As an accountholder with HSBC, you stand to benefit from a wide number of services, each designed to make operating your account easier. With a range of transactions and many special features to enjoy, you will find banking with HSBC a pleasant experience. Please read on to learn more about how you can maximise the advantages of holding an account with HSBC.
|Opening an account
Current Accounts can be opened by individuals, sole proprietorship concerns, partnership firms, private, public limited companies, associations, clubs, societies, trusts or other institutions, upon being introduced in a manner satisfactory to the Bank. The account can be opened either singly or jointly, with one or more persons as permitted by the regulatory guidelines. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivor/s. The accountholders can also authorise a person to operate an account on his, their behalf by providing a Power of Attorney to him / her. In line with RBI requirements, passport sized photographs of all accountholders / authorised signatories will have to be submitted to the Bank along with other documentation for opening a new account (as defined in the Account Opening Form).Withdrawals
Cash withdrawals should only be made on the printed cheque slips supplied by the Bank and or through Automated Teller Machines (ATMs). The Bank reserves the right to apply the service charge based on the number of transactions made during the month as per the Tariff. The account should not be overdrawn nor should cheques be drawn against funds in due course of realisation unless special arrangements have been made with the Bank.Interest
Deposits in the account do not attract any interest. Customers will repay to the Bank on demand and the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. For overdrawn accounts, interest is charged at prevailing interest rates on the daily outstanding in the accounts. In the absence of any special arrangements, the Bank is not required to honor any cheques drawn by the accountholders if in doing so the account would become overdrawn and in such circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.
|Opening an account
A savings account maybe opened by one or more persons approved by the Bank. Savings Accounts can only be opened by non-profit making Trusts / Hindu Undivided Families besides individuals. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivors. The account holder(s) can also jointly authorise a person to operate an account on his / their behalf by providing a Power of Attorney on the account. In line with RBI requirements, passport sized photographs of all accountholders will have to be submitted to the Bank along with other documentation for opening a new account.
Cash withdrawals should only be made on the printed cheque forms supplied by the Bank or through ATMs. The Bank reserves the right to apply the specified service charges as stipulated in the printed Tariff. The account should not be overdrawn nor should cheques be drawn against funds in course of realisation.
The rate of interest on Savings Accounts is subject to change from time to time in accordance with the directives of the Reserve Bank of India. The current rate is displayed at our counters. With effect from 1st April 2010, interest on the savings bank accounts will be calculated on daily product basis, as per RBI circular dated 24 April 2009 and interest will be paid out at half yearly rest with effect from 1 October 2010. For the period after 1 October 2010, savings account interest for the half year from April to September would be credited in the following month of October and interest for the half year from October to March would be credited in the following month of April. Customers will repay to the Bank on demand and the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. In the absence of any special arrangements, the Bank is not required to honour any cheques drawn by the accountholder(s) if in doing so the account would become overdrawn and in this circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.
The initial minimum deposit to open an account is as per our current proposition level Tariff. Average minimum balance as per our current Tariff should always be maintained, failing which a service charge will be levied as indicated in the respective proposition level tariff. The Bank reserves the right to close at any time any account in which the minimum balance is not maintained with a 30 days prior notice to the accountholder(s). Cheques, dividend warrants and other instruments in the name of accountholder will be collected but those in favour of payees other than the accountholders will not be accepted for collection.
Closure of Accounts
1. When an account is closed either by the constituents or by the Bank, the constituents are required to return the ATM card / Debit Card and all the unused cheques to the Bank. Also closure of account requires signatures of all accountholders.
2. A charge as per our current Tariff will be recovered from an account holder before the expiry of the specified number of months from the date of opening the account.
3. Board resolution is required to be submitted for closure of a Company Account.
4. In the event of frequent cheque returns the Bank reserves the right to close the account with 30 days prior notice to the account holder/s.
5. All partners are required to sign for closure of a partnership account.
ATM Funds Transfer
The customer can authorise the Bank to transfer funds from his account to third party beneficiaries as specified during operation of the ATM, subject to the Bank's policies. The Bank may, at its discretion, withdraw temporarily or terminate the ATM funds transfer facility with due intimation to the customer. The Bank reserves the right to change the maximum per day limit for funds transfer through the ATM with due intimation to the customer.
|1. The Banks NRI Deposit Accounts scheme is open to non-resident Indians only. The term 'Non-Resident Indian' refers to Indian nationals and foreign passport holders of Indian origin. They include spouses of Indian citizens and any individual whose parents or grandparents was / were resident in undivided India.
2. All deposits, whether savings, current or time deposits are placed with the Bank under the Reserve Bank of India (RBI) regulations, and are governed by and subject to laws in effect from time to time and payable only at the branch where such deposits are made.
3. Deposits will be accepted under the RBI's FCNR (B) scheme in US dollars, Pound Sterling, Japanese Yen, EURO, Canadian Dollars and Australian Dollars. All other deposits may be tendered in any other acceptable currency but are maintained in Indian Rupees.
4. The Bank reserves the right to reject any deposit application without assigning any reason whatsoever.
5. Deposits established with the proceeds of cheques will be value-dated after clearance.
6. The Bank shall not be obliged to accept or repay the deposit(s) in cash.
7. The foreign currency equivalent of the principal and interest on repatriable Rupee deposits and accounts can increase or decrease depending upon foreign exchange fluctuations.
TYPES OF ACCOUNTS
To be funded with remittance from overseas or transferred from other NRE / FCNR accounts. Local credits are not permitted. Both principle and interest are fully repatriable. They can be held as Savings, Current or Fixed Deposits Accounts.
This account can be funded by remittance from overseas or through local sources. Interest accrued on Fixed Deposits is repatriable after tax deduction at source. Principal is not repatriable. This account can be held as a Savings, Current or Fixed Deposit Account.
FCNR-B (Fixed Deposits):
This account can be held in foreign currency only. it can be funded with remittance from overseas or through transfers from NRE accounts. Both principle and interest are fully repatriable.
