Following are the terms, conditions and rules ("Terms"), which shall be applicable to all Current (including Overdraft Accounts), Savings, Term Deposit and DEMAT Account(s) (collectively referred to as 'Accounts') with any of the branches of the Bank and the 'Services' offered by the Bank.
The Terms may be read as a stand-alone document or may be read with such other documents/terms as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. These terms and conditions are in addition to the terms and conditions as may be specified in any document/facility documents etc. as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. In the event of any of these terms and conditions being contrary to those specified therein, the terms and conditions as specified in such other document(s) in respect of a particular Account/ Service/ situation/ circumstance/ transaction as the case may be will prevail over these terms and conditions. The Terms shall be available at the Bank branches. The Customer acknowledges and agrees that the Bank may at its sole discretion add to, modify or amend the Terms (including the Charges) from time to time and such changes shall be communicated to the Customer by display in the Bank premises or on the website, but individual communication may not be sent to him. The Bank may publish notices of general nature, which are applicable to the Customers on Bank's Website or on its notice board or in any other mode as may be decided by the Bank. Such communication and notices would have the same effect as a notice served individually to each Customer. The Customer may within a period of fifteen (15) days from the issue of the notice close the Account or discontinue availing of Service, failing which he shall be deemed to have accepted the change from the effective date mentioned in the notice or from the date as may be specified by the applicable law. The Bank may be required to abide by the rules and regulations of self-regulatory bodies, to which the Bank is or maybe affiliated, statutory/regulatory authorities and the Customer agrees that he may also be required to abide by such rules and regulations as may be advised/specified.
Reserve Bank of India has a clear stance on Virtual Currencies (VCs) – that these currencies do not have any regulatory permission or protection in India. In its latest circular (dated April 6, 2018), the RBI has directed that the entities that it regulates shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. These services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase / sale of VCs. We at Kotak Mahindra Bank request you not to make any transaction involving virtual currencies from your bank account. However, if done so, under regulatory guidelines, the Bank would need to close your account without further intimation.
The Customer agrees that opening and maintenance of the Account and availing of Services is subject to the rules and regulations introduced or amended from time to time by the Reserve Bank of India or any other authority.
Your account is governed by various policies of the bank and other important information which are amended from time to time as per directives from RBI. They can be accessed through our Customer Corner via the Kotak website i.e www.kotak.com
By choosing to login, you agree to accept all applicable terms & conditions and you also authorise the bank to use the text messages for promoting its banking products.
You also give the following permission to the bank:
- To send SMS messages
- To read your text messages (SMS/MMS)
- To receive text messages (SMS)
In the Terms all the capitalized words and phrases have the meaning stated hereunder unless indicated otherwise:
- 'Account' includes all existing, new and future (including but not limited to any changed or altered form) Account(s), (in any form whatsoever including but not limited to usual Banking and DEMAT Services and any kind of Banking or Financial relationship), either held, operated and/or transacted single and/or jointly at the Bank.
- 'Alerts' mean messages sent to the Customer over Electronic Media, triggered by occurrence of certain events in respect of Customer's Account, Services or otherwise.
- 'ATM' Cash / Demand Draft Services' includes cash delivery service, cash pick up, cheque and documents pickup / delivery or any other Services offered by Bank at its sole discretion to Customer maintaining Salary account with Bank and / or persons availing these Services from the Bank for Customers of the Bank means an 'Automated Teller Machine' whether in India or overseas, whether of the Bank or of a shared network, at which the Cardholder can use his Card to access the funds in the Account(s), held with the Bank in India.
- 'Authorized Signatory' means an individual expressly authorized by non-individual Customers to operate the Accounts/access Services, as per powers conferred by such non-individual Customer and/or as per the applicable laws.
- "Bank" shall mean Kotak Mahindra Bank Limited and its branches and includes, unless it is repugnant to the context or meaning thereof its officials, employees, agents, contractors, consultants, representatives, successors, content providers and any such persons or entities, who are affiliated or associated with the Bank for any purpose, in relation to any of the Accounts or provision of Services or any other Bank operations, except where the Bank has itself excluded any such person or entity herefrom.
- 'Bank Holiday' means all Sundays, national holidays and public holidays as declared under the Negotiable Instruments Act, 1881 even though the Bank or any of its branches may be open on those days.
