Terms and Conditions for SuperSaver Packs - General Terms
These General Terms lay down the terms and conditions which shall be applicable to all ‘SuperSaver Packs’, which may be availed by the Customer from IndusInd Bank Limited. These General Terms govern the relationship between the Customer and the Bank in relation to the SuperSaver Pack and the Services.
The Customer hereby understands and agrees to comply with and be bound by the Key Terms and these General Terms as existing now and with all additions, modifications and addendums thereto made at any time, and recognizes that these General Terms herein are without prejudice to any right that the Bank may have with respect to a ‘SuperSaver Pack’ in law or otherwise. These General Terms may be read as a standalone document in relation to the ‘SuperSaver Pack’ and with such other documents including the Key Terms and the Product Terms as may apply to a particular Product. The Customer shall abide by the rules of the Bank regarding the Products within a SuperSaver Pack and agrees to comply with such other rules that may be in force from time to time.
The Customer hereby understands that the use of the SuperSaver Pack or any Product within such SuperSaver Pack will be deemed acceptance of these General Terms and the Product Terms.
‘SuperSaver Packs’ are a bundled product offering, wherein Customers will be offered a choice from the combinations set out in the SuperSaver Pack Application Form.
These ‘SuperSaver Packs’ are offered only to Bank’s existing ‘Individual’ Savings or Current account holders.
All fees/charges levied by the Bank in relation to a SuperSaver Pack shall be collected by debiting the Customer’s Savings or Current account held with the Bank, held either as a Single/Joint Savings account or a Proprietorship Current account.
‘Easy Plus’ or ‘Elevate’ SuperSaver Packs will not be available to Customers who hold a Current account with the Bank.
The General Terms are also made available on request by authorized Bank’s Personnel at the Bank’s Premises or at the Bank’s website www.indusind.com.
The prices/charges/fees as indicated on the SuperSaver Pack Kit are exclusive of Service tax, government charges, duties, levies, and such other charges as may be levied pursuant to applicable laws and regulations.
We or any Third Party (which provides a Product within the SuperSaver Pack) reserve the right to impose additional fees, charges or to revise the existing fees or charges. All upfront fees and charges paid in relation to the SuperSaver Pack are non-refundable unless otherwise specified by the Bank. The rentals for ‘Lockers’ may vary across various branches of the Bank which may affect the “SuperSaver Price” across various branches of the Bank.
The Bank is entitled in its sole discretion to accept or reject the Application Form for a SuperSaver Pack without assigning any reason whatsoever. You hereby affirm and confirm that the SuperSaver Pack was elected by you as a combination.
The SuperSaver Pack is being offered subject to the availability of Products/Services at the Bank and with the Third Party providing such services as are available in the Pack.
By signing the Application Form, the Customer is giving his consent that he understands, agrees and shall abide by these General Terms and such other terms and conditions as may be applicable to the SuperSaver Packs.
Please read and understand these General Terms and contact the Bank if you require any clarifications, Please call the Bank’s Phone Banking Numbers -1860 500 5004 , +91 22 4406 6666.
Meaning of words in these General Terms
“Application Form” means the application form submitted by the Customer to avail of Products or Services offered under the SuperSaver Pack.
“Approved Currency” means any currency which the Bank nominates from time to time as a currency which the Bank will accept for transactions made in relation to SuperSaver Packs.
“Bank”/“us”/“we”/“IBL”means IndusInd Bank Limited and its successors and assigns and “our” has a corresponding meaning.
“Bank Products” means Product & Services including, Premier Banking Program – Indus Select, Platinum Debit Card, Platinum Select Debit Card, Credit Card, Lockers, Banking Convenience Services, Indus Young Saver account offered by the Bank, which forms part of the relevant SuperSaver Pack.
“Business Day” means a day on which banks in India are open for transactions of the relevant business of such nature required under these General Terms and also, in relation to a day on which a payment is required, a day on which banks in the place where such payment is to be made in accordance with these General Terms and in the place of the principal domestic market of the currency of such payment are open for business, but in each case does not include Sundays and public holidays and may not include Saturdays depending on the nature of the transaction to be conducted by the Bank.
“CASA” means a Current Account or a Savings Account relationship that an individual has with the Bank.
“Current Account” means an account into which a current deposit in any Approved Currency is placed by you with the Bank and offers ability to withdraw or transfer funds with a withdrawal or transfer instruction in a form acceptable to the Bank from time to time.
“Customer” or “you” means an individual who holds a CASA relationship with the Bank and has selected a SuperSaver Pack. The term Customer includes his heirs, executors, legal representatives and/or administrators, and in case of the Customer being a minor shall mean the minor acting through his/her natural guardian or by a guardian appointed by a court of competent jurisdiction.
