Terms and Conditions for NRE, NRO, FCNR and RFC Accounts & Deposits
These terms and conditions apply to and regulate the establishment and operation of the NRE Savings bank account, NRO savings bank account,
NRE fixed deposit, NRO fixed deposit, FCNR deposits, NRI PRO Program and NRI PREMIA Program offered by ICICI Bank to its Customers (“Terms”). These Terms shall be in addition to any other terms as stipulated by ICICI Bank from time to time.
SECTION CONTENT
I. General Terms and Conditions for NRE, NRO, FCNR and RFC Accounts;
II. Terms and Conditions Governing Fixed Deposits;
II A. Terms and Conditions for Fixed Deposit through Registered E-mail ID;
III. Terms and Conditions for NRI Variants;
IV. Terms and Conditions for Recurring Deposits;
V. Terms and Conditions for Rupee Plus Plan;
VI. Terms and conditions for the issue and use of ICICI Bank ATM Cards;
- Terms and Conditions for Debit Cards;
- Terms and Conditions for Internet Website Usage through IDC;
VII. Terms and Conditions governing Internet Banking service of ICICI Bank;
VIII. Additional Terms;
IX. Terms and Conditions for Complimentary airport lounge access
X. Terms and conditions for Phone Banking
XI. Terms and conditions for Quantum Optima Fixed Deposits on NRI account for Defence Personnel
These Terms shall be read in conjunction with the relevant application(s) or Account Opening Form(s) of the Bank, the terms of which are incorporated herein by reference. If the Bank, in its sole discretion, agrees to grant the request in accordance with the relevant Application(s) or Account Opening Form(s), the Bank shall book the relevant transaction/ Account and send a Deposit Confirmation Advice or Deal Confirmation Advice, as the case may be, to the Customer.
In the event of inconsistency between these Terms, the terms and conditions in the relevant Application(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
- the terms and conditions in the Deposit Confirmation Advice or Deal Confirmation Advice, as the case may be, 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 NRE, NRO, FCNR and RFC Accounts
1. Definitions
In these Terms, the following words and phrases have the meaning stated hereunder unless indicated otherwise:
1.1 “Program”: means a relationship banking solution offered to the Customer, where the Customer needs to maintain threshold relationship across defined banking solutions and the Customer enjoys the benefits under the program.
1.2 "Account" means any account of the Customer with the Bank including without limitation any Non Resident (Ordinary) (“NRO”) savings Account, Non Resident (External) (“NRE”) savings Account, NRE fixed deposit Account, NRO fixed deposit Account, Foreign Currency Non Resident (“FCNR”) deposits, RFC Accounts and such other NRO/ NRE/ RFC or FCNR accounts or their NRI variants like NRI Pro, NRI Premia and NRI Low Balance Account or such other variants as may be notified by ICICI Bank from time to time (“NRI Variants”) which may be made available by the Bank to the Customer from time to time.
1.3 “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;
1.4 "Customer" refers to any person/ applicant who is a non-resident Indian (“NRI”) and/ or Person of Indian origin (“PIO”) 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.
1.5 "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 the 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 the Bank, which shall be final and binding on the Customer;
1.6 “Group Companies” means ICICI Bank Limited, India, incorporated under the laws of India and all its subsidiaries companies.
1.7 “Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
1.8 “Month“ shall mean a calendar month i.e. January, February, March, April, May, June, July, August, September, October, November, December in any calendar year.
1.9 "Services" shall mean the services provided by ICICI Bank in connection with an Account and more particularly described in these Terms.
1.10 "Website" refers to the website owned, established and maintained by ICICI Bank at the www.icicibank.com.
1.11 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.
e. Words “ICICI Bank” or “Bank”, refer to ICICI Bank Limited, having its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, T +91-265-6722286.
2. Applicability of Terms
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.
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
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 a Permanent Account No. (“PAN”) or Form 60/61 or similar verification documents from time to time; to the satisfaction of the Bank.
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. The Account cannot be opened for business purposes. 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 non-receipt 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 for a period of 6 months only from the date of initial receipt.
After the expiry of 6 months, 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 required by ICICI Bank for processing.
In case the Account is opened with an account opening cheque from another bank, ICICI Bank reserves the right not to open/activate the Account until clear funds are received by ICICI Bank or in the event such account opening cheque is dishonored.
The Customers authorise ICICI Bank to download and verify their Know Your Customer (KYC) information (such as PAN, VISA etc.) available with the relevant government authorities.
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 Indian and Indian address in case of Foreign nationals), 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.
If the customer who holds an account with the Bank is a seafarer then he/she agrees to inform the Bank, in case of contract not renewed or choose to go on a new contract or unable to proceed on a new contract or in any such event where the status as Non-Resident Indian is altered. In such stated event of change of status, the Non Resident accounts opened by the customer with the Bank will be re-designated to Resident/ RFC accounts (as applicable).
4. Operating Accounts
4.1 An Account may be opened in the names 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 the Power of Attorney/ 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 Power of Attorney/ Mandate holder(s) as accepted by ICICI Bank in its discretion.
4.3 If an NRO Account is being operated through a resident Power of Attorney/Mandate Holder, the operations of such resident Power of Attorney/Mandate Holder shall be restricted to:
a. All local payments in Indian Rupees (“INR”) including payment for eligible investments, subject to compliance with relevant regulations of Reserve Bank of India (“RBI”); and
b. Remittance(s) outside India of the Customer’s current income in India, net of applicable taxes. The remittance will be made subject to applicable RBI regulations and approvals
The resident Power of Attorney/Mandate Holder is not permitted to:
a. Repatriate outside India funds held in an account other than to the offshore account of the Customer;
b. Make a payment by the way of gift to a resident on behalf of the Customer; or
c. Transfer funds from an NRO savings account to another savings/non interest bearing (current) account.
All Customers and/ or their Power of Attorney/ Mandate holder(s) will be responsible for compliance with the above norms (as made applicable from time to time).
4.3.1. All outward remittances will be initiated only from my Account/s (my legitimate receivables) in India and not by borrowing from any other person or through transfer from any other NRO Account or from cash deposits or any credits/ funds which are not considered permissible current income/ capital receipts.
4.3.2. Any outward remittance if initiated in more than one instalment, should be made through the same AD Bank.
4.3.3. The maximum amount of remittances allowed will not exceed the limit of USD 1,000,000 per financial year, cumulatively from all the NRO Accounts held by the customer
4.4 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.
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 branches, ATM, phone banking, internet banking, mobile banking 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.
4.4.1 The Customers agree/s that in case of a joint account having mode of operation as former or survivor as the Account holders, only primary applicant will have the rights to operate the account as long as he/she is alive. The joint applicant (s) cannot operate the account . Also, only the Primary applicant may create a term deposit by placing a request through branches, ATM, phone banking, internet banking, mobile banking or registered e-mail ID, and such channels as 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 ‘former 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.
The resident joint applicant added in accounts as Power of Attorney/Mandate Holder is not permitted to:
- Repatriate outside India funds held in an account other than to the offshore account of the Customer;
- Make a payment by the way of gift to a resident on behalf of the Customer; or
- Transfer funds from an NRO savings account to another savings/non interest bearing (current) account.
All Customers and/ or their Power of Attorney/ Mandate holder(s) will be responsible for compliance with the above norms (as made applicable from time to time).
4.5 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, cheque books, Debit cards, various PIN mailers, internet banking user ID and/ or passwords 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 or within thirty (30) days of such change to ICICI Bank. 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.
4.6 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 passbook/statement and to point out any such not-errors and/or omissions within fourteen (14) days from the date of issuance of the statement/ updation of passbook.
4.7 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.
4.8 The Customers are expected to provide PAN No. 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. As per CBDT guidelines, mandatory quoting of PAN/Aadhaar number for opening of current/cash credit account and for transaction (cash deposit or cash withdrawal) exceeding Rs. 20 lakhs during the relevant previous year. Further, in absence of PAN/Aadhaar number, form 60 cannot be accepted for the aforesaid transactions.
