General Terms and Conditions Governing Accounts

These General Terms and Conditions Governing Accounts ("Terms") of ICICI Bank Limited Bahrain Branch ("Bank") contain the terms and conditions applicable to the establishment and operation of accounts with the Bank which may be opened from time to time by the customer with the Bank. The Terms shall be read in conjunction with the relevant account opening form(s) of the Bank, the terms of which are incorporated herein by reference.

 

Terms and Conditions for establishing relationship and Operating Accounts

  1. Establishing a Relationship
  2. Operating Accounts
  3. Conduct of Account
  4. Collection facility
  5. Closure of Account and Service Charges
  6. In event of Death of a Customer
  7. Banker's Lien And Right Of Set Off
  8. Electronic Instructions
  9. Indemnity and Default Interest
  10. No Encumbrances
  11. Declaration
  12. Account Dormancy
  13. Outward Remittances and International Trade Related Transactions

Fixed Deposits

  1. Date of Fixed Deposit
  2. Currency, Period and Minimum Balance
  3. Requirements
  4. Non Transferable and Non Negotiable
  5. Other Terms and Conditions

Recurring Deposit Terms & Conditions

 

Call Account (also called Call Deposit Account)

 

Current Accounts

 

Disclosure

 

General Provisions

Terms and Conditions Governing the International Remittance Facility

These Terms and Conditions Governing the International Remittance Facility (Terms) of ICICI Bank Limited Bahrain Branch (the Bank) contains terms and conditions applicable to the International Remittance Facility (Facility) offered to the Registered Users (defined hereinafter in Clause 3.3) of the Bank. The Terms shall be read in conjunction with the relevant Remittance Registration Form, the Generic Terms and Conditions for the use of the Bank's website www.icicibankbahrain.com and all other applicable terms and conditions of the Bank presently in vogue or shall come into force in future.

  1. General
  2. Eligibility
  3. Registration
  4. Registration of the Beneficiary
  5. Other Terms
  6. Disclaimers
  7. Terms specific to the Facility
  8. Disclosure
  9. General Provisions

General Terms and Conditions Governing Accounts

1. Establishing a Relationship

  • Applicant(s) desiring to open a Relationship with the Bank need(s) to execute such agreements/ forms and provide and furnish such documents as may be required by the Bank. The documents listed in the application forms are not an exhaustive list of requirements and the Bank reserves the right to require submission of such other documents as may be determined by the Bank on a case to case basis.
  • The Relationship shall be opened only when the documents submitted to the Bank are complete in all respects to the satisfaction of the Bank. Acceptance of documents by the Bank does not confer any right to the applicant to open the relationship. The applicant or the customer as the case may be, is bound to furnish any further documents or rectification of the documents already submitted to the Bank as and when required by the Bank. The Bank is entitled to hold back or suspend the relationship or part or whole of the services offered / provided or to be offered or provided to the applicant or customer till receipt of the documents or rectification as sought by the Bank.
  • ICICI Bank, Bahrain Branch (hereafter referred to as "the Bank") would be reviewing the documents submitted by you, every 3 years, as per the directive of Central Bank of Bahrain. At the end of every 3 years, you are under an obligation to provide the latest copy of your valid documents (e.g. the Residence Permit, Identity Proof, Address Proof etc.) or updated versions of such documents submitted by you earlier or any other document as may be determined by the Bank from time to time. The Bank reserves the right to freeze your account, upon failure to submit the aforementioned documents.

    Please visit our Manama Branch with the relevant documents to activate the account.
  • Each Relationship with a customer is represented by a Customer Identification No. ("Cust ID"). For e.g. a Relationship in single name is different from a Relationship in joint names. Each combination of Relationship is distinct and unique and hence is identified by a separate Cust ID.

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2. Operating Accounts

  • Relationships can be opened in the names of :
    1. An individual in his/ her own name;
    2. A minor (person less than 21 years of age) under guardianship;
    3. Two persons in their joint names. More than two persons may be permitted to open account(s) in their joint names at the discretion of the Bank;
    4. A company, partnership firm, trust, association or other entity (registered or constituted inside Bahrain) as may be permitted by the Bank in their respective names. The Bank may permit fiduciary accounts in the name of a trust, firm of solicitors or accountants or such other intermediaries as may be determined by the Bank subject to satisfaction of the “Know Your Customer” (“KYC”) Anti- Money Laundering requirements. Charitable funds and religious, sporting, social, cooperative and professional societies cannot establish a relationship with the Bank until an original certificate authenticated by the relevant authorities of the country of their registration/ incorporation confirming their identities and authorizing them to open an account is provided to the Bank.
  • All the accounts under a relationship (Cust ID) will be compulsorily operated as per mode of operation as specified in the account opening form.
  • In case of joint accounts, any change in operational instructions/ signing conditions or any other information with regard to the application form is to be given by all the joint account holders irrespective of mode of operation.
  • Each of the Individuals constituting the customer hereby authorizes and empowers the other to endorse for deposit and deposit or withdraw with the Bank any or all cheques, notes or other instruments for the payment of money, payable and purporting to belong to both/all of them. Should any such instruments be received by the Bank without having been so endorsed, then the Bank is hereby authorized to endorse any such instrument on behalf of the Customer and to credit the same to the account.
  • Any overdraft or other obligations incurred on the account or otherwise shall be the joint and several liability of each and every individual constituting the Customer.
  • Accounts in the names of a company, partnership firm, trust, association or other entity shall be operated by the authorised signatory (ies) of the respective entities as specified in the application form/resolution submitted by such entity at the time of opening the account. Changes to authorised signatories of such entities shall be recognised only upon due submission of the requisite authorisations/ resolutions approving such changes to the satisfaction of the Bank.
  • The Bank may send through courier or post from time to time to the mailing address furnished by the customer, statements of account, balance confirmation certificates, and/or such other items relevant to the account. Hence, it is incumbent upon the customer to inform the Bank of any changes in mailing address immediately. The Bank will not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of the customer not informing the Bank of its change in mailing address.
  • The Cust ID is common for all accounts opened in the same name and capacity, in addition to unique account number for each account. Cust ID, once allotted, needs to be quoted when opening any further accounts in the same name and capacity. The Cust ID and account number is to be quoted in pay-in-slips issued by the customer and in all correspondence.
  • The customer (or guardian, in case of minor accounts or the trustee in case of trust accounts or the relevant intermediary in case of any other fiduciary account or the authorised signatories in case of corporate accounts) is expected to examine the entries in any statement of account or balance confirmation certificate that may be sent to it by the Bank and within 14 days of receipt of the same, to draw the attention of the Bank to any errors or omissions that might be discovered. If no such notification is received by the Bank after the expiration of the said 14 day period, the details and information contained in such statement of account or balance confirmation certificate shall be conclusive evidence of the correctness of the contents and entries therein against the customer or any person claiming under or through the customer without the requirement for any further proof. The Bank does not accept any responsibility for any loss arising out of failure on the part of the customer to examine the entries in the statements and report, within the fourteen day period stated above, any errors or omissions to the Bank.
  • A minimum deposit may be prescribed for opening any account under a relationship. A minimum average balance during a quarter may also be required to be maintained in accounts. Failure to maintain the prescribed average minimum balance will attract additional service charges as may be stipulated by the Bank from time to time.

  • The Bank shall not be responsible for any unauthorised interception of e-mail or any other communication through whatever mode to or from ICICI Bank.

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3. Conduct of Account

  • Operations in the account shall be permitted only after the activation of the account and the customer who has opened an account with the Bank should get a confirmation from the Bank as to the activation of the account. An account shall not be activated unless all procedural formalities in this regard are completed. The Bank shall not be responsible or liable for any consequences or losses suffered to the customer on account of any operation or attempted operation of the account prior to the activation of the account.
  • Transactions are entertained normally during banking hours at the Bank.
  • If any payment instruction is required to be dishonoured for insufficient balance in the account or for being in excess of arrangements, a penalty/charge will be levied. Similarly, if any cheque or other instrument deposited by the customer is returned unpaid, a service charge will be imposed.
  • No overdrawing is permissible in accounts unless an overdraft facility has been specifically sanctioned by the Bank.
  • Standing instructions are subject to service charges stipulated by the Bank from time to time.