Fixed Deposit accounts
1. The Bank accepts Local Currency or Foreign Currency Fixed Deposit Account from NRIs (individuals) in the form of NRE, NRO, FCNR deposits for fixed periods and currencies. Details about the various periods, current rates of interest and minimum deposits are available upon request.
2. The rate of interest payable on the deposit as prescribed by the Bank is subject to the directives that may be issues by the Reserve Bank of India from time to time.
3. In case of a cumulative Fixed Deposit, the interest is compounded at quarterly rests at the prescribed rate for local currency deposit and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.
4. Interests on an Ordinary Fixed Deposit is payable to the accountholder every quarter in case of local currency deposits and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.
5. Interest is not taxable in case of NRE and FCNR Fixed Deposits held by individuals. In the case of NRO deposits, tax is deducted at source at the rate of 30.9 %.
6. The deposit will be renewed automatically on the due date for an identical period at the applicable rate of interest ruling on the date of maturity unless an instruction to the contrary is received from the depositor by the Bank. The renewal will be in accordance with the provisions of the relevant Reserve Bank of India scheme in force at the time of renewal.
7. No interest is payable, where premature withdrawal of deposits takes place before completion of the minimum period prescribed by RBI. As per RBI, Minimum period defined for NRE and FCNR is 1year whereas for NRO is 07 days.
8. In case of FCNR (B) deposits, premature withdrawals will be subject to the penalties as determined by the Bank from time to time on account of interest rate movements and swap cost movement.
9. Rupee Time deposits held in Non-Resident (NRO) and Non-Resident (External) NRE Accounts - In case of cumulative deposits, interest is compounded quarterly and the basis of interest calculation is 28-31/365. For term deposit with tenor less than three months or where the terminal quarter is incomplete, interest is calculated proportionately for the actual number of days reckoning the year at 365 days (365 days for leap years).In case of non-cumulative deposits, interest is paid out quarterly or half yearly as preferred by customer. This is effective for all Term Deposits placed / renewed on or after 20 Jan 2009.
The interest on FCNR (B) deposits accepted under the scheme should be paid on the basis of 360 days to a year. The interest on FCNR(B) deposits should be calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.However, the depositor has will has the option to receive the interest on maturity with compounding effect.
10. The Bank, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to penalty on premature withdrawal of Fixed Deposit.as may be applicable. With effect from 01 October 2013, Non Resident ordinary (NRO) fixed Deposits will attract a penal rate of 1% on premature withdrawal for any value of fixed deposit deposit irrespective of the date of placement.
The interest paid will be lower by the Penal Rate (as may be applicable to the value and date of placement of the Fixed Deposit as defined in the above table) than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.
|Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. Bank at its discretion may offer higher rate of interest on Fixed Deposits for resident Indian Senior Citizen customers. Resident Indian Senior Citizen Customers are therefore requested to check the applicable interest rates valid for Senior Citizen Customers displayed at our branches or visit Bank's website at www.hsbc.co.in prior to the placement of the Fixed Deposit A senior citizen is defined as a person above the age of 60 years.|
An account in the name of a literate minor may be opened and operated upon by the minor's guardian. An account may be opened jointly by a minor and his / her natural guardian or by a guardian appointed by a court of Competent Jurisdiction. Upon the minor attaining majority, the right of the guardian to operate the account shall cease and any balance in the account will be deemed to belong exclusively to the hitherto minor who has attained majority, and unless he / she confirms in writing his / her intention to continue the account, further operation cannot be allowed.
1. Withdrawals by cash or cheque: We have the right to pay any amount you withdraw from an Account by any one or more of the following methods:
2. Cheque books are generally issued for savings or current accounts maintained in Rupees and may be subject to charges as speciﬁed in our tariff.
3. You are responsible for keeping your cheque books and cheques safe from loss, theft or unauthorised access or use, under lock and key or taking other safeguards as appropriate.
4. Applications for a new cheque book may be made by presenting a duly completed and signed cheque book requisition slip to the Bank or by any other means of written instructions duly signed by all fixed deposit holder(s) or thorough authenticated instructions through Internet Banking or PhoneBanking if the same is allowed as per the mode of operation of the account. The Bank may also, at its sole discretion, issue cheque books to the customer, without any request from the customer, if as per its records, the customer has substantially utilised the cheque leaves previously issued to the customer. New cheque books will be dispatched to the customer by post according to the address record kept by the Bank (or by such other means as determined by the Bank). The Bank assumes no responsibility for any delay or loss caused by any mode of dispatch.
5. We may, at our sole discretion, refuse to issue a cheque book on any account, which is not maintained satisfactorily (such as excessive cheque returns, etc.
6. Upon receipt of a cheque book or before use, you should check the cheque serial number, account number and your name printed on the cheques and the number of cheques, and report any irregularity to us as soon as reasonably practicable.
7. You cannot print cheque books or other payment instruments without our prior written approval.
8. As per the RBI circular on "Prohibiting alterations / corrections on cheques: No changes / corrections should be carried out on the cheques (with an exception of date validation, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations."
9. You should delete the words "OR BEARER" and cross a cheque if you intend to deliver it other than in person To ensure correctness, cheques shall not be drawn by any means and/or in any manner which may enable a cheque to be altered or may facilitate fraud or forgery. In particular:
10. you should write the amount, both in words and figures as close to each other and to the left hand margin as possible, in the spaces provided on the cheque so as to leave no space for adding other words or figures;
11. you should add the word "only" after stating the amount in words
12. All cheques must be written in dark colour non-erasable ink or ball-point pen and be signed in conformity with the specimen signature registered with the Bank; and (iv) The customer should comply with the conditions printed on the inside cover of cheque books.
13. You must report any loss, theft or unauthorised use of a signed cheque or a cheque book to us either in writing or through PhoneBanking services as soon as reasonably practicable.
14. Accountholders should exercise care when drawing cheques and should not draw cheques by any means, which may enable a cheque to be altered in a manner, which is not readily detectable.
