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Banking Terms

Digital FD terms

Terms of Service - Digital Fixed Term Deposits

These terms and conditions, along with any agreements, annexures, exhibits, or any additional service terms (“FD Terms”) applicable to the FD Services, apply when you ("you" or "Customer") opt to avail digital fixed term deposit service including the auto deposit plan (“Digital FD Service") provided or made available by North East Small Finance Bank Limited (the "Bank", "we", "us" or "our"). The FD Services may be made available through any digital platform (including any websites, desktop sites or mobile applications) operated by the Bank or any authorised third-party ("Digital Portal").

The FD Terms apply to you for availing the Digital FD Services, as identified below, offered by the Bank. By registering for using Digital FD Services, you signify that you have read, understood and agree to your agreement to be bound by these FD Terms without any limitation. If you do not agree with these FD Terms, please do not register or avail the Digital FD Services.

The headings contained in these Terms are for reference purposes only.

These FD Terms incorporate the Privacy Policy of the Bank (including any updates and amendments), available here by reference.

Representations, warranties, and undertakings by you

You confirm that you are at least 18 years of age to avail the Digital FD Services.
You confirm that have you never been adjudicated insolvent by any court and have also not had any insolvency proceedings against you.
You undertake to undergo the necessary know-your-customer ("KYC") checks and customer due diligence applicable to availing the Services, as prescribed under the Master Direction - Know your Customer (KYC) Directions, 2016 (as amended from time to time) issued by the Reserve Bank of India ("RBI"), read with the Prevention of Money Laundering Act, 2002 (as amended from time to time) (collectively, the "KYC Framework"). You are not a 'Politically Exposed Person' ("PEP") resident outside India in terms of the KYC Framework. In relation to the foregoing, PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials. You agree and undertake to immediately notify the Bank in circumstances where your PEP status changes, or you become related to a PEP.
You are not restricted by any legal, regulatory, judicial, quasi-judicial or other authority, to avail the Digital FD Services. You agree to use the Digital FD Services only for purposes that are permitted by these FD Terms and under applicable laws.

Definitions

"Applicant" refers to an individual who submits a formal request to the Bank for the opening of a fixed deposit account, either directly with the Bank or through a BC, on the Digital Portal where FD Services are made available by the Bank.

"Digital FD" or “Digital FD Account” means a fixed deposit account that is created in the name of a Customer, and operated electronically through the Digital Portal.

“KYC Framework” means and includes Master Direction - Know your Customer (KYC) Directions, 2016 issued by the Reserve Bank of India ("RBI"), read with the Prevention of Money Laundering Act, 2002.

The capitalised words used in these FD Terms but not specifically defined, will have the respective meanings assigned to them under the applicable Indian laws.

Your Information

By using the Digital FD Services, you authorize the Bank, whether directly by itself or indirectly through authorised third parties, to collect information about you, including information that identifies you or is relevant to make any inquiries necessary to validate your identity in accordance with Privacy Policy and the KYC Framework (collectively, "Information"). Please read the Privacy Policy to understand how we collect, process, handle and share your Information with third parties.

The Bank may, with your consent, request third parties to provide Information about you.

For availing the Digital FD Services, certain third parties, such as third-party operating the Digital Portal, may directly collect your Information. In such cases, the privacy policies of such third parties will also apply to collection and processing of your Information. To access these privacy policies of the said entities, please visit the Digital Portal of these third parties.

We may ask you for Information and documents that will allow us to confirm your right over your email address, phone number or financial instruments, or verify your Information against third party databases or through other sources.

If you do not provide any Information and documents as requested by the Bank, you will not be able to avail the Digital FD Services. Also, we reserve the right to terminate, suspend, or limit access to the Digital FD Services in the event we are unable to obtain/receive or verify any Information provided by you or accessed by us in accordance with the FD Terms.

The Information you provide to the Bank is true, accurate, current, updated and complete. You understand that the responsibility to provide correct, current and accurate Information, including contact details, transaction amount, bank account details etc., as may be required, lies solely with you. You must take all caution to ensure that there are no mistakes and errors in the Information. You will be solely liable to inform the Bank of any change in the Information provided by you or otherwise available in relation to you.

You agree to provide full cooperation to enable the Bank to validate your identity in order to provide you the Digital FD Services effectively.

Communication and notification

You hereby agree and acknowledge that the Bank may, at its sole discretion, engage the services of any third parties including but not limited to technology service providers, Business Correspondents ("BC") etc., for extension of banking and financial services and increasing the outreach of the Bank's services, for greater financial inclusion.

You agree that the Bank (either directly or indirectly through third parties) may communicate with you in connection with the Digital FD Services, through phone calls, SMS, third-party messenger applications (like WhatsApp), email or any other modes including through the Digital Portal.

Any communication will be considered to be received by you within 24 hours of the time we send it to you through any of the modes or when you are notified through the Digital Portal.

If we need to contact you in connection with the Digital FD Services, you give express consent to us and authorised third parties, including permitted BCs, agents or service providers, to communicate with you in any manner via:

a mobile phone or landline number you provide to us or use to contact us;
any email address associated with your account with the Bank, or you provide to us;
automated dialler systems and automatic telephone dialling systems;
pre-recorded or artificial voice messages; or
any other mode.

The Bank will not be responsible for any non-delivery, delayed delivery or distortion of the communication in any way whatsoever.

Access to Your Account

Your credentials include your username and password used to access your Digital FD Account. You are responsible for maintaining the secrecy and security of the login credentials to your Digital FD Account, controlling the activities that occur in or through your account and for restricting access to your system or device to prevent unauthorised access to your Digital FD Account. The Bank will not be liable for any breach of security or unauthorized use of your Digital FD Account.

You agree to establish reasonable security procedures and controls to limit access to your Digital FD Account, including the password or other identifying information of your Digital FD Account, which includes choosing passwords and other credentials in a manner that will protect the security of your Digital FD Account.

You agree to inform us immediately if you have any reason to believe that your login credentials have become known to anyone else, or if the password is being or is likely to be used in any unauthorized manner.

The Bank will use commercially reasonable efforts to make the FD Services available 24 hours a day, 7 days a week, except for (i) planned downtime, or (ii) any unavailability caused by circumstances beyond the Bank’s reasonable control, including any action directly or indirectly attributable to any third-party agent or service provider. While we will try our best to offer you uninterrupted access to the Digital FD Services, the Bank assumes no liability whatsoever for any claims for monetary or other damage or loss suffered by you on account of the delay or failure, interruption in the Digital FD Services.

The customer support in relation to the Services will be provided either directly by Bank or through its authorized service providers, 24 hours a day, 7 days a week.

If you choose to access the Digital FD Services from locations other than India, you do so at your own risk, and you would be solely liable and responsible for compliance with applicable local laws and regulations of such location, and we accept no liability in this regard. The mere fact that Digital FD Services can be accessed by you in a country other than India will not imply that the laws of the country where you access the Digital FD Services, govern these FD Terms, or use or access to the Digital FD Services or Digital FD Account.

Eligibility

Eligibility criteria to avail the Digital FD Services:

Applicant should be an Indian citizen and resident of India.
Applicant should be 18 years and above.
Applicant should be physically present in India at time of digital application and/or video-KYC.
Applicant should not have a tax obligation to any country other than India (FATCA reportable).
Applicant should not be a PEP under the KYC Framework.
Applicant’s mobile number should be linked with Aadhaar number of the Applicant. (only applicable in case of accounts opened using OTP based Aadhaar e-KYC authentication.)

FATCA-CRS Declaration

You agree to abide by and be bound by all applicable regulations, instructions or guidelines issued by the Reserve Bank of India (“RBI”), the Common Reporting Standards ("CRS"), Foreign Account Tax Compliance Act of United States of America ("FATCA") and any other governmental or regulatory authority.
You understand that the Bank is relying on your Information for determining your compliance status with FATCA and CRS (Common Reporting Standards).
You agree to inform the Bank within 30 days if there is change in such Information.
You agree that the Bank may also be required to report the relevant details to a governmental or regulatory authority in India, including Central Board of Direct Taxes, or close or suspend your Digital FD account, if instructed or required by applicable law to do so.

Digital FD Services

The Bank is authorised by the RBI to offer and issue Fixed Term Deposits (“FD”) in India in accordance with the applicable laws, to the Applicants on receipt of a request from the Applicant. In relation to the FD, the Bank will provide the following functionalities and services to you, either directly or through BCs, on the Digital Portal (collectively, the "Digital FD Services"):

Open Digital FD accounts, on receipt of a request/application from the Applicant through Digital Portal.
Provide you with a functionality to close the Digital FD account prior to the expiry/maturity of the Digital FD account.
Provide customer support to you in relation to the Digital FD Services, including providing the facility to raise grievances, complaints or provide feedback, in relation to Digital FD Services; and
Provide any ancillary or support services to enable you avail the Digital FD Services.

During your registration, for the purpose of creating and enabling the use of Digital FD Services by you, Bank may collect, process and share Information about you with third parties in accordance with its Board approved KYC policy and Privacy Policy, for undertaking customer identification procedures and customer due diligence and verification, in accordance with KYC Framework ("KYC Process").

Digital FD Account will be opened in single holding capacity (cannot be a joint account).

KYC Process

In compliance with the KYC Framework, undergoing KYC Process is mandatory in order to open a Savings Account. Bank will conduct KYC Process through prescribed mechanisms under the KYC Framework and in accordance with its internal KYC policy, which may include obtaining Information and validation of your identity through services offered by third party authorised service providers such as National Securities Depository Limited (NSDL), DigiLocker, Central KYC Records Registry (CKYCR), Central Identities Data Repository, Credit Information Companies (CIC) and the Unique Identification Authority of India (UIDAI). You will be required to accept the terms and conditions of such third-party service providers whom you authorise to share your Information, including Information relating to the KYC Process, with the Bank.

You provide your express consent to the Bank to undertake the KYC Process for SA Services. KYC can be done by the Bank in the following ways in accordance with KYC Framework and KYC Policy:

Provide your Permanent Account Number ("PAN") – You have to enter or confirm your PAN details which may be fetched from CICs.
Fetching identification information - You will be asked to complete your KYC either through offline verification of Aadhaar or through e-KYC authentication of Aadhaar or by enabling us to obtain your details from the CKYCR or DigiLocker. You hereby authorise the Bank to verify/check/obtain/download your KYC details from the CKYCR as and when required for the purpose of KYC verification; (i) by verifying such details through CKYC number (i.e., KYC identifier number-KIN) provided by you or (ii) by obtaining such CKYC number/KIN, through details made available by you. You also consent to receive information from CKYCR or DigiLocker through SMS/e-Mail on the herein mentioned mobile number/e-Mail Id in this regard. You further consent that the Bank shall update your KYC details on to CKYCR and this might entail downloading your details from CKYCR once again.
Employment and income details: You will be required to provide your employment and income details for setting up Savings Account on the Digital Portal.
Current Address: You will be required to verify your current address for completion of your KYC verification.
Bank account verification: In case of non-face to face KYC, in order to activate your Savings Account, the first transaction should be a credit to your Savings Account from your KYC complied bank account; or
Video KYC: You will be required to complete the video KYC as prescribed under the KYC Policy and KYC Framework. You agree and acknowledge that, you will provide all necessary permissions and consents for the purpose of carrying out video KYC with Bank.
Accounts opened through OTP Based E-KYC Authentication from UIDAI)
1. The Customer understands and agrees that being a limited KYC account, the operations of the account shall be limited.
2. The Customer should complete the Full KYC confirming to the guidelines issued by the Reserve Bank of India within 1 year from the date of opening of Digital Saving account.
3. The Customer herewith confirm that they have not opened any account/deposit through Aadhaar-OTP e-KYC verification in any other bank and they will not open any other account through Aadhaar-OTP e-KYC verification in any other bank.

The Bank may undertake the said KYC Process in such other manner as it deems fit provided it is in accordance with KYC Framework and KYC policy.