Note: In the event of any change in KYC details (i.e., address, contact details, profile etc.), I/we shall inform and submit updated documents to the Bank within 30 days from the date the change was made. Any modification can be communicated to ICICI Bank through the Bank's available channels.
5. Cheque Book
5.1 Cheque books will be couriered directly to the registered mailing or communication address given by the Customer provided all Account opening formalities are duly completed. Subsequent cheque books can be requisitioned through the requisition leaf(s) available in the cheque book or through ATMs or internet banking or such other acceptable modes of communication as may be made available by ICICI Bank from time to time, subject to satisfactory conduct of the Account. Cheque books are normally issued free of cost, however, ICICI Bank reserves the right to recover the cost of cheque book(s) requisitioned by the Customer. Delivery costs like courier charges, etc. would however be recovered from the Customers.
5.2 Alterations, if any, on cheques are required to be authenticated by the drawer's signature against each such alteration. ICICI Bank reserves the right to refuse payment against cheques that have been altered in any way unless the alteration is authenticated by the drawer under full signature as per specimen on record with ICICI Bank. Cheques should be drawn in such a way as to prevent alteration after issue and the drawer's signature should be uniform with that on record.
5.3 ICICI Bank will record and accept instructions from the drawer for stopping payment requests against cheques that are lost, stolen, or not required to be paid against, only if such instructions are received from the drawer by the Bank, prior to presentment of such cheques at the Bank or in the case of e-cheques, only if the stop payment requests are logged prior to payment of moneys against the same, and ICICI Bank shall not be responsible in any manner whatsoever for any losses caused, or payments made, if the cheques are presented for payment to ICICI Bank prior to receipt of instructions, if any, from the drawer of the cheque/s or in the case of e-cheques, if the stop payment requests are logged after payment against such cheques has been initiated by ICICI Bank. ICICI Bank may levy service charge(s) for such countermanding instructions.
5.4 ICICI Bank may dishonour and/or return cheques unpaid which are altered, if considered by the Bank to be ambiguous or suspicious in any way, or if received for payment more than three (3) months after the date on which the cheque is drawn.
5.5 Customer should issue cheques against the credit in the Account only after making prior arrangement of funds in the Account to avoid any returns/dishonour. If a cheque issued by a Customer is required to be returned for insufficient balance in the Account or for being in excess of arrangements, a premium/service charge may be levied by ICICI Bank. If any cheque deposited by the Customer is returned unpaid, service charge(s) may be recovered from the Customer. In case of large number of returns/dishonours in the Account, the Bank reserves the right to take corrective action for the specific Accounts as deemed fit.
5.6 With effect from October 1, 2009, ICICI Bank has discontinued the service of lock-box collection of foreign-currency cheques using cheque-transfer slips provided with the NRE savings account. No request will be processed through these slips.
6. Safe Keep of Debit Card, Passwords and Cheque Book
The Customer shall be solely responsible for the safe-keeping and the confidentiality of the Passbook statements of account, Balance Confirmation Certificate or Deposit Confirmation Advice or Deal Confirmation Advice, cheque books, Debit card and its PIN, user/ login ID and passwords relating to internet banking and such other items relevant or pertaining to the Account. Customers should exercise caution in the safekeeping of cheque books, and should report the loss of signed cheques, blank cheques or cheque books as soon as possible. Cheques should never be pre-signed in blank; it is safer if cheques are always crossed and not made out to "Bearer". Customers are advised to keep the cheque books/statement of accounts in a place of safety to minimize the risk of loss, misuse or contributing to negligence.
7. Conduct of Account
7.1 A Customer may request for transfer of his/her Account from one branch to another branch of ICICI Bank by giving a written request along with, surrender of the ATM/Debit card, unused cheque books. ICICI Bank will close the Account and arrange to open a new Account at the other branch and will issue new cheque book, new ATM/debit card, etc.
7.2 Transactions are entertained normally during banking hours at the branch where the Account is maintained or at any other ICICI Bank Branches under Any Where Banking (AWB). ICICI Bank shall not be liable for any delay on any account of failure of connectivity. AWB will not be available on the day(s) when the branch where the account holder has his/her Relationship, is closed.
7.3 Standing instructions are accepted free of charge for transferring funds from Account(s) to any fixed deposit or recurring deposit accounts. Other standing instructions are subject to applicable service charges.
7.4 ICICI Bank in its sole discretion may restrict the number of withdrawals in/ from the Account(s).
8. Dormant Account
8.1 ICICI Bank may classify an Account as inactive, if there are no Customer-induced transactions for a period of 12 months in the Account; 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: Transactions through cheque;
Cash or cheque deposit; Withdrawal or deposit through ATM; Transaction through internet; and Transaction by standing instruction, ECS and EFT.
8.2 IICICI 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.
9. Collection Facility
9.1 Cheques, drafts, bills, dividend / interest warrants and other instruments issued in favor of the Customer are accepted for collection on Customer's behalf. The collection of outstation instruments entails collection charges. ICICI Bank does not accept any responsibility for loss, delay, mutilation or interception of the instruments in postal or courier transit. ICICI Bank does not accept or share any responsibility for delay in realisation of such instruments or for the genuineness, validity or correctness of the signatures or endorsements thereon. The drawals against such instruments are permissible only on realisation or proceeds by ICICI Bank. Any provisional credit allowed at the discretion of ICICI Bank for an instrument under collection is recoverable with interest if the Instrument is returned unpaid. ICICI Bank has right to disallow any drawings against such provisional credit (shadow balance).
9.2 ICICI Bank has the authority to debit the accounts to recover any amount credited erroneously.
9.3 Local cheques, etc., may be tendered for collection sufficiently early in the day as required vis-a-vis the local clearing house timings. Drawals against clearing cheques will be normally permitted only against cleared balances as per applicable clearing house rules.
9.4 In cases where a cheque is returned, the amount in respect of which had already been credited to the Customer's Account and/or in respect of which withdrawal was permitted, ICICI Bank will reverse the credit of such amount and debit the amount equal to the amount of the returned cheque. In such cases, if the Account does not have sufficient funds, the outstanding amount shall be deemed to be a temporary overdraft granted to the Customer and the Customer is bound to repay the amount immediately on demand by the Bank. In debiting the amount as aforesaid, ICICI Bank would debit the amount credited or the INR amount equivalent to the relevant foreign currency denominated cheque whichever is higher. The service charges, premium and other charges as applicable will also be levied by ICICI Bank in such instances.
10. Charges/Fees
Charges in connection with the operation and maintenance of the Account(s) and the Services would be levied at the rates as prescribed 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. Charges so collected are rounded off to the nearest INR equivalent, ignoring fractions of a rupee.
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 set-off, 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.
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.
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 provided by the Customer and required to collect all such amounts, from ICICI Bank; in case the Customer does not collect the amounts within the time period stipulated by the Bank in the communication sent to him / her as above, then ICICI Bank shall send the amounts at the last known address of the Customer and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Customer or any losses or damages incurred by the Customer as a consequence thereof.
11. Holiday / Processing
i) 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. ICICI Bank shall not be responsible for any loss of interest or liability incurred/suffered by the Customer including but not limited to return of cheques, loss of interest arising due to such transaction being not shown on the day on which the same actually occurred. The Cheques, / drafts, / pay orders or like deposited on any day which is a Sunday or public holiday or after the time of clearing for that day is normally effected by ICICI Bank and sent for clearing on the next business day.
ii) ICICI Bank’s policy on payment of interest on NRE / FCNR term deposits maturing on Saturday/Sunday/Public Holiday: For all NRE / FCNR 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. If the Customer approaches the Bank after the next working day or anytime thereafter, interest will be paid at the savings bank rate till the date of claim. Overdue deposit is not applicable to FCNR Deposits.
