Terms and Conditions
Terms and Conditions for Resident Individual Accounts and Non-Resident Individual Accounts
These terms and conditions apply to and regulate the establishment and operation of the accounts offered by ICICI Bank Ltd, IFSC Banking Unit, Unit No 408, 4th Floor, Brigade International Financial Centre, GIFT Multi Service SEZ, Gandhinagar, Gujarat – 382 355 to its Resident Individual and Non-Resident Individual (“Terms”). These Terms shall be in addition to any other terms as stipulated by the Bank from time to time.
SECTIONS:
I. General Terms and Conditions for Resident Individual Accounts and Non-Resident Individual Accounts;
II. Terms and Conditions Governing Fixed Deposits;
II A. Terms and Conditions for Fixed Deposit through registered E-mail ID
III. Terms and Condition for Loan Facility against Fixed Deposit (Overdraft)
These Terms shall be read in conjunction with the relevant Application(s) or Account Opening Form(s) of the Bank or any other applications/requests made by the Customer for availing any loans against the Fixed Deposits, the terms of which are incorporated herein by reference.
In the event of inconsistency between these Terms, the terms and conditions in the relevant Application Form(s) and Account Opening Form(s) and the terms and conditions in the relevant Deposit Confirmation Advice or Deal Confirmation Advice, as the case may be, then the terms and conditions in the Application(s) or Account Opening Form(s), as the case may be, shall prevail over the Terms; and In case of any inconsistency between the terms and conditions in the Deposit Confirmation Advice or Deal Confirmation Advice and the Application(s) or Account Opening Form(s), the terms and conditions in the Deposit Confirmation Advice or Deal Confirmation Advice will prevail over the terms and conditions in the Application(s) or Account Opening Form(s), as the case may be.
These Terms form a contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for operation of the Account and/or availing of any Services in relation to the Account (s). By applying for opening of Account/ availing a Service, the Customer hereby acknowledges that he / she/they has /have read, understood and accepted and agreed to abide and be bound by these Terms.
SECTION I - General Terms and Conditions for Resident Individual and Non-Resident Individual
Accounts 1. Definitions
In these Terms, the following words and phrases have the meaning stated hereunder unless indicated otherwise:
1.1 "Account" means any account of the Customer with the Bank including without limitation any NON-RESIDENT INDIVIDUAL SAVINGS ACCOUNT, NON-RESIDENT INDIVIDUAL CURRENT ACCOUNT, RESIDENT INDIVIDUAL SAVINGS ACCOUNT AND RESIDENT INDIVIDUAL CURRENT ACCOUNT or such other variants as may be notified by ICICI Bank from time to time which may be made available by the Bank to the Customer from time to time.
1.2 “Account Opening Form” or “Application Form” or “AOF” refers to the account opening/ relationship opening form to be submitted/ provided by the Customer with required information relating to the Customer for opening, operation, maintenance of Accounts with ICICI Bank from time to time;
1.3 "Customer" refers to any person/ applicant who is a Resident Individual or Non-Resident Individual and has accepted these Terms and is holding an Account with ICICI Bank and, where there is more than one such person, it shall be construed, as the context requires, to mean any, all or each of them.
1.4 "Deposit Confirmation Advice" or "Deal Confirmation Advice" or “Balance Confirmation Certificate”, in relation to any Accounts, means the account (including balance therein) or deposit confirmation advice sent by ICICI Bank to the Customer in connection with the relevant account or deposit containing the final commercial terms and conditions for the relevant account or deposit as approved by ICICI Bank, which shall be final and binding on the Customer;
1.5 “Fixed Deposit” shall mean the fixed deposit opened and maintained by the Customer with ICICI Bank.
1.6 “Group Companies” means ICICI Bank Limited, India, incorporated under the laws of India and all its subsidiaries companies and associate companies.
1.7“ICICI Bank” or “Bank”, refer to ICICI Bank Limited acting through IBU Branch, having its Branch address at ICICI Bank Ltd, IFSC Banking Unit, Unit No 408, 4th Floor, Brigade International Financial Centre, GIFT Multi Service SEZ, Gandhinagar, Gujarat – 382 355 and registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, T +91-265-6722286.
1.8 “IFSCA” or “Authority” shall mean International Financial Services Centres Authority
1.9 “Month“ shall mean a calendar month i.e. January, February, March, April, May, June, July, August, September, October, November, December in any calendar year.
1.10 “Non-Working Day” means Saturday, Sunday or any other public holiday or day when the Bank is not functioning for normal business.
1.11 Non-Resident Individual means an individual who is a person resident outside India and allowed to open Account as per IFSCA regulations.
Resident Individual means an individual who is a person resident in India and allowed to open Account as per IFSCA regulations.
1.11 “RBI” shall mean Reserve Bank of India
1.12 "Services" shall mean the services provided by ICICI Bank in connection with an Account and more particularly described in these Terms.
1.13 "Website" refers to the website owned, established and maintained by ICICI Bank at the www.icicibank.com
1.14 “Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
1.15 “Working Day” means any day other than Non-Working Day.
1.16 Interpretation
a. All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
b. Words importing any gender include the other gender.
c. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
d. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
2. Applicability of Terms
2.1 These Terms form the contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed / Account Opening Form/ Application Form or AOF to open any Account or relationship or to avail of any banking facilities from the Bank and for operation of the Account and availing of related Services. By applying for opening the Account, the Customer acknowledges that he / she has /have read understood accepted and agreed to abide and be bound by these Terms.
2.2 Each relationship with a Customer will be represented by a unique Customer identification number ("Cust ID"). For example, a banking relationship in single name is different from a banking relationship in joint names. Each banking relationship is distinct and unique and hence is identified by a separate Cust ID. The Bank will allocate a distinct and unique Cust ID for each Customer.
3. Account Opening
3.1 The account opening formalities are governed by the policies of ICICI Bank and may be revised from time to time. It may require Customer/s to submit duly filled Application Form/s along with the prescribed set of documents stipulated including but not limited to Permanent Account No. (“PAN”) or Form 60/61 or similar tax identification verification documents or such other documents as may be requested by ICICI Bank from time to time.
3.2 The documents listed in the Account Opening Form(s) and/or Application(s) Form or AOF are not an exhaustive list of requirements and the Bank reserves the right to require submission of such other documents as may be determined by the Bank on a case by case basis depending upon the nature of the relationship. In the event where the documents submitted by the individuals/ applicants or Customers for opening an Account and/ or availing the Bank’s products and services or for processing the transactions thereon are incomplete or discrepant, ICICI Bank shall notify such discrepancies and/or certain additional verification/ documentation requirements within a reasonable time through emails sent to the email ID of the Customer (as provided in the Account Opening Form(s)/Application Form/ AOF together with a Service Request (“SR”) number quoted as a reference. In case highlighted discrepancies remain unresolved or upon nonreceipt of required documents within the stipulated time period, if any, ICICI Bank, shall have the right to reject the Account Opening Form(s)/Application Form/ AOF of the individual/ applicant and in accordance with its policies and procedures, shall retain any such discrepant documents as per the Record Retention Policy of ICICI Bank.
3.4 After the expiry of time period as per Record Retention Policy of ICICI Bank, ICICI Bank shall be entitled to dispose of the documents in a suitable manner without any prior notice to the individual/ applicant. ICICI Bank shall not be liable, in any event, to return the discrepant or other documents or provide any details to the individual or applicants after the expiry of the aforementioned period. Thereafter, if the individual or applicant intends to open/ avail of a new Account / transaction with ICICI Bank, then fresh documents shall be submitted by such individuals/ applicants as may be required by ICICI Bank for processing.
3.5 As per the Master Direction Know Your Customer (KYC) Direction 2016 of RBI updated as on April 2018, a customer is required to submit only one proof of address (either current or permanent) for KYC purpose. However, in scenarios where the customer is unable to provide his/her officially valid document (OVD) of overseas address where he/she is currently residing (i.e. Overseas address in case of Non-Resident Individual and Indian address in case of Resident Individual), the same needs to be provided within 3 months of account opening. In the event of failing the requirement, the Bank shall take the necessary action on such account as it deems fit which may include closure of such account.
4. Operating Accounts
4.1 An Account may be opened in the name of:
i) An individual in his/her own name.
ii) Two or more persons in their joint names.
4.2 All the Accounts maintained in the name of an individual shall be operated singly by the individual or Mandate holder(s) of such individual and in the case of joint accounts, by the account holders jointly, or by either of the joint-holder/s or as may be specified by the joint account holder/s in the AOF or Application Form, or by their Mandate holder(s) as accepted by ICICI Bank in its discretion. All Customers and/ or their Mandate holder(s) will be responsible for compliance with the above norms (as made applicable from time to time).
4.3 In case of joint Accounts, any change in operational instructions or any other information with regard to the Account Opening Form(s)/ Application Form/ AOF is to be provided by all the joint account holders irrespective of the mode of operation of such Account.
4.4 ICICI Bank may send through courier or post or any other acceptable mode of communication from time to time to the registered mailing address or email ID, etc. furnished by the Customer, statements of account, or Balance Confirmation Certificate Deposit Confirmation Advice or Deal Confirmation Advice, and such other items relevant or pertaining to the Cust ID under the relevant Account for operation of such Account. It is incumbent upon the Customer to intimate any change in the registered mailing or communication address, if any, immediately. ICICI Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of any change in the registered mailing or communication address or email ID of the Customer.
4.5 The Customer is / are expected to examine the entries in the statements of Account on receipt, and draw the attention of ICICI Bank to any not-errors or omissions that might be discovered. ICICI Bank does not accept any responsibility for any loss arising out of failure on the part of the Customer to carry out an examination of entries in the statement and to point out any such not-errors and/or omissions within fourteen (14) days from the date of issuance of the statement.
4.6 The Customer shall open the Account with a minimum balance as prescribed by ICICI Bank. The Customer shall be responsible for maintaining a minimum average balance (“QAB”/ “MAB”) during a Quarter/Month respectively. Failure to maintain the prescribed QAB/MAB may attract service charges and such charges may be deducted by ICICI Bank from the Customer's Account.
4.7 The Customers are expected to provide PAN details or Form 60/61 or any such other document as may be prescribed by tax authorities from time to time for opening the Account, acceptance of cash deposits etc. in accordance with the applicable provisions of the Income Tax Rules, 1962 and compliance thereof if applicable.
4.8 Accounts operations will be allowed as per the IFSCA directions and other applicable guidelines/rules/regulations if any.
5. Conduct of Account
5.1 Transactions are entertained normally during banking hours at the branch where the Account is maintained. ICICI Bank shall not be liable for any delay on any account of failure of connectivity. 5.2 Standing instructions are accepted free of charge for transferring funds from Account(s) to any fixed deposit accounts. Other standing instructions are subject to applicable service charges.
6. Dormant Account
6.1 ICICI Bank may classify an Account as inactive, if there are no Customer-induced transactions for a period of 12 months in the Account; ICICI Bank may classify an Account as dormant, if there are no Customer-induced transactions for a period of 24 months in the Account. i.e no customer-induced transactions for 12 months after the Account had been classified as inactive. “Customer induced transactions” shall mean and include any credit or debit transactions done by a Customer in his Account through the following modes:
- Transaction by Instructions/standing instruction,
- Wire Transfer
6.2 ICICI Bank may, in its sole discretion, deny Services and/ or transaction(s) in the Account of a Customer which has been classified as inactive or dormant.
7. Charges/Fees
7.1 Charges in connection with the operation and maintenance of the Account(s) and the Services would be levied at the rates as prescribed on the schedule of charge as mentioned in the Application Form(s)/and as updated on the Website from time to time. Charges will be debited to the Account at such intervals as may be deemed fit by ICICI Bank
7.2 ICICI Bank will also have the right to set-off the service charges, charges for non-maintenance of QAB/MAB or any wrong credit or late returns reported by the correspondent bank /counter party by debiting the Account, without requirement of providing further notice or seeking additional consent / authorisation from the Customer. In case balance in the Account becomes overdrawn as a result of such setoff, ICICI Bank will be entitled to charge interest at such rates as ICICI Bank may deem fit in its sole discretion, for the period for which the Account remains overdrawn at any time during the operation and maintenance of the Account. In case of any shortfall in the Account or in the event of closure of the Account, the Customer shall be liable to pay the amount outstanding on account of charges / interest or otherwise to ICICI Bank, forthwith, without demur or protest. ICICI Bank, at its sole discretion, may levy service charges for the facilities provided by the Bank, in parts subject to maximum limit/s as decided by the Bank from time to time.
7.3 The Customer agrees and confirms that in the event that any of the Services in connection with the Account are or become liable to tax under the applicable laws and regulations, the Customer shall bear all the taxes or duties (by whatever name called) in connection with such Services and ICICI Bank is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent/authorisation.
7.4 In the event of occurrence of any of the above events, the Customer shall receive balance amounts, net of all deductions made as per the terms and conditions hereof. The Customer shall be intimated at the last registered address/E-mail provided by the Customer and required to collect all such amounts, from ICICI Bank.
8. Holiday / Processing
8.1 Any transactions on any Sunday or any public holiday may be shown/ reflected in the Account, at the sole discretion of ICICI Bank, as having taken place on the same or subsequent business day of ICICI Bank. All deductions/accretions on such amount shall be deducted/ accrued as of such day.
