any sum including dividend or income arising from the units and to sign and endorse dividend warrants;
7. To collect and deposit monies in an account opened in Customer's name with the Bank and to make such debits in the said account as may be necessary;
8. To correspond with and give notice to the mutual fund and the corresponding asset management company on behalf of the Customer;
9. To instruct the mutual fund and/or the corresponding asset management company to make note of instructions with regard to nomination/change in investment plan/any other changes.
10. To do, perform and execute all such other acts, deeds, instruments, matters and things for and on Customer's behalf as the Bank may think fit in accordance with the Investment Scheme and any related writings about these premises as fully and effectually and to all intents and purposes as the Customer could do if Customer were personally present
Customer hereby agrees and confirms that all such acts and deeds done for and on behalf of the Customer shall be binding on him / them and their successors & legal heirs.
B. The customer further agrees and undertakes that:
1. The customer understands that the bank may not send any communication received from the AMC to him / them.
2. Transaction rights will be pursuant to the customer executing and granting a Power of Attorney (POA) or a mandate as the case may be in favour of the bank, in the manner and form as prescribed by the bank from time to time. POA or a mandate as the case may be will be applicable to all Investment Accounts whether presently existing or to be opened in future.
3. All purchase requests are subject to the threshold limits as set by the AMC. All redemption requests are subject to sufficient mutual fund unit balance and on final discretion of the AMC / RTA. The unit balance refers to minimum mutual fund unit balance to be maintained for the scheme/fund.
4. Save and except under conditions beyond the reasonable control of the Bank, all requests received by Bank prior to the cut off time shall be processed on the based effort basis on the same day & all requests received after cut off time shall be processed on next day. Such 'cut off-time' shall be communicated by the Bank to the customer from time to time.
5. All instructions including instructions for modification shall be given only by the Customer named in bank's records and shall be binding on the Customer personally.
6. The Bank may refuse to act on any instruction unless they are given in writing in a manner and form acceptable to the Bank or given orally in accordance with the telephone facility of the Bank subject to the Bank's absolute right to verify such instructions. Customer hereby authorizes the Bank to record all or any communication between Customer and the Bank's officials / agents. Further Customer agrees and understands that, the Bank shall have no responsibility to determine the authenticity of any instructions given or purported to be given by the Customer. The Customer shall not hold the Bank liable on account of the Bank acting in good faith on any of Customer's instructions or instructions purported to be given by the Customer.
7. The Bank may in its own discretion decide not to carry out the Customer's instructions where the Bank has reason to believe (which decision of the Bank the Customer shall not question or dispute) that the instructions are not genuine or are otherwise improper or unclear or are in a manner that raise a doubt.
8. Customer agrees and undertakes that notwithstanding anything contrary contained anywhere, the Customer shall not hold Bank responsible and the Bank shall not be liable for any loss, claim or damages of whatsoever nature, if any instruction(s) of the Customer is not carried out by the Bank for any reason whatsoever nature.
9. The Customer agrees and understands that the Bank is required to receive clear written instructions from the Customer to enable the Bank to effect fund transfer activities on behalf of the Customer.
10. The Customer hereby indemnifies and shall keep indemnified the Bank against any loss, claim or damages of whatsoever nature which Bank and /or Customer may suffer on account of any improper / fraudulent fund transfer instruction purported to be received from the Customer.
11. The Customer agrees that the Bank shall not be obliged to accept from the Customer any oral or facsimile instructions. In order to, however, induce the Bank to act upon communications and instructions transmitted by manual procedures (Facsimile, Mail, Telephone only) he/they hereby irrevocably agree that, absent the Bank(s) gross negligence, bad faith or willful misconduct, as long as the Bank acts in compliance with such authorization / instruction, the Bank shall be indemnified for and held free and harmless from and against any and all responsibility for, any and all costs, claims, losses or liabilities of any nature (direct or indirect) resulting from any act or omission (or any delay) in response to instructions to the Bank to transfer funds or purchase, sell or otherwise dispose off units, together with any and all attendant costs and expenses including the Bank(s) reasonable legal fees and expenses, collectively referred to as losses.
12. The Customer also acknowledges that the security and control procedures provided by the Bank are designed to verify the source of communication and not to detect errors in transmission or content including discrepancies between names and account numbers and that the Bank, or any intermediary, may execute an instruction by reference to account number only, even if the name on the account is also provided. Nothing contained herein shall require the Bank to violate any applicable laws, rules or procedures/instructions. The Bank shall have no further duty to verify the content of any instruction and communications, whether or not authorized, sent in its name and accepted by the Bank.
13. The Customer confirms to have read and understood the terms and conditions of the Offer Document of the Mutual Fund. The Bank shall cause to make available to the Customer on the website of the Bank Offer documents of the schemes, annual reports, and addendums in respect of the Mutual Fund.
14. The Customer confirms that the Bank is not responsible in any manner for the execution of the transaction and that the RTA / AMC are solely responsible for any act or omission in respect of the execution of transaction.
15. Folios created through this route or existing folios used for this facility are deemed to be online folios by the AMC/RTA and that he/they understand(s), agrees and confirms that he / they shall not be directly serviced by the AMC for such online folios.
16. The Customer expressly agrees and acknowledges that any information contained in the Bank's brochure or other material or otherwise communicated by the Bank shall not be construed by him/them as investment and that all decisions to purchase or sell units made by him/them shall be on the basis of his/their own personal judgment arrived at after due consideration. He/they understand and agree that the Bank does not in any manner:
1. provide any buy/sell or other recommendations; or
2. That all rights and privileges granted in the Mandate shall stand cancelled should the customer move to a country in whose jurisdiction these facilities cannot be extended, as informed by the Bank from time to time.
3. The NRI Customer hereby agrees to indemnify and keep indemnified the Bank against any losses, claims, costs, charges and expenses arising from or suffered by the Bank by reason of non-compliance by the NRI customer of the applicable laws.
17. The Customer is entitled to terminate this service by giving notice in writing to the Bank and the Bank shall require at least seven working days for giving effect to the same. The Customer agrees not to effect any transactions consequent to the receipt of such termination notice by the Bank provided that the Customer shall not be relieved of its obligations hereunder, notwithstanding such termination, incurred prior to the date on which such termination shall become effective. Upon termination of the services, the money and units with the Bank pursuant to thereto may be paid or delivered (as the case may be) by the Bank, after deduction of the Bank's dues if any, to the Customer and the same shall be a valid and complete discharge to the Bank.
18. In case the investment is made in the name of a minor with any of the guardians as joint holders, then the investments made in the above manner are for the sole benefit of the minor.
19. The value of the customer's units may fluctuate. If he/they redeem his/their units, he/they may receive more or less than he/they paid depending upon the market value of the securities in the fund or trust at the time of redemption. Past results are not a guarantee to future performance. Yield or performance fluctuates and reflects past results. Yield or a fund's past performance should not be considered as an indication or guarantee of future yields or results.
20. The Bank shall be under no duty to assess the prudence or otherwise of any instructions given by the customer(s) or to give any advice in relation thereto and would be justified in acting on his/their instructions irrespective of their prudence or otherwise.
21. The service is provided at sole discretion of the bank and may be withdrawn without prior notice. The bank may levy charges at its sole discretion in respect of these services.
22. Information displayed on the bank's website is based on data received from the AMC/RTA & subject to change without notice
23. For Non-Resident Indian (NRI) customers - Transaction rights will be pursuant the customer agreeing to:
24. The Customer is entitled to terminate this service by giving notice in writing to the Bank and the Bank shall require at least seven working days for giving effect to the same. The Customer agrees not to effect any transactions consequent to the receipt of such termination notice by the Bank provided that the Customer shall not be relieved of its obligations hereunder, notwithstanding such termination, incurred prior to the date on which such termination shall become effective. Upon termination of the services, the money and units with the Bank pursuant to thereto may be paid or delivered (as the case may be) by the Bank, after deduction of the Bank's dues if any, to the Customer and the same shall be a valid and complete discharge to the Bank.
25. In case the investment is made in the name of a minor with any of the guardians as joint holders, then the investments made in the above manner are for the sole benefit of the minor.
MF Investment Account - View Rights: This means the right to view investments into units of Mutual Fund effected by the Bank at the request of the customer. Such view rights are available to MF Investment Account customers at their request.
MF Investment Account Statements: The Bank may provide a facility to its customer for receiving statements on email. These statements may include but are not limited to transaction statement and holding 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 shall not hold the Bank liable therefore. The bank may also send a physical statement of the investment account to the customer at a frequency that it may decide from time to time. These statements may include but are not limited to transaction statement and holding statements. The customer undertakes to promptly inform the Bank in case any change to his email id or mailing address.
Customer agrees that in the event of breach of any of the terms by the customer and/or any agent or representative, the customer shall be solely liable to pay damages and compensation including all direct and indirect damages, costs, charges and expenses that may be caused to or incurred or suffered by the Bank. While the Bank shall use reasonable precautions, these services are provided on "No warranty No risk basis".
Rights and obligation of customer
Rights and obligations of the Bank
The Bank shall execute an NEFT Request issued by the customer duly authenticated by him as verified by the security procedure, unless:
1. The funds available in the account of the customer are not adequate or properly applicable to comply with the NEFT Request and the customer has not made any other arrangement to meet the payment obligation.
2. The Bank has reason to believe that the NEFT Request is issued to carry out an unlawful transaction.
3. The NEFT Request in incomplete or it is not issued in the agreed form.
4. The NEFT Request cannot be executed under the RBI NEFT Scheme.
5. The NEFT Request is attached with notice of any special circumstances.
No NEFT Request issued by the customer shall be binding on the Bank until the Bank has accepted it.
The Bank shall, upon execution of every NEFT Request executed by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance. If the funds transfer is not initiated before the close of business of the third following NEFT business day the Bank shall advise the customer accordingly.
CONDITIONS OF TRANSFER
These terms & conditions are to be read in conjunction with those as stipulated in the NEFT Request Form, Terms and Conditions and Rules for Accounts and Services of the Bank.
Applications Supported by Blocked Amount (ASBA): Rights Issue
The Bank, being a Self Certified Syndicate Bank (SCSB), offers the facility of ASBA in Rights Issue subject to the terms and conditions mentioned hereunder which is to be read in conjunction with Terms and Conditions and Rules for Accounts and Services of the Bank and subject to the existing laws, regulations, guidelines etc governing Rights Issue and ASBA.
1. ASBA facility can be availed by the Bank's Savings/Current account holder who is holding shares in dematerialized form and has applied for entitlements and /or additional shares in the Rights Issue in dematerialized form; has not renounced his / her entitlements in full or in part; is not a renouncee to the Issue; applies through a bank account maintained with SCSBs and is a "Resident Retail Individual Investor" ("ASBA Investor").
2. Bidding under the ASBA facility shall be done only at the Issue Price, as the case may be, with single option as to the number of shares bid for.
3. Revision of the bids under ASBA shall not be permitted.
4. Applications under ASBA can be done by submitting a physical form for such purpose to the Bank or by submitting the form electronically through the Bank's internet banking facility.
5. The Demat account of the ASBA Investor availing this facility can be with Kotak Mahindra Bank or any other DP.
6. If the bank account specified in the ASBA does not have sufficient and clear credit balance to meet the application money, the ASBA shall be rejected by the Bank.
7. The ASBA Investor has to necessarily hold a Savings and/or Current Account with the Bank although the Bank account earmarked in the ASBA for holding funds for applying to rights as the case may be, is held in some other person's name and not that of the ASBA Investor.
8. ASBA Investors shall be deemed to have authorized the Bank to do all acts as are necessary to make an application in the issue of the company, as the case may, including uploading of his / her bid, blocking or unblocking of funds in the bank account maintained with the Bank specified in the ASBA, transfer of funds to the issuer's account on receipt of instruction from the Registrar to the Issue after finalization of the basis of allotment entitling the said ASBA Customers to receive shares on such transfer of funds, etc.
9. ASBA Investors shall be deemed to have authorized the Registrar to the Issue to Issue instructions to the Bank to remove the block on the funds in the bank account specified in the ASBA, upon finalization of the basis of allotment and to transfer the requisite money to the issuer's account.
10. ASBA Investors shall be deemed to read and understood the Issuer Company's Letter of Offer.
11. The Bank shall entirely rely on the information given by the ASBA Investors in the ASBA and shall not be held liable for any non allotment of shares/rejection of application suffered by the ASBA Investor caused for any error/omission/incompleteness on the part of the ASBA Investor in filling up the ASBA.
12. Withdrawal by an ASBA Investor shall be by way of a duly filled up withdrawal request during the bidding period and not later than that.
13. The Bank being a SCSB merely facilitates its customers to avail this ASBA facility and it shall not be liable for non allotment of shares or for rejection of applications.
Applications Supported by Blocked Amount (ASBA) : Public Issue
The Bank, being a Self Certified Syndicate Bank (SCSB), offers the facility of ASBA in Public Issue subject to the terms and conditions mentioned hereunder which is to be read in conjunction with Terms and Conditions and Rules for Accounts and Services of the Bank and subject to the existing laws, regulations, guidelines etc governing ASBA .
1. ASBA facility can be availed by the Bank's Savings/Current account holder who is a "Resident Retail Individual Investor" ("ASBA Investor").
2. Bidding under the ASBA facility shall be done only at cut off price of the Issue, as the case may be, with single option as to the number of shares bid for.
3. Revision of the bids under ASBA shall not be permitted.
4. Bidding under any reserved categories shall not be permitted.
5. Bidding under ASBA is applicable only in the case of book built public issue.
6. Applications under ASBA can be done by submitting a physical form for such purpose to the Bank or by submitting the form electronically through the Bank's internet banking facility.
7. The Demat account of the customers availing this facility can be with Kotak Mahindra Bank or any other DP.
8. If the bank account specified in the ASBA does not have sufficient and clear credit balance to meet the application money, the ASBA shall be rejected by the Bank.
9. The ASBA Investor has to necessarily hold a Savings and/or Current Account(should hold a valid Customer Relationship Number -CRN) with the Bank although the Bank account earmarked in the ASBA for holding funds for applying to public issue as the case may be, is held in some other person's name and not that of the ASBA Investor.
10. ASBA Investors shall be deemed to have authorized the Bank to do all acts as are necessary to make an application in the issue of the company, as the case may, including uploading of his / her bid, blocking or unblocking of funds in the bank account maintained with the Bank specified in the ASBA, transfer of funds to the issuer's account on receipt of instruction from the Registrar to the Issue after finalization of the basis of allotment entitling the said customers to receive shares on such transfer of funds, etc.
11. ASBA Investors shall be deemed to have authorized the Registrar to the Issue to Issue instructions to the Bank to remove the block on the funds in the bank account specified in the ASBA, upon finalization of the basis of allotment and to transfer the requisite money to the issuer's account.
12. ASBA Investors shall be deemed to read and understood the Issuer Company's Abridged Prospectus and the Red Herring Prospectus.
13. The Bank shall entirely rely on the information given by the ASBA Investors in the ASBA and shall not be held liable for any non allotment of shares/rejection of application suffered by the ASBA Investor caused for any error/omission/incompleteness on the part of the ASBA Investor in filling up the ASBA.
14. Withdrawal by an ASBA Investor shall be by way of a duly filled up withdrawal request during the bidding period and not later than that.
15. The Bank being a SCSB merely facilitates its customers to avail this ASBA facility and it shall not be liable for non allotment of shares or for rejection of applications.
GOVERNING SWEEP ACCOUNT
Words and Expressions used in this Terms and Conditions shall have the same meaning as in the Offer Document of the Sweep Plan.
1. The Terms and Conditions and Rules of Accounts and Services of Bank and words and expressions not specifically defined herein shall have the respect meanings assigned to them in the Terms and Conditions and Rules of Accounts and Services of Bank.
2. The Sweep Account is a combination of a Savings/Current Account ("CASA Account") with Kotak Mahindra Bank Ltd. ("KMB") and linked to Kotak Liquid Sweep Plan ('Sweep Plan')
3. KMB will sweep excess balance in Customers Sweep Account beyond the threshold limit defined by KMB and agreed by the Customer into the Sweep Plan, as subscription to Units of the Sweep Plan, subject to the minimum limit defined by KMB.