  • Bank has authority to debit the accounts to recover any amount credited erroneously

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4. Collection facility

  • Cheques, drafts, bills, dividend / interest warrants and other instruments issued in favour of customers may be accepted for collection to their account subject to service charges. The Bank shall not accept A/C payee cheques of non account holders for collection. Collection services may be provided by availing of similar services of other banks. The Bank does not accept any responsibility for loss, delay, mutilation or interception of the instruments in postal or courier transit or by such other banks. The Bank does not accept or share any responsibility for realisation of such instruments or for the genuineness, validity or correctness of the signatures or endorsements thereon. Withdrawals against such instruments are permissible only on realisation by the Bank. The Bank shall not accept for collection any cheques made out to a payee who is not the customer, and marked “A/c Payee” or words to similar effect.
  • The Bank has the authority to debit the accounts to recover any amount credited erroneously.
  • Local cheques, etc., may be required to be tendered for collection sufficiently early in the day as required vis-a-vis the local clearing house timings. The clearing of cheques and withdrawals against cleared cheques will be normally permitted only against cleared balances as per the Bank's prevailing practices.

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5. Closure of Account and Service Charges

  • The Bank reserves the right to terminate the Relationship or Close the account(s) at any time and for any reason after prior notice to the customer at its last known address without assigning any reasons thereof and without any liability.

    However, the Bank reserves the right not to give any such notice where in the opinion of the Bank there exist certain exceptional circumstances which necessitate closure of account (e.g. where the account is used for criminal, terrorist or anti money laundering activities or where the account is required to be terminated to comply with the regulatory/statutory requirements etc).
  • The Bank may discharge its entire liability with respect to an account which it closes by deducting a service charge as may be imposed by the Bank from time to time and mailing to the customer's last known address a draft or cheque in the currency(ies) of the account without recourse to the Bank as drawer, payable to the customer's order in the amount of the then credit balance in the account.

  • The Bank further reserves the right to close or freeze the Account(s), after due notice to the Customers for reasons which may include, but are not limited to, the following:
    1. In case any of the documents furnished towards Identity and address proof are found to be fake / forged / defective;
    2. In case fraudulent / forged / fake bank drafts or any such instruments are attempted to be cleared / cleared through the Account;
    3. In case of frequent returns of inward / outward cheques in the Account;
    4. In case a debit balance for reasons, including but not limited to, nonrepayment in case of facilities offered by the Bank, where repayment is to be made through Customer’s Account; reversal of wrong credit, etc., is allowed to continue for more than 90 days in the Account;
    5. Improper conduct of the Account in terms of volume / type of transactions;
    6. For unsatisfactory conduct of the Account. The Customers shall be solely liable for return of cheques / dishonouring of any instruments consequent to such closure and all costs / charges arising out of such closure / freezing of the Account(s). Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Customer shall take steps to collect the balance amount in the Account, if any, and till such time the Customer collects such amounts, the Bank reserves the right to keep such amounts in a special office account without any interest being payable on the same.

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6. In event of Death of a Customer

  • In case of the demise of a customer who holds a single/joint account with the branch, the branch will freeze the accounts of that client upon receipt of the information regarding the death of any of the applicant.
  • Such information can be received mostly in the following manner:
    1. Any person can approach the branch with an information about the death : The branch will ask for a death certificate. But in case the death certificate is not provided, a written information to be obtained, along with copy of the CPR of the person providing the information.
    2. An information is received through any other source – News Paper, Television/media reports etc.
    3. Claimant approaches the bank with a death certificate and a court order.
    4. CBB or local Court informs the bank about the death of a customer*
  • Documents required for a claim case:
    1. Valid Death Certificate issued by a government authority.
    2. Court Judgement issued by Bahraini Court stating the disposal instructions, names and details of claimants along with share to be paid to each of them.
    3. The Application Form can be obtained from Bahrain Branch, requesting for settlement of accounts and stating that there are no pending instructions (Pending instructions are those which have been issued by the deceased prior to his demise and are yet to be executed by bank), signed by all the claimants.
    4. Identity documents - CPR along with Passport or Driving License of the claimant(s) named in the Court Judgement issued by Bahraini Court. A copy of all such documents to be provided to the branch.
  • Once all the required documents are received Bahrain Branch will Initiate the settlement process.
  • In case of court order is for multiple beneficiaries and the claimant wants the funds / monies to be settled in the name of single beneficiary, such requests will be declined and the bank will settle the deceased claim as per court judgement.
  • If any debit instructions are received for any of the accounts under the relationship, branch shall check whether the instructions were issued before the date of demise (as per the Death Certificate / Public Notice) or after the date of demise. Branch will reserve the right to decline such instructions in absence of satisfactory evidence.
  • Any instruction issued / received on or after the date of the death will be rejected.
  • The treatment of credits received for the account which is freezed in event of death notification will be at branch discretion
  • Premature penalty charges in case of deposits shall be waived for deceased cases settlement. However, the currency conversion charges, or any out-of-pocket expenses as applicable when the settlement amount is remitted to the executor / claimant/ administrator's account, shall be borne (deducted out of settlement amount) by the claimant/ executor / administrator.

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7. Banker's Lien And Right Of Set Off

  • The Bank shall have the right of lien, irrespective of any other lien or charge, present as well as future on all the deposits held/ balances lying in any all the accounts of the customer, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of any of the Bank's services extended to and/or used by the customer or as a result of any other facilities that may be granted by the Bank to the customers. The Bank is entitled without any notice to the customer to settle any indebtedness whatsoever owed by the customer to the Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the customer to the Bank hereunder or under any other document/ agreement, by adjusting any deposit(s) or transferring monies lying to the balance of any account(s) held by the customer with the Bank, notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness. The Bank's rights hereunder shall not be affected by the customer's bankruptcy, death or winding up.
  • Further, the Bank is also entitled without notice to the customer to sell any of the customer's securities or properties held by the Bank on deposit or otherwise by way of public or private sale without any judicial proceeding whatsoever and retain from the proceeds derived therefrom the total amounts outstanding to the Bank from the customer, including costs and expenses in connection with such sale.
  • In addition to the Bank's rights of set-off, combination and consolidation of the customer's account(s), lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the customer authorises the Bank to apply (without prior notice to the customer) any credit balance (whether or not then due) to which the customer is at any time beneficially entitled (whether singly or jointly) on any account, in the customer's name or jointly with any other person or persons, with any branch or office of ICICI Bank Limited (whether in Bahrain or elsewhere) towards the satisfaction of any or all of the customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the customer's account(s) or under the terms of any other facilities that may be granted by the Bank to the customers. For this purpose, the Bank is authorised to use all or part of such credit balance to purchase (at prevailing exchange rates quoted by the Bank) other currencies as may be necessary to effect the application, provided always that the Bank shall not be under any liability to the customer whatsoever in respect of any loss arising from any conversion of any amount from one currency to another or fluctuations in the rate of exchange for which any currency is for this purpose converted into any other currency.
  • In respect of a joint account, the Bank shall be entitled to setoff any sums standing to the credit of such joint account against the debit balance in other accounts which may be held by one or more holders of such joint account.
  • The Bank shall not be under any obligation to exercise any of its rights under this Clause.
  • The abovementioned rights of the Bank are without prejudice to the obligations of the customer to pay to the Bank when due all its indebtedness and without prejudice to any other rights that the Bank may have against the customer for recovery of outstandings from customer to the Bank.
  • The Bank shall be entitled to with hold payments out of the customer's account or dishonour the customer's instructions in case any amounts outstanding from the customer to the Bank are not paid when due.

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8. Electronic Instructions

  • The Bank does not normally act on fax and other electronic instructions from its customers. However, the customer may authorise the Bank to execute their instructions by fax and/or other electronic means of communications upon specifically indemnifying the Bank for carrying out fax and/or other electronic instructions in a form and manner acceptable to the Bank. Even with such indemnity the Bank reserves the right not to act on any fax or electronic instructions in its sole discretion. In any case Relationship and Account opening documents, KYC documents and address change instructions given by fax or other electronic form must be mailed in original hard copy to the Bank by the customer on the same day of receipt by the Bank of such fax or other electronic instruction. Branch may insist on original hard copy for other customers instructions on case to case basis.