12. Statement of Account
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. Where a passbook is issued against the Account(s), the Customer shall be solely liable for updating the passbook and under no circumstances will the customer be issued a Statement of Account on such Account(s). Unless disputed by the Customer within fourteen (14) days of mailing of the Statement of Account or the date of transaction on the Account (in case of Account(s) with passbook facility), the same shall be deemed to be accepted by the Customer. 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.
All the Statement of Account(s) will be mailed to Customer's mailing or communication address as per ICICI Bank's records. The passbooks, may be issued at Branches in India only. ICICI Bank shall not be responsible for Statement of Account lost in mail/post or for the loss of Passbook. 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. In case of loss of passbook, the Customer shall be liable to contact ICICI Bank for a duplicate copy of the passbook and collect it from the branch in India. Such passbook may be issued to the Customer after recovering appropriate charges including GST. 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.
13. Payment of Interest
Click here for current interest rates.
W.e.f. June 12,2025 , interest for all rupee savings accounts will be calculated on the daily closing balances maintained in the account. Interest will be paid at 2.75 % per annum. Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee. Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee.
There will be no interest paid for NRE and NRO non interest bearing Accounts.
14. 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 accountholders 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.
15. Nomination
Nomination facility is available for the Account(s) operated in the names of individuals. 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 RBI. 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.
16. 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.
17. 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 of deliverables like I-kit, cheque book, debit card, internet banking user ID/ password, etc. to the incorrect address.
18. 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.
19. Communication and Notices
The chosen mode of communication between the Customer and the Bank may be as under:
19.1 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.
19.2 The Customers agree to comply with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and the updated Master Direction on Know Your Customer (KYC) issued by the Reserve Bank of India. This requires them to intimate ICICI Bank regarding any update in their KYC information, submitted at the time of Account opening, within a period of 30 days from the date of such update. The Customers are also required to share the relevant updated information/documents with ICICI Bank within the timeline mentioned above, through the available channels of the Bank.
19.3 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.
19.4 In certain circumstances, the Bank may be permitted by the law to allow another person to operate the Customers 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.
19.5 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' 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.
ICICI Bank Limited
ICICI Bank Phone Banking Centre
ICICI Bank Towers, Seventh (7th ) Floor,
Survey No. 115/27
Plot No. 12, Nanakramguda, Serilingampally
Hyderabad 500 032,
India
Note: In the event of any change in KYC details (i.e., address, contact details, profile etc.), I/we shall inform and submit updated documents to the Bank within 30 days from the date the change was made. Any modification can be communicated to ICICI Bank through the Bank's available channels.
20. 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 centers, 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.
21. Electronic Instructions
The Customer agrees that ICICI Bank shall not be liable for executing any instructions ICICI Bank receives through Telephone, Facsimile or 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 unauthorised 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-of-commitment/Customer-Relations-Policy.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.
22. Online Account(s)
22.1 ICICI Bank may, if so requested by the Customer, permit submission of Account Opening Forms(s)/ Application Form(s)/ AOF online through internet banking services provided by ICICI Bank. The customer may login to his/ her secured login page on the Website and apply for an Account(s) online. Any such request for online account opening shall be subject to the Customer providing necessary details in the online Account Opening Form/ AOF/ Application Form along with corresponding identity/ address and verification documents (as required by ICICI Bank from time to time). The Customer may submit the aforementioned Account Opening Form/ AOF/ Application Form and corresponding verification documents along with his/ her signature copy which shall be relied upon by ICICI Bank as due evidence for establishing the relationship and for effecting all authorizations/ instructions from the Customer in relation to such online Account(s). Such Account(s) shall be subject to these Terms and such other disclosures, disclaimers and declarations as the Customer may be required to submit to ICICI Bank online through his/her secured login page on the Website. The Customer hereby agrees to indemnify and keep indemnified ICICI Bank (and the Group Companies) for any electronic or other online instructions/ authorizations received from the Customer in relation to the Account(s). The Customer further understands and acknowledges that there are risks involved in sending the instructions and submitting verification documents to ICICI Bank via telephone, email, facsimile, untested telexes and faxes, telegraph, cable or any other form of electronic communication and hereby agrees and undertakes that all risks associated thereto shall be fully borne by the Customer and he/ she/ they shall assume full responsibility for the same; ICICI Bank shall not be liable for any losses or damages arising upon ICICI Bank acting/ relying, or ICICI Bank’s failure to act/ rely, wholly or in part in accordance with such instructions and/ or verification documents. Such indemnity from the Customer shall be in addition to and not in derogation of Clause 23 (Indemnity) hereunder.
22.2 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 centers, 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.
23. Indemnity
a) 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.
b) 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.
c) 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.
d) The Customer shall indemnify ICICI Bank as collecting banker for any loss or damage which ICICI Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ICICI Bank shall be deemed to have been given in every case at the Customer's express request.
e) 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.
f) If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest (both after as well as before any judgment) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
g) 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.
h) 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 the instructions of or placing reliance on the information given to ICICI Bank by the Customer or any person acting on their behalf;
(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, and the demise of the authorized signatory (ies) for Accounts in the names of a company, partnership firm, trust, association or other entity.
i) The Customer shall indemnify the Bank as collecting banker for any loss or damage the Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by the Bank shall be deemed to have been given in every case at the Customer's express request.
j) In the event that the Bank agrees, at its sole discretion, to collect/purchase/negotiate/ discount cheques (including without limitation any USD cheque or cheques drawn on US banks or other financial institutions in the United States of America) drafts, bills, dividend/interest warrants and other instruments issued in favour of the Customer ("Instruments"), in consideration of the Bank agreeing as aforesaid and/or crediting or agreeing to credit the proceeds thereof to the Customer's Account or any account and/or purchasing, discounting, negotiating or agreeing to purchase discount or negotiate Instruments from the Customer, the Customer shall indemnify the Bank against all moneys, liabilities, losses, costs, damages, demands, proceedings, claims and expenses of whatsoever nature (whether actual or contingent) including legal costs on a full indemnity basis paid incurred or suffered by the Bank under or arising from or in connection with the instruments or the enforcement of the rights herein, whether or not the same results from the commission of any breach of contract or duty on the Customer's part or the part of any party to the Instruments and whether or not the Bank shall have any legal right to claim or have availed itself of the Bank's legal remedies against the Customer or any party to the Instruments and notwithstanding that the Bank may have received the proceeds of the relevant Instrument whether on collection or otherwise or paid the proceeds thereof to the Customer or that the Customer has altered the Customer's position after receipt of the proceeds thereof. The Applicable fees and charges for the purchase or collection of foreign currency cheques and other Instruments drawn on overseas accounts shall be as per the Bank’s prevailing standard procedures or as notified by the Bank from time to time.
The indemnities as aforesaid shall continue not with standing the termination of the Account.
24. 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.
25. Bankers lien and Setoff
a. 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.
b. 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 authorises 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 to the Customer.
c. 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.
d. ICICI Bank shall not be under any obligation to exercise any of its rights under this paragraph.
e. 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.
f. ICICI Bank shall be entitled to withhold payments out of the Customer's Account or dishonour the Customer's cheque/ instructions in case any amounts outstanding from the Customer to ICICI Bank are not paid when due.
26. GOVERNING LAW AND DISPUTE RESOLUTION
The laws of India shall govern these Terms. Any claim or dispute whatsoever (whether in contract, tort or otherwise) arising out of or in connection under these Terms, including any question regarding its construction, meaning, existence, validity, breach, recall, recovery or termination, shall be resolved and settled in terms of Customer Grievance Redressal Policy of ICICI Bank (hosted at www.icicibank.com/managed-assets/docs/personal/general-links/code-of-commitment/customergrievance-redressal-policy.pdf ) within the period stipulated therein. If the Parties are unable to resolve the claim or dispute in terms of Customer Grievance Redressal Policy of ICICI Bank within the period stipulated therein, the claim or dispute may be referred for resolution by means of arbitration in terms of the applicable rules of Sama which shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by Sama through its website/platform www.sama.live or mobile application. The arbitral tribunal shall consist of an independent sole arbitrator appointed in accordance with the applicable arbitration rules of Sama. The seat of arbitration proceedings shall be Mumbai, India. The procedural law of arbitration shall be rules of Sama.
27. Disclosure
27.1 The Customer undertakes and authorizes ICICI Bank, 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/ dispute resolution institutions / platforms (including Sama) 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.
I/We further authorize dispute resolution institutions / platforms (including Sama) to contact me/us in relation to disputes (pertaining to products and services of ICICI Bank) that have been referred to such institutions by me / us or ICICI Bank.
I/ We hereby irrevocably authorise ICICI Bank to extract my/our call records or related information as may have been disclosed by me/ us with/ to any third party service providers in relation to services/ facilities offered to me/us by such third party service providers on account of my/ our existing banking relationship with ICICI Bank.
27.2 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 write cheques, deposit money or apply for credit. This includes information obtained from credit reference agencies.
27.3 The purpose(s) for which Customer data may be used / processed 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) resolving disputes through dispute resolution institutions / platforms (including SAMA) pertaining to products and services availed by Customers from ICICI Bank;
(xiii) any other purposes permitted by law; and
(xiv) purposes relating to any of the above.
27.4 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 and/or the Borrower 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 and the Borrower 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) his 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 the Borrower or for the Customer's or the Borrower'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, dispute resolution institutions / platforms 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 or the Borrower's account(s) 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 the Borrower's or processing transactions pertaining to the Customers' or the Borrower's Accounts or Facilities;
(ix)(to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank's head office, its affiliates or third parties engaged by the Bank (whether within or outside Singapore, whether within or outside the United Kingdom and European Union region) for any such services/operations;
(x) in case of a wire transfer to the beneficiary bank to whom the transfer is being made.
(xi) a drawee bank providing a copy of a paid cheque (which may contain information about the payee) to the drawee;
(xii) a person making payment into the Customer's Account (by providing a copy of a deposit confirmation slip which may contain the name of the Customer); (xiii) credit reference agencies and, in the event of default, debt collection agencies;
(xiv) 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 (xv) any person to whom disclosure may be required by applicable law and regulation.
27.5 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.
27.6 The Customer and/or the Borrower hereby agrees and consents that the Bank shall be entitled, in connection with the Customer's or the Borrower's application for any Account, Facilities or Services provided by the Bank, or during the course of the Customer's or the Borrower's relationship with the Bank, to obtain and procure information pertaining to the Customer or the Borrower or 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 endeavor to provide a prior intimation to the Customer before obtaining and procuring the Customer’s information from third parties.
27.7 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.
28. Closure of the Account
28.1 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, without assigning any reasons therefor and without any liability.
28.2 Upon closure of an Account, the Customer shall either return all unused cheques or instruments (including bank teller machine cards) to the Bank or satisfy the Bank that they have been duly destroyed, and shall be solely responsible for the consequence of any dishonoured cheque or instrument after the date of closure. To the extent that there is a debit balance, the Customer shall remain liable to pay the amount to the Bank together with interest, and service charges in accordance with the Bank’s prevailing standard procedures. To the extent there is a credit balance, the Bank shall not be obliged to pay interest on the Account after the date of closure but may discharge its entire liability with respect to the Account by mailing to the Customer's last known address a draft or cheque in the currency of the Account without recourse to the Bank as drawer, payable to the Customer's order for an amount equal to the then credit balance in the Account less any deduction for services charges levied by the Bank in accordance with the Bank’s prevailing standard procedures.
28.3 Notwithstanding and without prejudice to clause 28.1, 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)
(g) 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;
(h) 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).
28.4 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.
28.5 Without limiting the generality of clause 28.4, 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 fraudulent, forged, fake cheques or bank drafts or any such instruments are presented, attempted to be cleared or cleared through the Account;
(c) 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;
(d) 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;
(e) In case the Bank becomes aware of the death, insanity or incapacity of the Customer or any signatory;
(f) In case the balance in an Account falls below the prescribed minimum as agreed between the Bank and the Customer;
(g) 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;
(h) 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;
(i) In case contradictory instructions in respect of the Account are received by the Bank;
(j) Where an Account has more than one signatory, in the case instructions to suspend the Account are received from one signatory or the Bank becomes aware of a dispute between signatories.
28.6 In furtherance of the above mentioned, the Customer is advised to intimate ICICI Bank immediately upon any change in relation to his/ her residential status (whether from NRI to resident Indian or vice-versa).
29. 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.
30. No Liability for Loss
30.1 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, distraints 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, cloning or similar duplication of the Customer's cards, any debit, credit, charge card or any other card issued by the Bank ("ICICI Card"), material alteration of withdrawal requests, theft or loss of ICICI Card, disclosure of passwords or other reasons of any kind whatsoever through no fault of the Bank;
(i) if the Bank pay on altered cheques and/or forged cheques where the alteration(s) and/or forgery were made possible by use or erasable ink, pens or typewriters or any other equipment with built-in erasure feature or by the use of cheque writers or franking machines where the alteration(s) and/or forgery cannot be easily detected or where the alteration(s) and/or forgery is due to the Customer's negligence;
(j) if the Bank refuses to honour any withdrawal request whether over the Bank's counter, through the use of electronic services or by any other means in circumstances where it is legally entitled to do so;
(k) the exercise by the Bank of any of the Bank's rights under these Terms;
(l) arising out of the Bank honouring 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;
(m) 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; or
(n) 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.
30.2 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.
31. 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, by-laws, 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.
32. 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.
33. 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 utilisation of such Services or Facilities.
34. Complaints
If the Customer is not satisfied with the services provided by the Bank, the Customer should either contact the Bank's in accordance with Clause 19 hereto or email to nri@icicibank.com. Please visit the Bank's branch or Website for further details in this regard.
35. Outsourcing
35.1 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. Such operations shall include but not be limited to cheque clearing, creation, maintenance and archiving of documents and records, card production and mailing, and insertion and mailing of security and user identification codes.
35.2 The Bank will not be responsible for any losses or liabilities which arise as a result of or in connection with any Sanctions, including, without limitation, any act or refusal to act by the Bank as a consequence of any Sanctions, and any action or omission of any correspondent or other intermediary bank and/or any delay in the realisation of cheques deposited. 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.
36. ATM Cards
A Customer may be issued an ICICI Bank ATM Card by the Bank at its discretion, if he/she has satisfactorily conducted his/ her Account and/or any other type of account so designated by the Bank to be eligible account(s) for operations through the use ICICI Bank ATM Card. The Customer shall give his/her preference of such account(s) held by him in writing in the Relationship Opening Form/ Account Opening Form for issue of ICICI Bank ATM Card. A Minor's account or an Account in which a minor is a joint account holder, is not eligible for issuance of ICICI Bank ATM Card.
ICICI Bank’s ATM Card shall be subject to the Terms and Conditions for the issue and use of ICICI Bank ATM Cards, as defined and contained in Section VI hereof.
Notes:
DTAA (Double Taxation Avoidance Agreement)
According to the Finance Bill, 2012 (as amended from time to time), with effect from April 1, 2012, to avail of reduced tax benefits or DTAA on NRO Accounts, it is mandatory for an NRI to provide Tax Residency Certificate (“TRC”).
Section II - Terms and Conditions Governing Fixed Deposits
1. DEFINITION:
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 quarterly and reinvested with principal amount. In case of FCNR fixed deposit’s the interest is compounded half yearly.
1.3 “Deposit Confirmation Advice” shall have the means ascribed to it in Section I hereof.
1.4 "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.
