General
The terms and conditions in this Customer Account Agreement (the "Agreement") apply to customers who open an account with ICICI Bank, New York Branch (referred to hereinafter as the "New York Branch," the "Branch," "ICICI," or simply as "we" or "us." For references of a more general nature - intended to include the head office of ICICI Bank, a bank organized under the laws of India - the term "ICICI Bank" will be used. Customers of the Branch may also be referred to in this Agreement as "customers" or as "you," "your" and "yours". By completing an application to open an account at the Branch you acknowledge and accept the terms of this Agreement.
This agreement describes certain deposit accounts and some related services of ICICI Bank Limited, New York Branch, located at 500 Fifth Avenue, New York, NY, whether through ICICI's website, by telephone, in person or otherwise. The accounts and services described in this Agreement are available only to qualified customers ("Qualified Customers"). Qualified customers include individuals who have made initial deposits of more than $ 250,000 with the Branch and business entities and individuals from whom the Branch is allowed to accept deposits of less than $250,000 in accordance with federal regulations for a non-FDIC insured branch.
There may be specific conditions applicable to particular accounts and those special conditions may be described herein or in special documents or schedules relating to particular products. In the event that any special conditions set forth in relation to any particular account differ from these general conditions, then those special conditions will apply. Subject to any applicable legal or regulatory requirements, the Branch may discontinue any account or service at any time without notice.
The New York Branch is entitled at its sole discretion to accept or reject applications to open an account in accordance with the terms of this Agreement. This Agreement and any related schedules and documents containing terms and conditions relating to fees or to particular products that may be offered from time to time by the New York Branch, are referred to herein as the "Account Documents." Such Account Documents form the contract between you and the New York Branch and will apply to all accounts and transactions and other activities provided in connection with the banking services of the New York Branch.
If you make use of any of the banking services provided by the New York Branch from time to time, such use will constitute your acknowledgement that you have received and read the Account Documents applicable to you and your account. It will also mean that you have agreed to the terms and conditions set forth herein and therein. You further acknowledge that the Account Documents are applicable to all accounts that you might have with the New York Branch from time to time. Further, you understand that you must make all payments referenced in the Account Documents in money which is legal tender at the time of payment.
A. Binding Contract
When you open or keep open a deposit account with the New York Branch, you agree to the terms and conditions described in this Agreement. Our deposit relationship with you is that of debtor and creditor. This Agreement and the deposit relationship do not create a fiduciary or special relationship between us.
This Agreement and the related account opening documents and disclosures provided to you are part of the binding contract setting forth the terms and conditions of your deposit account relationship with ICICI. A current copy of this Agreement is provided to you when you open an account. Thereafter, you may consult the Branch website, which will post a current copy of the Agreement.
B. Amendments to
Agreement
Subject to applicable law, this Agreement and any related documents may be amended by ICICI from time to time. In the event that a change requires that notice be provided to you, it will be provided in accordance with the "Notices" section of this Agreement.
C. Fees and Charges
Subject to applicable law, the Branch may deduct fees, overdrafts and other amounts you owe us under this Agreement from your account or accounts with us. We may make these deductions at any time without prior notice to you. If there are not enough funds in your account to cover the amounts you owe us, we may overdraw your account. You agree to pay immediately all amounts you owe us.
A schedule of fees that may be applicable to deposit accounts and other products made available to you will be provided to you separately or posted on our website. Such fees are subject to change and are part of the binding contract between you and ICICI. We will provide notice to you of any changes in fees as required by applicable law. Further, you agree to pay all service charges that apply to any account or transaction maintained or requested by you, in accordance with the applicable schedule of fees. The New York Branch may charge such fees to your account at the time you incur them or if such fees are not paid when due.
D. Closing an
Account
You or we may close your account at any time without advance notice, except that we may require you to give us seven days advance notice when you intend to close your interest-bearing checking account by withdrawing your funds. You or we may close your time deposit account at maturity without advance notice. If your account reaches a zero
E. Access to
Accounts
The Account Documents relate only to accounts and transactions with the New York Branch. You acknowledge and agree that the New York Branch may restrict your access to your account or accounts and to any other banking service provided through the New York Branch at any time subject to your compliance with such procedures and/or requirements as may be stipulated by the New York Branch for such services (including, without limitation, a requirement to furnish additional information and/or documentation). You may obtain further information about any such requirements and procedures by contacting the New York Branch.
You may appoint an attorney or other representative or committee to act for you in respect of an account with the New York Branch. However, the New York Branch may refuse to honor any transaction requested by such attorney, representative or committee if their appointment has not been made according to the established procedures of the New York Branch. The New York Branch will describe these procedures to you upon your written request.
At its discretion, and at the present time or in the future, the New York Branch may provide additional means or facilities for access to accounts, products and services offered by the New York Branch. You acknowledge that you will only have access to those accounts and services of the New York Branch for which you have met the requirements of the respective terms and conditions. If you wish to have access to additional services provided by the New York Branch, you agree to provide such additional information or documentation as may be requested by the New York Branch. Details and additional information on such requirements and procedures may be obtained by contacting the New York Branch.
Customer Information
A. Information Provided to the
Branch
When you open a deposit account with us, we will treat any information that we receive from you as part of your account record. We will verify the information in accordance with the Branch's know-your-customer and customer identification program requirements. If you notify us of a change in your information, it may take us a reasonable time to reflect the new information on applicable Branch records.
We may obtain information about your ownership structure or identity, credit history and other banking history from one or more credit reporting/rating agency, other banks or any other source. We will use this information in conjunction with your request to open or modify the terms of a deposit account being submitted by you for which you will be authorized signers. We will communicate to you if the information in the credit report results in a decision to either disallow your signing authority on the account or disallow opening the account.
All U.S. financial institutions are required by applicable laws, to obtain, verify and record information that identifies each customer who opens an account with that financial institution. You may be required to provide certain information to ensure that the Branch is able to meet its regulatory obligations under the USA PATRIOT ACT.
Such information includes your name, address, taxpayer or other government identification number and copies of such organization documents and proof of good standing as the Branch may require in accordance with the requirements of 31 C.F.R. § 103.122(g).
The Branch is required by law to adopt and follow a privacy policy with respect to certain information that it may receive about you. As described more fully in the statement on our privacy policy, you agree that we may share information that we have about you and your accounts with our affiliates, unless you tell us not to share certain information with our affiliates. We will provide a copy of our privacy policy to you when you open an account. For our current privacy practices and a statement of our privacy policy, please go to our website at www.icicibankusa.com. The Branch's policy on handling customer information is described in the privacy policy.
For customers who have opened their checking account with us in India: you agree to provide us with the necessary document(s) like I94, SSN, and such other documents as may be required by us, to verify and record information of your identity within 60 days of landing in the United States, to activate your account. If you fail to provide us the required documents within 60 days then your account will remain deactivated and we will reserve the right to freeze your account within 30 days on expiry of the said period.
B. Updated or New Information about
Customers
The Branch reserves the right to put a hold on your account in order to verify any updated or new personal or business information, as the case may be, that you may provide with respect to your account or accounts with the New York Branch. The Branch also has the right to request such supporting documentation or information as it deems necessary or appropriate to confirm such updated or new personal or business information. The Branch reserves the right to maintain the hold on my account or accounts until such updated or new personal or business information can be confirmed.
C. Use of
Credit Reports
Copies of customer credit reports may be requested by the Branch under certain circumstances. We may make any inquiries that we consider appropriate to help us determine if we should open, maintain or close your account. This may include verification of employment and credit reports or other reports from account information services and credit reporting agencies.
If you ask, we will tell you whether we have requested a credit report and, if we did request a report, we will tell you the name, address and telephone number of the reporting agency.
D. Telephone Calls
We may from time to time subject to applicable laws, record or monitor telephone calls between you and us.
E. Information Security
We have adopted reasonable security measures for each method by which you can obtain information about your account, but we cannot ensure against unauthorized inquiries. We do not accept responsibility for the release of information to anyone who has learned your identifying characteristics such as Personal Identification Number (PIN), account number or social security number, even if you have not authorized them to obtain the information.
Certain Types of Accounts
A. Joint Accounts
A joint account is an account where more than one person has title to an account. All persons whose names appear on a joint account are co-owners of the account, regardless of whose money is deposited or who makes the deposits. We may rely on the instructions of any co-owner without liability to any other co-owner.
Each co-owner is jointly and severally liable to us for: all fees and charges assessed against the account; all amounts owed to us on the account, such as overdrafts; and all costs, losses or liabilities related to this Agreement or the account.
All funds received by the Branch from or for any co-owner may be credited to the joint account. The Branch may also endorse any bills of exchange or other instruments received from any co-owner of an account.
If the signature card for a joint account designates a joint account as "either to sign," then the Branch may honor a check or other withdrawal from the joint account that has been signed by any co-owner. If the signature card designates a joint account as "both to sign," then the Branch may honor a check or other withdrawal from the joint account only if the check or other withdrawal has been signed by both co-owners.
The Branch may stop payment on a check, instrument or other item drawn on a joint account when either co-owner issues a stop payment order.
With respect to survivorship, each owner of a joint account is deemed to assign and transfer to both co-owners jointly, and the survivor or survivors of the co-owners jointly, all funds now or in the future on deposit in the joint account. All funds will continue to be the joint property of both co-owners, with the right of survivorship. The death of either one of the co-owners will not affect the right of the survivor to withdraw any funds on deposit in the joint account.
B. Accounts for
the Benefit of Others
The New York Branch is not required to recognize anyone other than you as having any interest in your account, except joint account owners when an account is designated as a "joint account." For example, if by your request, the New York Branch opens an account in your name, but uses "in trust" or "as nominee" or some similar designation, whether or not it is for a specified third party, the New York Branch will only accept instructions for that account from you. The New York Branch is not obligated to obtain permission from any other person.
C. Business Accounts
A "business account" is an account where the owner is a corporation, limited liability company, limited liability partnership, partnership, sole proprietorship or other business entity holding an account in any capacity other than an individual capacity. We have the right to require that any person signing account-opening or other account documents is duly authorized to so.
D. Checking AccountsWe offer a variety of personal and business checking accounts including interest-bearing checking accounts (NOW accounts) and non-interest bearing accounts.
E. Interest
Bearing Checking Accounts (NOW Accounts)
The interest-bearing checking accounts proposed to be offered by the Branch are classified as NOW accounts (Negotiable Order of Withdrawal) and are transaction accounts allowing the bank to pay interest on balances. As per federal law, interest-bearing checking accounts are available only to individual sole proprietorships, non-profits and government entities. The Branch reserves the right to require a specified minimum notice period before withdrawal of funds is permitted. The New York Branch proposes to offer NOW Accounts and reserves the right to require at least seven days' written notice prior to withdrawal or transfer of any funds in the account at its discretion. During the notice period, the Branch will not be liable for any dishonored checks and may, in its discretion, restrict other debits to the account.
Interest rates paid on NOW Accounts may be either fixed or linked to an underlying benchmark in accordance with Regulation DD. Currently, with respect to fixed rate interest-bearing checking accounts, the Branch compounds interest daily. The Branch uses the daily-balance method to calculate interest, with the daily rate being 1/365 (or 1/366 in a leap year) of the interest rate.
F.
Demand Deposit Accounts
The Branch will offer non-interest-bearing demand deposit accounts which may be used as checking accounts.
G.
Time Deposit Accounts
Time deposit accounts (Certificates Of Deposit) may be offered by the Branch on such terms and conditions as the Branch may determine from time to time.
H. Terms of Time
Deposits
Different interest rates - fixed or variable may apply to different amounts of funds on deposit and rates are subject to change at any time. Early withdrawal penalties may be applicable. Time deposits will renew automatically unless otherwise stated by the Branch; a grace period may be allowed by the Branch for making any contractual changes. During the grace period, the Branch may choose not to pay interest if funds are withdrawn or the account is not renewed. Customers will be notified prior to the maturity of their time deposits. All Certificates Of Deposit are non-negotiable and non-transferable. Interest rates on variable rate time deposits are subject to change and customers will be notified of applicable changes 30 days in advance or in accordance with such other notice period as may be required by law. The Branch will credit interest on time deposits at maturity or at other intervals depending on the type of time deposit held by the customer.
I. Savings Accounts
If you open a savings account with us, you may make only six pre-authorized withdrawals (including, but not limited to, withdrawals made by ACH, telephone, the Internet or wire) from your regular savings account or six pre-authorized withdrawals (no more than three of which may be by check or similar order payable to a third party) from your money-market deposit savings account monthly for purposes of making a payment to a third party. We are not considered a third party for purposes of this limitation where the transfers are for purposes of repaying loans and associated expenses. This limit does not apply to ATM withdrawals. (12 C.F.R. 204.3(d)(2)).
Please see Appendix D for further information and certain required disclosures.
J. Tax Issues
In accordance with federal regulations, the Branch is required to obtain taxpayer identification numbers and appropriate tax payment undertakings from customers. If you do not provide the Branch with your taxpayer identification number, the Branch will be required to withhold a portion of the amount of interest to be paid on a time deposit each time the interest is credited. In accordance with Internal Revenue Service regulations, interest earned on a deposit account may be reported in a combined year-end statement.
We are not rendering any Tax advisory services to the customer; it is the sole responsibility of the customer to meet his/her tax obligation as required by the US law.
K. Correspondent Account
Services
ICICI has entered into an agreement (the "Correspondent Services Agreement") with BONY to provide clearing, wire transfer and other services with respect to the customer accounts and banking services referenced herein. By signing this Agreement, you acknowledge and agree to be bound by such terms of the Correspondent Services Agreement as may directly or indirectly affect the provision of banking services to you.
You further agree that the New York Branch may present and deliver instruments for payment, clearing, collection, acceptance or otherwise through BONY or through any bank or other party as the Branch deems appropriate. BONY or such other bank or party shall be deemed to be your agent and the New York Branch will not, in any circumstance, be responsible or liable to you by reason of such service or by reason of the loss, theft, destruction or delayed delivery of any instrument while in transit to or from, or in the possession of BONY or such other bank or party. If the New York Branch or its agent presents an instrument to BONY or another financial institution for payment on your behalf and the other financial institution refuses to recognize or provide payment on that instrument for whatever reason, you will remain responsible for the amount of that instrument deposited with the New York Branch.
L. Electronic
Services and Notices
Some or all of the banking services referenced herein may, at the discretion of the Branch, be provided through (a) access to a website owned, established and maintained by ICICI Bank, acting through the Branch; (b) telephonic communication systems, including at the discretion of the Branch, key pay-initiated communications and/or interactive voice response systems; (c) electronic communications by automated teller machines ("ATMs") and direct payment point-of-sale terminals; or (d) other devices or equipment which ICICI may designate from time to time for direct banking access. The Branch's website is the website owned, established and maintained by ICICI Bank located at the URL
http://www.icicibankusa.com/ or such other website as may be designated from time to time as the Branch's website. You agree to follow such instructions as may be given by the Branch with respect to such electronic services and agree that your use thereof shall be governed by the terms and conditions set forth in this Agreement.
The Electronic Signatures in Global and National Commerce Act (the "E-Sign Act") permits certain disclosures and statements to be delivered electronically, notwithstanding any other law that might require a written disclosure, provided that the consumer consents to such disclosure in accordance with the requirements of the E-Sign Act.
The E-Sign Act requires that before consumers can consent to electronic notices or disclosures they must receive certain clear and conspicuous disclosure. These pre-consent disclosures include information on any right or option to have the notice provided in a non-electronic form, the effect of the withdrawal of consent for electronic disclosures, the scope of the consent, [now consumers can obtain a paper copy of a record or notice after consent is given (and any associated fees)] and the hardware and software requirements for access and retention of the electronic disclosures.
Further, the E-Sign Act requires that consumers must express their consent electronically, or confirm their consent electronically, in a manner that reasonably demonstrates that the consumer will be able to access required notices or disclosures electronically. Finally, the E-Sign Act requires that if, after consent is provided, a change is made in the hardware or software requirements needed to access or retain the electronic disclosures and the change creates a material risk that the consumer will not be able to access or retain an electronic disclosure that was the subject of the prior consent, the consumer must be provided with an appropriate notice of the change and must re-consent electronically in a manner that reasonably demonstrates the consumer's ability to access the electronic notice or disclosure.
M. Foreign Currency
Transactions
You agree to obtain all necessary approvals for any foreign currency transaction and agree that the Branch's performance of its obligations is at all times subject to compliance in such manner as the Branch may think fit with any exchange control or other restrictions or rules in force at the time of, or otherwise affecting, such transaction.
N. Debit
Cards
If you have been issued a debit card, you should note the disclosures set forth at Appendix B.
O. Remittance Transit
Account
As a service to its customers, the Branch offers a remittance transit account (a "Remittance Transit Account"). A customer wishing to transmit funds to beneficiaries who may be individuals or businesses located in India or other countries may deposit funds in a Remittance Transit Account. A Remittance Transit Account may be funded by checks or drafts drawn on banks located in the United States, wire transfers, ACH funds or funds transfers from existing ICICI accounts. Subject to applicable provisions of the Branch's BSA/AML policy and OFAC screening, funds in a Remittance Transit Account will be sent to beneficiaries in accordance with a customer's instructions. No interest will be paid on funds held in a Remittance Transit Account and, if no remittance instructions are received from a customer as to the proper disposition of such funds within 10 days, the funds will be returned to the customer.
Other Account Features
A. Overdraft and Insufficient
Funds
At its discretion, the Branch may offer overdraft protection for a fee.
B. Check Cards, Codes and other Access
Services
If the Branch provides a check card, code or other device to provide access to an account, it is the customer's obligation to use such card, code or device only in the manner and for the purpose it has been provided.
If you have been issued a check card, code or access device which requires you to provide us with a written or oral request for validation, you should note the disclosures set forth at Appendix H.
C. Internet
Banking Services
If you choose to avail of the Internet Banking Services of the Branch, whether in relation to a personal or business purpose, you agree to be bound by the terms and conditions provided in Appendix F and Appendix G, respectively.
Funds Transfer Services
The Branch has entered into a correspondent banking relationship with BONY to provide wire transfer services to Branch customers. All wire transfers initiated at the Branch will be subject to the terms of the Branch's correspondent services agreement with BONY and to applicable provisions of Regulation CC pertaining to availability of funds.
We may charge fees for sending or receiving a wire transfer. We may deduct our fees from your account or from the amount of the transfer. For current fees, please see the appropriate schedule of fees posted on the Branch's website.
If you choose to avail of the Funds Transfer Services of the Branch, whether in relation to a personal or business purpose, you agree to be bound by the terms and conditions provided in Appendix J.
A.
Fedwire
Fedwire is the electronic funds transfer system of the U.S. Federal Reserve banks. When you send a payment order or receive a funds transfer, certain banks involved in the funds transfer (including BONY) may use Fedwire. If any part of a funds transfer is carried out by Fedwire, certain rights and obligations of parties to the transfer are governed by Regulation J of the U.S. Federal Reserve Board.
B.
Sending Payment Orders
We may select any
intermediary bank, funds transfer system or means of
transmittal to send your payment orders. Our selection may
differ from that indicated in your instructions.
C. Cutoff Times for Payment
Orders
The Branch has established certain cut-off times for processing payment orders. We may treat payment orders we receive after a cut-off time as if received the next business day. We tell you our cut-off times upon request.
D. Amending or
Canceling Payment Orders
If you decide to cancel a payment order after it is received by the Branch, Branch personnel will make a reasonable effort to follow your instructions. However, the Branch cannot accept any responsibility or liability if a payment order is not canceled. The customer is responsible for any costs, losses or damages incurred by the Branch in connection with a request to cancel a payment or order.
