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Terms and Conditions - Definitions and interpretation

In these Terms and Conditions, unless the context otherwise requires,

  1. Words importing the plural shall include the singular and vice-versa;
  2. References to masculine gender shall include references to feminine and third gender;
  3. An "authorisation" includes an authorisation, consent, clearance, approval, permission, resolution, license, exemption, filing and registration;
  4. The headings in these Terms and Conditions are inserted for convenience of reference only and are to be ignored in construing and interpreting the Terms and Conditions;
  5. “Account” shall mean all existing, new and future Savings Account, Current Account or Term/Fixed Deposit Account opened by the Customer with the Bank on acceptance of these Terms and Conditions and would be a domestic liability account offered by Bank, as more particularly described in the Account opening documents;
  6. “Affiliate” means, with respect to any party, any person which, directly or indirectly, (a) controls such party, (b) is controlled by such party, (c) is under common control with such party;
  7. “ATM” means any automated teller machine whether of the Bank’s or a shared network, at which, amongst other things, the Customer can use the ATM Card issued to perform Account Transactions;
  8. "ATM/DEBIT Card" means the Debit Card issued by the Bank to the Holder, which, either in conjunction with the PIN/ One Time Password and/or Aadhaar based Biometric authentication or on authentication of the Customer’s signature, will allow the Holder to perform Account Transactions;
  9. “Authorised Signatory(ies)” means the person(s) appointed by the Customer for the purpose of giving instructions to the Bank on behalf of the Customer;
  10. “Authority” means any competent regulatory, prosecuting, tax or governmental authority, court or tribunal, in any jurisdiction, domestic or foreign;
  11. “Bank” or “IDFC FIRST Bank” shall mean IDFC FIRST Bank Limited, a company registered under the Companies Act, 2013 and a Banking Company within the meaning of the Banking Regulation Act, 1949 having its Registered Office at KRM Tower, 8th Floor, No: 1, Harrington Road, Chetpet, Chennai – 600031;
  12. “Current Account” means a form of demand deposit where from withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and shall also be deemed to include other deposit accounts which are neither Savings Deposit nor Term Deposit;
  13. “Confidential Information” means information relating to the Customer, a related party, a Affiliate or their respective representatives received by the Bank or its Affiliates and its respective representatives in the course of providing the Facilities to the Customer, including Customer Personal Data, Customer’s Account details, transactional information, and any other information either designated by the Customer as confidential at the time of disclosure or that a reasonable person would consider to be of a confidential or proprietary in nature;
  14. “Customer” refers to the person or person(s) (i) whose details are more particularly set out in the Account opening documents, (ii) in whose name the Accounts(s) with the Bank are existing, may be opened (changed) now/any time in future; (iii) to whom the Facilities are made available; (iv) the ATM/Debit Card holder, wherever applicable, and includes both singular and plural, for purposes of reference to joint account holders, individually and collectively. The word 'Customer" includes juristic persons, partnership firm, association of persons, HUF (Hindu Undivided Family), company, co-operative society, charitable society or trust, including a government or political subdivision or an agency or instrumentality thereof having an Account with the Bank;
  15. “Customer Affiliate” means any entity, present or future, that directly or indirectly controls or is controlled by the Customer;
  16. “Customer Personal Data” means personal data received by IDFC FIRST Bank from the Customer, Customer Affiliates or their respective representatives in the course of providing Accounts and Facilities to the Customer. Customer Personal Data may include names, contact details, identification and verification information, voiceprints, bank account and transactional information, to the extent that these amount to personal data under applicable local law;
  17. “IBA” means the Indian Banks’ Association;
  18. “IDRBT” means the Institute for Development & Research in Banking Technology;
  19. "Internet Banking" refers to the Internet Banking facility offered by the Bank to the Customer including but not limited to services such as enquiry about balance in the Account, details about transactions in the Account(s), statement of Account(s), transfer of funds and any other service as the Bank may decide to provide from time to time through the internet. The availability/non-availability of a particular service shall be communicated to the Customer through electronic-mail, the Website or in writing as may be deemed fit by the Bank. Such Internet Banking may be provided by the Bank directly or through its associates or contracted service providers;
  20. “Law or Regulation” includes any constitution, statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation, or any published, directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of signing/submission of the application form or thereafter and each as amended from time to time;
  21. “microATM” means a portable device that is compliant to IBA, NPCI, UIDAI, IDRBT, Government and RBI microATM standards which allows the Customer to perform transactions into the Account viz. deposit, withdraw, transfer funds, enquire balance using Aadhaar as an identifier and biometric authentication mechanism and/or PIN based authentication in an assisted manner;
  22. “NPCI” means National Payments Corporation of India;
  23. “Payment Infrastructure Provider” means a third party that forms part of the global payment system infrastructure, including without limitation communications, clearing or payment systems, intermediary banks and correspondent banks;
  24. “Reserve Bank of India/RBI” means the Reserve Bank of India established under the Reserve Bank of India Act, 1934;
  25. “Savings Account” means a form of demand deposit which is a deposit account whether designated “Savings Account”, “Savings Bank Account”, “Savings Deposit Account” or other account by whatever name called which is subject to the restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the bank during any specified period;
  26. “Schedule of Charges” means the fee/charges prescribed by the Bank in respect of the Facilities provided/to be provided by the Bank, as amended from time to time as available on the Website;
  27. “UIDAI” means Unique Identification Authority of India;
  28. “Term Deposit/Fixed Deposit” means a deposit received by the Bank for a fixed period and which is withdrawable only after the expiry of the said fixed period or in case of premature withdrawal subject to recovery of interest already paid or the penalty, if any, in accordance with prevailing regulations of the Bank and RBI and shall also include deposits such as Recurring/ Cumulative/ Annuity/ Reinvestment deposits, Cash Certificates, and so on;
  29. “Third Party Service Provider” means a third party selected by the Bank to provide services to it and who is not a Payment Infrastructure Provider;
  30. “Website or Website” shall mean the website bearing URL(s) the content of which is owned and controlled by the Bank;
  31. “Working Day” shall mean any day the Bank is open for business as well as for the purposes of payment, settlement and clearing not including Sunday and public holidays, in any city where the Bank has a branch.