“Force Majeure” means events caused beyond the reasonable control of the Bank which may include but may not be limited to acts of God, fire, flood, sabotage, virus attack on the system, earthquake, tsunami, unauthorized access/hacking of Banks assets, communication failure, riot, etc.
“INR” or “Rs.” or “Rupees” means the lawful currency of India.
“Key Terms” means the terms and conditions provided in the SuperSaver Pack kit.
“Person” means any natural person, sole proprietorship, company, body corporate, Regulatory Authority, joint venture, trust, association or other entity (whether registered or not and whether or not having a separate legal personality).
“Product” means any Bank Product or any Third Party Product.
“Product Terms” means the terms and conditions that apply specifically to a Product.
“Regulations” means laws (including, without limitation, any subordinate instrument) and the acts, practices, codes, guidelines, conventions, directives, notices, circulars, injunctions, writs, orders, sanctions, judicial decisions and policies of any Regulatory Authority whether or not having the force of law.
“Regulatory Authority” means any government (including its instrumentalities) or regulatory authority whether in or outside India.
“Savings Account” means an account(including a no frills savings account) into which a savings deposit in any Approved Currency is placed by you with the Bank and offers you the ability to withdraw or transfer funds with a withdrawal or transfer instruction in a form acceptable to the Bank from time to time.
“Services” means services provided by us or a Third Party to you from time to time in connection with your use of the SuperSaver Pack (including, without limitation, the making or receiving of a payment by us on your behalf).
“General Terms” means the terms and conditions set out in this document including any amendments or replacements made from time to time.
“Third Party” means a Person offering the Third Party Products under the SuperSaver Pack.
“Third Party Products” means ,Discount Vouchers, Mutual Funds, General/Life Insurance,Card Protection Plan & Road Side assistance Services offered by Third Parties and not the Bank, which form part of the relevant SuperSaver Pack.
Unless the context otherwise requires, words denoting the singular include the plural and vice versa and words denoting a gender including every gender. Clause headings shall be ignored in the interpretation of these General Terms.
- Information and Services we provide to you
- You are requested to, and shall be responsible for reading, understanding and accepting these General Terms along with any other terms and conditions which may govern the SuperSaver Packs.
- Services that you request will be made available to you after completion of relevant documentation process as required by the Bank. All requests for Services and the continued availability of any Service will be subject to applicable Regulations and the Bank’s acceptance, approval or consent, in its sole discretion, and to the fulfillment by you of such conditions as the Bank may require.
- Product Terms
- The General Terms set out in this document apply to all SuperSaver Packs and all Products offered within a SuperSaver Pack.
- The Product Terms shall apply to each of the Products offered within a SuperSaver Pack and you will find those Product Terms on the Bank’s Website for Bank’s Products & Third Party Sales Brochures or Third party Website for third Party Products. The Discount Voucher Terms are available on the Bank’s website.
- If there is a conflict between the General Terms set out in this document and the Product Terms, then the General Terms shall prevail to the extent of the matters described in those Product Terms. Key Terms shall be read together with these General Terms.
- Third Party Products
- Insurance as indicated on the SuperSaver Pack is subject matter of solicitation.
- The Risk Cover under the General Insurance products, activation of third party Vouchers, Coverage under the Card Protection Plans will come into effect within a maximum of four working days post realization of the fees for the Super Saver Pack, subject to all application forms being complete in all respect.
- Any vouchers provided under the SuperSaver Packs are available only with debit cards and shall be in a deactivated form. Such vouchers will be activated within a maximum of four working days after the realization of the fees for the SuperSaver Pack.
- Mutual fund investments are subject to market risk. You should read all scheme related documents carefully before applying.
- The Third Party Products offered within the SuperSaver Pack are, and will be, subject to such additional terms and conditions as may be issued by the Third Party which will be displayed on the websites/sales brochures of such Third Parties. You are requested to be guided by such terms and conditions as published therein. These General Terms should be read in conjunction with such Third Party terms and conditions.
- The Bank does not hold any warranty or make any representation with regard to the delivery, quality, availability, merchantability or suitability of the services of the Third Parties as may be offered under the SuperSaver Pack and the Bank shall not entertain or be responsible for any communication in this regard.
- The Bank’s responsibility under the SuperSaver Pack is limited to communicating the details of the Third Party Product to the Customer. The Bank shall not be liable for any loss or damage whatsoever that may be suffered, or for any personal loss or injury that may be suffered by the Customer either directly or indirectly, by use or non-use of any Third Party Products offered under the SuperSaver Pack.