1.5 "Traditional Fixed Deposits" are fixed deposits where interest is paid at regular intervals, i.e., Quarterly or Monthly, as requested by the Customer/s at the time of creating the fixed deposits. In case of FCNR(B) FD accounts, the interest shall be paid on half yearly basis.
The terms and conditions set out in this Section shall, in addition to Terms (as contained in Section I hereof), apply to fixed deposit Accounts ("Fixed Deposits" or “FD/s”) opened and maintained with the Bank by the Customer, as such Fixed Deposits are made available to the Customer by ICICI Bank (“Fixed Deposit Terms”).
2. DATE OF FIXED 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. No fixed deposit receipt will be issued in anticipation of realisation of cheque/s in relation to any deposit and will be issued only upon actual receipt of payment / deposit monies in relation to a Fixed Deposit. ICICI Bank reserves the right not to accept the moneys and the right to reject the Customer's application.
2.2 In case of FCNR (B) Fixed Deposit funded through foreign currency cheques/ drafts, effective date of such Fixed deposit shall be the date of receipt of such foreign currency cheque/ draft by ICICI Bank.
2.3 Your request for opening of NRO/NRE/FCNR Fixed Deposit will be processed within 2 working days after receipt of your application at ICICI Bank. Request received on Currency Holidays and Non Working days will be processed on next working day. Requests may not be processed if there are any discrepancies observed in the requests. The discrepancies will be communicated through email
2.4 In case requests for opening fixed deposits are received on 2nd and 4th Saturday or Sunday or holiday through electronic channels like internet banking, phone banking, ATM, imobile or any other electronic channel, the fixed deposit will be opened with value date of the next business working day.
2.5 All requests for opening or closure of FCNR (B) Deposits will be processed between Monday to Friday till 1.30pm (IST). FCNR Deposit requests received after 1.30pm (IST) on Friday will be processed as per applicable currency rates of next working day
2.6 FCNR(B) FD booking requests received through wire transfer:
The request for FCNR FD will be processed only if the remitter and the beneficiary name matches or under specific circumstances as decided by the bank. Such requests 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 FCNR FD creation. The bank will not be liable for any loss incurred due to the delay in processing such requests.
If purpose of remittance is not captured in the SWIFT as "Booking of FCNR FD", the funds will be credited to INR or returned back. ICICI Bank will not be liable for any charges or losses due to currency fluctuations
If tenure is not captured in the SWIFT, the FCNR FD 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 not received on a non-working day/ currency holiday or after the cut-off hours for FCNR FD booking.
The deposit would be booked with the net amount received after deducting appropriate charges / fees as may applicable at the time of remittance / clearance of the cheque.
3. FIXED DEPOSIT RECEIPT / 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, a Deposit Confirmation Advice shall be issued by ICICI Bank by default in relation to his/ her Fixed Deposit. In cases where auto renewal or auto closure option is selected by the Customer, an electronic Fixed Deposit Advice shall be sent to the customer on his registered email id updated with the Bank. However, a Fixed Deposit Receipt may be made available to the Customer on specific requests. If email id of the Customer is not registered with ICICI Bank then physical Fixed Deposit Advice shall be issued to the Customer.
3.2 From April 1, 2010 Permanent Account Number (PAN) is mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement (DTAA) treaty.
3.3 For NRO Fixed Deposits, the maturity amount indicated is subject to TDS as applicable from time to time.
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 The deposits which are not renewed/discharged on or before the maturity date are termed as overdue deposits. As per RBI guidelines dated August 22, 2008 and July 02, 2021, in case of such overdue deposits, interest will be payable at the applicable savings bank rate OR the contracted rate of interest on the matured term deposit, whichever is lower. This provision is not applicable for FCNR (B) deposits & RFC deposits.
4.3 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.
4.4 All Deposits requests placed through internet banking are opened with Auto Renewal option. The fixed deposit would be automatically renewed on maturity. Subsequent request will need to be placed to change the auto renewal facility to auto closure on maturity.
4.5 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
4.6 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 Pt 7 of the Terms and Conditions.
4.7 In case of customer needs to change the auto-renewal terms with respect to the FD amount or tenure, please place the request before the maturity date of the fixed deposit
4.8 Tax saver NRO FDs, Non callable FDs & NRE/NRO RDs will be closed on maturity and cannot be renewed.
4.9 The fixed deposit cannot be renewed in the event of lien or a freeze marked on the Fixed Deposit. If the Original Fixed Deposit Receipt has to be returned prior to renewal or closure of such deposits. Fixed Deposits will be renewed only incase of lien marked against issuance of a credit card
5. PAYMENT OF INTEREST ON FIXED DEPOSIT:
5.1 Interest on INR Fixed Deposits is reckoned /paid at quarterly / monthly intervals and at the rate/s applicable as on the value date of opening of such Fixed Deposits, as the case may be, in accordance with the rate fixed by ICICI Bank from time to time as also directives issued by RBI as per applicable laws and regulation.
5.2 The interest on FCNR (B) Fixed Deposits will be calculated on the basis of actual number of days elapsed in a year of 360 days.
The interest on FCNR (B) deposits is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days. In respect to FCNR (B) deposits for one year, the applicable rate without any compounding effect is paid for deposits opened till August 03, 2023.In respect to FCNR (B) deposits opened or renewed on or after August 04, 2023 under Cumulative Fixed Deposit option, shall be given a compounding effect.
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 in case of FCNR Deposits and every quarter or every month in case of NRE/NRO FD 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 NRI Fixed Deposits opened by Senior Citizens.
5.5 Customer should not make multiple deposits, across all channels, in a single day in one particular tenor bucket where the applicable interest rate is higher than the rate applicable for the aggregate value of such deposits. In case such multiple deposits are made, the same should be closed and a single deposit for the aggregate value should be made.
6. METHODOLOGY OF INTEREST CALCULATION:
6.1 Interest rates are money market (i.e. simple interest) rates for tenors upto 6 months and quarterly compounded rates for tenors of 6 months and above. In case of cumulative FCNR (B) Fixed Deposits, interest rates are compounding at intervals of 180 days each and there after for the remaining actual number of days. However, in case of traditional Fixed Deposits, interest rates are money market (i.e. simple interest) rates irrespective of the tenor of such Fixed Deposit.
6.2 The method of calculation on interest on a Fixed Deposit, both traditional and cumulative Fixed Deposits is as under:
For Traditional Fixed Deposits with quarterly payouts, interest is calculated based on annual rates (Simple Interest). However, in case of monthly payouts, interest is paid at a discounted value. For Traditional fixed deposits with quarterly payout, interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for incomplete month on actual number of days. In case of traditional FCNR (B) deposits, interest rates are calculated at the applicable rate without any compounding effect for Fixed Deposits up to one year and in respect of deposits for more than 1 year, at intervals of 180 days each and thereafter for the remaining actual number of days without compounding effect. For Cumulative Fixed Deposits, interest is compounded quarterly on completion of exact quarters. For the remaining period beyond completed quarters, simple interest is calculated on the cumulated deposit amount for remaining number of days. In case of cumulative FCNR (B) deposits, interest is calculated as per Clause 5.2 above.
6.3 In case of premature withdrawal, the interest is calculated on the principal amount for completed quarters (completed half years in the case of FCNR (B) deposits) and then for the balance period, interest is calculated for completed months and further for any incomplete month, on the actual number of days elapsed.
6.4 For the purpose of interest calculation calendar year is taken to consist of 365 days irrespective of whether it is a leap year. In case of FCNR (B) deposits, calendar year is taken to consist of 360 days irrespective of whether it is a leap year.
6.5 In respect of term deposit (cumulative, recurring and traditional) placed in automatic closure mode and are maturing on a holiday (including Sundays and 2nd and 4th Saturday), the deposit shall be closed on the next working day. Bank shall pay interest at the original contracted rate for holiday period on the succeeding working day.