Post the submission and successful verification of the Information and the documents containing the Information submitted by you, your Savings Account may be opened at the discretion of the Bank, subject to review of your Information and completion of the KYC Process as per KYC Framework and KYC policy.

You authorise the Bank to fetch your demographic/KYC details directly from UIDAI, including through DigiLocker. You have no objection in authenticating yourself with Aadhaar based authentication system and voluntarily consent to providing your KYC details. You understand that the foregoing mechanism shall be used only for authenticating your identity through the Aadhaar authentication system for that specific transaction and for no other purposes, unless permitted under applicable laws. In this regard, you agree to furnish your Aadhaar number and voluntarily give your express consent to:

Use your Aadhaar details and authenticate yourself through Aadhaar based authentication system for the purpose of establishing your identity.
Link the Aadhaar Number to all your existing/new/future accounts and customer profile (CIF) with the Bank.

You authorize the Bank to share your Aadhaar related Information with regulatory and statutory bodies, as required under applicable laws. Notwithstanding anything mentioned under these Terms, Banks shall store and process Customer’s KYC information including but not limited to Aadhaar details in accordance with applicable laws.

OTP based Aadhaar e-KYC authentication

You agree and acknowledge that for the Digital FD Account opened in non-face-to-face mode i.e., through OTP based Aadhaar e-KYC authentication, the aggregate balance of all your deposit accounts shall not exceed INR one (1) lakh. You further understand and agree that the aggregate of all credits in a financial year, in all your accounts taken together, shall not exceed INR two (2) lakh.
You understand that the Digital FD Account opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per section 16 or section 18 (Video KYC) of RBI Master Direction - Know Your Customer (KYC) Direction, 2016 updated from time to time is completed. You agree and acknowledge that the Bank reserves the right to close the Account opened through OTP based e-KYC immediately if the aforementioned limits of INR one (1) lakh and INR two (2) lakh are breached.
You hereby declare that you have not opened any other account, nor will you open using OTP based e-KYC in non-face-to-face mode with any other banks.
You authorise the Bank while uploading KYC information to CKYCR, to indicate that your Digital FD Account is opened using OTP based e-KYC and other banks shall not open accounts based on such the KYC information.
You authorise the Bank to strictly monitor aforesaid procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above-mentioned conditions.

Video based KYC

Video KYC process is available only for Customers who are physically present in India and if the same can be confirmed through their live location through geo- tagging and shall be accessible only during the working hours defined by the Bank.
Video KYC process shall work only in good network/internet conditions and Customer should possess requisite documents and materials as informed on the journey page at the time of the video KYC process to avoid any inconvenience.
On opting for video KYC process, a two-way video call will be initiated between the Customer and the Bank’s official to start the video KYC process. As a part of Video KYC process, the Customer shall be required to verify their identity by answering certain questions asked by Bank’s officials through the video call.
The Customer shall be required to co-operate with the Bank’s officials in every manner and provide all such relevant information/data/documents including but not limited to allowing Bank’s officials to capture their photographs or screenshots of various documents including but not limited to Officially Valid Documents (“OVD”), PAN, etc.
The Customer agrees and consents to co-operate and provide all such relevant data/documents, etc. for the purpose of video KYC process.
The Customer authorizes the Bank to collect/store/verify/process any and all information/details received through the video KYC process including but not limited to the video call itself, information received from documents/information captured/shared through the video call.
In case the documents shown and verified by the Bank’s officials over a video call do not comply with the Bank policy and/or relevant guidelines due to any reason whatsoever, the application request shall be rejected.
Customers who have opted for video KYC process for Digital FD Services agree that their request is subject to verification and may be rejected by the Bank for various reasons including, but not limited to:
1. Call drop due to network/internet issues at the Customer’s or the Bank’s end or
2. Documents matching criteria is not fulfilled or
3. Bank official is unable to capture the screenshot of Customer’s photo or any document or
4. Customer is not ready to co-operate with Bank officials or
5. Location of Customer is outside India or
6. face mismatch or
7. poor quality uploaded documents or
8. For any other reason at the discretion of the Bank. In case of such rejection,
The Customer understands that the video KYC process is subject to the availability of Bank officials to conduct such video KYC.

Operation of Digital FD Accounts

Payment of interest on the Digital Fixed Deposit shall be made at the contractual rates notified by the Bank in accordance with its internal policies, subject to the guidelines prevailing as on the date on which the Digital FD Account became effective. Rate of interest is dependent on the time period of Digital FD Account and other factors notified by the Bank. The interest will be calculated and paid by the Bank in conformity with the formulae and terms suggested by RBI and Indian Banks’ Association (IBA) and the details of the prevailing interest rate can be found here.
Bank shall, at its discretion, formulate Digital FD schemes specifically for resident Indian senior citizens, offering higher and fixed rates of interest as compared to normal deposits of any size.
Initial funding is required to open Digital FD Account. The Bank reserves the right to stipulate, from time to time, the minimum and maximum initial funding limit and the mode of funding required for opening Digital FD Account. The Bank also reserves the right to deny opening of Digital FD Account till such time the proceeds are actually received by the Bank. The Bank reserves the right to close Digital FD Account without notice to the Customer if the Bank has reason to believe that the initial funding is not received from the customer, if the funds are received from illegitimate source, the initial funding transaction is not successful or the proceeds of initial funding transaction is not actually received by or settled in favour of the Bank within three (3) days of the request made by the Applicant.
The Bank shall have absolute right to refund the deposit amount without any interest if the necessary V-CIP (video KYC) procedure is not completed within 3 working days of payment/initial funding.
Creation or renewal of Digital FD Account on a public holiday may be shown, at the sole discretion of the Bank, as having created or renewed on the same day or on the immediate following business day.
The Bank shall have absolute right to discontinue any Digital FD Services by providing 30 (Thirty) days' notice. Such notice may be provided through the Digital Portal or through such means as authorized by the Bank.
The Bank reserves the right to close any Digital FD Account of the Customer in case of unsatisfactory conduct or operation of such account or if the Bank is of the view that continuance of such account is detrimental to the interest of the Bank.
The Customer should clearly indicate the maturity instructions in the request for opening Digital FD on the Digital Portal. If the Customer has not submitted any maturity instructions, the Digital FD will be renewed automatically on the due date of maturity, without any liability on the part of the Bank, for principal amount and interest (or for principal amount alone, in case interest pay-out is made prior to the renewal) for the same tenure at the rate prevailing on the due date of maturity.
Premature closure or withdrawal of a Digital FD is permitted at any time after the Digital FD Account has been created. However, the minimum term for a Digital FD is 7 (Seven) days from the date of creation of the Digital FD Account beyond which Bank shall be liable to pay interest, and the FD must be free of any charges or liens. In the event of premature closure or withdrawal, the Digital FD will earn interest at the rate applicable to a term deposit that has actually remained with the Bank and not at the contracted rate. In case of premature withdrawal of Digital FD based on instructions of Customer, the Bank shall have the right to recover interest already paid or the penalty, if any, from the proceeds of the Digital FD Account in accordance with applicable laws prevailing on the relevant date. The Digital FD can also be withdrawn within 7 (seven) days of creation of the Digital FD Account; however, no interest shall be paid for such Digital FD Account. If the Digital FD is to be withdrawn within three (3) days of its creation, the request must be submitted to customercare@nesfb.com and/or help@sliceit.com After three (3) days, the withdrawal option will be available through the Digital Portal.
The Bank computes interest on the deposits made by you as Digital FD based on the actual number of days in a year (i.e. 366 days in a leap year and 365 days in a non-leap year).
The Bank reserves the right to disclose the information about the Customer if required or permitted by applicable law, at the request or order of any statutory, regulatory or judicial authority, or if such disclosure is required for the purposes of preventing fraud.
Customers should carefully examine the entries made in the FD advice or receipt and bring any errors, omissions or discrepancies to the attention of the Bank, within 30 (Thirty) days from the date of receipt of the FD advice or receipt, failing which the entries shall be deemed to be correct and accepted by the Customer, and the Customer shall not be entitled to question or dispute thereafter.
Nomination
1. Nomination facility is available in accordance with applicable laws including but not limited to the Banking Companies (Nomination) Rules, 1985. Customer has to mandatorily designate a nominee (who should be an individual) while availing Digital FD Services. In case the nominee is a minor, the name of the guardian to be specified. In case a nomination facility has been availed by the Customer, the Bank will be discharged of its liability in regard to the funds available to the credit of such Digital FD by making the payment to the nominee subject to the terms specified by the Bank, unless specifically prohibited by an order of the Court.
2. Customer shall nominate any person who, in the event of death of the Customer shall become entitled to the Digital FD proceeds and the payment thereon. If such nomination is not made at the time of opening of Digital FD Account, it may be made by the Customer at any time after the FD receipt/advice is issued but before its maturity, by such means as may be prescribed in Bank’s internal policies.
3. In the event of death of the Customer in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Digital FD to encash the deposit. For the aforesaid purpose, the surviving nominee shall make an application to the Bank, supported by all relevant documentation.
4. Only one nominee is permissible for Digital FD Account and the nominee should be an individual.
5. The Customer is at liberty to change the nominee, through declaration in the appropriate form/in the manner stipulated by the Bank to revise the nomination during the maintenance of the Digital FD Account with the Bank.
6. The Customer authorizes the Bank to act upon his/her instruction regarding nomination, cancellation, or variation of the nomination in respect of the Digital FD Account. The Customer shall not hold the Bank responsible and shall indemnify the Bank on account of any claim against the Bank for acting on the instruction of nomination given by the Customer.
7. In the absence of any nominee, the Bank may retain any and all funds in Digital FD until it establishes the identity and credentials of the successor/legal heir to the account holder to its satisfaction, which may include evidence in accordance with applicable law.
8. Advantages of Nomination- The Bank actively recommends that all Customers avail nomination facility. The nominee, in the event of death of the Customer, would receive the maturity amount of the Digital FD. Nomination facility is intended only for individual Deposit holders. The Bank may retain the maturity proceeds in the Digital FD until it establishes the identity and credentials of the legal heir(s) to its sole satisfaction, and the Bank reserves the right to demand and inspect requisite documentation in this regard, including a succession/legal heir certificate and/or a duly probated will. Without prejudice to the foregoing, in the event of death of a Customer, the Bank reserves the right to pursue all courses available to it under law and equity at its discretion to recover any amounts that are payable to the Bank, from the heirs or nominees of the Customer.
Tax Deducted at Source (“TDS”)
1. All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the terms of these Digital FDs will be recoverable from the Customer.
2. Tax is deducted at source on interest on Digital FD held by a Customer, if the interest paid or payable by Bank for the financial year exceeds the threshold limit specified by Income Tax Act, 1961 (“IT Act”). Currently, the threshold limit for this purpose is ₹40,000 p.a. save for senior citizen customers, in which case the threshold limit shall be ₹50,000 p.a., which may be modified from time to time as per the applicable laws. When aggregate of interest paid in the financial year exceeds threshold limit, TDS recoverable on the aggregate interest is recovered from the latest interest credit/flow due to which aggregate exceeds threshold limit. In case, TDS recoverable is higher than the interest credit/flow amount, lien will be levied by Bank for the TDS shortfall amount on the Digital FD whose interest flow that caused the breach of the threshold limit. The shortfall will be recovered from the next interest flow/credit paid to the Customer or from Digital FD amount if interest paid on maturity of Digital FD is lower than the shortfall amount.
3. For Digital FD (with quarterly / monthly interest payment), tax is deducted on each interest payment and on interest accrued on March 31st of every year. For Cumulative Digital FD, tax is deducted on interest accrued on March 31st of every year and on maturity. The TDS amount calculated on the accrued interest is remitted to the tax authorities on behalf of the Customer by Bank. The interest on the TDS amount from April 1st till maturity of the Digital FD is adjusted from the interest payable to the Customer.
4. As per provisions of Finance Act 2009, w.e.f. April 01, 2010, a valid PAN is required to be submitted by all Customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/H shall not be treated as valid unless PAN is mentioned in such forms. In case the Customer does not want the TDS to be deducted at source, they may submit Form 15G / 15H (other than company, firm or co-operative society)/ Exemption Certificate under Section 197 (in case of all holders)/ or any other tax exemption certificate with Bank. Such form or tax exemption certificate has to be submitted every financial year for each Digital FD held and on each renewal of the Digital FD.
The Bank disclaims and you release Bank from any liability for any unauthorised use of your Digital FD Account and for any loss or damage incurred directly or indirectly by you as a result.
You are responsible for safe custody of the Digital FD advise or receipt. In case of misuse of the same, you should immediately inform the Bank.
Payment of interest in case of Digital FD Accounts of deceased Customers

In case of a Digital FD of deceased depositors, interest shall be paid in the manner indicated below:

If date of payment of claim is date of maturity of the deposit, the maturity proceeds will be paid at the contracted rate.
In case of premature withdrawal i.e., in the event of the payment of deposit being claimed before the maturity date - interest will be paid on at applicable rate with reference to the period for which the deposit has remained with the Bank up to date of payment without charging penalty.
Nominee cannot place a request for change of existing maturity instruction of a term deposit.
Claim settlement for missing Customers

As per the provisions of Section 108 of the Indian Evidence Act, presumption of death can be raised only after a lapse of seven years from the date of his/her being reported missing. As such, the nominee / legal heirs have to raise an express presumption of death of the subscriber under Section 108 of the Indian Evidence Act before a competent court. If the court presumes that he/she is dead, then the claim in respect of a missing person can be settled on the basis of the same.