E. Notice of Rejection
We may reject payment orders. We notify you of any rejection orally, electronically or in writing. If we send written notices by mail, we do so by the end of the next business day.
We are not liable to you for the rejection or obligated to pay you interest for the period before you receive timely notice of rejection.
F. Payment Order Questions or
Errors
Your account statement will contain information about payment orders made at your request. In some cases, we also may notify you electronically or in writing. You must notify us at once if you think a funds transfer shown on your statement or notice is incorrect. We also have obligations to provide certain error resolution disclosures to you. If your account is one to or from which electronic transfers can be made, we must deliver to you at least once a year an error resolution notice substantially in the form set forth in Appendix C. Alternatively, we may provide an abbreviated notice substantially similar to the form set forth in Appendix C on or with each periodic statement that we provide to you.
G.
Receipt of Funds Transfers
When the Branch receives instructions to pay funds to your account, the Branch will notify you by listing the item or items on your account statement.
H. ACH Debits
and Credits
From time to time, you may receive Automated Clearing House ("ACH") credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association ("NACHA") operating rules and any local ACH operating rules then in effect.
Statements and Notices
A. Statements
We provide you with a statement when there is activity on your checking or time deposit account. When there is no activity on your account, we may choose not to provide a statement. You must promptly review all statements we provide to you and any accompanying items and notify us immediately of any dispute, error or other problem. We mail your statement to you at the address we have in our records for your account or we may provide statements to you electronically. You agree to notify us if you change your address. If one or more statements we mail to you are returned to us, we may stop sending statements until a new address is provided to us. We may destroy statements that are sent to you and returned to us as being undeliverable, along with any accompanying checks and other items. We are not responsible for checks or statements lost while not in our possession.
B. Notices
The Branch will inform you of changes affecting your rights and obligations by providing a notice to you or by posting an appropriate general notice on the Branch's website. We may include a notice with or on your account statement. For accounts with more than one owner, we may send notices to any one co-owner. A notice sent to any one owner is effective for all.
The New York Branch may provide any notice or other communication required or permitted to be given under this Agreement by mail, telephone, e-mail, fax, website posting or any other physical or electronic means, or by means of any press release, advertisement or other media notices.
Unless otherwise specified in this Agreement, you may provide the New York Branch with notice by mail, e-mail, fax or telephone, at the following address:
ICICI Bank Limited
New York Branch
500 Fifth Avenue, 28th Floor,
New York, NY 10110
Telephone: 1 866 ICICI 4U (1 866 424 2448)
Fax: (646)-827-8435
E-mail: usbranch@icicibank.com
Unless specified otherwise in this Agreement, if notice is provided by ordinary mail, the intended recipient will be deemed to have received the notice on the date that is five (5) business days following the date on which the notice was mailed.
In all other cases, the intended recipient will be deemed to have received the notice on the date the notice was sent.
Withdrawal of Funds
A. Your Ability To Withdraw
Funds
As more fully described in the Funds Availability Disclosure Statement set forth at Appendix A hereto, the Bank's policy is to make the funds from your deposits available to you according to a schedule which is based on where the check is drawn and where the deposit is made. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 p.m. local time, or such later time as may be posted on a business day that the Branch is open, we consider that day to be the day of your deposit. However, if you make a deposit after such time, or on a day when the Branch is not open, we consider that the deposit was made on the next business day the Branch is open. For specific information on funds availability, refer to Appendix A.
B.
Limits on Cash Withdrawals
As more fully described in Appendix A, it is the Branch's policy to limit certain cash withdrawals. In general, $ 100 of a deposit is available for withdrawal in cash or by similar means no later than the first business day after the day of deposit.
C. Other Limits on Withdrawals and
Fund Transfers
Subject to any applicable notice requirements referenced below and in Appendix A, the Branch reserves the right to limit the scope of withdrawals and funds transfers. Transactions and/or withdrawals may be limited in dollar amounts or otherwise as may be determined by the Branch with or without notice to you in accordance with applicable law and the provisions of Section XII. (O) (Amendments and Changes) of this Agreement.
D. No Waiver of Rights
When we make funds available to you, we are not waiving any rights that we may have under this Agreement or under applicable laws.
E. Insufficient
Funds
You are required to ensure that there are sufficient funds for transactions in any account held at the New York Branch. You agree that the Branch will not be responsible for any consequences arising out of the Branch's failure to carry out transactions due to insufficient funds in your account; provided, however, that the Branch is entitled, at its sole discretion, to carry out transactions, notwithstanding such insufficient funds and without seeking your prior approval or providing notice to you, and you will be responsible for repayment with interest any resulting overdraft, credit or advance thereby created, together with all related costs and charges.
Further, the New York Branch reserves the right at any time to withdraw its provision of any overdraft, credit or advance service with respect to any account, if at any time the amount of deposit falls short of the required minimum balance and/or if any service charges remain unpaid, without giving any notice to you and without incurring any liability or responsibility whatsoever by reason of such withdrawal.
F. Other Delays, Restrictions and
Adjustments
Subject to the requirements of applicable law, the New York Branch reserves the right to hold the proceeds of any check, electronic or other transfer of funds to your account and to defer your right to withdraw funds. The New York Branch also reserves the right to refuse to accept a deposit to an account. You acknowledge that the New York Branch may restrict access to your account or refuse to release funds, if the New York Branch determines that it is required to do so or if it determines that there is unusual or suspicious activity in any account. The New York Branch may adjust a deposit to an account at any time if a check, instrument or other item is dishonored or not paid for any reason whatsoever. You agree to waive presentment for payment, notice of dishonor, protest and notice of protest on all checks, instruments and other items requiring such action.
Check 21 Issues
A new federal law commonly referred to as "Check 21" applies to deposit accounts that are held by persons identified in the applicable law as "consumers". The law relates to substitute checks that may be used by banks to replace original checks under certain circumstances. Further information with respect to Check 21 is set forth in Appendix A hereto.
Notices to New York Branch
The Branch understands that its customers have an important responsibility to prevent wrongful use of accounts. If you should find a discrepancy between your records and your account statement, you should contact us immediately, particularly if you suspect any unauthorized activity in your account. If you fail to notify the Branch in a timely manner as described below of a problem, your rights may be limited.
You agree that 60 days after the Branch sends a statement or notice of a particular item (or otherwise makes them available) is the maximum reasonable amount of time for you to review your statement or items and report any problem or unauthorized transaction related to a matter shown on the statement or items. You therefore acknowledge your responsibility to notify the New York Branch, in writing, of any omissions, errors or objections to any account statement or transaction record within 60 days from the date of such statement or transaction. If you do not notify the Branch as required herein, the Branch is entitled to treat account statements and transaction records as complete, current and binding on you and the Branch shall be released from all claims by you in respect of such account statements and transaction records. If any dispute regarding any account or transaction should arise, you agree that the Branch's records will be admissible records in any legal proceeding for the purpose of evidencing your liability with respect to such account statement or transaction record.
You should also notify us promptly of any change in your address. If we receive notice from the United States Post Office or one of its agents that your address has changed, we may change your address on our records to the address specified by the Post Office and we may send statements and notices regarding your account to that new address.
Certain Other Terms and Conditions of
Deposits
A. Accepting
Items for Deposit
The Branch may refuse, accept for collection only, or return all or any part of a deposit. When it receives checks or other items for deposit or collection, the Branch is acting as your collection agent and assumes no responsibility beyond the exercise of reasonable care; the Branch is not responsible for errors made by others.
B. Provisional
Credit of Deposits
When the Branch receives your deposits, it may provisionally credit an account for the amount declared on the deposit slip, subject to verification. If the Branch determines later that amounts declared on the deposit slip are incorrect, it may make the appropriate debt or credit adjustments.
C.
Endorsements
The Branch expects its customers to endorse checks properly. Checks must be endorsed in the area that extends 1½ inch from the bottom edge of the back of the check. If a customer's endorsement obscures the endorsement of the Branch, the customer will be liable for any checks that are returned late and unpaid.
D. Non-U.S. Checks or
Drafts
The Branch may refuse to accept for deposit or collection a check, draft or other item that is payable in a foreign currency or that is drawn on a bank or a branch outside the United States. If the Branch accepts such a foreign instrument for deposit or collection, the customer agrees to bear all the risks associated with the collection process and exchange rate risk.
E. Reversals and Mistakes
If funds to which a customer is not entitled are deposited to a customer's account by mistake, the Branch may deduct those funds from the account.
F. Use of Account as
Collateral
You agree that for so long as you have any outstanding debt or loan owed to the New York Branch, you may not give anyone (other than the New York Branch) a security interest in any funds in an account, whether by assignment, hypothecation, transfer or otherwise..
Processing
Transactions
Transactions that you request are not effective until they have been processed by the Branch and, to the extent applicable, by BONY.
A. Check Legends and
Endorsements
We are not liable to you for any claims, costs, losses or damages that result from the placement of restrictive endorsements or notations on your checks, or from our disregarding them.
B. Order of Check or Item
Processing
We may accept, pay, certify, or charge to the appropriate account checks and other items in any order we choose.
C. Authentication
of Signatures
The Branch may use the signature card or a check or other document upon which your signature appears in order to determine whether a signature is authentic.
Miscellaneous Provisions
A. Business Days
Our business days are Monday through Friday, excluding bank holidays. We may switch from one business day to the next business day before the end of the calendar day. Hours of the business day of the Branch are available at the Branch and may be posted on the Branch website.
B. Check and Deposit Slip
Forms
The Branch expects its customers to be responsible for verifying the accuracy of all information on checks and other forms. Our liability, if any, for any printing errors on checks or other forms obtained through us is limited to the cost of replacing the forms. The Branch will not accept liability of any kind with respect to fraudulent activity in your account related to blank checks that you order or obtain from anyone other than the Branch's approved vendor. You are required to obtain your blank check forms from the Branch's approved vendor, currently Harland Clarke. The Branch may impose a fee, which will be set forth on the fee schedule posted on the Branch website, for such blank checks.
C.
Recordkeeping
We will keep copies or electronic records of each check that we post to your account in accordance with recordkeeping requirements applicable to the Branch.
D. Death or
Incompetence
You agree to notify us promptly if any owner or authorized signer on your account dies or is declared incompetent by a court. We may place a hold on your account and refuse to accept deposits or permit withdrawals when an owner dies or is declared incompetent. We may hold any funds in your account until we know the identity of the successor.
E. Limitation
of Liability
ICICI will be under no obligation to confirm the actual identity of any user of any electronic identification in connection with access to any account or with respect to any transaction requested from, or initiated or executed by, the Branch. ICICI will not be liable for any unauthorized transactions occurring in a customer's account and you agree to hold ICICI harmless in accordance with the indemnification section set forth below.
ICICI may cancel or restrict your access to banking services without notice. Under no circumstances will ICICI be liable if banking services are not available to you for reasons including, but not limited to, natural calamities, legal restraints, faults in telecommunications systems or any other reason beyond the control of the Branch. Illegal or improper use of banking services will make you liable for payment of financial claims and charges as determined by the Branch and may result in suspension of your access to banking services.
Neither the New York Branch nor its affiliates (including ICICI Bank and any entity under the control of, or under common control with ICICI Bank) will be liable for any unauthorized transactions occurring on your account and you hereby fully indemnify and hold the New York Branch and its affiliates harmless against any action, suit or proceeding initiated against any of them or any loss, cost or damage incurred by any of them as a result thereof. Illegal or improper use of your account will render you liable for payment of financial charges as decided by the New York Branch and may result in the suspension of your account.
You agree that under no circumstance will the New York Branch be liable for any special, indirect, incidental, punitive or consequential damages, even if the New York Branch had been advised of the same, and under no circumstances will the Branch's aggregate liability for claims relating to your account, whether for negligence or otherwise, exceed the transaction charges/fees or consideration paid by you to the New York Branch within the preceding twelve (12) months, such amount excluding any sums deposited and/or transferred into or out of your account.
F.
Indemnity
In consideration of ICICI providing you with banking services, you will, at your own expense, fully indemnify and hold ICICI harmless against all losses and expenditures that ICICI or its officers, directors, employees, representatives, agents or affiliates, as the case may be, incur, sustain, suffer or are likely to suffer in connection with ICICI's execution of your instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing a banking service or for any action taken or omitted to be taken by ICICI or its officers, directors, employees, representatives or agents at your request. You agree to pay ICICI such amount as may be determined by ICICI to be sufficient to indemnify it against any such loss or expense even though they may not have arisen or are contingent in nature.
Further, you agree, at your own expense, to indemnify, defend and hold harmless, ICICI, its directors, officers, employees, representatives or agents to the extent that such claim, suit, action or other proceeding brought against ICICI, its directors, officers, employees, representatives or agents is based on or arises in connection with the use of banking services with reference to: (i) your violation of the terms of any documents relating to banking services; (ii) your unauthorized use of any banking service provided by ICICI; (iii) any misrepresentation or breach of representation or warranty made by you relating to banking services; and (iv) any breach of any covenant or obligation to be performed by you. You agree to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys' fees and costs awarded against you or otherwise incurred by or in connection with or arising from any such claim, suit, action or proceeding attributable to any such claim.
You undertake and agree to indemnify fully the Branch against all present and future stamp duties, taxes (but excluding taxation on the Branch's profits), levies, losses (direct or consequential), costs, charges, interest (both before and after judgment) expenses (including all reasonable attorneys' fees) and other liabilities incurred by the Branch as a result of or in connection with the execution, delivery, registration, performance or enforcement of the terms of this Agreement or losses and/or damages which the Branch may incur in giving effect to your instructions, including but not limited to losses, damages, costs, expenses and/or charges arising from:
a. the operation of your account(s) or the provision of services hereunder;
b. any breach of trust or other fiduciary obligation binding on you;
c. acting on instructions or orders purportedly given by you or by a person or persons who purport to have been authorized by you;
d. acting or not acting on the basis of any information or instructions given by you where, in either case, the Branch believes in good faith the information or instructions to be given in breach of any duty imposed on you or in excess of powers vested in you; and
e. exercising the Branch's rights of set-off, consolidation, lien or any other right.
Under no circumstances will ICICI be liable for any damages whatsoever, whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the customer or by any other person.
G. Legal Process
We may accept and act on any legal process that we believe to be valid without any liability by us to you, whether served in person, by mail, by facsimile transmission, or by other means. "Legal process" includes a subpoena, restraining order, injunction, writ of attachment or execution, levy, garnishment, tax withholding order, search warrant, forfeiture or other similar order relating to your account. By signing this Agreement, you acknowledge that you are directing us not to contest the legal process.
H. Right of Setoff
We may generally take funds in your accounts with us that you or others deposit and apply those funds to amounts you owe us. This is commonly referred to as a "set-off." Our set-off rights are different than, and in addition to, other rights we have under this Agreement to deduct from your account, or charge your account for, amounts you owe us. The New York Branch will have the right of setoff and lien, irrespective of any other lien or charge, present as well as future, on the amounts held in your account or accounts, whether in single name or joint name(s), to the extent of all outstanding claims whatsoever, arising as a result of the services extended by the New York Branch to you and/or used by you, without notice to you.
I. Privacy
Policy
You acknowledge that you have received, read and understood the Branch's privacy policy (the "Privacy Policy"). By using the banking services provided to you by the Branch, whether in relation to a personal or business purpose, you agree to be bound by the terms and conditions of the Privacy Policy.
J.
Unclaimed Property
The New York Abandoned Property Law requires us to turn over unclaimed property to the State of New York after a specified period of time. Your account is usually considered abandoned if you have not performed at least one of the following activities for the period of time specified in the relevant provisions of the New York Abandoned Property Law: made a deposit or withdrawal or written to us asking us to keep the account active.
Before we turn over an abandoned account, we may send a notice to the address we currently show for the account statement. If a mail we previously sent to this address was returned, we may not send this notice.
K. Delays,
Waivers and Severability of Provisions
We may delay enforcing our rights under this Agreement without losing them. No delay in enforcing our rights will affect your obligation to pay us fees and other amounts you owe us under this Agreement. If we waive a provision of this Agreement, the waiver applies only in the specific instance in which we decide to waive the provision and not to future situations or other provisions.
L.
Entire Agreement
TThis Agreement and the documents and schedules to which it refers constitute your and our entire agreement and understanding and supersede all prior agreements and understandings. This Agreement may not be changed orally.
M.
Invalidity of Contract Provisions
In the event any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions of this Agreement shall remain in full force and effect.
N.
Applicable Law and Consent to Jurisdiction
The relationship of the Branch with its customers is governed primarily by this Agreement. However, the terms and conditions of this Agreement are also subject to provisions of federal laws of the United States of America that are applicable to federally licensed branches, applicable rules and regulations of the Board of Governors of the Federal Reserve System and the rules and regulations of the Office of the Comptroller of the Currency. To the extent state law applies to your relationship with the Branch, the applicable law is the law of New York.
You agree that any suit, action or proceeding arising out of or relating to this Agreement may be brought in any federal or state court in New York having jurisdiction over the subject matter of any such suit, action or proceeding and you hereby irrevocably and unconditionally submit to the jurisdiction of such courts. You irrevocably waive and agree not to raise any objection you might now or hereafter have to the bringing of any such suit, action or proceeding in any such court, including, without limitation, any objection that the place were such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter. You agree that any judgment or order in any such suit, action or proceeding brought in such a court, shall be conclusive and binding upon you and that you consent to any such judgment or order being recognized and enforced in any court, by a suit, action or proceeding upon such judgment or order, or any other means available for enforcement of judgments or orders, at the option of the New York Branch, provided that service of any required process is effected upon you as permitted by law.
O.
Amendments and Changes
Subject to applicable law, the New York Branch may amend this Agreement. If notice of such amendment is required to be provided to you, the effective date for changes contained in such notice will be the date stated in the notice and, if no date is stated, the changes will take effect 30 days from the date of the notice. If you use an account or have funds on deposit in an account or use any other banking service provided by the Branch after the effective date, it will mean that you have agreed to the change.
P. Dispute
Resolution
Customer complaints will be handled in accordance with the dispute-resolution procedure of the New York Branch. A copy of these procedures may be obtained from the Branch upon written request.
Q. Assignment
You agree that this Agreement is binding on and shall inure to the benefit of my respective successors. You agree not to assign this Agreement.
R. Evidence
Regarding Electronic Communication
You understand and agree that a copy of any electronic communication will be admissible in any legal, administrative or other proceedings as conclusive evidence as to the contents of such communication in the same manner as an original document in writing and you hereby waive any right to object to the introduction of any such copy of electronic communication in evidence.
Terms that Apply to Business
Customers
If you are a business customer of the New York Branch, you agree to appoint up to three individuals, referred to herein as "Authorized Individuals" who will be the only individuals permitted to transact on the account. If and when access is provided to your account using passwords and PINs, you agree to abide by such requirements and instructions as may be provided by the New York Branch at that time. You agree that any such passwords or PINs belonging to Authorized Individuals must be kept confidential between the Authorized Individual and the New York Branch. The Authorized Individual will be solely responsible for the security of his or her password and PIN. The New York Branch cannot ensure confidentiality when cellular phones, e-mail or other non-secure methods of conveying instructions are used, as these may be intercepted by third parties. If an Authorized Individual's password or PIN becomes known for any reason, to any other person, the Authorized Individual must immediately notify the New York Branch. The business customer and/or the Authorized Individual will remain liable for all transactions occurring before such notification to the New York Branch.
![]() |
|
Statement of Disclosure of Availability of Funds
When Funds are Available for Withdrawal
A. Your Ability To Withdraw Funds
The Bank's policy is to make the funds from your deposits available to you, according to a schedule which is based on where the check is drawn and where the deposit is made. For determination of the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 3:00 p.m. local time, or such later time as may be posted on a business day that the Branch is open, we consider that day to be the day of your deposit. However, if you make a deposit after such time, or on a day when we are not open, we consider that the deposit was made on the next business day we are open.
The following chart shows the availability schedule of check deposits, depending on whether they are local, non-local or Govt./Treasury checks and other deposits like cash, electronic direct deposits and funds transfers:
| Deposit Type |
Bank Routing Number |
When Funds are Available |
When Funds are available if
the day of deposit is Monday and assuming no intervening
Federal Holidays. |
| 1. Cash and checks
payable to you drawn on ICICI Bank NY Branch. |
-------- |
Same Day as the date of Deposit |
Monday |
| 2. Funds from electronic direct deposits and funds transfers (wires). |
-------- |
The day the Bank receives the final
credit of the deposit. |
-------- |
| 3.* U.S. Treasury checks that are payable to you.
* State and local Government checks that are payable to you and are deposited in an account in the same jurisdiction that |
Any Routing number (applicable to checks
only) |
First Business day: (a) after the day of
the deposit of checks; or (b) after the banking day on
which we received the electronic payment. |
Tuesday |
| 4. Other Local checks |
0210, 0212,
0214-0216,
0219, 0260,
0280, 2212,
2214-2216,
2219, 2260,
0213, 0220,
0223, 2213,
2220, 2223,
0310, 0311,
0312, 0313,
0319, 0360,
2310, 2311,
2312, 2313,
2319, 2360.
|
1) Lesser of $100 or the aggregate
amount of the checks deposited, on the first business
day after the date of deposit.
2) Balance on the
second business day after the date of deposit. |
1. Tuesday
2. Wednesday |
| 5. All other non-local checks, i.e., other than those in item no.2 |
Routing Numbers other than those in item
no.3 |
1) Lesser of $100 or the aggregate
amount of the checks deposited, on the first business
day after the date of deposit.
2) Balance on the
fifth business day after the date of deposit. |
1. Tuesday
2. Wednesday
|
Until funds are available, according to the chart, you may not withdraw the funds in cash, and the Bank may choose not to use the funds to pay checks you have written or other withdrawals or transfers you have authorized.
B. Special Rules For New
Accounts
If you have been banking with us for 30 days or less, you are considered a new customer and special rules apply to you regarding availability of funds. For the first 30 calendar days after your account has been opened, any check covered by items 4 and 5 of the above chart will be available to you on the seventh business day after the date of deposit.
C. Longer Delays
May Apply
In some other cases we will not make all of the funds that you deposit by check available to you by the above chart. The availability of funds in respect of items 4 and 5 of the chart may be delayed beyond the specified time periods for their normal availability for any of the following reasons:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,000 on any one business day. This exception can also be invoked for deposits covered under item 3 of the chart.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of communications or computer equipment. We should normally be able to make funds available to you for your deposits as per the time frames given in the chart. If we are not able to do so for some reason, we shall advise you:
• Immediately on your placing the deposit, if you placed the deposit in person at our branch counters.
• By mail, one day later, if the same was not done at the time of deposit or if we made the decision soon after you left the premises; or
• If we came to know of handicaps/defects subsequently, by mail one day after our having come to know of such handicaps.
We shall notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available.
D. Other
Provisions of This Agreement
The fact that we make funds available to you does not waive any of our rights under the law or this Agreement. For example, although we made funds from a deposited check available to you and you withdrew the funds, you are still responsible for problems, if any, with the deposit. If the check is returned to us unpaid for any reason, we may charge your
account for the amount of the check.
Substitute Checks and Your
Rights
The following provisions help explain some of your rights under a new federal law commonly referred to as Check 21. This disclosure applies only to accounts held by consumers.
A. What is a
substitute check?
To make check processing faster,
federal law permits banks to replace original checks with
“substitute checks.” These checks are similar in size to
original checks with a slightly reduced image of the front and
back of the original check. The front of a substitute check
states: “This is a legal copy of your check. You can use it
the same way you would use the original check.” You may use a
substitute check as proof of payment just like the original
check.
Some or all of the checks that you receive back
from us may be substitute checks. This notice describes rights
you have when you receive substitute checks from us. The
rights in this notice do not apply to original checks or to
electronic debits to your account. However, you have rights
under law with respect to those transactions.
B. What are my rights regarding
substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other laws.
If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after our receipt of your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after our receipt of your claim. We may reverse the refund (including any interest on the refund) if we are able to demonstrate later that the substitute check was correctly posted to your account.
C. How do I make
a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at the phone number listed on your bank statement, or write to us at:
ICICI Bank Limited, New York Branch
500 Fifth Avenue
28th Floor
New York, NY 10110
You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this period if you were not able to make a timely claim because of extraordinary circumstances.
D. Items
that must be included in a claim:
• A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
• An estimate of the amount of your loss;
• An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
• A copy of the substitute check or the following information to help us identify the substitute checks: the check number, the name of the person to whom you wrote the check, the amount of the check and the date of the check.
Funds Transfer Services
The following provisions apply to funds transfers you send or receive through us, but do not apply to electronic funds transfers governed by Regulation E of the U.S. Federal Reserve Board.
The Uniform Commercial Code includes provisions relating to funds transfers. These provisions define the following terms: funds transfer, payment order and beneficiary. These terms are used here as they are defined in Article 4A of the Uniform Commercial Code - Funds Transfers as adopted by the state whose law applies to the account for which the funds transfer service is provided. In general: A funds transfer is the process of carrying out payment orders that lead to paying a beneficiary. The payment order is the set of instructions given to us to transfer funds. The beneficiary is the person or business who receives the payment.
We may charge fees for sending or receiving a funds transfer. We may deduct our fees from your account or from the amount of the transfer. For current fees, call us at the number for Customer Service on your statement or ask our banking center representative.
E. Fedwire
Fedwire is the electronic funds transfer system of the U.S. Federal Reserve banks. When you send a payment order or receive a funds transfer, we or other banks involved in the funds transfer may use Fedwire. If any part of a funds transfer is carried out by Fedwire, your rights and obligations are governed by Regulation J of the U.S. Federal Reserve Board.
F. Cutoff Times for Payment
Orders
We have cut-off times for processing payment orders. Cut-off times vary depending on the particular office of our bank and the type of payment order. We may treat payment orders we receive after a cut-off time as if received the next business day. We tell you our cut-off times upon request.
G. Amending or
Canceling Payment Orders
You may not amend or cancel a payment order after we receive it. If you ask us to do this, we may make a reasonable effort to act on your request. But we are not liable to you if, for any reason, a payment order is not amended or canceled. You agree to reimburse us for any costs, losses or damages that we incur in connection with your request to amend or cancel a payment order.
H. Inconsistency of Name or
Number
The beneficiary's bank may make payment to the beneficiary based solely on the account or other identifying number, even if the name on the payment order differs from the name on the account. We or an intermediary bank may send a payment order to an intermediary bank or beneficiary's bank solely on the basis of the bank's identifying number, even if the payment order indicates a different bank name.
I. Sending Payment
Orders
We may select any intermediary bank, funds transfer system or means of transmittal to send your payment orders. Our selection may differ from that indicated in your instructions.
J. Notice
of Rejection
We may reject payment orders. We notify you of any rejection orally, electronically or in writing. If we send written notices by mail, we do so by the end of the next business day.
We are not liable to you for the rejection or obligated to pay you interest for the period before you receive timely notice of rejection.
K. Errors or Questions About Your
Payment Orders
We notify you about funds transfers by listing them on your account statement. In some cases, we may also notify you electronically or in writing. You must notify us at once if you think a funds transfer shown on your statement or notice is incorrect.
You must send us written notice, including a statement of relevant facts, no later than 14 days after the date you receive the first notice or statement on which the problem or error appears.
If you fail to notify us within this 14-day period, we are not liable for any loss of interest because of an unauthorized or erroneous debit or because your statement or notice is incorrect. We are not required to compensate you, and we are not required to credit or adjust your account for any loss of interest or interest equivalent.
L. Receiving Funds
Transfers
We may receive instructions to pay funds to your account. We may receive funds transfers directly from the sender, through a funds transfer system or through some other communications system. This includes wire transfers, ACH transfers that may be sent through an ACH system or processed directly to an account with us.
M. Provisional Payment
Rule
Under Automated Clearing House (ACH) rules, funds transfers sent through ACH are provisional and may be revoked prior to final settlement. You agree to these rules.
If the funds transfer is revoked before final settlement, we may charge your account for the amount credited. The person who sent the payment order is considered not to have paid you. If this happens, we do not send a separate notice; we report the information on your account statement.
N. Notice of
Funds Transfer
We notify you that we have received funds transfers by listing them on your account statement. We send statements by mail or electronically. We are not obligated to send you a separate notice of each incoming funds transfer. While we generally do not provide such separate notices, we may do so on occasion, in which case we send the notice within two business days after we credit your account. If you are expecting a funds transfer and want to find out if it has been credited to your account, call us at the number for Customer Service on your statement.
O. Certain Debits and
Credits
From time to time, originators that you authorize may send ACH credits or debits for your account. For each ACH transaction, you agree that the transaction is subject to the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules in effect then. You agree that we may rely on the representations and warranties contained in these operating rules and either credit or debit your account, as instructed by the originator of the ACH transaction.
Processing Transactions – Deposits and
Cashed Items
Transactions that you perform are not
effective until we process them.
A. Cashing Items or Accepting Items
for Deposit
We may accept a check or other item for deposit to your account from anyone. We do not have to question the authority of the person making the deposit. If your account is overdrawn, we may use the deposit to pay the overdraft and any fees you owe us.
We may refuse, accept for collection only, or return all or part of any deposit. We may refuse to accept for deposit to your account items payable to another person. In receiving checks or other items for deposit or collection, we act only as your collecting agent and assume no responsibility beyond the exercise of due care, including care in selecting collecting banks. We are not responsible for errors and delays made by others in the collection process. If we have given you credit for an item and it is not paid for any reason, we may revoke the credit and charge the amount of the item back to your account, even if this causes your account to be overdrawn. When you send us deposits by mail, we may treat them as received at the time we receive actual delivery of the deposits sent by mail.
If we cash, or accept for deposit, a money order, cashier's check or similar item and we later learn that the item is fraudulent, counterfeit or invalid for some reason, we may charge your account for the amount of the item. This may occur even if we had made the funds available to you previously.
B. Deposit Error
Correction
When we receive your deposits, we may provisionally credit your account for the amount declared on the deposit slip, subject to later verification by us. You must ensure that the amount declared on the deposit slip is correct even if you did not prepare the deposit slip. If we determine later that the amounts declared on the deposit slip are incorrect, we may adjust (debit or credit) your account. We report adjustments on your account statement. However, if the error in completing the deposit slip was inadvertent and is less than our standard adjustment amount, we will not adjust the deposit unless you notify us of the error within one year of the date of your periodic statement that shows the deposit.
After this notice period has passed without your bringing an error to our attention, the deposit amount indicated on the statement will be considered finally settled. That is, if the actual amount deposited was less than the amount declared on the deposit slip, the difference will become your property and if the actual amount deposited was more than the amount declared on the deposit slip, the difference will become our property. We may change our standard adjustment amount from time to time without notice to you.
C. Endorsing
Checks
We may accept for deposit checks payable to any signer on your account when endorsed by any other signer. We may endorse checks for you that we receive for deposit.
We restrict both how you endorse checks that you ask us to cash or deposit and what you may place or have preprinted on the back of checks. If you place or imprint information on the back of the check, it may overlap with the area reserved for the banks' endorsements. If it becomes necessary for us to return one of your checks, the material placed on the back of the check may interfere with the bank endorsements and cause delays in returning the item. You agree to reimburse us for all claims, costs, losses and damages that result from late return of a check due to material entered on the back of the check that obscured or interfered with our or another bank's endorsement.
You must endorse checks in the area on the back of the check that extends 11/2 inches from the trailing edge. The trailing edge is the left side of the check when you look at it from the front. If your endorsement obscures our bank's endorsement, you are liable for checks that are returned late and unpaid.
D. Foreign Instruments
The processing and collection of foreign instruments are not subject to United States laws or regulations. We may refuse to accept for deposit or collection a check, draft or other item that is payable in a currency other than U.S. dollars or that is drawn on a bank or a branch of a bank located outside of the United States (a "foreign instrument"). If we accept a foreign instrument for deposit or collection, you bear all the risks associated with the collection process and foreign currency fluctuation (exchange rate risk).
E. Identifying the
Account
You must identify correctly the account to which you want funds deposited. You are responsible for any claim, cost, loss or damage caused by your failure to identify properly the account to which a deposit is made or intended to be made. We may credit an account solely on the basis of the account number listed on the deposit slip or other instruction to credit an account, even if the name on the deposit slip or other instruction differs from the name on the account.
F. Lost
Checks
When we cash a check for you or accept a check for deposit to your account, we are acting as your agent in collecting the check. We are not responsible if the check is lost or delayed in the collection process. If a check is lost during the collection process, we may charge your account for the amount of the check. If the financial institution on which the check is drawn gives us a photocopy of the check or a debit slip representing the check, we may charge your account for the amount of the check.
A lost check may not be returned to us for some time. Despite any delay, we may charge your account when we receive either the returned check, a copy of the check, or a notice of return.
G. Overpayments and
Reversals
If funds to which you are not entitled are deposited in your account by mistake or otherwise, we may deduct these funds from your account. If there are not enough funds in your account, we may overdraw your account and charge an overdraft fee. If the funds were transferred from your account, we may reverse the transfer. We can do this without giving you any prior notice or demand.
H. Returned Items
If a cashed or deposited item is returned to us at any time for any reason, including for any breach of warranty claim, or according to any law, regulation or rule (including a clearinghouse rule), by the bank on which it is drawn or any collecting bank, we may accept that return and charge the item back against your account without regard to whether the other bank finally paid the item or returned the item in accordance with any applicable midnight deadline or clearinghouse rule. We may debit your account for any interest you may have earned provisionally on the item. We may charge you a fee for each returned item. Different fees may apply to domestic and foreign items.
Processing Transactions –
Withdrawals
Transactions that you perform are not
effective until we process them.
A. Check Legends
Some customers order checks printed with legends, or notations, such as "not valid after 60 days" or "not valid over $1,000." We may also receive checks on which conditions or other notations are written. We may disregard these instructions and pay the item even if the condition or other notation has not been met. We are not liable to you for any claims, costs, losses or damages that result from the placement of these restrictions or other notations on your checks, or from our disregarding them.
B.
Check and Item Processing Orders
We may accept, pay, certify, or charge to the appropriate account checks and other items in any order we choose. When you do not have enough funds available in your account to cover all of the checks and other items presented that day, some processing orders may result in more insufficient funds items and more fees than others. We may choose our processing orders at our sole discretion and without notice to you, regardless of whether additional fees may result.
C. Collection Items
When another financial institution submits to us for collection an item drawn on your account, we may charge the other financial institution a fee. When you do not have enough funds in your account for us to process a collection item drawn on your account, we may charge you an overdraft or returned-item fee.
D. Examining
Checks
You agree that automated processing of your checks is reasonable and that you accept responsibility for preventing and reporting forgeries, alterations, and other unauthorized uses of your checks or accounts. You agree that the exercise of ordinary care will not require us to detect forgeries or alterations that could not be detected by a person observing reasonable commercial standards.
Since some types of check fraud have become more difficult to detect, we may elect in some cases to make further inquiries about certain checks or other paper items which are presented for payment against your account. If we are unable to contact you, or take other steps to determine with reasonable certainty that these payments are authorized by you, we may return the checks or other paper items unpaid without any liability by us to you.
E. Foreign Currency
You may not write checks or other withdrawal orders on your account, which order payment in a foreign currency.
F. Paying Checks and Other
Items
We may debit your account for a check or other item drawn on your account either on the day it is presented to us for payment, by electronic or other means, or on the day we receive notice that the item has been deposited for collection at another financial institution - whichever is earlier. If you do not have sufficient funds available to cover the item, we will decide whether to return it or to pay it and overdraw your account.
G. Sample Signature
To determine the authenticity of your signature, we may refer to the signature card or to a check or other document upon which your signature appears. We may use an automated process to reproduce and retain your signature from a check upon which your signature appears. If you create your own checks, or obtain them from someone else, and we cannot verify accurately your signature on a check by comparing it with a check that is posted to your account, you are responsible for any losses that may result from our inability to use that check to verify your signature.
H.
Stale-Dated and Postdated Checks
If a stale-dated check - that is, a check dated more than six months in the past - is presented for payment against your account, we may pay the check and charge it to your account. If a postdated check - a check dated in the future - is presented for payment, we may pay the check and charge it to your account even if it is presented for payment before the date stated on the check. If you do not want us to pay a stale-dated or postdated check, you must place a stop payment order on it.
I. Substitute
Checks
In some cases, we may be sent a substitute check or an image of your check, instead of the original item. We may act upon presentment of a substitute check, or image of your check and pay these items against your account, just as if the original item had been presented.
J. Unpaid Items
If we decide not to pay a check or other item drawn on your account, we may return the original or a copy of the item, or we may send an electronic notice of return and keep either the original or a copy of the item in our records. If we send an electronic notice of return, you agree that any person who receives that electronic notice may use it to make a claim against you to the same extent and with the same effect as if we had returned the original item.
Initial Disclosures for Debit
Cards
A. Liability of
Customer
Your liability for an unauthorized electronic funds transfer or a series of related unauthorized transfers shall be determined as follows:
B. How to Notify Us
You may notify us at the telephone number or address below if you believe that an unauthorized electronic funds transfer has been or may be made using your debit card. Our customer service line at the number below is open 24 hours a day.
Our business hours at the address below are 9 a.m. to 5 p.m. Monday through Friday, except public holidays.
ICICI Bank Ltd.
New York Branch
500, Fifth Avenue, 28th Floor,
New York, NY 10110
Telephone: 1 866 ICICI 4U (1 866 424 2448)
C. Transfer Types
and Limitations
(a) Account access. You may use your card to (i) withdraw cash from your checking account; (ii) transfer funds between your checking and time deposit accounts, as appropriate; (iii) inquire about balances in your account; (iv) pay for purchases at places that have agreed to accept the card; and (v) pay bills directly from your checking account in the amounts, and on the days, you request. (b) Electronic check conversion. You may authorize a merchant or other person to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills. (c) Limitations on withdrawals and transactions. You may make cash withdrawals, not exceeding $750 per day. For security reasons, there may be times when we limit this amount further. You may make point-of-sale transactions in amounts not to exceed $3,000 per day and Internet transactions in amounts not exceeding $1,000 per day or such other authorization limit as we may permit from time to time. For security reasons, there may be times when we limit this amount further. Point-of-sale transactions exceeding this limit may require the merchant to telephone us for approval.
D.
Fees
Fees for transfers from your account using a debit card are set forth in the Schedule of Fees available on our website.
E.
Confidentiality
We will disclose information to third parties about your account or the transfers you make: (a) where it is necessary for completing the transfers; (b) in order to verify the existence and condition of your account to a third party such as a credit bureau or merchant; (c) in order to comply with a Government agency's or courtsorders; or (d) if you give us your written permission.