- Variations to these General Terms
- These General Terms and/or the Product Terms may be varied or replaced, from time to time as may be decided by us or the relevant Third Party.
- Any variation or modification to these General Terms and the Product Terms shall be binding on you if you continue to maintain or utilize any SuperSaver Pack from the date of such variation or modification is notified by the Bank.
- If you do not agree with any variation or modification to these General Terms or the Product Terms and wish to terminate the SuperSaver Pack availed by you, then we will not refund the portion of any fees you have paid us.
- Term& Renewal
- The Super Saver Pack shall be valid for a period of one year from the date of realization of Pack Fee and can be further renewed on payment of renewal fee as may be prescribed by the Bank at the time of renewal or by You having opted for the standing instruction mandate for Super Saver Pack fee debit for auto-renewal. You hereby understand and agree that the renewal shall be at the prevailing Pack price at the time of renewal and at Bank’s discretion and subject to such additional terms and conditions as may be prescribed by the Bank.
- In the event the Bank does not receive any renewal fee, then the Super Saver Pack along with the services and features shall stand discontinued and terminated and the Bank shall not be responsible for any loss or damage whatsoever that may be suffered by You due to such termination of the Super Saver Pack and the services.
- If You do not wish to renew the Super Saver Pack after having signed the standing instruction mandate for Super Saver Pack fee debit, on the Super Saver Pack application form, then You shall inform the Bank about the same in writing seven working days prior to the expiry of the Super Saver Pack. The Bank shall upon receipt of such written request may terminate the Super Saver Pack and discontinue the services and features as offered under the Super Saver Pack.
- If you do not wish to renew the entire Super Saver Pack but intend to continue with only a specific component or a standalone product (“Menu Option” as displayed on the Super Saver Pack) of the Super Saver Pack, then the nominal fees/charges as applicable on the specific product shall be applied.
- If You surrender the Super Saver Pack prior to completion of the initial term, then the Bank shall not be liable to process any refunds for the charges/fees already paid in relation to the Super Saver Pack.
- The Discount Vouchers available with a SuperSaver Pack are an introductory offer, offered only at the first time purchase of the SuperSaver Pack, The Vouchers will not be offered at the time of Renewal of the SuperSaver Pack
- Your Identity and Capacity
- You authorize us the use of the information supplied by you in the Application Form and while availing the Services. You warrant that all particulars you give to us are true and correct. You undertake to notify us of any change in those particulars (including, without limitation, any change in your permanent address, mailing address or the constitution or membership of your firm) as soon as reasonably practicable after the change.
- Joint Account Holders
- In the event a SuperSaver Pack is availed by a Customer who holds a CASA relationship with another joint account holder, then the SuperSaver Pack shall be in the name and for such individual Customer filing the Application Form to avail the SuperSaver Pack and not in the capacity of joint account holders. However, you hereby understand and agree that the Bank shall have the ability to debit or deduct any amount outstanding towards the SuperSaver Pack from such joint account of the Customer, based on proper debit authorization.
You hereby acknowledge, understand and agree that:
- you made your own judgment in relation to the selection and utilization of the SuperSaver Pack including but limited to any combination of Products;
- the Bank assumes no duty to give advice or make recommendations in relation to a SuperSaver Pack;
- if the Bank makes any such suggestions to you in relation to the selection or utilization of a SuperSaver Pack, then the Bank assumes no responsibility for the same;
- in respect of the SuperSaver Pack including any of the Products you may select, you are deemed to have obtained independent advice from your legal, financial and investment advisers
- All the products, displayed on the “Menu Option”of the pack are also available on a stand alone basis to the customers of the Bank;
- You shall not hold out the Bank or any of our directors, employees or agents as acting in an advisory capacity in relation to any Service or the Products.
- you are compliance with all applicable laws and regulations and have capacity to subscribe to a SuperSaver Pack;
- the SuperSaver Packs are not in the nature of a deposit mobilization scheme;
- there is no linkage between the provision of Products and Services offered and the use of insurance Products;
- the risks, if any, involved in insurance agency/referral agreement does not get transferred to the Bank;
- the flow and payments of insurance premium and charges in relation to the insurance Products will not, in any way, be affected by the SuperSaver Packs, that is, the insurance premium payable by the Customer to the Third Party would remain the same irrespective of whichever SuperSaver Pack the offering is a part of;
- your participation in insurance Products is purely on a voluntary basis;
- the Bank does not pay any brokerage in the form of commissions, gifts, or incentives on deposits in any manner or in any other form to any individual, firm, company, association or institution.