Banker's Lien and Set-Off

The Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held by the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of Bank's services extended to and/or used by the Customer or as a result of any other facilities that may be granted by the Bank to the Customer.
The Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to the Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to the Bank hereunder or under any other document/ agreement, by adjusting, setting-off any Digital FD held by the Customer with the Bank, notwithstanding that the Digital FDs may not be expressed in the same currency as such indebtedness.
The Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
In addition to Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises the Bank:
1. to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to the Bank; and
2. to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any Digital FD, in the Customer's name, with the Bank towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the FD Terms or under the terms of any other facilities that may be granted by the Bank to the Customer.
The Bank shall not be under any obligation to exercise any of its rights under this clause.
The above-mentioned rights of the Bank are without prejudice to the obligations of the Customer to pay to the Bank when due all its indebtedness and without prejudice to any other rights that the Bank may have against the Customer for recovery of outstanding from Customer to the Bank.

Deposit Insurance and Credit Guarantee Corporation (DICGC)

Each Customer is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of INR five (5) lakh or as updated from time to time, for both principal and interest amount held by him in the same right and same capacity.

Customer Undertaking and Declarations

You agree, declare and confirm as below:

You shall regularly review the changes, modifications or amendments, if any, made by the Bank in any of the above, by accessing the Bank's website or application where these Digital FD Terms are made available.
Your account shall be opened in the centralised branch through the platform provided by Bank or by empanelled BCs or through the Bank’s Digital Portal.
You are funding Digital FD from your own sources and the amount is being transferred from your own account maintained with the Bank or any other bank, as stated in the account opening application form/request.
In case you open the non-face-to-face Account (limited KYC Account), the details of Aadhaar and PAN mentioned in the account opening application form/request relates to you. No other account has been opened by you, using OTP based e-KYC, with the Bank or with any other bank, nor you will open such Account hereafter until you complete full KYC with the Bank in relation to Digital FD Services.
If the Digital FD Account is closed for reasons whatsoever, the Bank may pay the proceeds (after the right of set-off, if any, of the Bank) to you by refunding, by crediting to the source account from which the funds were received for creation of Digital FD Account, which shall be valid discharge of the obligations of the Bank in this regard.
You agree and acknowledge that the Bank is under no obligation to refund to the source account as mentioned above unless it is convinced, based on materials, that the source account belongs to you. If refund in the above manner is not successful, the Bank may retain the available amount with it, and you agree to collect the proceeds (after the right of set-off of the Bank) by reaching out the Bank at customercare@nesfb.com.
You authorise the Bank to exchange, share, disclose or part with, any or all of the Information, including Information pertaining your Digital FD Account (including personal sensitive data or information), whether provided directly by you or otherwise, with any other third parties engaged by the Bank or with whom the Bank has business relationship, as may be required/permitted by any law, rule or regulations or as required by the Bank and you shall not hold the Bank or its agents/representatives liable for using/sharing such information.
You agree that the Bank shall have paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/balances lying in any of your accounts, whether in single name or in joint names. The Bank may exercise such rights at any time, without prejudice to any of its specific rights under any other agreements, at its sole discretion and without notice to you.

Auto Deposits

When a Customer opts to create fixed deposits on monthly basis, then these terms and conditions shall apply. The Customer hereby agrees and acknowledges that Auto Deposits shall be a subset of the Digital FD Services provided by the Bank. All other terms and conditions as applicable to Digital FD shall remain applicable in addition to these terms.

By accepting these terms and conditions, the Customer confirms that they have read, understood, and agreed to these terms, Digital FD Terms along with Mobile Banking Terms.

Capitalised terms not defined here will have the meaning as set out in the Mobile Banking Terms and/or Digital FD Terms.

“Auto Deposits” shall refer to a systematic deposit plan that allows Customers to invest a fixed amount of money at regular intervals, typically monthly, into a fixed deposit account. Each deposit made under the Auto Deposits is treated as a separate Digital FD with its own interest rate, which is determined at the time of each deposit is created with the Bank.

"Savings Account" will refer to an online savings account offered by the Bank which can be opened by a Customer through the Digital Portal.

Eligibility

Only Customers with an active Savings Account opened through the Bank's Digital Portal are eligible to opt for the Auto Deposits. Customers with savings accounts opened through physical branch visits are not eligible for the Auto Deposits.

Terms

By opting for the Auto Deposits, you agree to set up a standing instruction to automatically transfer a fixed amount (as selected by you) from your Savings Account opened through the Bank's Digital Portal, to create a new fixed deposit each month.
Each deposit under Auto Deposits will be treated as a separate Digital FD and the tenure (as selected by the Customer) will start from the date of realisation of each deposit instructions through standing instructions as provided by you.
A separate fixed deposit number will be issued to each Digital FD and accordingly separate fixed deposit receipts/advice will be issued by the Bank for each deposit.
The minimum tenure and amount for creation of an Auto deposit is can be found here .
The deposit tenure and the amount selected for ﬁrst deposit will be applicable to all the future deposits with a minimum gap of 28 days Ex- If you opt to start an Auto Deposit with a monthly contribution of ₹5,000 for one year tenure, commencing on 1st January 2024, you will have 12 separate Digital FDs of ₹5,000 each. These deposits will begin on the 1st of each month, starting from 1st January 2024, and each Digital FD will have a tenure of one year accordingly.
Acceptance of Auto Deposits:
1. Bank may accept the deposit under Auto Deposits as selected by the Customer at its sole and absolute discretion and subject to the terms and conditions contained herein.
2. Bank will only accept deposits under Auto Deposits from Savings Account opened through the Bank's Digital Portal.
3. Bank shall accept deposits under Auto Deposits subject to the minimum amount of deposit prescribed by the Bank. Bank reserves the right to accept or reject the application for Auto Deposits without assigning any reason whatsoever. The amount in relation to such rejected application will not earn any interest and the Bank will endeavour to refund the said amount within 7 (seven) days.
Interest
1. The deposits under Auto Deposits will be booked at the rate of interest prevailing on the date of creation of each month’s Digital FD subject to internal policies of the Bank and applicable laws.
2. Bank, may at its discretion, offer higher interest rates specifically for resident Indian senior citizens.
3. The interest payable on each Digital FD under Auto Deposits will be calculated from the date of actual receipt of the funds by Bank through standing instructions created by you on your savings account created through Bank’s Digital Portal.
Payments and Renewal
1. The interest payouts, premature withdrawal proceeds and maturity proceeds (unless any request for renewal within the prescribed period before the date of maturity is received), will be made in the Bank’s savings account of the Customer opened through Digital Portal.
2. In the event of renewal, the Auto Deposits will be extended for the same tenure as originally selected by the Customer for the first Auto Deposit.
3. Renewal of Auto Deposits will be subject to the rate of interest and other terms & conditions prevailing on the date of renewal.
4. In case where the Customer has opted for renewal of Auto Deposits at the time of creation of first Auto Deposit but subsequently wishes to cancel the renewal request, the cancelation request shall be raised either through Digital Portal or Customer can raise such a request by reaching to Bank at help@sliceit.com at least 3 (three) business days before maturity date of the Deposit.
Standing Instructions/Auto-Debit Facility
1. You agree and authorise that each debit for creation of a Digital FD under Auto Deposits will be a mandate/standing instruction created by you on your Savings Account of the Bank opened through Digital Portal.
2. When the Customer opts for Auto Deposits, the first Digital FD for the first month will be created and the subsequent monthly Digital FDs will have to be made by issuing a standing instruction, which will be presented once in a month on the date specified by the Customer. For the sake of clarity, any subsequent deposit after the first deposit is not acceptable through any other payment mode, except through standing instructions.
3. You further authorize the Bank to automatically debit the specified amount from your account each month, based on the execution date you have selected, until the completion of the Auto Deposit tenure or until you choose to prematurely close the Auto Deposit.
4. Under Auto Deposit, if there is a dishonour of auto debit facility/standing instruction due to insufficient funds in the savings account of the Customer, during its tenure, then the Digital FD for that particular month will not be created. If the standing instruction is dishonoured consecutively for three months, the Bank reserves the right to cancel the Auto Deposit. The Bank also reserves the right to impose charges in case of such dishonour of standing instructions.
5. The Customer may cancel the standing instructions at any time, thereby stopping the Auto Deposit. Any Digital FDs created under the Auto Deposit prior to the cancellation will remain valid. However, once cancelled, the Auto Deposit cannot be reinstated. If the Customer wishes to set up a new deposit under the Auto Deposit after cancellation, a new Auto Deposit request must be submitted.
Pre-mature withdrawal
1. As separate Digital FDs are created under an Auto Deposits, pre-mature withdrawal request can be made for each such separate Digital FDs.
2. Pre-mature withdrawal of Auto Deposits is permitted for either one Digital FD or all the Digital FDs created under the same Auto Deposit.
3. Pre-mature withdrawal of one Digital FD created under Auto Deposit shall not in any manner affect the creation of subsequent Digital FDs under the same Auto Deposit.
4. Such pre-mature withdrawal of one or more Digital FDs under the Auto Deposit will attract such penalty as mentioned in the schedule of charges.
5. In the event of premature closure or withdrawal of one or more Digital FDs, each Digital FD will earn interest at the rate applicable to a term deposit that has actually remained with the Bank and not at the contracted rate. In case of premature withdrawal of Digital FDs based on instructions of Customer, the Bank shall have the right to recover interest already paid or the penalty, if any, from the proceeds of the Digital FD(s) in accordance with applicable laws prevailing on the relevant date.

Links to other websites

Links to websites, interfaces or applications, other than Bank’s own website or application, are provided solely as information on topics that may be useful to you in relation to the Digital FD Services. Links to such websites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such websites.

The Bank has no control over the content on such third-party websites, interfaces or applications. The Bank neither makes warranties concerning the content of such websites, including accuracy, authenticity, completeness, usefulness, reliability of these websites, interfaces or applications, nor does the Bank warrant that such website or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination.

If you choose to follow a link to a website, interface or application not controlled by the Bank, you must do so at your own risk. Once you are redirected to a third-party website or application interface, the terms of use of service and privacy policies of such websites, interfaces or applications will apply to you.