In case of cumulative deposits and recurring deposits, bank shall pay interest on the maturity value and in case of traditional deposits with interest payout option, interest shall be paid on the principal amount
7. PREMATURE/PARTIAL CLOSURE OF FIXED DEPOSITS:
7.1 In the event of the Fixed Deposit being fully closed / partially 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. In case of premature / partial withdrawals of traditional deposits any excess interest paid at contract rate as part of quarterly or monthly payout for NRE/NRO deposits and half yearly payout for FCNR FDs will be recovered from principal amount. The Fixed Deposit may be subject to applicable premature withdrawal premium as prescribed by ICICI Bank on the effective date of such Fixed Deposit. Premature Penal charges are updated on our website.
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 premium as prescribed by ICICI Bank on the effective date of such Fixed Deposit. Interest will be paid for the period the Fixed Deposit has remained with ICICI Bank. The interest rate prevailing on date of re-investment of Fixed Deposit will be applicable for the new deposit.
7.4 If NRE & FCNR (B) Account deposits are closed before completion of 12 months from the date of deposit, no interest is payable.
7.5 For RFC FD, the penalty on premature closure of Fixed Deposits is fixed at the rate of 1% provided RFC FD interest is equivalent to 1% or more. Incase RFC FD interest rate is less than 1%, no interest shall be payable on pre-mature or partial withdrawal of RFC deposit.
7.6 If the closure proceeds are to be credited to your Non resident savings Account, it will be done in INR only. In the event of closure of FCNR deposit, in the absence of sufficient information or no information, the foreign currency maturity amount will be converted into INR as per ICICI Bank card rates prevailing at the time of such closure, and credited to your NRO/NRE savings account.
7.7 Closure proceeds of NRO Fixed Deposits cannot be directly credited to the NRE account
7.8 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 deposit. Third party transfer is not permitted
7.9 In case of closure of multiple Fixed Deposits, a separate request is required for each closure with all the relevant details
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 NRO Accounts with Traditional Fixed Deposit (with quarterly / monthly interest payment), tax is deductable on each interest payment and on interest accrued on March 31st of every financial year. For NRO Accounts with Cumulative Fixed Deposit, tax is deducted on interest accrued on March 31st of every financial year and on Maturity Date. 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.
8.3 From April 1, 2010 Permanent Account Number (PAN) shall be mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement (DTAA) treaty. According to the Finance Bill, 2012 (as amended from time to time), with effect from April 1, 2012, to avail reduced tax benefits or DTAA on NRO Accounts, it is mandatory for an NRI to provide Tax Residency Certificate (“TRC”). Along with TRC customer need to provide the self declaration in prescribed format and form 10F generated online on income tax portal. The original TRC needs to be sent to ICICI Bank Branch or ICICI Regional Processing Unit. If a copy of the TRC is being submitted, the copy needs apostiled by the Indian Embassy of the country or attested by a bank or a notary authority in the country of residence.
8.4 On premature withdrawal of deposits, subject to item 7(d) above, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with ICICI Bank. The deposit may be subject to penal rate of interest as prescribed by ICICI Bank on the date of deposit.
8.5 Central Board of Direct Taxes has issued a circular dated May 13, 2011, stating that all Form 16A will be generated online through the NSDL website. In absence of valid PAN, Form 16A will not be generated online through NSDL website and further benefit of DTAA will not be extended.
9. TRANSFER OF DEPOSIT FROM ONE BRANCH TO ANOTHER BRANCH:
9.1 The Fixed Deposit may be transferred from one branch of ICICI Bank (with the territory of India) from which it has been issued, to any other branch of ICICI Bank (with the territory of India), on the Customer making an application, at either of the two branches provided that no Fixed Deposit shall be transferred from ICICI Bank to another Scheduled Bank (as defined under applicable RBI and FEMA regulations).
9.2 Every such application shall be signed by the Customer; Provided that in the case of joint holder type deposit, the application may be signed by one of the joint holders, if the accountholder is since deceased.
10. NOMINATION:
10.1 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.
10.2 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 its Maturity Date, by means of an application in the prescribed form to the officer in charge of the branch of ICICI Bank from where the Fixed Deposit Receipt/ Advice is issued.
10.3 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.
10.4 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.
10.5 The amount due / payable to an NRI nominee from the NRO Fixed Deposit Account of a deceased Customer shall be credited to NRO Account of such NRI nominee with an authorised dealer / authorised bank in India.
10.6 Application from a resident nominee for remittance of funds outside India for meeting the liabilities, if any, of the deceased Customer or for similar other purposes, will be forwarded to the RBI for consideration.
10.7 ICICI Bank may allow remittance of funds lying in the NRE /FCNR (B)account of the deceased Customer to his NRI nominee after proper due diligence.
11. REPLACEMENT OF LOST OR DESTROYED FIXED DEPOSIT ADVICE/ RECEIPTS:
11.1 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 the branch of ICICI Bank from where such Fixed Deposit Receipt/ Advice was issued.
11.2 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.
11.3 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 bond, if so required by ICICI Bank, in the prescribed form with one or more approved sureties or with a bank guarantee: Provided that where the face value or the aggregate face value of the Fixed Deposit Receipt/ Advice lost, stolen, destroyed, mutilated or defaced is INR five hundred (500) or less, a duplicate receipt or receipts may be issued on the Customer furnishing an indemnity bond without any such surety or guarantee: Provided further that where such application is made with respect to a Fixed Deposit Receipt mutilated or defaced, of whatever face value, a duplicate receipt may be issued without any such indemnity bond, surety or guarantee, if the Fixed Deposit Receipt mutilated or defaced is surrendered and the same is capable of being identified as the one originally issued to the Customer.
11.4 A duplicate receipt issued under sub-paragraph-3 above shall be treated as equivalent to the original Fixed Deposit Receipt for all the purposes of this scheme except that it shall not be encashable at a branch of ICICI Bank other than the branch at which such receipt was issued, without previous verification.
12. 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.
13. 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 27 of the Terms (as contained in Section I hereof) for the purpose of accepting/ executing such requests of the Customers.
14. 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.
15. 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 not-error, which results in the providing of inaccurate information.
16. 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 ICICI Bank, 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:
16.1 If the Customer has breached any of the Fixed Deposit Terms, contained herein or in the Fixed Deposit Receipt/ Advice;
16.2 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-authorised access of or erroneous transactions in the Account; or
16.3 Due to system failure/not-error or where any communications from ICICI Bank are delayed and/or not received by the Customers.
17. OTHER TERMS:
17.1 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.
17.2 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.
17.3 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 25 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 premium 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.
17.4 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 19 of Section I.
17.5 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.
17.6 Funds from an NRO Savings Account cannot be used to open an NRE/FCNR Fixed Deposit. NRO funds can not be transfered to NRE Accounts.
17.7 ICICI Bank does not take any responsibility, and will also not be liable, for your claims if the details provided by you for opening/ closure/ renewal/ are incorrect/incomplete
17.8 The Customer/s agree 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 Fixed Deposit by placing a request through branches, ATM, phone banking, internet banking, mobile banking or registered e-mail ID or other channels as 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 Fixed 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 Fixed Deposit or to a fixed 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 Fixed Deposit or any fixed deposit created by renewing / auto-renewing the same, written consent of all the Fixed Deposit holders shall be required in the manner specified by ICICI Bank. The Customers shall not raise any dispute / claim against ICICI Bank for creating a Fixed 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 such Account holders or any third party.
17.9 In case a foreign currency denominated deposit – FCNR/ RFC Fixed deposit account / RFC Saving account remains inoperative for a period of three years from the date of maturity, the Bank shall convert the balances lying in the foreign currency deposit into Indian Rupee at the exchange rate prevailing as on that date. Thereafter, the depositor shall be entitled to claim either the said Indian Rupee proceeds and interest thereon, or the foreign currency equivalent (rate prevalent as on the date of payment) of the Indian Rupee proceeds.