4. KMB shall initiate sweep out over and above the customer defined threshold limit or the KMB defined threshold limit. For this purpose, the Customer defined threshold limit shall always be more than the Bank defined threshold limit. The minimum amount for sweep out from Customer Account shall be Rs. 10,000/-. The minimum amount may change at the sole discretion of the Bank.
5. Customer agrees that KMB is acting as distributor of Kotak Liquid Sweep Plan and that the Facility is antedant to the Sweep Account maintained by Customer with KMB and further agrees to give instructions only to KMB to sweep excess amounts from his Account for this Facility.
6. The Customer agrees that the withdraw able balance reflected in the Sweep Account on any day is an aggregate of the actual balance in the Sweep Account and the value of the investments in the Unit Account of KMMF at purchase price or the previous day's NAV minus haircut. The Customer agrees that KMB shall not permit any debit in Customer Account if the funds / total amount available in his Account with the KMB constitutes an insufficient balance as per the terms of this Facility availed by Customer.
7. The Customer agrees that Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Sweep Plan will be achieved. As with any securities investment, the NAV of the Units issued under the Sweep Plan can go up or down depending on the factors and forces affecting the capital and money markets.
8. Mutual Funds are susceptible to NAV movements and the available balance in the Account can change even without the Customer initiating any transaction. Thus if the Customer redeem(s) his/her/their units/shares, the Customer may receive more or less than what the Customer paid, depending upon the market value of the securities in the fund or trust at the time of redemption. Past results are not a guarantee to future performance. Yield or performance fluctuates and reflects past results. Yield or a fund's past performance should not be considered as an indication or guarantee of future yield or results.
9. The Customer agrees that KMB shall not process purchase instructions unless funds in the Sweep Account are in excess of the threshold. However, Customer shall not hold KMB liable in case excess funds over the threshold are not swept into the Sweep Plan by any event or circumstances beyond KMB's reasonable control. If for any reason KMB is unable to sweep amounts in the Sweep Plan, KMB shall at its discretion be entitled to sweep a lesser amount without notice to Customer and the Customer shall not hold KMB responsible for the same.
10. The Customer agrees that the facility of sweeping excess balances from the Sweep account into the Sweep Plan may not be effected in case the account is attached by any statutory Authority / Court of Law or if the Sweep Account is classified as dormant by KMB on account of loss of contact with the applicant for a period of at least six months or upon the death of the applicant in case of a single name account or by any of the applicants in case of a joint account.
11. The Customer agrees that two nomination forms, namely, one under SEBI (Mutual Fund) Regulations, 1996 and another under the Banking Regulation Act, 1949, will be signed and submitted to KMB. Both nomination forms shall contain the same details. Any change made by Customer in respect of Nomination under the Banking Regulation Act, 1949 shall also become applicable in respect of the nomination under SEBI (Mutual Fund) Regulations, 1996.
12. The Customer agrees that the security and control procedures provided by KMB are designed to verify the source of communication and not to detect errors in transmission or content including discrepancies between names and account numbers and that KMB, or any intermediary, may execute an instruction by reference to account number only, even if the name on the account is also provided.
13. The Customer agrees and accepts that action taken by KMB and instructions given by KMB to KMAMC are in pursuance to the Mandate of the Customer and further agree and undertake not to make any claims either against KMB or KMAMC on account of both KMB and KMAMC acting under the Mandate of the Customer.
14. The Customer agrees that all purchases and redemptions and all other acts done by KMB for the Customer pursuant to Sweep Account shall be at the sole risk and cost of the Customer and KMB shall only be executing the instructions given by the Customer vide the mandate letter/POA, in consideration of which limited role of KMB, the Customer agree(s) to pay to KMB charges as per KMB's schedule of charges. These charges are purely banking services related charges and not part of any expenses relating to the Unit Account. The investments in the Sweep Plan will be subject to the terms in its Offer Document as regards its recurring expense limits.
15. The Customer agrees that KMB shall not be liable for any loss or damage caused by reason of failure or delay by the KMMF to deliver any units purchased even though payment may have been made for the same or failure or delay in making payment in respect of any Units redeemed though they may have been delivered and the Customer shall save KMB harmless and free from any claim in respect thereof. The Customer agrees with the terms on which the Sweep Plan is offered and may be closed and therefore the Customer shall not hold KMB liable for in case of any closure of the Sweep Plan.
16. The Customer agrees that KMB shall also not be liable for any delay, failure or refusal of KMMF/any company/corporation or other body in registering or transferring units to the name(s) of the Customer or for any interest, dividend or other loss caused to the Customer arising thereof.
17. The customer agrees that KMB shall execute the transaction:
18. The Customer agrees that KMB shall not be held liable for or by reason of any loss or damage or failure to comply or delay in complying with its obligations under these terms and conditions which is caused directly or indirectly by any event or circumstances beyond KMB's reasonable control.
19. The Customer agrees that KMB will not be liable for any error or inaccuracies in any of the publicly available information that may be provided to the Customer by KMB. KMB shall be under no duty to verify compliance with any restrictions on the investment powers of the Customer.
20. The Customer agrees that these terms and conditions will bind not only the Customer but also his/her/their respective successors and legal representatives in respect of the Services availed of by the Customer from time to time.
21. Failure by KMB at any time to enforce any obligation of the Customer or to claim a breach of any term or condition or to exercise any power agreed to hereunder or under any other document executed by the Customer in favour of KMB will not be construed as a waiver of any right, power or obligation under these terms and conditions and it will not affect any subsequent breach and will not prejudice KMB as regards any subsequent action.
22. The rights of the Customer hereunder shall not be assigned, in whole or in part, by the Customer.
23. The Customer agrees that KMB shall always have the right to stop offering the sweep facility or make available such facility with regard to any other SEBI registered Mutual Fund. Provided however, that till such time the Customer shall have the discretion to terminate the Sweep Account or continue with the Sweep Facility with any other SEBI registered Mutual Fund that may then be available under the Sweep Account Scheme of KMB.
24. The Customer agrees that KMB shall be under no duty to assess the prudence or otherwise of any instructions given by the Customer or to give any advice in relation thereto and would be justified in acting on the instructions of the Customer, irrespective of their prudence or otherwise.
25. The Customer shall be obliged to intimate KMB if there is any discrepancy in the particulars or details of any transaction or account or statement, to KMB in writing within 15 days of the first Applicant receiving notice thereof, failing which such transaction, statement or account (as the case may be) shall be deemed to be correct and accepted by Customer and the Customer shall not be entitled to question the correctness or accuracy thereof.
26. Any notice or other correspondence addressed by KMB to the Customer may be addressed to the first Applicant at the mailing given by the Customer to KMB.
27. The Customer may instruct KMB to keep amounts in the Sweep Account in excess of the threshold limit by Bank and agreed to by the Customer for sweeping the funds from the Sweep Account.
28. The Customer shall not have any recourse to KMAMC/KMMF for any acts done by KMB.
29. The Customer agrees that KMB shall be entitled at its discretion to terminate the sweep facility and retain the Sweep Account or terminate both the sweep facility as well as the Sweep Account. In the event of termination of sweep facility for any of the reasons, the services of KMB in respect of existing customers shall be limited to handling redemption requests received from them. KMMF agrees to accede to such servicing requirements for redemption requests of the existing clients notwithstanding the termination of the agreement between the two parties. On termination, KMB shall forthwith inform its customers and continue to offer them the facility of redemption through the on line or offline mode as per the prevailing circumstances.
30. The Customer hereby agrees that:
31. The Customer agrees to abide by the relevant rules and regulations and any amendments there to.
MOBILE BANKING & ALERTS
The Bank may at its sole discretion, without assigning any reason thereof, offer any or all its facilities to any or all of its Customers.
The Bank will send Alerts / account information on the mobile phone number and/or email ID as provided by the Customer. The Customer shall be solely responsible for updation of correct mobile phone number and e-mail ID in Bank records. The Customer shall be solely responsible for the security of his mobile phone and email ID. The Customer shall be solely responsible for the consequences in case he fails to adhere to the above. The Customer must keep his mobile phone and email ID active to avail this facility. The Customer acknowledges that sending information by e-mail/mobile phone is not a secure medium and the Customer is aware of the risks involved. The Customer also acknowledges that the Customer has for the Customer's convenience and after being fully aware of, and having duly considered, the risks involved, requested and authorized the Bank to rely upon and act on Instructions which may from time to time be given by e-mail / mobile phone.
The Customer undertakes to provide accurate information wherever required and shall be responsible for the correctness of information provided by him to Bank at all times. The Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by Bank to him, he shall advise Bank as soon as possible. The Bank will endeavor to correct the error wherever possible on a best effort basis. The Customer shall be responsible for intimating the Bank any change in his mobile phone number and/or email ID on which he wants to receive the Alerts /Mobile Banking Services. Transactions on Accounts will continue to be governed by existing prevalent Banking practice and Terms, Conditions & Rules for Accounts and Services as may be applicable. Further the terms and conditions as applicable to Phone Banking and Net Banking services shall, to the extent applicable, apply to Mobile banking / Alerts Facility. The Customer can apply for availing the Mobile Banking / Alerts Facility, as per his eligibility as decided by the Bank, and specify the events which will trigger the Alerts by a mode as may be notified by Bank from time to time. The Bank shall have the right to reject the application of any person without assigning any reasons.
Limitation of Liability
The Customer agrees that in the event of non updation of correct mobile phone number and E-mail ID, the Bank shall not be held responsible for non-receipt of transaction related alert in case of a fraudulent transaction in the account of the customer. The Customer also agrees and acknowledges that Bank will provide Mobile Banking / Alerts Facility, on best effort basis, through a Service Provider. The Bank may decide to discontinue the Facility without any notice, temporarily or permanently, at its discretion. While Bank and its Affiliates will take all reasonable efforts to ensure the accuracy and timeliness of the information supplied to the Customer, the Bank shall not be responsible or be held liable for the timeliness, completeness, accuracy and successful delivery or receipt of the Alerts / information or transaction requested or done through Mobile Banking. The Bank will not acknowledge receipt of any Instructions / information nor shall Bank be responsible to verify any Instructions/information given by the Customer while availing this facility. Bank and its Affiliates shall not be liable for non receipt / any inadvertent error, which results in the providing of inaccurate information. The Customer shall hold Bank harmless against any loss, damages etc. that may incurred / suffered by the Customer in case of receipt or if the information supplied to the Customer is incomplete or inaccurate and / or in connection with the use of he medium by the Customer.
The Bank shall endeavor to provide the Mobile Banking / Alerts Facility on a best effort basis and the Customer shall not hold Bank liable for non-availability of the Mobile Banking / Alert Facility or non-performance by service providers, if any, engaged by Bank or any loss or damage caused to the Customer as a result of use of the Mobile Banking / Alert Facility (including but not limited to relying on the information received through Mobile Banking / Alerts by the Customer for his commercial, investment or business purposes) and for other causes which are not attributable to Bank. Bank shall not be liable in any manner to the Customer in connection with the use of the Mobile Banking / Alert Facility. The customer shall be responsible for intimating the bank on non-receipt of the Alerts / Account Information on Mobile and / or E-mail provided to the Bank for receipt of Alerts / Account Information.
The Bank shall make all reasonable efforts to ensure that the Customer information is kept confidential. The Bank shall not be held responsible for the confidentiality, secrecy and security of the information sent through the Mobile Banking / Alert Facility. The Bank may provide any information or details relating to the Customer or to a third party to facilitate the providing of the Facility. The Customer accepts that each Alert / information received / sent through Mobile Banking request may contain certain Account information relating to the Customer. The Customer authorizes Bank to send any information, though not specifically requested, if Bank deems that the same is relevant.
The Bank may, from time to time, change the features of Mobile Banking/ Alert Facility and Customer eligibility for availing the same The Bank may levy charges for providing the Mobile Banking / Alert Facility and may revise the same from time to time at its discretion.
The records available with the Bank pertaining to the Mobile Banking / Alert Facility shall be conclusive and binding on the Customer. The authority to record the Mobile Banking / Alert details is hereby expressly granted by the Customer to Bank.
Revocation of Service for Joint Accounts
Services to Mobile Banking & Alert Services will be revoked only upon receiving a written request from all the account holders irrespective of the mode of operation
Kotak - VISA Money Transfer
1. Kotak - VISA Money Transfer offers the Kotak Mahindra Bank Account Holder/ User, online funds transfer from his Kotak Mahindra bank account to any domestic VISA Debit /Credit card.
2. Kotak - VISA Money Transfer is provided by Kotak Mahindra Bank at the Account Holder's/ User's request, which request shall mean the Account Holder's/User's authorization for debiting the Account Holder's/ User's account towards the amount of such transfer, together with the charges, if any.
3. To effect Kotak - VISA Money Transfer, the Account Holder/ User shall provide to Kotak Mahindra Bank all the information as required under the relevant screen including: beneficiary Card Number, Transfer Amount etc. in absence of which the Bank shall not be liable to effect the Kotak - VISA Money Transfer.
4. The Kotak - VISA Money Transfer service is only applicable for credits to VISA Cards issued in India. This service is not applicable for cards issued by any other issuing authority.
5. The Account Holder/ User agrees that the transfer shall become irrevocable as and when it is accepted and executed by the Bank.
6. While Kotak Mahindra Bank shall endeavour to ensure that transfers are not made to any card not issued in India, the onus shall lie on the customer to ensure that there are no violations being done by him of any laws applicable in India and/or otherwise but not limited to FEMA or Exchange Control violations, Anti Money Laundering Law, including any rules, regulation, notifications thereunder, and the Account Holder/ User shall be held liable for any liability arising in respect thereof.
7. Kotak Mahindra Bank shall transfer the funds only to the card number of the beneficiary. While the Bank may at its discretion obtain certain other details of the beneficiary like: Name, Address, Bank name etc. the Bank is in no way responsible to verify or authenticate the same.
8. While Kotak Mahindra Bank shall endeavour to effect the Kotak - VISA Money Transfer instruction at the earliest on receipt of the instructions, it does not guarantee and shall not be held responsible for performance hereunder.
9. Kotak Mahindra Bank shall process all valid transactions received till 5 pm on working days on the next working day; however the Bank is not responsible for the period within which the beneficiary Bank will credit the proceeds to the beneficiary card. Working day shall mean a day when the offices of the Reserve Bank of India are open in Mumbai.
10. All transactions shall be processed only on working days. Transactions done on Sundays and Bank holidays will be processed on the next working day.
11. The Bank shall assume no responsibility for:
1. Kotak - VISA Money Transfer transactions carried out in good faith relying on Account Holder's/ User's instructions.
2. Not carrying out Kotak - VISA Money Transfer transactions where the Bank has reason to believe in its sole discretion that the instructions are not genuine or are otherwise unclear, improper, vague, or doubtful.
3. For the performance of VISA or any other entity involved in the process; and for any loss or damage incurred or suffered by the Account Holder/ User for any error, defect, failure or interruption of Kotak - VISA Money Transfer service or consequences arising out of delayed payments.
4. Any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or the action of the destination Bank or any act or even beyond control.
12. Kotak Mahindra Bank may also make additions/ deletions to the services offered through any of its channels at its sole discretion. The availability/ non-availability of a particular service shall be informed to the Account Holder through email, web site of the bank or by written communication.
13. The Account Holder/ User is entirely responsible for providing the correct Card Number of the beneficiary. The Bank will process all transactions only on the basis of the information provided by the User. The Bank will not be responsible for any erroneous transfer/credit, if an erroneous card number is provided by the Account Holder/ User. The Bank will also not be responsible to reverse such a wrong transaction.
14. Kotak Mahindra Bank reserves the right to withdraw the service at any time at its discretion.
15. These terms & conditions are to be read in conjunction with Terms and Conditions and Rules for Accounts and Services of the Bank.
