NEW-FEDMOBILE-TANDC-CONTENT

FedMobile - Terms and Conditions

DEFINITIONS

In this document the following words and phrases have the meaning set below unless the context indicates otherwise:

"Account(s)" shall mean bank account and /or any other type of account so maintained by the Customer with The Federal Bank Ltd or any of its Affiliate for which the Facility is being offered or may be offered in future (each an "Account" and collectively "Accounts").


"Customer" shall mean a customer of the Bank or any person who has applied for any product/ service of the Bank.


The " Bank " shall mean The Federal Bank Ltd, a Banking company constituted under Banking Regulation Act, 1949 having its registered office at Federal Towers, Aluva, Kerala.


"Facility or FedMobile" shall mean mobile banking facility provided by the Bank, which enables the customers to access specified banking services including information relating to their Account(s), transaction details and such other services as may be made available by the Bank from time to time.


"Mobile Phone Number" shall mean the last updated mobile number of the Customer in the records of the Bank, used by the customer to register for the Facility.


"Personal Information" shall mean the information about the Customer obtained in connection with the Facility.


"Website" refers to www.federalbank.co.inhttps://mobile.federalbank.co.inhttps://fedmobile.federalbank.co.in or any other website as may be notified by The Bank from time to time.


"MPIN" shall mean the Personal Identification Number (Password) for the Mobile Banking Service.


"Alert(s)" means the customised messages sent to the Customer over his mobile phone as short messaging service ("SMS") in response to the Triggers sent by the Customer.


"Alert/Push Facility" shall mean the service provided by The Bank wherein a Customer can obtain specific information pertaining to his Account on his Mobile Phone number.


"Request/Pull Facility" shall mean facility through which Customers will be able to make requests about their Accounts by sending "key words" through SMS/ Encrypted SMS, GPRS, USSD, etc. to Mobile Phone Number provided by The Bank for the purpose.


"Triggers" means the customised triggers that are required to be set by the Customer with The Bank which shall enable The Bank to send the Alerts relating to his Account.


"Mobile Banking Menu" shall mean the mobile banking application which can be installed on the mobile phone handset to access information pertaining to the Account(s), by keying in digits representing the relevant menu options.


"GPRS" shall mean the General Packet Radio Service.


"M Commerce facility" – Facility for payment for purchases on internet/ Utility payment through Fed Mobile facility.

"lnventory" - Flight seats, bus seats and hotel rooms related inventory available with ibibo Group Private Limited being displayed in travel module of the application.

In this document all reference to Customer in masculine gender shall be deemed to include the feminine gender.

APPLICABILITY OF TERMS AND CONDITIONS

 These terms and conditions together with the application made by the Customer and as accepted by The Bank shall form the contract between the Customer and The Bank, and shall be further subject to such terms as The Bank may agree with the other service providers. These terms and conditions shall be in addition to and not in derogation of the terms and conditions governing the Telebanking facility, FedNet, ATM/ Debit Card Facility and those relating to any Account of the Customer and /or any other product/services provided by The Bank and its Affiliates.

APPLICATION

 "The Customer shall apply to the Bank for availing the Facility (and/or for any changes to the options availing under the Facility) in the specified application form and/or by any other method as provided by the Bank from time to time for use of the facility. The Bank may provide an option to the Customers who are sole account holders to apply for the Facility through the FedMobile Application by authentication with FedNet/ATM credentials. Application for the Facility shall be accepted only after authentication of the Customer through any mode of verification as may be decided at the discretion of the Bank.

ELIGIBLE CUSTOMER

  1. All customers having satisfactory running Savings/ Current account can avail of this service.
  2. The Customer desirous of using the Facility should be either a sole Account holder or authorised to act independently.
  3. The facility will be available in case of joint accounts, only if the mode of operation is indicated as ‘either or survivor' or ‘anyone or survivor'. For these joint accounts, only one account holder of the joint account holders will be allowed to avail the facility. The other joint account holder(s) shall expressly agree with this arrangement and give their consent on the application form to authorize the customer to avail the services. In case of any of the joint account holder(s) gives "stop payment" instructions or such other instructions in respect of operations through the use of the facility in writing, with a view to curtail, regulate, restrict, suspend or stop the operations by the other account holders through the use of facility on any of the accounts held jointly by them, the facility would be discontinued and restoration of the facility would be considered at the sole discretion of the Bank, only on the joint request of all account holders. All or any transactions arising from the use of the Facility in the joint account shall be binding on all the joint account holders, jointly and severally.
  4. An Account in the name of the Minor or an account in which one of the joint account holders is a minor or an account where the mode of operation is joint, shall not be eligible for the Facility"

 

APPLICABILITY

  1. The last updated mobile number in the records of The Bank would be the registered Mobile number for the facility. The Customer agrees to use the facility on a Mobile Phone properly and validly registered in his/ her name only with the Mobile Service provider and undertakes to use the Facility only through Mobile number which has been used to register for the Facility.
  2. Currently, Mobile Banking Facility is not offered for two Mobile numbers for the same account.
  3. All accounts linked to a same Customer ID can be registered for the Facility, but the primary Saving / Current account of the customer will be the Primary account of the Facility.
  4. The Bank reserves the right to reject a customer's application for the Facility without assigning any reasons.
  5. Entering the wrong MPIN thrice will block the Facility to the account for the day and three such consecutive blockages will deactivate the customer and the customer should re-register for the facility as per the procedure laid down for the same.
  6. The Customer is responsible for intimating to The Bank any change in his Mobile Phone Number or email address or Account details and The Bank will not be liable for sending Alerts or other information over the Customer's mobile phone number/email address /fax number recorded with The Bank.

 

AVAILABILITY & DISCLOSURE

The Bank shall endeavour to provide to the Customer through the Facility, such services as The Bank may decide from time to time. The Bank reserves the right to decide what services may be offered to a Customer on each Account and such offers may differ from Customer to Customer. The Bank may also make additions / deletions to the services offered through the Facility at its sole discretion. The Facility is made available to the Customer at his request, at the sole discretion of The Bank and may be discontinued by The Bank at any time, without notice. The Bank shall have the discretion to offer the Facility to Non-Resident Indians subject to applicable laws. The instructions of the Customer shall be affected only after authentication of the Customer by means of verification of the Mobile Phone Number and/or through verification of MPIN/ password allotted by The Bank to the Customer or through any other mode of verification as may be stipulated at the discretion of The Bank.

 

INSTRUCTIONS

All instructions for availing the services under the Facility shall be provided through the Mobile Phone Number in the manner indicated by The Bank. Where the Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the Customer before acting on any instruction of the Customer or act upon any such instruction as it may deem fit. The Customer and The Bank shall have the right to suspend the services under the Facility if The Bank has reason to believe that the Customer's instructions may lead to direct or indirect loss or may require an indemnity from the Customer before continuing to operate the Facility. The Customer accepts that all information /instructions will be transmitted to and /or stored at various locations and be accessed by personnel of The Bank (and its Affiliates). The Bank is authorised to provide any information or details relating to the Customer or to third party to facilitate the providing of the Facility and so far as is necessary to give effect to any instructions. The Customer accepts that each Alert may contain certain Account information relating to the Customer. The Customer authorises The Bank to send Account related information, though not specifically requested, if The Bank deems that the same is relevant. The Bank shall not be held responsible for the confidentiality, secrecy and security of the Personal or Account information being sent through the Facility.

 

FUND TRANSFER FACILITY

The Bank shall specify from time to time the upper limit that may be transferred by the Customer for the above mentioned Facility through the Bank's Website. If the above mentioned Facility is made available to the Customer, it may be used for transfer of funds from Account/s to other accounts belonging to third parties maintained at The Bank and/or at any other Bank which falls under the network of Reserve Bank of India's Electronic Fund Transfer or National Electronic Fund Transfer system or Real Time Gross Settlement. In such an event, the terms applicable to such facilities, in addition to this facility, shall be applicable. The liability of The Bank shall only commence subsequent to the debit in the Customer's account.

The Bank may at its sole discretion provide an option to its Customers using FedMobile Facility to request or send money to their contacts who are using FedMobile Facility. Thus, a Customer using FedMobile Facility will have information if any of his contacts are using FedMobile Facility and vice versa. The Customer accordingly agrees and accords consent to the Bank to disclose information to any person (using FedMobile Facility), who has added the Customer as his contact, to the effect that the Customer is a user of FedMobile Facility

 

M-COMMERCE FACILITY

The Bank may introduce Bill payment facility/ M-commerce facility through the Mobile Banking Facility, which the Customer can avail after registering for the same. The bank shall not be liable for any disconnection or disruption in the supply of services or purchase of goods to the Customer from the Payee Service Provider/ Seller. The customer is required to contact the Service provider/ Seller if he experiences any such disconnection/ disruption in the service provided/ any complaint regarding the purchase made. The Bank may at any time, at its sole discretion, vary the list of approved merchant establishments/ Payee Service providers from the list without providing any reason and shall not be liable for any loss or damage which the customer may suffer as a result.

 

General Instructions and Terms and Conditions for opening of Resident & NRE Term Deposits via FedMobile.

  1. Only NRE & Resident Term Deposits can be opened online.
  2. Debit Account should be a Savings, Current or Overdraft account.
  3. Deposit can be opened only in the name of the primary account holder of the debit Account.
  4. Online requests received after 7 PM are likely to be opened with effective date as next working day.
  5. All the fixed deposit transactions executed through FedMobile on a bank holiday will be processed on next working day only.

 

Scheme

  • FSF – Monthly/Quarterly/Half Yearly /Yearly:  Recurring deposit where Monthly/Quarterly/Half Yearly /Yearly denote the periodicity of the recurring instalments to be remitted.
  • Cash Certificate: Term deposit where interest is compounded quarterly and reinvested on maturity. It is suited for a depositor who does not require interest to be paid every month/quarter etc.
  • FD – Monthly/Quarterly/Half yearly/yearly/Int on maturity: Deposit scheme where interest will be paid monthly/quarterly/half yearly/yearly/on maturity. Except in the case of FD – Interest on maturity, interest will be transferred to the account from which the deposit was funded in the selected periodicity of the deposit.

 

Deposit Amount

  • Minimum amount for FSF: Rs.50/- and in multiples of Rs.10/-
  • Minimum amount for Cash Certificate and FD: Rs.1000/-

 

Period

Resident FSF: For FSF-Monthly, minimum period is 6 months.

In all other cases, minimum period will be 3 times of the periodicity of instalments, i.e. for a Resident FSF–Quarterly, the minimum period should be 9 months. Likewise, for Resident FSF Half Yearly, the minimum period should be 18 months.

NRE FSF: For NRE FSF Monthly & Millionaire FSF, minimum period is 1 year. In all other cases, minimum period will be 3 times of the periodicity of instalments subject to a minimum period of 1 year i.e. for an NRE FSF- Quarterly, the minimum period should be 12 months. Likewise, for NRE FSF Half Yearly, the minimum period should be 18 months.

Resident Cash Certificate: Minimum period - 6 months.

NRE Cash Certificate: Minimum 1 year

Resident FD group: Minimum period - 7 days.

NRE FD Group: Minimum period 1 year.

Maximum period will be 10 years in all cases (120 months)

 

Interest rates for Senior citizen/ Staff in Resident deposits

  • If the primary account holder of the debit account is a senior citizen, the term deposit will be opened with interest rate applicable to senior citizens.
  • If the primary account holder is staff, term deposit will be opened with interest rate applicable to staff.
  • However, presently term deposit/FSF cannot be opened with an additional rate of interest for staff + Senior citizens (Sr. Citizen Staff). In this case he / she will have to apply at branch for the same.
  • No additional benefit is applicable for senior citizen and staff in case of NRE deposits.

 

Scheduling recurring deposit instalment through FedMobile

Customer can schedule recurring payment for FSF by selecting the SI date during creation of the deposit. SI will be registered in the debit account only.

 

 

Terms & Conditions for 15G/15H

 

 

The Bank may at its sole discretion provide a facility ("Facility") to its resident Customers [i.e. Individuals (including Senior Citizens) and resident in India who have availed FedMobile Mobile Banking services ("FedMobile") of the Bank, to submit Form 15 G / Form 15 H, as may be applicable, through FedMobile in order to avail exemption from TDS on interest earned on fixed deposits and recurring deposits ("Deposits") maintained with the Bank by such Customers, in a financial year. The Customers shall be bound by these terms while availing the Facility.

The Customer shall, prior to submission of Form 15 G / Form 15 H, ensure that the Estimated Total Income of the Customer for the particular financial year, including the estimated income earned on deposit(s) is less than or equal to the basic exemption limit for Income Tax as may be specified by the Finance Act, for the respective financial year.

The Customer shall follow the process flow provided below for 

Submission of Form15G/ Form15H as may be applicable, through FedMobile.

  • Customer logs into FedMobile using his MPIN. 
  • Customer selects the ‘15G/H' option from FedMobile -> More -> 15G/H Registration. 
  • Customer enters the following details in the field: 
  1. PAN card number (optional field). 
  2. Date of Birth as per PAN card (optional field). 
  3. Last year of filing Income Tax return – Under this field, the customer shall select the applicable option from the drop-down box displayed. 
  4. Estimated income for Current Financial Year. 
  • Customer shall accept the terms and conditions and clicks on validate button. 
  • A set of validations prescribed by the Bank will be implemented to check the details entered by the customer. 
  • If the validations are successful, a confirmation page with following details shall be displayed: 
  1. Form Type (15 G / 15H) 
  2. PAN Number 
  3. DOB 
  4. Estimated Income 
  5. Income calculated by bank 
  • Customer shall confirm the details and thereafter submit the request by entering the FedMobile MPIN (Mobile Banking PIN). 
  • The Customer shall receive an instant notification in FedMobile on updating the Form 15G/H in Bank's records upon successful submission of the relevant form.
  • This registration details can be viewed in More -> 15G/H Download

Updation of Form15G/ Form15H as may be applicable, through FedMobile

In cases of existing 15G/15H Registered customers, the same needs to be updated at the time of opening a new deposit.

 

  • Customer selects the option for opening of a new Term Deposit through Fedmobile.
  • After entering the details of the deposit to be opened, the status of the customer will be checked by the system for any existing 15G/15H registrations.
  • Since the customer is already registered for 15G/H, then the Estimated Income & Last Year of Filing IT Return will be asked to be entered by the customer. 
  • The details entered by the customer & the assessment by the bank will be processed by system.
  • If the customer is eligible for tax exemption after opening of the proposed deposit:
  • Then the following screens will be shown:-
  1. Customer shall confirm the details and by entering the FedMobile MPIN (Mobile Banking PIN).
  2. Deposit will be opened & marked with the 15G/15H registration.
  3. Updated registration details can be viewed in More> 15G/H Download
  • If the customer is not eligible for tax exemption after opening of the proposed deposit:
  1. Suitable message will be displayed regarding not eligible for tax exemption after opening the deposit & to deregister existing registration if a new deposit has to be opened.

Deregistration of Form15G/ Form15H as may be applicable, through FedMobile. 

  • Customer logs into FedMobile using his MPIN (Mobile Banking PIN).
  • Customer selects the ‘15G/H' option from FedMobile -> More -> 15G/H Deregistration. 
  • Confirmation message is shown to the customer & customer must accept the same before deregistration.
  • Customer shall confirm the details and submit the request by entering the FedMobile MPIN.
  • The decision of the Bank's Back office Team regarding approval/rejection of the Form 15G / Form 15 H, shall be final and binding on the Customer. 
  • Once the Form 15 G / Form 15 H is approved by the Bank's Back office Team, the Bank shall not deduct TDS from the fixed deposits/recurring deposits of the Customer for the particular financial year. Customer agrees and undertakes that the Customer shall be solely responsible for verifying the correctness of the details filled up in the Form 15 G / Form 15 H. 
  • The Customer further indemnifies the Bank against any claims, losses, damages or penalties that may be incurred, sustained or levied on the Bank on account of non-deduction of TDS from the fixed deposits / recurring deposits of the Customer, based on the Form 15 G / Form 15 H filed by the Customer through FedMobile. The Customer alone shall be liable for claims of any nature, loss and any damages that may be caused to the Bank or the Customer due to misuse or otherwise of the Facility either by the Customer, its staff, agents, authorized signatories, by any person making an unauthorized access to the Customer's accounts or on account of any error, mistake or omission in the Form submitted by the Customer. 
  • The Customer further understands and agrees that: 
  1. Fresh Form 15 G / Form 15 H, as may be applicable, needs to be submitted every Financial Year for getting exemption from TDS. 
  2. Fresh Form 15 G / Form 15 H, as may be applicable, needs to be submitted for new deposit(s) opened. 
  3. The Bank shall not be liable for any consequences arising due to non-submission or delayed submission of Form 15 G / Form 15 H. 
  4. Tax which has already been deducted cannot be refunded back and has to be claimed from Income Tax Department by filing the returns. 
  • THE FACILITY IS PROVIDED BY THE BANK ON A BEST EFFORTS BASIS AND THE BANK DOES NOT WARRANT THAT FACILITY SHALL BE UNINTERRUPTED OR ERROR FREE. TO THE EXTENT PERMITTED BY LAW, THE BANK DISCLAIMS WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE RELATING TO THE FACILITY PROVIDED TO THE CUSTOMER INCLUDING FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. 
  • The Customer also agrees that, the Bank may at its sole discretion discontinue the Facility provided to the Customer without any prior notice. 
  • These Terms are supplemental to and are to be read in conjunction with FedMobile Terms and Conditions 

 

Deposit Receipt /Passbook

Normally physical deposit receipt/passbook is not issued for term deposit/FSF opened through the app. However, a customer who wishes to get a deposit receipt may approach his branch for the same.

 

Closing of Resident/NRE Term Deposit opened online

Offline Request can be submitted through FedMobile for closing term deposit opened online through FedMobile. Term Deposit accounts opened through the app and where Deposit receipts are not printed only can be closed through FedMobile offline request. For closing accounts where deposit receipts are already printed, customers have to approach the branch and submit the same. The proceeds of the term deposit will be transferred only to the debit account from which it was funded.

 

Automatic Renewal

Term Deposits will be automatically renewed on maturity for a similar Term on same terms and conditions (except rate of interest). Rate of interest payable on the deposit thus renewed will be the rate prevailing on the date of renewal.

 

Interest rate

Interest rate applicable to the term deposit will be the interest rate prevailing as on the date of opening the term deposit.

 

Premature closure

  • Interest payable for premature closure of Resident/NRE Term Deposit / FSF will be the deposit rate applicable as on the date of opening of the deposit for such period for which the deposit has remained with the Bank. For NRE deposits, no interest will be paid if the deposit is closed before completion of 1 year from the date of opening.  
  • Pre closure penalty of 1% will be levied on resident deposits of any principal amount, if the period of original deposit is above 45 days, i.e., interest rate applicable for the covered period will be reduced by 1%. If the period of original deposit is up to 45 days, premature closure penalty would not apply, provided the principal amount does not exceed ₹ 15 lacs.  
  • Penalty of 1% for premature closure is applicable for all NRE term deposits irrespective of the deposit amount, for deposit accounts opened/renewed on or after 14.06.2018  
  • No interest is payable if NRE Term deposit is closed before completion of 1 year. Pre-payment penalty is not applicable to for NRE Term deposits closed before completion of 1 year.  
  • Premature closure charges of ₹ 150 plus GST are applicable for FSF accounts (recurring deposits) if closed prematurely within a year from the date of opening. 

TDS

Resident Deposits

  • In case of Resident Fixed Deposits, FSF and Cash Certificates applicable TDS shall be deducted from the interest credited to operative account/ term deposit periodically.
  • Income tax will be deducted as per the law applicable and in case the depositor's total income including the interest earned on deposit does not come under the purview of income tax, form15H/15G together with PAN details has to be submitted by the depositor to the branch after opening the term deposit and at the beginning of the Financial Year in the subsequent Financial Years.
  • With effect from 01 July 2011, for opening Term deposit exceeding Rs. 50,000/- with the bank, it is mandatory to quote Permanent Account Number of the customers or submit Form 60/61, duly signed, in case the customer has no PAN number. In the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & TDS at the highest rate will be applicable.
  • As per section 206AA introduced by Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits.
  • Kindly visit your Federal Bank branch with your PAN card (original & copy) to get the same updated in bank records. Resident customers can also apply for PAN through Federal Bank Branches.

 

NRE Deposits

NRE Deposits are 100% tax free and fully repatriable.

 

Nomination

Online nomination facility is only available while opening new term deposits through Fedmobile. By using the said facility for registering nominations online, the Depositor is deemed to have confirmed that the designated Nominee is a natural person, well known to the Depositor and who is not otherwise disqualified from acting as a nominee under applicable laws. In case an artificial/juridical/non-natural person is designated as the Nominee, the said nomination would be held invalid and Bank would be under no obligation to honour the same. For availing nomination facility in other applicable services, please submit a filled up & signed nomination form to the branch. Please click here to download the nomination form.

Other terms and conditions

  • Premature withdrawal is subject to the terms and conditions as stipulated by Bank as per the specific schemes and as per RBI /IBA rules in force.
  • The rules and regulations governing term deposit/FSF is subject to change according to the guidelines issued by RBI/IBA etc from time to time.
  • The term deposit under NRO Category cannot be opened through online mode.

 

ACCURACY OF INFORMATION

The Customer undertakes to provide accurate information wherever required and shall be responsible for the correctness of information provided by him to The Bank at all times including for the purposes of availing of the Facility. The Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by Bank to him, he shall advise The Bank as soon as possible. The Bank will endeavour to correct the error wherever possible on a best effort basis. While the Bank will take all reasonable steps to ensure the accuracy of the information supplied to the Customer, The Bank shall not be liable for any inadvertent error, which results in the providing of inaccurate information. The Customer shall hold The Bank harmless against any loss, damages etc. that may incurred / suffered by the Customer if the information supplied to the Customer turns out be inaccurate / incorrect. The Customer agrees that the access to the Facility shall be only through the Mobile Phone Number and any transaction which originates from the same, whether initiated by the Customer or not, shall be deemed to have originated from the Customer.

 

AUTHORITY TO THE BANK

The Customer irrevocably and unconditionally authorises The Bank to access all his Accounts for effective banking or other transactions of the Customer through the Facility. The Customer further authorizes The Bank to share the Account information with Third Party for the purpose of accepting/ executing request of the Customers.

The Customer agrees that The Bank and / or its Affiliates may hold and process his personal information concerning his Accounts on computer or otherwise in connection with the Facility as well as for analysis, credit scoring and marketing. The Customer also agrees The Bank may disclose, in strict confidence, to other institutions, such information as may be reasonably necessary for reasons inclusive of but not limited to the participation in any telecommunication or electronic clearing network, in compliance with legal directive, for credit rating by recognized credit scoring agencies, and for fraud prevention.

The Customer authorises Bank and its agents to send any message or make calls to his mobile phone to inform him about any promotional offers including information regarding banks' new products either now available or which the Bank may come up with in the future, greetings or any other message that the Bank may consider appropriate to the user.

The User irrevocably and unconditionally agrees that such calls or messages made by the Bank and or its agents shall not be construed as a breach of the privacy of the user and shall not be proceeded against accordingly.

 

FEES

The Bank shall have the discretion to charge fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Facility, by notice to the Customer. The Customer may at any time discontinue or unsubscribe to the said Facility. The Customer shall be liable for payment of such airtime or other charges which may be levied by any cellular service provider in connection with availing of the Facility and The Bank is in no way concerned with the same. The charges payable by the Customer is exclusive of the amount payable to any cellular service provider and would be debited from the account of the Customer on a monthly basis. The Customer shall be required to refer to the schedule of fees put up on the Website from time to time.

 

SET-OFF

  1. The Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any other Account/s of the Customer maintained with the Bank and / or Affiliates, whether in single name or joint name(s) and on any monies, securities , bonds and all other assets, documents and properties held by/ under the control of the Bank and/or Affiliates (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Customer in any capacity) towards the satisfaction of the Customer's liability under the Facility. The Bank and/ or Affiliates are entitled without any notice to the Customer, to settle any indebtedness whatsoever owed by the Customer to the Bank and/or Affiliates, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any Account/s held by the Customer with the Bank and/or Affiliates 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 and its Affiliates' rights hereunder shall not be affected by the Customer's bankruptcy, death or winding-up. It shall be the Customer's sole responsibility and liability to settle all disputes/ objections with any such joint account holders.
  2. In addition to the above mentioned right or any other right which the Bank and its Affiliates may at any time be entitled whether by operation of law, contract or otherwise, the Bank is authorized / will be entitled: (a) to combine or consolidate at any time all or any of the Accounts and liabilities of the Customer with or to any branch of the Bank and/or its Affiliates; (b) to sell or otherwise dispose off any of the Customers' securities or properties held by the Bank by way of public or private sale or otherwise without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank and/or to the Affiliates from the Customer, including costs and expenses in connection with such sale or disposal; and

 

MODIFICATION

The Bank has the absolute discretion to amend or supplement any of the terms and conditions at any time and will endeavour to give prior notice of one month by email or by displaying on the Website depending upon the discretion of The Bank, whichever feasible, and such amended terms and conditions will thereupon apply to and be binding on the Customer.

TERMINATION

The Customer may request for termination of the Facility any time by giving a written notice of at least 30 days to The Bank. The Customer will remain responsible for any transactions made through his Mobile Phone Number through the Facility prior to the time of such cancellation of Facility.

The Bank may, at its discretion, withdraw temporarily or terminate the Facility, either wholly or in part, at any time without giving prior notice to the Customer. The Bank may, without prior notice, suspend the Facility at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Facility. The Bank shall endeavour to give a reasonable notice for withdrawal or termination of the Facility.
The closure of all Accounts of the Customer will automatically terminate the Facility. The Bank may suspend or terminate Facility without prior notice if the Customer has breached these terms and conditions or The Bank learns of the death, bankruptcy or lack of legal capacity of the Customer.

 

NOTICE

The Bank and the Customer may give notice under these terms and conditions electronically to the mailbox of the Customer (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the Customer and in case to The Bank at its office at The Federal Bank Ltd. Registered Office, Federal tower, Aluva, Ernakulum District, Kerala, 683101. In addition, The Bank shall also provide notice of general nature regarding the facility and terms and conditions, which are applicable to all customers of the Facility, on its Website and/ or also by means the customised messages sent to the Customer over his mobile phone as short messaging service ("SMS"). Such notice will be deemed to have been served individually to each Customer.