18. Specific Terms and Conditions for deposits without premature withdrawal facility
- These terms and conditions ("Terms") apply to fixed deposits without premature withdrawal facility, opened with ICICI Bank, as per the guidelines prescribed by Reserve Bank of India (RBI) in this regard from time to time ("Fixed Deposit"). These Terms shall be in addition to and not in derogation of the terms and conditions governing ICICI Bank Fixed Deposits available on www.icicibank.com ("Primary Terms"). In the event of any contradiction in the Terms and the Primary Terms, these Terms shall prevail.
- The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
- In the event of premature withdrawal of these deposits on account of:
- Direction from any statutory and/or regulatory authority: Any interest will not be paid on the principal amount of the deposit. Any interest accrued / paid till date of premature closure will be recovered from the deposit amount.
- Deceased claim settlement: Interest will be paid for the period the deposit has remained with the Bank.
- Minimum tenure for NRE FD is 1 year and maximum tenure is 10 years. Minimum tenure for traditional NRO FDs without premature withdrawal facility is 3 months and maximum tenure is 10 years.
Minimum tenure for cumulative NRO FDs without premature withdrawal facility is 6 months and maximum tenure is 10 years. - Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account.
- Interest rates and minimum deposit value are subject to change without prior notice.
- No credit facility is permitted against deposits without premature withdrawal facility
19. 80C FIXED TERM DEPOSITS (THE “DEPOSIT”)
Types of deposits and other features of deposit
1.1 Single Holder type Deposit- The Single Holder type Deposit receipt shall be issued to the deposit holder and it shall be an NRO Fixed Deposit account.
1.2 Joint Holder type Deposit- The Joint Holder type Deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor provided that in the case of Joint Holder type Deposit, the deduction from income under Section 80C of the Income Tax Act, 1961 (the "Act") shall be available only to the first holder of the deposit.
1.3 The minimum amount of Deposit which can be placed with the Bank shall be Rs 25,000 and the maximum amount of Deposit which can be placed shall be Rs 1,50,000.
1.4 Tax Saving Fixed Deposit can be funded from NRO Savings Account only and the maturity funds can be credited in the NRO Account.
1.5 The maturity period of a Deposit receipt of any denomination shall be five years commencing from the date of the receipt. There shall be no auto renewal facility for the Deposit.
1.6 No Deposit shall be encashed before the expiry of five years from the date of the respective receipt.
1.7 Conversion of any existing Fixed Deposit/s placed by the Deposit holder with the Bank to Tax Saver Fixed Deposit/s (80C) is not permissible.
1.8 Permanent Account Number (PAN) is mandatory to open an 80 C Fixed Deposit.
1.9 The Deposit shall not be pledged to secure any loan or as security to any other asset.
2.0 Terms and Conditions relating to Deposit(s) are in addition to and not in derogation to the Terms and Conditions relating to Fixed Deposits as specified in Section II from point 1 to 18 above and in case of any inconsistency between the Terms mentioned under Section II from point 1 to 18 and Section II point 19 and above, the terms relating to the Deposit as stated in this Section shall prevail for all intents and purposes.
2.1 In addition, the regulations under the Bank Term Deposit Scheme, 2006 issued by the Central Government shall also apply to the Deposit.
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 Terms (as defined in Section and I hereof) and the Fixed Deposit Terms (as defined in Section II hereof). In the event of any inconsistency between these Terms read with the Fixed Deposit Terms and these Online FD Terms, these Online / Internet banking FD Terms shall prevail.
1. DEFINITION:
In these Terms, unless there is anything repugnant to the subject or context thereof, the expressions listed below shall have the following meanings viz.:
1.1 "Account" shall mean operative NRE/ NRO savings account held by the Customer/s with ICICI Bank.
1.2 “Customer” shall include holder/s of NRE/NRO Savings Account with “single”, “Either or Survivor” or “Any or Survivor” as the mode of operation. 1.3 “Cust ID/ Customer ID” shall mean the unique identification code allotted to the Customer by ICICI Bank in relation to the Account.
1.3 "Customer Care" shall mean the Customer care unit of ICICI Bank where the Customer may contact for resolution of his queries or requests by calling on the toll free numbers mentioned on ICICI Bank Website.
1.4 "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.
1.7 "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.
1.8 “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.
1.9 “Website” shall have the meaning ascribed to it in Section I (Terms) hereof.
Capitalised terms defined herein 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 nri@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:
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;
Currency of Fixed Deposit;
Deposit amount;
Option preferred and selected : NRE FD /NRO FD / FCNR (B) FD;
Tenure of Fixed Deposit (Days);
Tenure of Fixed Deposit (Years) (0-10 years);
Tenure of Fixed Deposit (Months) (00/ 03/ 06/ 09 months);
Choice of scheme ( Reinvestment/ Traditional) Interest Payable( Monthly/ Quarterly for NRE and NROFD and half yearly for FCNR (B) deposits);
Account in which Interest is to be credited;
Contact No (Country code + Area Code + Number).
3.5.2 For application of renewal/ auto-renewal of Fixed Deposit:
FD Number to be renewed/auto-renewed;
Months to be renewed/auto-renewed for;
Days to be renewed/auto-renewed for;
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. 3.8 Facility for renewal/auto-renewal of Fixed Deposit through registered email ID will not be available to the Customers to whom a Fixed Deposit Receipt has been issued.
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. The acknowledgment mail shall be sent from the following email ID of ICICI Bank: "nri@icicibank.com". ICICI Bank shall have the right to update its email ID from time to time as such details may be updated on the Website.
4.2 The acknowledgment e-mail shall also contain a unique SR Number. The Customer shall be required to mandatorily quote the Service Request (SR) 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 canceling 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/auto-renewal 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 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 you. However, any such termination shall not affect any rights or liabilities accrued or incurred prior to such termination.
8. AUTO RENEWAL/AUTO CLOSURE:
8.1 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.
8.2 In the absence of NRO savings Account, if an NRO Fixed Deposit created through this Facility is funded from an NRE savings account, the Fixed Deposit shall be kept under auto renewal. If the Customer wishes to close such a Fixed Deposit he/ she will have to first open an NRO savings Account so that the proceeds can be credited therein or provide instructions for the proceeds upon maturity to be paid/ transferred via demand draft/pay order.
9. JOINT ACCOUNT:
In the case of a joint Account, the Facility shall be available if the mode of operation is indicated as 'either or survivor' or 'anyone or survivor'. Only the email ID of one of the account holders shall be registered with ICICI Bank for the Facility. The application for creation of Fixed Deposit should be made only through this Registered email ID. Applications received from other email IDs will not be accepted. Instructions (including requests for closure of Fixed Deposit) and other communications in relation to the Facility will be acted upon only if received from the Registered email ID and all correspondence in relation to the Facility will be addressed only to the Registered email ID. All transactions entered into and consequences arising from the availing and use of the Facility shall be binding on all the joint account holders, jointly and severally.
10. 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.
11. LIMITATION OF LIABILITY:
11.1 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.
11.2 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.
11.3 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.
11.4 Notwithstanding the aforesaid, ICICI Bank may at its option (with or without notice) decide not to act on any e-mail submission/ intruction, 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.
11.5 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.
11.6 ICICI Bank has no obligation to verify the completeness or authenticity thereof of any communication.
11.7 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.
11.8 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.
11.9 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.
12. RELIANCE:
12.1 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.
12.2 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 Conditions for NRI Account Variants
Additional Terms for NRI Low Balance Account
This NRI Variant is available to a Customer subject to the below qualifications:
(i) Customers who hold an NRE / NRO Savings Account and who have an MAB (as defined in Section I hereof) of INR 2000 (two thousand) in such Account, are eligible to choose and avail the benefits of the NRI Low Balance Account.