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9. Indemnity and Default Interest

  • The Bank shall not be liable for any failure to perform any obligation contained in the Terms or for any loss or damage whatsoever suffered or incurred by the customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstance whatsoever.
  • The customer shall indemnify the Bank as collecting banker for any loss or damage the Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by the Bank shall be deemed to have been given in every case at the customer's express request.
  • In the event that the Bank agrees, at its sole discretion, to collect/ purchase/ negotiate/ discount cheques (including without limitation any USD cheque or cheques drawn on US banks or other financial institutions in the United States of America) drafts, bills, dividend / interest warrants and other instruments issued in favour of the customer ("Instruments"), in consideration of the Bank agreeing as aforesaid and/or crediting or agreeing to credit the proceeds thereof to the customer's account or any account and/or purchasing, discounting, negotiating or agreeing to purchase discount or negotiate Instruments from the customer, the customer will indemnify the Bank against all moneys, liabilities, losses, costs, damages, demands, proceedings, claims and expenses of whatsoever nature (whether actual or contingent) including legal costs on a full indemnity basis paid incurred or suffered by the Bank under or arising from or in connection with the Instruments or the enforcement of the rights herein, whether or not the same results from the commission of any breach of contract or duty on the customer's part or the part of any party to the Instruments and whether or not the Bank shall have any legal right to claim or have availed itself of the Bank's legal remedies against the customer or any party to the Instruments and notwithstanding that the Bank may have received the proceeds of the relevant Instrument whether on collection or otherwise or paid the proceeds thereof to the customer or that the customer has altered the customer's position after receipt of the proceeds thereof.
  • The customer shall keep the Bank indemnified at all times against, and save the Bank harmless from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs) which may be brought against or suffered or incurred by the Bank in resolving any dispute relating to the customer's account with the Bank or in enforcing the Bank's rights under or in connection with the terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with the Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
  • If any sum due and payable by the customer is not paid on the due date, including without limitation any moneys claimed under this Clause 9, the customer shall be liable to pay interest (both after as well as before any judgment) on such unpaid sum at such rate or rates as the Bank may from time to time stipulate from the date payment is due up to the date of payment.
  • The customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her/its relationship with the Bank and shall indemnify and keep indemnified the Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by the Bank in connection with any failure to comply with any such applicable laws/ regulations.
  • The indemnities as aforesaid shall continue notwithstanding the termination of the account.

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10. No Encumbrances

  • The customer shall not permit any encumbrance or third party interest over or against any account(s) without the Bank's express prior written consent.

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11. Declaration

  • The products and services of the Bank entail only a relationship between the customer and the Bank in Bahrain and not with any other office or branch of ICICI Bank Limited. The customers hereby waive any right of action against any of the other offices or branches of ICICI Bank Limited. The other offices of ICICI Bank Limited shall not in any manner be liable for any delays, losses, damages, claims or expenses of whatsoever nature arising in relation to any customer’s relationship with the Bank. The customers further waive any claims or actions that the customers may have in any jurisdiction outside Bahrain. With specific reference to customers in the United Arab Emirates, the customers hereby agree and confirm that ICICI Bank Representative Office, Dubai, UAE is only a marketing office and shall not be liable or responsible for any delays, losses, damages, claims or expenses of whatsoever nature and the customers have no right of action against ICICI Bank Representative Office, Dubai, UAE and the customers expressly waive any claims or actions in the United Arab Emirates.
  • The customers who are residents of the United States of America (“USA”) hereby acknowledge that they are subject to the laws applicable for the time being in the USA and undertake to make such filings and reportings as are required under the applicable laws of USA or other relevant jurisdiction in relation to the deposit accounts with the Bank and/or any of the Indian or offshore branches of ICICI Bank Limited, including, if required, the Report of Foreign Bank and Financial Accounts to be submitted to the US Department of Treasury. The customers confirm that the disclosure to the authorities of any applicable jurisdiction, if required by any applicable law or order, of any information pertaining to their relationship with the Bank and/or the other branches of ICICI Bank Limited, would not constitute a violation of any applicable banking secrecy laws or practices and expressly release the Bank and the other branches of ICICI Bank Limited from any liability arising from such disclosure.
  • The NRI customers who are residents of Bahrain hereby declare and confirm that they are Non Resident Indians as defined in the Foreign Exchange Management Act (Deposits) Regulations, 2000 of India (“NRIs”) who are resident in Bahrain. The corporate customers (Banks and Financial Institutions) who are resident in Bahrain hereby declare and confirm that they are licensed by the Central Bank of Bahrain.

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12. Account Dormancy

  • The Bank may classify an account as:
    (a) Inactive if there are no customer-induced transactions for 15 months in the account;
    (b) Dormant if there are no customer-induced transactions for 18 months in the account. i.e no customer-induced transactions for 3 months after the account has become inactive.
  • Customer-induced transactions shall mean any credit or debit transactions done by the customer in the account through the following modes:
    (a) Withdrawals using cash withdrawal slips
    (b) Cash or Cheque Deposit
    (c) Withdrawal through ATM/POS
    (d) Transaction through Internet
    (e) Application made by the customer in relation to standing instruction, Money 2 India, or any other customer instruction through a letter etc.
    (f) Clearing of Inward / Outward Bill
  • The Bank may in its sole discretion deny services and / or transactions in the account of a customer, which has been classified as inactive or dormant.
  • To activate an inactive or dormant account please visit our Manama Branch with your Civil Personal Record (CPR) or valid identity and address proof.

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13. Outward Remittances and International Trade Related Transactions

 

While undertaking international transactions (trade or remittance), the Bank:

  • Shall be bound by the laws, rules, regulations, notifications, directions or orders of the Kingdom of Bahrain as applicable from time to time, including but not limited to the primary legislation (Amiri Decree Law 4 of 2001 with respect to the Prevention and Prohibition of Laundering of Money) relevant to AML/CFT and the rules and regulations issued by the Central Bank of Bahrain as part of the Financial Crimes module, which is updated from time to time.
  • Shall be deploying services of correspondent banks who are bound and guided by the statutes, rules, regulations, notifications, directions and guidelines applicable to their respective jurisdictions;
  • Accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than that of Bahrain;
  • Will not be liable for any direct, indirect or consequential loss/ liability that arises on account of any action or inaction on the part of the correspondent bank and/or from circumstances beyond the control of ICICI Bank
  • Shall have the discretion to return or refuse to accept all or any part of a deposit or credit to an Account or process a transaction, at any time and will not be liable for doing so or any consequences therefrom.

OFAC and other sanctions

The Bank may choose not to, or may be unable to, proceed with any transaction and/or instructions if, in the Bank’s sole discretion, they (or any intermediary through which any payment may be made) are or maybe subject to, or may attract in future, any sanctions or restrictions administered by the OFAC, the United Nations, European Union or any similar restriction by any authority, agency or body having similar powers (“Restrictions”), and any amount remitted or to be remitted (if any) by the Bank may not be made available to the intended recipient if such person or entity is subject to any Restrictions.

 

The Bank will not be responsible for any losses or liabilities which arise as a result of or in connection with any Restrictions, including, without limitation, any act or refusal to act by the Bank as a consequence of any Restrictions, and any action or omission of any correspondent or other intermediary bank and/or any delay in the realisation of cheques deposited. Deposits shall only be made if accompanied by proper supporting documents as required by the Bank, and the Bank shall have such rights as have been specified in these Terms.

Outsourcing

The Bank shall have the right to outsource or sub-contract any part of the banking operations to such third party (including but not limited to any party outside Bahrain on such terms as the Bank deem fit in its sole discretion. Such operations shall include but not be limited to, creation, maintenance and archiving of documents and records.

Fixed Deposits

1. Date of Fixed Deposit

  • The effective date of Fixed Deposit shall be the date on which the Bank gets funds to its account. No Fixed Deposit Receipt is issued in anticipation of realisation of the cheque.

2. Currency, Period and Minimum Balance

  • A fixed deposit can only be opened in such currency, with such minimum balance and for such periods as the Bank may stipulate from time to time.

3. Requirements

  • The customer shall execute such agreements/ forms and provide and furnish such documents as may be required by the Bank. The documents listed in the application forms are not an exhaustive list of requirements and the Bank reserves the right to require submission of such other documents as may be determined by the Bank on a case to case basis.

4. Non Transferable and Non Negotiable

Fixed deposits placed with the Bank are non transferable and non negotiable and no right title interest therein or any part thereof can be transferred or secured by the customer to or in favour of any person without the prior written consent of the Bank.