Kotak "Best Compliments" Visa Pre-paid Card
In this document the following words and phrases shall have the following meanings:
Application for a Card
Card Validity & Use
Merchant Location and Point of Sale Usage
Cardholders Obligations & Covenants
Unutilized Card Amount
Fees & Charges
Change of facilities
Printed Transaction Records, Balance information Statement, Errors, Complaints
Disclosure of Information
1. The Bank reserves the right to disclose to other institutions, such information concerning the Card or the Cardholder as may be necessary or appropriate in connection with its participation in any Electronic Funds Transfer Network.
2. The use of the Card at ATM/EDC-POS/other devices shall constitute the Cardholder's express consent. To the collection, storage, communication and processing of identifying and Card balance information by any means necessary for the Bank to maintain appropriate Transaction records.
1. To release and transmission to participants and processors ATM network/other network details of the Cardholder's account and Transaction information and other data necessary to enable the Card to be used at an ATM/other device.
2. To the retention of such information and data by the said participants and processors in the Bank/other networks.
3. To the compliance by the said participants and processors in the Bank ATM network/other networks with laws and regulation governing disclosure of information to which such participants and processors are subject.
4. To the disclosure of information to third parties about the Transactions where it is so necessary for completing Transactions or when necessary to comply with law or government agency or court orders or legal proceedings or when necessary to resolve errors or question the Cardholder has raised or in order to satisfy the Bank's internal data processing requirements.
3. The Cardholder hereby expressly authorizes the Bank to disclose at any time and for any purpose, any information whatsoever relating to his personal particulars, Card transaction or dealings with the Bank, to the head office or any other branches, subsidiaries or associated or affiliated corporations of the Bank wherever located, any government or regulatory agencies or authorities in India or elsewhere, any agents or contractors which have entered into an agreement to perform any service(s) for the Bank's benefit, and any other person(s) whatsoever where the disclosure is required by law or otherwise to whom the Bank deems fit to make such disclosure.
4. The Cardholder agrees to provide the Bank information that the Bank requires from the Cardholder by law or regulation, or any other appropriate information that the bank may reasonably request from time to time.
Cardholder disputes with Merchants
Exclusion from Liability
1. Without prejudice to the foregoing the Bank shall be under no liability whatsoever to the Cardholder in respect of any loss or damage arising directly or indirectly out of.
1. Any defect in goods or services supplied.
2. The refusal of any person to honour or accept the Card
3. Any statement made by any person requesting the return of the Card or any act performed by any other person in conjunction.
4. The exercise by the Bank of its right to demand and procure the surrender of the Card prior to the expiry date exposed on its face whether such demand and surrender made and/or procured by the Bank or any person or computer terminal.
5. The exercise by the Bank of its right to terminate any Card.
6. Any injury to the Credit character and/or reputation of the Cardholder alleged to have been caused by the re-possession of the Card and/or any request for its return or the refusal of any Merchant Establishment to honour or accept the Card.
7. Any mis-statement, mis-representation, error or omission in any details disclosed to the Bank. Decline of transaction due to any reason at a Merchant location ATM
2. The Bank accepts no responsibility and will not be liable for any loss or damage for any service failures or disruptions (including but not limited to loss of data) attributable to a system or equipment failure or due to reliance by the Bank on third party, products or interdependencies including but not limited to electricity or telecommunication.
3. The Bank accepts no liability or responsibility for the consequences arising out of the interruption of its business by Acts of God, riots, civil commotions, insurrections wars or any other causes beyond its control, or by any strikes or lockouts.
4. If an ATM or similar device malfunctions, resulting in loss to the Cardholder of some or all amount of a transaction, and such a loss is confirmed by the Bank through a verification of the Bank's records, the Bank will correct that loss by making any adjustments to the Card including any adjustments for service charges, if any.
5. The Bank shall not be responsible for any loss or damage caused to the Card older by reason of any failure to comply with the Cardholder's instructions, when such failure is caused due to reason beyond the control of the Bank, the opinion of the Bank being final in this regard.
6. By applying for and availing the Card facility, the Cardholder grants express authority to the Bank or carrying out the Transactions performed by use of the Card. The Bank shall have no obligation to verify the authenticity of a transaction made other than by means of the PIN.
7. The Bank shall under no circumstances be liable for any claims for losses or damages whatsoever whether direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the Cardholder or any other person.
8. The Bank shall not be liable for non-availability of the funds credited to the Card due to restrictions on convertibility or transferability, requisitions, involuntary transfers acts of war or civil strife or other similar causes beyond the Bank's control, in which circumstance no other branch, subsidiary or affiliate of the Bank shall be responsible thereof.
Ability to refuse payment
Termination of Card
The Applicant agrees to and shall indemnify and hold the Bank and each of the employee agents, consultants contractors, content providers or representatives of the Bank harmless against all actions, claims, liabilities, demands, proceedings, losses, damages, costs, charges and expenses including reasonable attorney's fees and court / adjudicating body costs whatsoever, which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of
1. breach of the Applicant's representations and warranties;
2. the improper use of the Card by the Cardholder or any other person with/without the consent of the Applicant; or
3. the breach by Cardholder or any other person with/without the consent of the Applicant of any of the provisions of these Terms or any other agreement with the Bank by the Applicant or,
4. fraud or dishonesty relating to any transaction by the Cardholder or his employees/agents
5. by reason of the Bank in good faith taking or refusing to take or omitting to take action on any instruction given by the Cardholder due to acts or omissions of the Cardholder, including but not limiting to : (a) Failure to intimate/inform the Bank when he/it suspects or knows that his/its Passwords are known to third parties or when third parties use his/its Passwords for carrying out unauthorized or illegal transactions; (b) Failure to keep confidential and secure the PIN from third parties; (c) Failure to inform the Bank regarding any changes in his/its personal information; (d) Failure to comply with the Law; (e) Failure to comply with the usage guidelines issued by the Bank in respect of the Card as may be applicable at the relevant time; (f) Failure to comply with these Terms and any agreement between the Bank and the Cardholder.
Terms and Conditions and Changes
1. The Applicant shall be deemed to have unconditionally agreed to and accepted these terms and conditions by both signing the Card application form and acknowledging the receipt the Card in writing.
2. The Bank reserves the right to revise policies, features and benefits offered on the Card and alter these Terms and Conditions from time to time and may notify the Cardholder of such alterations in any manner it thinks appropriate. The Cardholder will be bound by such alterations unless the Card is returned to the Bank for cancellation before the date upon which any alteration is to have effect.
3. These Terms form a contract between the Cardholder and the Bank. By accessing the service, the Cardholder accepts these terms and conditions.
4. The Bank could make changes including (but not limited to) the purposes reasons listed below:
1. Impose or increase charges relating solely to the use of the Card.
2. Increase the Cardholder's liability for losses relating to transactions with his Card.
5. The Bank may also make a change without notice if the change is necessary to maintain or restore the security of the electronic system or equipment used for the Card transactions. The Cardholder would be notified within 30 days if such a change is made unless disclosure would jeopardize the security of the electronic system or equipment.
6. Notification of these and any other changes may be given by the Bank by posting it to the Applicants latest address recorded with the Bank or displayed at the Bank's branch or on the website of the Bank.. The Cardholder must notify the Bank of any change to his address promptly. Proof of posting to such last notified address shall be conclusive proof of the notification at the time when it ought to be delivered in due course by the post even if the notification may be returned through the post undelivered.
7. The balance on the Best Compliments Card shall be refunded to the Cardholder who had purchased the Card after deducting the applicable charges if a request for such a refund is made to the Bank 30 days before the Card expiry date. If the outstanding balance is not claimed in this period, it will be forfeited.
Governing Law & Jurisdiction These Terms/Transactions/Services and obligations of the Bank shall be governed by and be subject to Indian law and guidelines as may be issued by the RBI from time to time. The courts in Mumbai shall have the exclusive jurisdiction as regards any claims or matters arising out of the use of the Card.
Compliance with law The Cardholder must be either by himself or through legally authorized representative eligible and capable by law to avail of the Card. The Bank shall not be liable to the Cardholder or any third party for any loss or damage suffered due to the ineligibility or incapacity of the Cardholder. The Cardholder agrees that he is aware of and shall comply with any law that may be applicable to any of the transactions he carries out, through the Card. The Bank shall not be responsible or liable to any third party for the Cardholder's violation of any law.
1. I/We agree and accept the Online Payment Service provided by Kotak Mahindra Bank Ltd. ("the Bank") at my/our request to carry out the Online Payment through Payment Gateway instructions on my/our account.
2. I/We have no objection whatsoever, to the Merchant / Service Provider providing billing details to the Bank.
3. I/We hereby acknowledge that I/we am/are utilising this service at my/our own risk. These risks would include the following risks:
3.1 While the Bank will take all reasonable steps to ensure the accuracy of the payment details, the Bank is not liable for any error. I/We shall not hold the Bank responsible for any loss, damages, etc that may be incurred/suffered by me/us, if the information contained turns out to be inaccurate/incorrect.
3.2 The technology for enabling the transfer of funds and the other services offered by the Bank could be affected by virus or other malicious, destructive or corrupting code, programme or macro. It may be possible that the site of the Bank may require maintenance and during such time it may not be possible to process the request of the customers. This could result in delays in the processing of instructions or failure in the processing of instructions and other such failures and inability. I/We understand that the 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 customer instruction for whatsoever reason.
4. 1.I/We agree that the Bank shall assume no responsibility for:
4.1 Transactions carried out under the service in good faith relying on my instructions.
4.2 Not carrying out transactions where the Bank has reason to believe in its sole discretion that the instructions are not genuine or are otherwise unclear, improper, vague or doubtful.
4.3 For the performance of any other entity involved in the process; and for any loss or damage incurred or suffered by me/us for any error, defect, failure or interruption of the service or consequences arising out of delayed payments.
4.4. Any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic instructions or any mistake, omission or error in transmission or delivery thereof or in deciphering the instructions from any cause whatsoever or from its misinterpretation received or the action of the destination bank or any act or even beyond control.
5. 1.Whilst utilising the Online Payment Service for making any payments for any goods purchased or any services obtained whether on-line or otherwise, I/we shall ensure that
5.1 I/We have the full right and/or authority to access and avail the services obtained and the goods purchased and I/we shall observe and comply with the applicable laws and regulations in each jurisdiction in applicable territories.
5.2 I/We shall provide the Bank with such information and/or assistance as is required by the Bank for the performance of the service and/or any other obligations of the Bank under this service.
6. I/We shall not at any time provide to any person, with any details of the accounts held by me/us with the Bank including the passwords, account number which may be assigned to me/us by the Bank from time to time.
7. I/We agree that any disputes on payment details will be settled directly with the Merchant and the Bank's responsibility is limited to provision of information only.
8. I/We agree that I/we will make the bill amount payments as required by the Merchant. I/We will not hold the Bank responsible for the Merchant rejecting the payment amount because of incorrect or incomplete entries.
9. I/We agree that the record of the instructions given and transaction with the Bank shall be the conclusive proof and binding for all purposes and can be used as evidence in any proceeding.
10. I/We agree that the Bank will not be held responsible for the delivery of goods and provision of services by him or the condition of the item when it is delivered or if the Merchant inadvertently delivers goods or services to some other customer. The Bank's role is restricted to provision of information and Payment Gateway Service only. All disputes regarding delivery/condition/quality of goods and services are to be taken up directly with the Merchant.
11. I/We agree that charges if any for the Online Payment Services will be at the sole discretion of the Bank and the Bank is at the liberty to vary the same from time to time, without giving any notice.
12. I/We agree that the Bank will be liable to reverse any debit to my/our account due to non - availability / non-delivery of goods/rejection of the goods / services or any other reason only upon my/our specific request made in this regard setting out the reason and on confirmation of the same by the Merchant / service provider. I / We shall not hold the Bank liable for any delay in reversing such debit entry(ies).
13. I/We agree not to use or permit the use of the Payment Gateway Service or any related services for any illegal or improper or unlawful purposes.
14. I/We agree that if our account with the Bank is closed/blocked for any reason whatsoever, I/we shall settle the transaction directly with the Merchant.
15. I/We confirm that in the event of any dispute with the Merchant, I/we shall not make the Bank a party to the dispute. All matters arising out of or in any way relating to this service shall be subject to Mumbai jurisdiction only.
16. I/We acknowledge and agree that the Bank remains a mere 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 the Bank is not liable for any deficient or bad services in any manner whatsoever and for any loss, whatsoever that I/we may suffer. The risk in this regard is entirely on me/us. I/we agree that the debits or credits to my/our NRI/PIO account are further subject to restrictions and limits as are specified for NRI/PIO operated accounts as also by the Bank and RBI.
17. I/We agree that the Bank is at the liberty to withdraw at anytime the Online Payment Service, or any services there under, in respect of any or all or any of the accounts without assigning any reason whatsoever, without giving any notice.
18. I/We agree that the Bank may also make additions/deletions to the service offered through any of its channels at its sole discretion.
19. I/We may request for termination of the service any time by giving a written notice of at least '3' working days to the Bank. The termination shall take effect on the completion of the '3rd' working day. I/We will remain responsible for any transactions made through the service until the time of such termination. The Bank may withdraw or terminate the Online Payment Service anytime either entirely or with reference to a specific Merchant or user; or in case of breach of Terms by me/us without a prior notice; or if the Bank learns of my/our demise, bankruptcy or lack of legal capacity of the user or for any reason whatsoever.
20. I / We understand and agree that I / We am / are not entitled to consolidate amounts available in my different bank accounts maintained with Bank for making payments against such transactions. Therefore at one given point of time I / we am /are entitled to use funds available in particular bank account which I / we have chosen for making payment against the transaction.
21. I/We agree that by use of this Online Payment Service, I/we shall be deemed to have 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 I/we have agreed to the same in writing.
22. These terms & conditions are to be read in conjunction with Terms and Conditions and Rules for Accounts and Services of the Bank.
Terms and Conditions for netc@rd provided by KOTAK MAHINDRA Bank Limited
Please read these Terms of Service (TOS) carefully before using netc@rd. The words, "Bank", "We" and "Us" refers to KOTAK MAHINDRA Bank Limited, a banking company incorporated under the Companies Act, 1956 and having its registered office at 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021 India. The word "Account(s)" shall mean account of the customer with Kotak Mahindra Bank from which netc@rd shall be created. The terms / words not defined herein shall have the same meanings as defined in the Terms & conditions applicable to the Account(s) agreed upon by the customer at the time of Net banking access. The words "we", "us' and "our" refer to Visa and the Bank as the case may be, and "you", "your" or "yours" refer to the account holders using netc@rd.
These TOS supplements and is in addition to the Terms and Conditions applicable to the Account(s).
netc@rd is a unique online secure payment solution, created through a direct debit to the customers account, provided by the Bank.
The key features of netc@rd are as follows:
netc@rd offers a unique security feature, wherein the actual card number is not revealed on the Internet. Instead, you will have the option of generating a virtual (netc@rd) card number/s, drawing funds from your account. You can then use this virtual card number at any online merchant site and complete your transaction with security and ease.
1. ACCEPTANCE OF TERMS
1. netc@rd is subject to the TOS and the Terms and Conditions applicable to the Account(s). The TOS may be revised from time to time without notice to you. Use of the service for generating netc@rd constitutes your acceptance of the terms and you agree to abide by it. You can review the most current version of the TOS at any time at http://www.Kotak.com/ . In addition, when using netc@rd, you shall be subject to any guidelines or rules applicable to netc@rd that may be posted from time to time at the same web site.
2. You agree that continued use of netc@rd after revisions to this TOS shall constitute your agreement to such revised terms and any applicable posted guidelines or rules.
3. Unless explicitly stated otherwise, any new features that augment, enhance or otherwise change netc@rd shall be subject to these TOS.
4. The Bank reserves the right at any time and from time to time to modify, recreate, suspend or discontinue, temporarily or permanently netc@rd (or any part thereof) with or without notice.
5. The Bank shall not be responsible for interception/ misuse of netc@rd. Therefore creation and usage of the card will be tantamount to creation and usage of netc@rd card by you. The Bank is not liable if netc@rd falls into wrong hands due to any reason whatsoever and/or if the terms and conditions relating to use of net banking user id and password are not complied with.