(ii) Further, the product will be offered to Customers in the following segment:
- Customers opening account in rural and semi urban branches;
- Customers falling in the income group (s) as may be specified by ICICI Bank from time to time;
- Customers from ECR countries; and
- Customers holding the status of blue collared employees.
The Customer will be offered the product basis his declaration confirming his eligibility for the product.
(iii) The Customer shall maintain the MAB under each account under the Cust ID.
(iv) If the Customer does not meet the eligibility criterion on a continuous basis throughout the duration of holding the NRI Low Balance Account or at such intervals as may be decided and notified by ICICI Bank from time to time, the Customer will be charged for non maintenance of MAB with charges upto INR 500, in addition to applicable service charges if MAB is INR. 1,000 or more but below INR.2,000 and INR 350 plus GST if balance falls below INR 1000. ICICI Bank reserves the right to revise and update such charges on the Website from time to time notice and such revision shall be deemed to be accepted by the Customer by virtue of his/ her continuing to avail the benefits under the NRI Low Balance Account.
(v) ICICI Bank reserves the right to levy any or all charges towards a Customer's non-maintenance of the MAB in his NRI Low Balance Account. ICICI Bank also reserves the right to terminate the said service for Customers who change their status from NRI to resident. Customers are advised to update their residential status with ICICI Bank upon any change in such status from NRI to resident Indian or vice-versa.
(vi) The terms and conditions applicable to the NRI Low Balance Account shall be in addition to and not in derogation of the Terms (as defined in Section I hereof) and such other applicable terms and conditions in relation to the services/ facilities availed by an NRI customer as made available on the ICICI Website and the terms and conditions mentioned in the relevant Account Opening Form.
Additional Terms for NRI PRO Program
This NRI Variant is available to a Customer subject to the below qualifications:
(i) Customers who hold an NRE / NRO Account as per FEMA/RBI guidelines and who have a Minimum Monthly Average Balance (MAB) (as defined in Section I hereof) of INR 2 lakh (effective September, 2021) in their NRE / NRO Savings Account or INR 5 lakh under their Customer ID or INR 25 Lakh in CASA + Deposit + Loans* + Demat**+ Credit card Spends*** or INR 50 lakhs in Home Loan~ are eligible to choose and avail the benefits of the NRI PRO Program
(ii) The Customer has to maintain the MAB under the same Cust ID.
(iii) If the Customer does not meet the eligibility criterion on a continuous basis throughout the duration of holding the NRI PRO Program or at such intervals as may be decided and notified by ICICI Bank from time to time, the Customer account will be charged for non-maintenance of MAB charges with upto INR 500.0, in addition to applicable service charges.
(iv) ICICI Bank reserves the right to levy any or all charges towards a Customer's non-maintenance of the MAB in his NRI PRO Program. ICICI Bank also reserves the right to terminate the said service for Customers who change their status from NRI to resident.
(v) The terms and conditions applicable to the NRI PRO Program shall be in addition to and not in derogation of the Terms (as defined in Schedule I hereof) and such other applicable terms and conditions in relation to the services/ facilities availed by an NRI customer as made available on the ICICI Bank website(www.icicibank.com/nri) (“Website”). ICICI Bank reserves all rights to modify/change/alter the terms and conditions of NRI PRO Program without prior notice and such changes shall be deemed to be accepted by the Customer by virtue of his/ her continuing to avail the benefits under the NRI PRO Program. The Customer is advised to stay updated with such terms and conditions from time to time.
(vi) A combination of Customer ID's is not permitted under the NRI PRO Program.
(vii) A Customer eligible for the NRI PRO Program can apply only for a Platinum Debit Card; however, he/ she also has the option to continue with his/ her existing debit card.
(viii) Upon applying for the NRI PRO Program, the Customer shall be eligible to enroll his resident family member(s) (upto a maximum of five (5) Indian resident family members) as his/ her Titanium Privilege Family (as defined in the “Terms and Conditions-Family Banking”, as made available on the www.icicibank.com).
(ix) The Family Banking Form in this regards is required to be completed and submitted in the agreed form, by the Customer only. By applying for the “Family Banking” service, the Customer hereby acknowledges that he / she/they has /have read, understood and accepted and agreed to abide and be bound by the terms and Conditions-Family Banking, as updated on made available on the www.icicibank.com.
# GST applicable
*Disbursed value of Auto loans, Education Loans, Personal Loans, Loan against Securities, Loan on Mutual Funds, Business Loans,
~Disbursed value of Home Loans
**Only equity portfolio.
***Average spends of credit cards of last 12 months.
CASA level: Cumulative minimum average balance in all Saving/Non-interest bearing accounts under same customer ID.
The Customer understands that by enrolling into the “Program”, the Customer will be required to maintain threshold values as defined under the program
Additional Terms for NRI PREMIA Program
This NRI Variant is available to individuals Customers subject to the following qualifications:
(i) Customers who, hold an NRE / NRO Account as per FEMA/RBI guidelines and who have a MAB (as defined in Section I hereof) of of INR 5 Lacs in Current, Savings (CASA) accounts or INR 25 Lacs in CASA + FD or INR 50 Lacs in CASA + Deposit + Loans* + Demat**+ Credit card Spends*** or INR 100 Lacs in Home Loan~
(ii) The Customer has to maintain the Monthly Average Balance under the same Cust ID (including all the savings and term deposits maintained by the Customer under the same Cust ID
(iii) A combination of Customer ID's is not permitted under the NRI Premia Program.
(iv) A Customer eligible for this service can apply only for a World Master Debit Card, however, he/ she has the option to continue with his/ her existing debit card.
(v) Upon applying for the NRI Premia Program, the Customer shall be eligible to enroll his resident family member(s) (upto a maximum of five (5) Indian resident family members). The Family Banking Form in this regards is required to be completed and submitted in the agreed form, by the Customer only. By applying for the “Family Banking” service, the Customer hereby acknowledges that he / she/they has /have read, understood and accepted and agreed to abide and be bound by the terms and Conditions-Family Banking, as updated on made available on the www.icicibank.com.
(vi) The NRI Premia Program has an insurance cover which is provided by the ICICI Lombard General Insurance Company Limited (“ICICI Lombard”). Accordingly, ICICI Bank shall bear no liability whatsoever for any service/offer/product offered by any such third party. ICICI Bank reserves the right to change/remove the insurance benefits without prior notification to the Customer.
(vii) If the Customer does not meet the eligibility criterion on a continuous basis throughout the duration of holding the NRI PREMIA Account or at such intervals as may be decided and notified by ICICI Bank from time to time, the Customer account will be charged for non maintenance of MAB charges with upto INR 500.00, in addition to applicable service charges.
(viii) ICICI Bank reserves the right to levy any or all charges towards a Customer's non-maintenance of the MAB in his NRI PREMIA Program. ICICI Bank also reserves the right to terminate the said service for Customers who change their status from NRI to resident.
(ix) The terms and conditions applicable to the NRI Premia Program shall be in addition to and not in derogation of the Terms (as defined in Schedule I hereof) and such other applicable terms and conditions in relation to the services/ facilities availed by an NRI customer as made available on the ICICI Bank website(www.icicibank.com/nri) (“Website”). ICICI Bank reserves all rights to modify/change/alter the terms and conditions of NRI Premia Program without prior notice and such changes shall be deemed to be accepted by the Customer by virtue of his/ her continuing to avail the benefits under the NRI Premia Program. The Customer is advised to stay updated with such terms and conditions from time to time.
# GST applicable
*Disbursed value of Auto loans, Education Loans, Personal Loans, Loan against Securities, Loan on Mutual Funds, Business Loans,
~Disbursed value of Home Loans
**Only equity portfolio.
***Average spends of credit cards of last 12 months.
CASA level: Cumulative minimum average balance in all Saving/Non-interest bearing accounts under same customer ID.