8.2 ICICI Bank’s policy on payment of interest on term deposits maturing on Saturday/Sunday/Public Holiday: For all term deposit(s) maturing on Saturday/Sunday/Public Holiday, these dates will be considered as holiday and all deposits maturing on these days will be paid holiday interest for intervening days at contracted rate if the Customer approaches the Bank on next working day.
9. Statement of Account
9.1 The Statement of Accounts for each Account (“Statement of Account”) shall be issued & charged on a frequency as determined by ICICI Bank for each Account. ICICI Bank reserves the right to rectify discrepancies in the Statement of Account, if any, at any point of time. If Customer delays examining the Statement of Account / passbook or in reporting a problem or not-error, it may affect ICICI Bank's ability to resolve the problem, and Customer shall be liable for the losses, if any, that may occur as a result thereof.
9.2 All the Statement of Account(s) will be mailed to Customer's mailing or communication address as per ICICI Bank's records. ICICI Bank shall not be responsible for Statement of Account lost in mail/post. The Customer should contact ICICI Bank promptly if the Statement of Account is not received and request for duplicate Statement of Account(s), if required. With the approval or at the request of the Customer, Statement of Account may be sent to the Customer's registered e-mail address. Customers are required to verify the authenticity of the emails received by them and ICICI Bank shall not be liable in the event any Statement of Account(s) are received by the Customers from fraudulent persons / imposters. ICICI Bank shall not be liable in the event of any defects or failure in the computer system / network/ hardware or software of the Customer on account of receipt of emails by the Customer from ICICI Bank. Duplicate Statement of Account(s) are issued at the request of the Customer for a service charge. Ordinarily, duplicate Statement of Account(s) are issued only for a period not exceeding thirty-six (36) months prior to date of request.
9.3 General Terms and Conditions of the Consolidated Client Holding Statement (CCHS) for Private Banking Customer
- The customer consents to their information being shared across various national and international booking centres in order to be consolidated for the purposes of this statement. The customer agrees and understands that by subscribing to this facility, their information will be assessed and used by the ICICI Group and its employees and service providers for the provision of this service.
- ICICI Bank’s relationship with its customer may span across countries. If there is a change in the laws of a country, whereby providing updates of a relationship in any country’s jurisdiction becomes illegal, the same will be discontinued without notice or recourse to the customer till there is a change of law permitting such inclusion in the statement. The details of the remaining relationships opted for by the customer will be provided as before.
- In case of Joint Accounts, held jointly by two or more customers, the request for providing information by way of a consolidated statement will be entertained only when all Joint Account holders make a joint request for such a statement. ICICI Bank will discontinue providing the consolidated statement even if one of the Joint Account holders instructs it in writing to do so.
- Where a customer has subscribed for a consolidated statement, the consolidated statement will reflect the status of those relationships in the name and style of the customer signing the subscription form. Details of the customer’s Joint Accounts or of the co-ownership of products with another customer will not be reflected in the consolidated statement subscribed to by the customer in their own name and style.
- ICICI Bank will not be liable for the content of the consolidated statement, which would be for informational purposes only. The information provided through the statement (including, without limitation, information relating to interest rates) is not updated continuously but only at intervals deemed appropriate as per ICICI Bank. ICICI Bank and each of its affiliates, licensors, service providers and suppliers shall not be liable for any loss or damage of any type that the customer or others may suffer by relying or acting on any inaccurate, delayed or incomplete information.
- This mode of sending a consolidated statement of accounts is for the customer's convenience. The Bank shall not be liable or responsible for any breach of secrecy or confidentiality in any manner whatsoever on account of the information/statement of accounts being sent on the registered e-mail ID of the customer.
- ICICI Bank shall discontinue sending the statement as soon as the relationship between the customer and ICICI Bank is terminated for whatever reason. The statement will also be modified to contain only such information and data pertaining to products which continue to be subscribed to by the customer.
- Any service levels indicated in this regard are only indicative and should not be construed to be a commitment by the ICICI Group and may be subject to variation depending on several factors, including without limitation, other service providers.
- The customer should check any attachments for viruses and defects before opening them. The customer may inform ICICI Bank in writing at any time if they do not wish to continue receiving consolidated statements by e-mail from ICICI Bank.
10. Payment of Interest
10.1 Interest for all savings accounts will be calculated on the daily closing balances maintained in the account. Interest will be paid at rate as may be prescribed by Bank per annum.
10.2 There will be no interest paid for current account provided that balances lying in current account standing in the name of a deceased individual depositor concern shall attract interest from the date of death of the depositor till the date of repayment to the claimant/s at the rate of interest applicable to savings deposit as on the date of payment.
11. Death or Incompetence
The Customer agrees to notify ICICI Bank promptly if any of the joint Account holders or authorized signatory(ies) of the Account dies or is declared incompetent by a court of competent jurisdiction. ICICI Bank may place a freeze on the Account and stop all operations when any of the joint account holders or authorized signatory(ies) die or is declared incompetent. ICICI Bank may retain the freeze on the Account until it establishes the identity and credentials of the successor/legal heir/ beneficiary of the deceased Customer to its satisfaction as per its standard policies and procedures.
12. Nomination
Nomination facility is available for the Account(s). 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 he/ she gets/ is given the acknowledgement as per the nomination rules framed by IFSCA. The Customer is at liberty to change the nominee, through a declaration to the Bank, in the appropriate form, to revise the nomination during the currency of the Account with the Bank.
13. Change of Terms
ICICI Bank shall have the absolute discretion to amend or supplement or vary or any of the Terms at any time. ICICI Bank may communicate the amended, supplemented, varied or modified Terms by hosting the same on its Website or in any other manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms including any amendments, supplements, variations or modifications thereto as may be posted/ updated on the Website from time to time.
14. Change of communication address
Customer agrees to notify ICICI Bank regarding change in his/her residence/employment address, contact number and registered e-mail ID for communication as stated in the Application Form/ AOF/ Account Opening Form(s) for opening the relationship, and provide any other information that ICICI Bank may require from time to time. In case Customer fails to update the mailing or communication address, ICICI Bank disclaims all liability resulting from any loss or damage due to delivery to the incorrect address.
15. Non-Transferable and Non-Negotiable
Any Accounts and Services (unless specified otherwise) with the Bank are non-transferable and non-negotiable and no right, title, interest therein or any part thereof can be transferred or secured by the Customer to or in favour of any person without the prior written consent of the Bank. However, the Bank 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 the Bank. The Bank will as far as practicable give prior notice to the Customer if it intends to transfer, assign or sell its rights, benefits or obligations.
16. Communication and Notices
The chosen mode of communication between the Customer and the Bank may be as under:
16.1 The Bank shall contact the Customer at the latest address, telephone number or electronic mail address (if any) that has been provided to the Bank by the Customer. The Bank requires to be informed at the earliest, if there is a change in name, any changes in the address or electronic mail address or make any other changes relevant to the Account. The Customer will be responsible for any loss or damage that may occur for not keeping the Bank updated on such particulars.
16.2 Unless requested otherwise, the Bank will contact only the joint account holder named first in the Bank's records subject to any legal and regulatory requirements. The first named account holder is responsible for passing information that the Bank sends to the other account holders.
16.3 In certain circumstances, the Bank may be permitted by the law to allow another person to operate the Customer’s Account. For security reasons, the Bank may not allow such person, to access some services but where the Bank make these services available, that person may use the Customers security details and such acts shall not be considered as a breach on the security obligations owed by the Bank to the Customer.
16.4 Communications between the Bank and a Customer may be effected through electronic means as follows:
(a) Documents sent by electronic means will contain all the information as printed hard copy version with the possible exception of graphic insertions such as photographs or logotypes.
(b) Electronic delivery may be in the form of an email, an attachment to an email, or in the form of provision of a link to the Website from which a document could be downloaded.
(c) The Bank will be deemed to have fulfilled its legal obligation to deliver to the user any document if such document is sent via electronic means.
(d) If the Customer fails to advise the Bank of any difficulty in opening the document within 24 hours of receiving it, the Bank shall consider this as an acceptance of the document.
(e) ICICI Bank may, with the consent of the Customer, communicate with the Customer through telephone for servicing the existing products availed by the Customer and to offer new products and such communication shall not be in breach of any existing do not call guidelines; as may be applicable in the jurisdiction(s) governing ICICI Bank and the Customer.
(f) General communication of information from the Bank to all Customers as a whole or to any sub-group of Customers may, if the Bank acting reasonably considers it appropriate, be effected by means of publication of a notice on the Website (www.icicibank.com), or by the putting of prominent notices on the Bank’s premises.
(g) Unless otherwise agreed or specified herein, any notice or other communication may be delivered to the Customer personally.
(h) Any writ, summons or other process may be served upon the Customer by posting the same to the Customer's address and the same shall be deemed to be good service upon the Customer. The foregoing shall not however preclude the Bank from effecting service of process in any other manner permitted by law.
16.5 Any notice to ICICI Bank shall be sent to the following address:
ICICI Bank Ltd, IFSC Banking Unit,
Unit No 408, 4th Floor, Brigade International Financial Centre,
GIFT Multi Service SEZ, Gandhinagar
Gujarat – 382355
17. Electronic Transactions
The Customer agrees to adhere to and comply with all such terms and conditions as ICICI Bank may prescribe from time to time, and hereby agrees and confirms that all transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ICICI Bank, for and in respect of the Account, or ICICI Bank's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with ICICI Bank's terms and conditions for such facilities, as may be prescribed from time to time.
18. Electronic Instructions
The Customer agrees that ICICI Bank shall not be liable for executing any instructions ICICI Bank receives through Telephone, Facsimile, Email or any other form of electronic communication. The Customer further agrees to keep ICICI Bank indemnified from and against all claims either by the customer or any other, actions, demands, liabilities, costs, charges, damages, losses, expenses and consequences of whatever nature (including legal fees on a full indemnity basis) and howsoever arising, which may be brought or preferred against ICICI Bank or that ICICI Bank may suffer, incur or sustain by reason of or on account of ICICI Bank having so acted whether wrongly or mistakenly or not, or of ICICI Bank failing to act wholly or in part in accordance with the instructions. However, in the event of issues arising out of unauthorized electronic banking transactions, the Customer understands that ICICI Bank will follow the Customer Relationship Policy, as available at https://www.icicibank.com/managed-assets/docs/personal/general-links/code-ofcommitment/Customer-RelationsPolicy.pdf, for resolving such issues. The Customer agrees to have read and understood the same and shall keep themselves aware of the changes to the Customer Relationship Policy.
19. Indemnity
19.1 The Customer hereby agrees that the Customer shall, at his/its own expense, indemnify, defend and hold harmless ICICI Bank 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 or the Services or breach, non-performance or inadequate performance by the Customer of any of these Terms or the acts, not-errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.
19.2 Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
19.3 ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
19.4 The Customer shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgment) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Account with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
19.5 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 19, 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 ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
19.6 The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with ICICI Bank and shall keep ICICI Bank informed about any change in his residential status. The customer shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
19.7 Without prejudice to the foregoing, the Customer undertakes and agrees to indemnify the Bank on a full indemnity basis against all present and future stamp duties, taxes (but excluding taxation on the Bank's profits), levies, losses (direct or consequential), costs, charges, interest (both before and after judgment) expenses (including legal fees on a full indemnity basis) and other liabilities incurred by the Bank as a result of or in connection with the execution, delivery, registration, performance or enforcement of these Terms or losses and/or damages which the Bank may incur in giving effect to the Customer's instructions, including but not limited to losses, damages, costs, expenses and/or charges arising from:
(i) the operation of the Customer's Account(s) or the provision of Services hereunder;
(ii)any breach of trust or other fiduciary obligation binding on the Customer;
(iii) acting on instructions or orders purportedly given by the Customer or of person or persons who purport to have been authorized by the Customer;
(iv) acting or not acting on the basis of any information or instructions given by the Customer where, in either case, the Bank believes in good faith the information or instructions to be given in breach of any duty imposed on the Customer or in excess of powers vested in the Customer; and
(v) exercising the Bank's rights of set-off, combination, consolidation, lien or any other right. These indemnities constitute a separate and independent obligation from the other obligations contained in these Terms, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under these Terms, any judgment or order. No proof or evidence of any actual loss may be required.
(vi) Continuing to process all payment/debit instructions until the Bank has received written notice of the demise of the Customer for sole accounts.
The indemnities as aforesaid shall continue notwithstanding the termination of the Account.
20. No Encumbrances
The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account(s) with ICICI Bank or any monies lying therein without ICICI Bank's express prior written consent.
21. Bankers lien and Setoff
21.1 ICICI Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any account of the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of ICICI Bank's Services extended to and/or used by the Customer or as a result of any other facilities that may be granted by ICICI Bank to the Customer. ICICI Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to ICICI Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to ICICI Bank hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any account(s) held by the Customer with ICICI Bank, notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
21.2 In addition to ICICI Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorizes ICICI Bank:
(a) to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any branch or office of ICICI Bank Limited (whether in India or elsewhere) or its Group Companies; and
(b) to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any account, in the Customer's name or jointly with any other person, with any branch or office of ICICI Bank Limited (whether in India or elsewhere) or its Group Companies towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Customer's account(s) or under the terms of any other Services or facilities that may be granted by ICICI Bank Limited (including but not limited to the branch at IFSC Banking Unit, GIFT City) to the Customer.
21.3 In respect of a joint Account, ICICI Bank shall be entitled to set-off any sums standing to the credit of such joint Account against the debit balance in other accounts which may be held by one or more holders of such joint Account.
