Terms and Conditions - General conditions
- The Customer agrees that opening an Account with the Bank shall be in accordance with these Terms and Condition and such other terms of the Account opening form.
- Further, any opening and maintenance of the Account is subject to the rules and regulations introduced or amended from time to time by the RBI or any other regulatory body. The Customer agrees that the Bank before opening any Account, will carry out a Customer due diligence as required under the Know Your Customer (“KYC”) guidelines of the Bank which is required under the Prevention of Money Laundering Act, 2002. The Customer would be required to submit necessary documents or proofs, such as identity, address, signature, photograph and any such information to meet with KYC, Anti-Money Laundering (“AML”), Combating Financing of Terrorism (“CFT”) or other statutory/regulatory requirements. Further, after the Account is opened, in compliance with the extant regulatory guidelines, the Customer agrees to submit the above documents again at periodic intervals, as may be required by the Bank.
- The Customer agrees that no amount in cash shall be paid to any sales representative of the Bank at the time of opening an Account or for carrying out any transaction in the normal course of the business. The Customer agrees to deposit cash only at the Bank's teller counters at the branch premises or by any other mode allowed by the Bank. In case the Account is opened with an account opening cheque, the Bank reserves the right not to open/activate the Account in the event the account opening cheque is dishonored.
- Applicable if customer submits Aadhaar to the bank at the time of account opening or subsequently: I submit my Aadhaar number and voluntarily give consent to: Seed my Aadhaar / UID number issued by the UIDAI, Govt of India into this account. Receive all direct benefit transfers (DBT) from Govt. of India in this account. Use my Aadhaar details to authenticate me from UIDAI. Use my mobile number for sending SMS alerts to me. Information submitted to the bank will not be used for any purpose other than those mentioned above or as per requirements of law.
- An Account may be opened in the names of:
- An individual in his/her own name;
- Two or more persons in their joint names;
- Sole Proprietorship; or
- Any other entities including companies and partnerships.
- All the Accounts maintained in the name of an individual shall be operated solely by the individual or by the Power of Attorney holder of such an individual registered with the Bank 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 Account opening form, or by their Power of Attorney holder and accepted by IDFC FIRST Bank in its discretion.
- The Customer agrees that the Power of Attorney holder may give instructions, including but not limited to, the operation or closure of the Account or for any withdrawal of any of the Facilities. The Customer agrees and undertakes to keep the Bank informed of any revocation of any Power of Attorney issued by the Customer, failing which the Customer agrees and confirms not to hold the Bank liable for any loss or damage that may be caused as a result of the Bank acting or carrying out any instructions given by such Power of Attorney holder.
- In the case of joint Accounts, any change in operational instructions or any other information with regard to the Account opening form is to be given by all the joint account holders irrespective of the mode of operation. However, notwithstanding anything to the contrary contained herein, in case any request is made to the Bank by any of the joint account holders for change in his name or signature, the Bank may at its sole discretion accede to such request without obtaining request/consent/instruction from the other joint account holders. The Customer agrees to indemnify and keep indemnified the Bank harmless from and against all claims and demands that the Bank may suffer or incur on account of the above.
- In case of non-individual Accounts, accounts shall be operated by authorised individuals as specified in the Partnership Deed, Board Resolution, etc provided and accepted by IDFC FIRST Bank in its discretion.The Customer agrees that authorised individuals as specified in the Partnership Deed, Board resolution etc, may give instructions including but not limited to operation, closure of the Account or for any withdrawal of any the Facilities. The Customer agrees and undertakes to keep the Bank informed of any revocation or changes in any Partnership Deed, Board Resolution, etc issued by the Customer, failing which the Customer agrees and confirms not to hold the Bank liable for any loss or damage that may be caused as a result of Bank acting or carrying out any instructions given by such authorised individuals in Partnership Deeds, Board Resolution, etc.
- Validation of deposit receipts: As applicable, deposit receipt tickets for deposits made into the Account will be validated by the Bank’s machine stamp or initials of the Bank’s authorized persons. The amount of cash or other instrument deposited by the Customer through a ATM/microATM for credit to the Account shall be verified by authorized representatives of the Bank. The Customer understands and agrees that the amount ascertained on verification by the authorized representatives shall be deemed to be the correct amount deposited by the Customer, irrespective of the amount mentioned on the receipt generated by the ATM/microATM at the time of making the deposit.
- Monies in Account: The Customer shall only deposit into the Account monies which the Customer is legally entitled to deposit. The Customer understands and acknowledges that the Bank is entitled to information with regard to the source of any monies being deposited in the Account and the Customer shall, upon demand, without demur or dispute, inform the Bank of any such source of monies. In case of any cash deposits to be made in the Account exceeding Rupees Fifty Thousand only (Rs. 50,000) or any other amount, in line with the requirements of the Income Tax Act, 1961, the Customer/person making such deposit shall be required to provide PAN/GIR number of the Customer. In case the PAN/GIR number is not available, the Customer/person making such deposit shall be required to provide Form 60/61. Further, the Customer shall under no circumstances indulge in any scheme for making remittance towards participation in lottery, money circulation schemes, other fictitious offers of funds, etc. and the Customer acknowledges and understands that collecting and effecting / remitting such payments
directly/indirectly outside India would make himself liable to be proceeded against contravention of the Foreign Exchange Management Act, 1999 besides being liable for violation of regulations relating to KYC norms / AML standards.