15. You agree that we may record a cheque drawn by you in electronic or other form as we consider appropriate, and the cheque after payment may be retained by the collecting bank for a period specified in the rules relating to the operation of the clearing house and may be destroyed by the collecting bank after that period.
16. You authorise us to contract with collecting banks and other persons in relation to the arrangements and matters set out in paragraph (i) above.
17. Return cheques - The Bank reserves the right to return cheques with insufficient funds in account, technical error or any other reasons as mentioned under the relevant statute or any other reasons and to impose a service charge with respect to returned cheques.
18. Cheque books will either be available at our branch counters or delivered directly to the customer, to the addresses registered with the Bank as per your instructions.
19. You should give us clear written instructions or other duly authenticated instructions (the authenticity of which the Bank must be able to verify) clearly identifying the cheque in question by reference to its cheque number, if you wish to stop payment of a cheque. We have no obligation to act on your Instruction if we do not receive it in time to enable us to stop payment.
20. You should clearly identify the cheque in your Instruction by quoting the cheque number. If you quote any other detail instead of the cheque number, we have no obligation to but may act on your Instruction at our discretion without being liable. If you quote any other detail in addition to the cheque number, we are not responsible for checking whether that detail conforms with the corresponding detail on the cheque in question.
21. We have no obligation to act on an Instruction to stop payment if we are unable to verify its authenticity, unless we have made any special arrangement with you. Notwithstanding that, we may act on an Instruction at our discretion if we believe in good faith that it is given or authorised by you without being liable in any circumstance and you will be bound by that Instruction even if it is incorrect, false or unclear or if it was not given or authorised by you. You should confirm an Instruction as soon as reasonably practicable in a manner accepted by us.
22. Charges as per the Bank’s tariff will be applicable for effecting stop payment instructions and the same will be debited to the specific savings or current accounts in which this stop payment has been effected.
23. NRE accountholders should complete the declaration on the reverse of the cheque leaf as per RBI requirements
| You must ensure and hereby undertake that all documents and items submitted under the drop box services are complete, accurate and duly signed where applicable.
You will utilise the drop box services in accordance with its governing terms and conditions and such other instructions, guidelines and directions that we shall issue from time-to-time.
The scope of the drop box services shall be as determined by the Bank from time-to-time and may include, but not necessarily and among other things, deposit of cheques, bills of exchange, warrants, payment warrants and other payment instruments. The drop boxes shall not be used for dropping cash and/or post-dated cheques and/or high value cheques and/or bearer cheques and the Bank will not be responsible/liable for such items deposits. All high value cheques which exceed Rs. 1 lakh should be deposited at the Bank’s counters only.
We shall accept responsibility for the documents/ instruments deposited after we have received, checked and veriﬁed the same, in accordance with its practice, and this shall be ﬁnal, conclusive and binding on you.
1) The items deposited in any CDB will be sent by the Bank for clearing within the period as indicated on the box but not later than 2 days.
a. our failure or delay in providing the drop box services
5) The maximum value of items to be dropped in the CDBs shall not exceed Rs. 1 lakh.
In case of cheque deposit machines, if there is a discrepancy between the amount specified while depositing cheque(s) / warrants and the actual amount of cheque(s) or warrants deposited or if such cheque(s) / warrants submitted are not accepted by the Bank for any reason including, suspected as being counterfeit, the Bank is only required to credit the amount of cheque(s)/warrant(s) as checked, verified and accepted by the Bank to the designated account(s) and which shall be final, conclusive and binding on you.
You will indemnify us against all loss, damages, claims, proceedings, liabilities, costs (including legal costs on a full indemnity basis) and expenses as shall be reasonably incurred or suffered by us arising out of or in connection with the provision of the drop box services by us and/or the use thereof by you.
|The cheque deposit timings at the respective branches are subject to change without prior notice.|
|All branches of the Bank which offer extended banking hours: Transactions as indicated by the Bank from time to time including transactions such as deposits, withdrawals, transfers, instrument purchases (example those relating to cash, cheques, pay orders, demand drafts, telegraphic and other transfers, opening of accounts, changes to account title, mode of operation, mandate, replacement of ATM Cards), sought after the time on any other day when clearing, recording and processing of transactions in its books is affected by the Bank in the ordinary course of business, may, at the sole discretion of the Bank, be specified in any statement of account or other communication sent to the customer as having taken place on the next or any preceding business day for the Bank and not on the actual day of the transaction sought. All deductions / accretions on the amounts shall be deducted / accrued as of such business day. The Bank shall not be responsible or liable in any manner for and / or on account of so processing and giving effect to the transactions and shall not be responsible for any losses including loss of interest, or for any liability incurred / suffered by the customer including but not limited to, for return of cheques, arising out of a transaction not being shown as of the actual day. Instruments as indicated by the Bank from time to time (example cheques, demand drafts, pay orders), deposited after the time of clearing on any other day for the day by the Bank in the ordinary course of business, shall be sent for clearing only on the next business day.|
| 1. The Hongkong and Shanghai banking Corporation Limited, India here in referred to as the 'Bank' has principal place of business is the Hongkong SAR.
2. The Bank reserves the right not to disclose account information to the customer over the telephone.
3. Currently the applicable Unauthorized Overdraft Rate of the Bank is 35% p.a., which is subject to change from time to time.
4. Current Accounts / Savings Accounts which have not been operated for a period of two years and will be classified as 'unclaimed' and will be levied a charge as per our current Tariff. Accountholders will have to personally visit the branch with suitable identification to reactivate the accounts / close, the account.
i) Inoperative Account - Current Accounts / Savings Accounts where no transactions (either debit or credit) have been made by an accountholder or by a third party in the accountholder's account for a period of 12 months, shall be designated as an Inactive (Dormant) Account.
ii) In order to keep the account "active", an accountholder is required to perform either a deposit or withdrawal transaction from the current/savings account on a periodic basis.
iii) Accounts where no transactions (either debit or credit) have been made by an accountholder or third party for a period of 24 months. i.e. there have been no transaction for a period of 12 months after the account has been designated as an Inactive (dormant) shall be redesignated as an Inoperative (Unclaimed) Account.