 

RECORDS

All records of The Bank generated by the transactions arising out of use of the Facility, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions. The authority to record the transaction details is hereby expressly granted by the Customer to The Bank.

 

DISCLAIMER OF LIABILITY

The Bank shall not be responsible for any failure on the part of the Customer to utilise the Facility due to the Customer not being within the geographical range within which the Facility is offered; Under no circumstance, The Bank shall be held liable if the Facility is not available for reasons including but not limited to natural calamities, legal restraints, system error, faults in the telecommunication network or network failure, or any other reason beyond the control of The Bank. If the Customer has reason to believe that his mobile phone number is / has been allotted to another person and / or there has been an unauthorised transaction in his account and / or his mobile phone is lost, he shall immediately inform The Bank under acknowledgment about the same.

 

The Customer agrees that The Bank shall not be liable if

  1. the Customer has breached any of the terms and conditions herein or
  2. the Customer has contributed to or the loss is a result of failure on part of the Customer to advise The Bank within a reasonable time about unauthorised access of or erroneous transactions in the Account;
  3. as a result of failure on part of the Customer to advise The Bank of a change in or termination of the Customer's Mobile Phone numbers. The Bank is in no way liable for any error or omission in the services provided by any cellular or any third-party service provider (whether appointed by The Bank in that behalf or otherwise) to the Customer, which may affect the Facility.

The Bank does not warrant the confidentiality or security of the messages whether personal or otherwise transmitted through the Facility. The Bank makes no warranty or representation of any kind in relation to the system and the network or their function or performance or for any loss or damage whenever and howsoever suffered or incurred by the Customer or by any person resulting from or in connection with the Facility.

Without limitation to the other provisions of this terms and conditions, The Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of The Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Customer and the network of any cellular service provider and The Bank's system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, The Bank's system or the network of any cellular service provider and/or any third party who provides such services as is necessary to provide the Facility.

Notwithstanding anything in the contrary provided in this terms and conditions, The Bank shall not be involved in or in any way liable to the Customer for any dispute between the Customer and a cellular services provider or any third-party service provider (whether appointed by The Bank in that behalf or otherwise). The Customer shall not interfere with or misuse in any manner whatsoever the Facility and in the event of any damage due to improper or fraudulent use by the Customer, the Customer shall be liable for damages to The Bank.

The Customer is solely responsible for protecting his Mobile Banking Personal Identification Number (MPIN) mobile phone number and any password given by The Bank for the use of the Facility. The Bank will not be liable for:

(a) any unauthorised use of the Customer's MPIN, mobile phone or for any fraudulent, duplicate or erroneous instructions given by use of the Customer's MPIN or mobile phone number;
(b) acting in good faith on any instructions received by The Bank;
(c) error, default, delay or inability of The Bank to act on all or any of the instructions
(d) loss of any information/instructions in transmission;
(e) unauthorized access by any other person to any information /instructions given by the Customer or breach of confidentiality;
(f) any unauthorized transaction in the Account as a result of any other issue/default/error/technological problem in the telecommunication instrument (such as the mobile handset) or duplication of mobile number / SIM of the Customer such as but not limited to SIM card cloning, virus in handset etc.
The Bank may provide any other services as a part of the Facility and The Bank shall not be liable for the oversight on part of the Customer to update himself with the addition of services which have been included in the Facility and specific services for each product as may be provided on the website of The Bank and as will be available with the authorized call centres of The Bank.

 

INDEMNITY

In consideration of The Bank providing the Facility, the Customer agree to indemnify and keep safe, harmless and indemnified The Bank from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever The Bank may incur, sustain, suffer or be put to at any time as a consequence of acting on or omitting or refusing to act on any instructions given by use of the Facility. 

The Customer holds The Bank/ its Affiliates, harmless against any loss incurred by the Customer due to failure to provide the services offered under the Facility or any delay in providing the services due to any failure or discrepancy in the network of the cellular service provider. The Customer agrees to indemnify and hold The Bank harmless for any losses occurring as a result of:
i. the Customer permitting any third parties to use the Facility.
ii. the Customer permitting any other person to have access to his mobile phone or as a consequence of leaving the mobile phone unattended or loss of mobile phone.

 

GOVERNING LAW

These terms and conditions and/or the operations in the accounts of the Customer maintained by the BANK and/or the use of the services provided through the facility shall be governed by the laws of the Republic of India and no other nation • The BANK accepts no liability whatsoever, direct or indirect, for noncompliance with the laws of any country other than the Republic of India. The mere fact that the Facility can be accessed by a Customer in a country other than India shall not be interpreted to imply that the laws of the said country govern these terms and conditions and/or the operations in the Facility accounts of the USER and/or the use of the facility.

 

DISCLAIMER

The Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.

 

Terms & Conditions for Fedmobile Wallet

 

General

These terms and conditions regulate the use of Semi Closed Prepaid Payment Instrument or such other services which may be added from time to time under the brand name “Fedmobile Wallet” offered by The Federal Bank Ltd, a banking company within the meaning of Companies Act, 2013 and having its Registered Office at Federal Towers, Aluva-683101, Kerala (hereinafter referred to as “Federal Bank” or “the Bank”). Federal Bank has been authorised to provide Semi Closed Prepaid Payment Instrument Services by the Reserve Bank of India under Authorisation number: (#Authorisation Number will be mentioned).

Usage of the Fedmobile Wallet and related tools are governed by the following terms and conditions ("Terms of Use").

For the purpose of these Terms of Use, wherever the context so requires, the terms 'You/Your' or "User" shall mean any natural or legal person who has registered for Fedmobile Wallet and who has accepted these Terms of Use and the terms "We", "Us", or "Our" shall mean The Federal Bank.

The term "Merchant" as used hereunder shall include any establishment and/or entity who accepts the Fedmobile Wallet as a payment method for online purchase of goods and/or services. Similarly, the term "Buyer" shall refer to the person(s) who purchase any of the goods or services provided online by the Merchants using the Fedmobile Wallet.

These Terms of Use shall govern and be applicable to transactions that take place using Fedmobile Wallet on the Fedmobile App. By using the Fedmobile wallet, the User shall be contracting with the Federal Bank and these terms and conditions, including the policies mentioned herein, shall constitute the User’s binding obligation, with the Bank.  Further, acceptance of these Terms of Use shall constitute confirmation of the fact that the User has also accepted the terms and conditions for use of the Fedmobile App, through which the Wallet service is accessible.

The Bank provides online payment facilitation services. Through Fedmobile Wallet, the Bank enables the User to make payments to registered merchants/sellers (“Merchants”) for purchase of goods and services or to registered billers (“Billers”) for payment of bills. These transactions are between the Merchants/Billers and the User.  Federal Bank acts only as an intermediary in these transactions by facilitating collection of payments from the User and settlement of such payments to the respective Merchant/Biller.  The Federal Bank shall not be responsible for the products/services purchased using the Fedmobile Wallet and any liability thereof is expressly disclaimed.

In addition, the Bank provides value added services such as bill presentment, bill reminders, loyalty points (cashbacks) and discounts etc. Fedmobile Wallet Cashback (“Wallet Cashback”) is provided by the Bank and is distributed through the Fedmobile App.  Wallet Cashbacks may only be used through the Fedmobile App to make payments for goods and services purchased from registered merchants or to make bill payments to registered billers or for transfer of funds etc., or for any such other purposes, as mutually agreed from time to time.

The Bank reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time without prior written notice to the User and it is the responsibility of the User to review these Terms of Use periodically for ascertaining updates / changes. Use of the Fedmobile Wallet by the User following posting of updates/changes shall be deemed as acceptance of the revisions made to these Terms of Use, including any additional Terms that may be added thereto or removal/modification of existing portions thereof. As long as the User complies with these Terms of Use, the Bank shall grant to the User a personal, non-exclusive, non-transferable, limited privilege to access and avail the services provided by the Bank through the Fedmobile Wallet. 

USING THE FEDMOBILE WALLET INDICATES ACCEPTANCE BY THE USER OF ALL THE TERMS AND CONDITIONS MENTIONED HEREUNDER. THEREFORE, PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE PROCEEDING.

By accepting these Terms of Use, User also accepts and agrees to be bound by the various Policies of Federal Bank (including, but not limited to the Privacy Policy, as amended from time to time.)

Account and Registration

The User hereby undertakes and declares that

  • You are 18 (eighteen) years old or older;
  • You are capable of entering into a legally binding agreement;
  • You are an Indian resident;
  • You have not been previously suspended or removed from the Prepaid Payment Account Services of the Bank;
  • You have valid and subsisting right, authority, and capacity to enter into these Terms and Conditions and to abide by all of the terms and conditions contained herein; and
  • You are not impersonating any person or entity, or falsely stating or otherwise misrepresenting identity, age or affiliation with any person or entity.

User shall be able to register for Fedmobile Wallet by:

    • Creating a Fedmobile registration in Fedmobile App (“Fedmobile Platform”) and activating the Fedmobile Wallet service by providing the required details and agreeing to the Terms & Conditions.
    • In case of a Federal Bank account holder, explicit registration as mentioned above is not required for activating the Wallet service.

As per RBI guidelines it is mandatory for the User to provide KYC or basic identification details for using Fedmobile Wallet. User shall provide only valid Indian KYC documents for the purposes of verification and operation of Fedmobile Wallet. 

"KYC" stands for Know your Customer and refers to the various norms, rules, and regulations issued by the RBI from time to time under which the Bank is required to procure personal identification details from the User, before any services can be delivered.  Federal Bank does not validate any documents of foreign origin for KYC purpose and shall not be responsible for any wrong details being provided by the User.

In the event the KYC details provided by the User are found to be incorrect/insufficient, Bank reserves the right to cancel/stop/temporarily suspend operations in the Fedmobile Wallet allotted to the User.  Bank also retains the right to share the details of transactions undertaken by the User through the Fedmobile Wallet as well as the KYC details of the User and/or end beneficiary details with RBI, as per statutory guidelines issued from time to time.

 

Activation of Fedmobile Wallet

The Fedmobile Wallet may be activated only using a mobile number of an Indian Telecom Provider. Users of mobile numbers of international telecom providers shall not be eligible for activation and use of Fedmobile Wallet.

Fedmobile Wallet will be automatically activated on the Fedmobile app of a Federal Bank account holder who opts for “View + Transaction” services, without having to submit any additional KYC documents. The KYC details already linked to such customers’ account(s) in the Bank’s records will be used for the purpose of Fedmobile Wallet also. 

For all other Users (who are not account holders of Federal Bank), an explicit registration for the Fedmobile Wallet is required using an ‘Officially Valid Document (OVD)’, as defined under Rule 2(d) of the Prevention of Money Laundering Rules, 2005 as amended from time to time.

Officially Valid Document (OVD) means and includes any of the following documents:

    • Driving license
    • Voters Identity Card issued by Election Commission of India
    • Permanent Account Number (PAN) Card

For activation of the Fedmobile Wallet, the mobile number of the User provided during registration will be verified by sending a One-Time Password (OTP) via SMS. Only after the User has (a) successfully entered the OTP sent to his/her mobile number, (b) provided self-declaration containing name and unique identification number of any of the OVD and (c) accepted the Terms of Use of the facility, will the Fedmobile Wallet be activated for use.

In case the User has provided only basic identification details for activation of Fedmobile Wallet, the full KYC process must be completed by such User within 18 months from the date on which the Wallet was first activated.  However, if the full KYC process is not completed by the User within the prescribed period of 18 months, the Fedmobile Wallet allotted to the User will be automatically moved to ‘Debit Only Mode’ and no further credit shall be allowed in such Wallet. Please refer to our section on ‘Debit Only Mode’ for more details. However, in such case, User shall be permitted to exhaust the balance available in the Fedmobile Wallet, following which further transactions in the Wallet will be temporarily suspended.

The User acknowledges that the KYC details provided by them will be valid for any financial products, and/or services offered by Federal Bank or its affiliates/partners. Further, User hereby consents to the Federal Bank sharing the KYC information with any affiliates/partners for the purpose of the financial offerings.

In the event of any dispute between two or more Users as to ownership of a particular Fedmobile Wallet, User agrees that the Bank will be the sole arbiter of such dispute. The Bank’s decision (which may include termination or suspension of any Wallet subject to dispute) will be final and binding on all parties.

User hereby agrees that if any information provided by them turns out to be untrue, inaccurate, not current or incomplete or if the Bank has reasonable grounds to suspect that any information provided by the User is untrue, inaccurate, not current or incomplete, in accordance with the Terms of Use, Bank shall be entitled to indefinitely suspend or terminate access to the User’s Fedmobile Wallet and any amounts therein shall ………………………….

The Bank shall ensure that all confidential data of the User pertaining to money transactions, bank account details and all other sensitive personal information are duly protected and kept confidential by the Bank by employing the best available protection standards that are elaborated in the Bank’s Privacy  Policy available at……………………….

If the particulars provided by you in the KYC documents submitted for minKYC do not match with the details mentioned while completion of full kyc of the wallet, then We shall have the right to forfeit the balance amount in your Fedmobile wallet.

The Fedmobile Wallet is not transferable. Moreover, a User can operate only one Fedmobile Wallet at any given point of time. Any violation of this condition shall entail immediate suspension/discontinuation of all Fedmobile Wallets that may be activated and/or used by the User.

By proceeding to use the Fedmobile Wallet and/or other service offerings of Federal Bank, User represents and confirms that they are not currently a Politically Exposed Person (“PEP”) as defined by the Reserve Bank of India in Master Direction DBR.AML.BC.No.81/14.01.001/2015-16. However, User agrees and undertakes to immediately notify the Bank in circumstances where User’s status in this regard changes or the User becomes related to a PEP, by promptly notifying the Federal Bank in writing to ensure that appropriate steps are taken in accordance with applicable laws and Bank’s standard policy. User further understands that as a PEP User will be subject to additional customer due diligence requirements as determined by RBI as well as transaction monitoring and reporting requirements. As a PEP, User hereby agrees to fully comply with all the aforesaid additional customer due diligence requirements as well as cooperate with the Bank to complete all continuing compliance requirements applicable to a PEP as will be notified by the Bank to ensure uninterrupted use of Fedmobile Wallet and other service offerings of the Federal Bank.

Different types of users who can hold a Fedmobile Wallet:

Type of Wallet Holder

Minimum KYC

Period for which min KYC status is applicable

Full KYC

Federal Bank customer

( Transaction + View User )

NA

NA

On boarded as Full KYC user

Federal Bank customer

(View Only User)

NA

NA

On boarded as Full KYC user

Wallet only user

Can be on boarded with minimum KYC Document

18 Months

 

 

Loading/Topping-up of Fedmobile Wallet:

  • Fedmobile Wallet can be loaded or topped-up through BHIM UPI or a debit card, or from refunds/cashbacks that may arise due to cancellations and returns of User transactions at Merchant Platforms or in Fedmobile. Fedmobile Wallet will be displayed as an option on the order return/cancellation screen for all such refunds on the Merchant Platforms.  However, Bank has the sole discretion to not permit Refunds into the Fedmobile Wallet for purchases made through any particular payment method.
  • Notwithstanding the above, Wallet Top up is not permitted for Fedmobile Users who have linked at least one bank account to the mobile app via Fedmobile or UPI registration.

KYC wallet limit*

Debit

 

 

 

Per Transaction

Per Day

Per Month

Per Year

INR 10000

INR 10000

INR 10000

INR 100000

Credit

 

 

 

Per Transaction

Per Day

Per Month

Per Year

INR 5000

INR 5000

INR 10000

INR 100000

*These limits are based on Fedmobile Risk Rules.

Purchases through Fedmobile Wallet

Fedmobile Wallet can be used to purchase products and services within the Fedmobile application. Fedmobile Wallet can be used by selecting it as the payment mode at the time of payment.

User can pay directly from his/her linked bank account, if:

    • The order value exceeds the available amount in the Fedmobile Wallet
    • The User has exceeded his/her limit for Purchases using the Wallet, as per the RBI rules

Bank has incorporated certain velocity checks i.e. restrictions on the number/value of Wallet top ups and purchase transactions to prevent, detect and restrict occurrence of fraudulent transactions. User hereby agrees to comply with these restrictions put in place by the Bank.

Purchase Limits for KYC wallets*

Withdrawals from Fedmobile Wallet

User will be allowed to withdraw the cash balance in the Fedmobile Wallet to their designated bank account at any time after completion of Full KYC. In all cases, the top-up amount shall be reversed only to the own bank account of the Wallet holder.

Withdrawing money from Fedmobile Wallet in the form of cash is not permitted. However, User can transfer money from Fedmobile Wallet to their own bank account anytime, subject to limits set by RBI in this regard.

User shall be solely responsible for providing the updated and correct details of their bank account in case transfer of money from Fedmobile Wallet to User’s bank account is required. The Bank shall not be responsible under any circumstances for crediting funds into the account provided by the User for the said purpose. 

Any request for such withdrawal of amounts from the Wallet to User’s bank account shall be placed through the Fedmobile app & shall be processed for credit on t+1  basis.  However, Bank shall not be responsible for any failure in crediting funds withdrawn from the Wallet into the designated bank account of the User owing to circumstances that are/may be outside the control of the Bank.

Withdrawal limits for KYC wallets*

Debit

 

 

 

Per Transaction

Per Day

Per Month

Per Year

INR 10000

INR 10000

INR 10000

INR 100000

*These limits have been set based on Fedmobile Risk rules

Notwithstanding the above, the facility for withdrawal of amounts from Fedmobile Wallet to the designated Bank account of the User shall not be available for Wallets opened using basic identification details (minimum KYC Wallets). In case the User wishes to avail the said functionality, User shall be required to complete full KYC of the Fedmobile Wallet as already mentioned hereinabove.

Cashback / Wallet Balance Limit

User hereby agrees that in case the User becomes eligible for Wallet Cashback, the same shall be received in the form of gift vouchers.

Federal Bank reserves the right to extend the validity period of such gift vouchers at its sole discretion and without providing any specific intimation to the User.  Further, Bank also reserves the right to impose additional amount limits on Wallet transactions, within the overall applicable limit and to award offers and related benefits as per the internal policy of the Bank from time to time.

User agrees that the outstanding amount allowed in the Fedmobile Wallet at any point of time shall not exceed INR 10.000.

User understands that in case of any cancellations, the Wallet Cashback given on the transaction will continue to remain as gift voucher balance and shall not be withdrawable to the User’s bank account. However, such gift voucher balance can be used on Fedmobile App for carrying out transactions such as recharges, bill payments, etc.

Wallet Cashback received in the Fedmobile Wallet shall not be permitted to be withdrawn by the User to any linked bank account nor can the same be transferred to any other customers.

Fedmobile Rewards programme

Federal Bank from time to time provides incentives in the form of Fedmobile Reward Points to Users who may redeem it as they see fit.  However, redemption of such Reward Points shall not be permitted in the form of cash or by withdrawal to the bank account of the User. 

By agreeing to use Fedmobile Wallet, User also agrees to the below terms and conditions:

  • Federal Bank reserves the right to provide rewards to its users as per internal policies as decided by the Bank from time to time.
  • For Cashback rewards, all of Federal Bank’s terms and conditions applicable to cashback awardance and usage will continue to apply.
  • Federal Bank reserves the right to pull back rewards from a User’s Wallet/account (pre or post redemption), without any notice/intimation to the User, in case of any suspicious or fraudulent activities that may be detected by the Bank from time to time.
  • Federal Bank does not guarantee rewards under the programme in any manner whatsoever.
  • In case the User becomes eligible for reward points, the same shall be credited to the User’s Fedmobile Wallet.
  • User hereby understands and consents that the Federal Bank may use their personal information for promotional purposes, without insisting for any additional consent from or compensation to them. Moreover, User also consents to the Federal Bank sharing their personal information as is necessary for provisioning the Service, with its affiliates/service providers who have executed relevant Non-Disclosure/Confidentiality Agreements with the Bank.
  • This offer is not available in the state of Tamil Nadu (owing to the Tamil Nadu Prize Scheme (Prohibition) Act 1979) and other states wherever prohibited by law.
  • The User’s participation in any offer constitutes their understanding and agreement to the complete terms and conditions associated with such offer.

Usage & Charges

Membership is free for Users. Federal Bank does not charge its Users any fee for creating a Wallet or use of Services. However, the bank reserves the right to change its fee policy from time to time. In particular, the bank may at its sole discretion introduce new services and modify some or all of the existing services offered on the Fedmobile app. In such an event, Bank reserves the right to introduce fees for the new services offered or amend/introduce fees for existing services, as the case may be. Changes to the fee policy shall be posted on the website of the Bank and such changes shall automatically become effective immediately after they are posted on the website. Unless otherwise stated, all fees shall be quoted in Indian Rupees.

As part of the registration process, User shall create a PIN for their Fedmobile Wallet. This PIN shall be the same as the Mobile Banking PIN in case of a Federal Bank customer with View + Transaction access. The PIN has to be explicitly set for all other category of wallet users.

The User is responsible for maintaining the confidentiality of the PIN and the Fedmobile Wallet. For security purposes, it is recommended that the User should memorize the PIN and not write it down. Further, User agrees not to disclose these credentials to any third party. Any person to whom the PIN may be disclosed will have full access to the User’s payment information, and User assumes all risk of loss resulting from any such access. All information and instructions received from the User’s Fedmobile App will be deemed to have been authorized by the User and the recipients of this information shall rely on its authenticity based on the use of the PIN. User will be solely responsible for all acts committed by any third party who may have gained access to the Fedmobile/Fedmobile Wallet using the PIN created by the User and Bank shall not, under any circumstances, be held liable/responsible for any damages sustained by the User owing to such access.

Validity & Forfeiture Policy

The Bank reserves the right to amend or modify the validity period of the Fedmobile Wallet facility offered to the User, upon providing 45 days prior intimation to the User, through ………………. Bank also reserves the right to terminate the Fedmobile Wallet in case of violation of any policy or Terms of Use or any rule/policy issued by the RBI or Government of India or any other concerned body and in such event, any balance in the Fedmobile Wallet shall be credited back to the designated bank account of the User, bearing the same name as the document submitted while completing the full KYC process. In such an event, Bank shall report the matter to the concerned body/authority and may freeze all transactions in the Fedmobile Wallet until given clearance by the authority.

Bank further reserves the right to move the Fedmobile Wallet to ‘Debit Only Mode’ if the User is involved in any suspicious transaction and/or any transaction in gross violation of the rules and regulations issued by the Reserve Bank of India (“RBI”), governing the use of Pre Paid Payment Instruments including, but not limited to, rules and regulations under Prevention of Money Laundering Act, 2002 and any amendments thereto. In such an event, Bank shall report the matter to RBI and shall also freeze transactions in the Fedmobile Wallet until further instructions are obtained from RBI in this regard.

One time closure option

Federal Bank offers Users a one time facility for closure of the Fedmobile Wallet and crediting of Wallet Balance to designated bank accounts.  However, in case of Wallets opened using minimum identification details (minimum KYC), User must complete the full KYC process before closure of the Wallet. Upon closure of the Fedmobile Wallet, any withdrawable balance therein will be transferred to the designated bank account provided by the User.  For Users who are Federal Bank account holders, the designated account shall be the operative account linked to the Fedmobile App of the User.  Any non-withdrawable balance (such as Wallet Cashback) will be reversed to the Bank and will not be credited to the bank account of the User. Wallet top-ups will be not permitted following closure of the Wallet and any pending refunds will not be credited thereto.  User understands and agrees that the withdrawable balance in the Wallet shall be transferred by the Bank based on the request of the User and User shall be solely responsible for the details provided to the Bank for effecting the transfer, such as account number, IFSC code etc.  

Inactive Wallet

A Fedmobile Wallet having no financial transaction for 18 months from the date of Wallet creation/KYC status change shall be treated as an Inactive Wallet.  User will not be able to utilize the existing wallet balance for merchant transactions if the Wallet is in inactive state. Moreover, top-up of the Wallet balance or withdrawal of the existing balance shall be disabled in case of inactive Wallets.  However, any pending refunds shall be credited to the Wallet by the Bank and User will continue to receive promotional Wallet Cashback received as Gift Voucher and may be permitted to use it for merchant transactions. The User shall be cautioned prior to the date of inactivity of the Fedmobile Wallet by way of SMS, e- mail, post etc., so as to avoid the Wallet becoming Inactive.  An Inactive Wallet may be reactivated by the User after completion of full KYC, by submitting the requisite documents as maybe prescribed by the Bank from time to time.

Privacy Policy

Federal Bank will use best efforts to ensure that the information submitted by the User remains private, and is used only for the purpose for which it is submitted. Federal Bank collects information that User provides voluntarily, while using the Fedmobile Wallet Platform. Additionally, while using Fedmobile Wallet, Federal Bank also collects information about User’s transaction behaviour, such as billing address, details of the recipient, location etc. Federal Bank shall not provide any information of  the User to a third party without specifically informing the User at the time of collection and/or without the express consent of the User.  Federal Bank logs IP addresses, browser type, number of pages viewed etc., in order to provide better service to the User. The information so logged shall be used to get page view statistics, analyze trends and better understand the usage of Fedmobile Wallet application, and for system administration purposes.  Federal Bank reserves the right to perform statistical analysis of User’s behaviour and preferences in order to measure Users' relative interests in the various areas of the Fedmobile Wallet application for the purpose of product and service development. This analysis shall be anonymous and not tagged to the identity of the User. The analytical data that Federal Bank collects is for internal use only to improve the content and services of the application. In return, User shall benefit from improved quality of services. Federal Bank does not provide any personally identifying information of the User to any third party, without specifically informing the User of such information being shared at the time of its collection, and without the User’s express consent. However, if subpoenaed or ordered by a court of law, Federal Bank shall be constrained to disclose to the appropriate authorities the personal information of any individual User/Users.  External web sites, whose links may be incorporated in the Fedmobile Wallet application, are not under the control of Federal Bank, and Federal Bank shall not be held responsible for the content or privacy policies of any linked sites or any links containing other linked sites.  Federal Bank may, as and when it deems fit to do so, change, alter or modify its Privacy Policy. User is advised to visit the web site of the Bank continually in order to monitor changes in the policy, as the policy will be binding upon the User in relation to his/her use of Federal Bank’s services, including the Fedmobile Wallet. By using the Fedmobile Wallet, and/or by providing the required information, User hereby consents to the collection and use of the information so disclosed in accordance with the Privacy Policy of Federal Bank.