21.4 ICICI Bank shall not be under any obligation to exercise any of its rights under this paragraph 21.
21.5 The abovementioned rights of ICICI Bank are without prejudice to the obligations of the Customer to pay to ICICI Bank when due all its indebtedness and without prejudice to any other rights that ICICI Bank may have against the Customer for recovery of outstanding from Customer to ICICI Bank.
22. Governing Law
The Terms shall be governed and construed in accordance with the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Gandhinagar, Gujarat in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank 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 user hereby consents to that jurisdiction. Any provision of the Terms which 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.
23. Disclosure
23.1 The Customer undertakes and authorizes the Bank, ICICI Bank Limited and its Group Companies to exchange, share or part with all the data or documents relating to his / her application to other ICICI Group Companies / Banks / Financial Institutions / Credit Bureaus / Statutory Bodies /Tax authorities /Central Information Bureaus/ and such other Agencies enrolled by ICICI Bank for the purpose of providing the products and services, such other persons as ICICI Bank / 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 ICICI Bank / its Group Companies liable for use of this information. The Customer hereby irrevocably authorises ICICI Bank to extract his/her call records or related information as may have been disclosed by him/her with/ to any third party service providers in relation to services/ facilities offered to the Customer by such third party service providers on account of the Customer’s existing banking relationship with ICICI Bank.
23.2 From time to time, it will be necessary for Customers to supply the Bank with data in connection with the opening or continuation of Accounts or the provision of banking Facilities and Services as required by Bank’s internal policy and applicable laws and regulations. Failure to supply such data may result in the Bank being unable to provide any of the above Services or Facilities. It is also the case that data are collected from Customers in the ordinary course of the banking relationship, for example, when Customers create deposit or avail any facility. This includes information obtained from credit reference agencies.
23.3 The purpose(s) for which Customer data may be used are as follows:
(i)the processing of applications for, and the daily operation of the services and credit facilities provided to Customers;
(ii) conducting credit checks (including without limitation upon an application for consumer credit and upon periodic review of the credit) and data verification;
(iii) Assisting other financial institutions to conduct credit checks and collect debts in accordance with the applicable laws and regulations;
(iv) ensuring ongoing creditworthiness of Customers;
(v) designing financial services or related products for Customers' use;
(vi) marketing financial services or related products to Customers;
(vii) determining the amount of indebtedness owed to or by Customers;
(viii)creating and maintaining the Bank's credit and risk related models;
(ix) collection of amounts outstanding from Customers and bills providing security for Customers obligations;
(x) meeting the requirements to make disclosure under the requirements of any law, rule, regulation, order, ruling, judicial interpretation or directive (whether or not having the force of law) applicable to ICICI Bank Limited or (any of its branches) and its agents and affiliates;
(xi) enabling an actual or proposed assignee of the Bank, or participant or sub participant of the Bank's rights in respect of the Customer to evaluate the transaction intended to be the subject of the assignment, participation or sub participation;
(xii) any other purposes permitted by law; and (xiii)purposes relating to any of the above.
23.4 Data held by the Bank relating to Customers will be kept confidential but the Bank may, at its sole discretion, provide such information to the categories of persons set out below. The Customer hereby irrevocably authorises the Bank to disclose, as and when the Bank is required to do so by applicable law or when the Bank regards such disclosure shall be made on a need-to-know basis (including but not limited to disclosures for the purpose of credit review of any account or the facility of the Customer with the Bank or any ICICI Bank Limited branch whether singly or jointly with others or otherwise), any information relating to the Customer, his account(s) or other assets or credit facilities whatsoever held on the Customer's behalf to:-
(i) the head office, affiliates or any other branches or subsidiaries of ICICI Bank Limited;
(ii) the auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
(iii) vendors, installers, maintainers or service providers of the Bank's computer systems;
(iv) any exchange, market, or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of ICICI Bank Limited or over any transactions effected by the Customer or for the Customer's account;
(v) any party lawfully authorised by law to make such demand or request;
(vi) any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
(vii) any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of Services in respect of the Customer's accounts or facilities (as the case may be) or in connection with the operation of the Bank's business;
(viii) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers, whether in India or elsewhere, for the purposes of or in connection with interactions with the Customers or providing Services to the Customers or processing transactions pertaining to the Customers' or Facilities;
(ix)to enable the Bank to centralize or outsource its data processing and other administrative operations to the Bank's head office, its affiliates or third parties engaged by the Bank for any such services/operations;
(x) in case of a wire transfer to the beneficiary bank to whom the transfer is being made.
(xi) credit reference agencies and, in the event of default, debt collection agencies;
(xii) any person to whom the Bank is under an obligation to make disclosure under the requirement of any law binding on the Bank or any of its branches; and
(xiii)any person to whom disclosure may be required by applicable law and regulation.
23.5 Any Customer with an account or Service with any branch of ICICI Bank Limited located outside India hereby agrees to provide on a voluntary basis all his/her/its personal and account information and records to the Bank which, together with any information generated or received by the Bank, may be:
- collected and kept by the Bank (including any agent or subcontractor appointed by the Bank) in any country (as the Bank may consider appropriate) for the purposes of the Bank maintaining its relationship with the Customer and offering or providing services on accounts or investments made with or through the Bank or other future services or products;
- used by the Bank to carry out matching procedures whether or not for the purpose of taking adverse action against the Customer(s) or maintain a credit history (whether or not the relationship with the Bank is terminated) for the Bank's present or future reference.
23.6 The Customer hereby agrees and consents that the Bank shall be entitled, in connection with the Customer's application for any Account, facilities or Services provided by the Bank, or during the course of the Customer's relationship with the Bank, to obtain and procure information pertaining to the Customer any of his/ her/ its accounts, legal or financial position from whatever sources available to the Bank as required in the processing of the application of the Customer for availing the products and services . As far as practicable, the Bank shall endeavour to provide a prior intimation to the Customer before obtaining and procuring the Customer’s information from third parties.
23.7 Data may be transferred overseas pursuant to the provisions of this clause.
The information disclosed pursuant to this clause may be subject to further disclosure by the recipient to other parties in accordance with the laws of the country in which the recipient is located. Such laws may be wider in scope and implemented under less restrictive terms than would otherwise be the case in India due to the difference in applicable laws and regulations.
24. Closure of the Account
24.1 ICICI Bank reserves the right to close or freeze the Account(s) or to terminate the banking relationship with a Customer, after due notice to the Customer at the Customer’s last known address/E-mail, without assigning any reasons therefor and without any liability.
24.2 Notwithstanding and without prejudice to clause 24.1, in the following circumstances, the Bank may without any liability, close/ freeze the Account upon giving to the Customer due notice or no notice at all (if the Bank considers in good faith such abridgment of notice to be necessary or reasonable):
(a)In case of the Customer's failure to comply with any provision of these Terms or to pay to the Bank any sum lawfully due to the Bank for any reason;
(b)In case the Bank becomes aware of any bankruptcy, winding, judicial management or insolvency proceedings against the Customer or any resolution or procedure to appoint a receiver or a receiver and manager over any assets of the Customer;
(c) In case the Bank becomes aware of the death, insanity or incapacity of the Customer or any signatory;
(d)In case the balance in an Account falls below the prescribed minimum (QAB/MAB or its equivalent) as agreed between the Bank and the Customer;
(e)In case the Bank receives a direction, recommendation or request from any lawful authority to close the Account or if there is any change in the Bank’s internal policies or business operations that necessitate a suspension of the Account;
(f) In case the Account has been conducted in a manner which the Bank considers to be unsatisfactory (including, without limitation, the use of the Account for any unlawful or unethical purpose)
24.3 The Bank may suspend an Account for such duration as it considers reasonable, in each case having due regard to the circumstances. As far as practicable, the Bank shall give prior notice and reasons to the Customer for doing so, but shall not be liable for any loss or damage suffered by the Customer as a result of such suspension of the Account, whether before or after the Customer receives notice.
24.4 Without limiting the generality of clause 24.3, in the following circumstances, the Bank may suspend an Account with or without notice and/or reasons and for such duration as it considers reasonable, and without being liable for any loss or damage suffered by the Customer as a result:
(a) In case any of the documents furnished towards identity and address proof are found to be fake, forged or defective;
(b) In case of the Customer's failure to comply with any provision of these Terms or to pay to the Bank any sum lawfully due to the Bank for any reason;
(c) In case the Bank becomes aware of any bankruptcy, winding, judicial management or insolvency proceedings against the Customer or any resolution or procedure to appoint a receiver or a receiver and manager over any assets of the Customer;
(d) In case the Bank becomes aware of the death, insanity or incapacity of the Customer or any signatory;
(e) In case the balance in an Account falls below the prescribed minimum balance as agreed between the Bank and the Customer;
(f) In case the Bank receives a direction, recommendation or request from any lawful authority to suspend the Account or there is any change in the Bank’s internal policies or business operations that necessitate a suspension of the Account;
(g) In case there are no transactions on the Account for such period as the Bank may stipulate, either generally in accordance with its prevailing standard procedures or specifically in any case;
(h) In case contradictory instructions in respect of the Account are received by the Bank;
24.5 In course of interactions with Customers who are not in touch with the Bank for long or who have not responded to the Bank’s communications for a long time, if such Customers inform the Bank that they had requested for closure of accounts/relationship with the Bank or were under the impression that their such accounts/relationship were already closed and if they re-represent such wish for closure of such relationship/cust id, then the said account/relationship may be closed even without such specific application format if all the applicants has consented the intention for closure and if the internal requirements of the Bank are met. In such instances, if the Customer does not place any such request with the Bank, the Bank shall provide written notice of terminating the account / relationship to the Customer.
25. General Powers
Each of the rights, powers and remedies given to the Bank hereunder shall be in addition to all other rights, powers and remedies given to the Bank under these Terms or by virtue of any other security, statute or rule of law or equity.
26. No Liability for Loss
26.1 Neither the Bank nor any of its agents, employees or servants shall be responsible or liable in any way for any direct or consequential loss suffered by the Customer, its agents, employees or servants in any of the following situations:
(a) as a result of taking or omitting to take any action pursuant to any orders or instructions given or appearing to the Bank (acting in good faith) to have been given by the Customer or its duly authorized representative(s) or any person whom the Bank believes to be the Customer or its duly authorized representative(s), save in the case of wilful default or gross negligence;
(b) in respect of the authenticity, regularity, validity or value of any documents handled by the Bank on the Customer's behalf or the correctness of any translation or the interpretation of any terms appearing in any such documents;
(c) for any failure to take, or delay in taking, any action required to be taken hereunder in the event that and to the extent that the taking of such action is prevented or delayed by war (whether declared or not and including existing wars), revolution, insurrection, fire, explosion, stoppage of labour, strikes or other disputes with employees, laws, regulations, orders or other acts of any governmental authority, or any other cause whatsoever beyond the Bank's control;
(d) for any loss or damage sustained by the Customer resulting directly or indirectly from its reliance on any statement of account or balance confirmation certificate which the Customer has, or is deemed to have, verified to be correct at the time of Account/ relationship opening;
(e) if, for any reason beyond the Bank's control, the operation of the Customer's account or the Bank's ability to account to Customer for any monies in the Customer's account is restricted or otherwise affected;
(f) if the value of the funds credited to the Customer's account shall diminish due to taxes, deductions, withholdings, imposts or depreciation;
(g) if the Customer is unable to obtain payment of funds from its account(s) due to restrictions on convertibility, involuntary transfers, foreign exchange controls, distrains of any character, or any other causes whatsoever which are beyond the Bank's control whether arising in India or in any place in which the Bank has deposited such funds;
(h) computer breakdown, mechanical failure or malfunction, interruption of services, disclosure of passwords or other reasons of any kind whatsoever through no fault of the Bank; (i)the exercise by the Bank of any of the Bank's rights under these Terms;
(j) arising out of the Bank honoring orders drawn on, and orders accepted and presented for payment against any Account (whether or not such Account is in credit) or complying with any other directions given regarding Accounts, which orders, directions and receipts are signed by the Customer or the joint Account holders or in the Bank's good faith determination appear to the Bank to be signed by the Customer or the joint Account Holders;
(k) arising out of delays in connection with any security processes performed by the Bank for fraud detection or anti-money laundering purposes or for legal and regulatory compliance;
(l) to the fullest extent permissible, arising out of any diminution in value or performance of securities, properties or other asset where the value or performance is managed or controlled by a third party or is affected by external risk factors not within the reasonable control of the Bank.
26.2 Under no circumstances shall the Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary loss or damages in connection with the Account or the Services.
27. Force Majeure
In the event of war, revolution, insurrection, military disturbances, riot, civil commotion or other similar action, strike, lock out, stoppage or restraint of labour, seizure or confiscation of currency or other assets or other governmental action, any imposition of currency exchange control by any government, any act of God, any event outside the control of the Bank, or any implementation of any laws, bylaws, restrictions, regulations, orders or directives imposed by any authority, regulatory body or government, whether or not having the force of law, which in the Bank's opinion hinders or prevents the performance by the Bank of its obligations under these Terms (whether of delivery or payment or otherwise) or any Service or facility (an "event of force majeure"), then the Bank may elect either-
(i) to postpone its performance until the event of force majeure no longer has such effect or
(ii) terminate the Account or Service, or take any other action the Bank deems fit, by giving 30 days' notice to the Customer.