- Cheque Book Facility and Cheque Deposits: Cheque book facility may be provided to the Customer for making withdrawals of funds/making payments from the Account. The cheque book facility will be provided at the discretion of the Bank and may be withdrawn if the facility is not used in accordance with Bank terms and conditions. The Bank reserves right to withdraw the cheque book facility if cheques issued by the Customer on the Account are frequently dishonored due to insufficient funds being maintained in the Account. Frequent dishonor of cheques issued on the Account due to insufficient funds being maintained in the Account may also result in closure of the Account by the Bank. The Bank’s decision in this regard shall be final. The Bank shall incur no liability or responsibility due to withdrawal of the said facility or closure of the Account.
- If a cheque credited to the Account is subsequently dishonoured, the amount thereof will be debited to the Account and the cheque returned to the Customer at his last known mailing address as per the Bank’s records (subject to these Terms and Conditions) and the Bank will levy applicable service charges. In the event the amount in the Account is not sufficient, the Bank shall be entitled to recover the same from any other account of the Customer, held with the Bank, along with interest levied at the prevailing commercial rate on such funds used by the Customer and for the period used.
- Withdrawals / Payments: All Cash withdrawals shall be permitted only through the printed cheque forms/ withdrawal slips supplied by the Bank and/or through the ATM/microATM/Debit Cards and/or any other mode as may be prescribed by the Bank from time to time.
- The obligations with respect to the Account and operations of the Account are subject to Law or Regulation. The Customer understands and confirms that the Bank will be entitled at all times, to act in accordance with Law or Regulation, without requiring to provide prior intimation of such actions to the Customer. Any and all limits/constraints imposed by Law or Regulation shall apply to the Account and the Facilities.
Account Information / Statements:
- The Bank will issue and send to the Customer, statements of Account (“Statement(s)”) at such intervals, and in such modes as the Bank may deem fit. Notice of availability of the Statement on the internet would be sent to the Customer via email. The Customer must notify the Bank in writing if any Statement or other advice expected by the Customer is not received within a period of seven (7) days from the date when the same was expected to be recieved. In case there is a discrepancy, error or omission in the particulars or details of the Account, the Customer shall intimate the Bank in writing of the relevant discrepancy, error or omission within 14 days of receiving the statement, which the Customer thinks has a discrepancy, error or omission. The failure to do so shall deem the Statement to be true and correct for all intents and purposes and accepted as such by the Customer and the Customer shall not be entitled to dispute the same thereafter. The Customer hereby agrees and consents to give to the Bank any notice of availability/ readiness of the Customer’s Statement via email, to the email address specified by the Customer. The Bank would be deemed to have delivered the Statement to the Customer, immediately on the Customer receiving notice of the email containing the Statement as an attachment and/or notice of the availability of the Statement. The Customer will be obliged to open/print the Statement after receiving the email as aforesaid from the Bank. The Customer shall promptly inform the Bank if the Customer is not able to access the electronic copy of the Statement delivered via email to enable the Bank to make delivery of the Statement by alternate means if there is a problem with online access and the Customer specifically requests for that particular Statement to be delivered by other means acceptable to the Bank. Failure to advise the Bank of any difficulty in accessing the Statement sent via email within 24 hours of the Customer receiving notice as aforesaid shall serve as an affirmation regarding the receipt and acceptance by the Customer of the Statement. The Customer understands that the Customer shall be fully and solely liable for all of the Customer’s contractual liabilities to the Bank irrespective of the receipt of any statement. With respect to joint Accounts, all communication shall be addressed to the first Account holder and this shall constitute communication to all Account holders.
- The notice of discrepancy, error or omission referred to in clause above shall provide sufficient details to enable the Bank to investigate the alleged discrepancy, error or omission and shall include the following information:
- the Customer’s name and address and all relevant details of the Account;
- a description of the irregularity or error or discrepancy;
- a copy of the Statement / transaction slip / other record; and
- any other information requested by the Bank.
- The Customer may also obtain balance information relating to the Account or get a verbal or written history of the Customer’s transactions by calling the 24-hour telephone banking service of the Bank, or through Internet Banking or ATM.
- The Customer agrees to preserve any information including without limitation, the passwords, cheque book/ATM/Debit Card, or any information relating to the Account carefully. In case of loss/theft of the same the Customer shall immediately inform the Bank in writing.
- The Bank shall offer passbook facility free of cost to Customers having Individual Savings Account.
- Customer shall get the passbook updated only from branch where the Account is maintained on a regular basis. Customer shall examine the entries reflected in the passbook and immediately intimate the Bank of any errors or omissions.