Indemnity and Disclaimer of Liability

You, at your sole expense, will defend, indemnify and hold harmless, the Bank, its affiliates, licensees and its officers, directors, agents and employees from and against all claims, demands, damages, losses, costs and expenses (including attorneys’ fees) arising from or relating to: (i) your use or misuse of the Digital FD Services; (ii) any claims from any third-party in connection with your use or access of the Digital FD Services; (iii) any violation by you of the Digital FD Terms (including any breach of the representations, warranties, and covenants made by you); (iv) improper or incorrect Information provided by you; (v) use or misuse of the Information; or (vi) incorrect information of an unrelated third party provided by you.

The Bank reserves the right, at your expense, to assume the exclusive defence and control of, including rights to settle, any matter for which you are required to indemnify the Bank, and you agree to cooperate with the Bank for such defence and settlement. The Bank will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party in respect of the Bank that is subject to the foregoing indemnification, upon the Bank becoming aware of it. You may, at your own expense, engage separate counsel to advise you regarding a claim and to participate in the defence of the claim, subject to the Bank’s right to control the defence and settlement.

You agree that the Bank, its directors, officers, employees, agents, shareholders, and representatives will in no way be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including damages for loss of data or Information, profits, goodwill, revenue, profits, or other intangible losses, for any reason whatsoever, including any interruption or stoppage to your use of the Services, or hacking or unauthorized access your Digital FD Account and Digital FD Services.

No advice or information, whether oral or written, obtained by you from the Bank or based on use of Digital FD Services will create any warranty or liability on the Bank.

Bank's sole obligation in the event of interruption in Digital FD Services or loss of access to Digital FD Services, will be to use all reasonable endeavours to restore the Digital FD Services or your access to the Digital FD Services.

Miscellaneous

Grievance Redressal: Any complaint, dispute, or grievance in relation to the Services should be addressed to the Bank, in accordance with the Bank’s Grievance Redressal Policy.
Governing law and disputes resolution: These Digital FD Terms will be governed by and construed in accordance with applicable laws of India. If a dispute arises between you and the Bank, our goal is to provide you with a cost-effective and quick resolution, and hence, we encourage you to first contact the Bank at help@sliceit.com and/or customercare@nesfb.com to try resolving your problem directly with us. If you and the Bank are unable to resolve any dispute amicably within 30 days of the notice of such dispute, the dispute will be subject to the exclusive jurisdiction of the courts in Guwahati, Assam, India.
Changes to these Terms: The Bank may modify these Digital FD Terms, from time to time. It is your responsibility to review the Digital FD Terms from time to time, to see if it has been modified. The updated version of these Digital FD Terms will be immediately effective upon being posted on the Bank’s Digital Portal. The continued use of the Digital FD Services upon modification of the Digital FD Terms or after being updated on the Bank’s Digital Portal will be construed as the acceptance of the said modified Digital FD Terms.
Transferability: These Digital FD Terms, or any right or interest, will not be assignable or transferable by you.
Entirety of the Terms: These Digital FD Terms, which includes along with any agreements, annexures, exhibits, or any additional service terms applicable to the Digital FD Services, which are incorporated by reference, constitute the entire terms between the Bank and you regarding the subject matter hereof.
Severability: If any portion of these Digital FD Terms are found to be unenforceable, the remaining portion will continue to remain in full force and effect.
No waiver: If the Bank fails to enforce any part of these Digital FD Terms, it will not be considered a waiver.

Savings account terms

Terms and Conditions for Savings Account

These terms and conditions, along with any agreements, annexures, exhibits, or any additional service terms applicable to the Savings Account services opened through Digital Portal (as defined below) (“SA Terms”), apply when you ("you" or "Customer") opt to avail Savings Account services (“SA Services") provided or made available by North East Small Finance Bank Limited (the "Bank", "we", "us" or "our"). The SA Services may be made available through any digital platform (including slice mobile application) operated by the Bank ("Digital Portal").

In addition to the Mobile Banking Terms, the SA Terms along with any other agreements or documents executed / accepted by you, apply to you for availing the SA Services via the Digital Portal as identified below in the SA Terms offered by the Bank.

By registering for using SA Services, you signify that you have read, understood and agree to your agreement to be bound by these SA Terms without any limitation. If you do not agree with these SA Terms, please do not register or avail SA Services.

The headings contained in these SA Terms are for reference purposes only.

These SA Terms incorporate the Privacy Policy of the Bank (including any updates and amendments), available here by reference.

Definitions

In these Terms, the following words and phrases will have the meaning stated hereunder unless indicated otherwise:

“Applicant" refers to an individual who submits a formal request to the Bank for the opening of the Savings Account, subject to the eligibility criteria provided in these SA Terms and Banks' policies and procedures, on the Digital Portal where SA Services are made available by the Bank.

"Debit Card" is a physical and/or virtual payment instrument linked to a Savings Account which can be used by the Customer to withdraw cash, make domestic online payments, point of sale (PoS) terminal or quick response (QR) code transactions, cash withdrawal through domestic PoS and contactless payments subject to applicable laws.

"Savings Account" will refer to an online savings account offered by the Bank which can be opened by a Customer through the Digital Portal.

"IMPS Facility" means the Immediate Payment service Funds Transfer Facility through NPCI system.

"IMPS Regulations" means the circulars, guidelines, or regulations issued by the NPCI and any practices and/or policies followed by the Bank from time to time.

“KYC Policy” means the board approved know your customer policy of the Bank.

"NPCI" means National Payment Corporation of India.

"Regulations" means circulars, guidelines, or regulations and/or guidelines issued by the RBI, NPCI or any other regulators for the subject matter contained under these terms.

"RBI" means the Reserve Bank of India.

Eligibility criteria to avail the SA Services:

Applicant should be an Indian citizen and resident of India.
Applicant should be 18 years and above.
Applicant should be physically present in India at time of digital application and/or video-KYC.
Applicant should not have a tax obligation to any country other than India (FATCA reportable).
Applicant should not be a PEP under the KYC Framework.
Applicant’s mobile number should be linked with Aadhaar number of the Applicant (only applicable in case of accounts opened using OTP based Aadhaar e-KYC authentication)
Each eligible Applicant can only open one Savings Account.

The Bank may, in its sole discretion, impose any other qualification or eligibility criteria.

FATCA-CRS Declaration

You agree to abide by and be bound by all applicable regulations, instructions or guidelines issued by the RBI, the Common Reporting Standards ("CRS"), Foreign Account Tax Compliance Act of United States of America ("FATCA") and any other governmental or regulatory authority.
You understand that the Bank is relying on your Information for determining your compliance status with FATCA and CRS (Common Reporting Standards).
You agree to inform the Bank within 30 days if there is any change in such Information.
You agree that the Bank may also be required to report the relevant details to a governmental or regulatory authority in India, including Central Board of Direct Taxes, or close or suspend your Savings Account, if instructed or required by applicable law to do so.

Digital Saving Account Services (“SA Services”)

In relation to SA Services, the Bank will provide the following functionalities and services to you on the Digital Portal.

Open Savings Account, on receipt of a request/application from the Applicant through Digital Portal.
Payment of interest on the Savings Account will be determined based on the interest rate schedule available on the Bank's website and in accordance with the Bank's policies and guidelines, which align with the RBI's issued directives.
The amount lying in the Savings Account is withdrawable on demand anytime through the Digital Portal subject to applicable laws and Bank’s internal policies.
No monthly minimum balance requirement on the Savings Account.
Provide customer support to you in relation to the SA Services, including providing the facility to raise grievances, complaints or provide feedback, in relation to SA Services; and
Provide any ancillary or support services to enable you avail the SA Services.

During your registration, for the purpose of creating and enabling the use of SA Services by you, Bank may collect, process and share Information about you with third parties in accordance with its KYC policy and Privacy Policy, for undertaking customer identification procedures and customer due diligence and verification, in accordance with KYC Framework ("KYC Process").

Savings Account will be opened in a single holding capacity (cannot be a joint account).

Customer Consents and Representations

The Customer consents to and provides the following representations and warranties:

The Customer agrees to voluntarily share their personal data, including Aadhaar details and PAN card number, for opening their Savings Account and to avail allied services from Bank.
There is no insolvency proceedings initiated against the Customer, nor the Customer has been adjudicated insolvent.
The information provided through the Digital Portal during the Savings Account opening process are accurate and complete and will be considered final and legally binding. The Customer agrees that Bank has every right to reject the Savings Account opening application, if there is any erroneous, incomplete or misleading information provided by the Customer or for incomplete or erroneous KYC or Anti Money Laundering (“AML”)/ Counter Finance Terrorism (“CFT”) checks failure or in accordance with Bank’s internal policies or for any other reason whatsoever and without assigning any reason. The Bank reserves the right to take necessary action, legal or otherwise, if the Bank finds any wilful modification/ withholding of information or misrepresentation by the Customer. The failure to provide requisite documentation and information will result in rejection of application by the Bank.
The Customer will be required to submit at the Bank’s request, such further documents, information, matters and things as the Bank may consider necessary for opening the Savings Account.
The Customer has assessed the suitability of the Savings Account based on their risk tolerance, financial capability, and investment objectives. If any transactions are flagged as suspicious or undesirable, the Bank maintains the right to initiate suitable measures.
The Customer herewith agrees that if the application is rejected, the Bank may retain the documents and any document submitted by the Customer on the application or otherwise.
The Customer confirms that the Savings Account is being opened for their own use and that the mobile number, SIM and device used for opening the Digital Account belongs to the Customer.
The Customer will not share the credentials pertaining to the Savings Account opening with any other person.
The Customer opening a Savings Account under these SA Terms declares that if there is a change in the tax residency (i.e. FATCA reportable) they will intimate the Bank within 30 days of such change.
The Customer agrees that the Bank may debit their Savings Account with service charges as per the schedule of charges as may be applicable from time to time provided on the website of the Bank. Goods and Service Tax (GST) as applicable will be levied on all fees and charges levied by the Bank and/ or in connection with banking services.
In case of adding funds to the Savings Account, credit to the Savings Accounts will be done post opening of Savings Account as per the onboarding process and KYC Process and is subject to realisation of the funds received from the Customer.
In case of the Customer using the Savings Account for accepting / receiving any foreign contributions, the Customers need to comply with the provisions under the Foreign Exchange Management Act, 1999 or such other applicable laws.
All transactions in Savings Account will be done by legitimate sources only and Savings Account will not be used for any purposes which are contrary to law. In the event, the Customer violates these SA Terms or applicable laws, the Bank may, in its absolute discretion, discontinue the SA Services without any notice to the Customer.
The Customer will pay to the Bank forthwith upon demand by the Bank, without demur, the proceeds of any wrong credit or excess credit or debit balance or overdraw, received/created in whatsoever manner. In all such instances, the Bank will be entitled to undertake appropriate measures deemed fit in the interests of the Bank.
Notwithstanding any other provisions contained herein, the Bank reserves the right to place a debit freeze, total freeze or exercise its lien on the Savings Account or to close or suspend the use of the Savings Account at the absolute discretion of the Bank, with or without notice to the Customer. The Bank may at its sole discretion take suitable action if Bank is of the opinion that continuation of services is prejudicial to its interest. The foregoing actions may be taken by the Bank in the event any discrepancies, inaccuracies in the information submitted by the Customer, any false / representation made by the Customer with reference to such Savings Account, action pursuant to any observations arising out of regular monitoring of Customer's Savings Account by the Bank and/or any issues arising at the time of document verification. Provided however, the Bank may seek additional information or documents from the Customer at any time and Customer will comply with such requests failing which the Bank may exercise of any of the rights. In case the Savings Account is put under freeze, the Customer agrees that principal amount in such account kept along with the interest accrued (if any), will be payable to in accordance with Bank’s internal policies. The closure proceeds will be payable only once lien is expressly removed by the Bank.
The Customer shall regularly review the changes, modifications or amendments, if any, made by the Bank in any of the above, by accessing these SA Terms.
The Customer authorizes the Bank to exchange, share, disclose or part with, any or all of the Information, including Information pertaining your Savings Account (including personal sensitive data or information), whether provided directly by you or otherwise, with any other third parties engaged by the Bank or with whom the Bank has business relationship, as may be required/permitted by any law, rule or regulations or as required by the Bank and the Customer shall not hold the Bank or its agents/representatives liable for using/sharing such information.
The Customer declares and confirms that the Bank shall be entitled to rely on all/any communication, information and details provided on the electronic form and all such communications, information and details shall be final and legally binding on the Customer and the Customer agrees to indemnify the Bank for any loss or damage cause to the Bank on account of Bank placing reliance on such communication/information.
The Customer understands and agrees that interest on the amount funded will be credited to the Savings Account subject to activation of such account and only from the date when the funds have been credited into the account.