28. Joint and Several Liability
In the event that the Customer constitutes more than one person, all obligations and liabilities of the Customer under these Terms shall be joint and several for all parties constituting the Customer. Any instructions, authorisations, representations and warranties given or made by the Customer in cases where the Customer constitutes more than one person shall be deemed to be jointly and severally given or made and be binding on all such persons and in the event that conflicting instructions or authorisations are received by the Bank from more than one person, the Bank shall have the right to act on the first set of instructions or authorisations received or on the instructions of all account holders or not to act at all until any difference in the instructions or authorisations between the persons constituting the Customer is resolved to the satisfaction of the Bank.
29. Services and facilities offered
The Bank reserves the right, at any time and from time to time, with or without notice, to cancel, withdraw, suspend, vary, change, add to or supplement any of the Services and facilities offered to Customers hereunder. When new services or facilities are introduced, supplemental terms and conditions governing such services may be introduced and notified to Customers in writing. Unless otherwise provided, the Customer shall be deemed to have accepted and agreed to be bound by such terms and conditions upon utilization of such Services or Facilities.
30. Complaints
If the Customer is not satisfied with the services provided by the Bank, the Customer may contact the Bank via email to ibuserviceqty@icicibank.com. Please visit the Bank's branch or Website for further details in this regard.
31. Outsourcing
The Bank shall have the right to outsource or sub-contract any part of the banking operations to such third party (including but not limited to any party outside India) on such terms as the Bank deem fit in its sole discretion.
The Bank will not be responsible for any losses or liabilities which arise as a result of or in connection with any sanctions (Fund based/non fund based facility), including, without limitation, any act or refusal to act by the Bank as a consequence of any sanction, and any action or omission of any correspondent or other intermediary bank and/or any delay in the realization funds/deposits. Deposits shall only be made if accompanied by proper supporting documents as required by the Bank, and the Bank shall have such rights as have been specified in these Terms.
32. Account Activation:
For activation of Non-face to face account, initial funding in the account has to be from his/her own account only.
Note: “Any contravention by any person under section 13 of the Foreign Exchange Management Act,1999, in connection with a transaction in an IFSC, may on an application, be compounded by the International Financial Services Centres Authority in terms of the Foreign Exchange (Compounding Proceedings) Rules, 2000 or any such rules that may be specified by the Central Government for this purpose.”
33. Only for Resident Individual
I/We hereby give unequivocal and unambiguous consent that the received/realized/unspent/unused foreign exchange in my/our name deposited with ICICI Bank-IBU- GIFT City under any product, unless reinvested and which is non-utilized/unrealized/non-invested for 180 days will be repatriated by me/us into my/our domestic ICICI bank account number in accordance with the RBI Notification Master Direction No. 7/2015-16, dated January 1, 2016 (as amended from time to time and other applicable guidelines).
I/We further acknowledge, confirm and undertake that it is my/our primary responsibility to repatriate and/or refund the foreign exchange which is lying in the Account(s) and/or Deposit with ICICI Bank-IBU-GIFT City into my/our domestic ICICI Bank Limited account before completion of 180 days from the date of receipt of such foreign exchange. I will not hold ICICI Bank India and/or ICICI Bank-IBU GIFT City responsible in any manner in this regard;
I/We hereby also declare that I/we shall not settle any domestic transaction with other residents through these FCAs held in IFSC.
I/We hereby undertake and agree that all the transactions (debits / credit) in this account shall be in accordance with applicable FEMA regulations as updated from time to time.
34. PRIVACY POLICY
In the process of using this Website and / or executing any Instruction/ Transaction on behalf of the Client, ICICI Bank may be privy to information relating to the Client, including information that is of a confidential nature. ICICI Bank is strongly committed to protecting the privacy of its clients and has taken steps to protect the information furnished to it. ICICI Bank has taken all necessary measures to protect the confidentiality of the information and its transmission under the e-Instruction Facility and it shall not be held liable for disclosure of the confidential information, unless gross negligence is established on the part of ICICI Bank.
The Client shall not disclose, in any manner whatsoever, any information relating to ICICI Bank of a confidential nature obtained in the course of availing the e-Instruction Facility, to any other person. Failure to comply with this obligation shall be deemed a serious breach of these Terms and Conditions and shall entitle ICICI Bank to terminate the e-Instruction Facility without prejudice to any damages to which it may be entitled. ICICI Bank undertakes not to disclose the information provided by the Client to any person, unless acting under good faith that such action is necessary to:
(i) Confirm to legal requirements or comply with legal process;
(ii) Protect and defend our rights or property;
(iii) Enforce these Terms and Conditions; or
(iv) Act to protect the interests of our members or others.
ICICI Bank may also use information including the personal information of the Client for the purposes of providing e-Instruction Facility, and share the information with third parties for provision of the e-Instruction Facility and any service-related activities related thereto, and notifying or contacting the Client regarding any problem with, or the expiration of, such e-Instruction Facility. In this regard, it may be necessary to disclose the personal information to one or more agents and contractors of ICICI Bank and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from ICICI Bank only for these purposes.
The Client authorizes ICICI Bank to exchange, share, part with all information related to the details and transaction history of the Client to its Affiliates, banks / financial institutions / credit bureaus / agencies as may be required by law or customary practice and shall not hold ICICI Bank liable for use or disclosure of this information.
Section II - Terms and Conditions Governing Fixed Deposits
1. Definitions:
1.1 "Customer" shall have the meaning ascribed to it in Section I hereof.
1.2 "Cumulative Fixed Deposits" are fixed deposits where interest is compounded at specific interval and reinvested with principal amount.
1.3 “Deposit Confirmation Advice” shall have the meaning ascribed to it in Section I hereof.
1.4 “Fixed Deposit” or “FD” shall mean a term deposit opened and maintained by a Customer with the Bank.
1.5 "Maturity Value" shall mean the amount payable to the Customer at the end of the term of the FD subject to deduction of any tax as may be applicable and “Maturity Date” shall mean the date on which such Maturity Value is due.
1.6 "Traditional Fixed Deposits" are fixed deposits where interest is paid at regular intervals, i.e., Quarterly or Monthly or yearly,
The terms and conditions set out in this Section II and to the extent applicable, in Section I hereof (collectively “Fixed Deposit Terms”), shall apply to Fixed Deposits made available to the Customer by ICICI Bank.
2. Date of Deposit:
2.1 The effective date of a Fixed Deposit shall be the date on which the amounts of such deposit placed in the Account are realized by / credited to ICICI Bank. ICICI Bank reserves the right not to accept the moneys and the right to reject the Customer's application.
2.2 Customer’s request for opening of Fixed Deposit will be processed within 2 working days after receipt of duly completed application at ICICI Bank. Request received on Non-Working Days will be processed on the next Working Day. Requests may not be processed if there are any discrepancies observed in the requests. The discrepancies will be communicated through email.
2.3 In case requests for opening Fixed Deposits are received on a Non-Working Day, the fixed deposit will be opened with value date of the next Working Day.
2.4 All requests for opening or closure of Fixed Deposits will be processed between Monday to Friday till 2.30pm (IST). Deposit requests received after 2.30pm (IST) on Friday will be processed as per applicable currency rates of the next Working Day.
2.5 Fixed Deposit booking requests received through wire transfer:
The request for Fixed Deposit through wire transfer will be processed only if the remitter and the beneficiary name matches or under specific circumstances as decided by the Bank. Requests with mismatch including but not limited to name mismatch will be kept on hold for a maximum period of 30 days, within which the remitter needs to provide clarifications on the remitter and beneficiary name mismatch or details of the source of funds, as requested by the Bank in order to process the Fixed Deposit creation. The Bank will not be liable for any loss incurred due to the delay in processing such requests.
2.6 If purpose of remittance is not captured in the SWIFT as "Booking of FD", the funds will be credited to the Customer’s Account or returned back to the Customer. ICICI Bank will not be liable for any charges or losses due to currency fluctuations.
2.7 If tenure is not captured in the SWIFT, the Fixed Deposit will be opened for 1 year. Any subsequent clarifications sought with respect to the tenure or requests for modifications will be considered as a fresh request and the such modifications will be carried on the date the request for modification is received, provided such requests are received on a Working Day during business hours for Fixed Deposit booking.
2.8 The deposit would be booked with the net amount received after deducting appropriate charges / fees as may applicable at the time of remittance.
3. Deposit Confirmation Advice (the “Advice”):
3.1 At the time of placing the Fixed Deposit, if the Customer does not opt for a Fixed Deposit Receipt, an Advice shall be issued by ICICI Bank by default in relation to his/ her Fixed Deposit.
3.2 For Fixed Deposits being auto renewed, a Deposit Confirmation Advice shall be sent post renewal of the Fixed Deposit stating the renewed amount and interest rates applicable at the time of such auto renewal. The Deposit Confirmation Advice shall be sent in electronic format if the Customer has an email id updated in our records. For customers that do not have an email id registered, Deposit Confirmation Advice shall be sent to the communication address of the Customer as available in ICICI Bank records at the time of auto renewal of the Fixed Deposit.
4. Auto Renewal/Auto Closure:
4.1 Fixed Deposits are accepted with an option of auto-renewal facility at such periodicity as offered by the Bank and opted for by the Customer.
4.2 In case of reinvestment of deposits, IBU shall pay interest for the intervening Non- Working Day on the maturity value.
4.3 Fixed Deposits which are auto renewed on maturity will be treated as a fresh deposit from the date of auto renewal. All terms and conditions applicable to fresh deposits will also be applicable to deposits that are auto renewed.
4.4 In case of premature renewal, the deposit will be pre-maturely closed and re-booked with new renewal instructions. Premature closure charges will be applicable as given in Section II Clause 7 of the Terms and Conditions.
4.5 In case the Customer needs to change the auto-renewal terms with respect to the FD amount or tenure, the Customer shall have to place the request before the maturity date of the Fixed Deposit. Maturity instructions should be given to the Bank at least 15 days prior to the maturity date for deposit accepted for more than 3 months. For deposits less than 3 months, 5 days’ no-tice is required. In the absence of maturity instruction, the Fixed Deposit will be automatically rolled over for the original tenor specified in the deposit creation request letter at the Bank's prevailing rate of interest on the maturity date.
5. Payment of Interest on Fixed Deposit:
5.1 Interest on Fixed Deposits is reckoned /paid at quarterly / monthly/yearly intervals, as the case may be, and at the rate/s applicable as on the value date of opening of such Fixed Deposits, in accordance with the rate fixed by ICICI Bank from time to time, the directives issued by IFSCA/RBI and as per applicable laws and regulation.
5.2 The interest on Fixed Deposits will be calculated on the basis of actual number of days elapsed in a year of 360 days.
5.3 The interest may be paid either in a lump sum at the time of Maturity Date or it may be paid every half year or every quarter or every month in accordance with the Customer instruction(s) for payment of interest on the Fixed Deposit. Where the interest is to be paid by ICICI Bank in lump sum Maturity Date, the Fixed Deposit shall bear the yearly rate of interest on the Fixed Deposit.
5.4 ICICI Bank does not offer differential interest rate on Fixed Deposits opened by senior citizens.
6. Methodology of Interest Calculation:
6.1 Simple interest is paid as per the terms agreed upon with the Customer at the applicable rate for deposit. For Cumulative Deposits, interest will be compounded annually at the applicable rate.
6.2 Calendar year is taken to consist of 360 days irrespective of whether it is a leap year.
6.3 Fixed Deposit (cumulative, recurring and traditional) placed in automatic closure mode and maturing on a Non-Working Day, the Fixed Deposit shall be closed on the next Working Day. Bank shall pay interest at the original contracted rate for the holiday period on the succeeding Working Day.
In case of Cumulative Fixed Deposits, the Bank shall pay interest on the maturity value and in case of Traditional Fixed Deposits with interest payout option, interest shall be paid on the principal amount.
7. Premature/Partial Closure of Fixed Deposit:
7.1 If the Fixed Deposit is closed before completing the original term of such deposit, interest will be paid at the rate applicable on the effective date of such deposit up to the period for which such Fixed Deposit has remained with ICICI Bank. The Fixed Deposit may be subject to applicable premature withdrawal penal charges as may be prescribed by ICICI Bank on the effective date of such Fixed Deposit.
7.2 For the deposit amount remaining after the part withdrawal from Fixed Deposit, interest rate will be reset as the rate applicable for the amount remaining, for the original tenure, as prevailing on the date of opening of such Fixed Deposit.
7.3 In case of the Fixed Deposit being prematurely closed for the purpose of reinvestment into another scheme of Fixed Deposit, the existing deposit would be subject to premature withdrawal penalty as prescribed by ICICI Bank on the effective date of such Fixed Deposit. Penalty will be levied on the rate applicable @ 0.50% on all the FDs subject to revision without further notice. Interest will be paid for the period the Fixed Deposit has remained with ICICI Bank. The interest rate prevailing on date of reinvestment of Fixed Deposit will be applicable for the new deposit.
7.4 In case of premature closure, physical request form signed by all the account holders/ signed as per MOP is required. In case email indemnity has been provided by the Customer, an e-mail from registered email id may also be considered for premature closure of deposits.
7.5 If the closure proceeds are to be credited to the Customer’s savings/current account, it will be done in freely convertible currency only.
7.6 Closure proceeds can be transferred only in the name of the account holder/s. The account should be held in the same customer ID as the Fixed Deposit. Third party transfer is not permitted.