- 'Business Hours' means the time period for which the Bank is open for business on the Working Days and the Business Hours may vary for each branch of the Bank, as notified from time to time.
- 'Charges' shall mean all charges, fees, interest, costs levied by the Bank or any law with respect to any Account and/or Services and/or otherwise on the Customer and includes a Service Tax.
- 'Cardholder' refers to a Customer or any other person, who has been issued and authorized to use the Global Debit Card.
- 'Correspondent Bank' means and includes other banks which extend to the Bank, both at a domestic and the cross-border level, certain facilities including but not limited to maintenance of a nostro account, extending lines of credit, facilitating undertaking of trade finance activities and extending clearance and collections activity.
- 'CRN' means the Customer Relationship Number that is allocated by the Bank to each Customer for the purpose of identification.
- 'CIF' means Customer Identification File Number that is allocated by the Bank to each Customer for the purpose of identification.
- 'Customer' refers to the person or person(s) (i) in whose name the Accounts(s) with the Bank are existing, may be opened (changed) now/any time in future; (ii) to whom the Services are made available; (iii) the Cardholder, wherever applicable, and includes both singular and plural, for purposes of reference to Joint Account holders, individually and collectively. The word 'Customer" includes juristic persons, partnership firm, association of persons, HUF (Hindu Undivided Family), company, co-operative society, Charitable Society or Trust, including a government or political subdivision or an agency or instrumentality thereof - having an Account with the Bank. For the sake of convenience Customer is being referred to in the masculine gender.
- "Electronic Banking" means all banking transactions and facilities carried/availed by the Customer over any Electronic Media.
- 'DEMAT Account' means the account offered by the Bank in its capacity as a depository participant.
- 'Electronic Media' includes (though not restricted to) ATMs; Phone (including fax); Mobile; Internet; POS.
- 'FEDAI' means Foreign Exchange Dealers Association of India.
- 'FEMA' means the Foreign Exchange Management Act, 1999.
- 'Force Majeure' includes fortuitous event, fire, floods, storm, explosions, earthquake or any other acts of God, any acts of the government /semi-governmental/local authority including laws, decrees, ordinances and governmental regulations affecting the business of the Bank, civil disturbances, wars, war like situations, riots and insurrections, acts of public enemy, strikes and lockouts, transportation stoppages or slowdowns.
- 'Global Debit Card' 'Card' refers to the International Debit Card, being issued by the Bank in association with Visa International under Visa Electron Program or in association with any other entity.
- 'GOI' means the Government of India.
- 'Home Banking Services' includes cash delivery service, cash pick up, cheque and documents pick up/delivery, foreign exchange delivery/pick-up or any other services offered by the Bank at its sole discretion.
- 'Internet' refers to a network of computers and other electronic devices that share and exchange information and is at once a worldwide broadcasting capability, a mechanism for information dissemination, a medium for collaboration and interaction between individuals and their computers without regard for geographic location.
- 'International Transactions' refer to the transactions carried out /entered into by the Cardholder using his Card outside the territories of India, Nepal and Bhutan.
- 'Joint Account' means the Account held by more than one individual Customer.
- 'Locker'/ 'Locker Facility' means an ancillary service provided by the Bank to its Customers to use its safe deposit lockers.
- 'Mailing Address' is the address of the Customer recorded with the Bank (or as changed in the records of the Bank by the Customer from time to time in the manner prescribed by the Bank) as the address to which all correspondence is to be sent
- 'Merchant or Merchant Establishment' It means any establishment wherever located which the Bank and or other VISA member Banks have approved and made arrangements with to accept and honour Cards for the sale of goods and services to Cardholders and includes among others, stores, shops, restaurants, airlines, advertised by the Bank, Visa International or the merchant as honouring a Card. It shall also mean any company, corporation, establishment, firm, association of persons or individual or any entity as may be declared by Bank from time to time, wherever located, which is designated as Merchant and / or with whom there is an arrangement with the Bank for rendering services to Customers of the Bank.
- 'Net Banking' means the facilities offered by the Bank, at its sole discretion, to carry out various transactions or avail of the information over the Internet.
- 'NRI' means Non-Resident Indian, 'OCB' means Overseas Corporate Body, 'PIO' means Person of Indian Origin as defined under the Foreign Exchange Management Act, 1999 and/or relevant rules and regulations framed by the GOI and/or RBI.