- Risk Disclosure
- You acknowledge that any transaction in connection with the SuperSaver Packs involves certain risks beyond our reasonable control including, without limitation, non-availability of foreign exchange, exchange control or other government measures or restrictions, Regulations, adverse market conditions, disruptions or breakdown in any market or exchange, suspension of trading, change in national or international monetary, financial, political or economic conditions, act of Force Majeure, calamity, war, riot, civil commotion, sabotage, breakdown or failure of transmission, communication or computer facilities, power failure, postal or other strikes or similar industrial action, failure of any clearing house, exchange or market.
- Before utilizing a SuperSaver Pack or any Product, you should ensure that you fully understand the terms of the transaction, relevant risk factors, the nature and extent of your risk of loss and the nature of the contractual relationship into which you are entering. You should also carefully evaluate whether the transaction is appropriate for you in light of your experience, objectives, financial resources, and other relevant circumstances and whether you have the operational resources in place to monitor the associated risks and contractual obligations over the term of the transaction.
- If you believe you need assistance in evaluating and understanding the terms and risks of a particular SuperSaver Pack or any Product, you should consult an appropriate adviser before entering into a SuperSaver Pack or any Product.
- We are acting in the capacity of an arm’s length contractual counterparty to you in connection with any transaction for the SuperSaver Packs and not as your financial adviser or fiduciary. Accordingly, you should not regard proposals, suggestions or other written or oral communications from us as recommendations or advice or as expressing our view as to whether a particular transaction is appropriate for you or meets your financial objectives.
- Force Majeure
- The Bank shall not be liable if any transaction fails, banks’ services are disrupted or the Bank is not able to perform/underperforms any of its obligations as outlined under these General Terms and under the Product Terms and under the Key Terms by an event of Force Majeure and in the happening of such cases, the Banks’ obligation will remain suspended till such Force Majeure condition remains.
- Fees and Charges
- Charges associated with the SuperSaver Packs will be deducted from the linked CASA as held with the Bank
- Subject to applicable Regulations, we may debit the relevant CASA held by you for any government charges, duties and/or taxes relating to your SuperSaver Pack or individual products within a SuperSaver Pack. Subject to applicable Regulations, we are authorized at any time without prior notice to you to charge to and/or debit from your relevant CASA any fees, charges and expenses payable by you under these General Terms.
- Linked current account/savings account as held with the Bank shall be guided by the specific schedule of charges (“SoC”) as applicable for the product under which such account is maintained with the Bank. All charges and services as specified in the SoC shall be applicable
- All expenses of reasonable amount (legal or otherwise) that we reasonably incur in connection with offering the SuperSaver Pack and providing the Services in relation to the SuperSaver Packs (including preservation, exercise or enforcement of any power or right we have under these General Terms) shall be borne by you.
- We will give you notice in accordance with any legal or industry requirement before imposing any new fees or charges.
- Laws and Regulations of India and other jurisdictions
- These General Terms, the Product Terms or the operation of the SuperSaver Packs with respect to the services provided by IBL to its Customers shall be governed by the laws of the Republic of India only and any disputes/claims shall be brought in the courts under the jurisdiction of Mumbai. The Bank though reserves the right to initiate proceedings against any Customer at any court/authority and the Customer hereby consents to that jurisdiction.
- In case any provision of these General Terms becomes legally untenable/unenforceable/prohibited, then such extent of unenforceability shall apply only to the said provision and not invalidate the remaining provisions of these General Terms.
- Suspending and Closing Accounts
- Without the need to cite any reason, the Bank may in its absolute discretion be entitled to unilaterally stop the operation of any SuperSaver Pack or Product. The Bank shall give notice of 30 days to Customers who have selected the SuperSaver Pack upon termination of the services offered by the Bank.
- You may opt to terminate the SuperSaver Pack and/or the Products by giving the Bank notice of 15 days and subject to any fees and charges and changes in interest rate calculations which may apply. Details of the applicable fees and charges are available on request from your Relationship Manager or our Bank’s premises. However, the Bank shall be entitled to refuse the termination of the SuperSaver Pack until such time as all charges, interest, expenses, etc. payable by the Customer to the Bank have been paid in full. The Bank will not refund any amount paid by you towards the SuperSaver Pack if you choose to terminate the pack mid-tenor.
- In the Event of your Death/Incompetency
- If the Customer dies or is declared incompetent, the benefits of the SuperSaver Pack will only be processed to the Customers registered nominee. Where a nominee is not assigned, the Bank may be required to take the issue case-by-case and the benefits will only be handed over to the legal heir(s) or court nominated individual.
- IBL may freeze the operation of such SuperSaver Packs and stop all operations till the identity and credentials of the successor is established to the Bank’s satisfaction.