F. Documentation
A summary of your rights to stop payment of a pre-authorized electronic funds transfer and notices regarding pre-authorized transfers is set forth below:
 |
We will provide a receipt at the time you initiate an electronic funds transfer at an electronic terminal. The receipt will include the following information:
|
|
Periodic Statements. We will send you a periodic statement for each monthly cycle in which an electronic funds transfer has occurred. If no transfer has occurred, we will send a periodic statement at least quarterly. The periodic statement will include the following information, as applicable:
|
|
If pre-authorized electronic funds transfers may be made to your account, we will provide notice of such transfers to you by providing oral or written notice of the transfer within two business days or by providing a readily available telephone line that you may call to determine whether the transfer has occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement. |
|
Pre-authorized electronic funds transfers from your account may occur only upon your written authorization.
|
|
You may stop payment of a pre-authorized electronic funds transfer from your account by notifying us at least three days before the scheduled date of the transfer. We may require that you give us written confirmation of a stop-payment order within 14 days of an oral notification. |
|
When a pre-authorized electronic funds transfer from your account will vary in amount from the previous transfer under the same authorization or from the pre-authorized amount, we will send you a written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer. |
G. Stop Payment
If we fail to make or to stop certain transfers in accordance with your properly authorized request, we may be liable to you in accordance with the provisions of Section 910 of the Electronic Fund Transfer Act (15 U.S.C. § 1693 et seq.).
H. Error
Resolution
In cases of errors or questions about your electronic funds transfers, telephone us at 1 (866) 424 2448, write us at ICICI Bank Limited, New York Branch, 500, Fifth Avenue, 28th Floor, New York, NY 10110 or e-mail us at usbranch@icicibank.com as soon as you can, if you think your statement is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you within 60 days after we send the first statement on which the problem or error appeared. Tell us your name and account number, describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days after we hear from you and we will correct the error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days with the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. For errors involving new accounts, point-of- sale or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account with the amount you think is in error. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
I. ATM Fees
A fee may be imposed by an automated teller machine operator when you initiate an electronic funds transfer or make a balance inquiry. Such a fee may also be imposed by any network used to complete the transactions.
J. Liability
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance, (a) if, through no fault of ours, you do not have enough money in your account to make the transfer; (b) if the automated teller machine where you are making the transfer does not have enough cash; (c) if the terminal was not working properly and you knew about the breakdown when you started the transfer; (d) if circumstances beyond our control (such as fire or flood) prevent the transfer, despite our having taken reasonable precautions; or (e) there are other exceptions as stated in our agreement with you.
Form of Annual Error Resolution
Notice
This notice is provided to you in accordance with certain requirements set forth at 12 C.F.R. 205.7(b)(10) and 12 C.F.R. 205.8(b), and Appendix A 3 to 12 C.F.R. 205.
In cases of errors or questions about your electronic transfers, telephone us at 1 (866) 424 2448 or write us at ICICI Bank Limited, New York Branch, 500 Fifth Avenue, New York, NY 10110 or e-mail us at usbranch@icicibank.com as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the first statement in which the problem or error appeared. You must: (1) Tell us your name and account number (if any); (2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and (3) Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days with the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. As an alternative to providing an annual error-resolution notice substantially in the form above, we may provide the following notice on periodic statements that we may provide to you:
:In cases of errors or questions about your electronic transfers, telephone us at 1 (866) 424-2448 or write us at ICICI Bank Limited, New York Branch, 500 Fifth Avenue, New York, NY 10110 as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the first statement in which the error or problem appeared: (1) Tell us your name and account number (if any); (2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and (3) Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account with the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation.
Certain Disclosures for Savings
Accounts
The following disclosures apply to all New York Branch deposit accounts, unless noted otherwise: The Fee and Rate Schedule, separately set forth, is incorporated in and is part of these Truth-in-Savings disclosures.
A. Rate Information
The interest rates and Annual Percentage Yields (APY) on your accounts are set forth in the Fee and Rate Schedule in our website. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account on the basis of the interest rate and frequency of compounding for an annual period. The stated Annual Percentage Yield assumes that the interest on the deposit remains. Withdrawals and fees charged to your account could reduce actual earnings. The interest rate and Annual Percentage Yield for all accounts may change at any time at the discretion of the New York Branch.
B. Compounding
and Crediting
Interest will be compounded monthly and credited monthly. The interest period begins on the first calendar day of the month and ends on the last calendar day of the month.
C. Accrual of
Interest
Interest begins to accrue on cash deposits on the business day you make the deposit to your account. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
D. Balance
Information
The minimum balance required to open each account is set forth in the online product pages. The minimum balance required to avoid a service fee or obtain the stated Annual Percentage Yield for the interest period is set forth in the Fee and Rate Schedule. The actual balance of each account is based on the closing balance each day. The average balance for each account is based on the closing balance each day divided by the number of days in the month. Interest is calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.
E. Account
Limitations
|
For each savings or money-market deposit account, transaction limitations will apply. No more than six pre-authorized, automatic or telephone transfers may be made from these accounts to another account of yours or to a third party in any month and no more than three of these six transfers may be made by check, draft or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or may be closed. |
|
i.If you exceed the limitations indicated in sub-clause (1) above, a letter will be sent to you informing about the regulation and applicable charges/fees;
|
|
i.If you continue to violate the limitation after a letter sent to you under sub-clause (ii) above, we reserve the right to freeze your account and take appropriate steps to either close the account or reclassify the account as a Checking Account. |
Certain Terms and Conditions for Remittance
Transit Accounts
|
If you provide a check as payment for remittances to be made through your Remittance Transit Account, you authorize the Branch to use information from your check to make a one-time electronic funds transfer from your account.
|
|
The initial disclosures set forth at Appendix B are applicable to the Remittance Trust Account.
|
|
The Privacy Notice as provided to you separately is applicable to the Remittance Transit Account. The Privacy Notice is also available on our website at http://www.icicicbankusa.com/ |
|
The Annual Error-Resolution Notice set forth at Appendix C is applicable to the Remittance Transit Account. |
Corporate Internet Banking Terms and Conditions
Introduction
These Terms and
Conditions apply to the use by you, the customer, of the
internet banking service provided by us, ICICI Bank Limited,
New York Branch (“ICICI Bank”). The Terms and Conditions for
Internet Banking, together with the Customer Account Agreement
Terms and Conditions and all account opening forms, are a
contract between you and us. Please read these Terms and
Conditions carefully.
Your request to add your Accounts (as
defined below) to our internet banking service and your use of
the internet banking service will indicate your acceptance of
these Terms and Conditions.
The Accounts you may access
through our internet banking service have their own Terms and
Conditions. These Terms and Conditions for Internet Banking
have to be read along with the product specific Terms and
Conditions.
You should print out a copy of these Terms and
Conditions for your records.
1. Definitions
The following words and phrases shall have the meanings as
set out below unless the context indicates
otherwise:
"Account or Accounts" means any
checking, certificate of deposit or saving bank account(s) or
any other account(s) opened and maintained with ICICI Bank in
respect of which ICICI Bank allows transactions to be
performed online through internet banking.
“User
ID" means an identification number issued to you and
to be used to access the Service.
"Password" refers to 8 digits numbers, which you will use to
obtain access to your Account(s) at ICICI
Bank.
"Service" means the internet banking
service offered by us to you through which you may access
information relating to the Account(s) you hold with us. The
Service may be provided by us or through our affiliates or
non-affiliated third-party service
providers.
"Terms and Conditions" means
the Terms and Conditions (as amended from time to time) which
apply to the use of the Service.
"you" means the holder of an Account who is authorized to
use the Service.
"Website" refers to the
website owned, established and maintained by us located at the
URL http://www.icicibankusa.com/ for the purpose of internet banking, or such other website as
ICICI Bank may designate from time to time.
"we,
us, our or Bank" refers to ICICI
Bank Limited, New York Branch, a branch of an Indian bank duly
licensed under the federal laws of the United States of
America, having an office at 500 Fifth Avenue, New York 10110
(“ICICI Bank”).
"Business Day" means a day
on which banks in New York are generally open for business,
excluding Saturdays, Sundays and public holidays.
2. Eligibility
2.1 You are
eligible to use this Service if:
• You have an existing
User ID and you have completed an Internet Banking Application
Form.
• If you do not have an existing User ID you will be
eligible for one once you have opened an Account and completed
an Internet Banking Application form.
3. Your duties
3.1 To access
the Service you need to have legal and valid access to the
internet.
3.2 We will issue a User ID and Password to you.
You will be prompted to change your password on your initial
visit. Passwords must be changed every 90 days. The new
Password must not be the same as the previous 10 Passwords
used. We may ask you to change your Password within that
period. If you are not using your Account for a period of 90
days then your password will be locked. If you are not using
your Account for a period of 365 days then your password will
expire. You authorize us to follow any instructions entered
through the Service using your User ID and Password. If you
are unable to log on after five attempts then your Password
will be disabled. You agree to keep the User ID and Password
secure and secret at all times and to take steps to prevent
unauthorized use of them, including the following:
• never,
in writing or otherwise, recording the Password in a way that
can be understood by someone else;
• never revealing the
Password or User ID to someone else including our staff;
•
destroying any advice from us concerning your Password
immediately after receipt;
• avoiding using a Password that
may be easy to guess;
• not recording the Password or User
ID on any software which retains it automatically;
•
keeping the User ID in a safe place at all times; and
•
treating emails you receive with caution and being wary of
emails or calls asking you to reveal any personal security
details. We will never contact you to ask you to reveal your
User ID or Password.
3.3 Once you have logged on to the
Service, you must not leave the terminal or other device from
which the Service has been accessed at any time or let anyone
else use it until the Service has been logged off. You will be
responsible for ensuring that you have logged off the Service
at the end of any session.
3.4 You will, on logging in, be
shown the date and time of the last successful and
unsuccessful log-in attempts. You must tell us immediately of
any unauthorized access to the Service or instruction which
you know or suspect or if you suspect that someone else knows
their Password. You may contact our ICICI Bank Limited, New
York Branch or write to usbranch@icicibank.com Calls may be
recorded or monitored. You must also change your Password
immediately to the one you have not used before. You must
assist us and the police in our efforts to recover any losses.
We may disclose information about you or your Account to the
police or other necessary third parties if we think it will
help prevent or recover losses.
3.5 You are responsible for
obtaining, installing, maintaining and operating all necessary
hardware, software, and internet access necessary for
performing the Services. We will not be responsible for
failures from malfunctions or failure of your hardware,
software or any internet access services.
3.6 You are only
allowed to print, copy, download or temporarily store extracts
from our Website for your own information or when you use the
Services. You shall not attempt to de-compile
reverse-engineer, translate, convert, adapt, alter, modify,
enhance, add to, delete or in any way tamper with, or gain
illegal or unauthorized access to, any part of the Services or
any software comprised in them.
3.7 You agree not to use
any language that is abusive, harassing, libelous, defamatory,
obscene, or threatening when choosing your Password.
3.8
You shall ensure that the Service or any related service is
not used for any purpose which is illegal, improper or which
is not authorized under these Terms and
Conditions.
4.
Unauthorized Access
4.1 You shall take all
reasonable precautions to prevent unauthorized or illegal use
of the Service. We shall take all necessary steps to ensure
the security of and to prevent unauthorized access to the
Service.
4.2 You will be responsible for all losses
including without limitation, the loss of confidential
information relating to the transactions carried out in your
Account(s) or information about the Account balance, if you
have acted without reasonable care, so as to facilitate the
unauthorized transaction, or if you have acted fraudulently.
For the purposes of this condition, acting without reasonable
care may include failure to observe any of the duties referred
to above. Once you have notified us of any unauthorized access
to the Service or that you suspect that a Password is known to
an unauthorized third party, you will not be responsible for
any unauthorized instructions carried out after we have had
reasonable time to suspend the Service in respect of your
Account(s) unless we can show that you have acted without
reasonable care or fraudulently.
5. Internet Banking
Password
You have the option at any time to change
your Password online and we recommend that you do this on a
regular basis. If you forget your Password please send us a
written request at ICICI Bank Limited, New York Branch which
must be signed by you or write to us at
usbranch@icicibank.com
6. Internet Banking
Records
6.1 With this Service you will be able to
view your Account(s) which will include the following
Services:
• Mini-statements that will reflect last 10
transactions on the Account.
• Online Statement Details for
periods up to 12 months.
• Information about real time
balances of your accounts, such as Unclear Balance and
Available Balance.
6.2 Download Account statements for
period up to 12 months in Excel, Text or Word format.
6.3
The information provided to you through the Service is not
updated continuously but at regular intervals. Consequently,
any information supplied to you through the Service is correct
at the date and time it was last updated which is not
necessarily at the date and time it is supplied to you. We
shall not be liable for any loss that you may suffer by
relying on or acting on such information.
6.4 We may keep
records of the transactions in either electronic or paper form
and will retain such records in accordance with applicable
banking regulations. In the event of any dispute, our records
shall be conclusive evidence of the transactions carried out
through the Service in the absence of clear proof that our
records are wrong or incomplete.
7. Internet Banking
Transaction(s)
7.1 With this Service you will be
able to initiate transactions from your Account(s) which will
include the following Services:
• Making Internal fund
transfers within your own accounts with ICICI Bank, New York
Branch
• Making external funds transfers from your own
account with ICICI Bank, New York Branch to your own account
in a non- ICICI Bank within the US through ACH
• Making
funds transfers from your ICICI Bank, New York Branch account
to your account or third party accounts with ICICI Bank
India
• Receive money from your non- ICICI Bank account in
US into your checking or savings account with ICICI Bank New
York Branch
• Schedule future dated and recurring
transfers
• Modify future dated or recurring transfers
•
Make certain bill payments
8. Transactions and
Limits
Transactions may be limited in dollar amounts
or otherwise as ICICI Bank may determine and ICICI Bank may
change these limits in accordance with these Terms and
Conditions.
9.
Charges
9.1 ICICI Bank reserves the right to charge
appropriate fees for providing Services and you agree to pay
such fees.
9.2 You authorize ICICI Bank to recover such
fees and service charges by debiting your Accounts or by
sending an invoice to you and requiring you to make the
payment within the period specified on the invoice. Failure to
do so may result in the imposition of penalties and/or late
fees, together with applicable interest, if any, and/or
suspension of your internet banking privileges with ICICI
Bank.
9.3 You further agree that you will pay the service
charges of any third party, including other financial
institutions that are imposed as a result of any Services you
request. ICICI Bank will have no liability whatsoever for such
third party services charges.
9.4 You agree to pay all
other applicable charges required to be paid in respect of the
Internet Banking services and you shall reimburse ICICI Bank
for any such payment made on your behalf or for your benefit
by ICICI Bank.
9.5 Your obligation to pay ICICI Bank any
fees or charges payable for internet banking Services provided
to you and all outstanding monies shall survive the
termination of these Terms & Conditions or the
deactivation or revocation of the Internet Banking
services.
10.
Instructions
10.1 All instructions relating to any
Service must be given by you through a valid internet
connection.
10.2 You are responsible for the accuracy and
authenticity of any instructions that you provide to
us.
10.3 If we consider an instruction to be inconsistent
or contradictory we may seek clarification from you before
acting on it.
10.4 We will make reasonable efforts to
modify, not process or delay the processing of any instruction
when you request us to do so, but we will not be liable for
any failure to comply with your request unless it is due to
our failure to make reasonable efforts to do so.
10.5 We
are not under any duty to assess the prudence or correctness
of any instruction you give to us.
10.6 We may suspend the
Service for any reason, such as maintenance or if we have
reason to believe that your instructions will lead or expose
us to direct or indirect loss. We may request an indemnity
from you before continuing to operate the Service in such
circumstances.
10.7 A transaction being carried out is not
always simultaneous with an instruction being given. Some
instructions may take time to process and may only be
processed during normal banking hours even though the Service
may be accessible outside such hours.
10.8 Not all Accounts
may be accessed under the Service. We will provide you with
details of whether or not you can access the Service on the
Account you subscribe to when you become our
customer.
11. Liability
of the user and ICICI Bank
11.1 The use of the
Website is at your sole risk.
11.2 We shall endeavor to
carry out your instructions promptly; however, we shall not be
responsible for any loss or damage suffered due to delay or
failure in carrying out the instructions due to any reason
whatsoever beyond our reasonable control, including failure of
operational systems or any requirement of law.
11.3 We will
use reasonable efforts to inform you without undue delay
through the Service and/or the Website if any service is not
available.
11.4 We are not liable to you for any loss or
damage caused by any failure, delay or other shortcoming of
any third party with whom you have accounts, or when such
third party is executing our instructions to them.
11.5 We
do not warrant that access to the Website, the Service and any
information provided shall be uninterrupted, timely, secure,
or error free nor do we make any warranty as to the results
that may be obtained from the Website or use, accuracy or
reliability of the Service.
11.6 We are not responsible for
any loss of or damage to your data, software, computer,
telecommunications or other equipment caused by you or any
other third party using the Service.
12. Disputes with Billers
If
the User pays bills or purchases goods or services from a
merchant (a "Biller"), ICICI Bank is not responsible for any
problems or disputes that might arise between the User and the
Biller. The User is responsible for complying with all
policies and procedures imposed by Biller, including payment
requirements.
13.
Indemnity
You agree to indemnify us fully against
all losses and damage incurred by us arising from your
instructions.
14.
Disclosure of Information
Details of how we can
process your information may be found in your Account opening
form(s) and terms and conditions applicable to each
Account.
15. Change of
Terms
15.1 We may inform you of any change in these
Terms and Conditions by mail.
15.2 We will provide you a
paper copy of the new terms and conditions or a summary of any
modified changes by regular mail.
15.3 You can also opt for
an electronic copy of the modified Terms and Conditions by
writing to us at ICICI Bank Limited, New York Branch, 500
Fifth Avenue, 28th Floor, New York, NY 10110 or calling us at
1 (866) 424 2448 or visiting ICICI Bank Limited, New York
Branch.
16.
Transferability
The grant of the Service to you is
not transferable under any circumstance and shall be used only
by you.
17. Termination
of the Service
17.1 You may terminate your use of
the Service at any time by giving 15 days' written notice to
us. Termination shall take effect at the end of the fifteenth
day after you have given notice to us. You will remain
responsible for any transactions made through the Service
until such termination takes effect.
17.2 We may withdraw
or terminate the Service at any time either entirely or with
reference to a specific service.
18. Viruses
Due to the
nature of the Service, we will not be responsible for any loss
or damage to your data, software, computer, telecommunications
or other equipment caused by you using the Service unless such
loss or damage is caused solely or directly by our negligence
or deliberate default.
19. Governing Law
These
Terms and Conditions shall be governed by and construed in
accordance with the laws of State of New York and any dispute
arising under or in connection with these Terms and Conditions
shall be subject to the exclusive jurisdiction of the Federal
or state courts located in the State of New York, to which
each of us irrevocably submits.
20. Applicability to Future
Accounts
If you open any additional Accounts in the
future, you may opt to extend the Service to those Accounts,
in which case these Terms and Conditions shall apply to such
Accounts.
21. Proprietary
Rights
We shall inform you, from time to time, about
any internet software which may be required to use the
Service. There is no obligation on our part to support all or
any versions of the internet software. The software underlying
the Service as well as other internet related software which
is required to access the Service is the legal property of the
respective vendors. The permission given by us to access the
Service does not convey any proprietary or ownership rights in
such software. You shall not attempt to modify, translate,
disassemble, decompile or reverse engineer the software
underlying the Service or create any derivative product based
on the software.
22.
Copyrights, Trademarks and Copying Materials
22.1
"ICICI" and our logo are our registered trademarks.
22.2 We
have a license for, or own all copyrights for the Website
through which you access the Service and all trademarks and
other materials used on it.
23. Availability
As a result
of weekly maintenance the Website will not be available during
specified times which will be noted online.
24. Complaints
24.1 The
provision of the Service in the United States is subject to
regulation by the Office of the Comptroller of the Currency
(OCC).