Governing law and Dispute Resolution:

This Agreement and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with this Wallet Terms of Use, including the construction, validity, performance or termination thereunder, shall be governed by and construed in accordance with the laws of the Republic of India.

In the event any disputes, differences, or controversies should arise between the parties hereto, out of or in connection with the use of the Fedmobile Wallet, the parties hereto shall thoroughly explore all possibilities for amicable settlement. In case amicable settlement cannot be reached, such disputes, differences or controversies shall be referred to arbitration by a sole Arbitrator to be nominated by the Parties, and the Arbitrator shall conduct the Arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and pass the award which will be binding on the parties to this agreement. The venue of such Arbitration shall be at Kochi only.  It is further agreed by and between the parties hereto that the Courts in Ernakulam will have the exclusive jurisdiction to try cases between the parties, after exhausting the Arbitration clause.

If any provision of these Terms of Use is held to be invalid or otherwise unenforceable, then that provision shall be deleted and the remaining provisions shall remain valid and enforceable.

Headings are inserted for convenience of reference only and shall not be deemed to affect the interpretation of these Terms of Use.

Any failure by the Bank to exercise any of the rights under this Agreement shall not constitute a waiver of such right or a waiver with respect to subsequent or similar breach. A waiver shall be effective only if made in writing.

Federal Bank shall have the right to assign this Agreement (including all of our rights, titles, benefits, interests, and obligations and duties in this Agreement) to any of our affiliates and to any successor in interest. Federal Bank may, in its discretion, delegate certain rights and responsibilities under this Agreement to independent contractors or other third parties.  User may not assign, in whole or part, this Agreement to any person or entity without the Bank’s prior written consent which may be withheld at the sole discretion of the Bank.

 

TERMS & CONDITIONS FOR EXPENSE MANAGER FACILITY

  • These terms and conditions apply to and regulate the provision of Expense Manager Facility (hereinafter referred to as “Facility”) offered to the users of FedMobile Application (hereinafter referred to as “Customers”) by The Federal Bank Limited (hereinafter referred to as “Bank”).
  • These terms & conditions (hereinafter referred to as “Terms & Conditions”) shall be in addition to and not in derogation of any other terms applicable to the FedMobile Application and/or the Account as stipulated by the Bank from time to time.
  • By using the Facility, the Customer shall be deemed to have (a) unconditionally accepted these Terms and Conditions; and (b) accorded his/her consent to the Bank for capturing/processing transactions initiated by the customer for providing the Facility. The Customer further undertakes to abide by these Terms and Conditions, including any amendments/revisions/modifications made thereto by the Bank from time to time.
  • This Facility is available only for Customers who have an operative savings account with the bank and who have registered for/installed FedMobile Application.
  • This Facility is not intended for checking the present account balance or list of all transactions. This Facility is to be used for analyzing Customer spends versus budgets, if any set by the Customer.
  • This Facility does not endorse any spending behavior neither does it criticize/ comment on Customer spends/ debit transactions.
  • This Facility automatically categorizes the Customer spends into different categories for better analysis.
  • Spends/ debit transactions from all operative accounts of the Customer linked to his/her customer id will be captured by the Facility for categorization.
  • The categorization of spends is carried out based on the MCC codes of transactions & keywords that has been configured in the Facility from time-to-time.
  • This Facilty is provided on “as is” basis without any guarantees or warranties on the part of the Bank. The Bank does not guarantee that the Facility will be error free. In case of any error in the Facility, the only obligation on the part of the Bank would be to rectify the error within a reasonable period of time. All transactions do not provide MCC codes, in which case the Facility will not be able to automatically categorize the Customer spends.
  • All Customer spends/ debit transactions done till the previous day (T-1) will only be listed on the Facility at a given point of time. All debits/ spends done on a particular day will be updated on the application on the next day before 9am. The Bank shall take reasonable efforts to ensure that this timeline is met. However, the Bank does not guarantee that this timeline would be met at all times.
  • Credit transactions will not be listed/ processed by the Facility.
  • Debit transactions/ spends will be listed only for the current month & 5 months previous to the current month, in total for a period of 6 months.
  • Transactions that cannot be automatically categorized will be grouped as “Uncategorized Transactions”. An option will be provided to the Customer in the Facility to either manually categorize such transactions or split such transactions into multiple categories.
  • Once transactions are manually categorized, they can neither be further categorized to any other categories nor mark them as uncategorized.
  • The categorization of transactions done using the Facility will not be reflected on any other application/platform of the Bank.
  • The Facility has been set with a logic for categorization of transactions, which may be varied by the Bank at its sole discretion as per the requirements, for better categorization.
  • The Customer will be able to set or modify budgets for individual categories only for the current month and not for previous months. However, the Facility will historically depict the budgets for the previous 5 months as well, in the form of a line graph for Customer’s information.
  • The Facility will indicate in color codes the position of spends/ debits versus the budgets set by the Customer.
  • The Facility will show a pie-chart depicting the categorization of Customer spends under “Your expenses” option. Only top 6 categories will be shown for better viewability.
  • Only the last 4 digits of Customer’s account number will be shown along with default account name as “Savings”.  The Customer will be able to alter the default account for easy reference in case the Customer is having multiple accounts.
  • If there are NIL spends in Customer’s account(s), no entries/ graphical depiction will be shown.
  • The Customer will not be able to download the graphical depictions/ details provided in the Facility.
  • In case Customer notices any error in details being depicted or if there is any suggestion on the functioning of the application, the Customer may please e-mail to contact@federalbank.co.in or call 1800 425 1199 or report to any bank employee by visiting one of the branches/ offices of the Bank.
  • The Bank will treat the Customer spend analysis information as confidential and will not disclose the same to any third party except to its employees, partners and service providers on a need to know basis. 

 

 

BYOM - General Terms and Conditions

1. The Loan is sanctioned at the sole discretion of The Federal Bank Ltd (hereinafter referred to as "Bank"). The Bank reserves the right to decide your eligibility for the Loan as per its internal policies and guidelines.

 

2. Your availing of the Loan shall be deemed to be your unconditional acceptance of the terms and conditions of the Loan as contained herein and you shall be bound by the same.

 

3. The Loan shall be disbursed directly to your Operative Account specified in this e-mail, upon completion of the formalities.

 

4. By availing the loan, you hereby unconditionally agree, confirm, declare and undertake as follows:

a. That you shall utilize the loan only for your genuine lawful personal needs and not otherwise.

b. That under no circumstances the proceeds of the loan shall be used for speculative purposes.

b. That Loan shall carry Interest at the rate specified in this e-mail. The Interest shall be applied to the Loan on daily diminishing method.

c. That you shall repay the Loan as per the Repayment Terms specified in this e-mail. You shall keep sufficient credit balance in your Operative Account for servicing the Loan.

d. That Processing Fees at the rates specified in this e-mail, shall be paid up front.

 

5. The Loan once processed and disbursed cannot be cancelled. The Interest Rate, Processing Fees and Tenure applicable to the Loan confirmed at the time of availing the Loan cannot be changed.

 

6. The Loan can be pre-closed at any time during the tenure. 

 

7. Effective from 1st July 2017, GST is 18%, which is subject to change and will be applicable as per Government regulations. 

 

8. In the event of your default in repaying the Loan together with applicable interest, charges, taxes and costs and/or in adhering to the terms and conditions contained herein,

a. You shall be liable to pay additional/penal interest.

b. The entire amounts outstanding in the Loan account shall be payable forthwith on demand. However, the Bank may at its sole discretion permit you to continue with the Loan subject to your payment of overdue amounts.

c. The Bank shall be entitled to report your name to CIBIL/RBI or any other statutory, regulatory or rating agencies.

d. The Bank shall be entitled to initiate such other legally permissible measures against you for recovering the amounts outstanding under the loan account, in terms of the Bank`s Loan/Debt Collection Policy.

 

9. The Bank reserves the right at any time, without previous notice, to add, alter, modify, change or vary all or any of these terms and conditions. All disputes, if any, arising out of or in connection with or otherwise relating hereto shall be subject to the exclusive jurisdiction of the competent Courts/Tribunals in Kerala only.

 

10. You agree and declare that the Bank shall have an unqualified right to assign the Loan to any other Bank/Financial Institution/NBFC of Bank`s choice, for which purpose no further consent or concurrence shall be required from your part.

 

Online Loan Facility

I/We understand that

1.       The online loan facility is available to only individuals having deposits in the sole name but not available against the deposits in joint names/minor names/FCNR deposits/deposits in the name of third parties and Companies.

2.       The monthly/quarterly/half yearly interest payable, if any, will be automatically diverted to the new loan account. In case the interest payout is mandated for any existing loan account, the OD facility would not be available unless this is changed by the Home Branch.

3.       Withdrawal/transfer of fund from OD accounts (Federal Easy Cash & Fed Rise) can be made using FedNet and FedMobile facility. However, in case of AAD (Term Loan facility), loan proceeds will be disbursed to operative/savings accounts.

4.      Credit / deposit in the loan account can be done by cash deposit form any branch or transfer from any deposit branch or transfer through Fed Net.

5.      The bank shall re-fix the overdraft limit/DP suitably as per the norms of Federal Easy Cash / Fed Rise Schemes at its own discretion as per the norms applicable from time to time.

6.      The bank shall debit periodical interest and processing fee and other charges to the Overdraft facility or any other account in my / our name/s.

7.       Closure of loan account at maturity of the deposit or end of the loan tenure closure of account will be done by adjusting the maturity proceeds of the deposits without further notice.  Excess amount if any after closing the loan account will be credited to the operative account.

8.       Closure of loan account before maturity will be done on your request through Fed Net/FedMobile with an option of transferring the funds from the operative account.  However, option of closing the loan by set off against deposit is not available through FedNet.  Set off against deposit can be exercised at the branches only.

9.       Loan proceeds will be utilized for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/plantation activities or for investment in real estate business if the loans are availed against NRE/NRO deposits.

10.   The facility of premature withdrawal of NRE/FCNR deposits shall not be available where loans against Such deposits are to be availed of.

11.   Loan proceeds shall be credited to NRO account only if the loans are availed against NRE/NRO deposits.  Withdrawal of funds through cash/transfer to NRE account will not be permitted.

12.   Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels if the loan is availed against NRE/NRO deposits.

13.  The loan is also subject to other terms and conditions as may be prescribed by the bank from time to time.

I /We agree that the bank shall have a general lien on the security mentioned above for the present borrowing as well as for any other existing or future liability against me/us.

Regarding disposal of principal/interest/benefit of the above deposit/account, I/We authorize you to

1.       Credit all the interest/benefit due to me/us on the above deposit/FSF account to the loan account.

2.       If the loan account is not closed on the due date, I/we authorize the bank to close the deposit, even prematurely with applicable terms & conditions and settle the loan dues. Balance if any, after settling the loan may be credited to my/our operative account.  On bank settling the dues by closing the deposit as discussed herein, I/we understand that the related deposit receipt will no longer be valid, and it will be returned to the bank.

3.       Adjust balance amount, if any, due to me/us towards any other liability/dues I/We owe to the Bank.

4.       Close/surrender the deposit account without reference to me/us and set off the proceeds towards all my/our exiting/future liability to you.

 

I/we further declare and agree that the bank has got the full power and authority to set off the schedule mentioned deposit(s) with interest accrued there on for the repayment of the outstanding balance, including interest/charge etc. against any of my/our liability, existing and/or future whether as borrower or co-obligant or guarantor.

This cancels all or any previous instructions I/We have given with regard to disposal of principal/interest/benefits in the above accounts.

I/We agree that the Bank may at its discretion, enhance the rate of interest herein mentioned and I/We will be bound to pay the same.

I/We declare that we have read and understood all the terms and conditions above.

 

 Loan Requests 

 

Request through FedMobile would not by itself ensure sanctioning of the loan and the same would be subject to fulfilment of various other terms and conditions also. 

 

Closure of Loans 

 

The facility of loan closure is only available for loans which are availed against deposits, through Fedmobile. For all other types of loans, the loan account closure will have to be done by visiting the bank branch. 

 

FEDERAL SBI CREDIT CARD 

 

1. The customer hereby declares that the information provided by them in this form is true, correct and complete in all respects and authorize Federal Bank, SBI Card & Payment Services Private Limited (" SBICPSL") or its affiliates & associates to verify any information provided by them or to verify their information from credit bureau. The customer hereby advises that they are maintaining their Account with Federal Bank and on the strength of this account they are applying for an SBI Credit card. The customer hereby authorizes Federal Bank to share the information of any account required by SBI Card solely for the purpose of issuance SBI Credit card in their name. The customer also authorizes international Usage to be enabled on their card.  

 

2. The customer has read and understood the contents of this SBI Credit Card application form, Most Important Document and accepts the Arbitration clause in the Cardholder Agreement and hereby apply to SBI Cards and Payment Services Pvt. Limited ("SBICPSL") for the issuance of a Primary/ Additional Credit Card ("Card"). The customer confirms that they have received and read the MITC (Most Important Terms & Conditions at https://www.sbicard.com/en/most-important-terms-and-conditions.page) and product details and is aware that it is available for reference on the SBI Card website, sbicard.com. The MITC provided is in English language and they are fully conversant with English to understand the MITC and would request SBI Card to provide any further information in English language.  

 

3. Notwithstanding any earlier instructions given by them, the customer hereby authorizes SBICPSL and express their consent for sharing any information pertaining to them (details mentioned in the application form and/ or any other document, transaction details) to Federal Bank or such person, organization , agency as SBICPSL may deem necessary and also consents and authorizes Federal Bank or SBICPSL to send them SMS/email alerts or make calls on their Registered mobile number for the purposes of operation of the card, marketing and offering of various products and services of SBICPSL through agent(s) and/or any third party(ies) or any of the product(s) of its group companies, subsidiaries, affiliates, cobrand partners.  

 

4. Federal Bank or SBI Cards and Payments Services Private Limited shall not be responsible for any subsequent withdrawals of the benefits on the contributions made by the Cobrand Card Partner and related entities under this programme. Accordingly, SBICPSL specifically disclaims any liabilities on any matters arising therefrom. All documents submitted in support of the application shall become the sole and absolute property of SBICPSL. The customer understands that Date of Birth mentioned on the PAN Card will be treated as the final one for SBI Card application processing.  

 

5. The customer is maintaining a Savings Bank Account with the Federal Bank and they hereby unconditionally and irrevocably authorize the Federal Bank to (i) share the details of the transactions in their above Account with SBICPSL, (ii) to debit their above Account and to set off the balance in the said account at any point of time towards outstanding balance payable on the SBI Credit Card by them to SBICPSL ,if the dues payable by them on the SBI Credit Card remains unpaid and/or becomes overdue for more than 3 days, even if the balance in their above SB account becomes zero. The customer further agrees that the Federal Bank will not be held liable for dishonor of cheques and/or consequent loss suffered or incurred by them on account of such debit or set-off effected by the Bank from their SB account. The customer further agrees that if they make direct repayment of the dues /balance payable if any to SBICPSL in the intervening period after such debit/set-off, the excess payment received by SBICPSL will be directly settled between SBICPSL and them by way of refund from their credit card account, as per the prevailing policies of SBICPSL and Federal Bank shall have no liability whatsoever in this regard.  

 

6. The customer(s) hereby also instruct us to debit from their savings/salary savings accounts with such amounts as may be requested by SBICPSL from time to time against the payment of their SBI Cards. They choose to pay their monthly SBI Credit card Total Amount Due (TAD) or Minimum Amount Due (MAD) subject to funds available in their saving/ salary saving account.  

 

7. The customer hereby confirms that they shall not dispute any amount so debited from their aforementioned Bank account, pursuant to the request raised by SBICPSL. The customer(s) shall not revoke or cancel this Mandate, without giving prior written notice of less than 30 days to both, the Bank and SBICPSL. 

 

General Terms and Conditions applicable to Investment Services (InstaInvest) – Mutual Funds facility

Declaration: 

1. I / We hereby confirm that, I/We have read, understood, are agreeable to and undertake to abide by the “Terms & Conditions” as applicable to [Federal Bank / Equirus Wealth] services set forth herein below and also on the websites www.federalbank.co.in and https://www.equiruswealth.com/. I/We understand that any changes/updation in “Terms & Conditions” applicable to these services would be available on the mentioned website(s)  only and I/We hereby expressly waive the requirement of separate notice for the same. 

2. I/We hereby agree and understand that my/our [Investment) Account referred to above shall be registered for the [mutual fund] facility within 5 working days after submission of a valid and complete application form along with the applicable documents . I/We also agree and understand that Federal Bank / Equirus Wealth at their sole discretion facilitate Investment Account creation using my/our signature(s) uploaded on the platform or as available in the Bank’s records, without necessitating physical form submission.

3. I / We hereby acknowledge and agree that by availing the facility of [investment] services, the [investment] services shall be linked to my / our savings account held with [Federal Bank] and as specified during the registration process. All communications that may be sent by [Federal Bank / Equirus Wealth] with respect to [investment] services shall be sent as per the communications details available in [Federal Bank] records with respect to the above-mentioned savings account, unless otherwise specified as per [investment] policy / process. 

4. I / We understand that the manner of providing instructions to [investment] with respect to the [investment) services being availed by me/us shall be the same as that of the savings account selected during the registration process. 

5. In the event the holding pattern for mutual fund units specifies more than one Holder then mode of operation for the mutual fund units will be “either or survivor”. In the event the holding pattern for mutual fund units specifies only one Holder then mode of operation for the mutual fund units will be “single”. 

6. I / We declare that the particulars and  information given during the registration process (and all documents referred or provided therewith) are true, correct, complete and up to date in all respects and I have not withheld any information. I / We understand that certain particulars given by me / us are required by the operational guidelines governing banking companies.  

7. I / We hereby authorize [Federal Bank / Equirus Wealth] to share with relevant entities and bodies all / any information being provided during the registration process and information pertaining to the savings account mentioned herein, as may be required for the purpose of online investment in mutual funds and as [Federal Bank / Equirus Wealth] may deem fit in this regard. 

8. I / We understand that [Federal Bank / Equirus Wealth] reserves the right to reject any registration in its sole and absolute discretion and without providing any reason whatsoever. 

9. I / We hereby undertake to keep [Federal Bank / Equirus Wealth] informed of at all times, of any change /alteration in my/our particulars furnished during the registration process to [Federal Bank / Equirus Wealth] and authorize [Federal Bank / Equirus Wealth] to update any change / alteration in my / our aforesaid particulars that [Federal Bank / Equirus Wealth] may be informed of by me/us and/or is brought to the notice of [Federal Bank / Equirus Wealth] and hereby authorize [Federal Bank / Equirus Wealth] to contact me/us on such changed/altered particulars. I / We shall be solely responsible to ensure that [Federal Bank / Equirus Wealth] has been informed of the correct particulars for communication. I / We agree to indemnify [Federal Bank / Equirus Wealth] against any fraud or any loss or damage suffered by [Federal Bank / Equirus Wealth] due to my/our providing of any incorrect particulars and / or failure on my/our part to communicate the change/alteration in my/our aforesaid particulars. 

10. I / We further agree that any false / misleading information given by me / us or suppression of any material fact will render my / our savings account and / or the [Investment] services being provided to me / us liable for termination. 

11. I / We declare that all details in my /our relationship record are true and correct and any instruction given to [Federal Bank / Equirus Wealth] to transact business on my/our behalf shall be in due conformity with the applicable laws as may for the time being be in force. 

12. Any tax implications arising out of any transactions entered in to pursuant to these Terms & Conditions would be as per the provisions of the Income Tax Act, 1961, or any modification or re-enactment thereof. I / We agree and declare that any and all tax liability will be my/our sole responsibility. I / We shall execute and deliver to the Bank, from time to time such other documents as may be specified by the Bank for compliance or updating of records if any. I / We have read and understood the Terms & Conditions, including those excluding / limiting your liability and agree to be bound by the same. 

13. I / We have read and understood the registration and other charges as specified in the Tariff guide available on the website of [Federal Bank / Equirus Wealth]. I / We agree and understand that these charges are subject to change from time to time and shall be updated on [Federal Bank / Equirus Wealth] website(s) only and I/We hereby expressly waive the requirement of separate notice for the same. 

14. I / We hereby understand that by registering for [Investment] services, I /We are not being provided any advisory services and all the investment decisions shall solely be mine/ours. I/We further undertake to read and understand the terms and conditions applicable for transactions carried out through the Investment Services, as provided in Investment Account Opening Form prior to carrying out the transactions. 

15. I / We hereby understand that mutual fund investments are subject to market risks and that I / We shall read the relevant offer documents carefully before making any investments. 

16. I / We understand that any matter/dispute with respect to nomination and deceased claims with respect to mutual fund units shall be settled by me/us directly with concerned Asset Management Company / Mutual Fund without any reference to [Federal Bank / Equirus Wealth]. 

17. I / We understand that prior to terminating [investment] services being availed by me/us, I / We shall be required to redeem all the mutual fund units availed through [investment] services or the folios created through [investment] services shall need to be converted into offline folios as per applicable process. 

18. Federal Bank / Equirus Wealth has Opted Out of transaction charges for all Mutual Fund schemes. Hence no transaction charges will be levied on purchases of any Mutual Fund products. Consequently, the respective Asset Management Companies (AMCs) will issue Mutual Fund units equivalent to the subscription amount to the investors without deducting transaction charges. I / We understand that Federal Bank / Equirus Wealth can any time opt in for transaction Charges. The charges are subject to change from time to time. 

19. I/We understand that pursuant to Indian Stamp (Collection of Stamp Duty through Stock Exchanges, Clearing Corporations and Depositories) Rule, 2019 starting 1st July, Stamp Duty is applicable at the instance of investment, on all categories of Investors - Individuals, HUF, NRIs, Corporates & Non-Individuals. I/We understand that all categories of schemes, including but not limited to - Equity, Debt, Liquid etc. will call for Stamp Duty charges. I/We understand and acknowledge that all categories of transactions - Purchase, Switch, SIP, STP, Dividend Reinvestment, Units bought on Exchange also attract stamp duty. I/We understand that the Stamp Duty Rate as on 1 July, 2020 is 0.005%, subject to change or cancellation without notice. I/We acknowledge that the Mutual Fund AMC shall deduct the Stamp Duty from the subscription amount paid by the investor & allocate units for the balance amount.

I/We hereby nominate, appoint and constitute [Federal Bank / Equirus Wealth] as my/our true and lawful Mandate Holders/Authority Holders to do, execute and perform or cause to be done, executed and performed, the following acts, deeds and things or any of them for and on my/our behalf namely: 

1. To submit applications / other relevant documents for the various investment products / services, as instructed by me/us, including but not limited to, mutual fund issued by any Mutual Funds/ Asset Management Companies (“AMC”) or such other relevant entity.

2. To do all such things that are incidental to the Purpose. 

3. To have first and paramount lien on Bank Account or any Bank Account(s) as may be instructed by me/us and to exercise such lien in the event of any loss suffered/costs incurred on account of any transaction done/executed by [Federal Bank  / Equirus Wealth] on my/our behalf for the Purpose. 

4. To share the details of my/our Bank Account(s) to a third-party service provider or to any of the affiliates/subsidiaries of [Federal Bank  / Equirus Wealth] by virtue of I/We using/subscribing to any of the facilities/services provided either by [Federal Bank  / Equirus Wealth], or through a third-Party service provider or to any of the affiliates/subsidiaries of [Federal Bank  / Equirus Wealth]. 

5. To do all such acts, deeds and things as may be necessary for or incidental to provision of services and facilities to me/us including giving intimations, confirmation, undertaking etc. on my /our behalf.  

6. To appoint or remove any agents or substitute or substitutes with all or any of the powers herein contained in order to enable such agent of substitute(s) to exercise all or any of the powers given by me/us to [Federal Bank  / Equirus Wealth]. 

7. To retain all originals of documents executed by me/us. 

8. AND GENERALLY, to do or cause to be done every other acts, deeds, matter or things as [Federal Bank  / Equirus Wealth] may deem necessary or expedient for the purpose of or in relation to these presents. 

9. I/We hereby ratify and confirm and agree to ratify and confirm all that [ Federal Bank  / Equirus Wealth] or any of its officer or officers shall do or cause to be done in or concerning the premises by virtue of these presents. 

10. I/We hereby agree and confirm that this Letter of Authority shall be cancelled or revoked only upon furnishing an advance written notice of 30(thirty) days to [Federal Bank / Equirus Wealth]. These documents shall be subject to the jurisdiction of the Courts in [Ernakulam].  Any dispute between Customer and the Bank/Equirus with regard to the transactions done will also be subject to the jurisdiction of the competent Courts at Ernakulam.

  

Terms and Conditions applicable to Transactions carried out through Investment Services offered by The Federal Bank Limited (“Federal Bank”)  and  Equirus Wealth Private Limited (“Equirus Wealth”):

Disclaimer 

Federal Bank / Equirus Wealth provide investment services as distributors of  third-party investment products and do NOT provide investment advisory services in any manner or form. Investment products do not pertain to Federal Bank / Equirus Wealth Investment Products.

(i) are not bank deposits or obligations of or guaranteed by Federal Bank or any of its affiliates or subsidiaries; 

(ii) are not insured by any governmental agency and  

(iii) are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results/returns, invested amount is subject to market risks which may result in appreciation or depreciation. The ownership of any investment decision(s) shall exclusively vest with the Investor and such investment decision(s) shall be taken by the Investor only after analysing all possible risk factors and by exercise of his/her/its independent discretion. Federal Bank / Equirus Wealth shall not be liable or held liable for any consequences thereof. 