- Physical Statement(s) will not be provided to the Customers availing the passbook facility. The Bank at its sole discretion may also, in addition to the passbook facility, decide to provide the Customer with statement of accounts at monthly/quarterly or any other frequency.
- Entries in the passbook are system generated and thus, do not require any authentication /signature by a Bank official.
- In case the Customer fails to get his/her passbook updated on a regular basis and,
transactions to be updated in the passbook are older than 6 months, the Bank would only provide a statement of account for the said period.
- The passbook only reflects the transactions details in the Account and is to be used for verification of Account Transactions. Balance as reflected in the passbook is not to be construed as a balance confirmation certificate issued by the Bank.
- Customer shall ensure safe custody of the passbook and in case the passbook issued is either lost, stolen, destroyed or spoilt, customer to make an application to the Bank for issuance of a duplicate passbook. The Bank would issue duplicate Passbook after levying a nominal charge as specified in the Schedule of Charges and such passbook shall detail the transactions from the month when the duplicate passbook is issued.
Immediate Payment Service (IMPS), National Electronic Funds Transfer system of RBI (NEFT) & Real Time Gross Settlement System of RBI (RTGS),Electronic Clearing Services (ECS), National Automated Clearing House (NACH):
- The Customer undertakes to execute such documents and writings in addition to the instructions for making transfer of funds via NEFT/RTGS/IMPS/ECS/NACH facility, in a form and manner satisfactory to the Bank, as the Bank may require from time to time.
- Bank shall act upon instructions for transfer of funds using the IMPS/NEFT/RTGS system of RBI only upon receipt of complete information required for initiating such transfer of funds for giving effect to the instructions. Any such instruction issued by the Customer shall be irrevocable. However, the Bank may, in its sole and absolute discretion without being obligated to do so, revoke any instruction under such circumstances and conditions as the Bank may deem fit. The transaction shall be initiated by the Bank (a) for NEFT, on the date of the instruction as per the RBI clearing timings specific to the location of the branch where the Customer holds the Account and the city notified by RBI for NEFT transaction clearings; (b) for RTGS, on the date of the instruction as per the RBI clearing timings at the location of the branch where the Customer holds the Account; (c) for IMPS, on the date of the instruction. d) for ECS, on the date mentioned in the file subject to Customer providing the transaction file to the bank at least 7 days in advance and the requested settlement date being available for transaction processing at the clearing house; e) for NACH, on the date of the instruction as per the settlement cycles of NPCI.
- The Customer ensures and confirms that the account to be credited, in accordance with these instructions, is not an account on which there are restrictions, as per Law or Regulation, on crediting monies. Further, the Customer agrees and understands that any request for NEFT/RGS/IMPS/ECS/NACH transaction may be rejected or cancelled in case the instructions and or /any information provided by the Customer does not meet the security procedures of the Bank / RBI / the beneficiary bank. The Customer also understands that the transaction may also be cancelled/ rejected due to any of the following reasons like the designated account of the beneficiary not being maintained by the beneficiary bank, an attachment order having been passed in respect of the designated beneficiary account by a competent authority/court, in case of any of the details pertaining to the beneficiary/beneficiary account details recorded with the beneficiary bank or branch not being part of the clearing system or any other reasons beyond the control of the Bank and/or the beneficiary bank.
- The Customer acknowledges and understands that the completion of transactions for transfer of funds based on the Customer's instruction shall involve various counter-parties. The Customer confirms that the Bank shall not be held liable or responsible for any delays/deficiencies in settlement of a transaction due to system constraints, actions of other parties or any other circumstances outside the control of the Bank. Without prejudice to the generality of the foregoing, the Customer agrees and accepts its responsibility to compensate/ reimburse the Bank for any losses, claims or actions and to save, keep harmless and keep protected the Bank against any improper/ fraudulent instructions purporting to be received from the Customer and/or for furnishing incomplete information.
- The Bank shall be entitled to charge such fees and charges as it determines to be adequate for provision of the IMPS/NEFT/RTGS/ECS/NACH and as specified in Schedule of Charges.
- The Customer understands that the provisions of IMPS/NEFT/ RTGS/ECS/NACH are subject to the guidelines and regulations issued by RBI from time to time in this behalf. RBI and/ or any other agency/company appointed by RBI in this regard shall be an intermediary/a service provider in the process of settlement of a transaction initiated using any of NEFT/RTGS and, subject to the availability of sufficient funds in the Account, a transaction should be deemed to be complete in all respects (a) in case of RTGS, upon settlement of the transaction by the central system of RBI, (b) in case of NEFT, if the transaction message is not returned unaffected by the Bank within a reasonable time (decision of the Bank as regards reasonable time shall be final). RTGS and NEFT transactions shall be deemed to be settled at the time when the Account has been debited and the account of the beneficiary bank has been credited in the central system of RBI.
- Minimum amount for RTGS: In respect of the RTGS system, the Customer understands and accepts that the RTGS system is primarily for large value transactions. The present minimum amount to be remitted through RTGS is Rs. 2,00,000 (Rupees Two Lakh).