24.2 If you wish to lodge a complaint, please notify
us in writing, by telephone or by e-mail. You can lodge a
complaint at our ICICI Bank Limited, New York Branch or e-mail
us at usbranch@icicibank.com. You can also call us at 1 (866)
424 2448
24.3 We will provide you with a reference number
as soon as possible after we receive your Complaint. We will
respond to your complaint as soon as possible.
25. Miscellaneous
These
Terms and Conditions are part of the Customer Account
Agreement and are subject to the general provisions, terms and
conditions set forth therein, including, as applicable,
provisions of Appendices A through K. These Terms and
Conditions are subject to such applicable rules and
regulations as may be issued from time to time by the OCC.
These Terms and Conditions are subject to change from time to
time. Fees relating to the Service may be imposed and charged
from time to time, as set forth in the schedule of fees
separately provided to you or posted on our website and
amended from time to time. The Service is not covered by FDIC
insurance and is available only to Qualified Customers. The
Service is available only where permitted under applicable
federal and state laws and is intended only for Qualified
Customers of the New York Branch. Provision of the Service is
subject to all applicable funds availability, disclosure,
notice and privacy rules and regulations described in the
Customer Account Agreement.
![]() |
|
Terms and Conditions for Corporate Internet
Banking
Introduction
These Terms and Conditions apply to the use by you, the Customer, of the Corporate Internet Banking service provided by us, ICICI Bank Limited, New York Branch (the "Bank"). These Terms and Conditions, together with the Customer Account Agreement Terms and Conditions and all account opening forms, are a contract between you and us and have been agreed to by you and the Bank. Please read these Terms and Conditions carefully.
Your request to add your Accounts (as defined below) to our Corporate Internet Banking service and your use of that service are additional evidence of your acceptance of these Terms and Conditions.
The Accounts you may access through our Corporate Internet Banking service have their own terms and conditions. If there is a difference, these Terms and Conditions will prevail.
You should print out a copy of these Terms and Conditions for your records.
1.
Definitions
The following words and phrases shall have the meanings as
set out below unless the context indicates
otherwise:
"Account or Accounts" means any corporate bank account(s) opened and maintained with the Bank in respect of which the Bank allows transactions to be performed online through its Corporate Internet Banking service.
"Corporate ID" means an identification number issued to you and to be used to access the Service along with the Password.
"Password" rrefers to an eight digit number which you will use to obtain access to your Account(s) at the Bank.
"Service" means the Corporate Internet Banking service offered by us to you through which you may access information relating to the Account(s) you hold with the Bank. The Service may be provided by us or through our associates or contracted service providers.
"Terms and Conditions" means these terms and conditions (as amended from time to time) which apply to the use of the Service.
"User" means a person authorized by you to access the Account(s) through the Service.
"User ID" means the identification provided for each User of the Service to enable access to your Accounts.
"You" means the Customer which is the holder of an Account and is authorized to use the Service.
"Website" efers to the website owned, established and maintained by the Bank located at the URL http://www.icicibankusa.com/ http://www.icicibankusa.com/ for the purpose of Corporate Internet Banking or such other website as the Bank may designate from time to time.
"We, us, our or Bank" refers to ICICI Bank Limited, New York Branch, a branch of an Indian bank duly licensed under the laws of the United States of America, having an office at 500 Fifth Avenue, 28th Floor, New York 10110.
"Business Day" means a day on which banks in New York are open for business, excluding Saturdays, Sundays and public holidays.
2. Eligibility
2.1 You are
eligible to use this Service if:
• You have an existing Corporate ID and you have completed a Corporate Internet Banking Application Form; or
• If you do not have an existing Corporate ID, you will be eligible for one once you have opened an Account and completed a Corporate Internet Banking Application Form.
3. Your duties
3.1 To access the Service you need to have access to the Internet.
3.2 We will issue to each User a User ID and Password. You will be prompted to change your Password on your initial visit. Your Password must be changed every 90 days. The new Password must not be the same as the previous ten Passwords used. We may ask you to change your Password within that period. If you are not using your Account for
a period of 90 days, then your Password will be locked. If you are not using your Account for a period of 365 days, then your Password will expire. You authorize us to follow any instructions entered through the Service purportedly using your User ID and Password. If a User is unable to log in after five attempts, then such User's Password will be disabled. You and each User agree to keep the Corporate ID, User ID and Password secure and secret at all times and to take steps to prevent unauthorized use of them, including the following:
• never, in writing or otherwise, record the Password in a way that can be understood by someone else;
• never reveal the Password or User ID to someone else including our staff;
• destroy any advice from us concerning your Password immediately after receipt;
• avoid using a Password that may be easy to guess;
• do not record the Password or User ID on any software which retains either automatically;
• keep the Corporate ID and User ID in a safe place at all times; and
• treat e-mails you receive with caution and be wary of e-mails or calls asking you to reveal any personal security details. We will never contact you to ask you to reveal your Corporate ID, User ID or Password.
3.3 Once a User has logged on to the Service, he/she must not leave the terminal or other device from which the Service has been accessed at any time or let anyone else use it until the Service has been logged off. Each User will be responsible for insuring that he/she has logged off the Service at the end of any session.
3.4 Each User will, on logging in, be shown the date and time of the last successful and unsuccessful log-in attempts. You must tell us immediately of any unauthorized access to the Service or pertaining to your instructions which you know about or about which you have suspicions, including any suspicion of a User that someone else may know his/her Password. You may contact the Bank by telephone or write to usbranch@icicibank.com with such concerns or suspicions. Calls may be recorded or monitored. The relevant User must also change his/her Password immediately to one he/she has not used before. You must assist us and the police in our efforts to recover any losses. We may disclose information about you or your Account to the police or other necessary third parties if we think it will help prevent or recover losses.
3.5 You are responsible for obtaining, installing, maintaining and operating all necessary hardware, software, and internet access necessary for performing the Services. We will not be responsible for failures from malfunctions or failure of your hardware, software or any internet access services.
3.6 You are only allowed to print, copy, download or temporarily store extracts from our Website for your own information or when you use the Services. You shall not attempt to de-compile reverse-engineer, translate, convert, adapt, alter, modify, enhance, add to, delete or in any way tamper with, or gain illegal or unauthorized access to, any part of the Services or any software comprised in them.
3.7 You agree not to use any language that is abusive, harassing, libelous, defamatory, obscene, or threatening when choosing your Password.
3.8
You shall ensure that the Service or any related service is not used for any purpose which is illegal, improper or which is not authorized under these Terms and Conditions.
4.
Unauthorized Access
4.1 You shall take all reasonable precautions to prevent unauthorized or illegal use of the Service. We shall take reasonable steps to insure the security of, and to prevent unauthorized access to, the Service.
4.2 You will be responsible for all costs, damages, expenses and losses incurred by or threatened against us arising from unauthorized access to your Account(s) due to your negligent actions including, without limitation, losses relating to the abuse of confidential information about the transactions carried out in your Account(s) or information about Account(s) balances. For the purposes of this indemnity, negligent actions shall include failure to observe any of the duties referred to in these Terms and Conditions.
4.3 Once you have notified us of any unauthorized access to the Service or that you suspect that a Password is known to an unauthorized third party, you will not be responsible for any unauthorized instructions carried out after we have had a reasonable time to suspend the Service in respect of your Account(s) unless we can show that you have acted without reasonable care or fraudulently.
5. Corporate Internet Banking
Password
You have the option at any time to change your Password online and we recommend that you practice this on a regular basis. If you forget your Password, please send us a written request at ICICI Bank, New York Branch (which must be signed by an authorized signatory) or write to us at
usbranch@icicibank.com
6. Corporate Internet Banking
Records
6.1 With this Service you and each User will be able to view your Account(s) which will include the following Services:
• Mini-statements that will reflect
last ten transactions on the Account;
• Online Statement Details for periods up to 12 months;
• Know real time balances of your Account(s).
6.2 Download Account statements for periods up to 12 months in Text format, MS-Money Format, Tab separated, Excel and Pipe separated format.
6.3 The information provided to you through the Service is not updated continuously but at regular intervals. Consequently, any information supplied to you through the Service is correct at the date and time it was last updated which is not necessarily at the date and time it is supplied to you. We shall not be liable for any loss that you may suffer by relying on or acting on such information.
6.4 We may keep records of the transactions in any form we wish. In the event of any dispute, our records shall be conclusive evidence of the transactions carried out through the Service in the absence of clear proof that our records are wrong or incomplete.
7. Corporate
Internet Banking Transactions
7.1 With this Service you and each User will be able to transact from your Account(s) the following Services:
• Executing internal fund transfers within your own Accounts at ICICI Bank, New York Branch;
• Executing external funds transfers to your own account(s) and third party accounts in non-ICICI Bank institutions within United States;
• Executing funds transfers to third parties' accounts within ICICI Bank;
•
Receiving money from your non-ICICI Bank accounts;
•
Executing funds transfer to third parties' accounts within ICICI Bank Limited, India;
• Executing funds transfer to third parties at non-ICICI Bank accounts outside the United States; and
• Scheduling funds transfers for a future date or pay immediately.
8.
Transactions and Limits
Transactions may be limited in dollar amounts or otherwise as the Bank may determine. The Bank may change these limits from time to time in accordance with these Terms and Conditions.
9. Charges
9.1 The Bank reserves the right to charge and recover from the Customer service charges for providing the Service. We will give you 30 days' notice by mail, e-mail or other means about any such charges. If you choose to continue to use the Service after notice about the charge, then you authorize the Bank to recover such charge by debiting any one of your Account(s) or by sending an invoice to the Customer which will be liable to make the payment within the period specified on the invoice. Failure to do so will result in recovery of the service charge by the Bank in such manner as it may deem suitable along with such interest, if any, and/or suspension of the Service without any liability to the Bank.
9.2 The Customer further agrees that it will pay the service charges of any third party, including other financial institutions, that are imposed as a result of any direct banking transaction that the User enters into and that the Bank will have no liability whatsoever for such third party's service charges.
9.3 You agree to bear all applicable taxes (value added, customs, excise and goods and services taxes) or levies or charges whatsoever now or hereafter imposed by law or required to be paid in respect of the Service and you shall reimburse the Bank for any such payment made by it.
9.4 Your obligation to pay the Bank the charges and all outstanding monies owed to it shall survive the termination of these Terms and Conditions or the deactivation or revocation of the Service.
10. Authority to Use the Service by
Users
10.1 You may authorize your employees to access the Account(s). There is no restriction on the number of persons who can access the Corporate ID. However, you shall inform us if any User has left your employment / services so that we can block such User / User ID promptly. If you need additional User IDs you must inform us in writing through your authorized representative.
10.2 You must insure that all Users are both informed of these Terms and Conditions and agree to abide by these Terms and Conditions.
10.3 We shall have no obligation to verify the authenticity of any instruction received or purported to have been received from you through the Service or purporting to have been sent by you other than by verification of the Corporate ID, User ID and Password.
11.
Linking of Accounts
11.1 All eligible accounts will be linked ("Linked Account") and the authorized User(s) will be able to view and access each Linked Account of yours in any manner and for any purpose available through Corporate Internet Banking Services whether now available or available at some time in the future. The account number granted/allotted to you pursuant to your request to open an account with us, shall be used to identify your customer id and the account linking would be carried out on the basis of such customer id.
11.2 Customer acknowledges that all Linked Accounts are for business purposes and are not intended for personal, family or household use. Each Customer having one or more accounts included/linked on a single Corporate Internet Banking profile agrees to be bound by the Corporate Internet Banking Terms & Conditions & the Terms and Conditions governing Money Transfers effected through our website as provided and as amended from time to time by the Bank.
11.3 Your Linked Accounts will continue to be subject to the agreements otherwise governing them, except where it is noted in this Agreement. Additionally, each Linked Account and the Corporate Internet Banking Services will be subject to the product and/or service specific the terms or instructions appearing on a screen when using a service, ICICI Bank Limited, New York Branch's terms and conditions, rules, procedures and policies applicable to each Linked Account, and the rules and regulations of any funds transfer system used in connection with Corporate Internet Banking services, and applicable state and federal laws and regulations.
12.
Instructions
12.1 All instructions for the Service shall be given by you through a valid Internet connection.
12.2 You are responsible for the accuracy and authenticity of any instructions given to us.
12.3 If we consider an instruction to be inconsistent or contradictory we may seek clarification from you before acting on it.
12.4 We will make reasonable efforts to modify, not to process or to delay in processing any instruction when you request us to do so, but we will not be liable for any failure to comply with your request unless it is due to our intentional failure to make reasonable efforts to do so.
12.5 We are not under any duty to assess the prudence or otherwise of any instruction you give to us.
12.6 We may suspend the Service for any reason, such as maintenance or if we have reason to believe that your instructions will lead or expose us to direct or indirect loss. We may request an indemnity from you before continuing to operate the Service in such circumstances.
12.7 A transaction being carried out is not always simultaneous with an instruction being given. Some instructions may take time to process and may only be processed during normal banking hours on a Business Day even though the Service may be accessible outside such hours.
12.8 Not all Accounts may be accessed under the Service. We will give you details of whether or not you can access the Service on the Account you subscribe to when you become our customer.
13. Liability of the User and the Bank's Responsibility
13.1 The use of the Website is at your sole risk.
13.2 We shall endeavor to carry out your instructions promptly. We shall not be responsible for any loss or damage suffered by you due to our delay or failure in carrying out the instructions due to any reason beyond our reasonable control whatsoever, including failure of operational systems or any requirement of law.
13.3 We will use reasonable efforts to inform you without undue delay through the Service and/or the Website if any service is not available.
13.4 We are not liable to you for any loss or damage caused by any failure, delay or other shortcoming by any third party with whom you have accounts or otherwise when they are executing our instructions to them.
13.5 We do not warrant that access to the Website, the Service or any information provided shall be uninterrupted, timely, secure or error free nor do we make any warranty as to the results that may be obtained from the Website or the use, accuracy or reliability of the Service.
13.6 We are not responsible for any loss of or damage to your data, software, computers, telecommunications or other equipment caused by you or any other third party using the Service.
14.
Indemnity
You agree to indemnify us fully against all losses and damages incurred by us arising from your instructions and your use (or any User's use) of the Service.
15. Disclosure of Information
Details of how we can process your information may be found in your Account opening form(s) and terms and conditions applicable to each Account.
16.
Change of Terms
16.1 We may inform you of any change in these Terms and Conditions by regular mail and/or e-mail.
16.2 We will provide you a copy of the new Terms and Conditions or a summary of any modified provisions via regular mail or e-mail.
17. Non-Transferability
The grant of the Service to you is not transferable under any circumstances and shall be used only by you and those you authorize.
18. Termination of the Service
18.1 You may terminate your use of the Service at any time by giving 15 days' written notice to us. Termination shall take effect at the end of the fifteenth day after such notice has been received by us. You will remain responsible for any transactions made through the Service until such termination takes effect.
18.2 We may withdraw or terminate the Service at any time either entirely or with reference to a specific service or Use
19. Viruses
Due to the nature of the Service, we will not be responsible for any loss of, or damage to, your data, software, computers, telecommunications or other equipment caused by your using the Service unless such loss or damage is caused solely and directly by our gross negligence or deliberate default.
20.
Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of State of New York and any dispute arising under or in connection with these Terms and Conditions shall be subject to the exclusive jurisdiction of the Federal or state courts located in the City of New York, to which each of us irrevocably submits. Each of us irrevocably waives our rights to a trial by jury in any such dispute.
21. Applicability to Future Accounts
If you open any further Accounts in the future, you may opt to extend the Service to those Accounts, in which case these Terms and Conditions shall apply to such Accounts.
22. Proprietary Rights
We shall inform you, from time to time, about any Internet software which may be required to use the Service. We have no obligation to support all or any versions of the Internet software. The software underlying the Service as well as other Internet related software which is required to access the Service is the legal property of the respective vendors. The permission given by us to access the Service does not convey any proprietary or ownership rights in such software. You shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying the Service or create any derivative product based on the software.
23. Copyrights, Trademarks and Copying Materials
23.1 "ICICI" and our logo are our registered trademarks.
23.2 We have a license for, or own all copyrights for, the Website through which you will access the Service and all trademarks and other materials used on it.
24. Availability
As a result of weekly maintenance, the Website will not be available during specified times which will be made available online.
25. Complaints
25.1 The supply of the Service in the United States is subject to regulation by the Office of the Comptroller of the Currency ("OCC").
25.2 If you wish to lodge a complaint, please notify us in writing, by telephone or by e-mail through our Website.
25.3 We will provide you with a reference number as soon as possible after we receive your complaint.
25.4 We will respond to your complaint as soon as possible. If you do not hear from us within five Business Days from sending your complaint, we request that you contact us at our New York Branch or write to us at usbranch@icicibank.com to check whether your complaint has been received. Please quote your reference number when you contact us directly.
25.5 If we cannot resolve your complaint within a reasonable time, you are free to lodge a formal complaint at the office of the OCC. For more information on this process, please visit
http://www.occ.treas.gov/
26. Miscellaneous
These Terms and Conditions are part of the Customer Account Agreement and are subject to the general provisions, terms and conditions set forth therein, including, as applicable, provisions of Appendices A through K. These Terms and Conditions are subject to such applicable rules and regulations as may be issued from time to time by the OCC. These Terms and Conditions are subject to change from time to time. Fees relating to the Service may be imposed and charged from time to time, as set forth in the schedule of fees separately provided to you or posted on our website and amended from time to time. The Service is not covered by FDIC insurance and is available only to Qualified Customers. The Service is available only where permitted under applicable federal and state laws and is intended only for Qualified Customers of the New York Branch. Provision of the Service is subject to all applicable funds availability, disclosure, notice and privacy rules and regulations described in the Customer Account Agreement.
![]() |
|
Disclosures for Unsolicited Issuance of
Access Device
Disclosure before validating the
access device:
(a) Accounts using cards. You cannot use the access device to transfer money into or out of your account until we have validated it. If you do not want to use the access device, please destroy it at once.
(b) Validation the access device. You can validate your access device as per the instruction provided to you by the Branch along with the device. You can also contact us at the following address for additional assistance:
ICICI Bank Ltd.
New
York Branch
500, Fifth Avenue, 28th Floor
New York, NY
10110
Telephone number: 1 (866) 424-2448
E-mail:
usbranch@icicibank.com
Disclosure after validating the
access device:
1.
Liability of Customer
Your liability for an
unauthorized electronic fund transfer or a series of related
unauthorized transfers shall be determined as follows:
(a)
If you notify us within two business days after you learn of
the loss or theft of your access device, your liability will
not exceed the lesser of $50 or the amount of any unauthorized
transfers that occur before you notify us;
(b) If you fail
to notify us within two business days after learning of the
loss or theft of your access device, your liability will not
exceed the lesser of $500 or the sum of:
I. $50 or the
amount of the unauthorized transfers that occur within two
business days, whichever is less; and
II. The amount of
unauthorized transfers that occur after the close of two
business days and before notice to us, provided we can
establish that the transfers would not have occurred if you
had notified us within the two-day period.
(c) If an
unauthorized electronic funds transfer appears on a periodic
statement we have provided to you, you must report it to us
within 60 days of our transmittal of the periodic statement to
you in order to avoid liability for subsequent transfers. If
you fail to notify us as required above, your liability shall
not exceed the amount of the unauthorized transfers that occur
after the close of the 60 days and before notice to us, and we
can establish that would not have occurred if you had notified
us within the 60-day period.
(d) If your delay in notifying
us was due to extenuating circumstances, we are required to
extend the times set above to a reasonable period.
(e) You
may notify us in person, by telephone or in
writing.
2. How to Notify
Us
You may notify us at the telephone number or
address below if you believe that an unauthorized electronic
fund transfer has been or may be made using your access
device. Our customer service line at the number below is open
24 hours a day. Our business hours at the address below are [9
a.m. to 5 p.m.] Monday through Friday excluding
holidays.
ICICI Bank Ltd.
New York
Branch
500, Fifth Avenue, 28th Floor,
New York, NY
10110
Telephone: 1 866 ICICI 4U (1 866 424
2448)
3. Transfer Types
and Limitations
(a) Account access. You may use your
access device to (i) withdraw cash from your checking account;
(ii) transfer funds between your checking and time deposit
accounts, as appropriate; (iii) inquire about balances in your
account; (iv) pay for purchases at places that have agreed to
accept the access device; and (v) pay bills directly from your
checking account in the amounts and on the days you request.
(b) Electronic check conversion. You may authorize a merchant
or other person to make a one-time electronic payment from
your checking account using information from your check to pay
for purchases or pay bills. (c) Limitations on withdrawals and
transactions. You may make cash withdrawals, not to exceed
$750.00 per day. For security reasons, there may be times when
we further limit this amount. You may make point-of-sale
transactions in amounts not to exceed $3000 per day and
internet transactions in amounts not to exceed $1000 per day
or such other authorization limit as we may permit from time
to time. For security reasons, there may be times when we
further limit this amount. Point-of-sale transactions
exceeding this limit may require merchant to telephone us for
approval.
4.
Fees
Fees for transfers from your account using an
access device are set forth on the Schedule of Fees available
on our website.
5.
Confidentiality
We will disclose information to
third parties about your account or the transfers you make:
(a) where it is necessary for completing transfers; (b) in
order to verify the existence and condition of your account to
a third party, such as a credit bureau or merchant; (c) in
order to comply with government agency or court orders; or
(d)if you give us your written permission.
6. Documentation
A summary
of your rights to stop payment of a pre-authorized electronic
fund transfer and notices regarding pre-authorized transfers
are set forth below:
a. We will provide a receipt at the
time you initiate an electronic fund transfer at an electronic
terminal. The receipt will include the following
information:
i. Amount. The amount of the transfer. A
transaction fee may be included in this amount provided that
we disclose the amount of the fee on the receipt.
ii. Date.
The date you initiate the transfer.
iii. Type. The type of
transfer.
iv. Identification. A number or code that
identifies your account or the access device used to initiate
the transfer.
v. Terminal Location. The location of the
terminal where the transfer is initiated.
b. Periodic
Statements. We will send you a periodic statement for each
monthly cycle in which an electronic fund transfer has
occurred and will send a periodic statement at least quarterly
if no transfer has occurred. The periodic statement will
include the following information, as applicable:
i.
Transaction information, including the amount, date and type
of transfer; the terminal location, if applicable, and the
name of any third party to or from whom funds were
transferred;
ii. The number of the account;
iii. The
amount of any fees assessed against the account during the
statement period for electronic fund transfers, for the right
to make transfers or for account maintenance;
iv. The
balance in the account at the beginning and at the close of
the statement period;
v. The address and telephone number
to be used for inquiries or notice of errors;
vi. A
telephone number you may call to ascertain whether
pre-authorized transfers to your account have occurred.
c.
If pre-authorized electronic fund transfers may be made to
your account, we will provide notice of such transfers to you
by providing oral or written notice of the transfer within two
business days or by providing a readily available telephone
line that you may call to determine whether the transfer has
occurred and disclosing the telephone number on the initial
disclosure of account terms and on each periodic
statement.
d. Pre-authorized electronic fund transfers from
your account may occur only upon your written
authorization.
e. You may stop payment of a pre-authorized
electronic fund transfer from your account by notifying us at
least three days before the scheduled date of the transfer. We
may require that you give us written confirmation of a
stop-payment order within 14 days of an oral
notification.
f. When a pre-authorized electronic fund
transfer from your account will vary in amount from the
previous transfer under the same authorization or from the
pre-authorized amount, we will send you a written notice of
the amount and date of the transfer at least 10 days before
the scheduled date of transfer.
7. Stop Payment
If we fail
to make or stop certain transfers in accordance with your
properly authorized request within three (3) business days, we
may be liable to you in accordance with the provisions of
Section 910 of the Electronic Fund Transfer Act (15 U.S.C. §
1693 et seq.).
8. Error
Resolution
In case of errors or questions about your
electronic funds transfers, telephone us at 1 (866) 424-2448
write us at ICICI bank Limited, New York Branch, 500, Fifth
Avenue, 28th Floor, New York, NY 10110 or e-mail us at
usbranch@icicibank.com as soon as you can, if you think your
statement is wrong or if you need more information about a
transfer listed on the statement or receipt. We must hear from
you within 60 days after we send the first statement on which
the problem or error appeared. Tell us your name and account
number, describe the error or the transfer you are unsure
about, and explain as clearly as you can why you believe it is
an error or why you need more information. Tell us the dollar
amount of the suspected error. If you tell us orally, we may
require that you send us your complaint or question in writing
within 10 business days after we hear from you and will
correct an error promptly. If we need more time, however, we
may take up to 45 days to investigate your complaint or
question. If we decide to do this, we will credit your account
within 10 business days for the amount you think is in error,
so that you will have the use of the money during the time it
takes us to complete our investigation. If we ask you to put
your complaint or question in writing and we do not receive it
within 10 business days, we may not credit your account. For
errors involving new accounts, point-of-sale, or
foreign-initiated transactions, we may take up to 90 days to
investigate your complaint or question. For new accounts, we
may take up to 20 business days to credit your account for the
amount you think is in error. We will tell you the results
within three business days after completing our investigation.
If we decide that there was no error, we will send you a
written explanation. You may ask for copies of the documents
that we used in our investigation.
9. ATM Fees
A fee may be
imposed by an automated teller machine operator when you
initiate an electronic fund transfer or make a balance
inquiry. Such a fee may also be imposed by any network used to
complete the transactions.
10. Liability
If we do not
complete a transfer to or from your account on time or in the
correct amount according to our agreement with you, we will be
liable for your losses or damages. However, there are some
exceptions. We will not be liable, for instance, (a) if,
through no fault of ours, you do not have enough money in your
account to make the transfer; (b) if the automated teller
machine where you are making the transfer does not have enough
cash; (c) if the terminal was not working properly and you
knew about the breakdown when you started the transfer; (d) if
circumstances beyond our control (such as fire or flood)
prevent the transfer, despite reasonable precautions we have
taken; or (e) there are other exceptions as stated in our
agreement with you.
ICICI Bank Limited New York
Branch
Terms and Conditions Governing Money Transfers
Effected Through our Website
1. Definitions
In
this Agreement the words “you” and “your” mean the
Participant. The words “we,” “us” and “our” mean ICICI, its
successors, affiliates or assignees. In addition, the
following capitalized terms shall have the meanings set forth
below:
“Account” means, (i) with respect
to you, any U.S. dollar checking account or remittance transit
account or savings account that you hold with us, or (ii) with
respect to any Registered Beneficiary, any bank account
capable of receiving transferred funds that is held by such
Registered Beneficiary at the Beneficiary
Bank.
“Adequate Balance” means an amount
of available clear funds sufficient to fulfill all Transfer
Requests initiated by you and for us to debit any Charges that
may be assessed in connection with your use of the
Service.
“Applicable Law” means (i) the
bylaws, operating rules and regulations of any payment network
which is utilized by ICICI to fulfill its obligations
hereunder, (ii) any applicable rule or requirement of the
National Automated Clearinghouse Association, and (iii) any
and all laws, treaties, rules, regulations, or regulatory
guidance of the government of the United States, any state
thereof, or of any applicable foreign government or state
thereof, including, without limitation, (a) the Bank Secrecy
Act, and (b) any and all sanctions or regulations enforced by
the U.S. Department of Treasury’s Office of Foreign Assets
Control, that are related to the offering or use of the
Service, or otherwise applicable to you, ICICI, the
Beneficiary Bank, or any Beneficiary or Registered
Beneficiary, as the same may be amended and in effect from
time to time.
“Beneficiary” means a person
to whom you would like to remit funds using the
Service.
“Beneficiary Bank” means a
financial institution, capable of receiving funds transfers
from ICICI, at which the Registered Beneficiary holds an
Account.
“Beneficiary Data” means the
personally identifiable information of a Beneficiary deemed
necessary by us to properly identify such Beneficiary and
process such Beneficiary’s registration for the
Service.
“Business Day” means any day
(other than a Saturday, Sunday or legal holiday) on which
federally-insured financial institutions are permitted to be
open in New York, New York.
“Charges” has
the meaning set forth in Section 7
below.
“Confirmation Page” means the
online page where you are asked to confirm and accept the
remittance transaction details prior to the transaction being
completed.
“Internet Banking ID” means a
unique identification number which will be issued to you at
the time you established your Account with
ICICI.
“Internet Banking Password” means a
unique password which will be issued to you at the time you
established your Account with ICICI.
“Participant” means a person located in the United States that
holds an Account with ICICI.
“Registered
Beneficiary” means a Beneficiary that has been
registered by you to receive payments through our
Service.
“Service” means ICICI’s
internet-based money transfer service, under which
Participants may transmit funds from their Account at ICICI to
an Account held by a Registered Beneficiary at the Beneficiary
Bank.
“Terms and Conditions” means these
terms and conditions (as amended from time to time) which
apply to use of the Service.
“Transaction ID” means an identification number which will be issued
and displayed to you online after you confirm your Transfer
Request and through which you can track the status of your
remittance.
“Transfer Request” means your
instructions, submitted through the Website, to transfer funds
from your Account to an Account held by a Registered
Beneficiary at the Beneficiary Bank.
“Transmittal
Amount” means the funds to be transferred by you to a
Registered Beneficiary pursuant to a Transfer
Request.
“Website” has the meaning set
forth in the first paragraph above.
2. Acceptance of Terms and
Condition
Your use of the Service, including,
without limitation, your attempts to register any
Beneficiaries, constitutes your agreement to be bound by these
Terms and Conditions. Do not attempt to register any
Beneficiary or use the Service if you do not agree to be bound
by these Terms and Conditions. We may amend these Terms and
Conditions at any time by posting the amended terms on the
Website, and any such amendment shall be effective upon such
posting to the Website. In addition to posting such amendment
on the Website, we may, but are not required to, send you an
e-mail, separate written notice, or tell you about such
amendment when you call our customer service
center.
3. Other terms
and conditions
This Service is governed by other
agreements that you have with us, including, but not limited
to, the Customer Account Agreement, Funds Transfer Agreement,
the Terms and Conditions applicable to the use of our Website,
and our Privacy Policy – visit our website
www.icicibankusa.com for further details. The terms of each of
the foregoing agreements are incorporated herein by reference.
In the event there is any conflict between these Terms and
Conditions and any of the foregoing agreements, these Terms
and Conditions shall control.
4. Eligibility
To use the
Service, you must hold an Account that has an Adequate
Balance. You can only use the Service to send money to a
Registered Beneficiary.
5. Beneficiary
Registration
You may not use the Service to send
money to any Beneficiary until that Beneficiary is approved by
us and registered to use the Service. There is no limit on the
number of Beneficiaries that you may register for the Service.
You only need to complete the registration process once for
each Beneficiary. To register a Beneficiary, you must (i)
first log onto the Website using your Internet Banking ID and
Internet Banking Password and follow the instructions to
register a Beneficiary, which will include providing the
Beneficiary Data for the Beneficiary to be registered, and
(ii) subsequently contact our customer service center during
our normal operating hours at 1 (866) 424-2448 answer certain
pre-defined questions and authenticate your online Beneficiary
registration request. Once you have successfully completed
these steps, we will then verify the Beneficiary information
that you provide to us, which will include screening the
Beneficiary as necessary to comply with Applicable Law,
including, without limitation, the Bank Secrecy Act as amended
by the PATRIOT Act, and process the registration request. You
are responsible for ensuring that Beneficiary Data that you
provide to us is complete and accurate. If you refuse or fail
to provide all required Beneficiary Data for a Beneficiary, we
may decline your request to register such Beneficiary for the
Service. Processing of registration requests will be completed
within a reasonable time, however, this activity may be
delayed due to holidays and other non-working days in the
United States or the Beneficiary’s country. Following
successful processing of your registration request and our
approval of the Beneficiary, the Beneficiary will be
registered for the Service and may begin to receive
Remittances from you in accordance with these Terms and
Conditions. We reserve the right to refuse to register any
Beneficiary for the service, or to terminate the registration
of any Registered Beneficiary at any time, in each case in our
sole discretion. You may check the registration status of each
Beneficiary you submit to us for registration by logging on to
the Website and viewing your “List of
Beneficiaries”.
6. Using
the Service
You may use the Service to transfer
funds from your Account to a Registered Beneficiary’s Account
by logging on to the Website using your Internet Banking ID
and Internet Banking Password and following the instructions
to initiate a Transfer Request. Certain limits apply to the
number of Transfer Requests that you may submit as well as to
the amount of funds that may per transferred pursuant to a
Transfer Request, and we may increase or decrease these limits
from time to time in our sole discretion. If you attempt to
initiate a Transfer Request beyond these limits, an
alert/error message will be displayed on your screen, and you
will not be permitted to initiate the Transfer Request. Note
that the remittance of any Transmittal Amount remains subject
to Applicable Law, including, without limitation, any laws,
rules or regulations of the Registered Beneficiary’s country
which relate to money remittance or foreign exchange. We
reserve the right to accept or reject any Transfer Request in
our sole discretion, and may report suspicious activity to
appropriate law enforcement organizations or other government
agencies. You agree that we will not be held responsible or
liable to you or any other person for any such action. After
you provide all of the required transaction information,
including, without limitation, the purpose of the requested
remittance, you will be asked to confirm the details of your
Transfer Request, including the Transmittal Amount, the
exchange rate and the amount of any applicable Charges, before
initiating the Transfer Request. Subject to these Terms and
Conditions, and following successful processing of your
Transfer Request, we will transfer funds to the designated
Registered Beneficiary’s Account pursuant to such Transfer
Request and debit the Transmittal Amount and any applicable
Charges from your Account balance. However, if we are unable
to process the Transfer Request due to a technical problem
caused by our system(s), funds will not be transferred to the
designated Registered Beneficiary, and we will refund the
Transmittal Amount and any applicable fees debited from your
Account within a reasonable time period. In the event we are
unable to complete any Transfer Request as a result of any
inaccurate, incorrect or incomplete information that you
provided to us, we will refund the amount debited from your
Account after deducting the relevant Charges and any foreign
exchange losses we may incur in connection with such Transfer
Request. Neither you nor the designated Registered Beneficiary
shall be entitled to receive any interest on any funds which
are debited from your Account in connection with a Transfer
Request and held by us during the processing of such Transfer
Request. Except as provided above with respect to Charges
assessed in connection with a Transfer Request that is not
processed due to a technical problem caused by our system(s),
you acknowledge and agree that any Charges that may be
assessed in connection with any Request you submit, even one
that is later voided, are fully-earned and non-refundable.
Once your Transfer Request has been processed, we will arrange
for the conversion of the Transmittal Amount to the remitting
currency, and will apply our foreign exchange conversion rates
prevailing on the day and time of conversion, or such other
rates as we may reasonably apply in our sole discretion. Each
Transmittal Amount you send pursuant to a Transfer Request
will generally be posted to the designated Registered
Beneficiary’s Account within one (1) Business Day after the
Transfer Request is processed. However, posting of the
Transmittal Amount to the Registered Beneficiary’s Account is
subject to the posting rules of the Beneficiary Bank, and may
be delayed if the Transfer Request is processed on a day which
is a holiday or other non-working day for the Beneficiary
Bank. If we are unable to credit the Registered Beneficiary's
Account, we may notify you by e-mail or display an update or
alert on your transaction history page on the Website. Any
charges that you may incur in accessing the Website,
including, without limitation, any internet connection
charges, shall be your sole responsibility. Any offer to use
the Service is void where prohibited by Applicable
Law.
7. Fees and
Charges
We will charge you, and you agree to pay,
the fees and charges set forth in the Schedule of Fees and
Charges, separately provided to you or posted on our Website
at www.icicibankusa.com (collectively, the “Charges”), which
are subject to change. We will provide notice of any changes
to the Charges on the Website, which shall be effective upon
posting to the Website.
8. Exchange Rates
The
estimated exchange amount applicable to your Transfer Request
will be displayed on your screen before you confirm the
Transfer Request. The exchange rate used to process your
Transfer Request is a rate selected by us from the range of
rates available in wholesale currency markets for the
applicable processing time, which may vary from the rate we
may receive, or the government-mandated rate in effect for the
applicable time. Exchange rates depend upon market conditions
and may vary during business hours or at any time. Any
difference between the rate applied to the Transfer Request
and the rate received by us or our representatives will be
kept by us or our representatives. The money earned by us or
our representatives when the Transmittal Amount is converted
will be in addition to the Charges assessed for the use of the
Service. If you have any questions related to the exchange
rate applied to your Transfer Request, you can call ICICI’s
USA toll free call center at +1 866 ICICI4U (+1 866 424 2448)
to confirm the exchange rate applied. Upon completion of the
transaction, the foreign exchange rate applied to your
Transfer Request will be displayed in your “Transfer History”
on the Website.
9.
Cancellation /Refund
To submit a request to cancel a
pending Transfer Request, you must contact our customer
service center at 1 (866) 424-2448. In connection with any
such cancellation request, we will immediately debit from your
Account any applicable cancellation Charges and an amount
equal to any foreign exchange loss that we may incur as a
result of such cancellation. You understand that we may, in
our sole discretion, refuse to accept your request to cancel a
pending Transfer Request, and that you may not cancel any
Transfer Request once it has been processed and the associated
Transmittal Amount has been posted to the Registered
Beneficiary’s Account.
10. Our Liability
Except as
otherwise required by Applicable Law, we will not be liable to
you for any loss or damage which may result from our acting in
accordance with your instructions. If we do not complete a
transaction pursuant to your Transfer Request within a
reasonable time or in the correct amount, we may be liable for
your losses or damages. However, we will not be liable:
•
if through no fault of ours, you do not have an Adequate
Balance;
• if circumstances beyond our control (such as
fire, flood, terrorist attack, national emergency, or computer
or communication failure) prevent the completion of the
transaction, despite reasonable precautions we have
taken;
• if access to your Account has been blocked for any
reason;
• if the funds in your Account are subject to legal
process or other encumbrance restricting their use;
• if
your transfer authorization terminates by operation of
law;
• if a computer system was not working properly and
you knew about the problem when you initiated the Transfer
Request;
• if we have reason to believe that the Transfer
Request was not authorized; or
• as otherwise provided in
these Terms and Conditions.
11. Your Representations and
Warranties
By using the Service or attempting to
register any Beneficiary for the Service, you represent and
warrant to us that:
(a) you are at least 18 years of age
(or 19 if you reside in a state where the age of majority is
19); (b) you are a U.S. citizen or legal alien residing in one
of the 50 states, the District of Columbia or Puerto Rico; (c)
all information that you provide to us is true, correct and
complete; (d) you have reviewed a copy of these Terms and
Conditions and agree to be bound hereby; and (e) your use of
the Service shall not in any way, directly or indirectly, (i)
violate Applicable Law, including, but not limited to, any
law, statute, ordinance, contract or regulation relating to
money laundering, illegal gambling activities, support for
terrorist activities, fraud or theft; and/or (ii) violate any
provision of these Terms and Conditions.
12. Termination or
Suspension
We may, without prior notice or liability
to you, refuse to honor any Transfer Request or terminate or
suspend your access to the Service at any time and for any
reason. If we terminate or suspend your access to the Service
for any reason, we may, in our sole discretion, cancel your
pending Transfer Requests. Our termination or suspension of
your access to the Service will not affect any of our rights
or your obligations pursuant to these Terms and Conditions
existing prior to such termination or suspension.