 

DEFINITION

 

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5. Other Terms and Conditions

  • Fixed deposits are accepted with auto-renewal facility at periodicity as offered by the Bank and opted for by the customer.
  • A fixed deposit confirmation will be issued to the customer as may be decided by the Bank from time to time.
  • Customers are cautioned against volatility in exchange/ interest rates.
  • Interest will not be paid for deposits for a period less than one month, except in case of 1 week and 2 week deposits.
  • Applicable taxes, if any, is deducted from the interest on fixed deposit, as per applicable law.
  • Interest on fixed deposits will be credited into the customer's account at the rate(s) as may be from time to time prescribed by the Bank. Simple interest is paid at the applicable rate for deposits up to a period of 12 months. For deposits above 12 months, interest at the applicable rate is compounded annually.
  • Maturity instructions should be given in writing to the Bank at least 15 days before maturity date of the fixed deposit, otherwise the deposit will be automatically rolled over for the period as decided by the Bank from time to time at the Bank's prevailing rate(s).
  • Fixed deposits will not be ordinarily allowed to be withdrawn before maturity, whether partially or in full. The Bank may, however, at its sole discretion, consider requests for premature withdrawal of fixed deposits in extraordinary circumstances. In the event of the Bank consenting to part or all of a fixed deposit being withdrawn before maturity, interest will accrue for such period as may be determined by the Bank in its sole discretion and the Bank may deduct a premature withdrawal fee from the account of an amount as may be decided by the Bank in its discretion. A premature withdrawal in case of joint accounts requires signatures of all depositors. Notwithstanding anything contained herein or in any of the other terms and conditions pertaining to fixed deposits, for fixed deposits opened with absolute restriction on premature withdrawal, the customer shall not be entitled to prematurely withdraw the fixed deposit prior to its maturity date even by payment of premature withdrawal fee to the Bank, unless the Bank in its absolute discretion permits the same.
  • For the avoidance of doubt the fixed deposits of the customer shall be subject to the provisions of Section I, Clause 7 (Banker's Lien and Right of Set Off) of the Terms.
  • If any fixed deposit in Bahraini Dinar matures on a day which is not a day when the Bank is opened to the general public for business, the deposit shall be payable on the next succeeding day on which the Bank is so opened and interest shall be paid up to but excluding that succeeding day.
  • If any fixed deposit in a currency other than Bahraini Dinar matures on a day on which banks/ financial institutions in either the country of the relevant currency or in Bahrain are not opened to the general public for business, the deposit shall be payable on the next succeeding day on which all such banks/ financial institutions are so opened and interest shall be paid up to but excluding that succeeding day.

 

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Recurring Deposit Terms & Conditions

These Terms and Conditions apply to and regulate the provision of Recurring Deposit product offered by ICICI Bank Bahrain Branch.

 

DEFINITION

  • "Recurring Deposit Account" or "Account" means the account opened in the name of the Depositor/s and maintained by ICICI Bank in connection with the Deposits.
  • "Account Opening Form" or "AOF" means the relationship form for Recurring Deposits Account. An Account may be opened by one Depositor or two or more Depositors jointly.
  • "Depositor/s" means any person holding an Account with ICICI Bank.
  • "Deposit" means the amount accumulated in the Account by monthly payment of the Instalment by the Depositor/s.
  • "ICICI Bank Bahrain" means ICICI Bank Bahrain Branch.
  • "Maturity Date" means the date falling on completion of one calendar month from the date of payment of the last Instalment.
  • "Primary Applicant" means the person referred to as the 1st Applicant in the AOF.
  • "Instalment" means the amount specified as instalment in the AOF, which shall be deposited recurringly by the Depositor/s into the Account on the specified period as agreed between the Depositor/s and ICICI BankBahrain Branch.
  • "CBB" means Central Bank of Bahrain.
  • "Standing Instruction/s" means any instruction given by a Depositor/s, either directly or indirectly, to ICICI Bank Bahrain through any mode acceptable to ICICI Bank Bahrain to transfer the Instalment from any savings account of the Depositor/s with ICICI Bank Bahrain to the Account.
  • "Services" means the services provided by ICICI Bank Bahrain in connection with the Account and more particularly described in these Terms.
  • "Statement/s" shall mean the communication sent on an quaterly basis to the Depositor/s stating the value of the Deposit on Maturity date, the value of the Deposit as on date of the communication and the rate of interest payable by the Bank on the Deposit.
  • "Tenure" means the period for which the Deposit is to be maintained commencing from the date of the deposit of first Instalment till the period as specified in the AOF.
  • "Website" refers to the website owned, established and maintained by ICICI Bank at the URL www.icicibankbahrain.com.

INTERPRETATION

  • All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
  • Words importing any gender include the other gender.
  • Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
  • All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.

DATE OF RECURRING DEPOSIT

 

The effective date from which the credit shall be given for any Instalment shall be the date on which ICICI Bank Bahrain gets clear funds into the Account of the Depositor/s.

 

INSTALMENT AMOUNT

 

The minimum core Instalment to be deposited by the Depositor/s for Recurring Deposit is BD. 10/- and thereafter in multiples of BD 10/- . The Depositor/s shall, at the time of opening the Account, stipulate the Instalment and the total number of instalments to be payable. The Instalment and the number of instalments cannot be altered subsequently.

 

PAYMENT OF INSTALMENT

 

Recurring Deposits instalments have to be paid by the depositor vide standing instructions being provided for making of debits from the depositor’s ICICI Bank Bahrain Savings account only. ICICI Bank Bahrain will not be responsible for informing/ advising the depositor to maintain adequate balance in his savings account to pay his instalments. Instalment for any calendar month must be paid on or before the last working day of that particular calendar month.

 

NON PAYMENT OF MONTHLY INSTALLMENT

 

Non payment of monthly installment will attract a penalty of 1% on the deficit amount between the total installment amount paid by the client at the completion of the tenure of the deposit against the deposit value commited at the time of opening the Recurring deposit and will be recovered from the maturity amount.

 

DURATION OF Recurring DEPOSIT

 

The recurring deposit can be maintained for a tenure of 12 months and 24 months.

 

PAYMENT OF INTEREST ON RECURRING DEPOSIT

 

Interest on the Deposits is calculated on monthly instalments paid, at the applicable rates as communicated to the Depositor/s at the time of Account opening and in the State ments. Such interest rates shall be in accordance with CBB directives if any from time to time(At present the Recurring deposit interest rates are decided by the Bank as CBB has not issued any directives for the same). The interest amount shall be paid to the Depositor/s on the Maturity date or on premature closure of the deposit.

 

MATURITY DATE

 

The Recurring Deposit will mature for payment on the date as has been pre-specified at the time of opening such account or 30 days after the last installment is paid, whichever is later (“the maturity date”). The maturity proceeds will be credited to the Savings account of the depositor. ICICI Bank Bahrain shall not be liable to make payment of any interest or other amounts on and from the maturity date of the Recurring Deposit.

 

REPAYMENT BEFORE MATURITY

 

If an Recurring Deposit is closed or discontinued for any reason before the maturity date(other than death of depositor), the amount of installments already paid shall be paid together with the interest calculated on daily balance basis at the interest rate applicable at the time of opening the ICICI Bank Bahrain Recurring Deposit for the period for which the ICICI Bank Bahrain Recurring Deposit has been continued minus pre closure charges as per the below clause
No interest will be paid if the deposit is closed with in 1 month. If the deposit is run for over a month customer will be paid interest calculated on the interest rate for the period for which he/she has maintained the deposit with the Bank at the time of opening of the deposit, in case the deposit sought to be withdrawn is held for a period that falls between two tenures for which deposits are offered by the Branch, the interest on the deposit would be calculated at the rate applicable for deposits of the shorter of the two tenures (as existing at the time of opening of the deposit sought to be broken). Bank will charge penalty of 1% on principle Plus Interest subject to protection of Principle (Total instalment amount paid till date).

 

CLOSURE OF ACCOUNTS

 

An Account will normally be closed upon payment of all the stipulated number of instalments on the maturity date. The Deposit together with interest shall be paid to the Primary Applicant’s ICICI Bank Bahrain Savings Bank Account.

 

NOMINATION

 

Nomination facility is not available in Bahrain.

 

DEPOSIT PROTECTION SCHEME

 

Subject to the provisions thereof, deposits held with the Bahrain office of ICICI Bank Ltd Bahrain are covered by the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board. Please visit our Website www.icicibankbahrain.com for details.

 

CHANGE IN TERMS

 

ICICI Bank Bahrain reserves the right to revise the terms and conditions contained herein and shall notify the Depositor/s of such revised terms and conditions in writing one month prior to its implementation. Such revised terms and conditions shall then be binding on the Depositor/s.

The terms and conditions set out in General Terms and Conditions Governing Accounts shall also apply to Recurring Deposits opened and maintained with the Bank, as amended, modified, supplemented and varied from time to time, in addition to the terms and conditions set out in this section.

 

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Call Account (also called Call Deposit Account)

  • The Call Account shall at all times be maintained by the customer with credit balance and no overdraft facility will be available in connection with the same.
  • The Call Account can only be opened in such currency and with such minimum balance as the Bank may stipulate from time to time.
  • The Call Account and amounts lying to the credit therein are non-transferable and no right title interest therein or any part thereof can be transferred or secured by the customer to or in favour of any person without the prior written consent of the Bank.
  • Interest is calculated on the credit balance maintained in the Call Account at the end of each day at the rate as may be determined by the Bank from time to time at its sole discretion. Interest so calculated shall be credited to the Call Account on a monthly basis within 3 business days after the end of each calendar month.
  • The Bank reserves the right to impose service charges on accounts and the services in connection therewith as may be determined by the Bank in its sole discretion including without limitation any charges which may be permitted or suggested pursuant to the rules of any regulatory body or organisation of which the Bank is a member.
  • For the avoidance of doubt the balances lying to the credit of Call Account shall also be subject to the provisions of Section I, Clause 7 (Banker's Lien and Right of Set Off) of the Terms.

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Current Accounts

  • The Current Account shall at all times be maintained by the customer with credit balance and no overdraft facility will be available in connection with the same.
  • A cheque may only be issued if sufficient funds are available in the Account to pay against the cheque.
  • The cheques shall be provided to the account holder by the Bank upon the payment of such fee as may be prescribed by the Bank.
  • The facility to draw cheques against balances in the Account shall be made available subject to such fee as may be prescribed and strict compliance by the account holder with all instructions, procedures and processes prescribed by the Bank with respect to cheques.
  • Unused cheques must be kept in a secure place.
  • The account holder will be held responsible for misuse of cheques or failure to ensure proper handling of cheques.
  • All unused cheques must be returned to the Bank or accounted for (to the satisfaction of the Bank) at the time of closure of the account.
  • The Bank reserves the right to refuse to honour a cheque if it doubts the authenticity of the cheque.
  • Bearer cheques may not be issued without the express written consent of the Bank.
  • The issue, acceptance and clearing of cheques is regulated by the CBB and these Terms and the use of the cheques shall be subject to the instructions and guidelines of the CBB.
  • The Current Account can only be opened in such currency and with such minimum balance as the Bank may stipulate from time to time.
  • No right title interest therein or any part thereof can be transferred or secured by the customer to or in favour of any person without the prior written consent of the Bank.
  • No interest shall be paid in the Current Account.
  • The Bank reserves the right to impose service charges on accounts and the services in connection therewith, as may be determined by the Bank in its sole discretion including and without limitation, any charges which may be permitted or suggested pursuant to the rules of any regulatory body or organisation of which the Bank is a member.
  • As provided in the rule book of Central bank of Bahrain(CBB), the bank must share the details of cheque returns meeting certain criteria.
  • The Bank reserves the right to implement the restrictions on the account of a person declared an "abuser of cheques" by CBB as set out in the Chapter BC 5 of the CBB Rulebook on Business and Market Conduct - the rulebook is available at the CBB website.
  • The terms and conditions set out in this section shall, in addition to the general terms and conditions ("Terms"), apply to current accounts opened and maintained with the Bank, as amended, modified, supplemented and varied from time to time.

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Disclosure

  • The customer hereby irrevocably authorises the Bank to disclose, as and when the Bank is required to do so by applicable law or when the Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any account of the customer with the Bank or any ICICI Bank Limited branch whether singly or jointly with others or otherwise), any information relating to the customer, its account(s) or other assets held on the customer's behalf to:-
      a) its head office, affiliates or any other branches or subsidiaries of ICICI Bank Limited;
      b) its auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
      c) vendors, installers, maintainers or servicers of the Bank’s computer systems;
      d) any exchange, market, or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of ICICI Bank Limited or over any transactions effected by the customer or for the customer's account;
      e) any party entitled to make such demand or request;
      f) any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
      g) any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of services in respect of the customer's account(s) or in connection with the operation of the Bank's business;
      h) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers, whether in Bahrain or elsewhere, for the purposes of or in connection with interactions with the customers or providing services to the customers or processing transactions pertaining to the customers’ accounts; and
      i) (to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank’s head office, its affiliates or third parties engaged by the Bank (whether within or outside Bahrain) for any such services/operations.
  • Any customer with an account with any branch of ICICI Bank Limited located outside Bahrain hereby agrees to provide on a voluntary basis all his/her/its personal and account information and records to the Bank which, together with any information generated or received by the Bank, may be:
      a) collected and kept by the Bank (including any agent or subcontractor appointed by the Bank) in any country (as the Bank may consider appropriate) for the purposes of the Bank maintaining its relationship with the customer and offering or providing services on accounts or investments made with or through the Bank or other future services or products
      b) used by the Bank to carry out matching procedures whether or not for the purpose of taking adverse action against the customer(s) or maintain a credit history (whether or not the relationship with the Bank is terminated) for the Bank’s present or future reference.
  • The customer hereby agrees and consents that the Bank shall be entitled, in connection with the customer’s application for any account, facilities or services provided by the Bank, or during the course of the customer’s relationship with the Bank, to obtain and procure information pertaining to the customer or any of his/ her/ its accounts, legal or financial position from whatever sources available to the Bank.

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General Provisions

  • The Terms as amended from time to time as aforesaid together with other rules of the Bank pertaining to specific products shall constitute a binding contract between the customer and the Bank and the customer represents and warrants that these Terms will be legal, valid, binding on and enforceable against the customer, his/ her/its executors, administrators, successors and/or other legal representatives.
  • All credit balances in the name of or held for the account of the customer with the Bank shall be repayable and collectible only at the Bahrain branch of the Bank. Neither the head office of the Bank nor any other office, branch or affiliate of ICICI Bank Limited shall in any event assume liability for repayment of monies or deposits placed with the Bank and the customer shall have no claim or action outside Bahrain against such persons. The customer shall have no right of recourse or setoff against the assets of ICICI Bank Limited or any of its branches outside of Bahrain and all such claims, actions and rights of recourse or setoff shall be waived.
  • The Bank has been granted a Conventional Retail Banking license by the Central Bank of Bahrain (CBB). The CBB has granted license to the Bank for establishing a Retail Banking Unit (RBU) with a permission to provide banking services to all nationalities in the Kingdom of Bahrain. As an RBU the Bank is expected deal with residents only to the extent permitted by CBB. As part of the retail banking services the Bank is permitted to offer banking services to individuals of all nationals resident in Bahrain. The Bank is now part of the clearing system of Bahrain and is subject to the terms on which the Bank has been admitted as a member of the local clearing system. For more information about the Bank, you may approach any office of ICICI Bank Ltd.
  • Neither the Bank nor any of its agents, employees or servants shall be responsible or liable in any way for any direct or consequential loss suffered by the customer, its agents, employees or servants in any of the following situations:-
      a) as a result of taking or omitting to take any action pursuant to any orders or instructions given or purported to be given by the customer or its duly authorised representative(s) or any person whom the Bank believes to be the customer or its duly authorised representative(s), save in the case of willful default or gross negligence;
      b) in respect of the authenticity, regularity, validity or value of any documents handled by the Bank on the customer's behalf or the correctness of any translation or the interpretation of any terms appearing in any such documents;
      c) for any failure to take, or delay in taking, any action required to be taken hereunder in the event that and to the extent that the taking of such action is prevented or delayed by war (whether declared or not and including existing wars), revolution, insurrection, fire, explosion, stoppage of labour, strikes or other disputes with employees, laws, regulations, orders or other acts of any governmental authority, or any other cause whatsoever beyond the Bank's control;
      d) for any loss or damage sustained by the customer resulting directly or indirectly from its reliance on any statement of account or balance confirmation certificate which the customer has, or is deemed to have, verified to be accurate pursuant to these Terms;
      e) if, for any reason beyond the Bank's control, the operation of the customer's account or the Bank's ability to account to the customer for any monies in the customer's account is restricted or otherwise affected;
      f) if the value of the funds credited to the customer's account shall diminish due to taxes, deductions, withholdings, imposts or depreciation; and
      g) if the customer is unable to obtain payment of funds from its account(s) due to restrictions on convertibility, involuntary transfers, foreign exchange controls, distraints of any character, or any other causes whatsoever which are beyond the Bank's control whether arising in Bahrain or in any place in which the Bank has deposited such funds.
  • The customer undertakes and agrees to indemnify the Bank on a full indemnity basis against all present and future stamp duties, taxes (but excluding taxation on the Bank's profits), levies, losses (direct or consequential), costs, charges, expenses (including legal fees on a full indemnity basis) and other liabilities incurred by the Bank as a result of or in connection with the execution, delivery, registration, performance or enforcement of the Terms or losses and/or damages which the Bank may incur in giving effect to the customer's instructions, including but not limited to losses, damages, costs, expenses and/or charges arising from:-
      a) the operation of the customer's account(s) or the provision of services hereunder;
      b) any breach of trust or other fiduciary obligation binding on the customer;
      c) acting on instructions or orders purportedly given by the customer or of person or persons who purports to have been authorised by the customer;
      d) acting or not acting on the basis of any information or instructions given by the customer where, in either case, the Bank believes in good faith the information or instructions to be given in breach of any duty imposed on the customer or in excess of powers vested in the customer; and
      e) exercising the Bank's rights of setoff, combination, consolidation, lien or any other right.