The following services are not available for inactive / inoperative accounts:
(a) Request for address change
(b) ATM/Debit card renewal or issue
(c) Request for cheque book
(d) Transactions through ATM/Debit card, Internet Banking and Phone banking
(e) Transactions through issue of Clearing Cheque (applicable only for accounts in "Inoperative" status)
An accountholder can reactivate his/her savings/current account through any one of the following options:
i) The resident accountholder/s should personally visit any HSBC Branch along with all the joint holders (if any)/Authorised signatories and provide an activation request alongwith valid identity documents, proof of address, recent photograph of all account holders/Authorised signatories and other KYC related documents, if called for by the Bank;
ii) NRI customers can submit their request along with the copy of their passport in person at any of the branches in India or at any of the NRI centres outside India/country of residence. NRI customers can also send the required documents to the relevant address available on our website, ensuring that photo identification, address proof and 'Customer Signature' on the activation request are attested as 'Certified True Copy/signed in my presence' by an HSBC Group official.
Inoperative (Unclaimed) Accounts will be levied a charge as per the current Tariff. The current Tariff is available in all HSBC branches. The accountholder can also log on to www.hsbc.co.in for the current Tariff rates. Accountholders will have to personally visit an HSBC branch with suitable identification to reactivate the accounts / close, the account.
In case the accountholder feels that the service levels offered by HSBC are not upto the accountholder's expectations, the accountholder can refer to the HSBC Grievance Redressal mechanism for lodging a complaint . The Grievance Redressal mechanism and a Grievance Redressal policy is available on www.hsbc.co.in
5. i) Succession to the amount lying to the credit of the account and / or operation thereof on the death of the person authorised to operate upon the account shall be in accordance with the Deceased Depositor Policy of the Bank and rules for the purpose prescribed by the Bank from time to time and effective at the date of the claim.
ii) Nomination facility is available for all types of accounts of individuals, single / joint and proprietorship concerns as per the Nomination rules framed under the relevant Act. Customers are advised to make use of this facility in their own interest.
iii) Only one nomination can be made for each account, RBI approval is required for repatriation of proceeds where nomination is filed in favour of the NRI.
6. Accounts upon which an attachment order or other legal notice prohibiting operations of the accounts has been received will be frozen ruled off and no further operation will be allowed till such time that the prohibition order is removed.
7. The Bank allocates a unique customer number to each customer called as Customer ID (identification) number and the customers are requested to quote this number for every additional account opened with any branch of HSBC.
8. The Bank may without notice combine or consolidate account(s) with and liabilities to the Bank and shall have the right to set-off or transfer any sum(s) standing to the credit of such account(s) or any other sum(s) due or payable to the Bank from the customer in or towards satisfaction of the customers liabilities to the Bank on any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.
9. Holders of Non-Resident accounts should advise the Bank immediately upon return to India if they intend to take permanent residence in India.
10. The Bank reserves the right to debit your savings/current account for the value of any Foreign Currency Cheque/s (FCY) sent through the Bank for collection and collected by the Bank either under the Cash Letter Service or as a direct collection item to the drawee bank, because of the cheque/s being returned unpaid (for any reasons whatsoever) by the drawee bank at a date later than us passing the credit to your account.
11. The Bank remains entitled to assign any activities to any third party agency at its sole discretion.
12. Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) upto an aggregate value of Rs 1 lakh per depositor.
13. The Bank and other members of the HSBC Group are required to and may take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime (“Financial Crime Risk Management Activity”) and act in accordance with the laws, regulations and requests of public and regulatory authorities operating in various jurisdictions which relate to Financial Crime. The Bank may take, and may instruct (or be instructed by) any other member of the HSBC Group to take, any action which it or such other member, in its sole and absolute discretion, considers appropriate to take in accordance with all such laws, regulations and requests.
Such action may include but is not limited to (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for Services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining Customer Information with other related information in the possession of the HSBC Group, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming your identity and status (e) share information on a confidential basis with such HSBC Group offices whether located in India or overseas in relation to prevention of Financial Crime.
Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your instructions or application for Services or the provision of all or part of the Services. To the extent permissible by law, neither we nor any other member of HSBC Group shall be liable to you or any third party in respect of any loss (whether direct or consequential and including, without limitation, loss of profit or interest, however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.
In certain circumstances, the action which the Bank may take may prevent or cause a delay in the processing of certain information. Therefore, neither the Bank nor any member of the HSBC Group warrants that any information on the Bank's systems relating to any payment messages or other information and communications which are the subject of any action taken pursuant to this clause is accurate, current or up-to-date at the time it is accessed, whilst such action is being taken.
For the purpose of the present clause:
"Compliance Obligations" means obligations of the HSBC Group to comply with: (a) laws or international guidance and internal policies or procedures, (b) any demand or request from authorities or reporting, disclosure or other obligations under laws, and (c) laws requiring us to verify the identity of our customers.
"Financial Crime" includes money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or any acts or attempts to circumvent or violate any laws relating to these matters'
14. For Standing Instructions, the Bank accepts no responsibility for any loss or delay which may occur in the transfer, transmission and/or application of funds or (in the case of remittance by telegraphic transfers) for any error, omission or mutilation which may occur in the transmission of any message or for its misinterpretation when received and the Bank stands indemnified against any actions, proceedings, claims and/or demands that may arise in connection with such loss, delay, error, omission, mutilation or misinterpretation.
15. As per the Bank's 'customer call back policy', for all transactions above the specified thresholds mentioned, whether domestic or cross-border transaction, the Bank staff shall call the Customer's designated personnel (as per contact details provided by the Customer's authorised signatories) through telephone to validate the transaction details. In case either the designated personnel are not reachable in spite of two attempts or the transaction details or could not be authenticated, the request/s may either be rejected by the Bank or processed on a best effort basis solely at the Bank's discretion without any liability to the Bank, to ensure fraud prevention and better security of your account. The Bank may revise above mentioned threshold limit from time to time and notify the same to the Client. Upon such notification, Client shall be deemed to have agreed to such revised threshold limits for the call back process. This is applicable for all current accounts opened for business purpose.