7.7 In case of closure of multiple Fixed Deposits, a separate request is required for each closure with all the relevant details
7.9 No interest shall be paid if Fixed Deposit is prematurely withdrawn within seven days of opening of the Fixed Deposit. However, Fixed Deposits accepted as collateral for availing credit facilities from the Bank or deposited as margin, may be adjusted as per the terms of facility and accrued interest on such facility will be paid at contracted rate after deducting applicable penal charges for run period of deposit.
8. Tax Deducted at Source:
8.1 Tax shall be deducted at source as per the provisions of Section 195 of Income Tax Act, 1961.
8.2 For Traditional Fixed Deposit (with quarterly / monthly interest payment), tax is deductible on each interest payment and on interest accrued on March 31st of every financial year. The tax deducted at source (“TDS”) amount calculated on the accrued interest is remitted to the tax authorities on behalf of the Customer by ICICI Bank. The interest on the TDS amount from April 1st till maturity of the Fixed Deposit is adjusted from the interest payable to the Customer.
9. Nomination:
9.1 The single holder or the joint holders of the Fixed Deposit Account may, by filing in necessary particulars in the prescribed form at the time of making the Fixed Deposit, nominate any person who, in the event of death of the single or both the joint holders as the case may be shall become entitled to the Fixed Deposit and the payment thereon.
9.2 If such nomination is not made at the time of making the Fixed Deposit, it may be made by the single holder or the joint holders or the surviving joint holder, as the case may be, at any time after the Fixed Deposit Receipt is issued but before pg. 11 its Maturity Date, by means of an application in the prescribed form to the officer in charge IFSC Banking Unit, GIFT City branch of ICICI Bank from where the Fixed Deposit Receipt/ Advice is issued.
9.3 In the event of death of the Customer holding a Fixed Deposit in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Fixed Deposit to encash the Fixed Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of ICICI Bank, supported by proof of death of the Customer.
9.4 If a Customer dies and there is no nomination in force at the time of his / her death, ICICI Bank shall pay the sum due to the deceased Customer, to his / her legal heirs in accordance with ICICI Bank’s standard policies and procedures.
9.5 The amount due / payable to nominee from Fixed Deposit Account of a deceased Customer shall be credited to saving/current account of such nominee.
9.6 ICICI Bank may allow remittance of funds lying in the account of the deceased Customer to his nominee after proper due diligence.
10. Replacement of lost or destroyed Fixed Deposit Receipt/Advice:
10.1 If the Fixed Deposit Receipt/ Advice is lost, stolen, destroyed, mutilated or defaced, the person entitled thereto / the Customer may apply for the issue of a duplicate receipt to IFSC Banking Unit, GIFT City branch of ICICI Bank from where such Fixed Deposit Receipt/ Advice was issued.
10.2 Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the Fixed Deposit Receipt, and the circumstances attending such loss, theft, destruction, mutilation or defacement.
10.3 If the officer in charge of ICICI Bank is satisfied of the loss, theft, destruction, mutilation or defacement of the Fixed Deposit Receipt/
Advice, he/ she shall issue a duplicate receipt on the Customer furnishing an indemnity
10.4 A duplicate receipt issued under sub-paragraph-3 above shall be treated as equivalent to the original Fixed Deposit Receipt.
11. Maintenance of sufficient balance:
The Customer shall ensure that there are sufficient funds (or prearranged credit facilities) in the Account which will be used for funding the Fixed Deposit. In case the Account does not have sufficient balance, the application for the Fixed Deposit shall be rejected.
12. Authority to ICICI Bank:
The Customer irrevocably and unconditionally authorizes ICICI Bank to access the Account for creating the Fixed Deposit and to share the Account information in accordance with Clause 23 of the Terms (as contained in Section I hereof) for the purpose of accepting/ executing such requests of the Customers.
13. RECORDS:
All records of ICICI Bank generated by the transactions arising out of booking the Fixed Deposit, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions.
14. Accuracy of Information:
The Customer undertakes to provide accurate and complete information wherever required and shall be solely responsible for the correctness and completeness of information provided by him/her to ICICI Bank at all times. ICICI Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. ICICI Bank shall not be liable for any inadvertent error, which results in the providing of inaccurate information.
15. Limitation of Liability:
ICICI Bank shall under no circumstance be held liable to the Customer if the Fixed Deposit cannot be booked because of including but not limited to natural calamities, legal restraints, system failure/not-error, or any other reason beyond the control of ICICI Bank. In no event shall the Bank, ICICI Bank Limited, its Group Companies, affiliates, officers, directors, employees, or agents, be liable to the Customer for any direct, indirect, incidental, special, punitive, or consequential damages whatsoever resulting from any of the following:
15.1 If the Customer has breached any of the Fixed Deposit Terms, contained herein or in the Fixed Deposit Receipt/ Advice;
15.2 If the Customer has contributed to or the loss is a result of failure on part of the Customer to advise ICICI Bank within a reasonable time about un-authorized access of or erroneous transactions in the Account; or
15.3 Due to system failure/not-error or where any communications from ICICI Bank are delayed and/or not received by the Customers.
16. Other terms:
16.1 The Customers shall intimate ICICI Bank forthwith, in writing, of any change in the registered address and contact details, and residential status of the Customer/s.
16.2 All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these Fixed Deposits will be recoverable from the Customer.
16.3 ICICI Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future all account/deposits of the Customer/ deposit holder/s with ICICI Bank, whether in single name or joint name(s), to the extent of all outstanding dues to ICICI Bank in accordance with Clause 21 of Section I hereof and these Fixed Deposit Terms. For such purposes, ICICI Bank may at its sole discretion close the Fixed Deposit(s) prematurely and apply a premature withdrawal penalty in respect of the same. The lien shall be valid and binding on the Customer / deposit holder and operative until repayment in full of all moneys due to the ICICI Bank from the Customer / deposit holder. The lien conferred on ICICI Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the Customer / deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to ICICI Bank from the Customer / deposit holder/s.
16.4 These terms and conditions are subject to change/modification at the sole discretion of ICICI Bank. ICICI Bank may give notice of any changes either through email address as recorded with ICICI Bank (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the Customer / deposit holder/s or on its website or any other mode as may be deemed fit by ICICI Bank. In addition, ICICI Bank may also publish notice of general nature, which are applicable to all Customer / deposit holders of similar nature on its Website. Such notice will be deemed to have been served individually to the Customer / deposit holder/s. All notices / communication to ICICI Bank should be given in writing and sent by post or delivered to its address indicated in Clause 16 of Section I.
16.5 At the discretion of ICICI Bank and subject to applicable laws, loan against the Fixed Deposit maybe given to the Customer / depositors, in whose name the Fixed Deposit has been opened and who are authorised to withdraw the deposit, as per original mandate.
16.6 ICICI Bank does not take any responsibility, and will also not be liable, for Customer’s claims if the details provided by the Customer for opening/ closure/ renewal/ of the Fixed Deposit are incorrect/incomplete.
16.7 The Customers agree/s that in case of a joint account having mode of operation as either or survivor / anyone or survivor, anyone of them, as the Account holders, may create a term deposit by placing a request through IBU branch, or registered e-mail ID, as such channels may be made available by ICICI Bank from time to time and subject to such terms and conditions as may be specified by ICICI Bank from time to time. The Customers agree that such a term deposit shall be created in the name of all the Account holders with mode of operation as either or survivor / anyone or survivor and the Customers shall be bound by the terms and conditions applicable to such term deposit or to a term deposit created by renewing / auto-renewing the same. The Customers also understand that for availing a loan against or for premature termination of such a term deposit or any fixed deposit created by renewing / auto-renewing the same, written consent of all the term deposit holders would be required in the manner specified by ICICI Bank. The Customer/s shall not raise any dispute / claim against ICICI Bank for creating a term deposit in the manner specified above and shall keep ICICI Bank indemnified against any loss / harm suffered by ICICI Bank with respect to any dispute / claim raised by anyone of us or any third party.
16.8 The deposits held with the ICICI Bank Limited-GIFT IBU are not covered by the deposit insurance system established by the Reserve Bank of India (RBI).
Section II A – Terms and Conditions for Fixed Deposit through Registered E-mail ID
The following terms and conditions apply to and govern creation and renewal/auto renewal of Fixed Deposit (as defined in Section II hereof) through registered email ID online vide the Website (“Online/ Internet Banking FD Terms”) and shall be in addition to and not in derogation of the Terms (as defined in Section I hereof) and the Fixed Deposit Terms (as defined in Section II hereof). In the event of any inconsistency between the Terms read with the Fixed Deposit Terms and these Online/Internet Banking FD Terms, these Online / Internet Banking FD Terms shall prevail.
1. Definitions:
In these Terms under this Section, unless there is anything repugnant to the subject or context thereof, the expressions listed below shall have the following meanings viz.: "Account" under this Section shall mean the operative account held by the Customer/s with ICICI Bank.
1.2 3 "Customer" refers to any person/ applicant who is Resident Individual and Non-Resident Individual and has accepted these Terms and is holding an Account with ICICI Bank and, where there is more than one such person, it shall be construed, as the context requires, to mean any, all or each of them.
1.3 “Cust ID/ Customer ID” shall mean the unique identification code allotted to the Customer by ICICI Bank in relation to the Account.
1.4 "Customer Care" shall mean the Customer care unit of ICICI Bank where the Customer may contact for resolution of his queries or requests by mailing on ibuserviceqty@icicibank.com or by calling on +91 79 6180 3206/ +91 79 6180 3204/ +91 79 6180 3205.
1.5 "Facility" shall mean the facility offered by ICICI Bank to the Customer/s to place a fixed deposit including its creation/renewal/auto renewal request through their Registered e-mail ID’s with ICICI Bank.
1.6 "Service Request Number / SR Number" shall mean the reference number provided by ICICI Bank to the Customer on receipt of Fixed Deposit creation/renewal/auto-renewal request vide Customer Care from the Customer through his/her Registered e-mail ID.
1.7 “Registered e-mail ID” shall mean such e-mail ID of the Customer/s which has been registered with respect to the Account with ICICI Bank.
1.8 “Website” shall have the meaning ascribed to it in Section I (Terms) hereof.
Capitalized terms used herein but not defined shall have the meaning ascribed to them in the Section I (Terms) and Section II (Fixed Deposit Terms) hereof.
2. Applicability of the Online FD terms:
These Online FD Terms together with the Terms (as defined in Section and I hereof) and the Fixed Deposit Terms (as defined in Section II hereof) in relation to Facility availed by the Customer, and as accepted by ICICI Bank shall form the contract between the Customer and ICICI Bank, and shall be further subject to such other terms as ICICI Bank may specify from time to time.
3. Application:
3.1 Only an existing Customer of ICICI Bank may apply for the Facility.
3.2 Fixed Deposit will be created under the same Cust ID of the Account used for funding the Fixed Deposit. Any renewed/ auto-renewed Fixed Deposit placed through this channel shall also be created in the same Cust ID of original Fixed Deposit and in the same name as the original Fixed Deposit.
3.3 To apply for the Facility, the Customer shall be required to send an e-mail from his/her Registered e-mail ID to ICICI Bank at ibuserviceqty@icicibank.com. The e-mail so sent by the Customer making an application for placing / renewing /auto-renewing the Facility should contain such details as specified below and such other details as may be specified by ICICI Bank from time to time. The act of sending an e-mail through the Registered e-mail ID for availing the Facility shall amount to Customer applying for the Facility and agreeing to have read, understood and undertaken to abide by these Online FD Terms.
3.4 Application received for availing the Facility from any other e-mail ID except Registered e-mail ID shall be rejected. 3.5 While applying for the Facility, the e-mail as sent from the Registered e-mail ID should contain the following details:
3.5.1 For application of creation of Fixed Deposit:
i. Details of Account like account number (12-digit savings account number) etc. which is required to be debited for placing the Fixed Deposit; Type of Fixed Deposit;
ii. Currency of Fixed Deposit;
iii. Deposit amount;
iv. Option preferred and selected: FD;
v. Tenure of Fixed Deposit (Days);
Tenure of Fixed Deposit (Years) (0-10 years);
Tenure of Fixed Deposit (Months) (00/ 03/ 06/ 09 months); vi. Choice of scheme (Reinvestment/ Traditional) Interest Payable (Monthly/ Quarterly and half yearly for deposits);
vii. Account in which Interest is to be credited;
viii. Contact No (Country code + Area Code + Number)
3.5.2 For application of renewal/ auto-renewal of Fixed Deposit:
i. FD Number to be renewed/auto-renewed;
ii. Months to be renewed/auto-renewed for;
iii. Days to be renewed/auto-renewed for;
iv. Tenure of renewal.
Please note that the details mentioned above do not constitute an exhaustive list and the Customer/s may be required to provide such other details and/or agree to such other additional terms and conditions as may be specified by ICICI Bank from time to time. 3.6 The e-mail so received from the Customer/s through the Registered e-mail ID and the details mentioned therein, thereby applying for the Facility, shall be considered as final and binding against the Customer/s for ICICI Bank to act upon and provide the Facility. 3.7 The Customer should not change his/her Registered e-mail ID after applying and before beginning to avail the Facility. ICICI Bank shall not be liable / responsible to Customer/any third party, for any damage and/or loss occurred /incurred due to Customer’s act of changing Registered email ID.
4. Acknowledgement of Application:
4.1 Once the application for the Facility is received by ICICI Bank from Customer’s Registered e-mail ID, ICICI Bank shall provide acknowledgement receipt of the application through an e-mail to the same Registered email ID within two (2) working days of receipt of application.