These indemnities constitute a separate and independent obligation from the other obligations contained in the Terms, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under the Terms, any judgment or order. No proof or evidence of any actual loss may be required.

  • The invalidity, illegality and enforceability of any of the provisions of the Terms shall not prejudice or affect in any way the validity, legality or enforceability of the remaining provisions of the Terms. Any provision of the Terms that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction only, be ineffective to the extent of such invalidity, illegality or unenforceability, without rendering invalid, illegal or unenforceable the remaining provisions of the Terms in such or any otherjurisdiction.

    If any provision in the Terms shall conflict or become inconsistent with any applicable laws or regulations for the time being in force or the rules of any relevant authority or body having jurisdiction over the subject matter of the Terms or its application, then for such purposes (but not further or otherwise) the Terms shall be construed as if such provision shall have been modified in such manner as the Bank may in its discretion deem necessary for the purpose of giving the fullest possible legal effect to the Terms.
  • No failure or delay on the part of the Bank in exercising any right, power or privilege under the Terms shall operate as a waiver thereof or of any other right, power or privilege of the Bank, nor shall any single or partial exercise of any right, power or privilege of the Bank preclude any other or further exercise hereof or the exercise of any other right, power or privilege of the Bank.
  • In the event of war, revolution, insurrection, military disturbances, riot, civil commotion or other similar action, strike, lockout, stoppage or restraint of labour, seizure or confiscation of currency or other assets or other governmental action, any imposition of currency exchange control by any government, any act of God, any event outside the control of the Bank, or any implementation of any laws, by-laws, restrictions, regulations, orders or directives imposed by any authority, regulatory body or government, whether or not having the force of law, which in the Bank’s opinion hinders or prevents the performance by the Bank of its obligations under the Agreement (whether of delivery or payment or otherwise) or any Contract (an "event of force majeure"), then the Bank may elect either (i) to postpone its performance until the event of force majeure no longer has such effect or (ii) terminate the Terms by giving 30 days' notice to the customer.
  • The customer may not assign any of its rights or transfer any of its obligations hereunder. The Bank shall be entitled to assign all or part of its rights and/or transfer all or part of its obligations hereunder to such party as it may deem fit without further reference to the customer.
  • Unless otherwise agreed, any notice or other communication (other than statements of account and balance confirmation certificates) to the customer may be delivered to the customer personally or sent by post, telex or fax at the address, telex or fax number given in the relevant account opening form of the Bank signed by the customer or as last notified in writing to the Bank and shall be deemed to have been received by the customer two (2) days after dispatch if sent by post to an address in Bahrain, or seven (7) days after dispatch if sent by post to an address outside Bahrain, or immediately upon completion of transmission if sent by fax or telex and immediately upon delivery if delivered personally.

    The customer shall notify the Bank immediately of any change of address or other information previously provided to the Bank by the customer and deliver to the Bank the relevant documents detailing such changes.

    Any writ, summons or other process may be served on the customer by mailing the same to the customer in accordance with the above and shall be deemed to be good service on the customer. The foregoing shall not however preclude the Bank from effecting service of process in any other manner permitted by law.
  • The Bank reserves to itself the right to alter, delete or add to any of the Terms at any time in its discretion and such alterations, deletions or additions shall be deemed to be effective and binding on the customer 30 days after the Bank's notice thereof to the customer.
  • The Terms shall be governed by, and construed in accordance with Bahrain law. The customer hereby irrevocably submits to the non-exclusive jurisdiction of the Bahrain courts in connection with any action or proceeding that may arise out of or in connection with the Terms. Such submission shall not prejudice the Bank’s right to commence action against the customer in any other court of competent jurisdiction.

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Terms and Conditions Governing the International Remittance Facility

1. General

  • The Facility offered by the Bank to its Registered Users (defined hereinafter in Clause 3.3) is in addition to the remittance facility offered by ICICI Bank Ltd. (India) through Money 2 India (M2I) and through tie-ups with Correspondent Banks and Exchange Houses, which are governed by the respective terms and conditions for such remittance facility. The Generic Terms and Conditions for M2I would be mutatis mutandis applicable to the Facility of the Bank, so far as the Facility is utilising the services under M2I, whether such utilisation is done by the Registered Users or by the employees or agents of the Bank for the Registered Users.

2. Eligibility

  • Only Registered Users of the Facility (defined hereinafter in Clause 3.3) are eligible to avail the Facility.
  • Remittances can only be made to a registered beneficiary.

3. Registration

  • Applicant(s) desiring to Register with the Bank for availing the facility need(s) to execute Remittance Registration Form or such agreements/ forms and provide and furnish such documents as may be required by the Bank. The documents listed in the application forms are not an exhaustive list of requirements and the Bank reserves the right to require submission of such other documents as may be determined by the Bank on a case to case basis.
  • The Registration shall be carried out only when the documents submitted to the Bank are complete in all respects to the satisfaction of the Bank. Acceptance of documents by the Bank does not confer any right to the applicant for registration. The applicant or the Registered User as the case may be, is bound to furnish any further documents or rectification of the documents already submitted to the Bank as and when required by the Bank. The Bank is entitled to hold back or suspend the Registration or part or whole of the services offered/ provided or to be offered or provided to the applicant or Registered User till receipt of the documents or rectification as sought by the Bank.
  • Each applicant on Registration will be represented by a remittance Identification No. ("Remittance ID")The Registered applicant who has been issued the Remittance ID is referred hereinafter as "Registered Users".

     

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4. Registration of the Beneficiary


a) In order to register a Beneficiary the Registered User will have to provide the Bank with the following details for each     Beneficiary

  • Name of the Beneficiary
  • Postal address of the Beneficiary
  • Beneficiary's Account Number.

- Where the Beneficiary is an account holder of ICICI Bank, India the Registered User will have to provide the Bank with the   Account number of the Beneficiary and type of account.

- Where the Beneficiary is not an ICICI Bank, India account holder the Registered User will have to provide the Bank with   name of the Beneficiary's Bank, branch address, account number along with the type of the account the Beneficiary holds.

b) The Registered User may also need to provide the Bank with a valid email address of the Beneficiary.

The Registered User may be required to provide the Bank with certain additional details of the Beneficiary depending on the payment transfer method chosen.

The Registered User will have to provide a unique nick name for each nominated Beneficiary in order to enable the Bank to identify that nominated Beneficiary.

When a Beneficiary is nominated to be registered for remitting money the Bank will check whether that beneficiary is already registered. If the beneficiary is not registered Anti- Money Laundering checks will be conducted on the beneficiary details as provided. The beneficiary will be registered within a reasonable period of time after verifying the beneficiary details provided. Once the beneficiary is registered the Registered User can transfer money to the beneficiary. The beneficiary registration status will be available under the "Registered Beneficiary" option accessible by the Registered User in the logged in section of internet banking.

For each remittance transaction, the amount to be remitted to the Registered Beneficiary and confirmation for further processing of transaction will have to be provided by the Registered User.

Any number of beneficiaries can be registered by a Registered User.

Once a transaction along with the Registered Beneficiary details has been confirmed by the Registered User it cannot be changed.

 

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5. Other Terms

  • The Bank shall not be under any duty to assess the prudence or otherwise of any instruction or transaction given or entered into by the Registered User.

     

  • The Bank shall be entitled, in its sole and absolute discretion, to refuse to comply with all or any of the Registered User instructions without assigning any reason.

     

  • The Registered User cannot cancel any instructions once provided, save and except as specifically permitted by the Bank. Additionally, when the Registered User places a request to cancel an instruction or a transaction that has been authorised by the Registered User, such cancellation is not guaranteed by the Bank. Such instruction or transaction will only be cancelled if the Registered User's request for cancellation is received and acted upon before the instruction or transaction has been executed.

     

  • The Bank and the Alliance Partners shall have the right to, and the Registered User hereby authorises The Bank and the Alliance Partners to, verify any information provided by the Registered User.

     

  • The Bank shall endeavour to take reasonable measures, which may include encryption, to ensure that the Registered User's personal information is not disclosed to any person except to the Bank, Alliance Partners, Service Providers, other persons to whom the information may be provided as per the Bank's Privacy Policy and other persons specified by the Registered User. However, since the Bank is using the Internet for executing the remittance requests and Internet is an open system and the Bank cannot, and does not, guarantee that the personal information which the Registered User furnishes will not be intercepted or accessed by others and decrypted. The Bank, the Alliance Partners and Service Providers shall not be liable or responsible should any confidential or other information provided by or pertaining to the Registered User (included credit card numbers, bank account numbers, passwords, personal identification numbers, IDs, transaction details, etc.) be intercepted and subsequently used by an unintended recipient.

