Icici bank customer identification data updating form
NON PAYMENT OF MONTHLY INSTALLMENT Non payment of monthly installment will attract a penalty of 1% on the deficit amount between the total installment amount paid by the client at the completion of the tenure of the deposit against the deposit value commited at the time of opening the Recurring deposit and will be recovered from the maturity amount.
DURATION OF Recurring DEPOSIT The recurring deposit can be maintained for a tenure of 12 months and 24 months.
The Bank may choose not to, or may be unable to, proceed with any transaction and/or instructions if, in the Bank’s sole discretion, they (or any intermediary through which any payment may be made) are or maybe subject to, or may attract in future, any sanctions or restrictions administered by the OFAC, the United Nations, European Union or any similar restriction by any authority, agency or body having similar powers (“Restrictions”), and any amount remitted or to be remitted (if any) by the Bank may not be made available to the intended recipient if such person or entity is subject to any Restrictions.
The Bank will not be responsible for any losses or liabilities which arise as a result of or in connection with any Restrictions, including, without limitation, any act or refusal to act by the Bank as a consequence of any Restrictions, and any action or omission of any correspondent or other intermediary bank and/or any delay in the realisation of cheques deposited.
Such operations shall include but not be limited to, creation, maintenance and archiving of documents and records. Non Transferable and Non Negotiable Fixed deposits placed with the Bank are non transferable and non negotiable and no right title interest therein or any part thereof can be transferred or secured by the customer to or in favour of any person without the prior written consent of the Bank. Other Terms and Conditions DATE OF RECURRING DEPOSIT The effective date from which the credit shall be given for any Instalment shall be the date on which ICICI Bank Bahrain gets clear funds into the Account of the Depositor/s.
INSTALMENT AMOUNT The minimum core Instalment to be deposited by the Depositor/s for Recurring Deposit is BD. The Depositor/s shall, at the time of opening the Account, stipulate the Instalment and the total number of instalments to be payable.
- Where the Beneficiary is an account holder of ICICI Bank, India the Registered User will have to provide the Bank with the Account number of the Beneficiary and type of account.
REPAYMENT BEFORE MATURITY If an Recurring Deposit is closed or discontinued for any reason before the maturity date(other than death of depositor), the amount of installments already paid shall be paid together with the interest calculated on daily balance basis at the interest rate applicable at the time of opening the ICICI Bank Bahrain Recurring Deposit for the period for which the ICICI Bank Bahrain Recurring Deposit has been continued minus pre closure charges as per the below clause No interest will be paid if the deposit is closed with in 1 month.
If the deposit is run for over a month customer will be paid interest calculated on the interest rate for the period for which he/she has maintained the deposit with the Bank at the time of opening of the deposit, in case the deposit sought to be withdrawn is held for a period that falls between two tenures for which deposits are offered by the Branch, the interest on the deposit would be calculated at the rate applicable for deposits of the shorter of the two tenures (as existing at the time of opening of the deposit sought to be broken).
The terms and conditions set out in General Terms and Conditions Governing Accounts shall also apply to Recurring Deposits opened and maintained with the Bank, as amended, modified, supplemented and varied from time to time, in addition to the terms and conditions set out in this section.
Top These indemnities constitute a separate and independent obligation from the other obligations contained in the Terms, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under the Terms, any judgment or order.
The interest amount shall be paid to the Depositor/s on the Maturity date or on premature closure of the deposit.