Terms & Conditions – Current Account in Foreign Currencies (“Terms”)
1. Customer Eligibility
1.1 Any person, other than a natural person, located in any IFSC SEZ, or companies/corporations outside India (subject to the laws, regulations, etc, of their respective jurisdictions), or any other entity(ies) approved by RBI in this regard shall be eligible to avail of current account facilities provided by IBU.
2. Account Opening
2.1 The Account opening formalities are governed by the policies of IBU and may be revised from time to time. IBU may require Customer/s to submit duly filled application form/s along with the prescribed set of documents stipulated from time to time, to the satisfaction of IBU.
3. Minimum Balance
3.1 There is no requirement of minimum balance. However, this requirement may be modified at any time in the future, subject to regulatory limits applicable at the time.
4.1 No interest shall be paid on credit balances in the current account.
5. Statement of Account
5.1 The Statement of Account for each Account shall be issued & charged on a frequency as determined by IBU for each Account. Only one statement of Account shall be issued if the Customer opts to link related Accounts of the Customer and as advised by Customer. No separate statement of Accounts will be issued for such related Accounts. Unless disputed by the Customer within fourteen (14) days of mailing of the statement, the same shall be deemed to be accepted by the Customer. IBU reserves the right to rectify discrepancies in the statement of Account, if any, at any point of time. If Customer delays in examining the statement or in reporting a problem or error, it may affect IBU's ability to resolve the problem, and Customer shall be liable for the losses that may occur.
5.2 All the statements will be mailed to the Customer's address as per IBU’s records. It shall be incumbent upon the Customer to inform IBU of any changes in the Customer's mailing address immediately. IBU shall not be responsible for statements lost in postal/courier transit. The Customer should contact IBU promptly if the Statement is not received and ask for duplicate statements, if required. At the request of the Customer, statement of Account may be sent to the Customer’s email address. IBU shall not be liable if any statement is received by the Customers from fraudulent persons / imposters. Further IBU shall not be held liable for any defects or failure in the computer system/networ k of the Customer on Account of non-receipt of email/s by the Customer from IBU.
5.3 Duplicate statements shall be issued to the Customer, only at the request of the Customer, for a fee. Ordinarily, duplicate statements are issued only for a period not exceeding 6 months prior to date of request. However for providing convenience to the Customer, yearly statement may also be sent to the Customer at the request of the Customer at IBU’s sole discretion.
6. Outward Remittance of Balance
6.1 Request for outward remittance of the balance in the current account may be accepted based on the written instruction/s of the client.
6.2 The instruction/s may be provided through facsimile, provided that the customer provides a written stamped indemnity in original beforehand. The Customer will also need to make sure that the document in original is received by IBU within 3 working days of sending of instruction(s).
6.3 If the document is not received within 7 working days, the account operations may be ceased with notice to the customer until such time the original document is submitted by the customer.
6.4 In the absence of any stamped indemnity, IBU shall act upon receipt of instructions in original form only.
6.5 The Customer may also submit a letter requesting for outward remittance of funds from the current account via post or in person.
7. Mode of Funding
7.1 The following mode/s of funding the current account may be made available to the Customer: • Wire Transfer
7.2 No cheque/cash deposits shall be accepted by the Branch.
8. Account Operations
8.1 The current account would not provide for cheque book, Debit Card, internet banking and any other value added facilities.
8.2 All remittances shall be effected through wire transfers and/or electronic payment systems, based on written instructions of the Customer.
9.1 Nomination facility is available for Accounts in the names of proprietorship firms only. Only one nominee is permissible for an Account and the nomination is to be made by the Customer duly witnessed by a third person. The Customer should ensure that she/he/it gets/is given the acknowledgment as per the nomination rules framed by RBI. The Customer is at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of deposit with IBU. Generally, a nomination is valid for all the Accounts under same Customer Identification number. However, the Customer may have liberty to request for different persons to be nominees for different Accounts under the same Customer identification number.
10. Closure/Freeze of the Account
10.1 IBU reserves the right to terminate/close or Freeze the Account or withdraw any facilities relating to the same for any reason whatsoever, including without limitation:
(a) Any false/misleading information given or suppression of any material fact;
(b) In case fraudulent/forged/fake instruments are attempted to be cleared / cleared through the Account;
(c) Unsatisfactory conduct of the Account in terms of volume/type of transactions;
(d) Non-intimation of change in communication address leading to Customer’s whereabouts being unknown;
(e) Any other breach or default by the Customer of these Terms or any other terms and conditions relating to the Account and/or any Services provided to, or availed of by, the Customer.
IBU shall have the authority to debit any Accounts to recover any amount credited by IBU erroneously.
12. Holiday Processing:
Any transactions on any Sunday or any public holiday may be shown in the Account, at the sole discretion of IBU, as having taken place on the same or subsequent business day of IBU. All deductions/accretions on such amount shall be deducted / accrued as of such day. IBU shall not be responsible for any loss of interest or liability incurred/suffered by the Customer arising due to such transaction being not shown on the day the same actually occurred.