16. Interest: The payment of interest on accounts and the rate of interest thereon is subject to the directives of the RBI from time-to-time.
17. Statutory deductions: The Bank shall effect any statutory deductions (such as taxes, etc.) by debit to the accounts, without any authorisation from the customer, from such date and at such rates as may be required as per applicable statutes.
18. Collection and recovering of debts: We have the right to employ any person to assist us in collecting and recovering any outstanding or overdue amount owing by you to us, including collection agent or any other service provider.
19. Recording: In the course of providing the Services, we (or any of our agents) may may need to (but shall not be obliged to) record any Instructions or verbal communications with you by tape, video or other means. We have the right to destroy these recording after such period of time as we consider appropriate.
20. Waivers and remedies: No failure or delay by the Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Any remedies provided to the Bank herein are not intended to be exclusive of any other remedy and each and every remedy shall be cumulative and in addition to every other remedy given hereunder or now or hereafter existing at law or in equity, by statute or otherwise.
21. Partial invalidity: If any provision hereof shall be declared or adjudged to be illegal, invalid or unenforceable under any applicable law, such illegality, invalidity or unenforceability shall not affect any of the other provisions hereof, which shall remain in full force, validity and effect.
22. Failure beyond Bank's control: The Bank shall not be liable for any delay or failure in providing any of the Bank’s equipment or other facilities or services to the customer to the extent that it is attributable to any cause beyond the Bank’s reasonable control including any equipment malfunction or failure and under no circumstances shall the Bank be responsible to the customer or any third party for any indirect or consequential losses arising out of or in connection with such delay or failure.
23. Outsourcing and appointment of agents: The Bank may appoint any agent, service provider or subcontractor to perform any of its obligations hereunder. The Bank remains entitled to assign /outsource any activities to any agency, whether third party or HSBC Group entities, at its sole discretion, in accordance with RBI guidelines.
24. Assignment by us or by you: We may at any time assign or transfer any or all of our rights and obligations to any person without your agreement. You are not allowed to assign or transfer any of your rights or obligations to any person unless with our prior written agreement.
25. Loss of seal etc.: If you lose any identity document, seal etc. used for giving Instructions to us in relation to the Services or the Accounts, you must immediately notify us in writing. We are not liable to you for effecting any payment or transaction before we actually receive such written notice.
26. Mandate: The Bank shall be entitled to regard any mandate it holds as being suspended in the event of any dispute between customers or authorised signatories. In addition, the Bank reserves the right to suspend the operation of all or any accounts of the customer until such time as the Bank considers appropriate if the Bank is of the opinion or has reason to suspect that:
I. it holds no valid account mandate; or
II. the customer (other than acting in the capacity of a trustee) is not the true owner of the credit balances or other assets held in the account(s).
27. Limitation to our Liability:
I. Providing the Services to you does not make us your trustee or investment adviser. In providing the Services, we will exercise the same degree of care as we exercise in respect of our own property. We have no trust or other obligations in respect of your moneys or assets other than those expressly specified in these Terms and Conditions.
II. Neither we nor any of our agents or service providers are liable for any taxes or duties payable in respect of your assets or for the management or performance of your assets (including any reduction in the value of your assets).
III. We are not liable for loss, damage or expense of any kind which you or any other person may incur or suffer arising from or in connection with:
(a) your use of the Services or our provision of the Services in accordance with your Instructions from time to time;
(b) our decision not to process or to delay processing any Instruction;
(c) your default in performing your obligations under these Terms and Conditions, the Applicable Regulations or relating to the Services or the Accounts; or
(d) the preservation or enforcement of our rights or exercise of our powers in connection with the Services and the Accounts, unless due to the negligence or wilful default on our part or that of our agents or their respective officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely from it.
IV. Neither we nor any member of the HSBC Group are liable for loss, damage or expense of any kind which you or any other person may incur or suffer arising from or in connection with any delay or failure by us or any member of the HSBC Group in processing any payment message or other information sent via our systems or the systems of any other member of the HSBC Group or communications, or in performing any of our or its other obligations in connection with any Account or the provision of any Service to you, caused in whole or in part by any steps taken by us or such other member as considered appropriate in accordance with any Applicable Regulations.
V. If you use any service (which may include any Service) provided by any other person not being our agent or nominee, we are not liable in any way for the quality of the relevant service or any action, claim, loss, damage or liability of any nature which you may suffer or incur arising from or in connection with any act or omission of that other person providing the service or any agent or third party service provider appointed by it.
VI. We are not liable for any delay or failure in providing any of the Services or our equipment or facilities to you to the extent that it is attributable to any cause or circumstance that is beyond our or our agent's reasonable control, including equipment malfunction or failure.
VII. We will act on an Instruction as soon as reasonably practicable after we receive it. We are not liable for loss, damage or expense of any kind which you may incur or suffer arising from or in connection with any fluctuation in the price of the relevant asset between the time we receive an Instruction and the time we act on it or any delay or failure by us in acting on an Instruction (whether in part or in full) for any reason (including as a result of failure or error of any computer or electronic system or equipment), unless due to the negligence or wilful default on our part or that of our agents or their respective officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely from it. This clause does not and should not be interpreted to limit the effect of Clause on Limitation to our Liability.
VIII. In no circumstances will we be responsible to you or any other person for any loss of profit or interest, indirect or consequential loss arising from or in connection with our providing, or failure or delay in providing, the Services.
28. Your Indemnity:
I. You will indemnify and reimburse us, any of the service providers or other persons appointed by us and our or their respective officers and employees for all actions, proceedings and claims which may be brought by or against us or them, and all losses, damages and reasonable costs and expenses which we or they may incur or suffer as a result of or in connection with (a) your use of the Services or our providing the Services to you, maintaining the Accounts for you, or effecting any transactions for or with you; (b) our decision not to process or to delay processing any Instruction; (c) any default by you in performing your obligations under these Terms and Conditions, the Applicable Regulations or relating to the Services or the Accounts; or (d) the preservation or enforcement of our rights or exercise of our powers in connection with the Services and the Accounts, unless due to the negligence or wilful default on our part or that of our agents or their respective officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely from it. This indemnity shall continue after the termination of the Services, the Accounts or these Terms and Conditions.
II. We have the right to designate the account as 'dormant' and restrict or impose conditions for accessing an Account if it has been inactive for a period of time set by us. Please refer to us for the applicable periods in respect of the different account types. The applicable periods may vary depending on the Account types and we will provide further information upon request. The Bank may designate the account as ‘dormant’ and restrict or impose conditions for accessing the account. Further, current accounts and savings accounts, which have not been operated for a period of two years will be classified as ‘unclaimed’ and will be levied a charge as per our current tariff. Accountholders will be required to be present in person at a branch of the Bank, with suitable identification to reactivate such unclaimed accounts or to close such account.
29. Attachment orders: Accounts upon which an attachment order or other legal notice prohibiting operations of the accounts have been received will be blocked and no further operation will be allowed till such time as the prohibition order is removed.
30. Governing law: These terms and conditions shall be governed by and construed in accordance with the laws of India and courts of Mumbai shall have the exclusive jurisdiction to try and entertain any disputes regarding the aforesaid terms and conditions.
31. As per the Bank's 'customer call back policy', for all transactions above the specified thresholds mentioned, whether domestic or cross-border transaction, the Bank staff shall call the Customer's designated personnel (as per contact details provided by the Customer's authorised signatories) through telephone to validate the transaction details. In case either the designated personnel are not reachable in spite of two attempts or the transaction details or could not be authenticated, the request/s may either be rejected by the Bank or processed on a best effort basis solely at the Bank's discretion without any liability to the Bank, to ensure fraud prevention and better security of your account. The Bank may revise above mentioned threshold limit from time to time and notify the same to the Client. Upon such notification, Client shall be deemed to have agreed to such revised threshold limits for the call back process. This is applicable for all current accounts opened for business purpose.
32. Documents / Correspondence
(a) Know Your Customer / Due Diligence requirement -
In line with the requirements of the Bank's policy, the Know Your Customer (KYC) documents along with other documentation need to be submitted at the time of opening a new account or as and when requested by the Bank. The Bank reserves a right to allow / restrict operations in a newly opened / existing accounts maintained with the Bank, if the customer is not able to satisfy the due diligence requirements in line with the Bank’s policy.
(b) Undelivered Correspondence -
The Bank reserves a right to block transactions / allow operations in a newly opened / existing accounts maintained with the Bank, if the account deliverables / welcome letter / welcome pack / bank correspondences not limited to Account statements, etc., are returned undelivered and Bank is unable to contact the Account holder at the address / contact number provided by them at the time of account opening / updated in Bank records.
33. Tax Representation
a. Individual Accounts : You are responsible for fulfilling any obligation that you may have with respect to the filing of returns or other required documentation in respect of and the payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate duties, stamp duties, service tax, value added tax and any other applicable taxes. The creation and continued operation of your account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realized in relation to the operation of the account may expose you to tax consequences depending on a number of factors including, but not limited to, your applicable domicile, your place of residence, your citizenship or the type of assets you hold in your account. Certain countries may have tax legislation with extraterritorial effect regardless of your place of domicile, residence or citizenship. The Bank does not provide any legal or tax advice and you should seek legal and/or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that the Bank has no liability in respect of any of your tax obligations and / or any legal and/or tax advice provided to you by third parties.
b. Non Individual Accounts: Customer [and each Connected Persons] is responsible for fulfilling its own obligations with respect to the filing of returns or other required documentation in respect of reporting and payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate taxes. The creation and continued operation of the account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realized in relation to the operation of the account may expose you [or any Connected Person] to tax consequences depending on a number of factors including, but not limited to, applicable domicile, place of residence, citizenship, place of incorporation or the type of assets held in the account. Certain countries may have tax legislation with extra-territorial effect regardless of place of domicile, residence, citizenship or incorporation. The Bank does not provide any legal or tax advice and you [and each Connected Person] should seek legal and/or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that the Bank has no liability in respect of any of your tax obligations [or those of any Connected Persons] and/or any legal and/or tax advice provided to you by third parties.
| In consideration of The Hongkong and Shanghai Banking Corporation Limited ("the Bank") issuing to me us an International ATM Card ('the card'), I / we hereby agree to be bound by the following Terms and Conditions: In these terms and conditions, to which the use of ATMs will be subject, 'the card' shall mean any card issued to the Cardholder by the Bank which may be used to effect banking transactions by electronic means whether at Automated Teller Machines ("ATMs"), point of sale terminals or otherwise , "Cardholder's Account" shall mean any account nominated by the Cardholder in respect of ATM.
1) The Card shall be issued by the Bank in the name of Accountholder(s) of any account except for Minors Accounts and Personal Accounts operated by joint signatures. The first Card on a joint account will be issued free of charge. Every additional Card applied for on the same account will be charged for as per Bank's Tariff .A maximum of two cards per account will be issued in case of joint accounts.
2) Your ATM Card remains our property and you should return it to us upon our request.
3) We may offer, vary, suspend or withdraw the ATM Card or any Service relating to the ATM Card at any time after providing a prospective notice of 30 days. Some Services relating to the ATM Card (such as use of the ATM Card at an ATM) may only be made available to you upon separate application or subject to further terms and conditions (such as the ATM Card Terms and Conditions) as we may specify from time to time.
4) Cardholder or in case of joint account, all the account holders jointly and severally, shall be responsible for all transactions effected by the use of the debit card whether or not the transaction were /are authorized by the Cardholder / Account holder(s) and shall indemnify the Bank for the loss or damage caused by any unauthorized use of the debit card or related PIN , including any penal action arising on account of violation of any RBI guidelines, FEMA or any other law, rules and regulations for the time being in force.
Subject to provisions concerning loss or theft of the ATM card in this section, you will be responsible for all transactions, including funds transfers to third party beneficiaries, effected by use of the ATM card, whether authorised by you or not.
5) We will debit the amount withdrawn, transferred or otherwise disposed of by the use of your ATM Card from the related Account. You will be unable to effect a transaction if there are insufficient funds in the related Account. If you effect a transaction in a currency other than the Indian Rupee, we will debit that transaction from the related Account after conversion into Hong Kong dollar at our prevailing exchange rate at the relevant time of conversion.
6) You should keep your PIN strictly confidential and should not allow any other person to access or use your PIN whether voluntarily or not. You should not write down or keep the PIN on or close to your ATM Card or in any way that may enable another person to use your ATM Card.
7) You are responsible for all transactions effected by the use of your ATM Card (including all related fees and charges). However, in case of any loss, theft, disclosure or unauthorised use of your ATM Card, you should report to us immediately followed by a written confirmation as soon as reasonably practicable, and you will be responsible for all transactions effected whether voluntarily or not by the use of your ATM Card until we receive your report. We have no obligation but may issue a replacement ATM Card to you and may debit a handling fee from any Account.
8) We accept cash or cheque deposited into an ATM using your ATM Card subject to subsequent verification in our normal course of business. The statement issued by the ATM at the time of the deposit only represents what you purport to have deposited and is not binding on us. Further, a cheque is accepted subject to final payment or clearing. You are not entitled to use or withdraw the proceeds of a cheque until they have been cleared.
9) The Bank will not be liable for any failure to provide any service or to perform any obligation thereunder, where such failure is attributable (whether directly or indirectly) to any malfunction of the ATM//POS terminal, temporary insufficiency of funds, or other circumstances beyond its control. The Bank will not be liable for any consequential or indirect loss or damage, arising from or related to the loss / use of the Card. Any statements issued by the ATM at the time of deposit or withdrawal shall be conclusive unless verified otherwise by the Bank. Any such verification shall likewise be final and conclusive and the Cardholder shall make no objection thereto.
10) The Cardholder's account will be debited with such charges as the Bank may from time to time consider reasonable in respect of the Card provided that prior notice of such charges is given to the Cardholder.
11) You authorise us to disclose, in strict confidence, to other institutions (whether in or outside India) personal data and information about you, your ATM Card and Accounts as may be required or appropriate in connection with any electronic fund transfer network or to enable us to provide the Services relating to your ATM Card
12) Any notice hereunder sent by post will be deemed to have been received by the Cardholder within 7 days of posting to the address last notified in writing to the Bank by the Cardholder. Publication of change by such means as the Bank may consider appropriate will constitute effective notice to the Cardholder thereof. The Bank's record for transaction processed by the use of the card shall be conclusive and binding for all purposes.
13) In the event the Cardholder decides to terminate the use of the Card, the Cardholder shall give the Bank not less than 7 days prior notice in writing and forthwith return the Card to the Bank and obtain a valid receipt thereof. Such termination shall also be deemed termination of the Cards facility accorded by the Bank to the cardholder
14) The Bank shall be entitled to terminate the ATM facility with immediate effect and return the Card upon the occurrence of any of the following events:
i. Failure to adhere to or comply with the terms and conditions herein set forth, or
ii. An event of default under any agreement or commitment (contingent or otherwise entered in to with the Bank, or
iii. The Cardholder becoming the subject of any bankruptcy, insolvency proceedings or proceedings of similar nature or
iv. Demise of the Cardholder, or
v. Closure of the Cardholder's account or failure to maintain the minimum average balance in the said account.
15) If more than one person signs or agrees to be bound by these terms and conditions, the obligation of such persons hereunder will be joint and several and, as the concerned may require, words herein denoting the singular only will be deemed to include the plural. Any notice hereunder with any one such person will be deemed effective notification to all such persons.
16) The Bank reserve the right to add, to delete and/or vary any of the terms and conditions by giving a prospective notice of 30 days. Such addition / deletion or variation changes to these terms and conditions will be displayed on the HSBC website and a copy of the same will be available at the branch on request. Use of the ATM after the date upon which any change to these terms and conditions is to have effect (as specified in the Banks notice) will constitute acceptance without reservation by the Cardholder of such change if the Cardholder does not accept any proposed change, the Card must be returned to the Bank prior to the date upon which such change is to have effect.
17) The Card and PIN will be sent to the cardholders mailing address.
18) If any accountholder by using the card draws an amount in excess of the balance available or overdraft limit permitted by the bank, the accountholder will pay to the bank on demand and unconditionally the entire amount overdrawn. However, this should not be constructed as an agreement either expressed or implied that the Bank is bound to grant any overdraft facility whatsoever.
19) As a security feature our computer system will invalidate any card which has not been used for affecting a withdrawal transaction within one year from the date of issue of the card or from the last withdrawal transaction.
20) All authorisations and powers conferred on the Bank are irrevocable.
21) The issue of International Debit Card will be subject to the following further conditions;
a) The card shall be issued only to Resident and Non-Resident External (NRE) personal accountholder(s);
b) The Bank shall debit the Cardholder's account with the amount of any withdrawal/transfer effected in currencies other than the domestic currency of issuance after conversion into the domestic currency of issuance at the prevailing exchange rate as determined by the Bank on the day of conversion;
c) Cash withdrawals and transfers in Indian or NRE accounts shall be made solely for local disbursement. The cashwithdrwal shall be made solely for local disbursement. The Cardholder shall inform the Bank of his / their intention to withdraw cash for the purchase of shares / securities / commercial paper of Indian companies, or of immovable property in India, 3 working days prior to performing the transaction;
d) Cash withdrawals performed by the cardholder in countries other than that in which the card was issued will be subject to a cash withdrawal fee as may be announced by the Bank from time to time. The availability of ATM services in a country other than that in which the card was issued is governed by the local regulations of the country in force. The Bank shall not be held liable if these services are withdrawn without notice thereof;
e) The cardholder shall use the facility within the prescribed limits, only for bonafide purposes such as are laid down by the Reserve Bank of India, i.e. for personal expenses, education of children, gifts etc. The Cardholder shall indemnify the Bank against any violation of these conditions and shall undertake to regularly keep in touch with amendments in this regard, if any, made by the Reserve Bank of India. The Cardholder is solely liable for his / their acts and deeds under FEMA and undertakes to pay gift tax, if any, on transfers made, to the tax authorities in India.
f) The Bank shall be entitled to terminate the International card and call for its return if :
i) The accountholder changes his / their status from Non-Resident to Resident India;
ii) In the event of the Bank granting an overdraft / SIA facility on the cardholder's account
22) These terms and conditions shall be governed and construed in accordance with the laws for the time being in force in the country in which the card was issued.
| 1)Scope of Phonebanking Service and Telephone Instructions: We may specify or vary the scope and features of the Phonebanking Service from and modify, expand or reduce the same at any time and from time-to-time time to time with notice. Where such notice shall, in our sole discretion, be given, such notice may be made in such manner and by such means of communication as we shall deem fit, including, without limitation, the use of direct mailing material, advertisement or branch display. You may use the Phonebanking Service and give us Telephone Instructions on your accounts and cards.
The PhoneBanking services provided by the Bank to all accounts cover
i. Transfer of funds between any of the Accountholders' Accounts
ii. Transfer of funds from any Savings Accounts of the Accountholder within any pre-specified and agreed transfer limits to any Account pre-designated by the Accountholder ('the Designated Transferee Account') or any Payee pre-designated by the Accountholder for the purpose of receiving funds under the PhoneBanking services
iii. Request for additional Fixed Deposit, renewal or withdrawal of Fixed Deposit
iv. Enquiry on Savings Account balance, last transactions, exchange rates and deposit rates
v. Requests for a) statements, b) cheque books, c) stop cheque
vi. Reporting ATM / Debit Card loss
vii. Payment of Accountholders own credit card bills
viii. Such other types of banking or other services as the Bank may introduce from time to time
2) You should keep your Phonebanking PIN strictly confidential. You should not disclose your Phonebanking PIN or allow any other person to use your Phonebanking PIN (whether voluntarily or not). You should not keep a written record of your Phonebanking PIN in any way that may enable another person to use it. You should promptly report to us any loss, theft, disclosure or unauthorised use of your Phonebanking PIN.
3) You authorise us to act on Telephone Instructions using your Phonebanking PIN. You agree and confirm that each Debit Accountholder agrees that we are not liable for acting in good faith on a Telephone Instruction using your Phonebanking PIN even if that Telephone Instruction was not authorised by you, and you and each Debit Accountholder will be bound by it. We have no duty to verify the identity of the person using your Phonebanking PIN to give Telephone Instructions.
4) We may not process Telephone Instructions immediately or on the same day on which the Telephone Instructions are received by us due to system constraint or other reasons (whether or not beyond our control) including equipment malfunction or failure. We are not liable for any delay or failure in effecting a Telephone Instruction and our decision on whether or not to effect or the timing of effecting a Telephone Instruction will be final and binding on you and each Debit Accountholder.
5) Any exchange rate or interest rate quoted by us in response to a Telephone Instruction is for reference only unless the rate is confirmed by us for a transaction. A rate confirmed by us and accepted by you for a transaction through the Phonebanking Service will be binding on you even though we may have quoted a different rate at any time through telephone or other means of communication.
6) You and each Accountholder should ensure that there are sufficient funds or available credit facilities in the relevant Account or Debit Account to effect a Telephone Instruction. We have no obligation but may, without giving prior notice to you or any Debit Accountholder, act on a Telephone Instruction where there are no sufficient funds or available credit facilities. If we decide not to act on that Telephone Instruction, we are not liable for any consequence arising from not acting. If we decide to act on that Telephone Instruction, you and each Debit Accountholder will be liable to repay and indemnify us for the resulting overdraft, advance or credit created by effecting that Telephone Instruction.
7) The Bank shall not be responsible to the Accountholder for giving any information to be transferred or any Joint Accountholder regarding the details of the transactions performed through telephone instructions. You should notify us if a Debit Account is converted to a joint account with joint signing arrangement. We shall exclude that account from the Phonebanking Service.
8) You and each Accountholder jointly and severally will indemnify and reimburse us and our officers and employees for all actions, proceedings and claims which may be brought by or against us or them, and all losses, damages and reasonable amounts of costs and expenses which we or they may incur or suffer as a result of or in connection with our providing the Phonebanking Service or acting or not acting on Telephone Instructions, unless due to the negligence or wilful default on our part or that of our officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely from it. This indemnity shall continue after the termination of the Account, an ATM card, a Credit Card, the variation or withdrawal of a Tier, the termination of the Phonebanking Service or any service accessible through the Phonebanking Service or these Terms and Conditions
9) You should notify an Accountholder or the holder of a Credit Account or any other person with whom you effect a transaction or fund transfer using the Phonebanking Service of the details of that transaction. We are not responsible for giving such notice to you or or any other person.
10) The Bank's record of the transactions processed by the use of PhoneBanking shall be conclusive proof and binding for all purposes.
11) In the event the Accountholder decides to terminate the use of PhoneBanking for whatever reasons the Accountholder shall give the Bank 7 day's prior notice in writing and obtain a receipt thereof. Such termination shall be deemed a termination of the PhoneBanking facility accorded by the Bank to the Accountholder. In an emergency the Bank will endeavor to stop the facility if the instructions are received over the phone or in writing, to safeguard the Accountholder's interests. The Bank however shall not be liable if the request of the Accountholder is not carried out immediately due to adverse situations.
12) The Bank shall terminate the PhoneBanking facility with immediate effect on occurrence of the following events:
i. Failure to comply with the Terms and Conditions herein set forth; or
ii. An event of default under any agreement or commitment (contingent or otherwise) entered into the Bank; or
iii. The Accountholder becoming the subject of bankruptcy, insolvency proceedings or proceedings of a similar nature; or
iv. Demise of the Accountholder; or
v. Any other cause arising out of operation of law.