Investment products are not available to US persons, Residents of Canada and may not be available in all jurisdictions. By making any investment, the Investor confirms his/her deemed acceptance to the conditions mentioned herein. Investment products are distributed by Federal Bank / Equirus Wealth on a non-discretionary and non-participation basis. The final investment decision shall at all times exclusively remain with the Investor. 

Investor investing in investment products acknowledge that: (i) the third-party product provider may invest in products denominated in non-local currency; (ii) there could be risk of exchange rate fluctuations, which may result in loss of principal or erosion of value of investment.  

This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. Please exercise diligence by reading & understanding the Key Information Memorandum(s)/Scheme Investment Document(s) & Statement of Additional Information/Term Sheet/Prospectus carefully before investing and no claim whatsoever shall be made against  Federal Bank / Equirus Wealth or any of their affiliates or subsidiaries and / or employees claiming any influence/recommendation/advice/responsibility/liability as against your decision to invest in any investment product. 

Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). Investor acknowledges that, there may be various actual or potential conflicts of interest between Federal Bank or their affiliates or subsidiaries and that of an Investor itself, as a result of the various investment and/or commercial businesses and/or activities of the Connected Persons. The Investor shall be deemed to have accepted, on purchasing/ subscribing / investing to a particular Investment Product(s), that any such conflict may exist and may be prejudicial to an investment in the Investment Product(s). 

Acknowledge 

I/We acknowledge that, these Terms and Conditions are in addition and supplemental to the General Terms and Conditions applicable to Investment Services offered by Federal Bank / Equirus Wealth and in case of any conflict between the same, General Terms and Conditions applicable to Investment Services shall prevail. 

Authorise 

Investment Products related services instructions shall only be processed provided there is sufficient balance in the Bank Account to cover the purchase price and to cover all other costs, fees and charges which are payable in connection with such transactions. Federal Bank / Equirus Wealth shall on a best effort basis endeavour to execute such transactions, however Federal Bank / Equirus Wealth shall not be responsible for the non-execution of my/our instructions. I/We hereby expressly authorise Federal Bank / Equirus Wealth to do, perform or execute these instructions at my/our risk and cost, all or any of the following acts, deeds, matters and things: 

(i) To share my signature and details with BSE for Investment Account creation and One Time Mandate creation, to facilitate future transactions.

(ii) To execute all investment transactions so instructed by me/us with regard to the various Investment Products distributed by Federal Bank / Equirus Wealth on my/our behalf and to pay for the units/securities so purchased, on my/our instructions. 

(ii) To receive the account statement pertaining to the above said units/securities from third party product providers. 

(iii) To execute all investment transactions so instructed by me/ us with regard to the various units/securities held by me/us (whether solely or jointly with others) at my/our express instructions and to receive the payment of the redemption/sale price and acknowledge receipt of the same, based on my/our instructions. 

(iv) To collect, receive and discharge any sum including dividend, interest or income arising from the units/securities. 

(v) To facilitate credits of all monies in an account opened in my/our name received from all third-party product provider(s) with Federal Bank / Equirus Wealth and to make such debits in the said account as may be necessary for payments with respect to purchase of units/securities and any attendant costs in connection therewith. 

(vi)  To give instructions and orders to brokers and agents at our express confirmation for the purposes of sale, purchase, transfer of the Investment Products. 

(vii) To transfer funds from my account directly to a third-party product provider/broker/agent, on my/our behalf. 

(viii) To correspond with and give notice to third party product provider on my/our behalf. 

(ix) To disclose, exchange, share or part with all/any information relating to me/us or my/our Account with the third-party product provider (or any other third party so authorized by the third-party product providers) or any regulator and/or service provider of Federal Bank / Equirus Wealth. 

(x) To instruct the third-party product providers to make note of instructions with regard to nomination/change in investment plan/any other changes. 

(xi) To employ agents and managers on my/our behalf. 

Declare 

(i) My/our Federal Bank / Equirus Wealth Investment account will be classified as a ‘Recommended’ Account. Within a Recommended Account, Federal Bank / Equirus Wealth may recommend products to me/us and conduct risk-based assessments of transactions in my/our account from time to time however the final investment decision rests with me/us. All transactions so concluded shall be deemed to be Solicited unless otherwise intimated by me to Federal Bank / Equirus Wealth as Unsolicited Transactions. On the basis of these assessments, Federal Bank / Equirus Wealth may recommend that I/we desist from concluding a particular investment transaction. 

(ii) That all investments so proposed to be made by me/us will be required to be commensurate to the Knowledge and Experience (K&E) with regard to such products, so confirmed by me/us in the Individual Risk Profile Questionnaire/Corporate Investment Declaration Form, as the case may be. Further, Federal Bank / Equirus Wealth shall be within its rights to refuse any transactions which do not confirm to the above requirements. 

(iii) That all transactions so proposed to be concluded by me/us are subject to Federal Bank’s / Equirus Wealth’s internal policies and suitability assessment criteria as may be amended from time to time and Federal Bank / Equirus Wealth shall be within its rights to refuse any transactions which do not confirm to the same. That in case I/We choose to invest into sophisticated financial products (complex products) as assessed by Federal Bank / Equirus Wealth from time to time, the same shall mandatorily be subject to an enhanced transaction suitability review. 

(iv)  That I/We shall be responsible to ensure that the Common Transaction Form is complete, and all details as required herein are duly filled up. 

(v) That I/We shall consult our independent legal and tax advisors, as necessary, for legal or tax advice. 

(vi) That all the particulars given herein are true, correct and complete to the best of my/our knowledge and belief. I/We further agree not to hold the Mutual Fund House/Asset Management Companies /Third Party Product Providers and Federal Bank / Equirus Wealth liable for any consequences in case of any of the above particulars being false, incorrect or incomplete. I/we shall not hold Federal Bank / Equirus Wealth liable on account of Federal Bank / Equirus Wealth acting in good faith on any of my/our instructions. Federal Bank / Equirus Wealth may at their discretion not carry out instruction(s) from me/us where Federal Bank / Equirus Wealth has reason to believe that the instructions are not genuine or are otherwise improper or unclear or raise a doubt. I/We shall not question or dispute this decision of Federal Bank / Equirus Wealth. Federal Bank / Equirus Wealth shall not be liable if any instructions are not carried out for any reason whatsoever and/or for any contrary instructions so provided by me/us to the AMC. 

(vii) That any and/or all Purchase/Switch/ Sale instructions shall be processed only if there are sufficient funds in the Account to cover the purchase price and to cover all other costs, fees and charges which are payable in connection with such transactions. 

(viii) That Federal Bank’s / Equirus Wealth’s schedule of charges /fees may be changed/modified by Federal Bank / Equirus Wealth from time to time at its sole discretion with prior notice in case of any increase in the charges/fees and I/We hereby expressly waive the requirement of separate notice, in this regard. 

(ix) That the role of Federal Bank / Equirus Wealth hereunder is limited to acting as my/our agent for giving effect to my/our instructions as provided hereinabove 

(x) That any notice or other correspondence addressed by Federal Bank / Equirus Wealth to me/us may be sent by Federal Bank / Equirus Wealth at the mailing address /electronic mail address as Federal Bank / Equirus Wealth may be aware of as the current address of the first holder. 

(xi) That I / we can view the current Schedule of Commissions of Federal Bank at https://www.federalbank.co.in/documents/10180/24810104/Mutual+Funds+SOC.pdf/36b038fe-9856-3af4-d5f5-d21852566ee5?t=1596777801346 and Equirus Wealth at https://www.equiruswealth.com/PDF/General%20SOC.pdf and that the Schedules of Commissions may be varied from time to time without notice to me/us. 

(xii) That I/we confirm having perused the Schedule of Commissions. I/We acknowledge the commissions the distributor earns / would earn from the different AMCs /Third Party Product Providers in which I/we are investing along with details of the commissions that distributor earns / would earn from competing schemes of various AMCs /Third Party Product Providers. 

(xiv) That in the event of me/us providing direct instructions to the AMC or their agents, then Federal Bank / Equirus Wealth shall not be liable/responsible in this regard for any reason whatsoever. All such transactions including but not limited to the following so initiated by me/us directly with the AMC shall be at sole risk and responsibility of me/ us: 

(a) For any losses, depletion in value and amount, costs, that may be incurred and /or suffered by me/us in respect of the holdings so maintained by me/us with Federal Bank / Equirus Wealth; 

(b) For any details being reflected onto the systems of Federal Bank / Equirus Wealth, the same shall be on a best efforts basis on and after receipt of such information/ suitable updates from the AMC. 

(c) For any and/or all Non-Financial Transactions, Federal Bank / Equirus Wealth shall not be liable for any change in record and the same shall only be effected in Federal Bank’s  / Equirus Wealth’s records on appropriate intimation to this accord being made to Federal Bank / Equirus Wealth by me/us and/or the AMC (as applicable) in the form and manner as deemed acceptable by Federal Bank / Equirus Wealth; In all such cases the AMC shall be required and responsible for maintaining appropriate records at its end I/We understand that I/We will need to update Federal Bank / Equirus Wealth directly of relevant changes being effected by me/us directly with the AMC, failing which Federal Bank / Equirus Wealth shall not be in position to reflect the same on its records; 

(d) For existing transaction concluded through the offices of Federal Bank / Equirus Wealth the same shall be reflected in the Folio no. so maintained and reported by Federal Bank / Equirus Wealth on a best efforts basis; 

(e) For any incorrect portfolio details, dividend processing and payout including reinvestment, subscription/switch into such Schemes of the AMC notwithstanding that such investment may be reflected by the AMC under Federal Bank’s / Equirus Wealth’s ARN; 

(f) For any such investment made by me/ us, the same shall be deemed to be Unsolicited Transactions 

(g) For rejection of the proposed investment in case the same is rejected by the Mutual Fund on account of any lacunae in the form and / or contrary instructions so provided to the AMC; 

(h) For any investments so made by me/ us in such Schemes of the AMC which have not been approved by Federal Bank / Equirus Wealth, I/We shall be liable for tracking the same notwithstanding that such investment may be reflected by the AMC under Federal Bank’s ARN   / Equirus Wealth’s ARN.

(i) For any acts not attributable to Federal Bank / Equirus Wealth on account of the me/us providing direct instructions to the AMC. 

(j) That it is my/our responsibility to inform Federal Bank / Equirus Wealth of any transaction (sale/purchase) effected in my/our Market Linked Debentures. 

Other Declarations 

• I / we confirm that the KIM (Key Information Memorandum) / SID (Scheme Information Document), with Addenda of the relevant mutual fund scheme, Schedule of Commissions, Federal Bank  / Equirus Wealth Transaction Fee Grid, Term Sheet of the MLD, Prospectus of Bond(s) I/We are investing in, have been shared with me/us. 

• I / We have read and understood the KIM/SID including the addenda issued till date, and the Schedule of Commissions, and fully understand the associated risks and returns of the Fund(s) which I/We intend to invest. I/we understand that Mutual Funds are not obligations of or guaranteed by Mutual Fund Houses or Asset Management Companies

 or Federal Bank / Equirus Wealth. 

• I/We agree to abide by the Terms and Conditions, rules and regulations of the Mutual Fund Schemes as on the date of this investment and confirm that the monies invested in the scheme legally belongs to me/us.  

• I/We understand that SID should be read in Conjunction with the Statement of Additional Information (SAI) at all times and not in isolation. 

• I/We shall at all times keep myself/ourselves updated and informed of the relevant SIDs/KIMs of the Mutual Fund Houses / Asset Management Companies. 

• I/We have neither received nor been induced by any rebate or gifts, directly or indirectly in making this investment. This confirmation shall be deemed to be re-confirmed and be effective for every instruction for Investment from me/us to Federal Bank / Equirus Wealth. 

• I/We understand that the value of my/our mutual fund units can fluctuate. If I / We sell / redeem the mutual fund units, I / We may receive more or less than the amount I / We paid depending upon the market value of the mutual fund units at the time of redemption and that past performance is not a guarantee of future performance and a fund's past performance should not be considered an indication on or guarantee of future performance. 

• I/We acknowledge that the term “United States Person” or “US Person”(s) refers to: (a) a United States Citizen, and/or ; (b) a United States resident; meaning a green card holder, or (c) an individual physically present in the United States for 31 days in the current calendar year and 183 days during the 3 year period that includes the current year and the two years immediately before that, counting, (i) all the days present in the US in the current year, (ii) 1/3 of the days present in the US in the first year before the current year, and (iii) 1/6 of the days present in the US in the second year before the current year; and it could also include Clients with a US address and/or, Social Security Number. For Companies / Corporations it refers to: (a) a corporation, partnership or entity organized or existing under the laws of any state territory or possession of the United States; (b) an estate or trust of which any executor, administrator or trustee is a United States Person; (c) an agency or branch of a foreign entity located in the United States; and it could also include Companies with US address and/or; Companies owned or controlled by a US Person (ownership of 10% or more by a US Person). 

• I am/we are not - Residents of Canada, US Person. I/we further declare and undertake that I/we shall, immediately upon becoming a Resident(s) of Canada, US Person, person not resident in India who is a Non-Resident Indian (s), or a Person of Indian Origin inform Federal Bank / Equirus Wealth of such change in my status. 

• I am/we are not a US person for purposes of US federal income tax, and that I am not acting for, or on behalf of, a US person. I am not resident in the US. I acknowledge that a false statement or misrepresentation of tax status by a US person could lead to penalties under US law. If my tax status changes and/or I become a US citizen or resident of the United States or change my mailing address to the USA, I undertake to notify Federal Bank / Equirus Wealth within 30 days of such change in status.  

• In the event, I become a US person, Residents of Canada, person not resident in India who is a Non Resident Indian (s) or a Person of Indian Origin, I agree that Federal Bank / Equirus Wealth shall be entitled to do all acts and things it deems necessary, including but not limited to (i) blocking of account through the Federal Bank Online Platform (FEDNET) and Federal Bank Mobile Platform (FEDMOBILE); (ii) closure of my/our account, (iii) non-acceptance and/or rejection of any instructions provided by me to purchase any investment product, (iv) liquidation of the affected assets and/or (v) a transfer of my account to an alternate vehicle; in order to ensure compliance with applicable local laws; applicable laws/rules and regulations of the customers country of residence and/or any internal policies and any execution of such transactions will be governed by the same. 

• I agree to bear all costs and expenses incurred by Federal Bank / Equirus Wealth as a result thereof. 

• I / We hereby confirm that, I/We have read, understood, are agreeable to and undertake to abide by the “Terms & Conditions” set forth at https://invest.equiruswealth.com/terms-and-condition. I/We understand that any changes/updation in “Terms & Conditions” applicable to these services would be available on the mentioned website  only and I/We hereby expressly waive the requirement of separate notice for the same. 

 

DIGITAL GOLD - TERMS OF USE 

 

PART – I 

  1. INTRODUCTION 

 

  1. THIS DOCUMENT IS AN ELECTRONIC RECORD IN TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES. 

 

  1. THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 THAT REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM. 

 

  1. PART I AND PART II OF THESE TERMS OF USE SHALL BE COLLECTIVELY REFERRED TO AS THE ‘TERMS’ AND SHALL ALWAYS BE READ TOGETHER. 
  1. DEFINITIONS 

 

  1. For the purpose of these Terms, wherever the context so requires, the term: 
  1. Bank” shall mean The Federal Bank Limited. 

 

  1. Customer” shall mean any individual, who as the counterparty transacts using the Platform for buying Gold, taking delivery of Gold and/or selling back the Gold to Digigold as outlined in these Terms. 

 

  1. Customer Account” shall mean the account created whether by You or otherwise, in accordance with these Terms.   

 

  1. Customer Account Information” shall mean the information provided by You for the purpose of creation of the Customer Account.  

 

  1. Customer Request” shall mean a Delivery Request, Sale Request or Exchange Request placed by You in relation to the Customer Gold.  

 

  1. Force Majeure Event” shall mean any event that is beyond the reasonable control of the Distributor and/or Digigold and shall include, without limitation, sabotage, fire, flood, explosion, act of God, civil commotion, strikes, lockouts or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, civil disturbances, unauthorised access to computer data and storage device, computer crashes, virus attacks, breach of security and encryption, and any other similar events not within the control of the Distributor and/or Digigold and which the Distributor and/or Digigold is not able to overcome. 

 

  1. Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization and any other legal entity.  

 

  1. "Platformshall mean, and include, the mobile application and website by the name and style of ‘FedMobile’, that the Customer accesses for the transactions, including all contents, services and technology offered through the Platform.  

 

  1. Transfer” refers to a facility to transfer Gold from a Customer Account to another Customer Account. 

In addition to the terms defined in Section 2.1, additional terms used herein shall have the respective meanings assigned thereto in the relevant sections contained hereinafter. 

 

  1. TERMS AND CONDITIONS OF SERVICES BEING PROVIDED BY DIGIGOLD   
  1. Digital Gold India Private Limited, a company incorporated under the Companies Act, 2013 with its registered office at 1902 Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra 400013, ("Digigold") will be selling gold and providing services of safe keeping/vaulting and delivery/fulfilment of gold and related services thereto to the Customers, on or through the Platform (“Services”).  

 

  1. The Gold is being offered for purchase and/or sale by Digigold under its brand name “SafeGold”. The Services are being provided by Digigold. Bank (“Distributor”) is only facilitating the Services on its Platform. The Distributor assumes no liability for the Services except for providing payment services and Customer Support in addressing the queries related to the Services. Any and all of the transactions relating to the Services are being rendered by Digigold in association with the Intermediaries (namely the Security Trustee and Vault Keeper) with whom separate agreements have been entered into by Digigold. 

 

  1. The Customers are advised to read and understand these Terms carefully before using/availing the Services. 
  1. Digigold and/or the Distributor does not guarantee any returns, on any transactions consummated vis-à-vis the Platform, to any person, either directly or indirectly. The Customer (hereinafter referred to as “You”, with the term “Your” being construed accordingly) shall be solely responsible for undertaking appropriate and effective due diligence and related analysis before undertaking any transactions pursuant to these Terms of Use. You further acknowledge and agree that Digigold and/or the Distributor and its officers, directors, employees, agents and affiliates will have no liability for Your purchase or other decisions using the Platform. 

 

  1. The Services by Digigold shall be provided for a term commencing from the date of creation of the Customer Account. 

 

  1. You understand and acknowledge that the Services are being provided and made available on an “AS IS” and “AS AVAILABLE” basis. The Platform may contain errors or inaccuracies that could cause failures, corruption or loss of data and/or information from Your device and/or any device used by You to connect to the Platform as well as from peripherals (including, without limitation, servers and computers) connected to any of the above-mentioned devices. You assume all risks and costs associated with Your use of the Services, including without limitation, any costs incurred for the use of Your device and any damage to any equipment, software or data.  

 

  1. SECURITY TRUSTEE, INTERMEDIARIES AND SAFE KEEPING ARRANGEMENT 

 

  1. Appointment of Intermediaries 

 

  1. Digigold or the Security Trustee (as the case may be) may from time to time appoint intermediaries who shall assist Digigold in providing the Services to You (“Intermediaries”). The term, “Intermediaries” shall mean the Security Trustee, Vault Keeper and shall include any and all Persons appointed by Digigold or the Security Trustee (as the case may be) upon placement of a Customer Order (and successful payment of monies in lieu thereof) till the consummation of the Customer Requests placed by You in accordance with these Terms. You hereby consent to the appointment of such Intermediaries, for and on Your behalf, by Digigold or the Security Trustee (as the case may be).  

 

  1. You acknowledge and understand that these Intermediaries have been appointed to ensure that Your Customer Orders/Customer Requests are duly complied with in accordance with these Terms. You additionally acknowledge that certain payments will have to be made to these Intermediaries for their appointment and services in relation thereto, which shall be borne by Digigold on Your behalf unless otherwise indicated in these Terms.  

 

  1. Appointment of Security Trustee 

 

  1. You hereby acknowledge and agree that in order to ensure that Your Customer Orders/Customer Requests are fulfilled in all circumstances, a first and exclusive charge on the Customer Gold by way of hypothecation will be created in favour of IDBI Trusteeship Services Limited or any successor Person (“Security Trustee”).  

 

  1. By accepting these Terms, you further agree to accede to the terms for such arrangement with the Security Trustee (i.e., a security trustee agreement) and for creation of the charge over the Customer Gold by way of a deed of hypothecation or the like (collectively, “Security Trustee Agreements”). By clicking on “I Accept”, You acknowledge that You will accede to the Security Trustee Agreements (upon such date) as if You had been named as an original party to the same and had executed each of such Security Trustee Agreements; and will be bound by all the terms and conditions of the Security Trustee Agreements.  

 

  1. In the event of any expenses or charges remaining payable to any Intermediaries or otherwise till actual delivery or fulfilment of any of Your Customer Orders/Customer Requests for any reason, including where Digigold is unable to pay these expenses or charges for any reason whatsoever, thereby adversely effecting or jeopardizing the fulfilment of Your Customer Orders/Customer Requests, then the Security Trustee will be entitled to sell part of the Customer Gold and satisfy such outstanding expenses or charges as required in accordance with these Terms read with the Security Trustee Agreements. The sums due to You and/or gold to be delivered (as the case may be), after settling the aforementioned charges, would be dealt with in accordance with these Terms read with the Security Trustee Agreements. 

 

  1. By way of these Terms, you authorize the Security Trustee to act on Your behalf to ensure that Your interests are adequately protected.  

 

  1. Safe Keeping/Vaulting of Gold  

 

  1. Gold purchased by You corresponding to the Customer Order shall be stored with a custodian in a vault on Your behalf (“Vault Keeper”).  

 

  1. You hereby authorize (i) appointment of such Vault Keeper to safe keep the gold purchased; and (ii) Digigold to store such gold products purchased by You, including, but not limited to, bullion, coins or jewellery (as the case may be) in the secured vault on Your behalf (“Customer Gold”). It is hereby clarified that Your purchase of the gold corresponding to the Customer Order shall be deemed to be completed and title in relation thereto shall be deemed to have been passed upon such relevant portion of the Customer Gold being stored in the vault with the Vault Keeper on Your behalf or upon a final invoice being issued by Digigold in accordance with these Terms, subject to applicable laws.   

 

  1. To ensure that the Customer Gold stored in such vault is adequately protected, necessary insurance policy/ies has been obtained by the Vault Keeper, where the cost of insurance to safe keep the same will be borne by the Vault Keeper. Pursuant to such insurance policy/ies, for any loss or damage to the Customer Gold stored in the vault, you further authorize the Security Trustee to act as Your beneficiary under the insurance policy/ies and to take all steps necessary to protect Your interests.  

 

  1. While the Vault Keeper has taken the necessary insurance policy/ies, in case of occurrence of an event not covered in such insurance policy/ies, the Customer Gold may be at risk. The insurance policy/ies obtained by the Vault Keeper are in line with the global industry practices and cover losses due to fire, lightning, theft, cyclone, earthquake, flood, etc. but do not cover losses due to events such as war, revolution, derelict weapons of war, nuclear radiation, etc. 

 

  1. STORAGE OF GOLD 

 

You are required to take delivery of Your Customer Gold within such maximum period as shall be specified for this purpose by Digigold from time to time on the Platform (“Maximum Storage Period”). For the purposes of making delivery to You, you are required to provide a valid address and/or any other documents/information/ biometric identification that may be specified in this regard by the Distributor and/or Digigold on the Platform from time to time. You may provide such address at any time during the Maximum Storage Period. In the event that no valid address has been provided by You during the Maximum Storage Period, then the Distributor and/or Digigold shall for a period 1 year commencing from the date of expiry of Maximum Storage Period (such period being the “Grace Period”) attempt at least once to contact You using the contact information provided by You to obtain either (i) an address to which You would require the gold in question to be delivered or (ii) Your bank account details into which sale proceeds of the Customer Gold shall be deposited. In the event that the Distributor and/or Digigold has not been able to contact You during the applicable Grace Period using the contact information provided by You or where You shall during the Grace Period either fail to: 

  1. take delivery of the gold in question for any reason whosoever (including where You shall not have provided any address to take delivery of such gold); or 

 

  1. provide the details for a valid bank account into which the proceeds of any sale of such Customer Gold is to be deposited;  

 

then upon expiry of the applicable Grace Period for the Customer Gold in question, Digigold shall purchase such Customer Gold with the purchase price being the applicable prevailing price displayed on the Platform for purchase of gold from Customers.  The purchase proceeds realized from such sale (“Final Sale Proceeds”) after deducting any amounts payable to Digigold as storage charges for storage of such gold after the Free Storage Period, shall be deposited into a no-lien bank account operated by the Security Trustee who shall be the sole signatory to such bank account. In the event that You shall during a period of 3 years commencing from the date of expiry of the applicable Grace Period (such period being the “Final Claim Period”) notify either the Distributor, Digigold or the Security Trustee that You are claiming the applicable Final Sale Proceeds, the Security Trustee shall issue suitable instructions to transfer the Final Sale Proceeds to such bank account as You shall notify for this purpose. Please note that to claim the Final Sale Proceeds You will be required to provide details of a valid bank account and that the Final Sale Proceeds will not be transferred in the absence of such details. At no time will the Final Sale Proceeds be paid to you in cash. In the event that You shall not claim Your Final Sale Proceeds within the Final Claim Period, then the Final Sale Proceeds shall be transferred to the Prime Minister’s Relief Fund or such other fund as You may designate for this purpose at any time prior to the expiry of the Grace Period. 

 

  1. FORCE MAJEURE 

If performance under these Terms is prevented, restricted, delayed or interfered with by reason of labour disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the Platform, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or failure of any device used to access the Platform, or any other act whatsoever, whether similar or dissimilar to those referred to in this section, which are beyond the reasonable control of the Distributor and/or Digigold and could not have been prevented by reasonable precautions then the Distributor and/or Digigold shall be discharged from such performance to the extent of and during the period of such force majeure event. Such non-performance by the Distributor and/or Digigold shall, in no manner whosoever, amount to a breach of its obligations herein. 