13. Sharing Of Information:
The Customer undertakes and authorizes IBU / its Group Companies to exchange, share or part with all the information, data or documents relating to his/its application to other ICICI Group Companies/ Banks/ Financial Institutions/ Credit Bureaus/ Agencies/ Statutory Bodies/such other persons as IBU /its Group Companies may deem necessary or appropriate as may be required for use or processing of the said information/data by such person/s or furnishing of the processed information/data/products thereof to other Banks / Financial Institutions / credit providers / users registered with such persons and shall not hold IBU / its Group Companies liable for use of this information
The Account and the Services provided to the Customer are not transferable under any circumstance and shall be used only by the Customer. However, IBU shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these Terms, shall continue to be in force and effect for the benefit of the successors and assigns of IBU.
No failure or delay by IBU in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege constitute as a waiver. The rights and remedies of IBU as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.
16. No Encumbrances:
The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any Account(s) with IBU or any monies lying therein without the prior written consent of IBU. The Customer/s shall not associate their name/s with IBU without the prior written approval of IBU.
Terms and Conditions applicable to both Current Account and Fixed Deposit
1. The Customer shall intimate IBU, in writing, of any change in address and/or status, circumstances, etc. that may affect its eligibility to continue to avail of the products, services and channels provided by IBU. All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per these Terms will be recoverable from the Customer.
2. Change of Terms:
IBU shall have the absolute discretion to amend or supplement any of the Terms at any time relating to the Account/Deposit and/or the Services provided for / in connection with the same. IBU may communicate the amended Terms by hosting the same on the Website
3. Compliance with the laws:
The Customer shall solely be responsible for ensuring full compliance with all the all the FEMA rules, regulations or notifications thereunder, applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her/its relationship with IBU and for any/ all the transactions undertaken by the Customer.
4. Force Majeure:
Obligations of IBU contained herein will be subject to any occurrence resulting in prevention from or delay or interruption in performing its obligations if such prevention, delay or interruption is due to Force Majeure event, [which would include any event beyond the reasonable control of IBU, then IBU shall not be deemed to be in default so long as any such cause or the effect thereof persists and during a reasonable period thereafter within which any such obligations are not capable of being fulfilled. IBU shall not be liable for any action or claim, from any party, arising out of its inability to perform the obligations for the reasons stated herein.
The Customer hereby agrees that he/it shall indemnify and hold harmless IBU from and against any and all liability, any other loss that may occur arising from or relating to the operation or use of the Account/Depsits or the Services or breach, nonperformance or inadequate performance by the Customer of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations, from and against all actions, proceedings, claims, losses, damages, costs, interest which may be brought against or suffered or incurred by IBU in resolving any dispute relating to the Customer's Account with IBU or in enforcing the rights of IBU under or in connection with the Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with IBU performing its obligations hereunder or accepting instructions and acting or failing to act thereon. Under no circumstances shall IBU be liable to the Customer for any direct, indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services. If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest (both after as well as before any judgment) on such unpaid sum at such rate or rates as IBU may from time to time stipulate from the date the payment is due up to the date of payment. The indemnities specified herein shall continue notwithstanding the termination of the Account/expiry of Deposit.
6. Banker’s right of lien and set-off
IBU shall have the irrevocable and continuing right of set-off and lien on all accounts/deposits of the Customer with IBU, whether in single name or joint name(s), to the extent of all outstanding dues to the IBU until repayment of all such moneys due. For such purposes, IBU may at its sole discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The IBU's and its group companies’ rights hereunder shall not be affected by the Customer/s’ bankruptcy, death or winding-up. In addition to the above mentioned right or any other right which IBU and its group companies may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises IBU: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any branch of the Bank and/or its group companies; (b) to sell any of the Customer/s’ securities or properties held by IBU by way of public or private sale without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to IBU and/or it group companies from the Customer/s, including costs and expenses in connection with such sale; and (c) in case of cross currency set-off, to convert an obligation in one currency to another currency at a rate determined at the sole discretion of IBU and/or its group companies. IBU shall not be under any obligation to exercise any of its rights under this Paragraph. The above mentioned rights of IBU are without prejudice to the obligations of the Customer to pay to IBU when due all its indebtedness and without prejudice to any other rights that IBU may have against the Customer for recovery of outstanding from Customer to IBU/its group companies.
7. Governing Law: -
The laws of India shall govern these Terms the Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Ahmedabad in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. IBU may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction. Any provision of the Terms that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.
The Customer hereby irrevocably authorises IBU to disclose, as and when IBU is required to do so in order to comply with the applicable laws or when IBU regards such disclosure as necessary or expedient, (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Customer from IBU whether singly or jointly with others or otherwise), any information r elating to the Customer, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer's behalf