6. This functionality is available to only those customers who have signed up for net-banking channel access and have independent operating rights to at least one account.
2. YOUR REGISTRATION OBLIGATIONS
You agree to (i) provide true, accurate, current and complete information about yourself as prompted by netc@rd registration form ("Registration Data"), and (ii) maintain and promptly update the Registration Data to keep it true, accurate, current and complete. If you provide any Registration Data that is untrue, inaccurate, not current or incomplete, or if we have reasonable grounds to suspect that your Registration Data is untrue, inaccurate, not current or incomplete, we have the right to suspend, terminate, or refuse your current or future use of netc@rd.
1. In order to generate or use netc@rd, you must provide certain information as may be required to the Bank to validate your identity and verify that you are the owner of / an authorized user of the specified Account(s). The information that you provide may be validated against information that is associated with you and available with the Bank.
2. If you are unable to provide adequate information to validate your identity, we have the right to not allow you to register for netc@rd. You warrant that the Registration Data is correct and that you have the legal right to use all of the accounts that you use for creating netc@rd.
3. In order to use netc@rd, you must have the ability to access the World Wide Web and must pay any service fees associated with such access. In addition, you must have the equipment necessary to make such a connection to the World Wide Web, including a computer and modem or other access device.
4. In the event you have a question regarding netc@rd registration process or a transaction using netc@rd, you can contact the Customer Call centre or email us at: netbankemail(); email@example.com
5. The bank may at any time incorporate additional security features such as Verified by Visa etc to further facilitate shopping on the Internet. Requisition for netc@rd and acceptance of this TOS signifies acceptance of such further TOS that may be required for Verified by Visa.
4. CARDHOLDER PASSWORD AND SECURITY
You are solely responsible for maintaining the confidentiality of your username, password, Registration Data and other verification information established by you with respect to netc@rd. You agree to immediately notify us of any unauthorized use of your password or other verification information, or any other breach of security. You acknowledge and agree that, except as otherwise provided by Applicable Law or in the Terms & Conditions applicable to the Account(s), we shall not be liable for any loss or damage arising from your failure to comply with this TOS.
5. PRIVACY OF REGISTRATION DATA
Your Registration Data will not be shared with online retail merchants or merchants in other transactions for which netc@rd are used. You acknowledge and agree that the bank may keep your Registration Data and also may disclose your Registration 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 this TOS.
1. Under no circumstances will the Bank be liable for consequential, incidental, special or indirect losses or other damages, such as any damage to your computer or telephone service resulting from your use/generation of netc@rd.
2. We assume no responsibility for and will not be liable for any damages to, or any viruses which may affect your computer equipment or other property on account of your access to, use of, or downloading from this web site.
3. The Bank shall not be liable if a transaction on the net does not materialize or is delayed or is incomplete through due to any whatever reasons whatsoever.
4. Kotak Mahindra Bank does not guarantee the quality or the serviceability of the goods / services bought online for which payment is made using Kotak Mahindra Bank netc@rd.
7. DEALINGS WITH MERCHANTS
Your correspondence or business dealings with, or participation in promotions of, online retail or other merchants on or through netc@rd, including payment and delivery of related goods or services, and any other terms, conditions, warranties or representations associated with such dealings, are solely between you and such merchant. You agree that, except as otherwise provided by Applicable Law or in Terms and Conditions applicable to the Account with you, we will not be responsible or liable for any loss or damage of any sort incurred as the result of any such dealings. You understand that use of netc@rd does not, in any way, indicate that we recommend or endorse any merchant, regardless of whether the merchant participates in a transaction by honouring netc@rd. For example, netc@rd does not verify the identity of the merchant or the quality of the merchant's goods or services.
8. DISCLAIMER OF WARRANTIES
1. You expressly understand and agree that any software obtained through the use of netc@rd is downloaded and used at your own discretion and risk and that except as otherwise provided in this TOS Agreement, you will be solely responsible for any damage to your computer system or loss of data that results from the download or use of any such software or other materials through Verified by Visa and similar such verifications.
EXCEPT AS OTHERWISE REQUIRED BY ANY APPLICABLE STATE LAW, WE MAKE NO REPRESENTATIONS OR WARRANTIES ABOUT netc@rd OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
You may also be notified of changes to this TOS or other matters by notices displayed on or links to notices displayed on http://www.Kotak.com/
10. AGE AND RESPONSIBILITY
Except as otherwise provided by Applicable Law or in Terms and Conditions applicable to the Account, you understand that you are financially responsible for all uses of netc@rd by you and those authorized by you to use your Registration Data, your password or other verification information.
10(B) Authentication: Certain websites / the Bank at a later date may provide for any additional authentication in addition to what has been requested for. You agree to validate such requirements at a future date.
You agree and acknowledge to:
(b) Misuses of Password:
You acknowledge that if any third person obtains access to your password, such third person would be able to carry out transactions via netc@rd or make and use netc@rd. You shall ensure that the terms and conditions applicable to the use of the password as contained in the TOS are complied with at all times.
(c) Internet Frauds:
The Internet per se is susceptible to a number of frauds, misuses, hacking, phishing and other actions which could affect making/use of netc@rd. Whilst the Bank shall aim to provide security to prevent the same, there cannot be any guarantee from such Internet frauds, hacking and other actions which could affect the making and use of netc@rd. You shall separately evolve/evaluate all risks arising out of the same.
(d) Technology Risks:
The technology for netc@rd offered by the Bank could be affected by virus or other malicious, destructive or corrupting code, program of macro. It may also be possible that the site of the Bank may require maintenance and during such time it may not be possible to process the request of the Customers. This could result in delays in the processing of Instruction or failure in the processing of instructions and other such failures and inability. You understand and acknowledge that the bank disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by the Bank to honor any customer instruction for whatsoever reason.
You are aware that the Bank may from time to time impose maximum and minimum funding and card-creation limits on netc@rd. You realize, accept and agree that the same is to reduce the risks on you. For instance, the Bank may impose transaction restrictions within particular periods or amount restrictions within a particular period or even limits on each transaction or limits on the total number of netc@rd that can be created during a particular interval. You shall be bound by such limits imposed and shall strictly comply with them.
You shall indemnify the Bank for and against all losses and damages that may be caused as a consequence of breach of any of netc@rd Terms and conditions and the terms and conditions mentioned herein above under.
(g) Withdrawal of Facility:
The bank shall be entitled to withdraw the above service at any time whatsoever.
You hereby agree to bear the charges as may be stipulated by the Bank from time to time for availing of these services. You hereby authorize the Bank to recover all charges related to netc@rd as determined by the Bank from time to time by debiting your account(s).
Credit of unutilized amount:
In case of unutilized amount in netc@rd card, it will be credited back to the customer's source account post the expiry of the validity period of the netc@rd as follows: In case netc@rd card is cancelled the amount will be credited back to the customers source account, if it is completely unutilized, within with in 2 Mumbai working days from the day on which the card has been cancelled. In case the customer has used part amount for a transaction, the balance will get credited back to the customer's account approximately within 35 days from the date of transaction if the same is not claimed by Visa/Merchant establishment. Cancellation will not be allowed if the card has be partly been used. Refund will be basis the current date and not on the value date. Though on card the expiry date will be 3 months but it will be valid for 24-48 hours only.
Additional Debit to customer's account:
In case the amount of settlement request sent by VISA exceeds netc@rd card funding amount, the excess amount over and above netc@rd funding amount will be debited from the customer's account
You agree not to:
The user understands and agrees that the Bank may offer this service directly or through any other partner agency.
Request for Do Not Contact: - This option is available to the customers of KOTAK MAHINDRA Bank Limited, where by they can discontinue receiving marketing calls, alerts & emails.
Terms and Conditions for Do Not Contact registry (DCNR) provided by KOTAK MAHINDRA Bank Limited
Online Account Opening Terms and Conditions
JiFi Account Opening Terms and Conditions
Jifi digital account is a no minimum balance, non- interest bearing current account. Since this is a no minimum balance account, non- maintenance charges for this product would not be levied.
Jifi being a non-interest bearing digital current account, no interest would be for the balance maintained in the account. However, Jifi product has an Auto Sweep feature in cases of the amount being above Rs. 25,000, in the multiples of Rs. 5,000. The Sweep out is at Rs.25,000/- balance in the account, while Sweep in is at Rs. 25,000/-. The Auto sweep will earn the TD rate of interest applicable from time to time, depending on the tenure of the TD.
Jifi product has a Social & Transactional Loyalty as one of its feature.
The Social Loyalty points are earned by the customer right from the time the customer invites or applies for Jifi account and these points can be accumulated and redeemed against the voucher available from time to time on the website www.kotakjifi.com. The points table is available on website.
The Transactional Loyalty points are earned on your transactions or the referral who opens a JIFI account with us. For each transaction of either online Bill pay / Online purchase, using the Net banking or Debit card above Rs. 500, there will be 25 Transactional points rewarded and 6 such transactions in a month are eligible for Transactional points , making it a maximum of 150 points per month. In case any of the transactions which are cancelled later, the rewards given for the same will be reversed.
Second way to earn Transactional point is through referral - All referrals have to be made on the website www.kotakjifi.com using the link provided on the website. The referred person has to use the same link to invite / apply for jifi for the customer to qualify for the Transactional Points.
Each successful referral who opens a Jifi account would be eligible for 250 Transactional points with a maximum such conversion capped at 25 in year and thus the maximum cap for transactional points thru referral in a year is 6250 points.
In a scenario that a same person is referred by more than 1 person, the rewards will be given to the person whose link the referred person has used to open the account.
The Transactional & Social points can be redeemed on the website www.kotakjifi.com - the T&C of the offers made for the voucher are from respective partners and Kotak shall not be held responsible for any deficiencies in the services provided by these partners.
The Transactional points earned by the user can be converted into Social points on the website www.kotakjifi.com - the conversion ratio for the same is mentioned on the website.
In case user wishes to share his social points with the friends whom he has invited, he can do so on the website after selecting the friend on the website.
In case the customer closes the relationship with the bank, the website www.kotakjifi.com will be accessible to the customer upto 15 days after closing the account, to redeem the points and in case there are any points left after that, it will lapse and they cannot be encashed.
The Jifi product offers Social Banking facility, where once they register for social banking using their Debit card or Net Banking, the customer would be able to use the registered twitter handle to ask for various services about their account. These response messages will be DM(direct message) to the customer’s connected twitter handle from Kotak Twitter Handle. The List of hashtags are given on the website www.kotakjifi.com
The Jifi account holders are eligible for One year Platinum subscription of Kotak Money watch - the personal finance Tool. The T&C of the usage of Kotak Money watch are available on website and have to agreed and accepted, while signing up at the website.
The decision for maturity of the self -invite rests with Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank Social Media Guidelines for Jifi
Namaste, Greetings, Svagata, Sbagata, Namaskar and much more! We invite you to connect with us and join the conversation on Facebook or Twitter which are third party sites. We request you to respect the social media community and make note of the following:
If you need any information related to Kotak Mahindra Bank (“the Bank”), you can tweet us at @KotakJifi or write on our Facebook page at www.facebook.com\kotakjifi. You can also contact our 24x7 Contact Centre at 1860 266 2666 or write in to firstname.lastname@example.org .
Remember that your posts on this space will be public and you should not share or post any personal or sensitive information. The Bank will never ask for any personal information or any account related information on this space. For example, you should never post your customer relationship number (CRN), account related details or any personal information about yourself or others on this space. Please also note that your posts are subject to the website’s privacy and data security practices and policies. They are also governed by the respective sites policies.
Your posts should not be viewed as offensive, profane, insensitive or derogatory to any person, state, religion or caste. Please keep your comments appropriate and relevant to the conversation. Your posts should contain factual information based on your experiences and if possible with complete details excluding any personal or sensitive information. Your posts should never contain any unauthorized and/or unsolicited advertising, spam, hyperlinks or content protected by copyright, trademark or other rights. Please treat all participants with respect - even if you have a difference in your opinion about a post or comment.
Participants are responsible for their own comments or posts. The opinions, statements and viewpoints expressed by participants do not necessarily reflect the official views of the Bank. The Bank will not be responsible for any decision taken at your end basis any comment or post and does not endorse any such views.
All posts in all forms on our space can be reproduced with your name and profile picture (if applicable) for attribution purposes, in any medium, anywhere in the world, for our own business purposes, including for advertising and promotional purposes. You must never post any content that violates any law of the land.
We will not review every comment or post, but we reserve the right to remove any material which violates these guidelines and remove or suspend the participant from further interactions on this space. We will try to be as responsive as possible however we reserve the right to respond or remove any objectionable, or incorrect comment or post in our space.
If required by regulatory, legal authorities, we would be required to work with them. If you wish to report or flag a user post/comment as inappropriate yourself, you can do so on the same forum/channel you are observing the post/comment.
For any further T&C’s, you can visit us at www.kotak.com
Cheers and Enjoy Banking Socially!!
Following terms and conditions shall apply in respect of the process of confirming trade by the Customer, through electronic medium with the Bank (being a professional clearing member).
In this Agreement:
"Confirmation" shall mean a confirmation of trades done by the Constituent through a trading member or trading members on the relevant exchange.
The Bank, being a clearing member, has agreed to clear & settle the trades done by the Customer (also referred to as "the Constituent" hereunder) 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 Bank 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 various options of confirming the trades through various modes including but not limited to e-mail and/or fax transmission.
The Constituent has requested the Bank to provide one more option of confirming such Trades through internet platform by using Bank’s net-banking facility.
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 of confirming such Trades under net-banking facility as the Bank may require from time to time.
The Bank has agreed to provide this net-banking facility which would inter-alia facilitate such Confirmations of Trades, however subject to the terms and conditions of this Agreement.
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:
1. ACCEPTANCE OF CONFIRMATION THROUGH ELECTRONIC MEANS
The Constituent hereby confirms, accepts, agrees/acknowledges:
1. that the report of Constituent’s trades at the relevant exchanges could be made available by the Bank in the electronic form on the secure system of the computer resource, for the Constituent to verify and confirm with the Bank Constituents’ trade/s which could be cleared in terms of the Relevant Agreements and Rules.
2. to ensure that the secure User Id and Passwords are used as per the Net Banking T&Cs on the secure system of computer resource.
3. to ensure that only the authorised personnel gives Confirmation on behalf of the Constituent on the internet platform.
4. that the Confirmations once provided by it would not be considered as duly submitted for acceptance by the Bank unless the Bank approves it on the electronic platform.
2. CONFIRMATIONS, ACCEPTANCES AND MUTUAL RIGHTS AND OBLIGATIONS
1. The Trades would be available on the secure system and would be visible to the authorized personnel of the Constituent who will have access to Net Banking facility of the Bank through a User id and Password.
2. The authorised personnel who will have access to the Net Banking facility would be able to view all the trades which are required to be confirmed/accepted by the Constituent but the person who have been authorised to accept/confirm the Trades on behalf of the Constituent as per its corporate authority or any other relevant authorization of the Constituent shall only confirm the Trades.
3. Non confirmation of Trades by the Constituent through the Net-Banking facility for any reason shall not in any manner affect the liability of the Constituent under the Relevant Agreements and applicable Rules.
4. A copy of the records of Confirmations generated by the Bank, shall be conclusive proof of the Constituent having confirmed relevant Trades.
3. REPRESENTATIONS AND WARRANTIES
The Constituent represents and warrants that:
3.1 all corporate and other permissions, approvals, licences, consents, registrations and authorisations (if any) required under law or under any contract or arrangement enabling the Constituent to enter into this Agreement and to perform its obligations herein are in full force and effect.
3.2 each of the following statements are true and accurate as on the date of this Agreement and shall continue to be true and accurate:
1. It has the power to enter into and perform its obligations under this Agreement and each of the other documents referred to in this Agreement to which it is a party/ required to be a party;
2. it has all necessary consents, licences and approvals in connection with the entry into and performance of its obligations under this Agreement;
3. Being a party to this Agreement and performing its respective obligations under this Agreement will not violate or conflict with, or exceed any limit imposed by (i) any law or regulation to which such Party is subject, (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.