- 'Operating Mandate' means the mode of Account usage as may be specified by the Customer at the time of opening the Account with the Bank and as may be changed by the Customer from time to time in the manner prescribed by the Bank.
- 'Password' means and includes any randomly generated secret and confidential code, allotted by the Bank to the Customer and/or selected by the Customer and/or subsequently changed by the Customer as per his choice, for operating the Account and/or to avail specified Services through Electronic Media.
- 'Payment Instructions' means instructions given by a Customer for effecting transfer of funds from the Customer's Account to any other Account of another customer held with the Bank or to an account in any other bank of a customer of such bank or to a Merchant Establishment.
- 'Phone Banking Services' means the facilities offered by the Bank, at its sole discretion, to carry out various transactions or avail of any information over the phone.
- 'Personal Identification Number (PIN)' means and includes any randomly generated secret and confidential code, allotted by the Bank to the Customer and/or selected by the Customer and/or subsequently changed by the Customer as per his choice, for operating the Account and/or to avail specified Services through Electronic Media.
- 'POS' means Point of Sale Terminals whether in India or overseas, whether of the Bank or a shared network, at which amongst other things, the Cardholder can use his Card to access the funds in the Account(s) held with the Bank.
- 'Reference market rate' shall mean the market rate, benchmark rate or such other rate (by whatever name called) as may be determined by the Bank for its foreign exchange (FX) dealing.
Note: The Bank may take into account various factors such as Bank's cost, risks and potential volatility in the market while determining IBR/reference market rate
- 'Registered Address' is any address other than the Mailing Address provided by the Customer to the Bank at the time of opening of the Account and as changed in the records of the Bank from time to time in the manner prescribed by the Bank.
- 'RBI' means the Reserve Bank of India.
- 'Salary Account' means the Account opened in the name of the Customer by virtue of his employment with an entity ('Employer') with whom the Bank has an arrangement in that respect.
- 'Secure Mail' means email facility available to Customers availing the Net Banking Service after they log into the Bank's Website.
- 'Services' includes Services through Electronic Media; Home Banking Services; Drop Box Service or any other services as may be offered by the Bank, from time to time, at its sole discretion, to all or some of its Customers in entirety or part thereof.
- 'Services through Electronic Media' means the facilities or services offered by the Bank, at its sole discretion, over Electronic Media including but not limited to Phone Banking, Net Banking, Global Debit Card and ATM Network, to carry out various transactions or to avail the information.
- 'Standing instructions' are debit instructions given by the Customer to the Bank in the manner specified, which are to be executed on future dates during a period specified by the Customer at a time interval or upon happening of the event specified by the Customer.
- 'Sweep facility' means facility of the Bank whereby automatic transfer of funds over a specified threshold from / to the Current/Saving(s) Account to / from Term Deposit Account(s) and the linked Term Deposit Accounts will be effected in a manner of LIFO or FIFO as the Bank may decide from time to time.
- 'Technical Snags' includes any problems and difficulties arising due to routine maintenance requirements, excess demand, power and electricity failure, computer errors, programming errors, software or hardware errors, computer breakdown, Internet or network failure, faults in the telecommunications network, non-availability of Internet connection, communication problems between the Bank's server and Customer's computer network, shutting down of the Bank's server or Website, non-availability of communication links, corruption of the computer software, snags in the service providers infrastructure and telecommunication network, and arising due to any other technology related snags; any problems and difficulties for any reasons whatsoever including but not limited to natural calamity, floods, fire and other natural disasters, legal restraints or any other problem or difficulty beyond the control of the Bank.
- 'Terms' shall mean Terms as may exist now and as may be amended from time to time.
- 'User ID' means and includes code, allotted by the Bank to the Customer for operating the Account and/or to avail specified Net Banking Service.
- 'Visa Electron' and 'Plus' are the trade marks ('Visa Marks') owned by Visa International and are displayed at Merchant Establishments of Visa International.
- 'Visa /Plus ATM Network' means ATMs of Visa International displaying Visa Marks which honour the Card.
- 'Website' means the website of the Bank.
- 'Working days' means the days, which are not Bank Holidays.
- MF Investment Account - MF Investment account means the account offered by the bank for investments into units of mutual funds