Commercial & Wholesale Banking
Commercial & Wholesale Banking
Account Information / Statements:
Immediate Payment Service (IMPS), National Electronic Funds Transfer system of RBI (NEFT) & Real Time Gross Settlement System of RBI (RTGS),Electronic Clearing Services (ECS), National Automated Clearing House (NACH):
Demand Drafts / Pay Orders:
Reversal of Entries:The Bank reserves the right and the Customer hereby authorizes the Bank to reverse any entries erroneously passed, with or without notice to/ from the Customer and to debit/credit the Account to the extent required to correct any erroneous entries that may have been inadvertently made by the Bank.
Notices:Any notice, communication or letter addressed to the Customer and sent through post or any other means at the address (which includes the mailing / office / residence / any alternate address) of the Customer as per the Bank’s records shall be considered as duly delivered to the Customer at the time it would be delivered in the ordinary course of post. Any communication from the Customer to the Bank shall be effective upon actual receipt of such communication by the Bank in a form and manner satisfactory to the Bank. The Customer shall notify the Bank without delay, of any change in its name, address or other particulars, filed with the Bank and shall completely indemnify the Bank from all acts performed by the Bank under this Clause in the event the Bank has not received such aforesaid notification of change of name/address/other particulars.
Dormant Accounts: The Bank shall flag the Account as “Dormant” if the Account remains inoperative for over a consecutive period of 2 (two) years and no transactions are carried therein. If the Account is categorized as Dormant, then in such case the Bank may make reasonable endeavors to inform the Customer (including any joint holder/s) at least 3 (three) months before the Account is classified as a Dormant Account. Further the Bank shall also make reasonable endeavors to inform the Customer (including any joint holder/s) of the procedure to be followed to activate the Account. The Customer agrees that the Bank may place restrictions on the operation of the Account till such time the customer activates the Account through a process specified by the Bank. For the purpose of this clause transaction shall mean any credit or debit transactions to be carried by the Customer as well as third parties in the Account through the following modes:
Stop Payment Orders: The Customer can request the Bank to stop payment on cheques/Standing Instruction/Electronic Clearing System drawn on the Account by notifying the Bank in writing on the Bank’s standard ‘stop payment’ order form or by such other means as may be approved by the Bank from time to time, including on phone banking or through the Website. The Bank shall endeavour to carry out such instructions on a best-effort basis. Charges will be levied for each stop payment instruction in accordance with the Schedule of Charges. In case the Account is a joint account or has joint signatories, if any stop payment instructions are received from any one of the joint account holders or joint signatories or any other debit instruction with regard to the Account, no amount shall be paid from the Account except in accordance with Account operating rules as may be applicable or on the discharge of all the joint holders or joint signatories, as the case may be.
Death of a Customer: In case of death of a Customer, the Bank shall have the right to release the money lying to the credit of the Account of the Customer to the nominee appointed by the Customer or the legal heirs of the Customer, as the case may be. The Bank may retain any and all funds in the Account until it establishes the identity and credentials of the successor(s) to its sole satisfaction, and the Bank reserves the right to demand and inspect requisite documentation in this regard, including a succession certificate/probate of a will of the deceased Customer. In case the Account is a joint account where the account is opened with the survivorship clause ("either or survivor" or "anyone or survivor" or "former or survivor" or "latter or survivor"), the Customer agrees that in the event of death, insolvency or withdrawal of any one or more of the Account holders, the balance in the Joint Account shall be paid to the surviving Joint Account holder(s) and in the event there are no surviving Joint Account holder(s) to the nominee(s) if any, or to the legal heirs of the Joint Account holder(s) subject to the discretion of the Bank, provided there is no dispute among the survivor or survivors or legal heirs or there is no order from the competent court restraining the Bank from making the payment from the Account. Without prejudice to the foregoing, in the event of the death of the Customer, the Bank reserves the right to pursue all courses available to it under law and equity, at its discretion to recover any outstanding from the Customer. Notwithstanding the aforesaid, Customer agree that in case of Term/Fixed Deposit with “Either or Survivor” or “Former or Survivor” mandate, Bank is permitted to allow premature withdrawal of the Term/Fixed Deposit by the surviving joint depositor on the death of the other, in case there is a joint mandate from the joint depositors to this effect. For details please refer to the “Deceased Depositors Policy” available on our Website.
Nomination: Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Customer. The Customer is at liberty to change the nominee, through submission of prescribed form to revise the nomination during the currency of the Account with IDFC Bank.
Blocking of an Account and/or any transaction: The Customer consents to the blocking of any Account and/ or payment or transaction with respect to the Account by the Bank where the conduct of the Account and/ or such payment or transaction would result in the Bank or any its Affiliates or their Third Party Service Providers or Payment Infrastructure Providers being in breach of any Law or Regulation and/or to enable Bank or such entities to comply with such requirements. In case of Salary Accounts customer consent to mark hold / reverse the credit of such amount wrongly credited to and remaining in the salary account basis employer / corporate confirmation, only such amounts that have been wrongly credited by IDFC Bank Ltd on the initial instructions of the Company.