KYC Process

You provide your express consent to the Bank to undertake the KYC Process for SA Services. KYC can be done by the Bank in the following ways in accordance with KYC Framework and KYC Policy:

Provide your Permanent Account Number ("PAN") – You have to enter or confirm your PAN details which may be fetched from CICs.
Fetching identification information - You will be asked to complete your KYC either through offline verification of Aadhaar or through e-KYC authentication of Aadhaar or by enabling us to obtain your details from the CKYCR or DigiLocker. You hereby authorise the Bank to verify/check/obtain/download your KYC details from the CKYCR as and when required for the purpose of KYC verification; (i) by verifying such details through CKYC number (i.e., KYC identifier number-KIN) provided by you or (ii) by obtaining such CKYC number/KIN, through details made available by you. You also consent to receive information from CKYCR or DigiLocker through SMS/e-Mail on the herein mentioned mobile number/e-Mail Id in this regard. You further consent that the Bank shall update your KYC details on to CKYCR and this might entail downloading your details from CKYCR once again.
Employment and income details: You will be required to provide your employment and income details for setting up Savings Account on the Digital Portal.
Current Address: You will be required to verify your current address for completion of your KYC verification.
Bank account verification: In case of non-face to face KYC, in order to activate your Savings Account, the first transaction should be a credit to your Savings Account from your KYC complied bank account; or
Video KYC: You will be required to complete the video KYC as prescribed under the KYC Policy and KYC Framework. You agree and acknowledge that, you will provide all necessary permissions and consents for the purpose of carrying out video KYC with Bank.
Accounts opened through OTP Based E-KYC Authentication from UIDAI
- The Customer understands and agrees that being a limited KYC account, the operations of the account shall be limited.
- The Customer should complete the Full KYC confirming to the guidelines issued by the Reserve Bank of India within 1 year from the date of opening of Digital Saving account.
- The Customer herewith confirm that they have not opened any account/deposit through Aadhaar-OTP e-KYC verification in any other bank and they will not open any other account through Aadhaar-OTP e-KYC verification in any other bank.

The Bank may undertake the said KYC Process in such other manner as it deems fit provided it is in accordance with KYC Framework and KYC policy.

Use your Aadhaar details and authenticate yourself through Aadhaar based authentication system for the purpose of establishing your identity.
Link the Aadhaar Number to all your existing/new/future accounts and customer profile (CIF) with the Bank.

OTP based Aadhaar e-KYC authentication

You agree and acknowledge that for the Savings Account opened in non-face-to-face mode i.e., through OTP based Aadhaar e-KYC authentication, the aggregate balance of all your deposit accounts shall not exceed INR one (1) lakh. You further understand and agree that the aggregate of all credits in a financial year, in all your accounts taken together, shall not exceed INR two (2) lakh.
You understand that the Savings Account opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per section 16 or section 18 (Video KYC) of RBI Master Direction - Know Your Customer (KYC) Direction, 2016 updated from time to time is completed. You agree and acknowledge that the Bank reserves the right to close the Savings Account opened through OTP based e-KYC immediately if the aforementioned limits of INR one (1) lakh and INR two (2) lakh are breached.
You hereby declare that you have not opened any other account, nor will you open using OTP based e-KYC in non-face-to-face mode with any other banks.
You authorise the Bank while uploading KYC information to CKYCR, to indicate that your Savings Account is opened using OTP based e-KYC and other banks shall not open accounts based on such the KYC information.
You authorise the Bank to strictly monitor aforesaid procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above-mentioned conditions.

Video based KYC

Video KYC process is available only for Customers who are physically present in India and if the same can be confirmed through their live location through geo- tagging and shall be accessible only during the working hours defined by the Bank.
Video KYC process shall work only in good network/internet conditions and Customer should possess requisite documents and materials as informed on the journey page at the time of the video KYC process to avoid any inconvenience.
On opting for video KYC process, a two-way video call will be initiated between the Customer and the Bank’s official to start the video KYC process. As a part of Video KYC process, the Customer shall be required to verify their identity by answering certain questions asked by Bank’s officials through the video call.
The Customer shall be required to co-operate with the Bank’s officials in every manner and provide all such relevant information/data/documents including but not limited to allowing Bank’s officials to capture their photographs or screenshots of various documents including but not limited to Officially Valid Documents (“OVD”), PAN, etc.
The Customer agrees and consents to co-operate and provide all such relevant data/documents, etc. for the purpose of video KYC process.
The Customer authorizes the Bank to collect/store/verify/process any and all information/details received through the video KYC process including but not limited to the video call itself, information received from documents/information captured/shared through the video call.
In case the documents shown and verified by the Bank’s officials over a video call do not comply with the Bank policy and/or relevant guidelines due to any reason whatsoever, the application request shall be rejected.
Customers who have opted for video KYC process for SA Services agree that their request is subject to verification and may be rejected by the Bank for various reasons including, but not limited to:
1. Call drop due to network/internet issues at the Customer’s or the Bank’s end or
2. Documents matching criteria is not fulfilled or
3. Bank official is unable to capture the screenshot of Customer’s photo or any document or
4. Customer is not ready to co-operate with Bank officials or
5. Location of Customer is outside India or
6. face mismatch or
7. poor quality uploaded documents or
8. For any other reason at the discretion of the Bank.
The Customer understands that the video KYC process is subject to the availability of Bank officials to conduct such video KYC.

Politically Exposed Persons

By continuing usage of the SA Services, you hereby represent that you are not a Politically Exposed Person (PEP) as defined by the RBI. PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials.
You agree and undertake to immediately notify us in circumstances where your PEP status changes, or you become related to a PEP. You should promptly notify us in writing to ensure that appropriate steps are taken in accordance with Applicable Law and our policy. You further understand that as a PEP you will be subject to additional customer due diligence requirements as determined by the regulators and as per our KYC Policy. As a PEP you hereby agree to fully comply with all the aforesaid additional customer due diligence requirements as well as cooperate with us to complete all continuing compliance requirements applicable to a PEP as will be notified to you by us to ensure uninterrupted use of the Savings Account.

Operational Conditions for Savings Account

The Customer must complete the online application form and provide the information requested by the Bank. The Bank reserves the right to withhold the application form for reasons such as errors in the application, failure of address verification, or other criteria established by the Bank's internal policies. The Customer shall be required to complete the online application form and provide requested details asked by the Bank.
Opening of Savings Account is subject to verification, and the Bank reserves the right to reject the application form /request for opening Savings Account without providing any reason to the Customer.
The Savings Account should be used to route transactions of only non-business and non-commercial nature. Savings Account.
Payment of interest on the Savings Account shall be made at the contractual rates notified by the Bank in accordance with its internal policies, subject to the guidelines prevailing as on the date on which the Savings Account became effective. Rate of interest is dependent on the balance in the Savings Account and other factors notified by the Bank. The interest will be calculated and paid by the Bank in conformity with the formulae and terms suggested by RBI and Indian Banks’ Association (IBA) and the details of the prevailing interest rate can be found here.
Bank may, at its discretion, formulate Savings Account schemes specifically for resident Indian senior citizens, offering higher rates of interest.
The Bank may levy fees and charges on the Savings Account as per schedule of charges duly placed on the website of the Bank.
The Savings Account balance can be withdrawn by the Customer on demand at any time through the Digital Portal.
The Bank computes interest on the Savings Account based on the actual number of days in a year (i.e. 366 days in a leap year and 365 days in a non-leap year).
The Savings Account to be opened by the Customer in their own name and is not available for joint account holding pattern.
The Customer will be sent a statement of account by email every month and the Customer can also access the statement of account on the Digital Portal. If you prefer a physical passbook for your Savings Account, please contact via the Digital Portal or help@sliceit.com.
The Customer should carefully examine the entries made in their statement of account and draw Bank’s attention to any errors/omissions/ discrepancies that may be discovered within 15 days from the date of entries falling which the same will be deemed to be correct and accepted by the Customer.
Cheque book facility, SMS alert facility, debit card facility for the Savings Account will be made available to the Customer as per the schedule of charges as duly placed on the website of the Bank.
On failure of payment of funding balance in the Savings Accounts by the Customer due to any technical error, Customer will get a refund of the same in the original payment mode.
The Customer herewith agrees to be contacted by the Bank to receive information with respect to account maintenance, alerts, payments due, servicing their relationship with the Bank, associates or agents through telephone/mobile/SMS/email, etc. To ensure that you may not receive any unsolicited commercial calls please contact your telephone service provider for registration in the National Do Not Call Register of Telecom Regulatory Authority of India (TRAI). If, however, you still receive any unwelcome call, please write to us at help@sliceit.com indicating, if possible, the telephone number from which the call was made.
The Customer will keep the Bank informed at all times, of any change in their communication address and employment or any other personal information and authorize the Bank to update the change in the Bank’s record. The Customer will be solely responsible for ensuring that the Bank has been informed of the correct address for communication and any changes/corrections in the Customer's personal information or communication details.
The Bank reserves the right to change, modify or amend the SA Terms and the formalities/procedures for opening Savings Account periodically or from time to time, and the Customer shall be responsible for regularly reviewing such changes, modifications or amendments as may be hosted/published on the website or on the Digital Portal.
The Bank disclaims and you release Bank from any liability for any unauthorized use of your Digital Saving Account and for any loss or damage incurred directly or indirectly by you as a result.
The Bank reserves the right to disclose the information about the Customer if required or permitted by applicable law, at the request or order of any statutory, regulatory or judicial authority, or if such disclosure is required for the purposes of preventing fraud.
The Bank shall have absolute right to discontinue any SA Services by providing 30 (Thirty) days' notice. Such notice may be provided through the Digital Portal or through such means as authorized by the Bank.
The Bank reserves the right to close Savings Account of any Customer in case of unsatisfactory conduct or operation of such account or if the Bank is of the view that continuance of such account is detrimental to the interest of the Bank.
UPI handle for your Savings Account - You will be able to create a UPI handle / UPI ID for your Savings Account and use UPI Services, if you have a valid and an active Savings Account with a registered mobile number. You agree and understand that the issuance of a UPI ID including the format of the UPI Handle will be at the sole discretion of the Bank and in accordance with applicable laws.
Refunds/Chargeback- In case of failed/returned/rejected/cancelled transactions, , refund shall be processed in accordance with applicable laws and refund (if any) would be received on your Savings Account within such timelines as prescribed under applicable laws. However, if you erroneously process a payment to a merchant, you can notify the Bank to raise a chargeback, and the same shall be processed in accordance with applicable laws.

Closure of Customer Account

Customer may close their Savings Account by making a written request on the Digital Portal.
If the Savings Account is closed for reasons whatsoever by the Bank, the Bank shall provide the option to the Customer to withdraw or transfer the proceeds (after the right of set-off, if any, of the Bank) to some other account of the Customer as per the Bank’s policy which will be valid discharge of the obligations of the Bank in this regard.
The Bank may, at its sole discretion, place operational restrictions in any Savings Account of the Customer or close such account, if the account is conducted unsatisfactorily in the opinion of Bank or if the account does not conform to the extant guidelines of RBI.
The Bank reserves the right to close Savings Account without notice to the Customer if the Bank has reason to believe that the funds are received from illegitimate source.
The Bank reserves the right to close any Savings Account of the Customer in case of unsatisfactory conduct or operation of such account or if the Bank is of the view that continuance of such account is detrimental to the interest of the Bank.