13. Privacy
Our collection,
retention and use of your personal information, including,
without limitation, information related to your use of the
Service, shall be governed by the terms of the Privacy Policy
made available to you separately and also posted on our
website at
http://www.icicibankusa.com/
14. Disclaimer of
Warranties
Except as expressly otherwise provided in
these terms and conditions, we make no representations or
warranties of any kind to you, whether express or implied,
regarding the service, including, without limitation, any
implied warranties of merchantability or fitness for a
particular purpose.
15.
Limitation of liability
We will not be liable to you
for delays or mistakes resulting from any circumstances beyond
our control, including, without limitation, acts of
governmental authorities, national emergencies, insurrection,
war, or riots; communication system failures; or failures or
malfunctions attributable to your equipment, any internet
service, or any payment system. In the event that we are held
liable to you, you will only be entitled to recover your
actual damages. In no event shall you be entitled to recover
any indirect, consequential, exemplary or special damages
(whether in contract, tort or otherwise), even if you have
advised us of the possibility of such damages. This provision
shall not be effective to the extent otherwise required by
law. To the extent permitted by law, you agree that your
recovery for any alleged negligence or misconduct by ICICI,
its agents or assignees shall be limited to the total amount
of any related transfer request (as such term is defined
herein).
16.
Indemnification
You agree to indemnify, defend and
hold harmless ICICI, its officers, directors, owners, agents,
employees, affiliates, licensors, licensees and third party
service providers (collectively, the “Indemnified Parties”)
from and against any and all losses, damages, liabilities, and
claims and all fees, costs, expenses of any kind related
thereto (including, without limitation, reasonable attorneys
fees) incurred by the Indemnified Parties in connection with
any claim arising out of, based upon or resulting from (i) the
breach of any of your representation or warranties contained
in these Terms and Conditions, or (ii) your failure to comply
with any provision of these Terms and Conditions. We reserve
the right, at our own expense, to assume the exclusive defense
and control of any matter otherwise subject to indemnification
by you. You shall not in any event settle any matter without
our written consent.
17.
Governing Law
Your use of the Service shall be
governed by the laws of the State of New York, without regard
to its rules regarding choice of law, and you hereby
irrevocably and unconditionally consent and submit to the
personal jurisdiction of the federal court in the Southern
District of New York over all matters relating to the Service
or these Terms and Conditions. We do not waive our rights by
delaying or failing to exercise them at any time. If any
provision of these Terms and Conditions shall be determined to
be invalid or unenforceable under Applicable Law, the validity
or enforceability of the remaining provisions of these Terms
and Conditions shall not be affected.
18. Evidence Regarding Electronic
Communication
You understand and agree that a copy
of any electronic communication you may have with us will be
admissible in any legal, administrative or other proceedings
as conclusive evidence as to the contents of such
communication in the same manner as an original document in
writing and you hereby waive any right to object to the
introduction of any such copy of electronic communication in
evidence.
19.
Miscellaneous
(a) Assignment. You may not assign or
transfer any of your rights or obligations under these Terms
and Conditions. Any attempt to the contrary shall be null and
void. These Terms and Conditions shall be binding on you, your
executors, administrators, and any permitted assigns. We may
transfer all or any portion of our rights or obligations under
these Terms and Conditions.
(b) Disclosures and Notices.
You agree to accept all disclosures and notices, including,
without limitation, those that may be required by Applicable
Law, as well as all other communications between you and ICICI
regarding your use of the Service, on the Website or at the
e-mail or postal address you provided when you established
your Account. In the event there are any changes to any
information that you provided when you established your
Account, you must notify us immediately by calling 1 (866) 424
2448.
(c) English Language Controls. Any translation of
these Terms and Conditions is provided for your convenience.
The meanings of terms conditions and representations herein
are subject to definitions and interpretations in the English
language. Any translation provided may not accurately
represent the information in the original English.
(d)
Complaints/Disputes. All complaints and disputes relating to
your use of the Service will be handled in accordance with the
terms of the Customer Account Agreement. Any errors or
omissions or unauthorized transactions must be reported to
ICICI through a written notice to its registered office
address at 500 Fifth Avenue, 28th Floor, New York, NY 10110.
Such notices from you will be processed in accordance with the
“Electronic Funds Transfer” section of the Customer Account
Agreement.
(e) Customer Service. In the event you have any
questions or issues concerning the Service, please contact
Customer Service at 1 (866) 424 2448.
(f) Regulation. ICICI
Bank, New York Branch, is chartered and regulated by the
Federal Reserve Board and the Office of the Comptroller of the
Currency.
Funds Transfer Terms and
Conditions
Introduction
These Terms and
Conditions apply to the use by you, the customer, of the fund
transfer service provided by us, ICICI Bank Limited, New York
Branch. The Terms and Conditions for Funds Transfer, together
with our Terms and Conditions - US Bank Accounts – Retail
Relations and any account opening forms, are a contract
between you and us. Please read these Terms and Conditions
carefully. You should print out a copy of these Terms and
Conditions for your records.
1. Definitions
The following
words and phrases shall have the meanings as set out below
unless the context indicates otherwise:
"we, us,
our or
Branch" refers to ICICI Bank
Limited, New York Branch, a branch of an Indian bank duly
licensed under the federal laws of the United States of
America, having an office at 500 Fifth Avenue, New York 10110
(“ICICI Bank”).
"you or
your" means the holder of an Account who is authorized to
use the Service.
"Terms and Conditions" means these terms and conditions (as amended from
time to time) which apply to the use of the fund transfer
service of the Branch.
"Business Day" means a day on which banks in New York are generally
open for business, excluding Saturdays, Sundays and public
holidays.
“Signatories/Authorized Signatories” the persons authorized to operate account(s) on
behalf of the customer of the Branch.
2. Eligibility
You are
eligible to use the fund transfer service of the Branch if you
have an existing account(s) with the Branch
3. Your duty
3.1. You agree
to provide us with such documents as we may request, before
proceeding with your request for funds transfer where
necessary.
3.2. You hereby authorize the Branch to execute
and charge to your authorized accounts, any requests for the
transfer of funds, including wire transfers, in such amount as
may be specified, when such requests are given in the name of
any of the Signatories/Authorized Signatories under the Board
Resolution and are made in accordance with the procedures
established by the Branch.
3.3. You authorize the Branch to
charge any account you have at the Branch for any applicable
service fees for such funds transfers at the time of each
transfer.
3.4. You understand and agree that we will rely
upon the information you have provided in effecting the funds
transfer. You agree that any errors in that information,
including misidentification of beneficiary(ies), incorrect or
inconsistent account names and numbers, and misspellings are
your responsibility.
3.5. You will promptly furnish to us,
in addition to the information requested under clause 3.1, any
other information that we may reasonably request in order to
execute any funds transfer requested by you.
3.6. You shall
promptly notify us in writing of any changes in information
provided by you in accordance with this Terms and
Conditions.
3.7. You understand and agree that funds
transfers to beneficiaries (recipients) within the United
States are made only in U.S. dollars. For funds transfers to
beneficiaries in other countries in currencies other than U.S.
dollars, you understand that we will convert the U.S. dollar
payment to the currency of the destination country at the
foreign exchange rate current at the time of transfer as
determined by the Branch. The foreign exchange rate may
include a commission payable to the Branch for exchanging the
foreign currency. You further understand that even when you
place a request for funds transfer in U.S. dollars to a
beneficiary (recipient), funds transfer into the beneficiary
country shall be governed by the laws and regulations of that
country and the laws of the recipient’s country may
necessitate payments being made only in local currency and
that the Branch cannot guarantee payment in U.S. dollars. In
such event and also in others, the beneficiary bank may incur
expenses like currency conversion and other charges.
Therefore, you understand and agree that the actual amount
that the beneficiary receives may be reduced from the amount
sent from the Branch in order to reflect these charges. You
further understand that funds transfer may be delayed on
account of reasons beyond Branch’s control.
3.8. You
understand that the Branch may use a variety of banking
channels and facilities to make funds transfers, but will
ordinarily use electronic means. You agree that we may choose
any means that we deem suitable to transfer the funds. When
you place a funds transfer request with us, you understand
that you must select a financial institution (“beneficiary
bank”) to receive it. For such transfers within the United
States, the beneficiary (recipient) bank must be a member of
the Federal Reserve System, Clearing House Interbank Payment
System (CHIPS), or a correspondent bank of such a member. You
will furnish the name of beneficiary bank and the account
particulars of the beneficiary customer. The Branch, based on
your instructions, may instruct the beneficiary bank to credit
an account or hold the funds for the beneficiary (recipient).
You understand that the beneficiary bank (and not the Branch)
will be responsible for following your instructions and
notifying the beneficiary when the funds become available. By
providing an account number to credit, you understand that the
beneficiary bank may credit an account solely on the basis of
the account number provided by you. You further understand
that payment will be final even if the number you provided
does not correspond to the beneficiary you have identified.
Any loss resulting from an incorrect account number provided
to the Bank is your responsibility and not that of the Branch.
Notwithstanding the above, where the instructions received for
funds transfer were erroneous/unauthorized, the Branch may
reverse the transaction only on the best effort basis.
3.9.
After the funds have been transferred to the beneficiary bank,
the funds become the property of that beneficiary bank. The
beneficiary bank will be responsible for locating,
identifying, and making payment to the beneficiary mentioned
by you. You understand and agree that the Branch is not
responsible for any of these actions.
3.10. Because the
Branch maintains correspondent relationships only with certain
banks, you understand that it may be necessary to use one or
more intermediary banks before the funds are transferred to
the beneficiary bank. After the Branch transmits the funds
transfer to the intermediary bank, you agree that it will be
that bank’s responsibility (and not the responsibility of the
Branch) to ensure that the funds transfer is completed.
3.11. You also understand that the intermediary and/or
beneficiary bank may charge a fee for processing your funds
transfer and that the Branch is not responsible for this fee.
You agree that this fee may be deducted by the intermediary
and/or beneficiary bank from the amount to be credited to the
beneficiary of your funds transfer.
3.12. You understand
and agree that if your funds transfer request is received by
the Branch before its established cut off hour of 2 P.M. each
New York Business Day then your request shall be processed on
the same Business Day. However, if your funds transfer request
is received by the Branch after its established cut off hour
of 2 P.M. each New York Business Day (time for telephone call
back included), your request may not be processed until the
next Business Day.
3.13. You understand and agree that the
Branch reserves the right to reject any request made by you
for funds transfer when:
• The Customer has insufficient
funds in its account; or
• The Customer’s instruction is
received by the Branch through a communication means not
approved by the Branch; or
• The Customer’s instruction is
unclear or incomplete or unsatisfactory for any
reason.
3.14. You agree that the Branch will not be
responsible for any loss or damage arising from:
• Any act
or failure to act on the part of any person not within the
reasonable control of the Branch; or
• Any error, delay, or
failure in the transmission of any funds transfer request
resulting from an act of God, fire, catastrophe,
telecommunications, electrical or mechanical failure, or any
other cause beyond the control of the Branch.
3.15. You
understand and agree that if you decide to cancel or change a
funds transfer request, you may do so only if we receive that
instruction before we have sent the funds transfer and
provided we have a reasonable time to act on your instruction
to cancel or change the funds transfer. In general, after the
Branch has sent the funds transfer, you will not be able to
cancel or change it unless the beneficiary/correspondent bank
consents to such a request. The Branch and/or beneficiary bank
and/or correspondent bank may impose a charge for canceling or
changing a funds transfer request as well as for any required
currency conversion. The Branch will not be liable for any
losses resulting from the failure of a beneficiary bank to
cancel or change our funds transfer, nor shall you make any
claim against the Branch nor institute a legal action against
the Branch for such failure.
3.16. You understand the risks
associated with transmitting instructions via telephone,
letter, wire, telex or by facsimile, and acknowledge that the
Branch has made available to you certain security procedures
for your transaction of funds transfers. You understand and
agree that when you place a funds transfer request, you may
follow a security procedure for your protection and the Branch
to verify that the funds transfer has been properly
authorized. The security procedure you may use will depend
upon the means by which you provide instructions to the
Branch. In the absence of a separate agreement with the Branch
relating to the specific security procedures to be used, you
agree that the security procedure is designed only to verify
the source of the funds transfer instruction and not to detect
errors in the content of the instructions. As part of such
procedure the Branch may call back a where required contact
person designated by you to verify the funds transfer request,
using their telephone number(s), or those designated by you in
the future in writing. You understand that the Branch may not
be satisfied after the verification and may choose not to
proceed with the transaction and agree that the Branch shall
not be liable in such cases. You understand and agree that the
Branch may not follow this procedure for customers located
outside the U.S. You agree that the Branch will not be liable
for any delay in processing your funds transfer requests
resulting from compliance with these callback
procedures.
3.17. You authorize the Branch to record
electronically any telephone calls relating to any funds
transfer under these Terms and Conditions.
3.18. You
authorize the Branch to act and rely on any instructions or
communications for any purpose (including but not limited to
the instructions/communications pertaining to the operation of
all your accounts or to any other facilities or services that
may be provided by us from time to time) which may from time
to time be or purport to be given by telephone, facsimile,
untested telexes and faxes, telegraph, cable or any other form
of electronic communication by you (including such
instructions/communications as may be or purport to be given
by those authorized to operate your account(s) with us)
(“Instructions”). You understand and acknowledge that there
are risks involved in sending the Instructions to us via
telephone, facsimile, untested telexes and faxes, telegraph,
cable or any other form of electronic communication and hereby
agree that all risks shall be fully borne by you and you
assume full responsibility for the same, and we will not be
liable for any losses or damages arising upon our acting, or
our failure to act, wholly or in part in accordance with the
Instructions. In consideration of our agreeing, subject to the
Terms and Conditions hereunder, to act upon the Instructions
as aforesaid, you hereby irrevocably agree and undertake:
•
that we shall be entitled to act or refuse to act as we see
fit, without incurring any liability whatsoever to you or to
any other person, upon any instructions for any purpose which
may from time to time be or purport to be given by telephone,
facsimile, untested telexes and faxes, telegraph, cable or any
other form of electronic communication by you (including such
instructions as may be or purport to be given by those
authorized to operate your account(s) with us), even if such
instructions or communications are not followed up by written
confirmation to you;
• that we are not required to verify
the identity of the person giving instructions or make any
independent investigation of the authority given to such
person, or to verify the genuineness of any signature(s) which
in our opinion appears to be your signature(s) or that of any
person authorized by you to operate your account(s) with
us;
• not to make any claim against us by reason of or on
account of us having so acted or we having acted wrongly or
mistakenly or of our failure to act wholly or in part in
accordance with the instructions;
• that we shall be
entitled (but not obliged) to keep records of your
instructions given or made by telephone, facsimile, untested
telexes and faxes, telegraph, cable or any other form of
electronic communication in such form, physical or electronic,
as we may deem fit, and our records shall be conclusive and
binding on you. We shall be entitled to dispose of or destroy
any such records at any time as determined by us at our sole
discretion;
• that we shall be entitled to require any
instruction in any form to be authenticated by use of any
password, identification code or test as may be specified by
us from time to time and you shall ensure the secrecy and
security of such password, code or test and you shall be
solely responsible for any improper use of the same;
•
that, notwithstanding the above, we may, under circumstances
determined by us in our discretion, require from you
confirmation of any instructions in such form as you may
specify before acting on the same; and
• You (jointly and
severally) shall indemnify us and keep us indemnified from and
against all claims either by you or any other, actions,
demands, liabilities, costs, charges, damages, losses,
expenses and consequences of whatever nature (including legal
fees on a full indemnity basis) which may be brought or
preferred against us or that we may
suffer, incur or
sustain by reason of or on account of us having so acted
whether wrongly or mistakenly or not, or of our failing to act
wholly or in part in accordance with the
Instructions.
3.19. You agree to take full responsibility
for and be bound by all funds transfer requests issued in your
name, whether or not authorized, provided the funds transfer
request was executed by the Branch in good faith and in
accordance with the procedures set forth in these Terms and
Conditions.
3.20. You agree that within fourteen (14)
calendar days after you receive notification in your periodic
account statement that a funds transfer request has been
executed, you will notify us of any errors, delays, or other
problems related to that funds transfer. In the event of
Branch’s gross negligence or willful misconduct, Branch’s
liability shall be limited to the amount involved in your
relevant communications. IN NO EVENT SHALL THE BRANCH BE
RESPONSIBLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL, OR
PUNITIVE DAMAGES OR EXPENSES IN CONNECTION WITH ANY FUNDS
TRANSFER REQUESTED BY THE CUSTOMER. If you fail to notify the
Branch of a mistake or error within three (3) months after
receiving a statement, you are precluded from any claim
against the Branch.
3.21. You agree that any notice given
to you under these Terms and Conditions shall be deemed given
upon depositing in an official depository of the U.S. Postal
Service, postage prepaid, or by facsimile when sent to the
respective mailing address or facsimile address provided by
you to the Branch. Any change in either address will be
promptly advised by you to us.
4. Amendment and
Termination
4.1. The Branch may amend these Terms
and Conditions by providing written notice to you. Once
provided, such written notice (which may be provided by
e-mail), shall be effective immediately. These Terms and
Conditions also be terminated, by either party, by giving 10
days notice in writing, effective from the date of receipt of
such communication. Any termination shall not affect any
obligations occurring prior to termination.
5. Severability
5.1. If any
portion of these Terms and Conditions are found to be
unenforceable, remaining portions shall remain in full force
and effect.
6. Governing
Law
6.1. This Agreement will be governed by the laws
of the state of New York and/or by federal law, if
applicable.
7. Your
Liability and Indemnity
7.1. You shall be liable to
the Branch for and shall indemnify and hold the Branch
harmless from any and all claims, causes of action, damages,
expenses (including reasonable attorney’s fees and other legal
expenses), liabilities and other losses resulting from acts,
omissions or provisions of invalid or inaccurate data by you
or by any other person acting in our behalf, including,
without limitation: (a) a breach by you of any provision of
these Terms and Conditions; (b) the Branch’s debiting or
crediting of the account of any person as requested by you;
and (c) the failure to act or the delay by any financial
institution other than the Branch.
8. Our Liability
8.1. The
Branch shall be responsible only for performing the funds
transfer services specified by you and shall be liable only
for its gross negligence or willful misconduct in performing
these services.
8.2. The Branch shall not be liable for
acts or omissions by you or any other person including,
without limitation, any funds transfer system, any Federal
Reserve Bank, any correspondent bank, any beneficiary bank,
and any beneficiary, none of which shall be deemed the
Branch’s agent.
8.3. Without limitation, the Branch shall
be excused from delaying or failing to act if caused by legal
constraint, interruption of transmission or communications
facilities, equipment failure, war, emergency conditions,
strikes or other circumstances beyond the Branch’s
control.
8.4. The Branch shall be excused from delaying or
failing to execute a transfer if it would result in the
Branch’s exceeding any limitation on its intra-day net funds
position established through Federal Reserve guidelines or if
it would result in violating any present or future risk
control program of the Federal Reserve or a rule or regulation
of other governmental regulatory authorities.
8.5. In the
event of any matter related to the use of the Euro (including
but not limited to the withdrawal of one or more participating
European states, or any change in the composition of
participating European states) which restricts availability,
credit or transfers of the Euro or otherwise makes it
impossible or impractical for Branch or its correspondents or
agents to perform their obligations in respect of Euro funds,
Branch shall have no obligation to pay the funds, whether by
way of draft or cash or any other means in the relevant
currency or any other currency. In no event shall the Branch
be liable for any consequential, special, punitive or indirect
losses or damages incurred relating to this Agreement,
including, without limitation, subsequent wrongful dishonor
resulting from the Branch’s acts or omissions.