  1. TERMINATION OF SERVICES BY DIGIGOLD 

 

  1. Digigold, in its sole discretion, may modify, suspend, or terminate access to or may require the Platform to modify, suspend, or terminate access to, all or any portion of the Platform or Your ability to access any Services through the Platform at any time for any reason including termination for breach of any of these Terms or occurrence of a Customer EoD or the Privacy Policy. The term “Customer EoD” shall mean any default by a Customer of its obligations owed to the Security Trustee, under the Security Trustee Agreements provided that for the purposes of enforcing the hypothecation created by You in favour of the Security Trustee, the Security Trustee would be required to first obtain a suitable order / direction passed in its favour from a competent judicial or statutory authority having jurisdiction in the matter. 

 

  1. These Terms shall further stand terminated: 

 

  1. if Digigold is adjudged bankrupt or declared insolvent; 

  

  1. if Digigold ceases to carry on its business or has communicated to the Security Trustee any intention to cease to carry on its business;  

  

  1. if Digigold breaches any of the terms and conditions under the Security Trustee Agreements or Terms and Digigold does not remedy such breach within 60 (Sixty) days of being called upon to do so by the Security Trustee;  

   

  1. upon any corporate action (excluding any third party corporate action), legal proceedings or other procedures or steps being taken in relation to the suspension of payments, winding up, dissolution, administration, provisional supervision or reorganization or restructuring (by way of voluntary arrangement, scheme of arrangement or otherwise) of Digigold; 

  

  1. upon Digigold commencing a voluntary proceeding under any applicable bankruptcy, insolvency, winding up or other similar applicable law now or hereafter in effect, or consenting to the entry of an order for relief in an involuntary proceeding under any such applicable law, or consenting to the appointment or taking possession by a receiver, liquidator, assignee (or similar official) for the whole or a substantial part of its property or takes any action towards its re-organization, liquidation or dissolution; 

  

  1. upon an order being made for the winding up, bankruptcy or dissolution of Digigold, or an application is admitted for initiating any corporate insolvency resolution process against Digigold in accordance with Applicable Law; 

  

  1. upon any encumbrancer lawfully taking possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee or any analogous officer having been appointed in respect of the whole or a substantial part of the property of Digigold, or an attachment, sequestration, distress or execution (or analogous process) being levied or enforced upon or issued against whole or a substantial part of the assets or property of Digigold, or any action has been taken or suffered against Digigold towards liquidation or dissolution or similar reorganization; or 

  

  1. upon a liquidator or provisional liquidator being appointed to Digigold or a receiver, receiver and manager, trustee or similar official being appointed in respect of Digigold or any of its assets, or an event analogous. 

 

  1. Upon the happening of any of the events referred to in Section 7.2, and where there is any insufficiency of Digigold funds required to pay any costs and expenses to be incurred in relation to providing delivery of Your Customer Gold to You, then in such an event You do hereby authorise the Security Trustee to sell any part of the Customer Gold, that is necessary or required to defray such costs and expenses. 

 

  1. Pursuant to the Security Trustee Agreements, Digigold has created a charge by way of hypothecation in favour of the Security Trustee for the benefit of the Customers over: (a) the monies lying in the Collection Account from time to time; and (b) gold purchased by Digigold from time to time and lying with the Vault Keeper or in transit and, which is the property of Digigold; (collectively “Security”). Upon the occurrence of any of the events detailed in Section 7.1 and 7.2, the Security Trustee under the Security Trustee Agreements is to: (i) declare all outstanding amounts as due and payable to the Security Trustee forthwith; and (ii) take charge and/or possession of, seize, recover, receive and remove the Security and use the same to discharge any liability of Digigold to the Customers. You however expressly understand and acknowledge that any enforcement of the Security would always be subject to and undertaken in accordance with the provisions of Applicable Law and therefore:  

 

  1. it is not possible to accurately predict the time required to make any such distribution; and/or 

 

  1. the amount received by You from such distribution may not be sufficient to completely extinguish Digigold’s liability to You;  

 

and consequently, no liability shall accrue to the Security Trustee in relation to the above.  

 

  1. CONSEQUENCES OF TERMINATION OF SERVICES BY DIGIGOLD 

 

  1. Upon such termination for any reason whatsoever, subject to these Terms read with the Security Trustee Agreements: 

 

  1. Fractional amounts for gold holdings of less than 1 (One) gram may be sold and cash in pursuance thereto will be sent directly to Your bank account, after deducting all the requisite charges relating to appointment of Intermediaries (including but not limited to charges due and payable to Intermediaries and any other out of pocket expenses, custody charges, minting and delivery charges) (“Charges”).  

 

  1. For larger gold holdings, the Security Trustee shall (to the extent You have not already paid for all the Charges) be allowed to sell part of Your gold to pay for all the Charges to all the Intermediaries. The remaining portion of the gold shall be delivered to You in accordance with these Terms, along with the details of the deductions made and the quantum of gold that You are entitled to receive.  

 

  1. You acknowledge that the termination of Your access to the Platform and Services may be affected without any prior notice, and the Customer Account may be immediately deactivated or deleted and all related information and/or bar any further access to the Customer Account the Platform or the Services. Further, you agree that the Distributor and/or Digigold shall not be liable to You in any manner for any discontinuation or termination of Services by any third party. 

 

  1. None of Your content shall remain accessible on the Platform upon termination. This information cannot be recovered by You, once the account is terminated.  

 

  1. The disclaimer of warranties, the limitation of liability, and the governing law provisions shall survive any termination of these Terms.  

 

  1. GOVERNING LAW AND DISPUTE RESOLUTION 

 

These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts of Mumbai shall have exclusive jurisdiction over any disputes arising under these Terms. In the event of any dispute arising out of these Terms the same shall be settled by a binding arbitration to be conducted by a sole arbitrator, appointed jointly by both the parties and governed by the Arbitration and Conciliation Act, 1996. The venue of arbitration shall be Mumbai, Maharashtra, India.  

 

 

PART – II 

 

  1. CREATION OF CUSTOMER ACCOUNT AND REGISTRATION OBLIGATIONS 

 

  1. Before availing themselves of the Services, the Customer shall complete registration process as may be prescribed from time to time. The Customer shall follow the instructions given in the Platform for opening a Customer Account. The Distributor and/or Digigold shall be entitled to collect and store relevant information and documents provided by the Customer to the Platform for KYC purposes. As and when required by Digigold and/or the Distributor, the Customer will be required to provide additional documents for fulfilling the KYC requirements. You authorize Digigold and the Distributor to make such enquiries as may be necessary to satisfy about the validity of your identity. You shall be responsible for the correctness of information provided to Digigold and the Distributor from time to time. If You have reasons to believe that there is an error in the information furnished by You, you shall immediately provide correct / updated information. 

 

  1. The Distributor and/or Digigold through the Distributor reserves the right to terminate any Customer Account, with or without notice to You, in the event the KYC documents / information are found to be incorrect or authenticity of the documents / information is found to be doubtful. You hereby undertake to indemnify and keep indemnified the Distributor and/or Digigold against any and all losses, claims, liabilities costs etc. which arise out of or relating to Your failure to identify Yourself and validate Your account promptly and / or due to incorrect KYC documents / information. 

 

  1. Know Your Customer (KYC) and Verification 

 

  1. Prior to placing an order, you may be required to provide certain KYC documentation and other information as may be required by the Distributor and/or Digigold in such form and manner as it may deem fit.  

 

  1. Once such documentation and other information is provided by You to the Distributor, you shall be entitled to place an order on the Platform (“Customer Order”).  

 

  1. You agree that Your continued use of the Platform, consequent upon the creation of the Customer Account, is subject to verification by Digigold and/ or the Distributor, of the information and documentation provided by You. You hereby grant Digigold and/ or the Distributor permission to conduct such verification, in such form and manner as it may deem fit.  

 

  1. You further acknowledge that Digigold and/ or the Distributor reserves the right for such verification either on registration of the Customer Account or at any time thereafter. 
  1. Customer’s Obligations 
  1. You will be responsible for maintaining the confidentiality of the Customer Account Information, and shall be fully responsible for all activities that occur under the Customer Account. You agree to immediately notify the Distributor of any unauthorised use of the Customer Account Information or any other breach of security. Digigold or the Distributor cannot and will not be liable for any loss or damage arising from Your failure to comply with this section. You may be held liable for losses incurred by Digigold or the Distributor or any user or visitor of the Platform due to authorised or unauthorised use of the Customer Account, as a result of your failure in keeping the Customer Account Information confidential. 

 

  1. You shall ensure that the Customer Account Information provided by You in the registration form is complete, accurate and up-to-date in all aspects. Use of another Customer’s account information for availing of any of the Services and/or for use of the Platform is expressly prohibited. 

 

  1. You agree that if You provide any information that is untrue, inaccurate, not current or incomplete, (or becomes untrue, inaccurate, not current or incomplete) or if the Distributor and Digigold has reasonable grounds to suspect that such information is untrue, inaccurate, not current, incomplete, or not in accordance with these Terms, the Distributor and Digigold through the Distributor shall have the right to indefinitely suspend or terminate or block access to the Customer Account on the Platform and refuse to provide You with access to the Platform. 

 

  1. PURCHASE OF GOLD  
  1. You can offer to buy Gold worth Rs.1.00 (Rupee One Only) and above incremental value thereof at the market linked prices of gold shown on the Platform. Market linked prices means that these quotes are linked to the prices of gold in the commercial bullion market in India.  

 

  1. It is hereby clarified that such market linked prices of gold shall constitute fully binding offers and would be an invitation to offer to purchase gold at the said market prices to all Customers. Notwithstanding the foregoing, you understand that these prices may vary multiple times within a day, and accordingly Your payment obligations for any order will depend on the market linked prices then prevailing.  
    While reasonable efforts will be made to offer You a competitive price for the Customer Gold, there is no guarantee that the price offered to You will be close to or comparable with other prices available in the market. 

 

  1. Payment will be accepted through the payment options made available on the Platform, which may include redirection to a Payment Gateway hosted by other third party website or platform, including by DigiGold. At the time of purchase / fulfilment / sale-back / transfer of Gold, the relevant taxes will be chargeable as applicable as per the Government regulations. It is hereby clarified that once a Customer Order is placed, you are not entitled to cancel a Customer Order, provided however that a Customer Order shall stand cancelled if the payment fails for any reason whatsoever. 

 

  1. The Distributor and/or Digigold reserves the right to cancel a Customer Order, at its sole discretion, if Your information, provided prior to placing the Customer Order, is not found acceptable and the Distributor and/or Digigold are of the opinion that You are not eligible to purchase gold. The Customer Account shall accordingly stand amended. The Distributor as well as Digigold shall have the right to freeze the Customer Account until it receives KYC and other documentation in a form and manner satisfactory to the Distributor and Digigold. 

 

  1. Once the payments are received by Digigold and the KYC information is found acceptable, Digigold shall issue an invoice to You confirming the Customer Order placed within a period of 3 (Three) business days of placing such order, in a manner it may deem fit. 

 

  1. Notwithstanding anything to the contrary contained in these Terms, the Distributor and/or Digigold shall be entitled to accept or reject a Customer, for any reason whatsoever, at its sole discretion.  

 

  1. In case of rejection of a Customer Order in accordance with these Terms, where payments have been received by Digigold, such payments shall be returned to You to the bank account linked to your account, subject to the terms and conditions indicated on the Platform. 
  1. DELIVERY OF GOLD 
  1. This Platform offers Services for Customers who wish to procure delivery of the Customer Gold in accordance with these Terms. 

 

  1. You shall be entitled to procure delivery of the Customer Gold using the Platform (“Delivery Request”).  

 

  1. Upon placing the Delivery Request, you shall be required to pay for the applicable charges and confirm the Delivery Request. Your Customer Account shall be provisionally debited corresponding to the quantity of the Customer Gold sought to be delivered (“Delivered Customer Gold”).  

 

  1. Within a period of 7 (Seven) business days of the Delivery Request being confirmed or such further period as may be required by Digigold, Digigold shall arrange for delivery of the Delivered Customer Gold at the shipping address indicated by You. You shall be solely responsible for ensuring that the correct address is furnished by You on the Platform for processing such Delivery Request. You shall not be entitled to change the shipping address after the Delivery Request is processed by Digigold.  

 

  1. You should carefully examine the package delivered and shall not accept deliveries where the packaging has been tampered with. If, however, you are of the view that the package delivered has been tampered with, you shall be required to intimate Digigold immediately of the same, and provide such other information as may be required by Digigold in this regard (“Return Request”). Within a period of 14 (Fourteen) business days of the original package of Delivered Customer Gold being delivered back to Digigold, in a manner indicated by Digigold, and the Return Request being approved by Digigold, Digigold shall arrange for re-delivery of the Delivered Customer Gold at the shipping address indicated by You. The costs for such shipping shall be borne by Digigold. However, in the event of frivolous and unjustified Return Requests made by You, the Distributor and/or Digigold reserve the right to take all action available to it, including black-listing or blocking You from using the Services on the Platform. 

 

  1. You, upon signing the delivery receipt, acknowledge the receipt of the Delivered Customer Gold in terms of the Delivery Request placed with Digigold. Digigold shall not be liable to You for any refund/replacement, under any circumstance, for any subsequent complaints with respect to such deliveries and/or any failure on your part (as the case may be) to comply with these Terms. 

 

  1. Upon receipt of the Delivery Request by Digigold, the Customer Account with the Distributor shall be debited for the Delivered Customer Gold from the Customer Account.  

 

  1. It shall be Your responsibility to ensure that You are available to receive the Delivered Customer Gold at the time of delivery. If You are not available at the time of delivery, Digigold courier agent may try and deliver the item again before returning the same to Digigold. In case of return of the Delivered Customer Gold to Digigold, Customer Account shall be credited for the Delivered Customer Gold, after deducting the charges (if any) due from You, provided however that Digigold is of the opinion that the packaging has not been tampered with. It is hereby clarified that should a request for re-delivery be made by You, you shall be solely liable to incur the applicable charges for delivering the Delivered Customer Gold. 

 

  1. In case of Digigold’s inability to make deliveries of Delivered Customer Gold due to a Force Majeure Event, Digigold shall intimate You of the same and may require that the deliveries be effectuated through specific modes. In such a case, you hereby agree to bear any additional costs and fees necessary for the delivery to be complete. 

 

  1. Digigold will not be able to deliver a fractional quantity of gold below such threshold as Digigold shall notify for this purpose even if a Customer Request is made for such fractional quantity (“Threshold Quantity”). You are advised to check the Platform periodically to determine the Threshold Quantity as the same may be revised from time to time. In the event that any Gold below the Threshold Quantity is to be delivered to you, then please note that such Customer Gold shall instead be sold by Digigold based on the sale prices displayed on the Platform and You will instead receive the applicable sale proceeds in Your bank account, details of which are provided by You. If there is any mistake in the account number provided by You, the Distributor and/or Digigold would not be held responsible for the same. 

 

  1. Notwithstanding anything to the contrary contained in these Terms, Digigold shall be entitled to reject a Customer Request which is not in compliance with the Terms hereof, and shall intimate the Customer of the reasons for the same.  

 

  1. Based on the changes made to the Customer Account (in lieu of the Customer Orders and/or Customer Requests), if You are of the opinion that the changes made thereto do not tally with the orders and/or Customer Requests placed by You, You may contact the Distributor at 1800-420-1199, who shall accordingly take all necessary actions for taking care of any such identified discrepancies.  

 

  1. It is hereby clarified that the Customer Gold cannot be pledged or transferred by You to any other user, and the Customer account is non-transferrable, unless specifically allowed by Digigold. In the event of Your death, if specifically allowed by Digigold, the title to such Customer Gold lying in the vault and the Customer Account shall transfer to Your legal heirs only after the required due diligence has been conducted. Subsequent to this, your legal heir(s) shall be regarded as the Customer for the purpose of the Customer Gold and Customer Account thereafter and the Terms shall be applicable to Your legal heir(s). 

 

  1. It is hereby clarified that the Platform displays the articles that are available for shopping. Some items may appear slightly larger or smaller than actual size due to screen defaults and photography techniques. The Distributor and Digigold shall not be liable for any legal action on this account. It shall be the endeavour of the Distributor to ensure that all details regarding the product are clearly displayed on the Platform. 

 

  1. Due to reasons not directly attributable to Digigold or the Distributor, data may be inaccurately displayed on the Platform due to some system errors on the Platform or any device used to access the Platform. The Distributor reserves the right to correct any and all errors when they do occur, at its sole discretion, and the Distributor or Digigold shall be entitled to not honour any requests/orders placed by You based on any inaccurate or erroneous prices. 

 

  1. The prices quoted on the Platform are fixed and not negotiable. The prices on the Platform are also subject to change without notice to You. 
  1. SELL THE CUSTOMER GOLD  
  1. You may be provided an option to sell the Customer Gold during market hours based on the sale prices on the Platform. If the prices are found acceptable to You, you shall confirm the sale request, in a form and manner acceptable to Digigold (“Sale Request”). Your Customer Account shall be debited corresponding to the quantity of the Customer Gold sought to be sold vide the Sale Request (“Sold Customer Gold”). 

 

  1. Within a period of 2 (Two) business days of the Sale Request being confirmed or such further period as may be required, the payment, pursuant to the Sale Request, shall be disbursed by Digigold at the sale prices indicated at the time of placing such Sale Request. Digigold shall arrange for such payments to be made to Your bank account, details of which are provided by You. If there is any mistake in the account number, IFSC code etc. provided by You, Digigold and/or Distributor would not be held responsible for the same.  

 

  1. It is hereby clarified that Digigold and/or the Distributor will provide this service on a best efforts basis and only when the commercial bullion market is in operation. Digigold and the Distributor do not in any way guarantee that this option will be available to You at all times. Further, the buyer of the Sold Customer Gold may be either Digigold or another party (being interested in buying the Sold Customer Gold). The Distributor and/or Digigold shall not be held liable for any actions of such third-party purchaser. 

 

  1. You will be provided with free storage for your Customer Gold for such period as more particularly stipulated by Digigold in this regard from time to time at its sole discretion and notified to Customers on the Platform (“Free Storage Period”). After the expiry of the Free Storage Period, Digigold shall be entitled to levy storage charges for such Customer Gold at such rate as would be specified on the Platform, and which may be revised from time to time. The charges would be levied by deducting the gold balance at the end of each month by a percentage amount at the specified rate. You are advised to periodically check the Platform to understand these storage charges. In the event, Digigold is not able to deduct the storage charges because Your gold balance is too low, then Digigold shall be entitled to sell such portion of Your Customer Gold stored with the Vault Keeper that is necessary or required to recover the unpaid storage charges in question. 

 

  1. While reasonable efforts will be made to offer You a competitive price for the Customer Gold, there is no guarantee that the price offered to You will be close to or comparable with other prices available in the market. 
  1. USE OF THE PLATFORM AND SERVICES 
  1. You acknowledge that the Services are for Your personal use and agree not to publish the gold prices or descriptions of gold and/or any other information displayed on the Platform (in lieu of Your access to the Platform) on any other medium. You shall not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products or services obtained from the Services. 

 

  1. Subject to these Terms and the Privacy Policy, You hereby grant to Digigold and the Distributor a non-exclusive, worldwide, royalty-free right to (a) collect, store and transmit Your data, in each case solely to the extent necessary to provide the Services to You, and (b) share Your data or interact with other people, to distribute and publicly perform and display Your data as You direct or enable through the Services. You will provide Your consent to the Distributor as may be required under applicable law for the use and/or sharing of any data generated by You when purchasing Gold or otherwise using the Platform for any services related to the purchasing of the Gold in such manner as the Distributor may stipulate in this regard. The Distributor may share Your data with Digigold, who, in turn, may share Your data with the Security Trustee as required to fulfil their obligations as a Security Trustee. Your data will continue to be governed by confidentiality obligations outlined in Section 21. It is hereby clarified that Digigold would be the owner of any data generated by You when purchasing the Gold on the Platform. 
  1. You represent and warrant that: (i) You have obtained all necessary rights, releases and permissions to provide all Your data to the Distributor and Digigold and to grant the rights granted to the Distributor and Digigold in these Terms and (ii) Your data and its transfer to and use by the Distributor and Digigold as authorized by You under these Terms do not violate any laws or rights of any third party, including without limitation any intellectual property rights, rights of privacy, or rights of publicity, and any use, collection and disclosure authorized herein is not inconsistent with the terms of any applicable privacy policies. Other than its security obligations under these Terms and the Privacy Policy, the Distributor and/or Digigold assume no responsibility or liability for Your data, and You shall be solely responsible for Your data and the consequences of using, disclosing, storing, or transmitting it.  

 

  1. The Distributor and/or Digigold shall not be held liable for any loss of data, technical or otherwise, information, or for particulars supplied by You, due to the reasons beyond its control like corruption of data or delay or failure to perform as a result of a Force Majeure Event. 

 

  1. Digigold shall have the sole discretion to determine the locations and pin codes it may want to serve. 
  1. The provision of Services may be interrupted, including for maintenance, repairs, upgrades, or network or equipment failures. The Distributor and Digigold strives to keep the Services up and running; however, all online services suffer occasional disruptions and outages. The Distributor and Digigold are not liable for any disruption or loss You may suffer as a result. 

 

  1. Digigold may discontinue some or all of the Services, including certain features and the support for certain devices and platforms, at any time. 
  1. SUSPENSION / CLOSURE OF CUSTOMER ACCOUNT  

 

  1. Digigold may, at its discretion, suspend Customer Account of Customers, if there appears to be a fraudulent or suspicious activity in the account. If the Distributor and/or Digigold are of the opinion that You are involved in any unlawful activity or the Customer Account is used for any unlawful purpose, the Distributor and/or Digigold shall have the right to take all actions available to it, including black-listing or blocking You from using the Services on its Platform or blocking Your access to the Services through the Platform or intimating the relevant authorities of such unlawful activities. 

 

  1. Your Customer Account may be closed in the event that the arrangement between Digigold and the Distributor is terminated or otherwise the Distributor decides to discontinue the relationship with Digigold. In such an event, Your Gold balance may be accessible on www.safegold.com and Digigold may continue to provide the Services and the customer support or facilitate the delivery / sale of Your Gold balance. 

 

  1. Each of the Distributor and Digigold shall not be held liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / issue in Platform and / or acts / omission not attributable to it. 

 

  1. You shall inform immediately, in any case no later than 10 (ten) days of the transaction, of any irregularities or discrepancies that may exist in Your Customer Account, failing which it shall be deemed that there is no error or discrepancy in the account. All records maintained by the Distributor and/or Digigold, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions. 

 

  1. FEES  
  1. You hereby agree that You shall be liable for all fees and charges associated with the use of the Platform and Services. Further, details of the fees payable (including, but not limited to the terms pertaining to such fees and the quantum thereof), has been set out on the Platform. Please note that the fees and charges may be revised from time to time and it would be Your responsibility to view the Platform to check the then current fees and charges payable.  

 

  1. It is hereby clarified that fees and charges, once paid, are non-refundable. 

 

  1. All payments made for the use of the Platform and/or purchase of Customer Gold by You shall be compulsorily in Indian Rupees. 

 

  1. While availing any of the payment method/s available on the Platform for availing the Services, Digigold shall not be responsible for or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to You due to: 
  1. Lack of authorization for any transaction(s), or 

 

  1. Exceeding the preset limit mutually agreed by You and between bank/s and/or other institutions used by you in making payment, or 

 

  1. Any payment issues arising out of the transaction, or 

 

  1. Rejection of transaction for any other reason(s) whatsoever. 
  1. Digigold may temporarily/permanently suspend/terminate the Customer Account or refuse access in case of non-payment of fees due by You. Without limitation to the other rights and remedies available to Digigold, it also reserves the right to take legal action for the same. 
  1. MEMBER ELIGIBILITY 

 

Use of the Platform and/or the Services is available only to Persons who can enter into legally binding contracts under the Indian Contract Act, 1872 and to Persons resident in India. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents and persons of unsound mind are not eligible to use the Platform or the Services. Any person under the age of 18 shall not register on the Platform and shall not transact on or use the Platform in relation to or for any Services. Digigold reserves the right to terminate any Person’s membership and/or refuse to provide such Person with access to the Platform and/or any Services if it is brought to Digigold’s notice or if it is discovered that such Person is not eligible to use the Platform and/or any Service. 

 

  1. ABSENCE OF RELATIONSHIP 

 

  1. You represent and warrant to the Distributor and Digigold that you have sufficient experience and knowledge to make informed decisions to purchase / sell Gold. You acknowledge that you have not relied on any information made available either by the Distributor or Digigold and that the Distributor or Digigold is not making any recommendation with respect to such purchases / sale-back of Gold. No relationship other than seller-purchaser, including, without limitation, any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between you and the Distributor and/or Digigold. 

 

  1. You acknowledge that Digigold and the Distributor are not providing / dealing in / offering any investment product and does not offer any guarantee / assured returns. You further acknowledge that value of Gold may vary depending on various factors and forces. 

 

  1. ELECTRONIC ORDER RISKS 

 

Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of the Distributor or Digigold. Therefore, the Distributor or Digigold shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery or execution of order due to breakdown or failure of transmission or communication facilities (including in any device used to connect to the Platform), or to any other cause beyond Distributor’s or Digigold’s control or anticipation. 

 

  1. FEEDBACK 

 

  1. The Platform may allow You to post Your review and experience of using the Platform ("Reviews") in order to improve the Platform and the user experience.  

 

  1. You, being the originator of the Reviews, are responsible for the Reviews that You upload, post, publish, transmit or otherwise makes available on the Platform. You represent that all such Reviews will be in accordance with applicable law. You acknowledge that the Distributor and/or Digigold does not endorse any Reviews on the Platform and is not responsible or liable for any Reviews. The Distributor reserves the right to disable access to the Reviews on the Platform.  

 

  1. You hereby grant the Distributor a perpetual, non-revocable, worldwide, royalty-free and sub-licensable right and license to use, copy, distribute, display, publish, transmit, make available, reproduce, modify, adapt the Reviews in any manner as deemed appropriate by the Distributor in any form including but not limited to print, broadcast, online and across any and all websites and platforms owned by the Distributor. 

 

  1. You further represent and warrant that while posting any Reviews on the Platform You shall not use any offensive, libellous, derogatory, hateful or racially or ethnically objectionable language. Further, you shall not post any content on any part of the Platform that is obscene, pornographic, constitutes an “indecent representation of women” as provided in the Indecent Representation of Women (Prohibition) Act, 1986. 