4. the recitals to this Agreement are true and accurate insofar as they relate to it.
3.3 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 this Agreement.
4. LIMITATION OF LIABILITY
1. The 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 Bank shall not be subject to any damages or liability for any errors, omissions, or delays therein. The 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 internet and/or electronic platform or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall the 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 Bank does not warrant that Net-Banking facility will be trouble free or uninterrupted. The Bank would be deemed to have delivered to the Constituent any document and/or report, if such document/report is uploaded on the internet platform or sent via electronic media. Failure to advise the Bank 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.
2. The Bank shall not be liable for any loss, damage, costs, claims, expenses etc. whatsoever:
1. arising from mechanical or electrical or telephone 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 Bank, or
2. 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
3. caused or contributed to by any event of force majeure, or
4. any other way arising due to reasons not being negligence or willful default of the Bank.
3. Neither the Bank nor the directors, managers, officers, employees of the Bank, guarantee the sequence, accuracy or completeness of information/data provided under the internet banking platform.
4. The Bank and the directors, managers, officers, employees of the 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 under internet banking facility, 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.
5. The Constituent specifically agrees that, the internet platform and the Net-Banking facility provided for the purpose set herein, is only an alternative provided at the request of Constituent for convenience and by providing this facility, there shall be no responsibility or liability on the Bank for maintaining any standard of service. The Bank may at any time and without any notice to the Constituent withdraw or suspend the facility 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, 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 Bank without any demur or protest. The Constituent expressly agrees that use of the website is at its sole risk. The website is provided on an "as is" and "as available" basis.
In consideration of the Bank agreeing to provide this facility to the Constituent, the Constituent hereby irrevocably and unconditionally agrees to indemnify and do hereby indemnify the Bank, its directors and officers (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 Agreement or in any way arising from breach of this Agreement by the Constituent.
Terms and conditions for Cash withdrawal at Point of Sale (POS)
All debit card holders ("Cardholders") of Kotak Mahindra Bank ("Bank") shall be entitled for cash withdrawal ("Facility") at select point of sale (POS) i.e. designated merchant establishment subject to the following terms and conditions:
All Cardholders availing the Facility shall be deemed to have read, understood and accepted these terms and conditions.
Kotak Mahindra Bank Limited at its discretion but at the risk & responsibility, in all respects, of the Customer will extend the RTGS/NEFT service to the Customer on the following terms and the Customer agrees that:
Kotak Multi Currency World Travel Card
In this document the following words and phrases shall have the following meanings:
Application for a Card:
Reloading the Card:
Applicability of Rules and Regulations:
Card Validity & Usage:
Currently the Bank has a mark-up of 3.5% over such cross border currency conversion rate, other than on Single currency transactions.
Currency of the Card:
The Cardholder or any other person duly authorized shall have the option, to load/reload value on the Card in one or more currencies subject to these terms & conditions and under permissible threshold of the currency for the nature of travel undertaken by the Cardholder. The balance of currencies shall be herein be defined as Currency Wallet.
Carry multiple currencies on just one Card. Please refer to www.kotak.com for updated list of currencies available for your Kotak Multi Currency World Travel Card.
Currencies listed at www.kotak.com are in the currency order of priority in which funds will be taken off your card if you don't have the currency or insufficient currency of the transaction on your Kotak Multi Currency Travel Card.
However the Bank reserves the right at its sole discretion, to increase or decrease the number of currencies available without any prior notice.
The Card and Currency Wallet may be loaded and/or reloaded with permissible value of foreign exchange during its validity period by the Cardholder, or any other person duly authorized by the Cardholder giving a load instruction in the format as required by the Bank from time to time.
Loading Instructions once given shall be final and binding on the Cardholder. In the event of any use of the Card abroad or any charge that is levied on the Card, the deductions to the amounts for such purpose shall happen in the following order:
It is clarified that in case amounts are deducted from a Currency Wallet of a currency, other than the currency relevant to the transaction the currency exchange rate as determined by the Bank for such conversion of currencies shall be applicable.
It is also clarified that in the event that no single Currency Wallet has sufficient balance for a particular transaction by the Cardholder, the Bank shall reject such transaction notwithstanding that sufficient amounts may be available across all the Currency Wallet in aggregate.
Merchant Location and Point of Sale Usage:
Cardholders Obligations & Covenants:
With Travel Card Customer Web Login, the Cardholder shall be entitled to access the card account details which comprise of the following services:
Customer Contact Centre
Now you can reload your card over the call. SMS k travel to 5676788 and we will call you within 30 minutes to process your card reload request. The customers can call our 24-hour Customer Contact Centre for queries, register their complaints and mist importantly, report lost card.
Lost / Theft / Misuse or Stolen Cards:
Surrender of Card:
Fees & Charges
Change of facilities:
Printed Transaction Records, Balance information Statement, Errors, Complaints:
Disclosure of Information:
Cardholder disputes with Merchants:
The Cardholder specifically acknowledges that the Bank will not be liable in any manner whatsoever by virtue of any insurance cover provided and that the insurance company will be solely liable for compensation if any in case of the death of a cardholder and/or loss of baggage and/or loss of passport and shall not hold the bank responsible for any matter arising from in connection with such insurance cover, whether for or in respect of any deficiency or defect in such insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise howsoever and all such matters shall be addressed to and sorted out directly with the insurance company.
The Cardholder agrees that the insurance cover so provided will be available to the Cardholder only as per the terms of the relevant insurance policy in force and only so long as the Cardholder is and remains a Cardholder of the Bank with his maintained in good standing. On the Card being cancelled or withdrawn temporarily or permanently for whatsoever reason the benefit of such insurance cover shall automatically discontinue from such date of cessation of card. The current insurance benefits offered on your Kotak Multi Currency World Travel Card are in association with Insurance Service Provider for more details refer to www.kotak.com.
Exclusion from Liability:
Ability to refuse payment:
Termination of Card:
The Cardholder agrees to and shall indemnify and hold the Bank and each of the employee agents, consultants contractors, content providers or representatives of the Bank harmless against all actions, claims, liabilities, demands, proceedings, losses, damages, costs, charges and expenses including reasonable attorney's fees and court / adjudicating body costs whatsoever, which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of,
Terms and Conditions and Changes:
Governing Law & Jurisdiction:
These Terms/Transactions/Services and obligations of the Bank shall be governed by and be subject to Indian law and guidelines as may be issued by the RBI from time to time. The courts in Mumbai shall have the exclusive jurisdiction as regards any claims or matters arising out of the use of the Card.
Compliance with law:
The Cardholder must be either by himself or through legally authorized representative eligible and capable by law to avail of the Card. The Bank shall not be liable to the Cardholder or any third party for any loss or damage suffered due to the ineligibility or incapacity of the Cardholder. The Cardholder agrees that he is aware of and shall comply with any law that may be applicable to any of the transactions he carries out, through the Card. The Bank shall not be responsible or liable to any third party for the Cardholder's violation of any law.
Contact us for Queries or Complaints and Grievance Redressal:
In case of any complaints / queries in connections with Card Account, Card Holder may contact at Bank's Phone Banking Number 1860 266 2666 (local call rates apply) or can write a letter to us at Kotak Mahindra Bank Ltd. P.O. Box: 16344, Mumbai - 400013 or click here to email us.”. If Cardholder disputes remain unresolved, he/she may directly approach the Banking Ombudsman for redressal of grievance
IMPORTANT TERMS & CONDITIONS GOVERNING THE KOTAK ITZCASH PREPAID CARD
These Terms & Conditions apply to and regulate the issuance/usage of Kotak ItzCash Prepaid Card ("Prepaid card/Card") facility offered by Kotak Mahindra Bank ("Bank") to its Customers ("Cardholder/s")
The Cardholder acknowledges that he/she has read the Prepaid Card terms and conditions carefully before using the Prepaid Card and unconditionally accepts the same.
The Cardholder acknowledges that he/she shallbe bound by the Terms and Conditions applicable to Card and accepts the onus of ensuring compliance with the applicable laws, regulations and RBI guidelines as amended / modified / applicable from time to time and any other corresponding enactment in force from time to time.
Use of the Card and Cardholder Obligations
Cardholder acknowledges following Fees and Charges applicable to Prepaid Card:
Description of Fees
Charges applicable basis slabs (Minimum charge of Rs. 10 & maximum of Rs. 35)
Rs. 20 per year (will be levied monthly Rs. 1.85 inclusive of taxes)
Inactive Card Fees (for 6 months)
Click on www.itzcash.com
Card Replacement Fee
Card Closure Fees
ATM PIN and IPIN re-generation Fees
Charge slip retrieval fee
Card Issuance after expiry
Cash withdrawal at non-Kotak ATM
Rs. 22 (inclusive of taxes)
Balance Enquiry at non-Kotak ATM
Rs. 10 from other ATM (Inclusive of tax)
Payment Gateway charges
As advised on various websites and payment gateways
The Cardholder agrees that these fees are not refundable and are subject to change from time to time. Charges for other services shall be levied to the Prepaid Card, at prevailing rates Transaction fees/charges for cash withdrawals / balance inquiry and / or other transactions wherever applicable, shallbe debited to the Prepaid Card. The charges / fees applicable on the usage of the Prepaid Card maybe revised/changed by Bank/ItzCash from time to time and Cardholder(s) will be informed 30 days prior to the revision.
Any charges / fees appearing in this terms and conditions do not include service tax and or any other cess/taxes as applicable from time to time.
Lost or stolen card:
These terms and conditions and/ or the operations of the Prepaid Card issued by the bank and / or the use of the services provided that the Card shall be governed by the laws of the Republic of India. The customer and the bank agree to submit to the exclusive Jurisdiction of the Courts located in Mumbai, India as regards any claims or matters arising under these terms and conditions. The Bank accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that any service can be accessed through internet, mobile or phone by a customer in a country other than India shall not be interpreted to imply that the laws of the said country govern these terms and conditions and / or the operations in the said accounts of the customer and / or the use of any of these services.
Verified by Visa (VBV):
Description of (VBV) - Verified by Visa provides Cardholder with a way of increasing security for online transactions by reducing the chances of fraud for those transactions. Registering for Verified by Visa involves providing personal information by Cardholder, which is then used to confirm Cardholder identity in connection with future online transactions for which Verified by Visa is used. Verified by Visa also may be used for record keeping and reporting purposes, as well as to help resolve transaction disputes. Cardholder registration data and other personal information are not shared with the merchant.
Limitation of liability:
Disclaimer of Warranties:
For detailed and updated terms and conditions please refer www.itzcash.com and www.kotak.com
The above terms and conditions are subject to change periodically at the discretion of ItzCash/ Bank.
Merchant Acquiring Services
I /We understand and confirm that in event of any dispute, difference and/ or claims arising out of in connection with or in relation to this Agreement, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and any subsequent statutory amendment, if any, to the Act, by a sole arbitrator to be appointed by the Bank. Any arbitration award/ direction passed shall be final and binding on the Parties. The language of the Arbitration shall be English and the venue of such arbitration shall be at Mumbai or Chennai.
Terms and Conditions mentioned herein below are to be read and understood in conjunction with the Merchant Processing Application Form as executed by Merchant Establishment (hereafter referred as "ME") in favour of Kotak Mahindra Bank (hereafter referred as "Bank") for receiving payment processing facilities and services ("Services"). The General Terms including the Privacy statement and consent and the operating guide are available on the link (www.kotak.com)
1. Service Description: Features provided under this Services consist of ;
1. Authorization of card transactions
2. Electronic data capture (or collection of sales slips) of card transactions;
3. Out clearing of card transactions to the appropriate Card Associations and /or card issuers
4. Provision of information to Bank to effect settlement of such transactions
5. Dispute resolution with the cardholders' banks; and
6. Transaction related reporting, statements and products
2. ME must be an Indian citizen/Entity having office in India which shall be declared and confirmed by ME in the Application Form.
3. Transaction Procedure: ME must follow all procedures and requirements relating to card transaction documents, including complying with the Operating Guide and applicable Card Scheme Rules, as amended from time to time. Merchant will permit cardholders of valid cards (cards which are authorized by Issuing Banks / Authorities under a Valid Scheme like VISA/ Mastercard/ RuPay/ Other Networks) bearing the symbols of the cards authorized to be accepted by Merchant hereunder to charge purchases or lease of goods and services, provided that such card transaction compiles with the terms and conditions applicable for this Service. Each such transaction will be evidenced by a valid transaction record in an approved form such as a sales slip. Merchant will not present any sales slip that does not arise out of a card transaction between a cardholder and merchant
4. Transaction Reports: ME must provide the Bank with its records, and all information and assistance that Bank may reasonably require, relating to any Card transactions as and when the Bank requests them
5. Compliance and Data Security Standards: ME shall comply with provisions contained in Payment Card Industry - Data Security Standards ("PCI-DSS") PA DSS and PCI PED, as published on www.paymentcardindustry.com. As part of PCI DSS obligations among other things, ME shall not store card authentication information (Track2, CVV, PIN and PIN Block) and shall also eliminate/minimize storage of Valid Card Information (Name, Expiry date) in electronic or paper form. In addition, ME shall carry out quarterly vulnerability scans as prescribed by PCI Security Standard Council ("PCI SSC") in approved scan vendor scan procedures and send scan report to the Bank. As per regulations issued by Visa/MasterCard/Amex/Discover/JCB, the High Risk Merchants and Merchants carrying on transactions above the limits, decided by PCI SSC will have to get their controls validated through an external audit by a qualified security assessor. ME will not divulge cardholder information to any other entity/individual except law enforcement agencies and regulators under any circumstances.
6. ME Site (Location): ME shall keep the site prepared with requisite telephone line(s) and relevant power supplies as needed for setting up the POS terminals. The site must be at the same address as mentioned on the application form. ME shall be solely responsible for maintaining, repairing and replacing equipment (equipment refers to infrastructure items like Power, telephone, modems etc. owned by Merchant), and ME indemnifies the Bank against any losses, liabilities, damages and expenses arising out of the use of the equipment. ME is required to mandatorily display the Bank's logo / any promotional material related to merchant acquiring business provided by the Bank at its site / location. The Merchant site / location should be among an acceptable business location within India, where the Bank does business and is not counted as a Negative Area by the Bank.
7. Bank / Agent of Bank provided Equipment: Equipment supplied by the Bank (or its representatives/partners) remain the property of the Bank and ME shall not claim any right on those equipment whatsoever. ME shall ensure that the equipment is operated in accordance with the operating guidelines of the equipment. ME shall notify the Bank immediately in case of any damage or loss of the equipment by the merchant.ME shall not lease/sublease the equipment and/or shall not give any rights of the equipment to any other entity. ME to allow the Bank or its agents/partners staff to enter ME's premises at any time to install, inspect/audit the condition, replace or repair the equipment and any Software update. On request, ME shall be required to provide to any Regulator / Statutory or Competent Authority including the Reserve Bank of India/ associations namely Visa, MasterCard, Rupay, access to, inspection rights and access to examine, at its premises or any premises related to the conduct of its business, books, records, documents (including but not limited to Card transaction information) and such other information, systems, procedures and protocols as may be required by the Regulator / Statutory or Competent Authority.