4.2 The acknowledgment e-mail shall also contain a unique SR/processing/track Number. The Customer shall be required to mandatorily quote the Service Request (SR) /processing/track number in all future communication with ICICI Bank regarding the Facility.
4.3 In the event the application made by the Customer for availing the Facility does not contain full details as required, or has discrepancies, ICICI Bank shall seek clarifications on such details / discrepancies in the acknowledgment mail sent to the Customer. The Customer shall be required to respond from his/ her Registered e-mail ID to the mail from ICICI Bank within one (1) working day of having received the mail. If ICICI Bank does not receive any response to such mail, within one (1) day of its being sent, the application for Facility shall be rejected without any further notice.
4.4 ICICI Bank shall not be liable if due to system failure or technical not-errors the acknowledgment e-mail is delayed and/or not received by the Customer. In the event the Customer does not receive the acknowledgment e-mail within one (1) working day from sending the application e-mail, Customer shall be required to contact Customer Care.
5. Confirmation of Facility:
5.1 Customer/s shall receive confirmation e-mail/s from ICICI Bank within three (3) working days after all details have been clarified to ICICI Bank's satisfaction.
5.2 The confirmation e-mail shall contain all the relevant details regarding the Facility.
6. Cancellation:
6.1 In the event Customer/s intends to cancel the Facility after placing an application for availing the Facility and/or post receipt of the acknowledgment e-mail, the Customer may send a cancellation e-mail from his/her Registered e-mail id within one (1) working day of his/her previous application e-mail sent and/or acknowledgment mail received from ICICI Bank.
6.2 On receipt of a cancellation e-mail from the Customer through his/her Registered e-mail ID, ICICI Bank shall proceed with cancelling the application for the Facility, provided that the Fixed Deposit has not been created/ renewed/auto renewed and it is within control of ICICI Bank to cancel the same. In the event that it is beyond the control of ICICI Bank, as the Fixed Deposit has already been created/ renewed/auto-renewed, the Customer shall then be required to be guided by the terms relating to pre mature/partial closure as contained in the Fixed Deposit Terms.
6.3 ICICI Bank shall not be liable if for any reason ICICI Bank is unable to cancel the request for creation/ renewal/autorenewal of the Facility and/or it does not receive the cancellation mail well within the time for any reason whatsoever.
6.4 In the event, the Customer intends to change any particulars of the Facility as contained in the e-mail sent to ICICI Bank, the Customer will have to first close the existing Fixed Deposit and apply afresh. Please refer to Clause 7 on “Premature/partial closure of Fixed Deposits” in the Fixed Deposit Terms for more details.
7. Rejection of Application:
7.1 Grant of the Facility is at the sole discretion of ICICI Bank and shall be subject to these Online FD Terms stated herein and such other conditions as may be specified by ICICI Bank from time to time and updated on the website. ICICI Bank reserves the right to reject any application made for the Facility without providing any reason whatsoever, in its sole discretion.
7.2 An e-mail shall be sent to the Customer on the Registered email ID confirming the rejection of his/ her application.
7.3 In case the Customer intends to apply for the Facility after his/ her application has been rejected, a fresh application may be made as per these Online FD Terms.
7.4 ICICI Bank may stop / terminate this Facility at its sole discretion without giving any prior notice to the Customer. However, any such termination shall not affect any rights or liabilities accrued or incurred prior to such termination.
8. Auto renewal/Auto Closure:
Unless otherwise specified by the Customer, the Facility shall be automatically closed on maturity by crediting the Account of the Customer. The Fixed Deposits renewed through this Facility shall be automatically renewed on maturity for the same term as the original Fixed Deposit at the prevailing rate as specified by ICICI Bank for that period.
9. Record:
All records of ICICI Bank generated by the transactions arising out of the Facility, including the name of the Customer, application, time, date and particulars of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions.
10. Limitation of Liability:
10.1 Unless otherwise specified, all communication from the Customer in relation to the Facility, including instructions, shall be given through his/ her Registered e-mail ID or any other medium/channel enabled by ICICI Bank for the purpose of availing the Facility. The Customer is also responsible for the accuracy and authenticity of the instructions provided to ICICI Bank and/or its Group Companies and the same shall be considered to be sufficient and valid to provide the Facility. ICICI Bank shall not be required to independently verify any instructions received from the Registered e-mail ID of the Customer, and such instructions shall remain effective till such time that the same are countermanded by further instructions received from the Customer's Registered e-mail ID in the manner specified by ICICI Bank from time to time.
10.2 ICICI Bank shall have no liability if it does not or is unable to stop or prevent the implementation of an instruction, which is subsequently countermanded. Where ICICI Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the Customer before acting on any instruction of the Customer or act upon any such instruction as it deems fit.
10.3 ICICI Bank may refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction and shall have the right to suspend the operation of the Facility if it has reason to believe that the Customer's instructions will lead to or expose ICICI Bank to direct or indirect loss or may require an indemnity from the Customer before continuing to provide the Facility.
10.4 Notwithstanding the aforesaid, ICICI Bank may at its option (with or without notice) decide not to act on any e-mail submission/ instruction, if it inter alia believes such communication to be contrary to law, or intent of the Constituent having illegally accessed or hacked or tampered or having being subject to a virus attack.
10.5 ICICI Bank shall be entitled to consider any communication received from the Registered e-mail ID of the Customer as binding upon such Customer and further be entitled (but not bound) to take any steps relying upon the same and to act upon the same, believing in good faith that such communication is authentic, regardless of the amount of money involved and notwithstanding any not-error in transmission or reception of the communication or any misunderstanding or ambiguity or lack of clarity in such communication.
10.6 ICICI Bank has no obligation to verify the completeness or authenticity thereof of any communication.
10.7 ICICI Bank shall not be liable for any losses or damages which the Customer may suffer as a consequence of ICICI Bank acting in accordance with or in reliance upon, any e-mail instructions/requests, etc. received through Registered e-mail ID of the Customer or otherwise pursuant to the authority conferred herein.
10.8 ICICI Bank shall not be liable if due to system failure and technical not-errors the confirmation e-mail is delayed and/or not received by the Customer.
10.9 The Customer agrees to keep ICICI Bank fully indemnified and saved harmless, at all times, in respect of each and every obligation, liability, loss and damage undertaken or incurred or suffered by ICICI Bank (whether directly or indirectly) under or in connection with the said Facility and also against all demands, actions, suits, proceedings made, filed, instituted against ICICI Bank in connection with or arising out of or in relation to:
- ICICI Bank acting pursuant to, in accordance with or relying upon any e-mail instructions/requests etc received through Registered e-mail id of the Customer or otherwise pursuant to the request and authority conferred herein and/ or:
- Any action taken on any unauthorized or fraudulent e-mail instructions/requests etc to ICICI Bank
This indemnity is without prejudice to ICICI Bank’s other rights, privileges; powers and remedies in law and the provisions of this clause shall survive the termination of the Facility.
The Customer acknowledges and confirms that he/she is/are aware that the e-mail instructions/requests, etc. may not be received properly and may be read by or be known to any unauthorized persons. The Customer further agrees that the transmission through email is liable to unauthorized access, hacking and/or virus attacks and which may destroy the original character and content of the e-mail submission/ instructions, which may inter alias cause ICICI Bank to misunderstand the contents or intent of the e-mail or make the e-mail otherwise ambiguous. The Customer agrees to assume and bear all risks involved in respect of such not-errors and misunderstanding and ICICI Bank shall not be responsible in any manner for the same or breach of confidentiality thereto and shall also not be liable for any claims, loss, damage, cost or expenses and liability arising there from.
11. Reliance
11.1 Any instruction, order, direction, request entered using the Registered e-mail ID of the Customer shall be deemed to be an instruction, order, directive, request received from the Customer. All such instructions, requests, directives, orders, directions, provided by the Customer, either through Registered e-mail ID or otherwise, are based upon the Customer's decisions and are the sole responsibility of the Customer.
11.2 The Customer understands that providing an instruction, direction, order, request to ICICI Bank, either through Registered e-mail ID or otherwise, does not guarantee execution of such instruction, direction, order or request. ICICI Bank shall not be deemed to have received any instruction, direction, order, or request electronically transmitted by the Customer until it confirms the receipt of such instruction, direction, order, and request.
SECTION III - Terms and Condition for Loan Facility against Fixed Deposit (Overdraft)
1. These terms and conditions (the “Terms”) apply to and regulate the provision of the Facilities (as defined in the Application) granted / extended by ICICI Bank Limited, acting through its IFSC Banking Unit, GIFT City, Gandhinagar (“the Bank”) to its customers (the “Borrower”), against fixed deposit(s) (the “Term Deposits”) referred to in the Application (as defined hereinbelow) as also any future deposit(s) placed by the Depositor/s with the Bank. Reference to “transaction documents” or “Transaction Documents” in the Terms shall mean the Application, the Terms, and all other agreements, instruments, undertakings, writings and documents in relation, or pertaining, to the Facilities. Reference to “relevant person” includes the Depositors (as defined in the Application). All capitalized terms used herein but not defined shall have the respective meanings assigned to them in the Application.
2. The Borrower shall apply to the Bank in the prescribed form of application letter (the “Application”) for availing the Facilities. The Bank shall be entitled, at its sole discretion, to accept or reject such Application as may be submitted by the Borrower.
3. The Borrower shall be deemed to have unconditionally agreed to and accepted the Terms and made representations by signing the Application. The Terms will be in addition to and not in derogation of the terms and conditions specified in the Application and the other transaction documents.
4. (i) The Borrower shall, unless otherwise agreed to by the Bank, repay / pay the Facilities, all interest, costs, charges, expenses and monies whatsoever stipulated in, or payable in respect of the Facilities in accordance with the terms specified in the Application, the Terms and the transaction documents.
The Facilities shall not, at any time, exceed the limits specified in the Application.
The Bank may, on such terms and conditions as the Bank may deem fit, agree to the Borrower's request for enhancement or decrease in the aforesaid limits.
The Borrower shall be entitled to avail of/ seek drawals under the Facilities provided the Borrower complies with the terms and conditions as prescribed under the Terms and the other transaction documents and there being no subsisting Event of Default (as defined hereinbelow).
5. (i) The Facilities may be drawn out of the Account (as defined in the Application) from time to time / disbursed in instalments. The Bank may, at the request of the Borrower, make / allow disbursements / drawals under the Facilities as per outward remittance form.
The aforesaid drawals shall be utilised by the Borrower exclusively for the Purpose, and the Borrower shall, if the Bank so desires, furnish a certificate and/ or such other valid proofs (including without limitation valid invoices, bills, receipts, acknowledgements, etc.) to the satisfaction of the Bank, in the format and manner acceptable to the Bank, affirming that the Facility has been utilized for the Purpose. If for any reason the Borrower finds itself unable to comply with this condition, it shall immediately inform the Bank in writing of the same and the reasons there for and shall, unless otherwise agreed to by the Bank, repay forthwith the outstanding balance of the Facility together with interest and all other monies payable in respect thereof.
The Borrower shall use the Facilities only for the permitted activities under the Foreign Exchange Regulations and not for the purpose of re-lending or carrying on agricultural / plantation activities or investment in real estate business. The Borrower shall ensure that there is no direct or indirect foreign exchange consideration received by the Depositor/s for agreeing to place the deposits to avail the Facilities and declare and confirm that Facilities will not be used for either arbitrage or speculation or investment in capital markets.
In the event any monies are remaining due and payable by the Borrower to the Bank, whether under the Transaction Documents or otherwise, the Bank may, at its sole discretion, reduce the availability of the amounts of the limits of the Facilities and / or adjust such monies against the respective available limits and all such adjustments shall be treated as drawals by the Borrower.
6 (i) The Borrower shall pay to the Bank interest and all other charges on the amounts outstanding from time to time under the Facilities at the rates specified in the Application Form, the Terms or at such other rate(s) as may be decided by the Bank from time to time, at its sole discretion. The Facility(ies) shall expire upon the maturity date of the fixed deposit or the earliest maturity date in case the Facility(ies) are secured by multiple deposits. Interest on the above Facility(ies) will be levied at monthly intervals on the outstanding amount/s. The Borrower agrees to repay such interest as and when charged by the Bank. In the event the Borrower fails to repay the outstanding amounts, the Borrower/Depositors irrevocably authorizes the Bank to appropriate the balance in the said fixed deposit for re-payment of the Facility(ies) including interest charges, even before maturity of the fixed deposits. In case of failure of repayment, further interest will be charged at the Additional Interest Rate. The above Terms are subject to change at the discretion of the Bank. The Borrower acknowledges and confirms that notice, if any, provided by the Bank, as specified in the Terms or in any other manner whatsoever, of any changes in rate(s) mentioned above or any notice from the Bank for payment of amounts at the changed rate(s), shall be treated by the Borrower as sufficient and reasonable notice to the Borrower and the Bank is not bound to issue any further notice of such changes to the Borrower.
The Borrower acknowledges and agrees that the Additional Interest Rate specified in the Application/Terms is reasonable and that it represents genuine pre-estimates of the loss expected to be incurred by the Bank in the event of nonpayment of any monies by the Borrower.
Interest on the outstanding amounts under the Facilities / other charges when debited to the relevant OD Account by the Bank, shall be calculated on the daily debit balance of such Account
The interest payable by the Borrower shall be subject to the changes based on guidelines / directive issued by Reserve Bank of India (“RBI”) or International Financial Services Centres Authority (IFSCA) or any other authority, to banks from time to time. The Bank is obliged to give effect to any revision of interest rates, whether upwards or downwards, on all existing advances / financial assistances as per the said guidelines / directive.