Demand Drafts / Pay Orders:
- The Customer may place a request for issue of demand drafts / pay orders (the “Instrument”) by such mode and subject to such terms and conditions as IDFC FIRST Bank may prescribe from time to time. In the eventuality the request for issuance of the Instrument is not received at a branch of IDFC FIRST Bank, the Instrument will be sent to the communication address of the Customer last recorded in IDFC FIRST Bank’s records or to an address specified by the Customer. In such an event, IDFC FIRST Bank shall be at a liberty to recover charges for such posting. IDFC FIRST Bank shall not be responsible on account of non-delivery or delays in delivery or non-receipt of the Instrument.
- In case the Customer request for issuance of the Instrument from the monies lying in the Account, IDFC FIRST Bank shall have the right to reject such request in the event there is insufficient balance in the Account, at any point of time from acceptance of request till dispatch of the Instrument to the Customer. The Customer shall be liable for such charges as may be applicable for issuance of the Instrument and the Customer authorises IDFC FIRST Bank to recover such charges by debiting the Account.
- If the Instrument is lost or has to be cancelled the Customer or his agent shall make a written request to cancel the same, request for cancellation shall be subject to acceptance by IDFC FIRST Bank. Also acceptance of such request shall be subject to the terms and conditions and execution of such documents as may be prescribed by the Bank in this regard.
Reversal of Entries:The Bank reserves the right and the Customer hereby authorizes the Bank to reverse any entries erroneously passed, with or without notice to/ from the Customer and to debit/credit the Account to the extent required to correct any erroneous entries that may have been inadvertently made by the Bank.
Notices:Any notice, communication or letter addressed to the Customer and sent through post or any other means at the address (which includes the mailing / office / residence / any alternate address) of the Customer as per the Bank’s records shall be considered as duly delivered to the Customer at the time it would be delivered in the ordinary course of post. Any communication from the Customer to the Bank shall be effective upon actual receipt of such communication by the Bank in a form and manner satisfactory to the Bank. The Customer shall notify the Bank without delay, of any change in its name, address or other particulars, filed with the Bank and shall completely indemnify the Bank from all acts performed by the Bank under this Clause in the event the Bank has not received such aforesaid notification of change of name/address/other particulars.
Dormant Accounts: The Bank shall flag the Account as “Dormant” if the Account remains inoperative for over a consecutive period of 2 (two) years and no transactions are carried therein. If the Account is categorized as Dormant, then in such case the Bank may make reasonable endeavors to inform the Customer (including any joint holder/s) at least 3 (three) months before the Account is classified as a Dormant Account. Further the Bank shall also make reasonable endeavors to inform the Customer (including any joint holder/s) of the procedure to be followed to activate the Account. The Customer agrees that the Bank may place restrictions on the operation of the Account till such time the customer activates the Account through a process specified by the Bank. For the purpose of this clause transaction shall mean any credit or debit transactions to be carried by the Customer as well as third parties in the Account through the following modes:
- Transactions through cheque;
- Cash or cheque deposit;
- Withdrawal or deposit through ATM/microATM;
- Transaction through Internet Banking;
- Transaction by standing instruction and Electronic Clearing System;
- Transactions though Phone Banking / Mobile /Kiosks;
- Transaction through RTGS/NEFT/IMPS/ECS/NACH ;
- Such other transactions as may be prescribed as per the Law or Regulation.
Stop Payment Orders: The Customer can request the Bank to stop payment on cheques/Standing Instruction/Electronic Clearing System drawn on the Account by notifying the Bank in writing on the Bank’s standard ‘stop payment’ order form or by such other means as may be approved by the Bank from time to time, including on phone banking or through the Website. The Bank shall endeavour to carry out such instructions on a best-effort basis. Charges will be levied for each stop payment instruction in accordance with the Schedule of Charges. In case the Account is a joint account or has joint signatories, if any stop payment instructions are received from any one of the joint account holders or joint signatories or any other debit instruction with regard to the Account, no amount shall be paid from the Account except in accordance with Account operating rules as may be applicable or on the discharge of all the joint holders or joint signatories, as the case may be.
Death of a Customer: In case of death of a Customer, the Bank shall have the right to release the money lying to the credit of the Account of the Customer to the nominee appointed by the Customer or the legal heirs of the Customer, as the case may be. The Bank may retain any and all funds in the Account until it establishes the identity and credentials of the successor(s) to its sole satisfaction, and the Bank reserves the right to demand and inspect requisite documentation in this regard, including a succession certificate/probate of a will of the deceased Customer. In case the Account is a joint account where the account is opened with the survivorship clause ("either or survivor" or "anyone or survivor" or "former or survivor" or "latter or survivor"), the Customer agrees that in the event of death, insolvency or withdrawal of any one or more of the Account holders, the balance in the Joint Account shall be paid to the surviving Joint Account holder(s) and in the event there are no surviving Joint Account holder(s) to the nominee(s) if any, or to the legal heirs of the Joint Account holder(s) subject to the discretion of the Bank, provided there is no dispute among the survivor or survivors or legal heirs or there is no order from the competent court restraining the Bank from making the payment from the Account. Without prejudice to the foregoing, in the event of the death of the Customer, the Bank reserves the right to pursue all courses available to it under law and equity, at its discretion to recover any outstanding from the Customer. Notwithstanding the aforesaid, Customer agree that in case of Term/Fixed Deposit with “Either or Survivor” or “Former or Survivor” mandate, Bank is permitted to allow premature withdrawal of the Term/Fixed Deposit by the surviving joint depositor on the death of the other, in case there is a joint mandate from the joint depositors to this effect. For details please refer to the “Deceased Depositors Policy” available on our Website.