8. ME Information: (a) ME authorizes the Bank to obtain from third parties financial and credit information relating to it, its directors, officers and principals in connection with Bank's determination whether to accept the ME application and Bank's continuing evaluation of the financial and credit worthiness of ME, its directors, officer and principals (b) Bank will handle any information it collects about the ME, its directors, officers and principals in accordance with the Privacy Laws, privacy collection statements and privacy policies. Bank will implement all data security measures required by such laws and policies (c) ME, its directors, officers and principals acknowledge that the information that is collected about ME, its directors, officers and principals held by us may be shared by the Bank and its respective related bodies corporate which may be located inside or outside India in connection with the terms of the application and Terms and Conditions and in accordance with Bank's privacy collection statements and privacy policies, and the consent to such sharing of information (d) ME authorizes the Bank to share information from the Application between ME and the Bank and Bank's respective related entities, service providers, persons under a due confidentiality to the Bank, and also with the third party, affiliates and Associations as relevant to the transaction (e) ME authorizes the Bank to share any information about ME, its directors, officers and principals with any court, tribunal, regulatory, supervisory, government or quasi - government authority which has jurisdiction over the Bank or its related entities (f) ME irrevocably authorizes the Bank to discharge and /or release to the relevant card schemes all or any of the documents (including but not limited to the form and the content of the application, figures, codes, data and information of whatever nature which from time to time or at any time ME discloses or release to the Bank and /or Bank may have access to under or by virtue of ME's participation in the card schemes, any transaction contemplated under the services and /or in relation to or in connection with the services, and /or which a Card Schemes may lawfully require the Bank to provide to it from time to time or at any time
9. ME agrees:
(a) to follow the operating guide as available on www.kotak.com and for time being in force, which is incorporated into and made part of this Terms and Conditions (b) To be bound by the operating regulations and rules of the Card association, including without limitation any rules and regulations related to cardholder and transaction information security, such as Payment Card Industry (PCI) Data Security Standards, Visa's Cardholder Information Security Program and MasterCard's Site Data Protection Program (c) Bank may, from time to time, issue written direction (via mail, email or website notification ) regarding procedures to follow and forms to use to carry for providing the Services. These directions and the terms of the forms are binding as from the date of the application for the services and shall form part of this terms & conditions.
10. Fees: ME will pay to the Bank the fees and other dues ("Fees") along with applicable taxes for the services as set out in the Application and the General Schedule of Features and Charges (GSFC) or updated in the website of the Bank or informed to the ME subsequently through email or phone, as well as any additional fees or pricing set out in the Terms and Conditions. Fees and other amounts paid by ME to the Bank for services provided will be paid along with applicable taxes. Any communication received by ME from the Bank related to pricing shall be binding on ME. Bank reserves the right to revise the Fees, MDR and/or other service charges after providing 30 days' notice to ME. Charges/Fees will be debited from the merchant's account held with the Bank. In case of insufficient balance in the account such that Bank can not deduct full Fees from the account or terminal damaged/lost at the ME location due to merchant neglect, Bank reserves the right to place a lien in the account upto a value of the outstanding Fees.
11. Refunds / Credits:The Bank may charge ME a fee for the service of processing a credit. ME's refund policy for purchases on the Card must be disclosed to card members at the time of purchase. ME must issue credits to the card account used to make the original purchase unless it was made with a prepaid card that is no longer available, in which case ME may apply refund policy. Refund should preferably be made against the transaction reference number of the original payment transaction. Charges and credits will be deemed accepted on a given business day if processed by Bank before its cut off time for that day at the relevant location. It should be noted however that facility for the ME to provide Refund on the terminal will be evaluated and assigned by Bank on the basis of creditworthiness of ME. Any decision taken by Bank for Refund facility on the terminal shall be final and binding on ME.
12. Credit Submissions: ME must submit credits to the Bank within seven (7) days of determining that a credit is due to create a record of credit that complies with Bank's requirements (Credit Record). ME must submit a credit only for the value of corresponding charge, excluding the Merchant service fee. Bank shall be entitled to deduct the full amount of the credit from the payment to ME or debit MEs account / other account with same authorized signatories as the ME, but if Bank is unable to deduct/debit, then ME must pay the Bank promptly upon receipt of invoice. Each charge and credit must be submitted under the Establishment Number of the Establishment where the charge or credit originated
13. If Bank suspects, on reasonable grounds, that ME has committed or is about to commit a breach of these Terms, any illegal activity (including, without limitation, money laundering) or dishonesty or fraud against the Bank, or in view that Bank's interest is jeopardized then Bank shall be entitled to suspend/revoke all payments under these Services to ME pending enquiries by the Bank.
14. Chargebacks and Other liabilities: ME must compensate and indemnify the Bank for any actions, claims, costs, loss, damages expenses or liability made against or suffered or incurred by any one or more of us either directly or indirectly arising out of (i) a card transaction between ME and any cardholder (ii) all Card transactions submitted by ME that are charged back (iii) ME's failure to produce clear, legible and valid card transaction details or transaction with wrong transaction time any of MEs employees processing a transaction with wrong transaction information (iv) any error, negligence, willful misconduct or fraud by ME or its employees (vi) any dispute over goods or services between ME and a cardholder (vii) any warrant or representation whatsoever in relation to any goods or services supplied by ME (viii) ME's failure to comply with any of its obligations under this terms and conditions (ix) Any fines or penalties imposed by the Card Schemes in connection with ME's use of the services (x) any losses suffered by Bank as a result of that one of us indemnifying the other for ME's failures to meet ME's obligations under the terms of the Transaction Documents.
15. Debits and set off: Bank shall itself as relevant, may reserve the right to (a) debit ME's settlement account and /or (b) deduct and set off from settlement funds due to ME, and / or (c) invoice /raise a debit note to recover from ME separately for any amounts then due from ME to the Bank, arising out of or in relation to the payment processing services
16. Interest: Bank shall also charge interest at the rate of 3 % per month above the MCLR as published by Bank from time to time or such other charges as notified to ME on amounts outstanding to the Bank from the ME and where there were insufficient funds in ME's account to satisfy the above amounts
17. Security Deposit: Bank may from time to time request security deposit / lien on assets from ME or a guarantor to secure performance of ME's obligations. ME agrees to provide such security deposit/ lien on asset or provide a guarantor when requested by the Bank. Bank also reserves a right to put a lien into the merchant account upto the cost of POS terminal calculated @ INR 12000 per GPRS POS terminal and @ INR 9000 per PSTN POS terminal in case Bank finds the merchant profile to be high risk as per its polices, ME carrying out suspicious transactions/activities, notice from a competent third party or on own vigilance of Bank staff, request for De-installation of POS terminal raised or merchant remaining inactive for 45 days, without any prior intimation.
18. Funds Settlement: Bank will credit settlement funds after necessary deduction of MDR/MSF, Network charges, Chargeback amount (if any), Penalty (if any) and Bank fees (if built in the transaction). Generally these funds will be credited to ME's designated settlement account on the next working day after the settlement of funds on the terminal by ME. However, basis ME credit profile or nature of business, Bank may decide to provide settlement funds in the ME account with a delay of few days / specified period in each case. This decision will be informed to the ME at the time of onboarding the ME.
19. Financial and Other Information: Upon request or as part of application, ME will provide the Bank with copies of financial accounts and other such documents or information concerning ME's business / promoters to help the Bank in evaluation of ME's financial and credit status. Further, ME must advice the Bank immediately of any change in circumstances affecting its business including any insolvency event, change in control or change in business name, business address, legal status or other business details. ME agrees to retain copies of all paper and electronic transaction records and credit slips submitted to the Bank for a period of 12 months from submission, or such longer period of time as may be required by the operating rules or regulations of the Card Associations, by law or by the Bank as specifically requested in writing in individual cases.
20. Return of Equipment: Upon termination / expiration of the Services, ME is obliged to return the terminal / supplied equipment to the Bank. For each item supplied, Equipment that ME fail to return to the Bank, ME agree that the Bank shall be entitled to debit Terminal Recovery charges as mentioned in the GSFC. ME also agrees that the Bank may retrieve the supplied equipment from ME and ME authorizes the Bank to access their premises for that purpose. Upon termination/expiration, ME shall be liable to pay all outstanding dues to the Bank with regards to the service provided by the Bank as per the Fee schedule. Also, the Bank reserves the right to replace / recall the terminal from the merchant at any point of time without giving advance notice. Bank also reserves the right to terminate the services arrangement with ME.
21. Copyright: ME acknowledges that some equipment provided to it by the Bank under this Arrangement is embedded with proprietary technology ("Software"). ME shall not obtain title, copyrights or any other proprietary right to any software / hardware provided by the Bank or any of its affiliates. At all times, the Bank or its suppliers/affiliates retain all rights to such software / hardware, including but not limited to updates, enhancements and additions. ME shall not disclose such software to any party, convey, copy, license, sub- license, modify, translate, reverse engineer, decompile, disassemble, taper with, or create any derivative work based on such software. Merchant's use of such software shall be limited to that expressly authorized by the Bank.
22. Waiver: No provision in this terms & conditions shall be deemed waived by any party unless such waiver is in writing and signed by the party against whom enforcement sought. No failure to exercise and no delay in exercising on the part of any party hereto any right, power or privilege under this terms & conditions shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this terms & conditions preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.
23. Dispute Resolution/Choice of law/collection fees/Jurisdiction: Should it be necessary for the Bank to defend or enforce any of its rights under this arrangement in any collection or legal action, ME agrees to reimburse the Bank, for all costs and expenses, including reasonable collection agency and attorney's fees as a result of such collection or legal action. The Bank and Merchant agree that this arrangement and all disputes arising out of or relating to this Services shall be referred to Arbitration before a Sole Arbitrator appointed by the Bank. The venue of the Arbitration shall be at Mumbai. The Arbitration proceedings shall be in English, governed by and construed in accordance with the laws of India subject to the exclusive jurisdiction of the Mumbai courts.
24. Use of Merchant's Name: Upon agreeing to avail the Services by executing the Merchant Processing application, the Bank shall have the right to include the Merchant's name in any directory or promotional material produced in connection with the acceptance of the Card Transaction
25. Warranties and Representations: Merchant warrants and represents to The Bank:
26. High Risk Merchants: There are certain industry categories which the Bank considers to be high fraud risk in relation to which Bank have rights of Full Recourse for any charge that the Bank is unable to collect due to fraud, including but not limited to the following industries : Auction Sales, Card member activated terminal (Airlines, Drugs, Travel Agencies, Tour Operators, Cruise Lines, Clubs, Pawn shops, Direct Marketing Businesses, Religious Goods, Salons & Spas, Manpower agencies, Counseling services, Video Game Arcades, Civil Associations, Road tolls, car parking stations and garages, petrol pumps, cinema kiosks, railway self- service ticketing Airline, Telephone, Insurance, Time share). Bank reserves the right to add additional business categories to this list from time to time.
27. Full Recourse: When Full Recourse Applies - All Bank payments are subject to Bank's right to full recourse. Bank has rights to full recourse (i) whenever a card member informs it of a disputed charge or has rights under law to withhold payments (ii) in cases of actual or alleged fraud relating to charges (iii) where an ME is subject to Bank Fraud Full Recourse Programme; (iv) if ME does not comply with the terms & conditions applicable to the Services including all procedures in the schedules; or (v) as specifically provided elsewhere in this terms & conditions. The Bank shall give the ME prior notice if Bank takes action under this clause. Bank's right to Full Recourse remains even if Bank had notice of the above facts when the Bank paid the ME.
28. How Bank exercises its Full Recourse: Bank shall recover full amount of each charge that is subject to Full Recourse by deducting, withholding, recouping from, or offsetting against the payments to ME (or debiting MEs account); notifying the ME of its obligation to pay the Bank in which case ME must pay within seven (7) days of any notification; or reversing a charge for which Bank has not paid ME. Bank's failure to demand payment does not waive its rights to Full Recourse
29. Submitting charges and settlement of batch: Merchant Establishment must submit the charges and settle batch everyday by end of day. Delay in any batch settlement beyond 3 days will attract a penalty as mentioned in the list of charges. Additionally, You must compensate and indemnify us for any actions, claims, costs, loss, damages, expenses or liability made against or suffered or incurred by us directly or indirectly arising out of card transaction between you and any cardholder, card transactions you submitted that are charged back due to delay in batch settlement. You are required to comply with all the specifications provided by us from time to time. We shall have the right to full recourse in case of any chargeback due to non-compliance of network rules.
30. Fraud Full Recourse Programme: Bank may put ME or any of its establishments onto a Fraud Full Recourse programme for all charges, charge ME a fee or create a Reserve, if ME is in a high risk industry category or if ME experience a disproportionately high number or amount of Disputed charges or Fraud relative to prior history or industry standards. If ME is on a Fraud Full Recourse Programme, Bank will have the right to Full Recourse for all charges which are for any reason uncollectible due to fraud. Bank is not obliged to contact ME first or give the ME the opportunity to provide a written response to any dispute for which Bank has exercised this right. Bank will have this right even if Bank had notice of such defect at the time of payment, ME has received an Authorisation and has compiled with all other provisions of the Agreement.
31. No third party beneficiaries: Unless otherwise provided herein, this arrangement does not and is not intended to confer any rights or benefits on any person that is not a party to the application or this arrangement otherwise as agreed between ME and the Bank
32. Access Grant: ME accepts that it may not get access to all services or facilities or transaction limits which it has requested for. Bank reserves the right to provide the access selectively on the basis of its own assessment of the merchant application/credit worthiness/merchant business requirements.
33. Inactive account: If ME has not submitted any charge within a period of twelve (12) consecutive months, Bank will deem this an offer by ME to terminate this service arrangement which Bank may accept by blocking ME's access to Bank services under this arrangement. Bank reserves the right to terminate the Services provided. An offer to terminate under this clause does not preclude ME from exercising any other rights of termination ME may have under the terms & conditions applicable for the Services. If the Services provided are terminated, Bank may create a Reserve in relation to all amounts owing to it and its affiliates. ME and ME's successors and permitted assigns shall remain liable for any unpaid amounts immediately upon termination. ME must also remove all displays of Bank Marks and any third party marks, return Bank materials and equipment immediately, and submit to Bank any charges and credits incurred prior to termination. All direct debit and set off rights will also survive until such time as all credits and debits permitted under these Services and relating to transactions prior to the effective date of termination, have been made. Notwithstanding anything in this terms & conditions, Bank may require ME to discontinue acceptance of any third party product by ME.
34. Merchant Declaration: If ME has applied for using Merchant Acquiring Services provided by Kotak Mahindra Bank, the application shall be subject to acceptance by the Bank and to ME's payment of relevant/requisite fees to the Bank.
In case of acceptance of the application, ME shall agree with the Bank to receive payment processing facilities with / without the EDC Terminal and services in accordance with the terms set out in these General Terms and Conditions applicable for payment processing facilities.
The 'Fees' and list of services on www.kotak.com indicates the types of payments and services ME will receive from the Bank.
In case of acceptance of the application, ME shall confirm that it has obtained, read, understood and it agrees to these General Terms and Conditions applicable for payment processing facilities which are also available on www.kotak.com and which may be amended from time to time by the Bank.
In case of acceptance of the application and the subsequent commencement of the payment processing facilities and services, if ME submits a transaction to the Bank, then ME will be deemed to have accepted and agreed to the terms and conditions applicable for payment processing facilities and services offered by the Bank.
In case of acceptance of the application, ME shall also commit and undertake the care and maintenance of the EDC Terminal / Digital QR Code display in good condition and shall also authorize the Bank to charge ME / Promoters of the ME the complete cost of the said EDC Terminal in case there is any damage to the said terminal.
By agreeing to these General Terms and Conditions below, the ME
1. shall authorize the Bank to initiate debit entries to any of ME's accounts / ME's promoter accounts with the Bank in accordance with these General Terms and Conditions
2. shall authorize the financial institution with which ME maintains the settlement account to honor such debit entries initiated by the Bank
3. shall authorize the Bank to access credit reports pertaining to ME and / or ME's principals as part of credit assessment process
In case of any change in the details and information given by ME, it shall advise the Bank immediately in the manner as agreed by ME and acceptable to the Bank.
In case of acceptance of the application, ME shall warrant that any individual authorized signatory is authorized to execute the Merchant Processing Application on behalf of the ME. ME shall also agree with these terms and conditions and provides its consent to them. ME shall also agree that in consideration for the Bank providing the services to the ME, the ME shall unconditionally and irrevocably guarantees performance by itself, of its obligations under these General Terms and Conditions, and payment of all sums due under the these General Terms and Conditions. ME shall consider this as a guarantee of payment and not of collection and that the Bank shall rely on this guarantee for it to accept the Transaction Documents executed by the ME.
In case of acceptance of the application, ME shall understand that Kotak Mahindra Bank reserves all rights to change MDR, fees or charges after giving ME a notice of 30 days.