7. Interest and all other charges shall accrue from day to day and shall be computed on the basis of 365 days a year and the actual number of days elapsed. If the due date in respect of any amounts payable under the Facilities falls on a day which is not a Business Day at the place where the payment is to be made, the immediately preceding business day shall be the due date for such payment. “Business Day” for the purposes of the transaction documents, means a day on which the relevant office of the Bank i.e. the IFSC Banking Unit, GIFT City, Gandhinagar or such other office as may be notified by the Bank to the Borrower, is open for normal banking transactions.
8. The Borrower shall bear all interest tax, service tax, all other imposts, duties (including stamp duty and relevant registration and filing charges, if any, in connection with the Facilities) and taxes (of any description whatsoever) as may be levied from time to time by the Government or other authority in respect of or in connection with the Facilities and / or the transaction documents. The Borrower shall also pay all costs, charges, fees, expenses in any way incurred by the Bank, and such stamp duty, other duties, taxes, charges and penalties if and when the Borrower is required to pay according to the laws for the time being in force. In the event of the Borrower failing to pay the monies referred to above, the Bank shall be at liberty (but shall not be obliged) to pay the same. The Borrower shall reimburse all sums paid by the Bank in accordance with the provisions contained herein.
9. All payments by the Borrower in connection with the Facilities shall be made free and clear of and without any deduction, except to the extent that the Borrower is required by law to make payment subject to any tax deduction at source under the applicable law. Provided that, all taxes required by law to be deducted by the Borrower from any amounts paid or payable under the transaction documents including but not limited to interest, commission, discount, service and other charges, any fees, shall be paid by the Borrower; and the Borrower shall, within the statutory time frame prescribed under the law or 20 (twenty) days of the payment being made, whichever is earlier, deliver to the Bank satisfactory evidence in accordance with the prevailing tax laws as may be amended from time to time, that the tax has been deducted at source and duly remitted to the appropriate authority.
10. The Borrower shall reimburse all sums paid and/or expenses incurred by the Bank (including by or on behalf of their representatives / consultants / appraiser) in relation to the Facilities within 7 (seven) Business Days from the date of notice of demand from the Bank. All such sums shall carry interest from the date of payment till such reimbursement at the rate specified in Clause 6 of the Terms and, together with the aforesaid interest, may be debited to the relevant bank account specified in the Application held by the Borrower with the Bank at the branch / office specified in the Application.
11. Notwithstanding any of the provisions of the Indian Contract Act, 1872 or any other applicable law, or any terms and conditions to the contrary contained herein and/or the other transaction documents, the Bank may, at its absolute discretion, appropriate any payments made by the Borrower in respect of the Facilities / any amounts realised by the Bank by liquidating the Term Deposits, towards the dues payable by the Borrower to the Bank under any other agreements, and in any manner whatsoever.
12. Unless otherwise stipulated in the transaction documents, all monies payable by the Borrower to the Bank shall be paid into the account through which the Borrower was allowed the operation of the Facilities or to such other account(s) as the Bank may notify to the Borrower or by cash, telegraphic, telex or mail transfer or by cheque / bank draft drawn in favour of the Bank on a scheduled bank, as directed by the Bank and shall be so paid as to enable the Bank to realise, at par, the amount on or before the relative due date. Credit for all payments by cheque / bank draft will be given only on realisation or on the relative Due Date, whichever is later.
13. The Borrowers/Depositors agree that the Bank is entitled to hold the Term Deposits as security for the outstanding balances due under the Facility. The Facilities may be, at the sole discretion of the Bank, adjusted out of the maturity value of the Term Deposits. The Term Deposits shall be renewed by the Depositor(s) for such further period(s) as may be deemed necessary / fit by the Bank at such interest rates as may be payable as per the rules of the Bank. The Term Deposit/s shall be continuing security even if the Facility runs into credit, is reduced or extinguished at any time or from time to time. The Depositors shall not close the Term Deposits / withdraw the amounts of the Term Deposits during the subsistence of the Facilities. The Bank shall have a lien on the amounts of the Term Deposits as also any further deposits placed by the Depositors with the Bank irrespective of any other lien or charge, present or future. The Bank shall be entitled to appropriate amounts of all such Term Deposits towards the amounts in respect of the Facilities payable by the Borrower to the Bank and in the event of any shortfall, the Borrower shall pay / repay the same to the Bank without any further act, deed or thing required to be done by the Bank.
13A. (i) The lien created on the Term Deposit shall remain in full force and effect, notwithstanding any arrangement which may be reached between the Bank and the other security providers/ guarantor(s) (if any) and notwithstanding the release of the other security providers/ guarantor(s) or others from liability and notwithstanding that any time hereafter the other security providers/ guarantor(s) may cease for any reason whatsoever to be liable to the Bank.
(ii) The Depositors waive in favour of the Bank, so far as may be necessary, all the suretyship and other rights which they might otherwise be entitled to enforce.
(iii) The Depositors will not be entitled to the benefit of subrogation vis-a-vis securities or otherwise until all the monies due to the Bank under the Facility are fully repaid / paid by the Borrower.
(iv) Notwithstanding anything contained in these Terms, the Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any accounts of the Borrower/s, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/ under the control of the Bank and/or its group companies (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Borrower/s in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any of the Bank's or its group companies' services extended to and/or used by the Borrower/s and/or as a result of any other facilities that may be granted by the Bank and/or its group companies to the Borrower/s. The Bank and/ or its group companies are entitled without any notice to the Borrower/s to settle any indebtedness whatsoever owed by the Borrower/s to the Bank and/or its group companies, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Borrower/s with the Bank and/or its group companies notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness. The Bank's and its group companies' rights hereunder shall not be affected by the Borrower/s' bankruptcy, death or winding-up. It shall be the Borrower/s' sole responsibility and liability to settle all disputes/ objections with any such joint account holders.
(v) In addition to the above mentioned right or any other right which the Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, the Borrower/s authorises the Bank: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank and/or its group companies; (b) to sell any of the Borrower/s' securities or properties held by the Bank 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 the Bank and/or it group companies from the Borrower/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 the Bank and/or its group companies.
14. The Depositors represent that the Term Deposits has/have not been encumbered/assigned or pledged and are free from all encumbrances. The Depositors covenant that the Term Deposits shall not be transferred/ encumbered in any manner whatsoever. The Bank shall not recognize any lien / encumbrance in favour of any other person unless the Bank has accorded its prior written consent for such lien and has also recorded the same in its records.
14 A. The Borrower shall indemnify and keep the Bank indemnified against any and all cost, loss, liability or third party claims (including legal fees and any applicable indirect taxes) incurred by the Bank, arising out of or in connection with the Facility (including any instruments, documents under the Facility) and/or the transaction documents and/or due to any breach by the Borrower of the Sanctions (as defined hereinbelow) or any action taken by the Bank on account of breach of the Sanctions. The Borrower further agrees and acknowledges that transmission of information through facsimile or other electronic mode is not a secure means of sending information and may be subject to defects such as tampering or unauthorized access, fraudulently or mistakenly written, altered or sent and not to be received, in whole or part, by the intended recipient. The Borrower shall indemnify and keep the Bank indemnified against any cost, loss, liability or claims incurred by the Bank as a result of acting on instructions or information suffering from any of the aforementioned defects.
15. The Bank has no obligation to pay the amount under the Term Deposits to the Depositors till such time all the amounts in respect of the Facility are paid in full to the Bank by the Borrower to the satisfaction of the Bank.
16. The Bank has the authority to (without affecting the Bank's general and legal rights of set off), at its sole discretion:
(a) credit the periodical interest payable on the Term Deposits by the Bank to the relevant account referred to in the Application;
(b) appropriate the Term Deposits towards repayment / payment of all amounts in respect of the Facilities;
(c) effect premature payment of the Term Deposits at the rate of interest payable as per the rules of the Bank and adjust / set off the proceeds towards dues under the Facilities, upon occurrence of any Event of Default. The Borrower understands and agrees that even in the event of premature withdrawal of Term Deposit for any reason whatsoever, including repayment of the Facility, the original contracted interest rate applicable for the Facility will be charged;
(d) to discharge the deposit receipt/s / deposit receipt advices ("DRAs") / deposit confirmation advices ("DCAs)", if any, on behalf of the Borrower / Depositor and to treat the deposit receipt/s / DRAs / DCAs, if any, as discharged and delivered by the Borrower/Depositor to the Bank;
(e) renew the Term Deposits for such period and on such terms as may be decided by the Bank and to treat the renewed deposit receipt/s/ DRAs / DCAs, if any, as discharged and delivered by the Borrower/Depositor to the Bank; and
(f) wherever required convert the monies into Indian Rupees or other currencies based on the exchange rate offered by the Bank on the day of such conversion.
The confirmations and authority stated above shall be operative for the balance due from time to time by the Borrower to the Bank under the Facilities irrespective of the Facilities being brought to credit at any time or from time to time or of its being drawn upon to the full extent and afterwards brought to credit, and shall continue unaffected until the Facilities is / are terminated and all monies due thereunder are repaid in full to the satisfaction of the Bank.
17. Except to the extent disclosed to the Bank no director or a relative/near relation (as specified by RBI) of a director of a banking company (including ICICI Bank Limited), including directors of Scheduled Co-operative Bank, directors of subsidiaries/trustees of mutual funds/venture capital funds set up by the financing bank or other banks (including ICICI Bank Limited) or a relative/near relation (as specified by RBI) of a senior officer of ICICI Bank Limited (as specified by RBI) is: a partner of the Borrower's concern, or a trustee, member, director, manager, employee of the Borrower's concern, or of the Borrower's subsidiary or holding company, or a guarantor on the Borrower's behalf, or holds substantial interest in the Borrower's concern or the Borrower's subsidiary or holding company.
18. The occurrence of any one or more of the following events shall constitute an event of default (“Event of Default”):
(i) Default has occurred in the payment of any monies in respect of the Facilities on the due dates (whether at stated maturity, by acceleration or otherwise) for payment thereof or otherwise and/or in the performance of any covenant, condition or agreement on the part of the Borrower and/or any other relevant person under the Application, the Terms and the transaction documents;
(ii) The Borrower and/or any other relevant person have, or there is a reasonable apprehension that the Borrower and/or any other relevant person have, voluntarily or involuntarily become the subject of proceedings under any bankruptcy or insolvency law, or are voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or if the Borrower and/or any other relevant person have taken or suffered to be taken any action for its / their reorganisation, liquidation or dissolution or insolvency or bankruptcy or if a receiver or liquidator has been appointed or allowed to be appointed of all or any part of the Term Deposits and/or any other assets of the Borrower and/or the Depositors and/or any other relevant person, or if an attachment or distraint has been or is likely to be levied on the Term Deposits and/or any other assets of the Borrower and/or the Depositors and/or any other relevant person, or certificate proceedings have been taken or commenced for recovery of any dues from the Borrower and/or the Depositors and/or any other relevant person, or if one or more judgements or decrees have been rendered or entered against the Borrower and/or the Depositors and/or any other relevant person.
(a) It is or becomes unlawful for the Borrower and/or any other relevant person (including the Bank) to perform any of their respective obligations under the transaction documents;
(b) The Borrower and/or any other relevant person (excluding the Bank) fail or is / are unable to perform any of their respective obligations under any other agreement / document.
On the happening of any Event of Default, the Bank shall, without prejudice to all its rights and remedies available under the transaction documents and/or applicable laws, be entitled to, without any notice to the Borrower / the Depositors, set off / appropriate / adjust the Term Deposits and/or call upon the Borrower to make payment of all monies in respect of the Facilities and/or terminate the Facilities or suspend /cancel the Facilities or reduce the availability of the amounts of the Facilities and / or adjust such monies against the limits and all such adjustments shall be treated as drawals by the Borrower.
All expenses incurred by the Bank, whether before or after an Event of Default, has occurred including in connection with : (a) preservation and / or protection of, or enforcement action against the Borrower or other relevant person, and (b) collection of amounts under the Facilities, shall be payable by the Borrower.
19. The entries made in the accounts/account books/records of the Bank maintained in accordance with its usual practice and in compliance with the statutory requirements and/or a statement signed by the Bank, shall be final and binding on the Borrower. Such entries and/or statement shall be prima-facie and conclusive evidence of the existence and amount of the Borrower's obligations as therein recorded in respect of the Facilities.
20. (a) (i) The Bank shall, as it may deem appropriate and necessary, be entitled to disclose all or any:
(a) information and data relating to the Borrower and/or relevant person; (b) information or data relating to the Facilities or any other credit facility(ies) availed / to be availed by the Borrower and/or relevant person from the Bank; (c) obligations assumed / to be assumed by the Borrower in relation to the Facilities; (d) information or data relating to the financial information (as defined under The Insolvency & Bankruptcy Code 2016) of Borrower to information utilities; (e) default, if any, committed by the Borrower in discharge of the aforesaid obligations, to any agency/credit bureau (the "Agency") authorised in this behalf by RBI/IFSCA/any other authority;
(ii) The Agency so authorised may use, process the aforesaid information and data disclosed by the Bank in the manner as deemed fit by them;
(iii) The Agency so authorised may furnish for consideration, the processed information and data or products thereof prepared by them, to banks / financial institutions and other credit grantors or registered users, as may be specified by RBI/IFSCA/any other authority in this behalf;
(iv) The information and data furnished by the Borrower to the Bank from time to time shall be true and correct.