     

  • REWARD POINTS: Any scheme for awarding or securing reward points or other rewards or prizes (by whatever name called) is available only to Persons who are eligible for the same under the rules of the concerned scheme and the applicable laws of India and other concerned jurisdictions. The Registered User is therefore required to verify that the Registered User is eligible before participating in any such scheme. The Bank is not responsible or liable for the performance, quality or any other aspect of any rewards, prizes or items manufactured or supplied by third parties against any redemption of the points or otherwise pursuant to such scheme, and the Registered User's recourse for the same will be only against the persons who have manufactured or supplied the same.

  • The Transaction limit for Online transaction using Internet is BHD 4500 per remitter, per transaction. ICICI Bank Limited Bahrain Branch reserves the right to modify/change the limit without giving prior notice.
    The Registered User needs to check the account statement for successful transactions done in last 30 minutes, before proceeding to the next transaction.

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6. Disclaimers

  • The Bank disclaims the liability to any damage or injury caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of record, whether for breach of contract, tortuous behaviour, negligence, or under any other cause of action.

     

  • The Bank offers the Facility strictly on a no-liability basis and ICICI Bank shall not be liable to the Registered User or any other third party for any direct, indirect, incidental, special, exemplary, punitive, consequential or other damages (including without limitation loss of profits, loss or corruption of data, loss of goodwill, work stoppage, computer failure or malfunction, or interruption of business) under any contract, negligence, strict liability or other law or theory arising out of or in connection with the Facility, or any Facilities, products or services mentioned or advertised on or accessed or availed or any contract or transaction entered into or executed in pursuance thereof (however arising, including negligence) or resulting from the use of or inability to use, access or avail of the Facility, service or product or out of any breach of any warranty. Under no circumstance shall the Bank be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the Registered User or any other person.

     

  • If any disclaimers or limitation of liability in the Terms and Conditions are held to be unenforceable, the maximum liability of the Bank (or the concerned Affiliate Partner or Service Provider, as the case may be) to the Registered User shall not exceed the amount of fees paid/payable by the Registered User to the Bank (or the Affiliates Partner or Service Provider, as the case may be) for the Facilities, products or services that the Registered User have ordered or availed.

     

  • Delays in the Transactions and Non-Liability for Damages:

     

While the Bank shall endeavour that the Registered User's instructions and the Registered User's transactions pursuant to Facilities provided by the Bank are communicated, carried out and/ or performed promptly, the Bank does not guarantee that any instructions will definitely be communicated or carried out or that any transactions will definitely be performed; and the Bank shall not be responsible for any delay in communicating, carrying out or performance of any instructions or transactions due to any reason whatsoever, including by reason of failure of operational systems for reasons including but not limited to virus attacks, natural calamity, floods, fire and other natural disasters, legal restraints, faults in the telecommunication network or network failure, software or hardware error, labour problem, strike or any other reason beyond the control of the Bank.

  • The Bank shall not be responsible for any unauthorised interception of e-mail or any other communication through whatever mode to or from ICICI Bank.

     

  • To the extent possible, the disclaimers, limitations on liability and indemnities available to the Bank under the Terms and Conditions shall mutatis mutandis extend and be available also to the Alliance Partners and Service Providers and its/ their respective directors, officers, employees, agents, successors, assigns, consultants, sponsors, affiliates, content providers and every one involved in creating, producing, delivering or managing the Website (or any part thereof) or any Facility. However this clause shall not protect the aforesaid Persons or extend to their obligations and liability to the Bank or the Bank's claims against them.

 

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7. Terms specific to the Facility

  • Subject to the relevant regulatory approvals, terms and conditions imposed while granting the necessary approvals and other terms of this Facility, this Facility, on it being made available, enables the Registered User to remit or send foreign currency from Bahrain to an account in India after conversion into Indian Rupees. The Bank shall be responsible for acting on the remittance requests, collecting money in foreign currency, converting it into INR and remitting it to the beneficiary in India as instructed by the Registered User. The foreign exchange conversion rate shown for the calculation on the Website is only indicative to help the Registered User to arrive at an approximate INR amount that the beneficiary will receive. It is in no way guarantees or represents, the foreign exchange conversation rate that will actually be applied to the foreign exchange sent by the Registered User (the remitter). The Bank will be responsible for the conversion to INR, and will apply the foreign exchange conversation rates prevailing on the day of conversion, or other rates as per its discretion.
  • The Registered User should pay the foreign currency in cash or debit to account or by cheque or draft or such other acceptable mode. Payment of the foreign currency by credit card will not be accepted. The Bank will remit the funds into India only after it has received a confirmation that such foreign currency has been received in its account. Thereafter, after deducting the appropriate charges/ fees, the money will be transmitted by the Bank to the bank account in India designated by the Registered User. If it comes to the notice of the Bank that the Registered User had insufficient funds in the account from which the Registered User requested the remittance of money, the Bank may cancel the requested remittance transaction and the Registered User/ the Registered User shall bear full liability and responsibility for the same. In the event the above is learnt by the Bank after the recipient of the remittance has encashed the DD or otherwise received the remittance, the Registered User will be liable to reimburse the Bank of the amount remitted and any other charges and costs incurred by the Bank. The Registered User agrees to pay to the Bank such amount immediately upon the Bank's demand along with interest @ 2% per month from the date of the remittance by the Bank till the receipt of funds by the Bank from the Registered User. The Registered User also agrees to pay for all costs associated with the recovery of amounts owed to the Bank, including reasonable attorney's fees and court fees. The Bank shall also be entitled to inform any credit bureau or any other person or entity if the Registered User fails to pay/ reimburse such amount or any part thereof to the Bank.
  • While it shall be the Bank's endeavour to adhere to the time schedule indicated by it, the Bank will not be responsible or liable for any changes in the time schedule for execution of the Registered User's instructions or remittance/ credit of funds for any reason. The Facility or the instructions for availment of the Facility should be construed as advice of any nature and the Registered User is advised to consult professionals in this regard prior to taking any decision. Further, this Facility does not, in any way, solicit or encourage the Registered User to enter into any such transaction. The Bank shall not, under any circumstances, be responsible for any loss suffered due to any fraud or other actions of the Registered User. Further, this Facility is offered subject to the applicable laws of any other country, including the country from which the funds are to be remitted, and it shall be the Registered User's responsibility to ensure that these laws are adhered to. The Bank accepts no liability whatsoever, direct or indirect for non-compliance with the laws of any country other than that of Bahrain. In the event the person to whom the funds are remitted requires for any reason the funds to be redirected to another account/ location, or any other additional service is required, the Bank shall levy additional charges and remit the amount after deducting such additional charges.
  • The Bank shall in no way be held responsible and/or be liable for any queries, errors, disputes or delays in messaging, money transmission, currency conversion, conversion rates offered, payment to the beneficiaries of the remittances or any other query, claim or dispute. The Bank will, however, assist the Registered User in contacting the Bank to facilitate resolution of such queries, claims and disputes to the best of the Bank's ability.
  • The Registered User will not be entitled to any interest for the period during which the funds to be remitted are with the Bank, or pending remittance or are in the course of remittance, or for any other period.
  • The Registered User hereby authorizes the Bank to check the Registered User's credit history at the time of and/or prior or subsequent to Registration and to obtain follow-up credit reports relating to the Registered User.
  • The Registered User hereby agrees that, where the Bank so deems advisable or necessary, the Bank may hold the money (to be remitted to India) for longer than the usual time for remittance, and may delay the remittance.
  • The Registered User hereby agrees that the Bank has no control over when the beneficiary's financial institution (though whom the beneficiary chooses to receive the remittance) makes such funds available for the beneficiary's use and the Bank shall not be responsible for any delay or default on the part of such financial institution.
  • The Registered User confirms that the remittances are not meant for any purpose, which is in conflict with any law in Bahrain, India, or elsewhere.
  • Under no circumstances will the funds to be remitted to India or any portion thereof be allowed to be transferred out of India under the Facility.