35. Notice Address: Unless Bank notify ME otherwise, ME to send notices to Bank at :
Kotak Mahindra Bank
Business head - Merchant Acquiring Services
4th Floor, 4th Zone
Building no 21, Infinity IT Park,
Malad East, Mumbai
Notices to Merchant: ME agrees that Bank may notify ME in person, in writing or electronically, or through information provided on its website depending on the nature of the matter being notified. ME must notify the Bank prior to any change in its address.
EMI (Equated Monthly Installment) facility:
DCC (Dynamic Currency Conversion) facility:
1. I/We acknowledge and accept that the Dynamic Currency Conversion (henceforth termed “DCC”) option can be selectively offered to cardholders as a valuable tool to make informed payment choice while traveling outside their respective home country, and that the DCC option will be only offered as a choice and not as the default selection.
2. I/We agree & undertake to ensure that the Cardholder/s will be appropriately and suitably informed that DCC is an optional service, highlighting the choice of currencies that they get.
3. I/We also undertake that we shall not use such language or procedures that will make paying in Indian Rupees difficult or improbable by the Cardholders, or otherwise cause Cardholders to choose DCC by default.
4. I/We unequivocally agree and undertake to inform the Cardholder of the exchange rate used in DCC transaction/s.
5. I/We agree & undertake to inform the Cardholder that the choice of currency decided between the Merchant and the Cardholder is Final and binding.
6. I/We agree & undertake to inform and explain to the Cardholder that the DCC service is being provided by Kotak Mahindra Bank as Acquiring Bank
7. I/We understand and agree to that Kotak Bank will Charge certain % as MDR on international card (with DCC) for the DCC transactions done on the Kotak Bank POS terminal and certain % as MDR for international card transactions (without DCC) as mentioned on POS account opening form.
8. I/We understand that the foreign currency (FX) rate for every transaction will appear on the terminal at the time of making payment by the cardholder. The Rate will be an approximate markup of certain % on IBR Rate applicable on the day of the transaction as mentioned on POS Account Opening Form.
9. I/We understand that Kotak Bank currently provides DCC service for following currencies. The list of currencies is subject to change from time to time.
List of currencies -BHD,OMR,SGD,DKK,NZD,EUR,AUD,SAR,ZAR,SEK,HKD,JPY,AED,GBP,CAD,CHF,USD
TERMS AND CONDITIONS FOR CASH MANAGEMENT SERVICES
The terms and conditions shall be applicable to all Clients availing Cash Management Services from Kotak Mahindra Bank Ltd. To read the detailed terms and conditions, please click here
THE TERMS AND CONDITIONS SHALL BE APPLICABLE TO ALL CLIENTS AVAILING GST COMPLIANCE SOLUTION FROM KOTAK MAHINDRA BANK LTD.
To read the detailed terms and conditions, please click here
THE TERMS AND CONDITIONS SHALL BE APPLICABLE TO ALL CLIENTS AVAILING QUICKCHECK FROM KOTAK MAHINDRA BANK LTD.
To read the detailed terms and conditions, please click here
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.
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.
The User irrevocably and unconditionally authorizes Kotak Mahindra Bank to access his Account and the Personal details registered while authentication of Application for availing the service including effecting Banking or other transactions of the user through the facility.
The User expressly authorizes Kotak Mahindra Bank to disclose to the service provider or any other third party, all user information in its possession, as may be required by them to provide the services offered under the said facility to the User.
The authority to record the User’s details and transaction details is hereby expressly granted by the User to Kotak Mahindra Bank. All records generated by the transactions arising out of use of the facility, including the time of the transaction, beneficiary details, etc.; recorded shall be conclusive proof of the genuineness and accuracy of the transactions.
The User authorizes Kotak Mahindra Bank to send any message or make calls to his mobile phone Number or display banners or any other communication on 811/ Kotak Mobile Banking Application to inform him about any promotional offers including information regarding Banks' new products either now available or which Kotak Mahindra Bank may come up with in the future, greetings, banners or any other promotional massages or any other message that Kotak Mahindra Bank may consider appropriate to the User.
The User irrevocably and unconditionally agrees that such calls or messages made by the Kotak Mahindra Bank and/or its Agents shall not be construed as a breach of the privacy of the User and shall not be proceeded against accordingly.
The User authorizes Kotak Mahindra Bank to send any rejection message or to reject any transaction/request, if it finds that the request sent by the User is not as per the requirements stipulated by Kotak Mahindra Bank for availing the facility.
Kotak Mahindra Bank shall make all reasonable efforts to ensure that the User’s information is kept confidential.
The User expressly authorizes Kotak Mahindra Bank to carry out all request(s) or transaction(s) for and/or at the request of the User as are available to the User through 811/ Kotak Mobile Banking Application without the Bank having to verify the authenticity of any request or transaction purporting to have been received from the User through Application.
Kotak Mahindra Bank shall have the option to introduce any new services through this facility at any time in future and the User shall be deemed to have expressly authorized Kotak Mahindra Bank to register the User for such new services.
Liabilities and Responsibilities of the User:
Terms of Service:
These terms & conditions are in addition to the general terms & conditions of any account or any other facility provided by Kotak Mahindra Bank to its Customers.
Kotak Mahindra Bank may provide the any services through this Application, directly or through its associates or contracted service providers on its behalf.
Limitations on transactions:
There will be transaction limits as mandated by NPCI from time to time and also subject to limits as may be prescribed from time to time by other banks where the user holds a bank account and have linked the said Bank account in the Application.
These T&C are applicable to the subscriber/User of Kotak Mahindra Banking services on WhatsApp (defined hereinafter) and shall be deemed to include any subsequent changes/amendments/ modifications thereto from time to time by the Bank (“Terms and Conditions”).
In these Terms, unless there is anything repugnant to the subject or context thereof, the words and expressions listed below shall have the following meanings;
“Account” means any account of the User opened with the Bank including the savings and/or current account and/or fixed deposit and/or loan account and/or cards or any other type of account.
“Approved Third Party Channel” means any digital/electronic channel, which:
“Account Related Services” means the services related to the Account of the Bank’s Customer such as general enquiry, account balance, statement request, etc., which may be made available by the Bank, from time to time.
"Bank" means Kotak Mahindra Bank Limited;
“Banks Number” is the phone number of the Bank, registered with WhatsApp for the purposes of providing Banking Services herein.
“Customer” shall mean any person holding any Account including the savings and/or current account and/or fixed deposit and/or loan account and/or cards or any other type of account.
“Customer’s Registered Mobile Number” is the mobile number which the Customer has registered with the Bank for receiving communication.
"Device" means computer terminals, personal computers, laptops, tablets, mobile phone, smart phones, virtual assistants, smart home devices (including without limitation Amazon Alexa, Apple HomeKit), wearable devices (including without limitation watches, fitness trackers), connected car system devices and any other devices that may be connected to the internet which enable provision of the WhatsApp Banking Services by the Bank to the Subscriber/User;
“Push service messages” means the messages for the service provided by the Bank to the subscriber/User on WhatsApp where the Bank sends the messages through the Banks Number in the nature of transaction alerts, important information, alerts, updates, etc. in relation to the Customer’s account and such other communications as the Bank may enable from time to time.
“Pull service messages” means the messages for the service provided by the Bank to the Subscriber/Users on WhatsApp where the Subscriber /User communicates with the Bank by sending messages in the form of requests, enquires, information seeking, queries etc. to the Bank and in reply the Bank responds, but limited only to the requests, enquires, information seeking, queries, question asked by the customer.
“Service(s)” shall mean the Push and Pull services provided by the Bank by itself or through any of its service providers, to a Subscriber/User on WhatsApp.
“Subscriber/User” means a Customer of the Bank to whom the Services are provided by the Bank through WhatsApp.
“subscriber/User Information” refers to the personal data or information or such other data or information including any sensitive personal data in relation to the User such as information in relation to the account balance of the User, shared by the User or provided to the User by the Bank or collected or obtained from the User or from WhatsApp or from any such source in the course of the User availing the Services hereunder.
“WhatsApp” is the application provided by WhatsApp Inc.,1601 Willow Road, Menlo Park, California 94025.
Reference to the masculine gender includes reference to the feminine, neuter and vice versa.
2. ELIGIBILITY :
It is a condition precedent for the use of WhatsApp/ Digital Banking Service that the Subscriber/User maintains an Account with the Bank. In the event where the Account relationship is terminated for any reason or in the event of any breach of these Terms and Conditions, the Bank shall be entitled to cancel WhatsApp/Digital Banking Service without any notice. The Subscriber/User agrees and confirms that he/she shall use the Services only if he/she fulfills the eligibility as given below and shall otherwise not use the Services: (i) The User is an individual; (ii) The Subscriber/User is a major; (iii) The User is of sound mind, solvent and competent to contract; (iv) The Subscriber/User is a resident of India and present in India while utilizing the services.
3. ACCOUNT SERVICES :
The Subscriber/User agrees and accepts that the Bank has the right to provide or to withdraw any or all of the services, facilities under the Digital Banking Service/WhatsApp, without assigning any reason, at the sole discretion of the Bank.
The Subscriber /User agrees that he shall not hold the Bank responsible for not replying to the questions / information sought by the Subscriber/User or not providing a response to the satisfaction of the Subscriber/User or not processing any request of the Subscriber/User, in case such a message sent by the User in case the Bank does not receive an instruction to this effect in its systems or the message sent by the User is not in the required format provided by the Bank or does not fall under the Services being offered by the Bank at the time or the Bank does not receive such a message for technical reasons or otherwise or for any reason whatsoever. In case the Bank permits any Service in the nature of a transaction, the User agrees that such a Service shall be subject to statutory/ regulatory limits and/or any limits that may be imposed by the Bank, from time to time.
4. REGISTRATION AND DE-REGISTRATION :
The Subscriber/User may request for de-registration/ unsubscription of the Services any time. which may take such time to come in effect. The Subscriber /User agrees that at all times he/she will remain responsible for any requests made/ messages sent to the Bank using the Services prior to the time such cancellation of the Services is effected by the Bank. The Bank will be at liberty to discontinue/ suspend/ terminate the Subscriber/User’s use of the Services at any time without assigning any reason whatsoever. Further incase of any breach of the terms and conditions the Bank will discontinue or suspend or terminate Services/ facilities without prior notice.
5. APPLICABLITY OF T&C :
The Subscriber/User hereby accepts, agrees and confirms that all Services and communications (both Push and Pull service) on WhatsApp, either by the Bank or the Subscriber/User, will be governed by and subject to these Terms and Conditions. The Subscriber /User hereby grants express authority to the Bank for carrying out the Services requested by the Subscriber/User on WhatsApp on its Bank Number. The Bank shall have no obligation to authenticate the User or to verify the identity of any User once the registration for Push or Pull service is made or once it receives any request/ communication to its Bank Number from any WhatsApp Subscriber/User through WhatsApp. The Bank's own record or logs of activities maintained through computer systems or otherwise shall be accepted as conclusive and binding for all purposes.
The Subscriber/User undertakes not to disclose any password, authentication code and/or identification code relating to his/her Accounts and/or its use of the Digital Banking Service/WhatsApp to any other person. In the event of any such information becoming known to someone other than the Subscriber/User, that person may be treated by the Bank as an agent of the Subscriber and the Subscriber undertakes to indemnify the Bank against all loss or damage which may occur as a result of that agent's use of the relevant information. The Subscriber/User agrees to treat the access rights, documentation or any other information related to the Digital Banking Service/WhatsApp as strictly private and confidential at all times and shall not copy or reproduce any of the foregoing in any form whether in whole or in part or allow access to any other party without the Bank's prior consent in writing. The Subscriber/User undertakes not to share any Devices which are used to access the Digital Banking Service/WhatsApp with any third party and to use passwords to protect against the unauthorized use of such Devices where possible. The Subscriber undertakes to indemnify the Bank against all loss or damage which may occur as a result of allowing any third party to access a Device which is able to connect to the Digital Banking Service. The Subscriber acknowledges that there is a risk that they may be overheard by an unauthorized third party in the course of the Subscriber using a smart home device and that the Bank shall not be liable for any loss or damage suffered by the Subscriber caused as a result.
7. Essential Terms:
The Subscriber/User irrevocably agrees and accepts that the Services provided to him are subject to applicable law and the rules, regulations, notifications, circulars and guidelines introduced or amended from time to time by any regulatory/ statutory/ governmental authority. The Subscriber/User shall provide the Bank with such information and/or assistance as is required by the Bank for the performance of the Services and/or any other obligations of the Bank. Account Related Services including in relation card, loan etc. (at the discretion of the Bank) shall be provided to the Customers through WhatsApp platform only to a WhatsApp account associated with the Customer’s Registered Number. That the Bank may advise from time to time the versions of the operating systems on the Devices which are required for availing the Services and/or registration of the Services. There will be no obligation on the Bank to support all the versions of the operating systems. The subscriber/User agrees that the User shall be responsible for upgrading any software, hardware and the operating system at his cost from time to time so as to be compatible with that of the Bank. The Bank shall be at liberty to change, vary or upgrade its software, hardware, operating systems, etc. from time to time and shall be under no obligation to support the software, hardware, operating systems used by the User and that the same shall be the User’s sole responsibility to be able to continue his use of the Services. The User shall not reproduce, copy, or redistribute for commercial purposes any materials or design elements of this service. That the User shall not submit or transmit any content through this Service that is: 1 Obscene, vulgar, or pornographic, immoral, illegal, illicit, unethical, anti-social etc.; 2 Encourages the commission of a crime or violation of any law; 3 Violates any state or federal law in India and/or the jurisdiction in which you reside; 4 Infringes the intellectual or copyrights of a third party; or 5 Constitutes confidential information and/or personal or sensitive information/ data belonging to the User or to any other person. Bank reserves the right to remove or otherwise delete any content or submissions made by user that violates the rules or which are inappropriate, as per Bank’s sole discretion, without any liability or giving warning to user. The responses sent by the Bank on WhatsApp are based on a program running at back-end. This program has been developed and regularly enhanced to handle the queries in best possible manner. However, for any answers that the User may not find satisfactory or for any inaccuracies arising therefrom, the Bank shall not be held responsible. The User may call 1860 266 2666 or 1860 266 0811 (for 811 customers) in case of any clarifications. By subscribing to the Bank’s Push service, the User agrees to get its personal notifications/alerts/acknowlegements via WhatsApp including portfolio holding, transaction details, value added subscriptions, alerts, notification services etc. The User also agrees to receive notifications including Account and transaction alert notifications, regulatory updates, personalized offers, new product features etc. on his mobile number registered with the Bank via WhatsApp. Further, by registering to the Push service on WhatsApp, the User authorizes the Bank to send the aforementioned alerts to the User on WhatsApp and/or SMS at the Bank’s sole discretion and the Bank also may stop sending these alerts on SMS or any other channel, at its sole discretion. The User understands that using WhatsApp may carry extra risks. Further, any message and information exchanged on WhatsApp shall be subject to the risk of being read, interrupted, intercepted, or defrauded by third party or otherwise subject to manipulation by third party or involve delay in transmission. The Subscriber/User is aware that it may not be possible for the Bank to give detailed information on the Service functionalities. The Subscriber/User is aware that authentication and security measures are required for using mobile applications such as WhatsApp. The User undertakes to ensure that the User shall not reveal his password to any third party including employees and dealers of the Bank. The User shall be solely responsible for all the communication exchanged between the User and the Bank while utilizing these Services. The User understands that his Device is vulnerable to the threats such as but not limited to unauthorized 1) Access by intruders to the data /information 2) Identity theft 3) Privacy violations 4) Planting of stealth software and viruses 5) Disablement or distortion of operations 6) Interception of the transmission of encrypted data/message etc. subscriber/User shall immediately notify Bank in writing if user discovers/ suspects unauthorized access.. The Bank shall not be responsible or liable to you or any third party for the consequences arising out of or in connection with using of this Service. The User shall immediately opt-out of the Services by de-registering process, i.e. typing “Stop” on WhatsApp for Push Services or typing “Block WhatsApp” for Pull services). The User is responsible for keeping security safeguard of his account on his WhatsApp linked to his registered mobile number. The User shall ensure appropriate network connection and the receipt of messages by the User shall be subject to the network connection and the Bank shall not be held responsible for any delay or non-receipt of the responses from the Bank. User is aware that using Mobile app involves many uncertain factors and complex software, hardware, systems, etc. which are susceptible to interruptions and dislocations. The Bank does not make any representation or warranty that the Services will be available at all times without any interruption and that the Bank shall not be responsible for any variation, reduction or imposition of the terms or the User’s inability to use WhatsApp for any reason whatsoever. User agrees that user shall not have any claim against Bank on account of any suspension, interruption, non-availability or malfunctioning of the service due to any link/mobile/system failure at Bank’s end for any reason thereof. The Bank has the right to retract the service anytime it deems fit. These terms and conditions may be withdrawn/ superseded/ modified at any time as required, by Bank without any prior notice.