 

  1. CONFIDENTIALITY 

 

As elaborated under the Privacy Policy, the Distributor and Digigold will keep all confidential information confidential, including Your personal information, and shall not disclose it to anyone except as required by law, and shall ensure that such confidential information is protected with security measures and a degree of care that it would apply to its own confidential information. The Distributor and Digigold acknowledges that its employees, directors, agents and contractors shall use the confidential information only for the intended purpose for which it is provided. The Distributor and Digigold shall use all reasonable endeavours to ensure that its employees, directors, agents and contractors acknowledge and comply with the provisions of these Terms of confidentiality as if such person was subject to these Terms of confidentiality. 

 

  1. CONTENT AND INTELLECTUAL PROPERTY RIGHTS 

 

  1. Digigold solely and exclusively owns respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by Digigold and displayed on/accessed on the Platform and is protected under Indian law.  

 

  1. You hereby acknowledge that the Services constitute original works and have been developed, compiled, prepared, revised, selected, and arranged by Digigold respectively through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Digigold and such others. You thereby agree to protect the proprietary rights of Digigold during and after the term of these Terms. You may not selectively download portions of the Platform without retaining the copyright notices. You may download material from the Platform only for the purpose intended by these Terms. 

 

  1. Any infringement shall lead to appropriate legal proceedings against You at appropriate forum for seeking all available remedies under applicable laws of the country. 

 

  1. LINKS TO/FROM THIRD-PARTIES' WEBSITES/APPLICATIONS 

 

The Platform may contain links and interactive functionality interacting with the websites of third parties. The Distributor or Digigold is not responsible for and has no liability for the functionality, actions, inactions, privacy settings, privacy policies, terms, or content of any such website. Before enabling any sharing functions to communicate with any such website or otherwise visiting any such website, Digigold strongly recommends that You review and understand the terms and conditions, privacy policies, settings, and information-sharing functions of each such third-party website(s). 

 

  1. INDEMNIFICATION 
     

You hereby agree to indemnify and keep the Distributor and Digigold indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly, whatsoever (“Losses”) which the Distributor and/or Digigold and/or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of: (i) the usage of the Platform and/or any device used by the Customer to access the Platform; (ii) by reason of the Distributor and/or Digigold acting in good faith and taking or refusing to take or omitting to take action on the Customer's instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Customer; (iii) breach or non-compliance of the Terms and relating to the Customer Account; and/or (iv) fraud or dishonesty relating to any transaction by the Customer. 

 

  1. DISCLAIMER OF WARRANTIES 

 

  1. ALL INFORMATION, CONTENT, MATERIALS AND SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THE PLATFORM (COLLECTIVELY, THE "CONTENTS") ARE PROVIDED BY DIGIGOLD AND THE DISTRIBUTOR ON AN "AS IS," "AS AVAILABLE" BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND. DIGIGOLD AND/OR THE DISTRIBUTOR MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE OPERATION OF THE PLATFORM, THE ACCURACY OR COMPLETENESS OF THE CONTENTS AND THE ACCURACY OF THE INFORMATION. DIGIGOLD AND/OR THE DISTRIBUTOR SHALL HAVE NO RESPONSIBILITY FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT, MATERIALS, DOCUMENT OR INFORMATION OR ANY OTHER LOSSES INCURRED BY YOU FOR USE OF THE PLATFORM. YOU EXPRESSLY AGREE THAT THE USE OF THE PLATFORM IS AT YOUR SOLE RISK. DIGIGOLD AND/OR THE DISTRIBUTOR WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF THE PLATFORM OR THE SERVICES OR THE CONTENTS INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING. TO THE FULL EXTENT PERMITTED BY LAW, DIGIGOLD AND/OR THE DISTRIBUTOR DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PLATFORM (OR ANY PART THEREOF) AND ITS CONTENTS, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE OR USE. 

 

  1. LIMITATION OF LIABILITY 

 

You hereby acknowledge that Digigold and/or the Distributor (including but not limited to its, directors, employees, agents or partners) shall not be held liable to You for any special, consequential, incidental, and exemplary or punitive damages, or loss of profit or revenues. Digigold and/or the Distributor shall also not be liable under any circumstances for damages arising out or related in any way to Your inability to access, or Your difficulty in accessing the Platform to avail of any Services, any bugs, viruses, trojan horses, or the like, which may be transmitted to or through the Platform by any third party, any loss of Your data, any claim relating to Your data or content from the Services and/or Your failure to keep the Customer Account Information secure and confidential. You further agree that Digigold shall not be held responsible in any manner whatsoever for any and all acts or omissions of the Distributor, any Intermediaries or any other third party whosoever including (but not limited to) any person whose device has been used by You to access the Platform and/or any person appointed/nominated by the Distributor for the purposes of accepting/collecting any payments from You for the purchase of Gold. Likewise, the Distributor shall not be held responsible in any manner whatsoever for any and all acts of Digigold or other Intermediaries.  

 

  1. GRIEVANCE REDRESSAL MECHANISM 

 

  1. In accordance with the Information Technology Act, 2000 and Rules made thereunder: 

 

  1. the contact details of Grievance Officer for the purposes of the Distributor are:  

Name: Shalini Warrier 

E-mail ID: support@federalbank.co.in 

 

  1. the contact details of Grievance Officer for the purposes of Digigold are: 

Name: Rukhsar Khan 

E-mail ID: care@safegold.in   

Address: 1902B Peninsula Business Park, G.K. Marg, Lower Parel, Mumbai 400013 

 

  1. AMENDMENTS, ACCEPTANCE OF TERMS 

 

  1. Digigold reserve the right, to change, modify, add or remove portions of these Terms at any time. Such changes shall be posted on the Platform and shall be notified to the Customer prior to making such changes. Notwithstanding anything to the contrary, Customer shall be responsible for regularly reviewing the Terms, including amendments thereto as may be posted on the Platform and shall be deemed to have accepted the amended Terms by continuing the use of Platform. 

 

  1. Accessing, browsing or otherwise using the Platform indicates Your agreement to all the terms and conditions under these Terms. You are advised to read these Terms carefully before proceeding. By impliedly or expressly accepting these Terms, you also accept and agree to be bound by all policies, including but not limited to the privacy policy of the Distributor and Digigold (“Privacy Policy”), as amended from time to time. You can view and read the Privacy Policy of the Distributor at the Platform and the Privacy Policy of Digigold at www.safegold.com. 

 

  1. You may not use the Platform or avail of the Services if You do not accept the Terms or are unable to be bound by the Terms. As a condition of Your access to and use of the Platform or the provision of any Services to You using the Platform, you agree that You will comply with all applicable laws and regulations when using the Platform. If Digigold is of the opinion that the Customer Account is being used by You for any unlawful purpose, Digigold shall have the right to take all actions available to it, including black-listing or blocking You from using the Services through the Platform or intimating the relevant authorities of such unlawful activities. 

 

MERCHANT SERVICES

 

For the modules Flights, Cabs, Bus & Hotels, the App will re direct to Merchant SDK of CDNA Technologies Private Limited (“CDNA”). By clicking “Agree and Continue”, you shall be re-directed to a platform controlled by a third party [CDNA Technologies Private Limited (“CDNA”) whose brand name is “Nuclei”]. The Bank shall disclose the following details to Nuclei for availing this service and it shall be deemed that you have accorded consent to the Bank for sharing the details to Nuclei.

  • Mobile No
  • Device ID

 

All services offered through the platform are facilitated by Nuclei and Federal Bank’s role is limited to providing of payments/fund transfer facility. By availing the services, it shall be deemed that you have accepted the Terms and Conditions of the Services of the Platform available at https://gonuclei.com/terms-conditions.html. Nuclei had partnered with Cleartrip for Hotels and Flights, Redbus for Bus and Ola for Cabs.

 

FASTAG - Terms & Conditions 

These Terms and Conditions apply to and regulate the provision of FASTag facility provided by The Federal Bank Limited (“Federal Bank” or “Bank”). These terms and conditions (the "Terms and Conditions") shall be in addition to and not in derogation to any other terms as stipulated by the Bank from time to time. 

1. Definitions 

In these Terms and Conditions, unless there is anything repugnant to the subject or context thereof, the following words / expressions shall have the meaning as stated herein under: 
 

"Affiliate" means and includes any company which is the holding or subsidiary company of the Bank, or a person under the control of or under common control with the Bank, or any person in more than 26% of the voting securities of which the Bank has a direct or beneficial interest or control. For the purpose of this clause, "control" together with grammatical variations when used with respect to any person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever; and "person" means a company, corporation, a partnership, trust or any other entity or organization or other body whatsoever. 
 

"Application" or the "Tag Application" shall refer to the application made by a customer to Federal Bank for the issuance of a Tag. The Application shall be in the form of a written or online application made in the manner and format prescribed by the Bank and shall form an integral part of these Terms and Conditions. 

"Concessionaire" refers to the person/entity that has been granted the right to construct, maintain, and toll the Highway by the National Highways Authority of India. 

 
"National Highway" shall mean all the National Highways where Electronic Toll Collection program is active. 

 
Disclaimer: Bank reserves the right to modify, alter, add or delete Toll Plazas from the list 
 

"Tag" refers to the prepaid FASTag issued by the Bank. 

 

Fedmobile” shall mean an application of mobile banking facility provided by the Bank, which enables the customers to access specified banking services including information relating to their Account(s), transaction details and such other services as may be made available by the Bank from time to time. 

 

“Fedmobile App” shall mean Mobile application available in Android and iOS for doing mobile banking transactions hereinafter referred to as Mobile App. 

 
"Tag Account" shall mean the account opened in the name of the Tag Member and maintained by Federal Bank for the purpose of usage of the Tag as per the Terms and Conditions contained herein. 

 
"Tag Member/s" shall mean the individual or corporates who makes an Application for the issuance of, and to whom the Tag has been issued by the Bank subject to such terms and conditions as may be specified by the Bank, and who is authorized to hold and use the Tag. 

 

 
"Tag Website" refers to www.federalbank.co.in, which is owned, operated and maintained by the Bank. 

 
"Toll Plaza" shall mean such establishments maintained by the Concessionaire, wherever located, whereby users are required to pay the toll amount applicable on a vehicle for usage of the Highway. 

 
"Transaction" shall mean any Tag transaction/s carried out by the Tag Member/s as permitted by these Terms and Conditions, including but not limited to, loading or reloading of funds to a Tag; Tag balance enquiries and/or such other uses as the Bank may permit in writing from time to time. 

 
"Statement/s" shall mean the communication provided to the Tag Member/s on the e-mail id provided by the Tag Member/s to Federal Bank on a quarterly basis stating inter alia the Transactions undertaken and balance available in the Tag Account. 

 
"Customer Care" refers to the telephonic customer service facility provided by the Bank throughout the day to Tag Member/s for any Tag related queries. 
 
 

2. Interpretation 

  1. All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation". 
  1. Words importing any gender include the other gender. 
  1. 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. 
  1. 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 and Conditions. 
  1. The rules of interpretation as set out in the General Clauses Act shall, unless it be repugnant to the subject or context thereof, apply to these Terms and Conditions as if incorporated herein. 

3. Applicability of Terms 

The Tag Member shall be deemed to have unconditionally agreed to and accepted these Terms and Conditions by submitting the Application for the Tag or by performing a Transaction or by accepting the Tag, in the form and manner prescribed by the Bank from time to time. 

4. Issuance of Tags 

Applying for new tag: 

The customer can submit application for the Tag either in writing or through online using Fedmobile /website of the Bank. Federal Bank may issue the Tag to a customer on his /her request and pursuant to the customer submitting an application and required documents (in person or through online as the case may be) and agreeing to the applicable terms and conditions in the form and manner prescribed by the Bank in this regard. The Bank is entitled to keep/maintain record of these Applications and other Transactions and copy of the documents submitted by the customer in such manner as may be deemed suitable by the Bank. The bank will peruse/verify the application and documents submitted by the customer and approve/ reject the application. On successful approval of the application, the tag will be issued to the customer if the application is submitted by the customer in person. The tag will be dispatched through bank’s shipment partner to the address provided by the tag member while applying for the Tag, in case the application is submitted through online. The shipment might take 7-10 days to reach the tag holder. In case the shipment takes longer time, the tag holder may contact the bank. The Bank is entitled to share/disclose all or any of the documents submitted by the customer with RBI or other regulators, statutory/judicial authorities as and when demanded for without obtaining any prior consent from the customer for such disclosure.  

 

When application is submitted using FedMobile, the Tag so dispatched to the address of the customer will be in inactive status until manually activated by the Tag Member using FedMobile.  

 
The Tag issued by the Bank to the Tag Member shall be mandatorily affixed on the vehicle of the Tag Member with the license plate number specified by the Tag Member in the Application & RC document submitted while submitting the application. The Tag is not transferable and may only be used with respect to the vehicle on which the Tag has been affixed. Bank/ NPCI reserves rights to blacklist/ block/ terminate the tag if found to be misused and/or affixed in a vehicle to which the tag was not issued. 

 
At the time of submitting the Application for issuance of the Tag, the Tag Member shall be required to pay tag fees+ security deposit as detailed under Annexure to this document as may be applicable from time to time. The maximum amount that can be loaded on the Tag is Rs. 100,000/- (Rupees One Lakh only) or such other limit as may be specified by the Bank subject to internal and applicable regulatory and statutory guidelines. Tag can be reloaded to post activation subject to a maximum Tag balance of Rs. One Lakh (100,000). The Tag can neither be reloaded (subsequent cash loads) nor such initial loaded funds be accessed by the Tag Member until the Tag is activated. The tag holder shall be able to use the Tag only to the extent of the amount available on the Tag Account at any given point of time. If the tag holder has multiple tags, cumulative balance available under all tags together will be considered to validate the above-mentioned limit restriction. 

 
The Tag shall be activated subject to approval of the application by the Bank and a minimum amount as mentioned in the annexure to this document being loaded on the Tag by the Tag Member. The funds shall be loaded on the tag after deduction of the applicable charges/fees etc. payable by the Tag Member to the Bank for availing the Tag. The tag holder shall be bound to comply with these Terms and Conditions and all the policies stipulated by the Bank from time to time in relation to the Tag. Acceptance of application submitted by the customer shall not assure issuance of tag by the Bank. Issuance of tag is subject to review & approval of application submitted by the Customer. The Bank may, at its sole discretion, refuse to accept the Application or to issue the Tag to the Tag Member without assigning any reason. 

5. Features of Tag 

The Tag may be used for the purpose of making applicable toll payments (as may be required by the relevant authorities) at participating Toll Plazas on the Highway through the Electronic Toll Collection lane provided at such Toll Plazas. The list of participating Toll Plazas will be updated on https://www.federalbank.co.in/netc. No interest shall be payable by the Bank on the amount available/loaded on the Tag. 

 

Tag Member will be able to manage (activate, reload & re-issue) his/ her tag using FedMobile subject to the terms and conditions contained in the Terms & Conditions. The Tag Member may load and reload the Tag at FASTag enrolment centres subject to verification of their identity and any other mandatory requirements as prescribed by the Bank from time to time and/or using the payment gateway available to the Tag Members after they log in to Tag Website using the User ID and password provided to them or the member can reload the Tag using FedMobile. A User ID and password will be provided to the Tag Member to allow the him/her to reload the Tag by visiting https://www.federalbank.co.in/netc. The Tag Member is recommended not to disclose this User ID and password to anyone else. A tag member will be able to reload a tag not belonging to his/her using FedMobile, however the Tag to be reloaded is issued by Federal Bank. Such reloads will also be subject to limits & other terms stated in this Terms & Conditions. Non-Tag Member may also reload funds onto Tags at Kiosks subject to verification of their identity and any other mandatory requirements as prescribed by the Bank from time to time. Limitations regarding minimum amount, maximum amount, annual load limit and frequency of loading and reloading shall be applicable as prescribed by the Bank from time to time. The cash loading / reloading facility is subject to the relevant applicable fee(s) issued by bank from time to time. Funds loaded on a Tag after activation by the Bank are immediately available for the Tag Member to use. 

 

In case of the Fastag bought by submitting an application through FedMobile is lost or unreadable on account of tag data corruption, physical damage to tag etc., the customer can apply through FedMobile for reissuing the Fastag. The Bank will, at its discretion and subject to its internal regulations reissue the Fastag after deactivating/blocking the previous Fastag issued to the customer. However, the facility for reissuing the Tag will be provided by the Bank to a customer only once. 

6. Lost or Stolen Tags 

If the Tag is lost or stolen, the Tag Member must file a report with the local police and should be able to produce a copy of the police report upon request by the Bank. The Tag Member must immediately report the loss/ theft over the telephone to the Customer Care and /or lodge a complaint with a Kiosk. Customer Care shall, upon adequate verification, hotlist/cancel/suspend the Tag and terminate all facilities in relation thereto during working hours on a working day following the receipt of such intimation and on the request of the Tag Member and shall not be liable for any inconvenience caused to the Tag Member in this regard. The Tag Member shall take cognizance of the fact that once a Tag is reported lost, or stolen and is subsequently found, the same shall be promptly cut in half and adequate care taken to prevent its misuse. The Tag Member is responsible for the security of the Tag and shall take all steps towards ensuring the safe-keeping thereof. The Tag Member will be liable for all charges incurred on the Tag until the Tag is reported lost /stolen. Further, in the event the Bank determines that the aforementioned steps are not complied with, financial liability on the lost or stolen Tag would rest with the Tag Member. In case of any dispute relating to the time of reporting and/ or Transaction/s made on the Tag or any other matter in relation to the said Tag, Bank shall reserve the right to ascertain the time and/ or the authenticity of the disputed Transaction. In the event Transaction/s on the Tag occur after the Tag Member claims to have destroyed the Tag, the Tag Member shall be entirely liable for any such charges incurred on the Tag and shall under no circumstances hold the Bank responsible for the same. 

 

7. Surrender/Replacement of Tags 

The Tag issued to the Tag Member shall remain the property of the Bank and shall be surrendered to Bank, on request. The Tag Member shall be responsible for returning the Tags to the Bank for cancellation in the event the services are no longer required by the Tag Member or if the services are withdrawn by the Bank for any reason whatsoever. 

 
In case of loss of the Tag, the Tag may be blocked by the Tag Member by calling up the Customer Care at 1800- 266- 9520 (Toll Free) & furnishing the required information for blocking the Card and as more specifically provided for under clause titled as "Lost or Stolen Cards". 

 
Once a Tag is reported as lost or stolen, the Tag cannot be used again even if found subsequently. The Tag Member declares that if a Tag is reported as lost or stolen or is damaged or stolen, if found subsequently, it shall be the responsibility of the Tag Member to return such Tag to the Bank forthwith. Similarly, in case a Tag is damaged, it shall be the responsibility of the Tag Member to return the damaged Tag to the Bank to enable closure of the Tag account. 

 
In the event of death of the Tag Member, the Bank shall cancel the Tag upon being informed of the same. The legal heirs of the Tag Member can recover the balance amount available on the Tag as per the Bank's policy / process. 

8. Expiration and Termination 

The Tag is valid up to a period of five years from the date of issuance of the Tag. The Bank may, at any time, with or without notice, at its absolute discretion, terminate/cancel the Tag. 

 
In case the Tag Account remains unused for a period of 6 months with a negative balance amount, the Tag Account will be closed with prior intimation to the Tag Member and the corresponding Tag shall not be accepted at any Toll Plazas for the purpose of payment of toll. 

 
On termination of the Tag, the total of all charges then outstanding, whether or not already reflected in the Statement and, the amount of any Charges incurred after termination, shall become forthwith due and payable by the Tag Member as though they had been so reflected, and interest will accrue thereon as may be applicable as per the Bank policy/process, from time to time. 

 
The Tag Member shall continue to be fully liable to Bank for all charges incurred on the Tag prior to termination. 

 
Notice of termination or request to surrender of the Tag shall be deemed given when a notice posted to the mailing address/ email ID of the Tag Member, as per the records of the Bank, is received by the Tag Member through ordinary post / email. The Tag Member agrees to surrender the Tag to the Bank, or its representative, upon being requested to do so. The Tag Member may not use the Tag after notice of termination has been received by him/her. 

9. Usage Guidelines 

The said Tag is valid only in India and only with respect to payments required to be made in Indian Rupee (INR). The Tag Member shall at all times ensure that the Tag is kept at a safe place and shall under no circumstances whatsoever allow the Tag to be used by any other individual. The Tag Member shall be responsible for all facilities granted by the Bank and for all related charges and shall act in good faith in relation to all dealings with the Tag and the Bank. The Bank accepts no responsibility for any surcharge levied by any Concessionaire and debited to the balance available on the Tag, with the Transaction amount. Any Transaction undertaken at a Participating Toll Plaza shall be conclusive proof that the charge recorded on such requisition was properly incurred for the amount and by the Tag Member using the Tag except where Tag has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Tag Member. 

 
The Tag Member is responsible for all Transactions initiated by use of the Tag, except as otherwise set forth herein. Each time the Tag Member uses the Tag at a participating Toll Plaza, he authorizes the Bank to reduce the funds available in the Tag Account by the amount of the Transaction. The Tag Member is not allowed to exceed the available amount in the Tag Account through an individual Transaction or a series of Transactions. Nevertheless, if a Transaction exceeds the balance of the funds available in the Tag Account, the Tag Member shall remain fully liable to the Bank for the amount of the Transaction. The Bank reserves the right to bill the Tag Member for any negative balance. The Tag Member agrees to pay the Bank promptly for the negative balance. The Bank also reserves the right to cancel/terminate the Tag should the Tag Member create one or more negative balances with the Tag. The Bank reserves unto itself the absolute discretion to decline to honor the Transaction requests on the Tag, without assigning any reason thereof. The Tag Member holder agrees that he/she will not use the FASTag for payment of any illegal/ unlawful purchase/purposes. 

10. Closure 

The Tag Member may at any point of time, request for closure of the Tag Account by visiting any tag enrolment centre/ Federal Bank branch and submitting such documentation as may be required by the Bank policy/process in this regard. The Tag Member shall also be required to return the Tag to authorized Bank personnel. Thereafter, the balance amount (if any) remaining in the related Tag Account would be returned to the Tag Member in his bank account only within 15 days from the date of the request for closure having been placed. 

11. Statements and Records 

The Tag Member may enquire about the balance on his Tag by using FedMobile, web portal or calling the Customer Care. The Tag Member will also receive a short messaging system (SMS) message on the mobile number registered by the Tag Member with the Bank, after each Transaction, informing him of the Transaction value. The Tag Member shall inform the Bank in writing within 15 days, if any irregularities or discrepancies exist in the Transactions/ particulars of the Tag Account. If the Bank does not receive any information to the contrary within 15 days, it shall assume that the Transactions are correct. All records maintained by the Bank, in electronic or documentary form of the instructions of the Tag Member and such other details (including, but not limited to payments made or received) pursuant to these Terms and Conditions, shall as against the Tag Member, be deemed to be conclusive evidence of such instructions and such other details. 

 
The Bank shall not be required to provide copies of the Transaction slips to the Tag Member with respect to Transactions and the Tag member will only receive transactional alerts through short messaging system (SMS) message on the mobile number registered by the Tag Member with the Bank. 

12. Exclusion from Liability 

In consideration of the Bank providing the Tag Member with the facility of the Tag, the Tag Member hereby agrees to indemnify and keep the Bank indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of providing the Tag Member the said facility of the Tag or by reason of the Bank's acting in good faith and taking or refusing to take or omitting to take action on the Tag Member's instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Tag Member; breach or noncompliance of the rules/ Terms and Conditions relating to the Tag and/or fraud or dishonesty relating to any Transaction by the Tag Member. The Tag Member shall also indemnify the Bank fully against any loss on account of misplacement/ loss of the Tag. Without prejudice to the foregoing, the Bank shall be under no liability whatsoever to the Tag Member in respect of any loss or damage arising directly or indirectly out of: 

  1. Any defect in quality of goods or services supplied by any third party. 
  1. The refusal of any person to honor or to accept the Tag. 
  1. The malfunction of any computer system. 
  1. Handing over of the Tag by the Tag Member to anybody other than the designated employees of Federal Bank at Federal Bank's premises or Kiosk. 
  1. Any delay in supplying the Fastag by shipment partner and/or damage to the Fastag supplied by shipment partner. 
  1. Compromising with the user id or password of the customer  
  1. Loss in transit of Fastag and/or non-receipt of Fastag dispatched by the Bank through shipment partner. 
  1. Tag becomes unreadable due to improper affixation, tag data corruption, physical damage to tag and/or for any other reason whatsoever. 
  1. The exercise by Federal Bank of its right to demand and procure the surrender of the Tag prior to the expiry date, whether such demand and surrender is made and/or procured by Federal Bank or by any authorized person or computer terminal. 
  1. The exercise by Federal Bank of its right to terminate/cancel the Tag. 
  1. Any injury to the credit, character and reputation of the Tag Member alleged to have been caused by the re-possession of the Tag and/or any request for its return or the refusal of any Toll Plaza to honor or accept the Tag. 
  1. Any misstatement, misrepresentation, error or omission in any details disclosed by Federal Bank except as otherwise required by law, if Federal Bank receives any process, summons, order, injunction, execution distrait, levy lien, information or notice which the Bank in good faith believes/ calls into question the Tag Member's ability, or the ability of someone purporting to be authorized by the Tag Member, to transact on the Tag, Federal Bank may, at its option and without liability to the Tag Member or such other person, decline to allow the Tag Member to obtain any portion of his funds, or may pay such funds over to an appropriate authority and take any other steps required by applicable law. Federal Bank reserves the right to deduct from the balance available on the Tag a service charge and any expenses it incurs, including without limitation legal fees, due to legal action involving the Tag Member's Tag. 
  1. Any statement made by any unauthorized person requesting the return of the Tag or any act performed by any person in conjunction. 
  1. In the event a demand or claim for settlement of outstanding dues from the Tag Member is made, either by Federal Bank or any person acting on behalf of Federal Bank, Tag Member agrees and acknowledges that such demand or claim shall not amount to be an act of defamation or an act prejudicial to or reflecting upon the character of the Tag Member, in any manner. 
  1. The tag is not transferable and is unique to the vehicle similar to the vehicle license plate and would be affixed mandatorily at the time of issuance on the vehicle and will have a balance which the customer has paid for his tag to be loaded with. The tag issued to the customer is valid for use only in India and for the payment of toll charges in Indian currency only and further will be accepted only on the Toll plazas participating in the program. The participating toll plaza list will be updated in the tag portal from time to time. 
  1. The tag is the property of Federal Bank. It shall be subject to the Terms and Conditions mentioned herein and any additional conditions stipulated by the Bank, from time to time. The Tag Member shall affix the Tag immediately on the vehicle on issuance of Tag and ensure that the signature on all payment receipts signed by the Tag Member are similar to the signature provided by the Tag Member on the Tag Application Form submitted to Federal Bank. In case the Tag Member desires to alter his/her signature, the Tag Member shall intimate Federal Bank about the same and execute necessary documents as prescribed by Federal Bank and/or under law, in this regard. 