- Addresses and Contact Details for Communications
- Subject to applicable Regulations, we will send all statements, confirmations, notices and other communications to you at the mailing address, Phone Numbers, Email address you registered with us against your linked CASA account, as your particulars.
- You agree that you will notify us as soon as reasonably practicable of any changes in your permanent address or your mailing address, contact telephone numbers or other relevant contact particulars. We have no responsibility or liability to you for any failure or delay in contacting you if you do not notify us of changes in your contact details.
- We reserve the right to prescribe or change the mode, form and frequency with which we communicate with you.
- Our statements, confirmations, notices and other communications, whether delivered personally, sent by post, facsimile transmission, e-mail or other electronic means shall be deemed to have been received by you (where delivered personally) at the time of personal delivery or on leaving it at your mailing address, (where sent by post) 3 days after posting if the mailing address is in India and 7 days after posting if the mailing address is outside India or (where sent by facsimile transmission, e-mail or other electronic means) on the date of dispatch.
- If you send any instruction, notice or other communication to us it is deemed received by us on the day of actual receipt and if that is not a Business Day, on the next Business Day.
- If we reasonably believe that the last mailing address you registered against your CASA Account with us has become outdated then we may in our sole discretion stop sending statements, confirmations, notices or other communications to that mailing address and to you.
- Your Information and Our Privacy Obligations
- The Customer agrees that by opening and operating a SuperSaver Pack with the Bank, the Customer gives the Bank the right to share/disclose Customer’s account/personal information as available with the Bank with any entity including but not limited to:
- The Reserve Bank of India (RBI);
- Government of India through its authorized representative/body;
- Courts / Investigating agencies;
- Securities and Exchange Board of India (SEBI);
- Authorized representatives of the stock exchanges;
- Auditors, professional advisors;
- Third party service providers with whom the Bank has executed a legal contract on ‘services/products’ and who will need to access the information;
- Any other legal entity/ authorized individual who is entitled to such information;
- Credit Information Bureaus including but not limited to CIBIL;
- The Bank reserves the right to source for any other information about the Customer or his accounts/financial condition as may be deemed fit by Bank through whatever sources are available to the Bank.
- Subject to applicable Regulations, IBL may use Customers’ information for service and promotional activities. For this IBL may share the Customer’s information with other arms of the Banks group companies and/or any other third party.
- Right to Set Off
- The Bank may at any time and without notice to the Customer combine and consolidate all or any of the Customer’s Service Packs and/or any other Products or Services availed of by the Customer and/or 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 one or more of such Products or SuperSaver Packs in or towards satisfaction of any of the Customer liabilities to the Bank on any CASA 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 the Bank’s sole discretion, make available to the Customer one or more additional Services and/or Products in relation to the SuperSaver Pack. The Customer agrees and understands that such additional Services and/or Products may have specific terms and conditions, which would apply in the event the Customer opts to avail of the said additional Services/Products. Such additional terms and conditions would be in addition to these General Terms. 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 Services and/or Product related to the SuperSaver Packs 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.
- Disclosure and Administrative Matters
- We are entitled, without prior disclosure to you but subject to and in accordance with any applicable legal and regulatory requirements, to accept and retain for our own benefit absolutely any profit, rebate, brokerage, commission, fee, benefit, discount and/or other advantage arising out of or in connection with any transaction or the provision of the Services to you under these General Terms.
- These General Terms are binding on and enforceable against your heirs, personal representatives, executors and successors in title and are binding on and enforceable by our successors in title and assigns. We may, at any time after giving to you notice of our intention to do so, assign and transfer all or any of our rights and obligations under these General Terms to any person. You shall not assign, declare a trust or create any encumbrance (except in our favour) over any or all of your rights and interests in any SuperSaver Pack without our prior written consent.
- We reserve all of our rights to recover from you any losses, including without limitation, legal costs of reasonable amount and reasonably incurred and interest that we sustain as a result of the fraudulent or negligent operation by you of your SuperSaver Packs.
- No failure or delay by us in exercising any right under these General Terms will operate as a waiver of that right or any other right nor will any single or partial exercise of any right preclude any other or further exercise of that right or the exercise of any other right.
- If any provision of these General Terms is not or ceases to be legal, valid, binding or enforceable under the law of any jurisdiction, neither the legality, validity, binding effect or enforceability of the remaining provisions of these General Terms under that law nor the legality, validity, binding effect or enforceability of that provision under the law of any other jurisdiction will be affected.
- Grievance Redressal
- Please refer the ‘Grievance Redressal Policy’ of the Bank available at the Bank’s website.