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8. Disclosure

  • The Registered User hereby irrevocably authorises the Bank to disclose, as and when the Bank is required to do so by applicable law or when the Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any account of the Registered User with the Bank or any ICICI Bank Limited branch whether singly or jointly with others or otherwise), any information relating to the Registered User, its account(s) or other assets held on the Registered User's behalf to:
      a) its head office, affiliates or any other branches or subsidiaries of ICICI Bank Limited;
      b) its auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank;
      c) vendors, installers, maintainers or servicers of the Bank's computer systems;
      d) any exchange, market, or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of ICICI Bank Limited or over any transactions effected by the Registered User or for the Registered User's account;
      e) any party entitled to make such demand or request;
      f) any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
      g) any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of services in respect of the Registered User's account(s) or in connection with the operation of the Bank's business;
      h) any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers, whether in Bahrain or elsewhere, for the purposes of or in connection with interactions with the Registered Users or providing services to the Registered Users or processing transactions pertaining to the Registered Users' accounts; and
      i) (to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank's head office, its affiliates or third parties engaged by the Bank (whether within or outside Bahrain) for any such services/ operations.
  • Any Registered User with an account with any branch of ICICI Bank Limited located outside Bahrain hereby agrees to provide on a voluntary basis all his / her / its personal and account information and records to the Bank which, together with any information generated or received by the Bank, may be:
      a) collected and kept by the Bank (including any agent or subcontractor appointed by the Bank) in any country (as the Bank may consider appropriate) for the purposes of the Bank maintaining its relationship with the Registered User and offering or providing services on accounts or investments made with or through the Bank or other future services or products;
      b)(b) used by the Bank to carry out matching procedures whether or not for the purpose of taking adverse action against the Registered User(s) or maintain a credit history (whether or not the relationship with the Bank is terminated) for the Bank's present or future reference.
  • The Registered User hereby agrees and consents that the Bank shall be entitled, in connection with the Registered User's application for any account, facilities or services provided by the Bank, or during the course of the Registered User's relationship with the Bank, to obtain and procure information pertaining to the Registered User or any of his/ her/ its accounts, legal or financial position from whatever sources available to the Bank.

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9. General Provisions

  • The Terms as amended from time to time as aforesaid together with other rules of the Bank pertaining to specific products shall constitute a binding contract between the Registered User and the Bank and the Registered User represents and warrants that these Terms will be legal, valid, binding on and enforceable against the Registered User, his/ her/ its executors, administrators, successors and/ or other legal representatives.
  • The Bank has been granted a Conventional Retail Banking license by the Central Bank of Bahrain (CBB). The CBB has granted license to the Bank for establishing a Retail Banking Unit (RBU) with a permission to provide banking services to all nationalities in the Kingdom of Bahrain. As an RBU the Bank is expected deal with residents only to the extent permitted by CBB. As part of the retail banking services the Bank is permitted to offer banking services to individuals of all nationals resident in Bahrain. The Bank is now part of the clearing system of Bahrain and is subject to the terms on which the Bank has been admitted as a member of the local clearing system. For more information about the Bank, you may approach any office of ICICI Bank Ltd.
  • Neither the Bank nor any of its agents, employees or servants shall be responsible or liable in any way for any direct or consequential loss suffered by the Registered User, its agents, employees or servants in any of the following situations:-
      a) as a result of taking or omitting to take any action pursuant to any orders or instructions given or purported to be given by the Registered User or its duly authorised representative(s) or any person whom the Bank believes to be the Registered User or its duly authorised representative(s), save in the case of willful default or gross negligence;
      b) in respect of the authenticity, regularity, validity or value of any documents handled by the Bank on the Registered User's behalf or the correctness of any translation or the interpretation of any terms appearing in any such documents;
      c) for any failure to take, or delay in taking, any action required to be taken hereunder in the event that and to the extent that the taking of such action is prevented or delayed by war (whether declared or not and including existing wars), revolution, insurrection, fire, explosion, stoppage of labour, strikes or other disputes with employees, laws, regulations, orders or other acts of any governmental authority, or any other cause whatsoever beyond the Bank's control;
      d) for any loss or damage sustained by the Registered User resulting directly or indirectly from its reliance on any communication or confirmation which the Registered User has, or is deemed to have, verified to be accurate pursuant to these Terms;
      e) if the value of the funds remitted to India as per the instructions of the registered User shall diminish due to taxes, deductions, withholdings, imposts or depreciation; and
  • The Registered User undertakes and agrees to indemnify the Bank on a full indemnity basis against all present and future stamp duties, taxes (but excluding taxation on the Bank's profits), levies, losses (direct or consequential), costs, charges, expenses (including legal fees on a full indemnity basis) and other liabilities incurred by the Bank as a result of or in connection with the execution, delivery, registration, performance or enforcement of the Terms or losses and/or damages which the Bank may incur in giving effect to the Registered User's instructions, including but not limited to losses, damages, costs, expenses and/ or charges arising from:-
      a) any breach of trust or other fiduciary obligation binding on the Registered User;
      b) acting on instructions or orders purportedly given by the Registered User or of person or persons who purports to have been authorised by the Registered User;
      c) acting or not acting on the basis of any information or instructions given by the Registered User where, in either case, the Bank believes in good faith the information or instructions to be given in breach of any duty imposed on the Registered User or in excess of powers vested in the Registered User; and
      d) exercising the Bank's rights of set-off, combination, consolidation, lien or any other right.

These indemnities constitute a separate and independent obligation from the other obligations contained in the Terms, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall continue in full force and effect despite any judgement, order, claim or proof for a liquidated amount in respect of any sum due under the Terms, any judgement or order. No proof or evidence of any actual loss may be required.

  • The invalidity, illegality and enforceability of any of the provisions of the Terms shall not prejudice or affect in any way the validity, legality or enforceability of the remaining provisions of the Terms. Any provision of the Terms that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction only, be ineffective to the extent of such invalidity, illegality or unenforceability, without rendering invalid, illegal or unenforceable the remaining provisions of the Terms in such or any other jurisdiction.

    If any provision in the Terms shall conflict or become inconsistent with any applicable laws or regulations for the time being in force or the rules of any relevant authority or body having jurisdiction over the subject matter of the Terms or its application, then for such purposes (but not further or otherwise) the Terms shall be construed as if such provision shall have been modified in such manner as the Bank may in its discretion deem necessary for the purpose of giving the fullest possible legal effect to the Terms.
  • No failure or delay on the part of the Bank in exercising any right, power or privilege under the Terms shall operate as a waiver thereof or of any other right, power or privilege of the Bank, nor shall any single or partial exercise of any right, power or privilege of the Bank preclude any other or further exercise hereof or the exercise of any other right, power or privilege of the Bank.
  • In the event of war, revolution, insurrection, military disturbances, riot, civil commotion or other similar action, strike, lockout, stoppage or restraint of labour, seizure or confiscation of currency or other assets or other governmental action, any imposition of currency exchange control by any government, any act of God, any event outside the control of the Bank, or any implementation of any laws, by-laws, restrictions, regulations, orders or directives imposed by any authority, regulatory body or government, whether or not having the force of law, which in the Bank's opinion hinders or prevents the performance by the Bank of its obligations under the Agreement (whether of delivery or payment or otherwise) or any Contract (an "event of force majeure"), then the Bank may elect either (i) to postpone its performance until the event of force majeure no longer has such effect or (ii) terminate the Terms by giving 30 days' notice to the Registered User.
  • The Registered User may not assign any of its rights or transfer any of its obligations hereunder. The Bank shall be entitled to assign all or part of its rights and/ or transfer all or part of its obligations hereunder to such party as it may deem fit without further reference to the Registered User.
  • Unless otherwise agreed, any notice or other communication (other than statements of account and balance confirmation certificates) to the Registered User may be delivered to the Registered User personally or sent by post, telex or fax at the address, telex or fax number given in the relevant account opening form of the Bank signed by the Registered User or as last notified in writing to the Bank and shall be deemed to have been received by the Registered User two (2) days after dispatch if sent by post to an address in Bahrain, or seven (7) days after dispatch if sent by post to an address outside Bahrain, or immediately upon completion of transmission if sent by fax or telex and immediately upon delivery if delivered personally.

The Registered User shall notify the Bank immediately of any change of address or other information previously provided to the Bank by the Registered User and deliver to the Bank the relevant documents detailing such changes.

Any writ, summons or other process may be served on the Registered User by mailing the same to the Registered User in accordance with the above and shall be deemed to be good service on the Registered User. The foregoing shall not however preclude the Bank from effecting service of process in any other manner permitted by law.

  • The Bank reserves to itself the right to alter, delete or add to any of the Terms at any time in its discretion and such alterations, deletions or additions shall be deemed to be effective and binding on the Registered User 30 days after the Bank's notice thereof to the Registered User.

     

  • The Terms shall be governed by, and construed in accordance with Bahrain law. The Registered User hereby irrevocably submits to the non-exclusive jurisdiction of the Bahrain courts in connection with any action or proceeding that may arise out of or in connection with the Terms. Such submission shall not prejudice the Bank's right to commence action against the Registered User in any other court of competent jurisdiction.

ICICI Bank Limited Bahrain Branch reserves the right to modify the General Terms and Conditions without giving prior notice.

 

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ICICI Bank Limited's Bahrain Branch is Licensed and regulated as an overseas conventional retail bank by the Central Bank of Bahrain, located at Manama Centre, Manama, P.O. Box-1494, Bahrain.