Right of Set-Off: The Bank may at any time and without notice to the Customer combine and consolidate all or any of the Customer’s accounts held with the Bank and the Customer hereby authorizes the Bank to set off, adjust or transfer any sum or sums standing to the credit of any or more of such accounts in or towards satisfaction of any of the Customer liabilities to the Bank on any account or in any other respect whether such liability is actual or contingent, past/crystallized or future, primary or collateral and several or joint.
Additional Facilities: The Bank may, at its sole discretion, make available to the Customer one or more additional Facilities and/or services in relation to the Account and the Customer agrees that the persons specified by the Customer to avail of or instruct for availing of the Facilities then being offered shall also be entitled to avail all enhanced / additional Facilities, as may in future be made available by the Bank. The Customer agrees and understands that such additional Facilities and/or services may have specific terms and conditions (such as the Mobile Pay Facility Terms and Conditions and the Bill Pay Facility Terms and Conditions) which would apply in the event the Customer opts to avail of the said additional Facilities/services. Such additional terms and conditions would be in addition to these Terms and Conditions. The Bank, shall, in its sole discretion, at any time, with notice to the Customer, be entitled to withdraw, discontinue, cancel, suspend and/or terminate any Facility or services related to it or suspend use of any particular devices and shall not be liable to the Customer for any loss or damage suffered by the Customer resulting in any way for such withdrawal, suspension or termination.
Closure of Account: The Bank may at any time, in its sole discretion, without liability, close the Account after giving a prior notice of at least thirty (30) days to the Customer. However, the Bank may also close the Account under certain conditions (including without limitation) the improper conduct of the Account, and/or the Account profile or transactions in the Account not being in line with the Bank’s internal policies or guidelines pertaining to KYC/AML, without giving any prior notice to the Customer. The Bank shall not be liable for any consequences arising out of such closure of an Account. The Customer would be required to make alternate arrangements for cheques already issued and shall desist from issuing fresh cheques on the Account in such a situation. The Bank may at any time at its sole discretion, without liability, refuse to accept any deposit or limit the amount that may be deposited, return all or part of the deposit and discharge all liability. The Customer may close the Account at any time if he so chooses by way of providing written communication in this regard to the Bank. In the event of closure of an Account, the Bank will refund the monies (including balance) lying to the credit of the Account to the Customer subject to payment of applicable standard service/ processing charges. Further, the Customer understands that IDFC Bank may close any of the Customer Accounts at any time in order to comply with any Law or Regulation (whether domestic or foreign).
Closure or shifting of Branch: The Bank will give a prior notice of ninety (90) days in the event of closure of a branch of the Bank where the Account is held.
Collection and disclosure of information: The Customer hereby expressly consents and permits the Bank to:
Recording: The Customer agrees, consents and understands that the Bank, may at its discretion, video tape or record on camera the Customer’s access/ presence/ use of the Bank’s premises/ machines/ equipment or record on tape any oral/ telephonic (by using the Phone Banking facility) instructions or communication with the Customer whether initiated by the Bank or the Customer. All records maintained by the Bank, in electronic or documentary form of transactions pertaining to the Account (including usage of the ATM/Debit Card) and such other details (including, but, not limited to payments made or received), and all camera/video and / or audio recordings made as mentioned above, shall, as against the Customer, be deemed to be conclusive evidence of such instructions and other details. The entries in the Bank’s books (including Website logging/ SMS / Other Mobile responses from the Customer’s designated mobile number/ transaction records stored in tables or as web or application logs) kept in the ordinary course of business of the Bank with regard to all or any of the matters contained herein shall be binding on the Customer.
Force Majeure: The Bank shall not be liable for any losses caused by its inability or delay in providing all or any service or Facilities or fulfilling any of the Bank’s obligations hereunder, either wholly or in part, caused by or in connection with any force majeure events including, but not limited to, restrictions on convertibility, transferability, requisitions, involuntary transfers, riot, disturbance, strikes, lock-outs, bandhs, war, civil strife, burglary, theft, dacoity, accident, technical fault including problems related to computers, accessories, software, printers, fax machines, internet, telephone system and such related hardware or software faults beyond the control of the Bank, breach of trust by any authorized persons, flood, fire, earthquake, act of God, act of any government, change in regulation or law and other allied acts of regulatory or statutory nature or if the performance of such obligation or provision of such service would result in the breach of any Law, Regulation or other requirement of any governmental or other authority or on account of any other restriction or requisition or other circumstances or events whatsoever beyond the control of the Bank and the Bank shall not be obliged to provide any service or Facilities or perform any of its obligations hereunder during the period while the Bank’s performance is affected by force majeure conditions. The Bank shall not be responsible for any loss or damage caused to the Customer by reason of any failure to comply with the Customer instructions, when such failure is caused due to reasons beyond the control of the Bank, the opinion of the Bank being final in this regard.
Governing Law: The laws of India will govern these Terms and Conditions and the same shall be subject to the exclusive jurisdiction of the courts at the location in India at which the relevant branch of the Bank, which maintains the Account, is located. The Customer agrees that for any suit, action or other proceeding required to be taken in respect of these, the same shall be instituted by it and tried in the courts at the location in India at which the relevant branch of the Bank, which maintains the Account and/or the relationship, it being the intention of parties to select the courts in such location in India, exclusively by exercising their right of forum selection.
Miscellaneous: The Customer unconditionally agrees that: