Terms & Conditions Savings Account opened through Video based

Terms & Conditions

Savings Account opened through Video based account opening process and updation of KYC

through Video based customer identification process

These terms and conditions (as amended from time to time) are applicable to the Customer(s)

(defined hereinafter) who opens savings bank account through video based account opening

process and update his/her KYC through V-CIP mode provided by IDBI Bank Limited (“Bank”)

By accepting these terms and conditions and opening the account through the video based

account opening process and updating of KYC through V-CIP mode, the Customer hereby

agrees to be governed by the Terms and Conditions as mentioned herein and amendments

made from time to time and communicated through various means available to the Bank.

The general terms applicable to the accounts and products are available on Bank’s website at

www.idbibank.in under the selected product. These terms are in addition to the prevailing terms

and conditions applicable for opening and operating the savings bank accounts as furnished in

the Bank’s website.

Important Terms

An "authorisation" or "approval" includes an authorisation, consent, clearance, approval,

permission, exemption, filing and registration provided by the applicant/customer.

“Act” means the Prevention of Money-Laundering Act, 2002 together with Prevention of Money-

Laundering (Maintenance of Records) Rules, 2005, respectively and amendments thereto.

“Customer(s)” shall mean any resident Indian who is a citizen of India and above 18 years of age

and provides his/her details in the application form for opening a savings bank account with the

Bank, subject to such terms and conditions as may be specified from time to time.

“Digital account” shall mean a savings bank account offered by Bank which is opened/on

boarded through online mode and is governed by these Terms and Conditions as amended from

time to time.

“Digital KYC” shall have the meaning assigned to it in under section 3(a)(viii) of the RBI Master

Direction - Know Your Customer (KYC) 2016 as updated from time to time (Master Directions) i.e.,

the capturing live photo of the customer and officially valid document or the proof of possession

of Aadhaar, where offline verification cannot be carried out, along with the latitude and

longitude of the location where such live photo is being taken by an authorised officer of the Bank

as per the provisions contained in the Act.

“Video based customer identification process (V-CIP)” is a method of customer identification by

an official of the Bank by undertaking seamless, secure, real-time, consent based audio-visual

interaction with the customer to obtain identification information including the documents

required for CDD purpose, and to ascertain the veracity of the information furnished by the

customer.

T& C-Savings Account opened through Video based account opening process and updation of KYC through Video based customer

identification process

Eligibility for using the Services

The Customer(s) hereby agrees and undertakes that he/she shall open the account /update KYC

in existing account, through the video based account opening process and V-CIP mode only if

he/she fulfils the eligibility criteria as given below:

 For opening of the account: The Customer is new to the Bank/not having an existing

account with the Bank.

 For updating KYC in existing account: All Customer(s) who are maintaining saving bank

account with the Bank irrespective of the mode of opening of a saving bank account.

 The Customer is an individual and is a major;

 The Customer is of sound mind, solvent and competent to contract;

 The Customer is neither a US person nor a resident for tax purpose in any country other

than India.

 The Customer is a resident of India and is present in the territory of India at the time of

opening of the account;

Documents Required

 PAN Card of the Customer

 Aadhaar card of the Customer

 Specimen signature of Customer to be recorded in white sheet with black/blue pen

Process of opening Regular Savings Account through V-KYC

 Customer to visit the Bank's website and click on the link to open the online account

through video KYC (V-CIP) on-boarding and provide required permissions/authorisations.

The link shall also be provided through SMS channel by the Bank.

 Customer can submit his/her Aadhaar / PAN number voluntarily through online V-CIP

process and proceed to open Savings Bank Account.

 CIP compliance – Customer shall satisfy the eligibility criteria of V-CIP along with supported

documents. During the process, the verification of Applicant/customer’s KYC documents

and signature are recorded via a video call with Bank’s officer along with noting down

customer location through geo tagging process, record customer conversation

(microphone access to be granted ) and capture customer video (Camera access to be

granted)

 An officer of the Bank will capture the live photo of the Customer to match it with Aadhaar,

capture PAN and verify PAN details, do liveliness check and ask questions in random order,

ask customer to sign on a white sheet of paper to capture signature.

 All accounts opened through V- KYC shall be made operational only after being subject to

audit as per RBI guidelines.

Customer Authorizations and confirmations

 The Customer voluntarily gives consent and authorizes the Bank to carry out for OTP based

Aadhaar authentication or Customer will upload offline Aadhaar Verification XML for

establishing Customer identity and address. Customer gives consent to the Bank to fetch

his/her demographic details from UIDAI, using biometric authentication which will be used

T& C-Savings Account opened through Video based account opening process and updation of KYC through Video based customer

identification process

for KYC purposes. The demographic details include name, Date of Birth, gender, address

and photograph.

 Customer agrees to provide his/ her valid Aadhaar and PAN Card number voluntarily for

opening the Digital Account.

 Customer agrees to authorise Bank to use Aadhaar and PAN details for his/her verification

for online account opening.

 The Customer agrees and confirms that he/she is aware that this video based account

opening process is available only to such applicant whose address when fetched from

UIDAI is complete and matching as submitted by him/her.

 Customer understands that opening an account is subject to correct, complete and

accurate information being submitted by the Customer to the Bank.

 Customer agrees that the name in the account will be the Customer name as per his/her

name mentioned on PAN Card.

 The Customer herewith agrees to provide the accurate documentation and information as

listed in the application for the purpose of account opening. Customer understands and

agrees that failure to provide requisite documentation and information shall result in

rejection of application by the Bank. The Customer agrees that Bank has every right to

reject the account opening application, if there is any erroneous, incomplete or misleading

information provided by the customer or for any other reason whatsoever with/without

assigning any reason or if KYC documents submitted do not comply with the KYC norms of

the Bank .

 The Customer consents and confirms the right of the Bank to hold the accounts in Debit

Freeze or close the Digital Account even after account activation in case of any

discrepancy found as part of regular monitoring and document verification activities.

 The Customer consents and agrees to the right of the Bank to take necessary action, legal

or otherwise, if the Bank finds any willful modification/ withholding of information or

misrepresentation by the Customer.

 Customer declares and confirms that the Bank shall be entitled to rely on all/any

communication, information and details provided on the electronic form and all such

communications, information and details shall be final and legally binding on the Customer

and the Customer agrees to indemnify the Bank for any loss or damage cause to the Bank

on account of Bank placing reliance on such communication/information.

 Customer understands and confirms that the Bank has every right to close or debit freeze

the account, if the details provided by him/her are found to be inaccurate, incorrect or

false by the Bank or for any other reason whatsoever without assigning any reason thereof.

In such an event the Bank shall not be liable to pay any interest on the amount of deposit &

the refund of amount deposited in the account will be made to the source account. The

Customer authorises the Bank to retain the documents / photographs (if any) and any

other signed document submitted in such an eventuality.

 Customer authorizes the Bank to share his/her mobile number and address with the

respective mobile operator to verify Customer's address at any point of time.

 Customer confirms that the account is being opened by him/her for his/her own use and

that the mobile number, SIM & device used for opening the account belongs to him/her

and same have not been shared by him with any other individual. The Customer further

confirms that he/she has not shared the credentials pertaining to the account opening

with any other person. In case of any discrepancy, the Bank reserves the right to block or

close the account without any notice.

 Customer authorises the bank to communicate information provided including mobile

number/email id irrespective of the Do Not Disturb (DND) services availed by customer.

Customer also authorises bank and its representatives to contact for explaining the

products and services, servicing of accounts etc. through SMS, Email, calls etc. The consent

will override any registration for DND/National Do Not Call.

T& C-Savings Account opened through Video based account opening process and updation of KYC through Video based customer

identification process

 Customer understands and agrees that interest on the amount funded will be credited to

the account subject to activation of the account and only from the date when the funds

has been credited into the account.

 Customer understands and confirms that the Bank has every right to close account, if the

details provided by him/her are found to be inaccurate. In such an event the bank shall

not be liable to pay any interest on the amount of deposit and the amount deposited will

be returned to the customers communication address by way of a Demand Draft. The

Customer understands that if the Customer does not receive the Demand Draft for the

closed account, he/she needs to contact the designated branch or the customer care

number.

 The Customer hereby gives its consent to the Bank to deduct the applicable charges/fees

as per the requirement of the Bank.

 Customer agrees to provide nomination details while opening of an account. In case

where Customer does not wish to provide any nomination details, the same shall be stated

specifically to the Bank.

 Customer agrees that the savings account interest rate may vary from time to time and will

be calculated on daily product basis on clear balance. The interest on savings accounts

will be credited at quarterly intervals or as prescribed by Reserve Bank of India from time to

time.

 Customer agrees and understands that the application once submitted cannot be

withdrawn by the Customer and that the Bank shall not be liable to pay for any costs

(technical/ data plan related or otherwise) incurred by the Customer in the course of

sharing his/her details on the application.

 Customer agrees and confirms that the Bank shall not be liable for any connectivity/ signal/

data issues leading to non-completion or wrong/false/incomplete information being

provided by the customer leading to the incompletion of his/her application.

 Customer agrees and confirms that in case of rejection of application, Bank shall have right

to retain the Customer details & documents.

Periodic updation of KYC in the existing account:

 KYC of the Customer shall be periodically updated after the account is opened.

 For updating KYC in the existing account, the Bank shall sent link through SMS channel to

the Customer for KYC updation.

 The Customer understands that during the KYC updation of the existing account, where

VKYC platform is being used, Customer’s address, pan, contact details such as mobile,

email, live photograph and signature provided and obtained during the VKYC session shall

be updated in the account (digital account) of the Customer as per Bank records.

Customer holding any other account in joint capacity shall be required to visit branch for

updation of demographic details.

 The Bank shall have a right to close the account of the Customer in the event of non-

furnishing of information by Customer and / or non-cooperation in updating the re-KYC.

Other important terms and conditions

 Customer confirms to have read, understood and will be bound to/ abide by the Terms

and Conditions of account opening and the general terms applicable to account as

available on Bank’s website at www.idbibank.in

 In case the Customer is accepting / receiving any Foreign Contributions, the customer

need to comply to Foreign Exchange Management Act of 1999 (FEMA).

T& C-Savings Account opened through Video based account opening process and updation of KYC through Video based customer

identification process

 The Customer is aware that the Savings Bank Account would be used to route transactions

of only non-business/ noncommercial nature. In the event of occurrence of any doubtful

transaction that may be seen as commercial/ business/ dubious or undesirable, the Bank

reserves the right to unilaterally close the account.

 Customer should carefully examine the entries made in their Statement of Account(s) and

draw Bank’s attention to any errors or discrepancies that may be discovered within 30 days

from the date of entries falling which the same shall be deemed as correct and accepted

by the Customer and the Customer shall not be entitled to question the correctness/

accuracy thereof.

 Request for Registration of Standing Instructions can be given at any Branch. Charges as

specified in SOC will be levied for non-execution of Standing Instructions / Direct Debits.

 The Customer needs to intimate Bank in writing or by calling the customer care of any

change in the contact details/address. Customer needs to submit documentary proof

wherever applicable.

 The Bank shall not be responsible or liable to the Customer any third party for the

consequences arising out of or in connection with opening of the digital account.

 The Customer is aware that the Bank reserves its right to close any account which is not

operated satisfactorily/dormant with a prior notice to customer by sending communication

to customer’s registered mail id or mobile number.

 The Bank reserve the right to reject the application, close the account so opened without

any intimation to the Customer if found that the supporting documents submitted for

opening the account are false and fabricated.

 The Customer hereby expressly authorize and give consent to the Bank disclose

information about Customer’s account if required or permitted by any law/rule or

regulations or at the request of any public or regulatory authority or if such disclosure is

required for the purposes of preventing fraud without any specific consent of the Customer.

 The Bank reserves all the rights to share Customer details to the CKYC regulatory and in

case Customer is found to have another OTP based account with any other bank, Bank will

be bound to follow the regulatory and close such accounts if required until full KYC is opted

by the Customer.

 The Bank reserves the right to make any changes, alterations, cancellations, in the above

rules by hosting them on website. The Customer shall be responsible for reviewing these

T&C’s regularly including the amendments as posted on the website. Any person opening

the account shall be bound by the rules governing the account.

 The terms and conditions shall be governed by the laws of India. In case of any dispute or

difference arising out of or in connection with the opening of the account through video

based account opening, the same shall be subject to the jurisdiction of the Courts in

Mumbai.

 The terms and conditions & schedule of charges (SOC) of regular savings bank account

are applicable for regular savings account opened through video based account

opening. Please visit website https://www.idbibank.in/ for more information

 Bank reserves the right to take necessary action, legal or otherwise, if it finds any wilful

modification/ withholding of information or misrepresentation by the customer.

 This account opening process is not available for existing IDBI Bank customers.

Customer’s undertaking and FATCA/CRS declaration:

The Customer certify that:

T& C-Savings Account opened through Video based account opening process and updation of KYC through Video based customer

identification process

 The information provided in the Form is in accordance with section 285 BA of Income Tax

Act, 1961 (Income Tax Act) read with rules 114F to 114H of Income tax Rules, 1962 (Income

Tax Rules).

 Information provided by him/her in the Form, its supporting Annexures as well as in the

documentary evidence provided by him/her are, to the best of his/her knowledge and

belief, true, correct and complete and that he/she have not withheld any material

information that may affect the assessment/categorization of the account as a reportable

account or otherwise.

 The Customer hereby permit/authorize IDBI Bank to collect, store, communicate and

process information relating to the Account and all transactions therein, by IDBI Bank and

any of its affiliates wherever situated including sharing, transfer and disclosure between

them and to the authorities in and/ or outside India of any confidential information for

compliance with any law or regulation whether domestic or foreign.

 The Customer agree to undertake the responsibility to declare and disclose within 30 days

from the date of change, any changes that may take place in the information provided in

the Form, it’s supporting Annexures well as in the documentary evidence provided by

him/her or if any certification becomes incorrect and to provide fresh self-certification

along with documentary evidence.

 The Customer also agree that his/her failure to disclose any material fact known to him/her,

now in future may, invalidate his/her application and IDBI Bank would be within its right to

put restrictions in the operations of his/her account or close it or report to any regulator

and/or any authority designated by Government of India for the purpose or take any other

action as may be deemed appropriate by IDBI Bank if the deficiency is not remedied by

him/her within the stipulated period.

 The Customer hereby accept an acknowledge that IDBI Bank shall have the right and

authority to carry out investigations from the information available in public domain for

confirming the information provided by him/her to IDBI Bank.

 The Customer further declare that it shall be his/her responsibilities to educate

himself/herself and to comply at all times with all relevant laws relating to reporting under

section 285BA of the Income Tax Act read with the Income Tax Rules thereunder.

 Customer agree to furnish such information and/or documents as IDBI Bank may require

from time to time on account of any change in law either in India in the subject matter

herein.

 Customer hereby agrees to indemnify IDBI Bank for any loss that may arise to IDBI Bank on

account of providing incorrect or incomplete information.

 The Customer hereby declare that the details furnished above are true and correct to the

best of his/her knowledge and belief and the Customer undertake to inform you of any

changes therein, immediately. In case any of the above information is found to be false or

untrue or misleading or misrepresenting, the Customer is aware that he/she may be held

liable for it.

 The Customer hereby consent that the Bank may share his/her personal/KYC details with

Central KYC Registry and further consent to receiving information from Central KYC registry

through SMS/Email on his/her registered number/email address.