8. SECURITY MEASURES
The Subscriber/User irrevocably agrees that he/she shall: a) keep the passwords of his instrument/device strictly confidential and Protect your Password and Personal Information(s) to any other person; b) commit the password to memory and not record any of them in a written or electronic form; c) not let any unauthorized person have access to his Device or leave his Device unattended while accessing his WhatsApp; d) put in place a passcode or password or PIN or a security key of similar nature to lock/ restrict access to his Device and secure it from any unauthorized access and not share such passcode/ password/ PIN/ security key with any other person; e) . Avoid logging into the Digital Banking/Whatsapp Services from unknown devices, devices which have unknown applications installed or from locations like internet cafes, libraries or other public sites. f) not remove the restrictions that may be imposed by the Device provider on the Device; g) Always close the window once you have logged out of your Digital Banking/whatsapp Services session. Also, always close and kill the application when you log out from any mobile devices; h) take adequate precautions from any ransomware, malware, virus or any other security threat from entering the Device, including installing adequate anti-virus protection. The subscriber/User hereby agrees and accepts that he shall at all times be solely responsible for the protection and safekeep of his SIM card, Device and the applications installed thereon, specifically WhatsApp, login ids, User Information, security details and passwords as mentioned hereinabove and hereby fully agrees that the Bank shall in no manner be liable for any direct or indirect or consequential or other loss occurring on out of any action or omission because of compromise of the same. Further the User agrees that he understands the risks of losing his SIM card or transferring his SIM card to another device. The Bank strongly advices the User, for the purpose of using the Services on WhatsApp, to delete the WhatsApp application when changing his device. Further the User understands the risks of compromise of his QR code and the implications that it may have on his WhatsApp, including access by a third party to the User’s WhatsApp and the Services. The Subscriber/user and understands that WhatsApp can also be logged on more than one device at the same time, including by using web log in and the User is aware of the risk in this regard while availing the Services such as compromise of User Information, breach of security of the User’s WhatsApp account from a device other than the Users etc. and the User undertakes to be vigilant and careful and takes full responsibility for the security of his WhatsApp account. The User also agrees, accepts and confirm that any person having access to any such email/phone number/authentication form factor/Customer’s Registered Mobile Number, shall be deemed to be duly authorised by the User and acting for and on behalf of the User, with the authority and intention to bind the User irrevocably with any actions pursuant thereto including the acceptance of these Terms and Conditions, vis-à-vis the Bank. Provided however that the Bank shall not be required to authenticate the Customer or User, if any request for the Services comes on WhatsApp to the Banks Number, and in case of a Customer, if the number reflected in the requestor’s Device is a Customer’s Registered Number, the Bank shall be entitled to presume that it is the Customer itself which is interacting through WhatsApp and in case of any other User the Bank shall be entitled to presume that the number reflected in the WhatsApp profile is the User’s number and it is the User itself and not any other person who is interacting with the Banks number Number.
IMPORTANT: NO ONE AT THE BANK WILL EVER ASK YOU FOR YOUR ONLINE BANKING OR MOBILE BANKING PASSWORD AND/OR YOUR PERSONAL INFORMATION OR CARD/ ACCOUNT NUMBERS. IF SOMEONE DOES ASK YOU FOR IT, THEY DO NOT REPRESENT THE BANK AND YOU SHOULD NOT UNDER ANY CIRCUMSTANCE PROVIDE THIS INFORMATION.
9. RISKS :
Subscribers/Users acknowledge and agree that all use of the services via an approved third party channel is at their own sole risk. Subscribers/user assume all risk for their use of the approved third party channel and that the services provided via such approved third party channels are provided by the bank "as is" and that the bank makes no warranty or representation, either express or implied about the availability, quality, accuracy or otherwise of the services so provided. Apart from the risks mentioned herein, these risks would include but not be limited to the following: a) Misuse of Password: The User acknowledges that if any third person obtains access to the User's Device or SIM card or the User’s WhatsApp, such third party may be in a position to access User Information including Account related information of the User, which may be confidential in nature such as account balance, mini bank statements, etc. of the Subscriber/User. The User shall at all times ensure that the Terms and Conditions applicable to the use of the password and security of WhatsApp and the Device of the User are strictly complied with at all times. b) Internet Frauds: The internet per se is susceptible to a number of frauds, misuse, hacking, phishing and other actions which could threaten the security of the information available to the User while availing the Services. While the Bank shall aim to provide security to prevent the same, it cannot guarantee any safeguard from such internet frauds, hacking, phishing and other actions which could affect any instruction(s) given to the Bank for availing the Services. The User has evolved/ evaluated all risks arising out of the same. c) Mistakes and Errors: For availing any Service(s), the Bank would require proper, accurate and complete details to be provided to the Bank. In the event of any inaccuracy in this regard, the User acknowledges that the User may be sent responses or shown information which may not be applicable to him or may not be sent a satisfactory response, and the User agrees that in such a scenario the Bank shall not be liable for any loss to the User in this regard. The User shall therefore take all care to ensure that there are no mistakes and errors and that the message sent/ request made/ query asked by the User to the Bank in this regard is error free, accurate, proper and complete at all points of time. The User agrees that the Bank is providing the Services at the User’s sole risk. The User agrees that the Bank shall not be liable for any loss, damages or consequences whatsoever arising due to any erroneous or incomplete information or any delay in executing the instructions for reasons beyond the control of the Bank. The User shall be liable and responsible to Bank and accede to accept the Bank's instructions without questions for any unfair or unjust gain obtained by him in the course of availing of the Services. d) Technology Risks: The technology for enabling the Services offered by the Bank could be affected by ransomware, virus or other malicious, destructive or corrupting code, programme or macro or any other security threat. It may also be possible that the site of the Bank may require maintenance and during such time it may not be possible to process the request 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. The Subscriber/User is aware and agrees that the Bank disclaims all and any liability, arising out of loss of profit or otherwise arising out of any failure or inability by the Bank to honour any User instruction for whatsoever reason.
10. ACCURACY :
The subscriber/User agrees that he is responsible for the correctness of information supplied to the Bank in the course of availing the Services. The subscriber/User further agrees that he/she shall fully indemnify the Bank against any loss, damages, etc. that may be incurred or suffered, if the information is inaccurate/incorrect.
The Bank accepts no liability for the consequences arising out of erroneous information supplied by the User. The Subscriber/User agrees that if he notices any error in any information supplied to the User by the use of any of the Services, the User shall inform the Bank of the same, as soon as possible. The User agrees that all outputs of statements that may appear on WhatsApp, upon making a request to that effect, are information extracted from a computer system back up maintained by the Bank and may not be continuously be updated in real time. The Bank will take all reasonable steps to ensure the accuracy of the statement, the Bank is not liable for any error and shall not hold the Bank responsible for any loss incurred or action taken by the User by relying on such information.
10. INDEMNITY AND LIABILITY:
The Subscriber/User agrees to fully indemnify the Bank and its officers/employees against all costs and expenses (including legal fees) arising in any way in connection with his/her/their account, against breach of any of the terms & conditions, statements, undertakings representations and warranties of these Terms and Conditions as also of any of its representations or warranties not being found to be true at any point of time, including any actions, notices, suits, claims, proceedings, damages, liabilities, losses, expenses, costs or taxes faced, suffered or incurred by the Bank including from any third parties or in any legal proceedings of whatever nature.
The Bank will not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Digital Banking Services/WhatsApp. The Subscriber/User acknowledges that the Bank is not liable to the Subscriber/user for failure to provide any or all of the facilities available under the Digital Banking Service/whatsApp where such failure is attributable, either wholly or partly, to reasons beyond the Bank's control, including any technical malfunction or breakdown.
The Subscriber/User agrees that he shall be liable for all loss or exposure of personal data incase of loss of phone or from unauthorized use of desktop or his WhatsApp and/or for requests made while availing the Services and/or for any breach(es) of these Terms and Conditions or if he has in any way contributed or caused the loss by negligent actions including the following: a) unlawful exposure to subscriber/User’s Device password; b) failing to take necessary and reasonable steps to prevent disclosure of the subscriber/User’s WhatsApp and/or QR code and/or failing to advise the Bank of such disclosure within reasonable time. c) Losing the SIM card on which the User’s WhatsApp is registered; d) Transferring the SIM card on which the User’s WhatsApp is registered to another device without deleting the WhatsApp application from the previous device. e) Not advising the Bank in a reasonable time about unauthorized access to or erroneous transactions/ use of Services on his WhatsApp. The Bank shall not be responsible or liable to the User or any third party for the consequences arising out of or in connection with using of this Service, including for any reasons aforesaid and the entire liability and responsibility due to any of the aforesaid shall completely be on the User above. The User agrees that the Bank shall in no circumstances be held liable to the User if the Services or if the User is unable to register for the Services in the desired manner/ in the manner provided for herein for reasons including but not limited to force majeure event or other unforeseen circumstance. The Bank shall under no circumstance be liable for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the User or any other person. Further, the Bank shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non-availability of any of Services/facility/s due to technical fault/error or any failure in telecommunication network or any error in any software or hardware systems. The User further agrees that the WhatsApp application is owned and controlled by an independent third party which is unaffiliated with the Bank. The Bank is not responsible for the privacy or security policies of WhatsApp and any other entity that may be linked to/ from/ within it, and does not assume liability for any damage incurred by the User from the use of said application. The User fully understands that the Bank is not endorsing the products or services of WhatsApp or of any advertisement etc. appearing thereon.
11. Data Policy:
The Subscriber/User acknowledges and agrees that while the Bank has deployed processes and technology to prevent unauthorized use or accidental disclosure of the User Information or any other data pertaining to the User on WhatsApp, the User understands and accepts that by using the Services, the User Information and any other data of the User in relation to the Services may also be stored on the application/ website/webpage and server of WhatsApp, which are outside of the control of the Bank and the Bank cannot guarantee the security of the User Information or any other data which is stored on therein. The User unconditionally and irrevocably agrees and accepts that the Bank is not responsible for any compromise in such User Information/ data outside the control of the Bank and acknowledges that the User is providing the User Information at his own free will and risk. The User hereby expressly consents to and authorises the Bank (whether acting by itself or through any of its service providers, and whether in automated manner or otherwise), to do and undertake any of the following, in relation to the User Information whether about me/us or not as may be deemed relevant by the Bank for its purposes: i) to collect the User Information from me and other physical or online sources including WhatsApp accessing the same from credit information companies, to get the authenticity, correctness, adequacy, etc. of the User Information verified from any sources and persons including from online data bases; and to act for and on my/our behalf for such accessing, collecting or verifying of the User Information including using my/our log in and password credentials on the online platforms; such collection, access and verification may be done without any notice to me/us; ii) process User Information including by way of storing, structuring, organising, reproducing, copying, using, profiling, etc. as may be deemed fit by the Bank; iii) to store the User Information for such period as may be required for contract, by law or for Bank’s evidential and claims purposes, whichever is longer; iv) to share and disclose the User Information to service providers, consultants, credit information companies, other banks and financial institutions, affiliates, subsidiaries, regulators, investigating agencies, judicial, quasi-judicial and statutory authorities, or to other persons as may be necessary in connection with the contractual or legal requirements or in the legitimate interests of the Bank or as per the consent; v) any of the aforesaid may be exercised by the Bank for the purposes mentioned above, for the purposes of credit appraisal, fraud detection, anti-money laundering obligations, for entering into 10 contract, for direct marketing, for developing credit scoring models and business strategies, for monitoring, for evaluating and improving the quality of services and products, for other legitimate purposes or for any purposes with consent. The User acknowledges the Bank has engaged/ may engage a service provider from time to time , for various aspects related to Services, storage, software/ hardware requirements, processing of requests, engines, responses, etc. The User has no objection to the same. The User hereby confirms that all the authorisations and rights in any of (i) to (v) above also extend to and are given above to the service providers of the Bank, including for all the sharing and disclosures amongst the Bank and its service providers. The User hereby expressly agrees to the Bank and/or its affiliates for using the User Information and for other products customer is interested in from time to time.
13. Suspension OF SERVICES:
The Bank shall be entitled to withdraw/ change/discontinue/ suspend/ disallow the use of any of the Services at Bank’s discretion without any notice.
14. Important TERMS :
15. INTELLECTUAL PROPERTY:
The Subscriber/User acknowledges that the Applications, Digital Banking Services, software are the property of the Bank. The Bank’s IPR, trademarks and graphics used in connection with the Services are the property of the Bank. The Subscriber/User agrees that he shall not attempt to modify, translate, disassemble, decompile or reverse engineer such Application, software or create any derivative product based on the software.
Any notice can be given under these terms and conditions by the Bank or the Subscriber/User and may be delivered by post with acknowledgement due, courier or registered post to either Party to the following addresses 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051. Any notice sent in accordance with this Section 17 shall be effective: (i) through WhatsApp (ii) if by courier or registered post after receipt of delivery to the other Party, (iii) if sent by messenger, upon receipt of delivery, (provided, however, that any notice of change of address shall only be valid upon receipt). In addition, the Bank may also publish notices of general nature, which are applicable to all Subscriber/Users using the Services on its web site. Such notice/s shall have the same effect as a notice served individually to the Subscriber/User.
The Banks accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than India. The fact that the Service may be accessed through the internet by a Customer in a country other than India shall not be interpreted to imply that the laws of the said country govern these Terms and Conditions and/or the use of the Services. . The venue of such arbitration shall be Mumbai. All proceedings of such arbitration, including, without limitation, any awards, shall be in the English language.
18. GOVERNING LAW :
These Terms and Conditions and/or the use of the Services provided through WhatsApp shall be governed by and construed and interpreted exclusively under the laws of India and, shall be subject to the exclusive jurisdiction of the courts of Mumbai over disputes relating to these Terms and Conditions.
19. GENERAL Terms:
The Bank reserves the right to alter, add to or cancel any or all of these Terms at any time by posting the relevant information on this website, digital mode and in the Bank's branches and other premises. Such changes are deemed to be binding on the Subscriber/User whether or not he has received specific notice of them.
The Subscriber/User shall not assign this terms to any other person. The Bank may subcontract and employ agents to carry out any of the Services or for any incidental purposes. The Bank may assign, transfer, any of its rights and/or obligations or any part thereof to any persons at its sole discretion without any notice.
The Subscriber/User hereby expressly acknowledges and confirms that the User has read, verified, understood, irrevocably agreed to and accepted and delivered all the terms and conditions contained herein online by sending a message/ sending any communication on WhatsApp on the Banks Number. The User hereby expressly acknowledges and confirms that at the time of accepting and signing these Terms and Conditions as above, the User fulfills the eligibility to utilize the Services as provided in these Terms and Conditions and that the User is (i) The User is an individual; (ii) The Subscriber/User is a major; (iii) The User is of sound mind, solvent and competent to contract; (iv) The Subscriber/User is a resident of India and present in India while utilizing the services. The Bank may print paper copies of the electronic record or produce in any such form at its discretion this document and the User’s signing as aforesaid, and the same shall be fully binding on the User and the User has no objection to such print-outs or any such other form (in the discretion of Bank) being produced by the Bank in evidence in any court, tribunal or otherwise, to prove the acceptance, execution as well as the contents of the contract.