As a Current Account Holder, I am subject to the below Terms and Conditions (T&C). Any changes to the T&C will be available on the website www.axisbank.com only.
Account opening/service provision: All services, including opening of the account are subject to verification of information/documents provided by me. In the event this account is not opened, the initial funding amount will be refunded to me in the same source through which funding was done.
Services: All services will be provided by Axis Bank on a best effort basis. The complete list of services available to me will be available on www.axisbank.com.
Fees & Charges: All services will be provided by Axis Bank on a best effort basis. The complete list of services available to me will be available on www.axisbank.com.
Change in Fees & Charges and Services: Any change/discontinuation of Fees & Charges and Services will be intimated to me at least 30 days in advance through letter/SMS/website/email or other means.
Recovery: If no funds are available in the account to pay fees/charges, I authorize Axis Bank to set off any available credit, including amounts flowing into the account from collection proceeds or any deposits.
Inoperative Account: No transactions induced by me in the account for a period of 2 years or more is treated as an Inoperative account.
Account Freeze: I authorize the bank to freeze my account in the following circumstances, with intimation to me except where specified otherwise
a) Balance in the account remaining zero for 3 months or more
b) If it is suspected by the bank that transactions in my account are not initiated by me (the Bank will not assume any liability for the transactions already executed.
c) If it is suspected that my account is being misused as a money mule, a channel for unauthorized money pooling or a conduit for any illegal activity (I will not receive a notice in this case).
Account Closure: I authorize the bank to close my account, with intimation to me, in case the bank is not able to verify my identity/obtain the necessary documentation either because I don’t cooperate or if the data/information provided by me is not reliable.
Transactions: Any instructions to Axis Bank regarding the account, both of a financial/nonfinancial nature (eg: Issuance of Chequebook/card, financial transactions, updation of personal details, etc.) will be provided by me through the authorized channels only, which will be specified by the bank, based on regulatory guidelines prevailing at that time. Axis Bank is not expected to act on instructions that do not come in through the authorized channels, but reserves the right to act upon its discretion to provide such facilities under extraordinary circumstances.
Channel facilities: All channel facilities provided by Axis Bank including Debit Cards, ATM Cards, ATMs, Internet Banking, etc. are subject to specific guidelines that are provided in the website, through other communication such as MITC, COC, etc. Axis Bank is not liable for fraud in the event that I disclose sensitive information such as passwords, PINs, or IDs to anybody. I also undertake to inform the bank immediately in case of loss of cheque leaf(s), Credit/Debit Card(s) linked to my account.
Debit Card: The usage of the Debit card will be in accordance with the Exchange Control Regulation and in the event of any failure, the card holder will be liable for action under the Foreign Exchange Management Act 1999 and the amendments there of stipulated by the Reserve Bank of India.
Disclaimer for Axis Bank Internet Banking: “I acknowledge that the issue, usage of Axis Bank Internet Banking facility is governed by terms & conditions in force from time to time as set forth on the www.axisbank.com and agree to abide by the same. I am aware that Axis Bank Ltd does not seek any information relating to login ID/Password in any form including through e-mails from its customers. I further agree and confirm that Axis Bank shall not be liable for any losses arising from my sharing/disclosing of login ID, password, cards, card numbers or PIN (Personal Identification Number) to anyone, nor shall make claims on the bank for any unauthorized use. I shall take all precautions to protect my/our account details so as to avoid any unauthorized use.
a) Any updation of my details including personal information, becoming a non- resident Indian, change of address, etc. will be provided by me to the bank, along with the documents of proof within 2 weeks. I agree to indemnify Axis Bank for any fraud, loss or damage, due to my providing the wrong information or not updating the information that may occur to me and to Axis Bank and based on which the bank may act as true and correct.
b) All information provided by me of any nature (including personal & sensitive information) will be used in the provision of services or facilities, facilitation of transactions, providing information and updates (including value-added services), research and analytics, credit scoring, verification, participating in telecommunication or electronic clearing network as may be required by law/customary practice by the bank.
d) The bank may disclose information about customer's account, if required or permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder.
Additional Information: All relevant policies including Code of Commitments to Customers and Grievance redressal policy are available at the branches. Each depositor in a bank is insured upto a maximum of 5,00,000 (Rupees Five Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Limited Liability of a Customer:
a) I shall be liable for the entire loss occurring due to unauthorised transactions in cases where the loss is due to my negligence such as where I have shared the payment credentials, until I report the unauthorised transaction to the bank. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank.
b) In cases where the responsibility for the unauthorised electronic banking transaction lies neither with the bank nor with me, and lies elsewhere in the system and when there is a delay (of four to seven working days after receiving the communication from the bank) on the part of the customer in notifying the bank of such a transaction, the per transaction liability for me shall be limited to the transaction value or the amount mentioned as Maximum Liability of a Customer defined under respective guideline, whichever is lower.
FATCA-CRS Terms and Conditions: The Central Board of Direct Taxes has notified on 7th August 2015 Rules 114F to 114H, as part of the Income-tax Rules, 1962, which require Indian financial institutions such as the Bank to seek additional personal, tax and beneficial owner information and certain certifications and documentation from all our account holders. In relevant cases, information will have to be reported to tax authorities/ appointed agencies/ withholding agents for the purpose of ensuring appropriate withholding from the account or any proceeds in relation thereto. Should there be any change in any information provided by you, please ensure you advise us promptly, i.e. within 30 days. If you have any questions about your tax residency, please contact your tax advisor.