Inoperative Account

Savings Accounts which have not been operated for over a period of 2 years will be categorised as ‘inoperative’ account. However, Digital Saving Accounts which are not operated for 10 years will be categorised as ‘unclaimed deposit Account’ as provided under RBI circular “Inoperative Accounts /Unclaimed Deposits in Banks- Revised Instructions dated Jan 01,2024”. A request for activation of such inoperative Account has to be made by the Customer through the Digital Portal subject to Bank’s internal policies and applicable laws.

Nomination

Nomination facility is available in accordance with applicable laws including but not limited to the Banking Companies (Nomination) Rules, 1985. Customer has to designate a nominee (who should be an individual) while availing SA Services. In case the nominee is a minor, the name of the guardian to be specified. In case a nomination facility has been availed by the Customer, the Bank will be discharged of its liability in regard to the funds available to the credit of such Savings Account by making the payment to the nominee subject to the terms specified by the Bank, unless specifically prohibited by an order of the Court.
Customer shall nominate any person who, in the event of death of the Customer shall become entitled to the Savings Account proceeds and the payment thereon. If such nomination is not made at the time of opening of Savings Account, it may be made by the Customer at any time after Savings Account is opened, by such means as may be prescribed in Bank’s internal policies.
In the event of death of the Customer in respect of which a nomination is in force, the nominee shall be entitled to the proceeds of the Savings Account of the Customer. For the aforesaid purpose, the surviving nominee shall make an application to the Bank, supported by all relevant documentation.
Only one nominee is permissible for Savings Account and the nominee should be an individual.
The Customer is at liberty to change the nominee, through declaration in the appropriate form/in the manner stipulated by the Bank to revise the nomination during the maintenance of the Savings Account with the Bank.
The Customer authorizes the Bank to act upon his/her instruction regarding nomination, cancellation, or variation of the nomination in respect of the Savings Account. The Customer shall not hold the Bank responsible and shall indemnify the Bank on account of any claim against the Bank for acting on the instruction of nomination given by the Customer.
In the absence of any nominee, the Bank may retain any and all funds in Savings Account until it establishes the identity and credentials of the successor/legal heir to the account holder to its satisfaction, which may include evidence in accordance with applicable law.
Advantages of Nomination- The Bank actively recommends that all Customers avail nomination facility. The nominee, in the event of death of the Customer, would receive the proceeds of the Savings Account. The Bank may retain the proceeds in the Savings Account until it establishes the identity and credentials of the legal heir(s) to its sole satisfaction, and the Bank reserves the right to demand and inspect requisite documentation in this regard, including a succession/legal heir certificate and/or a duly probated will. Without prejudice to the foregoing, in the event of death of a Customer, the Bank reserves the right to pursue all courses available to it under law and equity at its discretion to recover any amounts that are payable to the Bank, from the heirs or nominees of the Customer.

Banker's Lien and Set-Off

The Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held by the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of Bank's services extended to and/or used by the Customer or as a result of any other facilities that may be granted by the Bank to the Customer.
The Bank is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to the Bank, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Customer to the Bank hereunder or under any other document/ agreement, by adjusting, setting-off any balance in the Savings Account held by the Customer with the Bank, notwithstanding that the Savings Account may not be expressed in the same currency as such indebtedness.
The Bank's rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
In addition to Bank's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises the Bank:
1. to combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to the Bank; and
2. to apply, set-off or transfer at any time (without prior notice to the Customer) any credit balance (whether or not then due) to which the Customer is at any time beneficially entitled (whether singly or jointly) on any Savings Account, in the Customer's name, with the Bank towards the satisfaction of any or all of the Customer's liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the SA Terms or under the terms of any other facilities that may be granted by the Bank to the Customer.
The Bank shall not be under any obligation to exercise any of its rights under this clause.

The above-mentioned rights of the Bank are without prejudice to the obligations of the Customer to pay to the Bank when due all its indebtedness and without prejudice to any other rights that the Bank may have against the Customer for recovery of outstanding from Customer to the Bank.

Auto Debit facility

You hereby agree and acknowledge that any mandate/standing instruction/auto debit/UPI autopay registered by you on your Savings Account will be executed by the Bank as per applicable law. UPI Autopay can be set up on Savings Account as prescribed by RBI, NPCI and all applicable laws.

The Bank will provide you with an online facility to withdraw any auto debit instruction at any point of time in accordance with applicable laws following which no further recurring transactions shall be allowed for the withdrawn auto debit. The Bank will clearly communicate to you about the facility to withdraw auto debit at any point of time at the time of registration and later on whenever felt necessary.

Customers shall be given an option to select the maximum amount allowed for auto debit facility as per applicable laws. Appropriate factor of authentication will be taken from the Customers while setting up the auto debit facility. Customers can pause, modify or cancel the auto debit facility anytime and these would also entail undertaking appropriate factor of authentication.

Adding Beneficiary

Bank provides you with a facility of adding beneficiaries in your Savings Account in accordance with applicable laws whereby you can register the beneficiaries by providing their bank account details. This would enable you to transfer money from your Savings Account to the beneficiaries’ bank account. The detailed process of adding beneficiaries, transaction limits, maximum number of beneficiaries which can be added, cooling off period etc., can be found here.

Debit Card Facility

The Most Important Terms and Conditions (MITC) for Debit Card can be found here.

Terms for IMPS Facility

These terms and conditions shall govern every payment order issued by the Customer under the IMPS Facility ("Electronic Transfer Terms").
The Customer understands and acknowledges that nothing contained under the Electronic Transfer Terms shall be construed as creating any contractual or other rights against the RBI, NPCI or any participant in the payment system other than the Bank to the extent provided under these Terms.
The Customer hereby acknowledges that the Customer has read and understood the Regulations and agrees that the rights and obligations provided therein and, in these Electronic Transfer Terms in so far as it relates to the Customer shall be binding on the Customer with regard to every request for transfer of electronic funds from Savings Account under IMPS Facility made by the Customer
The Bank shall be entitled, at its sole discretion, to accept and process or reject such request for an electronic transfer of funds from your Savings Account under IMPS Facility. These Electronic Transfer Terms shall be in addition to and not in derogation governing the Regulations and/ any other regulations, circulars, orders, notifications, press releases, instructions issued by RBI or NPCI from time to time, including the aforesaid regulations and any practices or policies followed by the Bank from time to time.
The Bank will have no obligations to any person including any beneficiary (or any person claiming under or through such beneficiary) other than the Customer, for the execution of any request for transfer of funds under IMPS Facility from their Savings Account. All obligations of the Bank to the Customer in relation to any request for transfer of funds under IMPS Facility shall cease upon the execution of such request by the Bank.
The Bank shall execute a payment order for IMPS Facility requested or made by the Customer unless: -
1. The funds available in the Savings Account of the Customer are not adequate or properly applicable to comply with the payment order and the Customer has not made any other arrangement to meet the payment obligation.
2. The payment order is incomplete, or it is not issued in the agreed form.
3. The Bank has reason to believe that the payment order is issued to carry out an unlawful transaction.
4. The payment order cannot be executed in terms of the Regulations through the IMPS system of the NPCI.
The Bank will upon execution of every payment order under IMPS Facility by it will be entitled to debit the Savings Account of the Customer, the amount of the funds transferred together with charges payable thereon.
No payment order issued by the Customer shall be binding on the Bank until the Bank has accepted it.
Disclaimers:
1. Bank shall not be liable for any incomplete information provided by the Customer while transferring funds through IMPS Facility through use of Bank provided channels or through any assisted channels, if made available by the Bank.
2. The instructions issued for online fund transfer under IMPS Facility shall be irrevocable and the Customer understands that they shall not be entitled to revoke / cancel the same under any circumstances after initiating the transfer on their Savings Account.
3. The Customer shall solely be responsible for the correctness of all information pertaining to the beneficiary and the transaction while availing the IMPS Facility.
4. The Customer shall report to the Bank any discrepancy in the execution of a payment order under IMPS Facility.
5. In case of any failure of transaction for the reasons like server connectivity, time out, system downtime etc., the amount involved under such transfers will be restored to the account originally debited.
6. Transactions initiated through IMPS cannot be cancelled discontinued or stopped and becomes irrevocable when such instructions have been executed and/ or are in the Bank's system, and the revocation of such instruction is not possible.
7. The Customer agrees that they are aware that there is a risk of non-payment to the beneficiary on the day of the transaction which may be for any reason whatsoever, including a holiday at the beneficiary's branch. The Bank or NPCI or any other participant in the IMPS shall not be liable, in any manner whatsoever, to the Customer for any such delay.
8. The Customer agrees that RBI and/or NPCI may terminate, modify, assign the provisions of the IMPS Facility and the Customer shall abide by the same.

Cheque Book Facility

Upon request of cheque book by the Customer, the Bank may endeavor to make the facility available to the Customer, as per the Bank policies and Regulations.
Customer Eligibility: Customer must be a resident Individual having an operational Savings Account.
Customer Representations:
1. The Customer agrees and acknowledges that upon request, the cheque books will be dispatched by courier /messenger/ mail or through any other mode by the Bank at its discretion to the address notified by Customer for correspondence.
2. The Customer agrees to preserve the cheque book issued by the Bank and in case of loss/theft of the same are required immediately inform the Bank in writing.
3. The Customer agrees that there would be sufficient funds in their Savings Account for effecting transactions through cheques.
4. The Customer agrees that the Bank shall not be liable for any consequences arising out of non-compliance by the Bank of any instructions due to inadequacy of funds and the Bank can at its sole discretion decide to carry out the instructions notwithstanding the inadequacy of funds without prior approval from or notice to the Customer.
5. The Customer agrees that frequent dishonor of cheques or high value cheque returns due to insufficient funds may lead to discontinuation of cheque books/closure of Savings Account.

Governing law and disputes resolution

These SA Terms will be governed by and construed in accordance with Indian laws. If a dispute arises between you and Bank, our goal is to provide you with a neutral and cost-effective means of resolving the dispute quickly. In the event of a dispute, we encourage you to first contact the Bank at +91-8048329999 or help@sliceit.com to try resolving your problem directly with us. If the parties are unable to resolve any dispute amicably within 30 days of the notice of such dispute, the dispute will be subject to the exclusive jurisdiction of the courts in Guwahati, Assam, India.

Force Majeure

The Bank shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of the Bank to perform any of its obligations under these Terms and Conditions or those applicable specifically to its services/facilities if performance is prevented, hindered or delayed by a Force Majeure event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure event continues.

"Force Majeure Event" means any event due to any cause beyond the reasonable control of the Bank, including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of god, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures or power shut down, faults or failures in telecommunication etc.

Indemnity and Limitation of Liability

You agree that you shall indemnify and hold the Bank harmless against all actions, claims, demands, proceedings, losses, damages, 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 any of the services or due to any negligence/mistake/misconduct on my part or breach or non-compliance by you of any of the Terms relating to any of the services or by reason of the Bank in good faith taking or refusing to take action on any instruction given by you.
The Bank will not be liable for any connectivity, network or data issues leading to non-completion or wrong/ false/incomplete information being provided by the Customer leading to the incompletion of their application for opening of Savings Accounts.
Under no circumstances the Bank will be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Savings Account.

Grievance Redressal

Bank has a clearly defined grievance redressal process for speedy and effective redressal of customer grievance. For registering grievances, kindly escalate the complaint/grievance on the Digital Portal of the Bank.
Any complaint, dispute, or grievance in relation to the Services should be addressed to the Bank, in accordance with the Bank’s Grievance Redressal Policy.

Miscellaneous

Insurance: All Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force will be made available to the Customer. The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits:
1. Deposits of foreign Governments
2. Deposits of Central/State Governments
3. Inter-bank deposits
4. Deposits of the State Land Development Banks with the State co-operative bank
5. Any amount due on account of and deposit received outside India
6. Any amount, which has been specifically exempted by the corporation with the previous approval of RBI.
Each Customer in the Bank is insured up to a maximum of Rs. 5,00,000 (Rupees Five Lakh) for both principal and interest amount held by him/her in the same right and same capacity.

The deposits kept with the Bank are aggregated for the purpose of insurance cover and a maximum amount up to Rupees Five lakh is paid. For example, if a Customer had an account with a principal amount of Rs. 4,95,000 plus accrued interest of Rs. 4,000, the total amount insured by the DICGC would be Rs. 4,99,000. If, however, the principal amount in that account was Rs. Five lakh, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.
Modification: Bank has the absolute discretion to amend or supplement any terms and conditions at any time without prior notice by notifying through posting on the Bank website or through any other means or through the Digital Portal as Bank may deem fit which will constitute sufficient notice and such amendments or supplements will be binding on the Customer. Customer usage of new functionalities or features notified or made available will be treated as acceptance of terms and conditions applicable thereof.
Assignment: The Customer agrees and understands that the services provided by the Bank are neither transferable nor assignable to any party.
Compliance with Laws: The Customer will solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of their Savings Account with the Bank. The Customer agrees to abide by and be bound by all applicable rules/ regulations/ instruction/ guidelines issued by the RBI, the Common Reporting Standards (CRS), FATCA and any other governmental or regulatory authority, in force from time to time.
Entirety of the Terms: These SA Terms, which includes along with any agreements, annexures, exhibits, or any additional service terms applicable to the SA Services, which are incorporated by reference, constitute the entire terms between the Bank and you regarding the subject matter hereof.
Severability: If any portion of these SA Terms are found to be unenforceable, the remaining portion will continue to remain in full force and effect.
No Waiver: If the Bank fails to enforce any part of these SA Terms, it will not be considered a waiver.

MITC of debit card

Most Important Terms and Conditions of Debit Card

These Most important Terms and Conditions of Debit Card (“MITC”), apply when you ("you" or "Customer" or “Cardholder”) opt to avail Debit Card facility (which may be issued both in virtual and physical form factors) linked to Savings Account provided or made available by North East Small Finance Bank Limited (the "Bank", "we", "us" or "our"). The Debit Card facility may be made available to Customers who availed current account services through physical branch visits and/or savings account services either through any digital platform (including any websites, desktop sites or mobile applications) operated by the Bank ("Digital Portal") or through physical branch visits.

Please make sure that you have read these MITC carefully, before using the Debit Card. By using the Debit Card you agree and acknowledge that you will be bound by these MITC along with terms applicable to Savings Account and/or Current Account, and you accept the onus of ensuring compliance with the relevant Reserve Bank of India (RBI) Regulations, , and as amended/modified/ applicable form time to time and any other corresponding enactment in force from time. You will also continue to remain bound by the terms and conditions of operation of your savings/current account with the Bank.

DEFINITIONS

“Card or Debit Card” refers to the Bank issued physical and/or virtual payment instrument linked to savings/current account which can be used by the Customer to withdraw cash, make domestic online payments, point of sale (PoS) terminal or quick response (QR) code transactions, cash withdrawal through domestic PoS and contactless payments subject to applicable laws.

“Account(s)” refers to the Cardholder's Savings or Current Account that have been designated by the Bank to be eligible account(s) for the valid operation of the Debit Card. The Cardholder should be either the account holder or sole signatory or authorized to act alone, when there is more than one account holder/signatory.

“Primary Account” shall mean, in case of multiple accounts linked to the Debit Card (if any), the account that has been designated as being the main/first account of operation i.e. the account from which purchases Transactions, cash withdrawals, charges and fees related to the card are debited.

“ATM” refers to Automated Teller Machine, whether India or overseas, whether of the Bank, or of any other bank and a shared network, at which amongst other things, the Cardholder can use his Debit Card to access the funds in his Accounts(s) held with the Bank.

“PIN” means the Personal Identification Number (required to access ATMs) allocated to the Cardholder by the Bank, chosen by him from time to time.

“Transaction” means instruction given by a Cardholder by using his Card directly or indirectly, to the Bank to effect action to the Account(s). {Examples of Transactions can be retail purchases, cash withdrawals, cash/ cheque deposits, etc.)

“Merchant or Merchant Establishments” shall mean any person who owns or manages or operates a service establishment (physical or online) wherever located, that accepts a Debit Card issued by the Bank (including but not limited to stores, shops, restaurants, hotels and airline organizations, e-commerce websites, shopping applications etc.)

“EDC or Electronic Data Capture” refers to electronic point of sale swipe terminals, whether in India or overseas, whether of the Bank or any other bank on the network, that permit the debiting of the Account(s) for purchase Transactions from Merchant Establishments.

“Master Card/Visa/RuPay” means card trademark owned by and normally associated with Master Card/Visa/RuPay International which are the card networks with whom Bank has engaged to issue Debit Cards.

CARD VALIDITY AND CARDHOLDER OBLIGATIONS

The usage of the Debit Card shall be in accordance with all applicable laws.
The Debit Card shall be valid for Transaction options, as permitted by the Bank from time to time within India at Bank ATMs, ATMs of other banks, which are members of the Master Card/Visa/RuPay ATM network and Master Card/Visa/RuPay Point-of Sale swipe terminals at Merchant Establishments.
The Customer agrees and acknowledges that once the Customer completes the onboarding for Savings Account through the Digital Portal in accordance with Savings Account terms, a virtual Debit Card is issued to the Customer by the Bank and the same can be accessed on the Digital Portal. In cases where the Customer wants a physical Debit Card, the request for the same has to be raised on the Digital Portal and accordingly the Debit Cards will be dispatched by courier /messenger/ mail or through any other mode by the Bank at its discretion to the address notified by Customer for correspondence.
The Customer hereby agrees and understands that the Debit Cards at the time of issuance/ reissuance is enabled for use only at contact base points of usage within India (ATM and PoS). The PIN may subsequently be generated through the channels made available by the Bank including but not limited to through the Digital Portal, through ATMs etc.
The Customer understands that they can enable/ disable their usage preference and manage transaction limits on the Debit Card anytime by modifying the same on the Digital Portal. The transaction limits for various types of Transactions using the Debit card can be found here.
The Debit Card is and will be at all times the property of the Bank and shall be returned to the Bank immediately upon Bank’s request or upon failing to deliver to Cardholder. The Cardholder is requested to ensure that the identity of the Bank Officers is established before handing over the Card.
The Debit Card is not transferrable or assignable by the Cardholder under any circumstance.
The PIN issued to the Cardholder for use of Debit Card, or any number chosen by the Cardholder as a PIN, should remain only with the Cardholder and the PIN should be only for the personal use of the Cardholder, should be non-transferable and strictly confidential. A written record of the PIN number should not be kept in any form, place or manner that may facilitate its use by a third party. The PIN should not be disclosed to others by any means whether voluntary or otherwise. The Bank shall exercise care while issuing the PINs and shall be under obligation not to disclose the Cardholder’s PIN, except to the Cardholder.
The Cardholders Account will be debited immediately with the amount of any withdrawal, transfer, and other Transactions effected by the use of the Debit Card.
The Cardholder should maintain sufficient funds in the Account to meet any such Transactions.
The Cardholder shall not be entitled to overdraw the Cardholders Accounts or withdraw funds by use of the Debit Card in excess of any agreed overdraft limit.
You agree and acknowledge that the Debit Card is valid up to the last working day of the month indicated on the Debit Card. You hereby undertake to destroy the Debit Card when it expires by cutting it into several pieces. The Debit Card will be renewed by the Bank on expiry. The Bank may, at your request for physical Debit Card, send your renewed Debit Card and attempt delivery of the Debit Card at the address recorded with the Bank in its system. However, if Customer does not want to renew the Debit Card, such Customer shall have the option to decline the renewal by reaching out via Digital Portal or help@sliceit.com. Bank reserves the sole right renewing your Debit Card and debit related charges from your Account as mentioned in the schedule of charges.
The Cardholder will inform the Bank in writing within 15 days from the statement date, of any irregularities or discrepancies that exists in the Transaction details at an ATM/Merchant Establishment on the statement of account sent by the Bank. If no such notice received during this time, Bank will assume the correctness of both the transaction and the Statement of account.
The Customer agrees to keep the Debit Card in safe custody and not hand over the same to anyone including anyone who claims to represent the Bank. Bank shall not be responsible for any misuse of the Debit Card by virtue of the same falling into wrong hands prior to the Debit Card being reported as lost/stolen by the Customer. The Customer will be responsible for all related charges for use of the Debit Card. 
Any change in the address or KYC details should be immediately informed to the Bank failing which the Customer shall be responsible for any non-receipt of communication/ deliverables or the same being delivered at the old address. It will be the Customer’s responsibility to ensure that valid e-mail ID, mobile number & address is updated with the Bank at all times, failing which, the Customer may not receive Debit Card related notification(s) from the Bank.
The Customer agrees and understands that all transactions conducted with use of the PIN/ IPIN will be Customer's responsibility and the Customer will abide by the record of the transaction as generated.
If a Cardholder uses the Debit Card to withdraw an amount that exceeds the available balance or the overdraft limit authorized by the Bank, the Cardholder shall immediately repay the Bank the full overdrawn amount, together with any applicable interest and penalties, at the rate determined by the Bank.
Customer agrees and acknowledge that these Debit Card terms may be altered by the Bank, but 30 days’ notice of the change shall be given to the Customer to enable him/her to withdraw if he/she so chooses. After the notice period of 30 days, the Customer would be deemed to have accepted the terms if he/she had not withdrawn during this specified period.
The Customer agrees and acknowledges that if the Debit Card is not used by the Customer for more than one (1) year, the same would be marked as inactive by the Bank and Customer shall have to undergo required due diligence to reactivate such Debit Card in accordance with applicable laws.

USAGE OF DEBIT CARDS

Contactless Payments

Debit Card contactless card allows you to pay with a simple tap. Such contactless payments can be done up to a limit of INR 5000 or such other limits as prescribed by RBI and/or any applicable laws. These transactions are as secured as any chip/PIN based transactions.

Usage of Card for Transactions
1. The Bank will debit the Savings Account associated with the Debit Card for the Transactions undertaken by the Customer. All Transactions will be reflected in the account statement linked to the Debit Card.
2. The Debit Card should not be used for any purpose which may be illegal or unlawful or not permitted under the Regulations and any such usage will be considered as unauthorized and the Customer will be solely responsible. Notwithstanding the responsibility of the Customer, the Bank shall be entitled to reject such a Transaction by the Customer.
3. The Customer agrees that the Bank’s record of the Transaction(s) relating to the Debit Card will be considered as conclusive and binding.
4. The Customer agrees not to attempt to withdraw / purchase using the Debit Card unless sufficient funds are available in their Savings Account. The onus of ensuring adequate balance in their Savings Account is entirely on the Customer.
Merchant Establishment Usage
1. The Debit Card is acceptable at all electronic or physical Merchant Establishments in India.
2. When a Merchant swipes or inserts your Debit Card in a PoS machine, he/ she will first enter the amount. Then the PoS machine will prompt for a PIN, which you will have to enter to complete the transaction, This PIN is the same one that you use at ATMs. If you don't punch in your PIN, the Bank will decline the Transaction. You get three chances to enter the right PIN. If third attempt is also wrong your Card will get blocked. This is similar to the process at ATMS.
3. Always enter Debit Card PIN yourself at the Merchant Establishment. Never share your Debit Card PIN with anyone, including the Merchant. While using your card on PoS machine, if you suspect something unusual, do not use the machine and report it to the Bank immediately. Usage of PIN for Debit Card Transaction has been introduced as a security measure that acts as two-factor authentication.
4. Bank prohibits withdrawal of cash using Debit Card at the PoS, unless specifically permitted by Bank.
5. You must sign the charge slip and retain your copy of the charge slip whenever the Debit Card is used at Merchant Establishments. Bank will not furnish copies of the charge slip. Any charge slip not personally signed by you, but which can be proven as being authorized by you, will be deemed to be your liability.
6. The Bank will not accept responsibility for delivery of goods and services by the Merchant to the Customer. Should the Customer have any complaints concerning any delivery of goods or services, the matter should be resolved by the Customer with the Merchant directly. However, the Customer should notify the Bank of this complaint immediately.
7. In case the Merchant wishes to cancel a completed transaction due to an error or on account of merchandise return, the earlier sales receipt must be cancelled by the Merchant and a copy of the cancelled receipt must be retained in their possession. Reversal of any debits due to such a transaction will be processed and the cancelled sales slip needs to be produced by the Customer, if called for by the Bank.
8. Quality of goods and services: The Bank shall not be in any way responsible for merchandise, warranty or services purchased or availed by Customer from the Merchant including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods from the order placed by the Customer. It must be distinctly understood that the Debit Card facility is purely a facility to the Customer to undertake Transactions and the Bank holds out no warranty or makes no representation about quality, delivery or otherwise howsoever regarding the goods or services, and any dispute must be resolved by the Customer with the Merchant directly.
9. In case of Debit Cards linked to multiple accounts, transaction at Merchant Establishment will be effected only on the Primary Account. In case there are insufficient funds in the said account, Bank will not honour the Transactions, even if the necessary funds are available cumulatively or severally in the other accounts linked to the Debit Card.
Withdrawal facility at ATM
1. The Debit Card is accepted at the Bank’s ATMs and/or ATM of any other Banks.
2. The Debit Card can be operated by the Customer with the help of a confidential PIN at ATM locations at which the Debit Card is serviceable.
3. Transactions at the Bank ATMs may be subjected to charges as determined by the Bank from time to time. The schedule of charges can be found here.
4. For all cash withdrawals at the Bank ATM, any statement/receipt issued by the ATM at the time of deposit or withdrawal, shall be deemed conclusive, unless verified and intimated otherwise by the Bank. Any such verification shall likewise be final and conclusive, and this verified amount will be binding on the Cardholder.
5. If the Customer has any complaints concerning any ATM establishment of any other bank, the matter should be resolved by the Customer with that bank and failure to do so will not relieve him from any obligations to the Bank. However, the Customer should notify the Bank of this complaint immediately.
6. For all Debit Card variants, the ATM cash withdrawal limits can be found here. There may be a lower limit of withdrawals which may be applicable to different category of Customer Savings Account based on RBI regulations and/or policies of the Bank.

FEES

Transaction fees for cash withdrawals/balance inquiry and/or wherever applicable, will be debited from the related Account at the time posting the cash withdrawal/balance inquiry or wherever applicable.
The charges/fees applicable on the physical Debit Card and/or its usage can be found here and such charges may be revised by the Bank from time to time, with prior information to the Cardholder(s).

LOST, STOLEN, SURRENDER AND CLOSURE OF DEBIT CARD

In case Debit Card is lost/ stolen or damaged; the Customer can hotlist/ block the Debit Card immediately either through the Digital Portal or by reaching out to the Bank at help@sliceit.com by reaching out to the branch. The Bank will block the Debit Card immediately on being informed by the Customer and completion of the formalities, if any.
The loss or theft of the Debit Card should be reported to the Bank immediately.
The Bank will send a confirmation to the Customer immediately on blocking/deactivating /suspending the Debit Card along with reasons thereof through electronic means (SMS/ email) subject to communication preferences of the Customer. The Bank, upon adequate verification, will block the Debit Card and will not be liable for any inconvenience caused to the Customer on this account. The Bank will hotlist / cancel the Debit Card following the receipt of such intimation from the Customer and formalities, if any.
The Bank shall not be liable for any loss by the misuse of the Debit Card for any type of transactions (online/ physical/ contactless) and the Customer will be liable for all charges incurred on the Debit Card prior to the Debit Card being reported as lost/ stolen or hotlisted by the Bank upon instructions of the Customer.
The Customer agrees and understands that once their Debit Card is reported lost, stolen or damaged and is subsequently found, such Debit Card must promptly be cut in half through the magnetic strip and adequate care would be taken to prevent its misuse.  
The Customer is responsible for the security of the Debit Card and shall take all steps towards ensuring the safekeeping thereof. In the event the Bank determines that the aforementioned steps are questionable, financial liability on the lost or stolen card would solely rest with the Customer. 
The Customer hereby agrees and acknowledges that once a request for a replacement card is raised by the Customer through channels provided by the Bank, the same shall be issued by the Bank in accordance with applicable terms.
In the event that the Cardholder decides to Close his account with the Bank, the Card(s) issued with this account as the Primary Account, would automatically stand cancelled. The Cardholder(s) must immediately cease to use his Card and destroy and return all his/ additional Cards that are linked to this account. In case of any outstanding Card Transaction that have not yet been debited from the account the same will be netted off from the balance prior to Bank returning funds to him

INSURANCE

You acknowledge that the insurance benefit provided on the Debit Card may be available to you as per the terms of the relevant insurance policy in force, on such card variant as applicable and only so long as you are, and remain an active Cardholder of the Bank, with your account conduct being deemed satisfactory and in event of the Debit Card and/or account facility being terminated for whatever reason, the benefit or such insurance cover shall automatically and ipso facto cease to be available, from the date of cessation of membership.
Bank reserves the right to discontinue the insurance facility so offered at any time. In such on event, the Cardholder shall be informed about the cut-off date. Any decision of the Bank in this case shall be final.
The lost Card Liability/Purchase Protection/Personal Accident (Death Cover only) coverage is provided to Cardholders by Rupay, (or any other General insurance Company as may be identified by the Bank).
Bank does not hold any warranty and/or make representation about quality, delivery of the cover, claims processing or settlement of the claim, under the Rupay programme (or any other General Insurance Company as may be identified by the Bank from time to time) in any manner whatsoever.
You agree and acknowledge that you may be asked to submit additional documents, as per the requirements of the case.
Bank shall not be liable for any delayed settlement of the claims.
As per the terms of the insurance policy, all claims have to be intimated to the insurance company within 30 days of the occurrence of the event in case of insurance claim, purchase protection, and 90 days in case personal accident insurance claim. The insurance cover will be considered as active. At the time of the incidence as per the Rupay terms & condition.
For Rupay Cards Personal Accident Insurance claims have to be intimated not later than 90 days of the date of accident. This is as per discretion of RuPay Insurance Program and also if all terms under the policy are met as on date of accident.
The Cardholder shall bear loss sustained up to the time of notification to the Bank of any loss theft or copying of the Card, but only up to a certain limit as per the Lost Card liability limit mentioned in the Usage, except where the Cardholder acted fraudulently, knowingly or with extreme negligence.
The Customer agrees and acknowledges that the registered nominee in the Current Account / Savings Account will be considered as the default nominee in the Debit Card linked Insurance Cover.
Further queries assistance regarding the policy, exclusions and claim settlements, can be directed to: North East Small Finance Bank Ltd., 1st & 3rd Floor, Fortune Central, Basistha Road, Basisthapur Bye Lane No.-3, Beltola, Guwahati - 781 028 or via Digital Portal or through help@sliceit.com or customercare@nesfb.com, or our Helpline at 080 4832 9999 / 1800-121-1905.

TERMINATION OF DEBIT CARD FACILITY

The Bank shall be entitled to discontinue this Debit Card facility at any time by cancelling the Debit Card by giving 30 days’ prior notice.
The Bank may also restrict, terminate or suspend the use of the Debit Card at any time without prior notice if the Bank reasonably believes it necessary for business or security reasons.
In the event that the Cardholder decides to terminate/surrender the Debit Card, the Cardholder must reach out to the Bank at help@sliceit.com or customercare@nesfb.com, or our Helpline at 080 4832 9999 / 1800-121-1905 with at least 7 days' prior written notice. Upon termination, the Cardholder shall promptly return the Debit Card, along with any additional cards (if not needed), by cutting them into several pieces through the magnetic strip and/or returning them to the Bank. The Cardholder will remain liable for all fees and charges associated with the Debit Card, including those incurred after the Cardholder claims to have destroyed the card. This responsibility extends to all charges, whether resulting from misuse or fraudulent activity, and regardless of whether the Bank has been notified of the Debit Card's destruction.
Bank shall be entitled to terminate the Debit Card facility with immediate effect, and the Debit Card shall be returned upon occurrence of any of the following event:
1. Failure to comply with these Terms herein set forth.
2. The Cardholder becoming the subject of any bankruptcy, insolvency proceedings or proceedings of a similar nature.
3. Demise of the Cardholder.
4. Closure of the cardholder's account, or failure to maintain the minimum average balance in the said account.

DISCLAIMER OF LIABILITY

Without prejudice to the foregoing and/ or these terms, the Bank shall be under no liability whatsoever to the Customer in respect to any loss or damage arising, directly or indirectly out of:
1. Any defect in goods or services supplied by the Merchant or otherwise.
2. The refusal of any person to honour or accept the Debit Card.
3. The malfunction of any computer terminal/PoS/EDC etc.
4. Effecting Transaction instruction other than by the Customer.
5. Any statement made by any person requesting the return of the Debit Card or any act performed by any person in conjunction.
6. Handing over of the Debit Card by the Customer to anybody.
7. Any mis-statement, mis-representation, error or omission in any details disclosed by the Customer.
8. The exercise by the Bank of its right to terminate any Debit Card issued to the Customer.
9. Decline of transaction due to any reason at the Merchant location/ ATM location

DISPUTE RESOLUTION

In case of purchase Transaction, a sales slip with the signature of the Cardholder together with the Card number noted thereon, shall be conclusive evidence between Bank and the Cardholder as to the extent of the liability incurred by the Cardholder, and Bank shall not be required to ensure that the Cardholder has received the goods purchased/availed the service to the Cardholder's satisfaction.
Bank shall bonafide and take reasonable efforts to resolve an aggrieved Cardholder's disagreement, with an applicable charge indicated in the statement of account, or as otherwise determined by the customer, within two months of the receipt of notice. If after such efforts Bank determines that the charge is incorrect, it shall communicate the same to the Cardholder.
Bank accepts no responsibility for the refusal of any Establishment to honour the Card.
This agreement will be construed in accordance with and governed by the laws of India. All disputes are subjects to the exclusive jurisdiction of the Court of Guwahati, India, irrespective of whether any other court may have concurrent jurisdiction in the matter.
The Cardholder will be liable for all the costs associated with the collection of dues, legal expenses (should it become necessary to refer the matter to any agent), or where legal resources have been utilized in the resolution of a dispute.

GRIEVANCE REDRESSAL AND COMPENSATION FRAMEWORK

Bank has a clearly defined grievance redressal process for speedy and effective redressal of customer grievance. For registering grievances, kindly escalate the complaint/grievance at help@sliceit.com or customercare@nesfb.com, or our Helpline at 080 4832 9999 / 1800-121-1905.
Any complaint, dispute, or grievance in relation to the Services should be addressed in accordance with the Bank’s Grievance Redressal Policy.
Specific turnaround time is assigned to resolve customer grievances. If a Customer does not get satisfactory response from the Bank within a maximum period of 30 days from the date of lodging the complaint, he/she will have the option to approach the Office of the RBI Ombudsman under Integrated Ombudsman Scheme for redressal of his/her grievance/s.
The liability of the Customers in case of unauthorized transactions will be decided in accordance with Bank’s policy on Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions.
In case of unsuccessful/failed transaction, as per RBI circular on “Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems dated 20 September 2019,
1. In case of card-to-card transfer, if card account is debited but the beneficiary card account is not credited, Bank will reverse blocked amount within T + 1 day if credit is not effected in the beneficiary account and compensation of Rs.100/- per day would be paid to Customer in case of any delay beyond T+ 1 day.
2. In case of Point of Sale (PoS) (Card Present) including cash at PoS and in case of card not present transactions, if the account is debited but confirmation is not received at merchant location i.e., charge-slip not generated, such transaction shall be auto reversed within T+5 days & compensation of Rs.100/- per day would be paid to Customer in case of any delay beyond T+5 days. (*T is the day of transaction and refers to the calendar date).

Limits

Limits