(b) In case the Borrower commits a default in payment or repayment of any amounts in respect of the Facilities, the Bank and/or RBI will have an unqualified right to disclose or publish the details of the default and the Borrower's name, including photographs, as the case may be, as defaulters, in such manner and through such medium as the Bank or RBI in their absolute discretion may think fit.
(c)(i) The Borrower shall not assign or transfer all or any of its rights, benefits and obligations under transaction documents. The Bank may assign its rights and obligations under the transaction documents to any party or its affiliates without the prior permission of the Borrower/Depositor. Notwithstanding any such assignment or transfer, the Borrower shall, unless otherwise notified by the Bank, continue to make all payments under the Facilities to the Bank and all such payments when made to the Bank shall constitute a full discharge to the Borrower from all its liabilities in respect of such payments; (ii) Without prejudice to the aforesaid provision, the Bank may (at its sole discretion), without notice to the Borrower and/or any other relevant person, share the credit risk of the whole or a part of the Facilities with any other person by way of participation. Notwithstanding such participation, all rights, title, interests, special status and other benefits and privileges enjoyed or conferred upon or held by the Bank under the transaction documents shall remain valid, effective and enforceable by the Bank on the same terms and conditions and the Borrower and/or all relevant persons shall continue to discharge in full all its / their obligations under the transaction documents to the Bank. The Borrower shall not have and shall not claim any privity of contract with such person on account of any reason whatsoever.
(d) Subject to Clause 20(c) hereof, the transaction documents shall be binding upon and enure to the benefit of each party hereto and its respective successors and assigns, heirs, executors, administrators, legal representatives, as the case may be.
(e) The Application is true and accurate in all material respects, is not misleading and does not omit any material fact, the omission of which would make any fact or statement therein misleading and the other representations and warranties in the Application shall be deemed to form part of the representations and warranties herein made.
(f) All acts, conditions and things required to be done, fulfilled or performed, and all authorisations required or essential for the entry and delivery of the transaction documents or for the performance of the Borrower's obligations in terms of and under the transaction documents have been done, fulfilled, obtained, effected and performed and are in full force and effect and no such authorisation has been, or is threatened to be, revoked or cancelled, and the Borrower shall not revoke any rights hereby given to the Bank under the Facility during the subsistence of the Facility.
(g) The Borrower has the power to avail of the Facilities from the Bank and the total borrowings (including the Facilities) are within the prescribed limits, if any.
(h) The transaction documents have been duly and validly executed by the Borrower or on behalf of the Borrower and each transaction document constitutes or when executed in accordance with its terms will constitute, legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms.
(i) The entry into, delivery and performance by the Borrower of, and the transactions contemplated by, the other Transaction Documents do not and will not conflict: (a) with any law; (b) with the constitutional documents, if any, of the Borrower; or (c) with any document which is binding upon the Borrower or on any of its assets.
(j) Except to the extent disclosed to the Bank, no litigation, arbitration, administrative or other proceedings are pending or threatened against the Borrower or its assets, which, if adversely determined, might have a material adverse effect.
(k) Except to the extent disclosed to the Bank: (a) all the Borrower's contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arms' length basis.
(l) Except to the extent disclosed to the Bank, the Borrower has not taken any action and no other steps have been taken or legal proceedings started by or against it in any court of law / other authorities for its insolvency, bankruptcy, winding up, dissolution, administration or reorganisation or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of the Borrower or of any or all if its assets.
(m) The Borrower / the Depositors undertake(s) and authorize(s) the Bank, its group companies to exchange, share or part with all the information, data or documents relating to his/her application to other ICICI Group Companies / Banks / Financial Institutions / Credit Bureaus / Agencies / Statutory Bodies / Tax authorities / Central Information Bureaus / such other persons as the Bank / 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 the Bank / its group companies liable for use of this information.
(n) There are no pending dues / disputes / proceedings relating to income tax dues as on date. The Borrower has complied in all respects with all taxation laws in all jurisdictions in which it is subject to taxation, and has filed all tax returns and paid all taxes and statutory dues, due and payable by it, and to the extent any tax is not due or is disputed, the Borrower has established adequate reserves for the payment of those taxes and statutory dues.
(o) The Borrower shall comply with such other conditions as may be stipulated by the Bank from time to time on account of requirement of any applicable law.
(p) All the licenses, permits and authorizations required for carrying on its business, operations or projects, have been obtained, are in full force and effect, and the Borrower is in compliance in all respects with all laws.
(q) Neither the Borrower nor any other person benefiting in any capacity, either directly or indirectly, in connection with or from the Application, Terms, transaction documents and/or any instruments and/or payments thereunder is a Specially Designated National (“SDN”) and/or otherwise sanctioned, under the sanctions promulgated by the United States (including its Office of Foreign Assets Control's (“OFAC”)), India, United Nations, European Union, the jurisdiction of the Facility office and/or any other country (collectively, the "Sanctions"). The Borrower shall ensure that its transactions do not violate any Sanctions, nor any sanctioned persons or entities are involved in its transactions. The Borrower agrees that it shall not avail the Facility or use the proceeds of the Facility in any transaction with, or for the purpose of financing the activities of, any person currently subject to any Sanctions as aforesaid.
(r) The Sanctions may become applicable with respect to the Facility and/or transactions thereunder, including documentary credits, guarantees issued, disbursements, payments, purpose and/or end use of the Facility, origin or shipment of goods manufactured through certain countries, ports, vessels, liners, certain persons and entities (including correspondent banks and the Facility office). Consequently, disbursement, issuance, payment and/or processing under the Facility by the Bank may become subjected to the Sanctions and the Bank shall have the unconditional right to refuse to process any transactions that violate/may violate any Sanctions.
(s) The execution or entering into by the Borrower of the Application read with the Terms and other transaction documents constitute, and exercise of its rights and performance of its obligations under the transaction documents will constitute, private and commercial acts done and performed for private and commercial purposes.
(t) The Borrower is not and will not be entitled to, and will not claim immunity for itself or any of its assets from, suit, execution, attachment or other legal process in any proceedings in relation to the Application, Terms, and/or the Transaction Documents.
21. The Borrower covenants and undertakes to promptly authenticate and verify the financial information submitted by Bank, as and when requested by information utilities.The Borrower further gives consent to Bank, to recover/set off any fees required to be paid by the Bank to the information utilities, for availing their services in relation to the Facility, from the disbursements made to the Borrower by Bank, from time to time.
22. Facility is not permitted against non-callable Term Deposit.
23. The transaction documents shall be governed by the laws of India. Any legal action or proceedings arising out of the transaction documents shall be brought in the courts or tribunals at Gujarat, or before any other courts in India that may have jurisdiction over GIFT city, Gandhinagar, and the Borrower and the relevant person irrevocably submit themselves to the jurisdiction of such courts and tribunals. The Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the transaction documents in any other court, tribunal or other appropriate forum, and the Borrower and the relevant person shall be deemed to have accorded their consent to that jurisdiction. Any provision of the transaction documents which 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 transaction documents or affect such provision in any other jurisdiction.
24. The Bank has the absolute discretion to amend or supplement any of the terms and conditions at any time and will endeavour to give prior notice of fifteen days by email or put up on the website as the case may be for such changes wherever feasible and the Bank shall also be at liberty to absolutely dispense with or release all or any of the security / securities furnished or required to be furnished to secure the Facility. The Borrower agrees that the Borrowers’ liability and obligations, shall in no manner be affected by any such amendments or release of security, and that no further consent from the Borrower is required for giving effect to any such variation, alteration, modification, waiver, dispensation with, or release of security.
25. The Borrower has read and understood the concepts and illustrations in relation to due dates, classification of borrowal accounts as SMA (special mention account), NPA (non-performing asset) as detailed in Schedule-I. The Borrower also understands that the clarifications/examples mentioned in Schedule-I are only illustrative in nature covering common scenarios and the norms and clarifications provided by RBI from time to time will prevail.
26. The Bank may give notice under these terms and conditions electronically to the mailbox of the Borrower (which will be regarded as being in the writing) or in writing by delivering them by hand or by sending them by post to the last address given by the Borrower. In addition, the Bank may also publish notice of general nature, which are applicable to all borrowers of similar credit facilities on its website. Such notice will be deemed to have been served individually to the Borrower and all relevant persons. In case the Borrower wants to give notice to the Bank then it should be given in writing and send the notice by post to its operations office at ICICI Bank Ltd., IFSC Banking Unit, Unit No 408, 4th Floor, Brigade International Financial Centre GIFT Multi Service SEZ, Gandhinagar, Gujarat - 382 355.
ICICI Bank Limited :
Registered Office :-
ICICI Bank Tower, Near Chakli Circle, Old
Padra Road, Vadodara, 390 007
Corporate
Office :-
ICICI Bank Towers
Bandra Kurla Complex
Bandra
Mumbai 400 051
Branch office:
SCHEDULE – I
CLASSIFICATION AS SPECIAL MENTION ACCOUNT (SMA) AND NON-PERFORMING ASSET (NPA)
Lending institution (ICICI Bank) will recognize the incipient stress in loan accounts, immediately on default, by classifying them as Special Mention Accounts (SMA). The basis of classification of SMA / NPA Category shall be as follows:
| Loans in the nature of Term Loans |
Loans in the nature of cash credit/ overdraft | ||
|---|---|---|---|
| SMA Sub-categories | Basis for classification – Principal or interest payment or any other amount wholly or partly overdue | SMA Sub-categories | Basis for classification – Outstanding balance remains continuously in excess of the sanctioned limit or drawing power, whichever is lower for the period of |
| SMA-0 | Upto 30 days | ||
| SMA-1 | More than 30 days and upto 60 days | SMA-1 | More than 30 days and upto 60 days |
| SMA-2 | More than 60 days and upto 90 days | SMA-2 | More than 60 days and upto 90 days |
Non-performing Asset:
Non-Performing Asset (NPA) is a loan or an advance where:
the account remains 'out of order' as indicated below, in respect of an Overdraft/Cash Credit (OD/CC),
'Out of Order' Status:
An account shall be treated as 'out of order' if:
the outstanding balance in the CC/OD account remains continuously in excess of the sanctioned limit/drawing power for 90 days,
the outstanding balance in the CC/OD account is less than the sanctioned limit/drawing power but there are no credits continuously for 90 days, or the outstanding balance in the CC/OD account is less than the sanctioned limit/drawing power but credits are not enough to cover the interest debited during the previous 90 days period.
Illustrative movement of an account to SMA category to NPA category based on delay in non-payment of dues and subsequent upgradation to standard category at day end process:
| Due date of payment | Payment date | Payment covers | Age of oldest dues, in days | SMA/NPA categorisation | SMA since date/SMA class date | NPA categorisation | NPA date |
|---|---|---|---|---|---|---|---|
01.01.2022 |
01.01.2022 |
Entire dues up to |
0 |
Nil |
NA |
NA |
NA |
01.02.2022 |
01.02.2022 |
Partly paid dues of |
1 |
SMA 0 |
01.02.2022 |
NA |
NA |
01.02.2022 |
01.02.2022 |
Partly paid dues of |
2 |
SMA 0 |
01.02.2022 |
NA |
NA |
01.03.2022 |
|
Dues of 01.02.2022 not |
29 |
SMA 0 |
01.02.2022 |
NA |
NA |
|
|
Dues of 01.02.2022 |
1 |
SMA 0 |
01.03.2022 |
NA |
NA |
|
|
No payment of full |
31 |
SMA 1 |
01.02.2022/ 01.03.2022 |
NA |
NA |
|
|
Dues of 01.02.2022 |
1 |
SMA 0 |
01.03.2022 |
NA |
NA |
01.04.2022 |
|
No payment of dues of |
60 |
SMA 1 |
01.02.2022/ 01.03.2022 |
NA |
NA |
|
|
No payment of dues of |
61 |
SMA 2 |
01.02.2022/ 01.04.2022 |
NA |
NA |
01.05.2022 |
|
No payment of dues of |
90 |
SMA 2 |
01.02.2022/ 01.04.2022 |
NA |
NA |
|
|
No payment of dues of |
91 |
NPA |
NA |
NPA |
02.05.2022 |
01.06.2022 |
01.06.2022 |
Fully Paid dues of |
93 |
NPA |
NA |
NPA |
02.05.2022 |
01.07.2022 |
01.07.2022 |
Paid entire dues of |
62 |
NPA |
NA |
NPA |
02.05.2022 |
01.08.2022 |
01.08.2022 |
Paid entire dues of |
32 |
NPA |
NA |
NPA |
02.05.2022 |
01.09.2022 |
01.09.2022 |
Paid entire dues of |
1 |
NPA |
NA |
NPA |
02.05.2022 |
01.10.2022 |
01.10.2022 |
Paid entire dues of |
0 |
Standard account with no Overdue |
NA |
NPA |
STD from 01.10.2022 |
Please note that the above examples are illustrative and not exhaustive in nature covering common scenarios.
Retail Banking -Schedule of Charges
| Schedule of Charges | |
|---|---|
| Early account closure | NIL |
| Bank Statement ( print ) | NIL |
| For balance confirmation / banker’s letter (like relationship certificate) | NIL |
| For outward remittance; | 10 currency units |
| For standing instruction, set-up and modification | NIL |
| Non-Maintenance of minimum balance (only for Saving account) | NIL |
| SWIFT Amendment | NIL |
| SWIFT Amendment | NIL |