Nomination: Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Customer. The Customer is at liberty to change the nominee, through submission of prescribed form to revise the nomination during the currency of the Account with IDFC FIRST Bank.
Blocking of an Account and/or any transaction: The Customer consents to the blocking of any Account and/ or payment or transaction with respect to the Account by the Bank where the conduct of the Account and/ or such payment or transaction would result in the Bank or any its Affiliates or their Third Party Service Providers or Payment Infrastructure Providers being in breach of any Law or Regulation and/or to enable Bank or such entities to comply with such requirements. In case of Salary Accounts customer consent to mark hold / reverse the credit of such amount wrongly credited to and remaining in the salary account basis employer / corporate confirmation, only such amounts that have been wrongly credited by IDFC FIRST Bank Ltd on the initial instructions of the Company.
Right of Set-Off: The Bank may at any time and without notice to the Customer combine and consolidate all or any of the Customer’s accounts held with the Bank and the Customer hereby authorizes the Bank to set off, adjust or transfer any sum or sums standing to the credit of any or more of such accounts in or towards satisfaction of any of the Customer liabilities to the Bank on any account or in any other respect whether such liability is actual or contingent, past/crystallized or future, primary or collateral and several or joint.
Additional Facilities: The Bank may, at its sole discretion, make available to the Customer one or more additional Facilities and/or services in relation to the Account and the Customer agrees that the persons specified by the Customer to avail of or instruct for availing of the Facilities then being offered shall also be entitled to avail all enhanced / additional Facilities, as may in future be made available by the Bank. The Customer agrees and understands that such additional Facilities and/or services may have specific terms and conditions (such as the Mobile Pay Facility Terms and Conditions and the Bill Pay Facility Terms and Conditions) which would apply in the event the Customer opts to avail of the said additional Facilities/services. Such additional terms and conditions would be in addition to these Terms and Conditions. The Bank, shall, in its sole discretion, at any time, with notice to the Customer, be entitled to withdraw, discontinue, cancel, suspend and/or terminate any Facility or services related to it or suspend use of any particular devices and shall not be liable to the Customer for any loss or damage suffered by the Customer resulting in any way for such withdrawal, suspension or termination.
Closure of Account: The Bank may at any time, in its sole discretion, without liability, close the Account after giving a prior notice of at least thirty (30) days to the Customer. However, the Bank may also close the Account under certain conditions (including without limitation) the improper conduct of the Account, and/or the Account profile or transactions in the Account not being in line with the Bank’s internal policies or guidelines pertaining to KYC/AML, without giving any prior notice to the Customer.The Bank shall not be liable for any consequences arising out of such closure of an Account. The Customer would be required to make alternate arrangements for cheques already issued and shall desist from issuing fresh cheques on the Account in such a situation. The Bank may at any time at its sole discretion, without liability, refuse to accept any deposit or limit the amount that may be deposited, return all or part of the deposit and discharge all liability The Customer may close the Account at any time if he so chooses by way of providing written communication in this regard to the Bank. In the event of closure of an Account, the Bank will refund the monies (including balance) lying to the credit of the Account to the Customer subject to payment of applicable standard service/ processing charges. Further, the Customer understands that IDFC FIRST Bank may close any of the Customer Accounts at any time in order to comply with any Law or Regulation (whether domestic or foreign). As per notification dated April 6, 2018, RBI has advised that, Bank shall not deal in Virtual Currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs. IDFC FIRST Bank does not encourage its customers to use their accounts maintained with us for carrying out transactions involving any kind of virtual/ crypto currencies and hence, we request you to refrain from transactions involving dealing in Bitcoin or any other virtual/ crypto currencies.We also wish to advise you that if transactions relating to any kind of VCs are witnessed in your account, the Bank may be constrained to close your account, as per RBI notification dated April 6, 2018.
Closure or shifting of Branch: The Bank will give a prior notice of ninety (90) days in the event of closure of a branch of the Bank where the Account is held.
Collection and disclosure of information: The Customer hereby expressly consents and permits the Bank to:
- Collect, store, communicate and process information relating to the Account and all transactions carried out therein by IDFC FIRST Bank, or any of its Affiliates, wherever situated, including sharing, transfer and disclosure between them and to authorities, of any Confidential Information in connection with the provision of any Facility, for business development, data processing, statistical and risk analysis purposes and for compliance with any Law or Regulation or as required by or for the purposes of any court, legal process, audit or investigation of any Authority. Customer’s consent shall be effective notwithstanding any applicable non-disclosure agreement and the Customer acknowledges that Confidential Information may be transferred to jurisdictions which do not have strict data protection or data privacy laws. The Customer represents that they have provided to and secured from any related party, Customer Affiliate, data subject or other person regarding whom the Customer has provided information to IDFC FIRST Bank any notices, consents and waivers necessary to permit IDFC FIRST Bank, its Affiliates, representatives, and its Third Party Service Providers and Payment Infrastructure Providers to carry out the actions described in this paragraph, and that it will provide such notices and secure such necessary consents and waivers in advance of providing similar information to IDFC FIRST Bank in the future.
- Comply with all laws or directives of government agencies or court orders or legal proceedings and/or when necessary to resolve errors or questions the Customer or any other party may have raised and/or in order to satisfy the Bank’s internal data processing requirements;
- Disclose at any time and for any purpose, any information whatsoever relating to the Customer or the Account or transactions or dealings with the Bank, to any branches, subsidiaries, service providers, Affiliates, group companies, third parties whosoever (including employers/family members of the Customer) so far as is deemed to be necessary at the sole discretion of the Bank, or associated corporations or Affiliates of the Bank wherever located or to any authorities in India or elsewhere or any agents or contractors or third parties who have entered into an agreement to perform any service(s) for the Bank’s benefit, and any other person(s) whatsoever (including employers/ family members of the Customer) or where the disclosure is required by law or otherwise and to whom the Bank deems fit at its sole discretion to make such disclosure;
- The Customer agrees to provide to the Bank such information and/or documents as the Bank may require from time to time and shall update that information as required by the Bank from time to time, to enable IDFC FIRST Bank or any of its Affiliates to comply with any Law or Regulation or any other appropriate information/and or documents (including any proof of identification documents and/or photographs) as may be required under the Bank’s/RBI’s guidelines on KYC/ AML /CFT purposes, which the Bank may reasonably request from time to time. Failure to provide these documents/ information timely or the provision of wrong documents / information may result in the Account being blocked for debit / credit transactions or the Account being closed. Further, if at any point of time, the Bank is of the opinion that the profile / nature of the Account or the transactions in the Account are not in line with the Bank’s internal policies or guidelines pertaining to KYC / AML, then the Bank shall have every right to freeze operations in the Account or upon notice to even close the Account;
- Disclose and disseminate to RBI or to a court of law or any other competent authority or to any third person, as the case may be, the credit information of the Customer in its possession, subject to applicable law and guidelines issued by RBI from time to time, with or without any notice by the Bank to the Customer in this regard, at the Bank’s discretion.
- Share Customer Personal Data with any existing or future credit bureaus (including Credit Information Bureau (India) Limited) as determined by the Bank from time to time and as may be required under laws. The Customer acknowledges that the Bank is entitled to share such information and such information may pertain to positive or negative performance/default by the Customer. The Customer hereby expressly authorises the Bank to disclose, exchange, share or part with all any information relating to the Customer’s Account and/or the Customer to all companies / entities / subsidiaries / Affiliates of the Bank / their agents/banks/financial institutions / credit bureaus / agencies / Authorities as may be required and undertake not to hold IDFC FIRST Bank and/or companies/ entities /subsidiaries / Affiliates and/or their agents liable or responsible for use of the aforesaid information.
- In consideration of the Bank providing the Facilities and any other facilities and maintaining the Account, the Customer, at its own expense, hereby agrees to indemnify the Bank and its employees, representatives, agents, as the case may be, at all times, against any and all harm, injury, costs, losses, liabilities, damages, charges, actions, legal proceedings, claims and expenses, including without limitation any costs between attorney and client, whether direct or indirect which the Bank may suffer or sustain or incur at any time as a consequence of or arising out of the Facilities provided to the Customer by the Bank in good faith, or attempting to take or refusing to take or omitting to take action on any instructions of the Customer due to any government order, law, levy, tax, embargo, moratorium, exchange restriction, action of the Customer or any beneficiary or any other third party whosoever or any other cause beyond the Bank’s control. Without prejudice to the generality of the foregoing, the Customer shall indemnify and save, keep harmless and indemnified the Bank against any improper/ fraudulent instructions purporting to be received from the Customer.
- The Customer hereby agrees that the Bank needs to receive clear and written instructions from the Customer to induce the Bank to effect fund transfer activities on behalf of the Customer. The Customer agrees to indemnify the Bank against any improper/fraudulent fund transfer instruction purported to be received from the Customer. The Bank shall not be obliged to accept from the Customer any oral or facsimile or non-specific/unclear instructions. In order to, however, induce the Bank to act upon communications and instructions transmitted by manual procedures (facsimile, mail, messenger, telephone), the Customer hereby irrevocably agree that, other than an instance arising from the Bank’s gross negligence, bad faith or wilful misconduct, as long as the Bank acts in compliance with this authorization/instructions, the Customer shall indemnify and hold the Bank harmless from and against any and all responsibility for, and any and all costs, claims, losses or liabilities of any nature (direct or indirect) resulting from any act of omission (or any delay) in response to instructions to the Bank to transfer funds or purchase, sell or otherwise dispose of commodities or securities, together with any and all attendant costs (collectively referred to as “losses”).
- The Bank may charge such fee/service charges for usage / maintenance of the Account, as applicable and any or all of the Facilities provided by the Bank, from time to time, to the Customer and the Customer agrees that the said fees/charges maybe debited by the Bank to the Account. Details of the current applicable fees/charges may be obtained from the Bank, from time to time. The Customer acknowledges its awareness that some ATM/microATM owners or operators of shared networks may impose an additional charge for each use of their ATMs/microATMs/other devices, and any such charge along with other applicable fees/ charges will be debited to the Account. Any government charges, duties or taxes payable as a result of any use of any of the Facilities shall, if imposed upon the Bank (either directly or indirectly), be debited to the Account.
- The Customer also authorizes the Bank to deduct from the Account, any expenses the Bank may incur in collecting money the Customer owes to the Bank in connection with any Facilities (including, without limitation, legal expenses and fees). The charges/fees may be revised by the Bank, at the Bank’s absolute discretion from time to time without giving any prior notice to the Customer. The Bank may debit the Account with the full amount of costs, charges, fees and penalties payable for services rendered by the Bank whether in respect of the Account or otherwise.
Recording: The Customer agrees, consents and understands that the Bank, may at its discretion, video tape or record on camera the Customer’s access/ presence/ use of the Bank’s premises/ machines/ equipment or record on tape any oral/ telephonic (by using the Phone Banking facility) instructions or communication with the Customer whether initiated by the Bank or the Customer. All records maintained by the Bank, in electronic or documentary form of transactions pertaining to the Account (including usage of the ATM/Debit Card) and such other details (including, but, not limited to payments made or received), and all camera/video and / or audio recordings made as mentioned above, shall, as against the Customer, be deemed to be conclusive evidence of such instructions and other details. The entries in the Bank’s books (including Website logging/ SMS / Other Mobile responses from the Customer’s designated mobile number/ transaction records stored in tables or as web or application logs) kept in the ordinary course of business of the Bank with regard to all or any of the matters contained herein shall be binding on the Customer.
Force Majeure: The Bank shall not be liable for any losses caused by its inability or delay in providing all or any service or Facilities or fulfilling any of the Bank’s obligations hereunder, either wholly or in part, caused by or in connection with any force majeure events including, but not limited to, restrictions on convertibility, transferability, requisitions, involuntary transfers, riot, disturbance, strikes, lock-outs, bandhs, war, civil strife, burglary, theft, dacoity, accident, technical fault including problems related to computers, accessories, software, printers, fax machines, internet, telephone system and such related hardware or software faults beyond the control of the Bank, breach of trust by any authorized persons, flood, fire, earthquake, act of God, act of any government, change in regulation or law and other allied acts of regulatory or statutory nature or if the performance of such obligation or provision of such service would result in the breach of any Law, Regulation or other requirement of any governmental or other authority or on account of any other restriction or requisition or other circumstances or events whatsoever beyond the control of the Bank and the Bank shall not be obliged to provide any service or Facilities or perform any of its obligations hereunder during the period while the Bank’s performance is affected by force majeure conditions. The Bank shall not be responsible for any loss or damage caused to the Customer by reason of any failure to comply with the Customer instructions, when such failure is caused due to reasons beyond the control of the Bank, the opinion of the Bank being final in this regard.
Governing Law: The laws of India will govern these Terms and Conditions and the same shall be subject to the exclusive jurisdiction of the courts at the location in India at which the relevant branch of the Bank, which maintains the Account, is located. The Customer agrees that for any suit, action or other proceeding required to be taken in respect of these, the same shall be instituted by it and tried in the courts at the location in India at which the relevant branch of the Bank, which maintains the Account and/or the relationship, it being the intention of parties to select the courts in such location in India, exclusively by exercising their right of forum selection.
- The Bank enables its customers’ to register complaints through multiple channels. The various channels available to customers are as follows:
- Customer Care: Customers can contact our Banker on Call over the phone for redressal of issues. Customer Service Number are published on our Website.
- Branch: Customer can speak to the branch officials for resolution of their issues or register their grievances at the branch.
- Bank’s Website: Customers to whom Internet Banking facility has been extended can log in to online account and register a complaint via a complaints form. A duly registered service request (SR) number would be shared with the Customer via email and sms to acknowledge the receipt of complaint.
- Escalation of complaints: The Bank believes in providing transparent and efficient services to our Customers at all times. However, if a Customer is not satisfied with the timelines of response or the resolution provided through the channels listed above, the Customer can escalate the grievance to the next level, as per the escalation matrix available at the Website.