9. Authorized Accounts
9.1.
Any or all accounts that you maintain, intend to maintain
through this account request, or may maintain in the future
with the Branch.
10.
Authorized Signatories and Telephone Callback
10.1.
From time to time, you may authorize certain individuals to
act as your authorized signatories (each an “Authorized
Signatory” and collectively, the “Authorized Signatories”) for
purposes of authorizing wire transfer requests on your behalf.
These individuals shall remain as Authorized Signatories until
your notifies the Branch in writing of the revocation of the
authority of any Authorized Signatory and the appointment of a
new Authorized Signatory or Authorized Signatories. Such
changes shall be effective only after the Branch has accepted
and acknowledged the change or changes by written notice to
you. Individuals authorized to sign per the Specimen Signature
Card are authorized to request funds transfer and receive
telephone callbacks from the Branch to verify funds transfer
requests.
10.2. Authorized Signatories of are authorized to
receive telephone callbacks from the Branch to verify funds
transfer requests.
Terms and Conditions Governing Money Transfers
Effected Through our Website
These terms and conditions ("Terms and Conditions"), are effective as of November 2008, and replace any previous terms and conditions applicable to the Service (defined below), and shall apply to all transactions between you and ICICI Bank Limited, New York Branch ("ICICI") in connection with the Service. The Terms and Conditions, together with the Customer Account Agreement Terms and Conditions (http://www.icicibankusa.com/terms_condition.html ), will apply to you when you access the Service through ICICI Bank's website, www.icicibankusa.com ("Website"). Please read these Terms and Conditions carefully.
1. Definitions
In this Agreement the words "you" and "your" mean the Participant and/or any User(s). The words "we," "us" and "our" mean ICICI, its successors, affiliates or assignees. In addition, the following capitalized terms shall have the meanings set forth below:
“Account or Accounts” means, (i) for you, any corporate bank account(s) opened and maintained with ICICI by you in respect of which ICICI allows transactions to be performed online through its Corporate Internet Banking. or (ii) with respect to any Registered Beneficiary, any bank account capable of receiving transferred funds that is held by such Registered Beneficiary at the Beneficiary Bank.
“Adequate Balance” means an amount of available clear funds sufficient to fulfill all Transfer Requests initiated by you and for us to debit any Charges that may be assessed in connection with your use of the Service.
“Applicable Law” means (i) the bylaws, operating rules and regulations of any payment network which is utilized by ICICI to fulfill its obligations hereunder, (ii) any applicable rule or requirement of the National Automated Clearinghouse Association, and (iii) any and all laws, treaties, rules, regulations, or regulatory guidance of the government of the United States, any state thereof, or of any applicable foreign government or state thereof, including, without limitation, (a) the Bank Secrecy Act, and (b) any and all sanctions or regulations enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, that are related to the offering or use of the Service, or otherwise applicable to you, ICICI, the Beneficiary Bank, or any Beneficiary or Registered Beneficiary, as the same may be amended and in effect from time to time.
“Beneficiary” means a person to whom you would like to remit funds using the Service and includes reference to the term "Payee" as used in the website.
“Beneficiary Bank” means a financial institution, capable of receiving funds transfers from ICICI, at which the Registered Beneficiary holds an Account.
“Beneficiary Data” means the personally identifiable information of a Beneficiary deemed necessary by us to properly identify such Beneficiary and process such Beneficiary's registration for the Service.
“Business Day” means any day (other than a Saturday, Sunday or legal holiday) on which federally-insured financial institutions are permitted to be open in New York, New York.
“Charges” has the meaning set forth in Section 7 below.
“Confirmation Page” eans the online page where you are asked to confirm and accept the remittance transaction details prior to the transaction being completed.
“Corporate ID” means a unique identification number which will be issued to you at the time you established your Account with ICICI. This Corporate ID is to be used by you to access the Corporate Internet Banking along with the Password.
“Password” means a unique password which will be issued to you at the time you established your Account with ICICI.
“Participant” means a business entity located/duly incorporated in the United States that holds an Account with ICICI.
“Registered
Beneficiary” means a Beneficiary that has been registered by you to receive payments through our Service.
“Service” means ICICI's internet-based money transfer service ("Corporate Internet Banking"), under which Participants may transmit funds from their Account at ICICI to an Account held by a Registered Beneficiary at the Beneficiary Bank.
“Terms and Conditions” means these terms and conditions (as amended from time to time) which apply to use of the Service.
“Transaction ID” means an identification number which will be issued and displayed to you online after you confirm your Transfer Request and through which you can track the status of your remittance.
“Transfer Request” means your instructions, submitted through the Website, to transfer funds from your Account to an Account held by a Registered Beneficiary at the Beneficiary Bank.
“Transmittal
Amount” means the funds to be transferred by you to a Registered Beneficiary pursuant to a Transfer Request.
“User” means a person authorized by the Participant to access the Account(s) through the Service.
“User ID” means the identification provided for each User of the Service to enable access to your Accounts.
“Website” has the meaning set forth in the first paragraph above.
2. Acceptance of Terms and
Condition
Your use of the Service, including, without limitation, your attempts to register any Beneficiaries, constitutes your agreement to be bound by these Terms and Conditions. Do not attempt to register any Beneficiary or use the Service if you do not agree to be bound by these Terms and Conditions. We may amend these Terms and Conditions at any time by posting the amended terms on the Website, and any such amendment shall be effective upon such posting to the Website. In addition to posting such amendment on the Website, we may, but are not required to, send you an e-mail, separate written notice, or tell you about such amendment when you call our customer service center.
3. Other terms
and conditions
This Service is governed by other agreements that you have with us, including, but not limited to, the Customer Account Agreement, the terms and conditions applicable to the use of our Website, and our Privacy Policy - click here for further details: www.icicibankusa.com . The terms of each of the foregoing agreements are incorporated herein by reference. In the event there is any conflict between these Terms and Conditions and any of the foregoing agreements, these Terms and Conditions shall control..
4. Eligibility
To use the Service, you must hold an Account that has an Adequate Balance. You can only use the Service to send money to a Registered Beneficiary.
5. Beneficiary
Registration
You will need to register each Beneficiary before sending funds to them. There is no limit on the number of Beneficiaries that you may register for the Service. You only need to complete the registration process once for each Beneficiary. To register a Beneficiary, you must (i) first log onto the Website using your Corporate ID, User ID and Password and follow the instructions to register a Beneficiary, which will include providing the Beneficiary Data for the Beneficiary to be registered, and (ii) we will then verify the Beneficiary information that you provide to us, which will include screening the Beneficiary as necessary to comply with Applicable Law, including, without limitation, the Bank Secrecy Act as amended by the PATRIOT Act, and process the registration request. You are responsible for ensuring that Beneficiary Data that you provide to us is complete and accurate. If you refuse or fail to provide all required Beneficiary Data for a Beneficiary, we may decline your request to register such Beneficiary for the Service. Processing of registration requests will be completed within a reasonable time, however, this activity may be delayed due to holidays and other non-working days in the United States or the Beneficiary's country. Following successful processing of your registration request and our approval of the Beneficiary, the Beneficiary will be registered for the Service and may begin to receive Remittances from you in accordance with these Terms and Conditions. We reserve the right to refuse to register any Beneficiary for the service, or to terminate the registration of any Registered Beneficiary at any time, in each case in our sole discretion. You may check the registration status of each Beneficiary you submit to us for registration by logging on to the Website and viewing your "List of Beneficiaries".
6. Using
the Service
You may use the Service to transfer funds from your Account to a Registered Beneficiary's Account by logging on to the Website using your Corporate ID, User ID and Password and following the instructions to initiate a Transfer Request. Certain limits apply to the number of Transfer Requests that you may submit as well as to the amount of funds that may be transferred pursuant to a Transfer Request, and we may increase or decrease these limits from time to time in our sole discretion. If you attempt to initiate a Transfer Request beyond these limits, an alert/error message will be displayed on your screen, and you will not be permitted to initiate the Transfer Request. Note that the remittance of any Transmittal Amount remains subject to Applicable Law, including, without limitation, any laws, rules or regulations of the Registered Beneficiary's country which relate to money remittance or foreign exchange. We reserve the right to accept or reject any Transfer Request in our sole discretion. We will fulfill all regulatory reporting requirements pertaining to ICICI Bank Limited, New York Branch for providing such services. You agree that we will not be held responsible or liable to you or any other person for any such action. After you provide all of the required transaction information, including, without limitation, the purpose of the requested remittance, you will be asked to confirm the details of your Transfer Request, including the Transmittal Amount, the exchange rate and the amount of any applicable Charges, before initiating the Transfer Request. Subject to these Terms and Conditions, and following successful processing of your Transfer Request, we will transfer funds to the designated Registered Beneficiary's Account pursuant to such Transfer Request and debit the Transmittal Amount and any applicable Charges from your Account balance. However, if we are unable to process the Transfer Request due to a technical problem caused by our system(s), funds will not be transferred to the designated Registered Beneficiary, and we will refund the Transmittal Amount and any applicable fees debited from your Account within a reasonable time period. In the event we are unable to complete any Transfer Request as a result of any inaccurate, incorrect or incomplete information that you provided to us, we will refund the amount debited from your Account after deducting the relevant Charges and any foreign exchange losses we may incur in connection with such Transfer Request. Neither you nor the designated Registered Beneficiary shall be entitled to receive any interest on any funds which are debited from your Account in connection with a Transfer Request and held by us during the processing of such Transfer Request. Except as provided above with respect to Charges assessed in connection with a Transfer Request that is not processed due to a technical problem caused by our system(s), you acknowledge and agree that any Charges that may be assessed in connection with any Request you submit, even one that is later voided, are fully-earned and non-refundable. Once your Transfer Request has been processed, we will arrange for the conversion of the Transmittal Amount to the remitting currency, and will apply our foreign exchange conversion rates prevailing on the day and time of conversion, or such other rates as we may reasonably apply in our sole discretion. Each Transmittal Amount you send pursuant to a Transfer Request will generally be posted to the designated Registered Beneficiary's Account within one (1) Business Day after the Transfer Request is processed. However, posting of the Transmittal Amount to the Registered Beneficiary's Account is subject to the posting rules of the Beneficiary Bank, and may be delayed if the Transfer Request is processed on a day which is a holiday or other non-working day for the Beneficiary Bank. If we are unable to credit the Registered Beneficiary's Account, we may notify you by e-mail or display an update or alert on your transaction history page on the Website. Any charges that you may incur in accessing the Website, including, without limitation, any internet connection charges, shall be your sole responsibility. Any offer to use the Service is void where prohibited by Applicable Law.
7. Fees and
Charges
We will charge you, and you agree to pay, the fees and charges set forth in the Schedule of Fees and Charges, separately provided to you or posted on our Website at www.icicibankusa.com (collectively, the "Charges"), which are subject to change. We will provide notice of any changes to the Charges on the Website, which shall be effective upon posting to the Website..
8. Exchange Rates
The estimated exchange amount applicable to your Transfer Request will be displayed on your screen before you confirm the Transfer Request. The exchange rate used to process your Transfer Request is a rate selected by us from the range of rates available in wholesale currency markets for the applicable processing time, which may vary from the rate we may receive, or the government-mandated rate in effect for the applicable time. Exchange rates depend upon market conditions and may vary during business hours or at any time. Any difference between the rate applied to the Transfer Request and the rate received by us or our representatives will be kept by us or our representatives. The money earned by us or our representatives when the Transmittal Amount is converted will be in addition to the Charges assessed for the use of the Service. If you have any questions related to the exchange rate applied to your Transfer Request, kindly call your Relationship Manager at +1 646 827 8450 to confirm the exchange rate applied. Upon completion of the transaction, the foreign exchange rate applied to your Transfer Request will be displayed in your "Transfer History" on the Website.
9.
Cancellation /Refund
To submit a request to cancel a pending Transfer Request, you must contact our customer service center at 1 (866) 424-2448. In connection with any such cancellation request, we will immediately debit from your Account any applicable cancellation Charges and an amount equal to any foreign exchange loss that we may incur as a result of such cancellation. You understand that we may, in our sole discretion, refuse to accept your request to cancel a pending Transfer Request, and that you may not cancel any Transfer Request once it has been processed and the associated Transmittal Amount has been posted to the Registered Beneficiary's Account.
10. Our Liability
Except as otherwise required by Applicable Law, we will not be liable to you for any loss or damage which may result from our acting in accordance with your instructions. If we do not complete a transaction pursuant to your Transfer Request within a reasonable time or in the correct amount, we may be liable for your losses or damages. However, we will not be liable:
. if through no fault of ours, you do not have an Adequate Balance;
. if circumstances beyond our control (such as fire, flood, terrorist attack, national emergency, or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions we have taken;
. if access to your Account has been blocked for any reason;
. if the funds in your Account are subject to legal process or other encumbrance restricting their use;
. if your transfer authorization terminates by operation of law;
. if a computer system was not working properly and you knew about the problem when you initiated the Transfer Request;
. if we have reason to believe that the Transfer Request was not authorized; or
. as otherwise provided in these Terms and Conditions.
11. Authority to Use the Service by Users.
. You may authorize your employees to access the Account(s). There is no restriction on the number of persons who can be authorized to access the Service. However, you shall inform us if any User has left your employment / services so that we can block such User / User ID promptly. If you need additional User IDs you must inform us in writing the persons who will be/are authorized to avail of the Service.
. You must insure that all Users are both informed of these Terms and Conditions and agree to abide by these Terms and Conditions.
. We shall have no obligation to verify the authenticity of any instruction received or purported to have been received from you through the Service or purporting to h ave been sent by you other than by verification of the Corporate ID, User ID and Password.
12. Your Representations and
Warranties
By using the Service or attempting to register any Beneficiary for the Service, you represent and warrant to us that: (a) you are at least 18 years of age (or 19 if you reside in a state where the age of majority is 19); (b) you are a U.S. citizen or legal alien residing in one of the 50 states, the District of Columbia or Puerto Rico; (c) all information that you provide to us is true, correct and complete; (d) you have reviewed a copy of these Terms and Conditions and agree to be bound hereby; and (e) your use of the Service shall not in any way, directly or indirectly, (i) violate Applicable Law, including, but not limited to, any law, statute, ordinance, contract or regulation relating to money laundering, illegal gambling activities, support for terrorist activities, fraud or theft; and/or (ii) violate any provision of these Terms and Conditions.
13. Termination or
Suspension
We may, without prior notice or liability to you, refuse to honor any Transfer Request or terminate or suspend your access to the Service at any time and for any reason. If we terminate or suspend your access to the Service for any reason, we may, in our sole discretion, cancel your pending Transfer Requests. Our termination or suspension of your access to the Service will not affect any of our rights or your obligations pursuant to these Terms and Conditions existing prior to such termination or suspension.
14. Privacy
Our collection, retention and use of your personal information, business and/or financial information including, without limitation, information related to your use of the Service, shall be governed by the terms of the Privacy Policy contained in Appendix C of the Customer Account Agreement.
15. Disclaimer of
Warranties
EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THESE TERMS AND CONDITIONS, WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU, WHETHER EXPRESS OR IMPLIED, REGARDING THE SERVICE, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
16.
Limitation of liability
WE WILL NOT BE LIABLE TO YOU FOR DELAYS OR MISTAKES RESULTING FROM ANY CIRCUMSTANCES BEYOND OUR CONTROL, INCLUDING, WITHOUT LIMITATION, ACTS OF GOVERNMENTAL AUTHORITIES, NATIONAL EMERGENCIES, INSURRECTION, WAR, OR RIOTS; COMMUNICATION SYSTEM FAILURES; OR FAILURES OR MALFUNCTIONS ATTRIBUTABLE TO YOUR EQUIPMENT, ANY INTERNET SERVICE, OR ANY PAYMENT SYSTEM. IN THE EVENT THAT WE ARE HELD LIABLE TO YOU, YOU WILL ONLY BE ENTITLED TO RECOVER YOUR ACTUAL DAMAGES. IN NO EVENT SHALL YOU BE ENTITLED TO RECOVER ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY OR SPECIAL DAMAGES (WHETHER IN CONTRACT, TORT OR OTHERWISE), EVEN IF YOU HAVE ADVISED US OF THE POSSIBILITY OF SUCH DAMAGES. THIS PROVISION SHALL NOT BE EFFECTIVE TO THE EXTENT OTHERWISE REQUIRED BY LAW. TO THE EXTENT PERMITTED BY LAW, YOU AGREE THAT YOUR RECOVERY FOR ANY ALLEGED NEGLIGENCE OR MISCONDUCT BY ICICI, ITS AGENTS OR ASSIGNEES SHALL BE LIMITED TO THE TOTAL AMOUNT OF ANY RELATED TRANSFER REQUEST (AS SUCH TERM IS DEFINED HEREIN).
17.
Indemnification
You agree to indemnify, defend and hold harmless ICICI, its officers, directors, owners, agents, employees, affiliates, licensors, licensees and third party service providers (collectively, the "Indemnified Parties") from and against any and all losses, damages, liabilities, and claims and all fees, costs, expenses of any kind related thereto (including, without limitation, reasonable attorneys fees) incurred by the Indemnified Parties in connection with any claim arising out of, based upon or resulting from (i) the breach of any of your representation or warranties contained in these Terms and Conditions, or (ii) your failure to comply with any provision of these Terms and Conditions. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. You shall not in any event settle any matter without our written consent.
18.
Governing Law
Your use of the Service shall be governed by the laws of the State of New York, without regard to its rules regarding choice of law, and you hereby irrevocably and unconditionally consent and submit to the personal jurisdiction of the federal court in the Southern District of New York over all matters relating to the Service or these Terms and Conditions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of these Terms and Conditions shall be determined to be invalid or unenforceable under Applicable Law, the validity or enforceability of the remaining provisions of these Terms and Conditions shall not be affected.
19. Evidence Regarding Electronic
Communication
You understand and agree that a copy of any electronic communication you may have with us will be admissible in any legal, administrative or other proceedings as conclusive evidence as to the contents of such communication in the same manner as an original document in writing and you hereby waive any right to object to the introduction of any such copy of electronic communication in evidence.
20.
Miscellaneous
(a) Assignment. You may not assign or transfer any of your rights or obligations under these Terms and Conditions. Any attempt to the contrary shall be null and void. These Terms and Conditions shall be binding on you and any permitted assigns. We may transfer all or any portion of our rights or obligations under these Terms and Conditions.
(b) Disclosures and Notices.
You agree to accept all disclosures and notices, including, without limitation, those that may be required by Applicable Law, as well as all other communications between you and ICICI regarding your use of the Service, on the Website or at the e-mail or postal address you provided when you established your Account. In the event there are any changes to any information that you provided when you established your Account, you must notify us immediately by calling 1 (866) 424 -2448.
(c) English Language Controls. Any translation of these Terms and Conditions is provided for your convenience. The meanings of terms conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
(d)
Complaints/Disputes. All complaints and disputes relating to your use of the Service will be handled in accordance with the terms of the Customer Account Agreement. Any errors or omissions or unauthorized transactions must be reported to ICICI through a written notice to its registered office address at 500 5th Avenue, 28th Floor, New York, NY 10110. Such notices from you will be processed in accordance with the "Electronic Funds Transfer" section of the Customer Account Agreement.
(e) Customer Service. In the event you have any questions or issues concerning the Service, please contact Customer Service at . +1 646 827 8450
(f) Regulation. ICICI Bank, New York Branch, is chartered and regulated by the Federal Reserve Board and the Office of the Comptroller of the Currency.