13. Breach and Termination/Withdrawal 

The Tag Member will be liable to pay Federal Bank, upon demand, all amounts outstanding from the Tag Member to the Bank. 

14. Charges 

The holding and use of the Tag will incur fees which will be debited to the balance available in the Tag Account. The details of the charges are attached herewith as Annexure I. The said fees are not refundable. 

 
Any government charges, duty or debits, or tax payable as a result of the use of the Tag shall be the Tag Member 's responsibility and if imposed upon Federal Bank (either directly or indirectly), Federal Bank shall debit such charges, duty or tax against the balance available on the Tag. There will be separate service charges levied for such facilities as may be announced by the Bank from time to time and deducted from the balance available on the Tag. In the situation that the balance available on the Tag is not sufficient to deduct such fees, the Bank reserves the right to deny any further Transactions. The Tag Member also authorizes Federal Bank to deduct from the balance available on his Tag and indemnifies Federal Bank against any expenses it may incur in collecting money owed to it by the Tag Member in connection with the Tag (including without limitation reasonable legal fees). Federal Bank may levy service and other charges for use of the Tag, which will be notified to the Tag Member from time to time by updating these Terms and Conditions. The Tag Member authorizes Federal Bank to recover all charges related to the Tag as determined by Federal Bank from time to time by debiting the balance available on the Tag. Details of the applicable fees and charges as stipulated by Federal Bank shall be displayed on the website. 

15. Disputes 

In case of any complaint or query pertaining to any Transaction/s, the Tag Member may contact Federal Bank Customer Care at 1800-266-9520(Toll Free). In case the Tag Member has any dispute in respect of any Transaction, the Tag Member shall advise details to Federal Bank within 7 days of the Transaction date failing which it will be construed that all charges are acceptable to the Tag Member and in order. 
In order to enable the Bank to investigate and respond to the complaint/query, the Tag Member shall be required to provide the Bank with such information as may be required by the Bank. Federal Bank shall not ask customers for any confidential information and therefore Tag Member/s shall not share with the Bank any information of a confidential nature including but not limited to passwords, user id's, etc. 
For full details regarding Bank’s complaints procedure, please refer to the Tag Website. The Customer Care numbers shall be as updated on the Tag Website from time to time. 
Federal Bank shall make bonafide and reasonable efforts to resolve an aggrieved Tag Member's disagreement with the Transaction/s within 7 days receipt of the notice of disagreement. If after such effort, Federal Bank determines that the Transaction/s indicated is correct then it shall communicate the same to the Tag Member along with details including a copy of the sales slip or payment requisition. 

Annexure 

Charges: 

 
Charges mentioned below are subject to change. Please visit https://www.federalbank.co.in/netc for charges for all vehicle types. Here below provided are the charges for Car/ SUV/ MINI LCV vehicle type.  

 

 

Vehicle Class 

Vehicle Type 

On Boarding Fee 

Security Deposit 

Threshold Value 

VC4 

Car or SUV or MINI LCV 

 

 

100 

200 

200 

 

Note: 

  1. The above-mentioned Security deposit rates and threshold be refunded to the customer at the time of FASTag account closure. 
  1. Applicable taxes will be levied on all type of top ups and transactions. 
  1. Threshold value is the minimum recharge amount to be done at the time of RFID tag activation and will have to be maintained to carry out debit sale transaction at toll plazas. 
  1. Toll amount will be deducted as per the applicable amount, depending on the vehicle class and the plaza used. Charges mentioned above are subject to change without any prior notice to Tag Member. Prevalent charges may be referred to on https://www.federalbank.co.in/netc. 
  1. Tag deposit amount would be applicable as per the vehicle class and will be refunded to the customer at the time of closure of RFID Tag account. 
  1. Service Tax will be levied on all the prescribed fees and charges at the applicable rates. 
  1. Convenience fee may be applicable for online recharge. 

 

 

 

FOREX CARD

Declaration Cum Undertaking: 

 

Issuance: 

I hereby apply for the issuance/membership of Federal Bank Lets Go Multi Currency Prepaid Card (“Forex Card”) to me based on the  personal and financial information furnished by me from time to time to the Bank vide various documents including the Account Opening Form, Customer Information Sheet etc. and I hereby confirm that such information holds good  as on date and further endorse the  correctness of  all such  information already furnished. I hereby confirm and declare that I am an Indian citizen, and that I am eligible to apply for the Forex Card which is an internationally valid Card usable in all countries except India, Nepal, Bhutan, and the Countries under US sanctions like North Korea, Cuba and Sudan etc. I accept that Federal Bank is entitled in its absolute discretion to accept or reject this application, without assigning any reason whatsoever. I hereby confirm that I have read and understood the detailed Terms and Conditions as applicable to Forex Card available in www.federalbank.co.in (“website”) If this application is accepted, I shall be bound by the Terms and Conditions governing the Forex Card, as may be in force from time to time and updated in Bank’s website, and use of the Card shall be deemed to be my acceptance of those Terms and Conditions. I am aware that by agreeing to this, I am stopped from taking a plea subsequently, that I have not been aware of the Terms and Conditions.  

I authorize Federal Bank and/or its associates to verify any information in such manner as the Bank may deem fit   either  at my office/residence, or by directly  contacting me, my Employer / Banker / Credit Bureau / RBI or any other source, and to obtain or provide any information that may be required for conforming to the  requirements for issuing a Forex Card and continuance thereof, and/or for maintaining my account in good standing. I agree to an ongoing confirmation for the use of my name, address, e-mail and mobile number for marketing / merchandising offers by Federal Bank and other companies with whom the Bank may enter/ has entered into any business arrangements. I understand and acknowledge that applicable laws and Reserve Bank of India Rules and Regulations lay down norms and limits for the purchase and use of foreign exchange. I understand that the usage of Forex Card by me will be in accordance with the Exchange Control Regulations of the Reserve Bank of India, and the applicable laws in force from time to time, in particular, the Foreign Exchange Management Act, 1999 (“FEMA”). In the event of any failure on my part to comply with the Rules and Regulations or in the event of any information supplied by me being incorrect and inaccurate, I agree that I will be solely liable for any / all penalties and /or action under the local laws and / or regulations as may be in force, governing the purchase and use of the  Forex Card, and shall indemnify Federal Bank for any losses or damages caused to the Bank. I agree to pay all the fees/ charges applicable for the Forex Card and its use together with applicable taxes including the Goods & Services Tax (GST) and Forex GST; Interest and other expenses as per the RBI/ Government of lndia rules/ regulations and agree to pay the same. 

 

I hereby agree that I will be required to visit a branch of Federal Bank, which I will choose during submitting my application using Fedmobile, to facilitate bank officials to verify the original documents against copies/ digital images of which was submitted along with my application. I hereby agree to produce original documents to the bank officials and bank officials will evaluate the eligibility of me being issued with a Forex Card. I hereby agree that I will collect the Forex Card in person from the branch from where I am completing my original documents verification, after successful verification and approval by the bank officials. 

In case an Additional Card (Add-on-Card) is availed for the use of close relative viz.  parent, spouse, brother, sister or child over 12 years of age or for myself, I understand and agree that the entire transactions   done using Add-on Card will be accounted along with the Primary Card. The facility of an Additional Card being an added facility, continuation of such added facility will be dependent on the continuation of my membership.   

 

I agree and acknowledge that the Federal Bank may, at its sole and absolute discretion, act and rely on the instructions or communications given by me or any persons on my behalf claiming to represent me, in connection with reloading of Forex Card, refund demands, modification of the terms of Forex Card etc.  given directly or indirectly via cell phone, facsimile, untested telexes and faxes, telegraph, cable, e-mail  or any other forms of electric communication  and that  Federal Bank will act upon  such  requests without any obligation on its part to verify the genuineness or the authority of any person claiming to have issued the instructions/ communications on my behalf and I hereby agree that I shall not dispute/contest  such reloading or refund   or modification of terms effected by the Bank pursuant to such instructions. .  

 

I hereby agree that I will be solely liable for all acts done or requests made by me or any other person acting on my behalf with respect to reloading / seeking refund / modification of terms in respect of  Forex Card  issued to me and shall indemnify Federal Bank for any/ all losses or damages caused to Federal Bank due to acting / relying on any/ all such requests made by me or on my behalf by any other person.  

 

I understand and acknowledge that there are inherent risks involved in giving or sending the instructions/communications/documents to the Bank via facsimile, untested telexes and faxes, telegraph, cable or emails and hereby agree and confirm that all risks shall be fully borne by me /  and I  assume full responsibility for the same, and I will not hold the Bank liable for any losses or damages including legal fees arising upon your performing or your non performing or any delay /default in performing any act , wholly or in part in accordance with the instructions so received which could be a result of any miscommunication, or technological error beyond the control of the Bank considering the mode in which the same was conveyed. 

In case   Forex Card is issued to me at the requests of my Employer, I hereby authorize Federal Bank to act on the requests made by my employer for reload, cancellation and refund or the Federal Bank Lets Go Multi Currency Prepaid Card. I understand that ATMs/Electronic Data Capture (EDC) terminals are machines, and errors could occur during its operation. I agree to indemnify the Bank for any such machine/ mechanical errors/ failure and shall not hold the Bank liable for any failure and / or errors in operation of the Cards at the ATMs/ EDC terminals. I hereby agree that the Forex Card will not be funded by the Bank in the event there is any breach of the limits as prescribed under FEMA, and as applicable to me or if there is any discrepancy / breach of the KYC requirements, and I shall not hold the Bank liable for non-funding due to the reasons mentioned aforesaid. 

 

2. RELOAD: 

(Declaration under FEMA 1999, this constitutes Form A2) 

I hereby declare that:  

  1. The total amount of foreign exchange purchased from or remitted through, all source in India, during this financial year, including this application, is within USD 2,50,000 (USD Two lakh Fifty thousand only), the annual limit prescribed by Reserve Bank of India for the said purposes. 
  1. Foreign exchange purchased by me is for the purpose indicated in my application.  

 

Declaration cum undertaking, under Sec 10(5), Chapter III of FEMA 1999: 

  1. I hereby declare that the transaction details of which are mentioned above does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the aforesaid Act, or of any rule, regulation notification, direction or order made there under. 
  1. I also understand that if I refuse to comply with any such requirement or make only unsatisfactory compliance therewith, the Bank shall refuse in writing to understand the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report the matter to RBI. 
  1. I also hereby agree and undertake to give such information/documents as will reasonably satisfy you about this transaction, in terms of the above description. 

 

Declaration under Liberalized Remittance Scheme for Resident Individuals: 

  1. I hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year including this application is within the overall limit of the Liberalised Remittanœ Scheme prescribed by the Reserve Bank of India and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes.  

 

  1. I am a person resident in India, I am not a Foreign National/NRI/PIO. 
  1. The remittance would be utilized for permitted Capital & Current Account transactions only. 
  1. I have not availed any loan /Credit /borrowings for remitting under Liberalised Remittances Scheme for Capital Account transactions. 
  1. The remittance is not being requested for any transaction not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges/ overseas counter party are not allowed under the Scheme. 
  1. The Scheme is not available for capital account remittance to countries identified by Financial Action Task Force(FATF) as non-cooperative countries and territories as available on FATF’s website (www.fatf-gafi.org) or as notified by the Reserve Bank of India.  
  1. The remittance is not being sent for purchase of FCCRS issued by Indian companies in the overseas secondary market. 
  1. The remittance is not being sent for trading in foreign exchange abroad. 
  1. I/We undertake to make all Capital Account transactions under LRS from Federal Bank only. 

 

Declaration from tour operators: 

 

I confirm that the remittance is being made for travel arrangements of: 

Resident Individual as per enclosed list. The remittanœ made is within the limits prescribed by the Reserve bank of India for the resident individuals under the Liberalised Remittance Scheme. 

Foreign tourists as per enclosed list. The amount of remittance does not exceed the amount of foreign exchange remitted to India by the foreign tourists. 

 

General declaration: 

 

  1. The purpose and transaction details as mentioned above are true to the best of my knowledge. 
  1. I shall be responsible and liable for any incorrect detail provided by me/ us. 
  1. The Forex Card funding is not being requested for any purpose specifically prohibited under Schedule I or any item restricted under Schedule 2 of Foreign Exchange Management (Current Account Transaction) rules, 2000.  
  1. Forex Card is availed not for the direct or indirect use in Nepal and Bhutan. 
  1. Forex Card funding is not for the direct/ indirect benefit / use   for those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the RBI to the banks. 
  1. The Transaction mentioned above does not involve, and is not designated for any purpose for which the drawal of foreign exchange is prohibited under Rule 3 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, read with schedule I thereof viz: 
  1. Remittance out of lottery winnings.  
  1. Remittance of income from racing/ riding etc. or any other hobby.  
  1. Remittanœ for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, schemes involving money circulation, securing prize money/awards, etc. 
  1. Payment of commission on exports made towards equity investment in Joint Ventures/Wholly owned/Subsidiaries abroad of lndian Companies.  
  1. Remittanœ of dividends by any company, to which the requirement of dividend balancing is applicable. 
  1. Payment of commission on exports under the rupee State Credit Route, except commission up to 10% of invoice value of exports of Tea and tobacco. 
  1. Payment related to “Callback services" of telephones. 
  1. Remittanœ of interest income on funds held in the Non-Resident special Rupees Account Scheme. 
  1. Travel to Nepal and/ or Bhutan.  
  1. A transaction with a person residing in Nepal or Bhutan.  
  1. I agree that submission of application does not necessarily imply processing of the transaction. Federal Bank has full rights to reject the application based on regulatory and/ or internal guidelines or for any reasons whatsoever. 
  1. I agree that in the event the transaction could not be executed/debited to my account, after submitting the request for processing to the bank on account of insufficient/unclear balance at the time of execution of the transaction in my/our account, Federal Bank shall not be responsible for not being able to process the transaction. Federal bank shall not be responsible for not being able to process any transaction in my account. Any exchange losses incurred in this connection, due to reversal of the forex deal, can be charged to any of my accounts with any branch of Federal Bank.  
  1. I agree that in the event the transaction is cancelled or revoked by me/us after submitting the request for processing to the bank, any exchange losses incurred in this connection can be charged to my/our Federal Bank Account. 
  1. I further agree that once the funds remitted by me/us have been transmitted by Federal Bank to the correspondent and/or beneficiary banks, Federal bank shall not be responsible for any delays in the disbursement of such funds including the withholding of such funds by the correspondent and/or beneficiary banks.  
  1. I agree that once the funds remitted by me in the Forex Card have been transferred by Federal Bank, intermediary bank charges may be levied by correspondent and/or beneficiary banks, which may vary from bank to bank. 
  1. I agree that in the event the transaction being rejected by the beneficiary bank, because of incorrect information submitted by me, any changes levied by the beneficiary bank or exchange losses incurred in this connection can be charged to my Federal Bank Account(s) with any branch of the Bank. 
  1. I agree that the exchange rate displayed in Fedmobile during the submitting the application for new forex card is only indicative & not final. Final & exact exchange rate will be on the day/ time of currency loaded by the bank on my/ our behalf. I agree that the exchange rate displayed in Fedmobile during reloading foreign currency to my existing card will be deemed final.  
  1. I agree that exchange rates are subjected to fluctuation and exchange rate will vary from day to day basis. 
  1. I agree that bank will offer the verification of my original documents in select branches.  
  1. I agree that taxes / charges applicable in India and/ or the places where the Forex Card is being used may be levied on all the transactions/ services availed by me.  
  1. For detailed terms and conditions regarding the program, please visit https://www.federalbank.co.in/forex-card 

 

Section 1: A person shall be deemed to be a relative of another if, and only if: (a) they are members of a Hindu undivided family: or (b) they are husband and wife, or (c) the one is related to the other in the manner indicated below: 

  • Father (including Stepfather)  
  • Mother (including Stepmother) 
  • Son (including Stepson) 
  • Son’s wife 
  • Daughter 
  • Daughter’s husband 
  • Brother (including Stepbrother) 
  • Sister (including Stepsister) 

 

I/ We hereby authorize you to debit my account number that is chosen by me during the reload process in FedMobile and/or any other accounts with any branch of the Bank and effect the travel card funding, as detailed in my application with your applicable charges/ fees/ commissions, GST, Forex GST.  

 

 

 

 ANALYTICS

 

By registering for FedMobile Facility, it will be deemed that you have accorded your consent to Federal Bank for:  

  

(a)    Using information related to your activities and transactions carried out through FedMobile, for providing personalized services and product enhancements.  

(b)   Share pre-identified information related to your activities and transactions, to affiliates and partners of the Bank for providing personalized services and improved customer support. 

 

 

 

 

Letter of Authority

The Letter of Authority made IN FAVOUR OF  The Federal Bank Limited, a banking company  within the meaning of Companies Act,  2013,  having its registered office at Federal Towers, Aluva -683101, Kerala  (hereinafter referred to as "[Federal Bank]", which expression shall, unless repugnant to the meeting or context thereof be deemed to mean and include its successors and assigns).

WHEREAS the Deponent/s is desirous of availing of the '[investment]' services offered by [Federal bank] which shall inter alia enable him/her to place investment request or deal in any other manner in various investment products / services of  mutual funds, , that are distributed by [Federal bank] in its capacity as an Intermediary / Referrer/ Distributor/ Corporate Agent of such Mutual Funds / Asset Management Companies / Insurance Companies / Any other Third Party Companies / entity. In consideration of [Federal bank] providing [investment] services and in accordance with the "Terms & Conditions governing [investment] Services", I/We hereby appoint [Federal bank] as my/ our Mandate Holder/Authority Holder and confer upon it the powers hereinafter stated.

THEREFORE, THIS LETTER OF AUTHORITY WITNESSETH that I/We hereby nominate, appoint and constitute [Federal Bank] as my/our true and lawful Mandate Holder/Authority Holder to do, execute and perform or cause to be done, executed and performed, the following acts, deeds and things or any of them for and on my/our behalf namely:

         i.            To submit applications / other relevant documents for the various investment products / services, as instructed by me/us, including but not limited to, mutual fund issued by any Mutual Funds/ Asset Management Companies ("AMC")/ or such other relevant entity.

        ii.            To do all such things that are incidental to the Purpose.

      iii.            To have first and paramount lien on Bank Account or any Bank Account(s) as may be instructed by me/us and to exercise such lien in the event of any loss suffered/costs incurred on account of any transaction done/executed by [Federal bank] on my/our behalf for the Purpose.

       iv.            To share the details of my/our Bank Account(s) to a third party service provider or to any of the affiliates/subsidiaries of [Federal bank] by virtue of I/We using/subscribing to any of the facilities/services provided either by [Federal bank], or through a third Party service provider or to any of the affiliates/subsidiaries of [Federal bank].

        v.            To do all such acts, deeds and things as may be necessary for or incidental to provision of services and facilities to me/us including giving intimations, confirmation, undertaking etc on my /our behalf.

       vi.            To appoint or remove any agents or substitute or substitutes with all or any of the powers herein contained in order to enable such agent of substitute(s) to exercise all or any of the powers given by me/us to [Federal bank].

     vii.            To retain all originals of documents executed by me/us.

    viii.            AND GENERALLY to do or cause to be done every other acts, deeds, matter or things as [Federal Bank] may deem necessary or expedient for the purpose of or in relation to these presents.

       ix.            I/We hereby ratify and confirm and agree to ratify and confirm all that [ Federal Bank] or any of its officer or officers shall do or cause to be done in or concerning the premises by virtue of these presents.

        x.            I/We hereby agree and confirm that this Letter of Authority shall be cancelled or revoked only upon furnishing an advance written notice of 30(thirty) days to [Federal bank]. These documents shall be subject to the jurisdiction of the Courts in [Ernakulam].

 

 

Terms and Conditions applicable to Transactions carried out through Investment Services (InstaInvest) offered by The Federal Bank Limited ("Federal Bank")

Disclaimer

Federal Bank provides investment services as a distributor of third party investment products and does NOT provide investment advisory services in any manner or form. Investment products do not pertain to Federal Bank. Investment Products

(i) are not bank deposits or obligations of or guaranteed by Federal Bank or any of its affiliates or subsidiaries;

(ii) are not insured by any governmental agency and

(iii) are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results/returns, invested amount is subject to market risks which may result in appreciation or depreciation. The ownership of any investment decision(s) shall exclusively vest with the Investor and such investment decision(s) shall be taken by the Investor only after analysing all possible risk factors and by exercise of his/her/its independent discretion.  Federal Bank shall not be liable or held liable for any consequences thereof. Investment products are not available to US persons, Residents of Canada and may not be available in all jurisdictions. By making any investment, the Investor confirms his/her deemed acceptance to the conditions mentioned herein. Investment products are distributed by Federal Bank on a non -discretionary and non-participation basis. The final investment decision shall at all times exclusively remain with the Investor. Investor investing in investment products acknowledge that: (i) the third party product provider may invest in products denominated in non-local currency; (ii) there could be risk of exchange rate fluctuations, which may result in loss of principal or erosion of value of investment. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. Please exercise diligence by reading & understanding the Key Information Memorandum(s)/Scheme Investment Document(s) & Statement of Additional Information/Term Sheet/Prospectus carefully before investing and no claim whatsoever shall be made against Federal Bank or any of its affiliates or subsidiaries and / or employees claiming any influence/recommendation/advice/responsibility/liability as against your decision to invest in any investment product. Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). Investor acknowledges that, there may be various actual or potential conflicts of interest between Federal Bank or their affiliates or subsidiaries and that of an Investor itself, as a result of the various investment and/or commercial businesses and/or activities of the Connected Persons. The Investor shall be deemed to have accepted, on purchasing/ subscribing / investing to a particular Investment Product(s), that any such conflict may exist and may be prejudicial to an investment in the Investment Product(s).

 

Acknowledge

I/We acknowledge that, these Terms and Conditions are in addition and supplemental to the General Terms and Conditions applicable to Investment Services offered by Federal Bank and in case of any conflict between the same, General Terms and Conditions applicable to Investment Services shall prevail.

 

Authorise

Investment Products related services instructions shall only be processed provided there is sufficient balance in the Bank Account to cover the purchase price and to cover all other costs, fees and charges which are payable in connection with such transactions. Federal Bank shall on a best effort basis endeavour to execute such transactions, however Federal Bank shall not be responsible for the non-execution of my/our instructions. I/We hereby expressly authorise Federal Bank to do, perform or execute these instructions at my/our risk and cost, all or any of the following acts, deeds, matters and things:

(i) To execute all investment transactions so instructed by me/us with regard to the various Investment Products distributed by Federal Bank on my/our behalf and to pay for the units/securities so purchased, on my/our instructions.

(ii) To receive the account statement pertaining to the above said units/securities from third party product providers.

(iii) To execute all investment transactions so instructed by me/ us with regard to the various units/securities held by me/us (whether solely or jointly with others) at my/our express instructions and to receive the payment of the redemption/sale price and acknowledge receipt of the same, based on my/our instructions.

(iv) To collect, receive and discharge any sum including dividend, interest or income arising from the units/securities.

(v) To facilitate credits of all monies in an account opened in my/our name received from all third party product provider(s) with Federal Bank and to make such debits in the said account as may be necessary for payments with respect to purchase of units/securities and any attendant costs in connection therewith.

(vi)  To give instructions and orders to brokers and agents at our express confirmation for the purposes of sale, purchase, transfer of the Investment Products.

(vii) To transfer funds from my account directly to a third party product provider/broker/agent, on my/our behalf.

(viii) To correspond with and give notice to third party product provider on my/our behalf.

(ix) To disclose, exchange, share or part with all/any information relating to me/us or my/our Account with the third party product provider (or any other third party so authorized by the third party product providers) or any regulator and/or service provider of Federal Bank.

(x) To instruct the third party product providers to make note of instructions with regard to nomination/change in investment plan/any other changes.

(xi) To employ agents and managers on my/our behalf.

 

Declare

(i) My/our Federal Bank Investment account will be classified as a ‘Recommended' Account. Within a Recommended Account, Federal Bank may recommend products to me/us and conduct risk based assessments of transactions in my/our account from time to time however the final investment decision rests with me/us. All transactions so concluded shall be deemed to be Solicited unless otherwise intimated by me to Federal Bank as Unsolicited Transactions. On the basis of these assessments, Federal Bank may recommend that I/we desist from concluding a particular investment transaction.

(ii) That all investments so proposed to be made by me/us will be required to be commensurate to the Knowledge and Experience (K&E) with regard to such products, so confirmed by me/us in the Individual Risk Profile Questionnaire/Corporate Investment Declaration Form, as the case may be. Further, Federal Bank shall be within its rights to refuse any transactions which do not confirm to the above requirements.

(iii) That all transactions so proposed to be concluded by me/us are subject to Federal Bank's internal policies and suitability assessment criteria as may be amended from time to time and Federal Bank shall be within its rights to refuse any transactions which do not confirm to the same. That in case I/We choose to invest into sophisticated financial products (complex products) as assessed by Federal Bank from time to time, the same shall mandatorily be subject to an enhanced transaction suitability review.

(iv)  That I/We shall be responsible to ensure that the Common Transaction Form is complete, and all details as required herein are duly filled up.

(v) That I/We shall consult our independent legal and tax advisors, as necessary, for legal or tax advice.