- Principal Nodal officer:
If the Customer’s issue is not resolved even after contacting various complaint resolution channels, he/she can write to the Nodal Officer at:
The Nodal Officer
IDFC FIRST Bank Ltd
P.O. Box - 17
Or send e-mail to: PNO@idfcbank.com
- Escalation to the Regulator:
In case the Customer is not satisfied with the response from the Bank, Customers will be provided the option of approaching the Banking Ombudsman (BO). The details of BO are made available at the branches and also on the Bank’s Website.
Miscellaneous: The Customer unconditionally agrees that:
- The Customer shall not hold the Bank liable on account of the Bank acting in good faith on any instructions given by the Customer or on account of delay or inability on the part of the Bank to act immediately or at all on any of the Customer’s instructions.
- In following any instructions with regard to any of the Facilities, the Bank will be doing so on a best-effort basis.
- The Bank may in its discretion and, from time to time, charge for any or all of the Facilities, wholly or in part.
- In case the Account has joint signatories, each authorised to operate the Account individually, the Bank may act on instructions from either/any one of the signatories, subject to there not being any conflict between the signatories concerning such instructions prior to the Bank acting on the same.
- The Bank may rely on the authority of each Authorised Signatory designated (in a form acceptable to the Bank) by the Customer or on a Customer’s mandate to send communications (as hereinafter defined) until the Bank has received written notice or other notice acceptable to it of any change from a duly authorized person and the Bank has had a reasonable time to act (after which time it may rely on the change).
- An Account may be opened on behalf of a Minor by his natural guardian or by a guardian appointed by a court of Competent Jurisdiction. The guardian shall represent the Minor in all transactions of any description in the above Account until the said Minor attains majority. Upon the Minor attaining majority, the right of the guardian to operate the account shall cease. The guardian agrees to indemnify the Bank against the claim of above Minor for any withdrawal/transactions made by him in the Minor's Account.
- An Account in the name of a minor shall be converted into a normal individual Account upon the minor attaining the age of majority and the right of the guardian, if any, to operate the Account shall cease forthwith. Minors above the age of 10 years with self-operated account are not covered under this.
- The Customer shall provide to the Bank such documentation for this purpose, as may be required by the Bank. At least fifteen (15) days prior to the minor becoming a major (as per the records of the Bank), the Bank shall send a communication seeking documentation to effect conversion of the Account from a minor Account to a normal individual Account. Failure to provide such documentation in a timely manner may result in operations on the Account being blocked until such time that the required documentation is provided to the satisfaction of the Bank.
- Accounts on which an attachment order or other legal notice from any authority or individual prohibiting operation of the Account is received by the Bank will be blocked and no further operation will be allowed until the prohibition order is removed. The Bank shall endeavor to inform the Customer about any such order or notice, however the Bank shall not be bound to do so.
- The Bank may, at its sole discretion, decide not to carry out any instructions where the Bank has reason to believe (the decision of the Bank shall not be questioned or disputed by the Customer) that the instructions are not genuine or are otherwise improper or unclear or raise a doubt. If the Bank receives any process, summons, order, injunction, execution, distraint, levy, lien, information or notice, which the Bank, in good faith, believes calls into question the Customer’s ability, or the ability of someone purporting to be authorized by the Customer, to transact any business, the Bank may, at the Bank’s option and without liability to the Customer and/or such other person, decline to allow transactions or may take any other steps required by applicable law.
- Transactions initiated will be completed only if the amount of funds available in the Account is sufficient to meet the transaction amount in full, including any applicable charges/fees, etc. The amount of each completed transaction will be immediately deducted from the Account. The Customer will not hold the Bank liable in case of improper/fraudulent/unauthorized/ duplicate/erroneous use of the confidential codes and/ or the materials supplied by the Bank to the Customer.
- Nothing contained herein shall require the Bank to violate any Law or Regulation related to transfer of funds or other transactions.
- In the event, the Customer does not want to receive any marketing/solicitation calls from the Bank, the Customer can register themselves in the Bank’s Do Not Call Registry (DNCR), by calling the 24 hour Phone Banking facility or through the Bank’s Website.
- The Customer hereby understands:
- Only numbers registered with the Bank shall not be considered for telemarketing offers for products offered by the Bank in India. The Bank shall not be liable or responsible for any calls made on a number not registered with the Bank.
- Any subsequent change in the telephone numbers would need re-registration with the Bank.
- Registration with the Bank shall not limit calls from the Bank on account of Account/Card maintenances, Alerts on transactions, Recovery calls etc.
- It will take thirty (30) Working Days for any registration of any mobile number with the Bank.
- Notwithstanding any registration on a Do Not Disturb Registry, the Customer hereby understands and agrees that the Bank and all such third parties as duly authorised by the Bank shall be authorised to contact/get in touch with the Customer for purposes of administering or servicing (other than marketing/sale) of any of the Bank’s products/ services availed of by the Customer.
- The Customer is fully aware that the bank sends SMS alerts to customers on all account / card related transactions promptly on the mobile number shared at the time of account opening / updated subsequently and any failure to update contact information with the bank may result in any financial loss in case of misuse of cards.