(vi) That all the particulars given herein are true, correct and complete to the best of my/our knowledge and belief. I/We further agree not to hold the Mutual Fund House/Asset Management Companies /Third Party Product Providers and Federal Bank liable for any consequences in case of any of the above particulars being false, incorrect or incomplete. I/we shall not hold Federal Bank liable on account of Federal Bank acting in good faith on any of my/our instructions. Federal Bank may at its discretion not carry out instruction(s) from me/us where Federal Bank has reason to believe that the instructions are not genuine or are otherwise improper or unclear or raise a doubt. I/We shall not question or dispute this decision of Federal Bank. Federal Bank shall not be liable if any instructions are not carried out for any reason whatsoever and/or for any contrary instructions so provided by me/us to the AMC.

(vii) That any and/or all Purchase/Switch/ Sale instructions shall be processed only if there are sufficient funds in the Account to cover the purchase price and to cover all other costs, fees and charges which are payable in connection with such transactions.

(viii) That Federal Bank's schedule of charges /fees may be changed/modified by Federal Bank from time to time at its sole discretion with prior notice in case of any increase in the charges/fees and I/We hereby expressly waive the requirement of separate notice, in this regard.

(ix) That the role of Federal Bank hereunder is limited to acting as my/our agent for giving effect to my/our instructions as provided hereinabove

(x) That any notice or other correspondence addressed by Federal Bank to me/us may be sent by Federal Bank at the mailing address /electronic mail address as Federal Bank may be aware of as the current address of the first holder.

 (xii) That I/we confirm having received a copy of the Schedule of Commissions that Federal Bank earns /would earn from the different AMCs /Third Party Product Providers in which I/we are investing along with details of the commissions that Federal Bank earns /would earn from competing schemes of various AMCs /Third Party Product Providers.

(xiii) That I / we can view the current Schedule of Commissions of Federal Bank online at www.Federal Bank.co.in and that the Schedule of Commissions may be varied from time to time without notice to me/us.

(xiv) That in the event of me/us providing direct instructions to the AMC or their agents, then Federal Bank shall not be liable/responsible in this regard for any reason whatsoever. All such transactions including but not limited to the following so initiated by me/us directly with the AMC shall be at sole risk and responsibility of me/ us:

(a) For any losses, depletion in value and amount, costs, that may be incurred and /or suffered by me/us in respect of the holdings so maintained by me/us with Federal Bank;

(b) For any details being reflected onto the systems of Federal Bank, the same shall be on a best efforts basis on and after receipt of such information/ suitable updates from the AMC.

(c) For any and/or all Non-Financial Transactions, Federal Bank shall not be liable for any change in record and the same shall only be effected in Federal Bank's records on appropriate intimation to this accord being made to Federal Bank by me/us and/or the AMC (as applicable) in the form and manner as deemed acceptable by Federal Bank; In all such cases the AMC shall be required and responsible for maintaining appropriate records at its end I/We understand that I/We will need to update Federal Bank directly of relevant changes being effected by me/us directly with the AMC, failing which Federal Bank shall not be in position to reflect the same on its records;

(d) For existing transaction concluded through the offices of Federal Bank the same shall be reflected in the Folio no. so maintained and reported by Federal Bank on a best efforts basis;

(e) For any incorrect portfolio details, dividend processing and payout including reinvestment, subscription/switch in to such Schemes of the AMC notwithstanding that such investment may be reflected by the AMC under Federal Bank's ARN;

(f) For any such investment made by me/ us, the same shall be deemed to be Unsolicited Transactions

(g) For rejection of the proposed investment in case the same is rejected by the Mutual Fund on account of any lacunae in the form and / or contrary instructions so provided to the AMC;

(h) For any investments so made by me/ us in such Schemes of the AMC which have not been approved by Federal Bank, I/We shall be liable for tracking the same notwithstanding that such investment may be reflected by the AMC under Federal Bank's ARN

(i) For any acts not attributable to Federal Bank on account of the me/us providing direct instructions to the AMC.

(xv) That it is my/our responsibility to inform Federal Bank of any transaction (sale/purchase) effected in my/our Market Linked Debentures.

Systematic Investment Plan (SIP), Systematic Withdrawal Plan (SWP) & Systematic Transfer Plan (STP) Terms and Conditions.

 

I/We understand:

That the minimum monthly amount for each investment made under the SIP/STP/SWP is Rs.500 per fund/per transfer instruction or the minimum amount/units as stipulated by the relevant SIDs/KIMs. That in case of non-availability of cleared and collected funds/ the specified mutual fund units as on the stipulated SIP execution date /STP date, the SIP/STP instruction for that month will not be carried out. If the SIP/STP/SWP execution date falls on a holiday, the same would be executed on the next business day.

The applicable transaction fees or funds purchased through the SIP/STP will be as per the terms and conditions mentioned above. The transaction fee as mentioned above, will be levied and debited to Investor's Bank account on every SIP/STP transaction. That any instruction to cancel Investor’s SIP/STP/SWP will take 15 working days to be affected. In an event that the Ist execution date has passed, Federal Bank would process the SIP/STP/SWP instruction from the next available execution date as per Fund house/AMC notification.

 

Indemnity:

I/We hereby agree to keep Federal Bank fully indemnified and held harmless at all times from and against all claims, expenses, loses, damages, costs (including reasonable attorney's fees), actions, suits proceedings or demands that Federal Bank may receive from or on behalf of the mutual fund house(s)in which I/we, am/are investing, for non-execution or delays in execution of my/our above SIP/STP/SWP instructions either on account of non-availability of sufficient funds/mutual fund units in my/our account or delays in the mail/courier services or for any other reason whatsoever or for  Federal Bank being unable to accept the SIP/STP/SWP instructions for any reason.

By signing below, I/We agree to the terms and conditions of SIP/STP/SWP as contained in the Federal Bank Investment Services Account agreement. I/We acknowledge that I /we have received, read and understood the relevant SIDs/KIMs and the terms and conditions of the fund relevant fund's SIP/STP/SWP. I/we understand that the SIP/STP is a continuous investment program which neither assures a profit nor protects against a loss in declining markets and I/we have considered my/our ability to continue my/our purchases in SIP/STP through periods of low price levels.

 

Other Declarations

• I / we confirm that the KIM (Key Information Memorandum) / SID (Scheme Information Document), with Addenda of the relevant mutual fund scheme, Schedule of Commissions, Federal Bank Transaction Fee Grid, Term Sheet of the MLD, Prospectus of Bond(s) I/We are investing in, have been shared with me/us.

• I / We have read and understood the KIM/SID including the addenda issued till date, and the Schedule of Commissions, and fully understand the associated risks and returns of the Fund(s) which I/We intend to invest. I/we understand that Mutual Funds are not obligations of or guaranteed by Mutual Fund Houses or Asset Management Companies or Federal Bank.

• I/We agree to abide by the Terms and Conditions, rules and regulations of the Mutual Fund Schemes as on the date of this investment and confirm that the monies invested in the scheme legally belongs to me/us.

• I/We understand that SID should be read in Conjunction with the Statement of Additional Information (SAI) at all times and not in isolation.

• I/We shall at all times keep myself/ourselves updated and informed of the relevant SIDs/KIMs of the Mutual Fund Houses / Asset Management Companies.

• I/We have neither received nor been induced by any rebate or gifts, directly or indirectly in making this investment. This confirmation shall be deemed to be re-confirmed and be effective for every instruction for Investment from me/us to Federal Bank.

• I/We understand that the value of my/our mutual fund units can fluctuate. If I / We sell / redeem the mutual fund units, I / We may receive more or less than the amount I / We paid depending upon the market value of the mutual fund units at the time of redemption and that past performance is not a guarantee of future performance and a fund's past performance should not be considered an indication on or guarantee of future performance.

• I/We acknowledge that the term "United States Person" or "US Person"(s) refers to: (a) a United States Citizen, and/or ; (b) a United States resident; meaning a green card holder, or (c) an individual physically present in the United States for 31 days in the current calendar year and 183 days during the 3 year period that includes the current year and the two years immediately before that, counting, (i) all the days present in the US in the current year, (ii) 1/3 of the days present in the US in the first year before the current year, and (iii) 1/6 of the days present in the US in the second year before the current year; and it could also include Clients with a US address and/or, Social Security Number. For Companies / Corporations it refers to: (a) a corporation, partnership or entity organised or existing under the laws of any state territory or possession of the United States; (b) an estate or trust of which any executor, administrator or trustee is a United States Person; (c) an agency or branch of a foreign entity located in the United States; and it could also include Companies with US address and/or; Companies owned or controlled by a US Person (ownership of 10% or more by a US Person).

• I am/we are not - Residents of Canada, US Person. I/we further declare and undertake that I/we shall, immediately upon becoming a Resident(s) of Canada, US Person, person not resident in India who is a Non Resident Indian (s), or a Person of Indian Origin inform the Bank of such change in my status.

• I am/we are not a US person for purposes of US federal income tax, and that I am not acting for, or on behalf of, a US person. I am not resident in the US. I acknowledge that a false statement or misrepresentation of tax status by a US person could lead to penalties under US law. If my tax status changes and/or I become a US citizen or resident of the United States or change my mailing address to the USA, I undertake to notify Federal bank within 30 days of such change in status.

• In the event, I become a US person, Residents of Canada, person not resident in India who is a Non Resident Indian (s) or a Person of Indian Origin, I agree that Federal bank shall be entitled to do all acts and things it deems necessary, including but not limited to (i) blocking of account through the Federal Bank Online Platform (FEDNET); (ii) closure of my/our account, (iii) non-acceptance and/or rejection of any instructions provided by me to purchase any investment product, (iv) liquidation of the affected assets and/or (v) a transfer of my account to an alternate vehicle; in order to ensure compliance with applicable local laws; applicable laws/rules and regulations of the customers country of residence and/or any internal policies and any execution of such transactions will be governed by the same. I agree to bear all costs and expenses incurred by Federal bank as a result thereof.

 

Additional Terms and Conditions applicable to Investment Services                           

·         I/ We understand that Mutual Fund transactions executed through my/ our Investment Account with Federal Bank will be routed through NSE Mutual Fund Platform (NMF II platform) of National Stock Exchange of India Ltd (NSE) and by signing this Registration form, I/We confirm our acceptance to register ourselves under NMF II   Platform and abide by the terms and conditions, as may be prescribed by NSE in this regard from time to time.                     

·         I/WE understand that NMF II is a platform being used to route Mutual Fund transactions from Federal Bank to respective Asset Management Committees (AMCs) and Registrar and Transfer Agents (RTAs).  I/We hereby undertake to indemnify NSE against any loss or damage caused, pursuant to the actions done by NSE in good faith, based on the order feed from Federal Bank, or for any other actions done for facilitating the transactions through NMF II

·         I / We confirm that information provided by me/ us is true and correct and I/ We acknowledge and undertake the responsibility of the information provided by Federal Bank to NSE in connection with my / our Investor Account and further confirm that NSE will not be responsible or liable for any loss or claim or liability that may arise on account of incorrect / erroneous data / information provided by me/us  

·         I /We authorise NSE to collect the following data /information pertaining to my/our Mutual Fund investments from all Asset Management Companies (AMCs) and their respective Registrar and Transfer Agents with whom I/We transact. The data / information authorised to be collected are:

1.       Distributor Wise transaction data for past, present and future transactions carried out by me/ us through various transaction platforms including the transaction request submitted at any point of acceptance of the AMCs subject to the condition that distributor is registered with NSE NMF II platform.

2.       Scheme wise consolidated unit balance available in my/our accounts as and when required.

Disclaimer: Mutual fund investments are subject to market risks. Please read the scheme information and other related documents before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs and shall verify and satisfy yourself before choosing a fund, or designing a portfolio. Federal Bank Ltd makes no warranties or representations, express or implied, on the products offered through this platform and/or regarding the advisory services rendered by the third party in any manner or form. The Bank accepts no liability for any damage or loss whatsoever caused in connection with the use of, or on the reliance placed by you on the investment products or related services including advisory services provided by the third party. Federal Bank provides investment services only as a distributor of third-party investment products and does NOT provide investment advisory services in any manner or form. Investment products do not pertain to Federal Bank. Federal Bank does not warrant that the functioning of the platform shall be uninterrupted or error free. Federal Bank also does not warrant or make any representation regarding the use or the result of the use of the material /information/advice provided in terms of their correctness, accuracy, and reliability or otherwise. Federal Bank is offering online Mutual Fund services through our partnership with NSE platform. 

 

Touch ID or Face ID for App Login

1.These terms and conditions ("Terms") apply to and regulate your use of the Fedmobile touch ID/face ID login service provided by The Federal Bank Limited (“the Bank" or “we” or “Federal Bank”). By undergoing the registration process to use the Fedmobile touch ID/Face ID login service, or by using the Fedmobile touch/face ID login service, you are deemed to have accepted and agreed to these Terms. If you do not accept these Terms, you may disable the Fedmobile touch ID/face ID login service from the settings section of the app.

2. Fedmobile touch ID/face ID login service is a service where you may use your fingerprint/ face ID registered on a permitted mobile device in lieu of your fedmobile MPIN to confirm your identity to access the Bank’s mobile banking services.

3. The Fedmobile touch ID/face ID login service is provided as part of the Bank’s mobile banking services, and accordingly:

3.1 these Terms are in addition to and shall be read in conjunction with the Bank’s Customer Terms and any other documents forming part of our banking agreement (and any reference to the terms and conditions of the Customer Terms shall include reference to these Terms); the Customer Terms  for mobile banking may be accessed at https://www.federalbank.co.in/fedmobile-tc

3.2 the meaning of key words used in our banking agreement is explained in our Customer Terms. Some additional key words which apply to the services referred to in these Terms are explained at the end of these Terms; and

3.3 in the event of any conflict or inconsistency, these Terms shall prevail over the Customer Terms to the extent of such conflict or inconsistency.

4. You acknowledge and agree that in order to use the Fedmobile touch ID/face ID login service:

4.1 You must be a valid user of Federal Bank’s mobile banking services;

4.2 You must install the Fedmobile app using a permitted mobile device, which has not been rooted or jailbroken;

4.3 You will need to activate the fingerprint recognition function or Face ID on your permitted mobile device and register your facial features or at least one of your fingerprints to control access to the permitted mobile device;

4.4 You will be required to undergo a registration process using your Fedmobile MPIN to choose to use the fingerprints or Face ID you store on your permitted mobile device for accessing our mobile banking services; upon the successful registration process, the fingerprints/Face ID details stored on your permitted mobile device will be used as a security code for Login to the Fedmobile app;

4.5 You must ensure that only your fingerprints/Face ID details are stored on your permitted mobile device to access the device and you understand that upon the successful registration of your permitted mobile device, any fingerprint or Face ID (as applicable), that is stored on your permitted mobile device can be used to access mobile banking services, including access to your bank accounts; and

4.6 You must ensure the security of the security codes as well as the password or code (MPIN) that you use to register your fingerprints/ face ID on the permitted mobile device.

5. You may still choose to access the mobile app using your Fedmobile MPIN.

6. Each time the Fedmobile mobile app detects the use of a fingerprint/Face registered on a permitted mobile device (using which you have registered for the Fedmobile touch/Face ID login service to access our mobile banking services or authorise login), you are deemed to have accessed the mobile banking services and/or instructed us to perform such transactions as the case may be.

7. You acknowledge that the authentication is performed by the Fedmobile mobile app by interfacing with the fingerprint authentication module on the permitted mobile device and consent to such authentication process. Moreover, you hereby consent to the Bank accessing and using such biometric information, including fingerprint and/or facial patterns, for the provision of the Fedmobile touch/face ID login service.

8. You can deactivate the Fedmobile touch /Face ID login service at any time using the left navigation menu of the Fedmobile app once you are signed in by accessing App Settings>Manage Login>Fingerprint (Android Devices) & App Settings>Manage Login>Face ID (iOS Devices where Face ID is available)

9. If you inform us that the security of your fingerprints or other security code has been compromised, we may require you to block access of the application or de-register the user for login.

10. You understand the need to protect your permitted mobile device and shall be responsible for all use of your permitted mobile device (whether authorised by you or otherwise) to access the Fedmobile touch/face ID login service.

11. In addition to the disclaimers and exclusions of liability contained in the Customer Terms, you also acknowledge as follows:

11.1 You understand that the fingerprint authentication module of the permitted mobile device is not provided by the Bank, and we make no representation or warranty as to the security of the fingerprint authentication function of any permitted mobile device and whether it works in the way that the manufacturer of the device represents.

11.2 We do not represent or warrant that the Fedmobile touch/face ID login service will be accessible at all times, or function with any electronic equipment, software, infrastructure or other electronic banking services that we may offer from time to time.

11.3 Unless expressly prohibited by law, we  shall not be liable for any loss or damage that you may incur in connection with  your use or attempted use of the Fedmobile touch/face ID login service, or your instructions, or any unauthorised transactions through or in connection with the Fedmobile touch/face ID login service.

 

11.4 You hereby agree to indemnify the Federal Bank from and against all loss and damage which the Bank may incur in connection with any improper use of the Fedmobile touch/face ID login service.

12. Meaning of words

Permitted Mobile device means all android/iOS devices with a touch ID feature and Apple iPhone X or higher for Face ID and such other electronic equipment that we may enable for use with the Fedmobile touch/face ID login service from time to time and includes the operating system or software that the device operates on. Any rooted or jailbroken devices shall not fall under this category & shall be refused for usage.

 

UPI - Terms and Conditions

These terms and conditions (“Terms”) apply to and regulate the provision of UPI fund transfer and fund collection facility provided by Federal Bank. Federal Bank shall endeavour to provide to the Customer, UPI Facility in accordance with the UPI guidelines, circulars and/or regulations issued by the Reserve Bank of India (“RBI”) and/or National Payments Corporation of India (“NPCI”) from time to time (“Guidelines”) subject to the terms and conditions herein specified.

Definitions

(A) In this document the following words and phrases have the meanings set opposite them unless the context indicates otherwise:

"Account(s)" refers to the resident Indian & NRI savings account(s) held and maintained with Federal Bank or resident savings and/or current account held with any bank in India, to be used for operations through the UPI Facility.

"Customer" means the applicant/remitter availing of the UPI Facility through his Account(s).

"Federal Bank" means The Federal Bank Limited, a company within the meaning of the Companies Act, 2013 and having its registered office at Federal Towers, Bank Junction, Aluva, PIN 683 101 (which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns).

“Merchant/s” shall mean and include online, mobile-app based and offline merchants who provide goods and services in exchange for payment through UPI.

“NPCI UPI System” means the switch and related equipment and software owned by NPCI to provide the UPI based fund transfer and funds collection facility including the National Financial Switch;

"Payment Order" means an unconditional instruction issued by the Customer in writing or transmitted electronically to Federal Bank either through Federal Bank’s internet banking facility or short message service (SMS) or unstructured supplementary service data (USSD) by Federal Bank or Fedmobile application of Federal Bank or BHIM Lotza UPI PAY application of Federal Bank or through such other means as provided by Federal Bank, to effect a fund transfer for a certain sum of money expressed in Indian rupees, to the designated account of a designated beneficiary by debiting Account(s) of the Customer.

“PSP (Payment Service Provider)” refers to banks which are allowed to acquire Customers and provide payment (credit/debit) services to Customers.

“UPI” refers to the Unified Payments Interface Service offered by NPCI in collaboration with its member banks.

"UPI Facility" means the Unified Payments Interface Service based electronic fund transfer and fund collection facility provided by Federal Bank to its Customers through the NPCI UPI System as per the Guidelines.

As a PSP, Federal Bank will provide a mobile application to the customers which will use the NPCI UPI libraries facilitating payments. The PSP mobile application can be used by Federal Bank’s customers or other bank’s customers to carry out transactions in their bank account after a one-time registration process.

(B). Words or expressions used in this document, but not specifically defined herein shall have the respective meanings assigned to them by NPCI.

Applicability of Terms

Each Customer desirous of availing the UPI Facility, shall by way of a one-time registration, in such form, manner and substance as Federal Bank may prescribe, apply for UPI Facility and Federal Bank shall be entitled, at its sole discretion, to accept or reject such applications. The Customer may apply for UPI Facility by downloading Fedmobile or BHIM Lotza UPI Pay application. On Fedmobile, Customer will have an option to do transaction via UPI with the default virtual payment address of mobilenumber@federal. In BHIM Lotza UPI Pay, if Customer is adding a Federal Bank account, it will have an option to set a virtual payment address for that account and start transacting using UPI. Customer can link other bank accounts through a one-time registration process defined and standardized by NPCI and then start transacting in the said accounts. By applying for and accessing the UPI Facility, the Customer accepts these Terms, which shall govern the provision of the UPI Facility by Federal Bank. These Terms shall be in addition to and not in derogation of the Guidelines issued from time to time.

The Customer hereby acknowledges that the Customer has read and understood the Guidelines and agrees that the rights and obligations provided therein and in these Terms in so far as it relates to the Customer shall be binding on the Customer with regard to every Payment Order issued by him/it for execution in the NPCI UPI System. The Customer understands and agrees that nothing in terms of availing the UPI Facility shall be construed as creating any contractual or other rights against NPCI or any participant in the NPCI UPI System other than Federal Bank. Notwithstanding anything contained herein, all terms and conditions stipulated by Federal Bank in connection with the Accounts shall continue to apply.

Scope of the UPI Facility

UPI Facility offers an instant, 24X7, interbank electronic fund transfer or fund collection service to the customers of UPI member banks. The Customers can put in request for fund transfers or funds collection or respond to funds collection from Fedmobile or BHIM Lotza UPI Pay PSP mobile banking channels in a secure manner for any of their linked bank Accounts. As a PSP, Federal Bank will provide a mobile application to the customers which will use the NPCI UPI libraries facilitating payments. The PSP mobile application can be used by Customer(s) to transact on Account(s) after a one-time registration process.

  1. The availability of UPI services within the app will be subject to the instructions & guidelines by National Payments Corporation of India (NPCI).
  2. Federal Bank accounts available for transactions through UPI inside fedmobile will have only those schemes of accounts permitted for mobile banking registration.
  3. Other Bank accounts available for transactions through UPI inside fedmobile will be based on the issuing bank subject to availability of the accounts through NPCI Common Library.
  4. All UPI transactions within the application will take place by using the default VPA of the app user. Default VPA will be allotted to the user as mobilenumber@federal at the time of UPI registration. The default VPA cannot be changed/modified.
  5. Federal Bank also offers the facility to send /request money from a mobile number to another mobile number in UPI. This facility will work only if both the mobile numbers are registered for UPI inside fedmobile. Effective transfer of funds take place between the default UPI ID’s of the sender & recipient mobile numbers.
  6. In case of UPI Mandates issued using federal bank accounts, bank will mark lien on the funds blocked for mandate.
  7. Resolution of UPI complaints raised for other bank transactions will be subject to resolution from the respective bank, subject to NPCI guidelines.

 

Rights and Obligations of the Customer

(i) The Customer shall be entitled, subject to other terms and conditions of the service, to issue Payment Orders for execution by Federal Bank.

(ii) The Payment Order shall be issued by the Customer, in the form as prescribed by Federal Bank, which is complete in all particulars. The Customer shall be responsible for the accuracy of the particulars given in the Payment Order for UPI Facility and shall be liable to compensate Federal Bank for any loss arising on account of any error in the Payment Order. (iii) The Customer shall be bound by any Payment Order executed by Federal Bank if Federal Bank has executed the Payment Order in good faith and in compliance with the instructions given by the Customer.

(iv) The Customer authorizes Federal Bank to act as a PSP and debit customer’s Account(s) as per instructions received by way of Payment Orders. The Customer understands that although multiple bank accounts can be linked with the UPI Facility, debit/credit transactions can be done only from the default account. Customer may select or change the default account before initiating such debit/credit transactions. Each Account that may be linked with the UPI facility can be opened with a separate username.

(v)The Customer shall ensure availability of funds in his Account(s) towards the fulfilment of the Payment Order before/at the time of the execution of the Payment Order by Federal Bank. The Customer hereby authorizes Federal Bank to debit the Account(s) of the Customer for any liability incurred by Federal Bank on behalf of the Customer for execution of the instruction issued by the Customer. The Customer understands and agrees that once a fund collection request is accepted, the default account will automatically be credited with such amounts as may be mentioned in the fund collection request. The Customer understands and agrees that such amounts once credited to default account cannot be reversed by the Customer.

(vi) The Customer agrees that the Payment Order shall become irrevocable when it is executed by Federal Bank.

(vii) The Customer agrees that he shall not be entitled to make any claim against RBI and/or NPCI in respect to the UPI Facility.

(viii) The Customer agrees that in the event of any delay in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer pursuant to a Payment Order or on account of error, negligence or fraud on the part of any employee of Federal Bank, Federal Bank's liability shall be limited to the extent of payment of interest at the Call Money Rate as published by the RBI on a daily basis for any period of delay in the case of delayed payment and refund of the amount together with interest at the Call Money Rate (as on the date of the complaint lodged by the Customer) up to the date of refund.

(ix)The Customer shall provide correct beneficiary details to Federal Bank at the time of availing the UPI Facility. The Customer shall be solely responsible for entering wrong beneficiary details like incorrect Virtual Payment Address, incorrect Aadhar number or incorrect mobile number, due to which the fund is transferred to an incorrect beneficiary.

(x) The Customer shall not hold Federal Bank responsible for any damage, claim, issue arising out of or in connection with any purchase of goods/services from merchants through Payment Orders issued by UPI Facility. The Customer understands and agrees that all such losses, damages and issues shall constitute a claim against such merchants.

(xi) The Customer agrees that the UPI Facility is offered in line with the RBI’s guidelines on mobile banking which are subject to change from time to time.

(xi) Customer shall inform Federal Bank immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority or official regarding and relating to Federal Bank, as well as expeditiously notify Federal Bank of any show causes, seizure or similar action and provide copies of any notices, memos, correspondences received from such authority. Customer shall not unilaterally file any response / reply to such an authority without the prior approval and vetting by Federal Bank.

(xii) The Customer shall be solely liable for ensuring availability of sufficient funds in the Account(s) at all times for the purpose of availing the Facility. The Cust