If the Bank, in its sole discretion, agrees to grant the request in accordance with the relevant Application or Account Opening Form, the Bank shall book the relevant transaction/ Account and send a Deposit Confirmation https://1investing.in/ Advice or Deal Confirmation Advice, as the case may be, to the Customer. Corporates issue CP’s to meet their short-term working capital requirements. Also, the period of commercial paper ranges from 15 days to 1 year.

The branches shall invariably take an undertaking from customers stating that „I have read understood and accept the terms and conditions of the UCO Dhan-Laxmi Fixed Deposit Scheme“. Payment of Interest – Interest will be paid only at the time of maturity along with principal with quarterly compounding effect. InterestInterest will be paid only at the time of maturity along with principal with quarterly compounding effect. Applicability of normal Fixed Deposit Rules – Other than the special terms and conditions of the scheme, the deposits under ‚UCO Double‘ would be governed as per the normal Fixed Deposit Rules of the Bank. However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

The Customer shall apply to ICICI Bank in the prescribed form or Request letter for operation of the RPP and availing of the related Services. By applying for RPP, the Customer acknowledges that he / she has /have read understood and accepted these RPP Terms. The effective date from which the credit shall be given for any installment shall be the date on which ICICI Bank gets/ sights clear funds in to the Account of the Customer, as received from the Customer. Any claim due to deliberate breach of law would not be payable. This indemnity is without prejudice to ICICI Bank’s other rights, privileges; powers and remedies in law and the provisions of this clause shall survive the termination of the Facility.

The money market mobilises the resources to the capital markets by way of interest rate control. Providing borrowers such as individual investors, government, etc. with short-term funds at a reasonable price. Lenders will also have the advantage of liquidity as the securities in the money market are short-term. The Reserve Bank controls the interest rate of various instruments in the money market. This is because most of the instruments have a maturity of one year or less.

There are a variety of instruments traded in the money market in both the stock exchanges, NSE and BSE. These include treasury bills, certificates of deposit, commercial paper, repurchase agreements, etc. Since the securities being traded are highly liquid in nature, the money market is considered as a safe place for investment.

When new services or facilities are introduced, supplemental terms and conditions governing such services may be introduced and notified to Customers in writing. Unless otherwise provided, the Customer shall be deemed to have accepted and agreed to be bound by such terms and conditions upon utilisation of such Services or Facilities. As far as practicable, the Bank shall endeavor to provide a prior intimation to the Customer before obtaining and procuring the Customer’s information from third parties. F) If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment. 19.2 Unless requested otherwise, the Bank will contact only the joint account holder named first in the Bank’s records subject to any legal and regulatory requirements. The first named account holder is responsible for passing information that the Bank sends to the other account holders.

  • 1) The innovation in smart transactions led to introduction of electronic money.
  • Hence, the given illustration relates to the concept of bank money.
  • Lastly, fixed deposits offer investors a relatively safe avenue for parking their funds, albeit at the risk of earning a slightly lower return on investment.
  • The Cardholder may discontinue this facility anytime by a written notice to the Bank accompanied by the return of the Card cut into two diagonally.

Term Deposit Accounts can be opened for a minimum period of 7 days up to maximum period of 10 years. ICICI Bank does not offer the Concierge Services and is not representative of the delivery, quality and sustainability of products/ services availed from the Concierge Services provider. Any disputes as regards delivery, quality and sustainability of products/ services availed under the concierge Services must be addressed in writing to the Concierge Service provider directly and ICICI Bank shall not responsible for addressing any communication in this regard. The Concierge Services provider reserves the right to decline fulfillment of any NRI Premia Account holder’s request that is outside of the scope of Concierge Services, as agreed with ICICI Bank. All the holders who have become NRIs need to submit the KYC documents as per NRI KYC policy at the time of re-designation to NRO.

Friend-in-Need Deposit Scheme

“Remittance Card account” is the INR denominated remittance account made available to the resident beneficiary of the Cardholder in relation to any transfer of funds from the Cardholder’s offshore account to this remittance card account. The Debit Card Terms shall apply to the Remittance Card account and shall be in addition to the terms and conditions as may be applicable to the Remittance Card account, and as available on The Cardholder along with the joint account holder, if any, shall authorise the Bank to debit the account with the amount of withdrawals, or transfers effected by the use of ICICI Bank ATM Card, as per the Bank’s records. The Bank’s record for transactions processed by the ATM machine shall be binding on all the joint account holders, jointly and severally. These RPP Terms are governed by and construed in accordance with the laws of India. 7.6 If the closure proceeds are to be credited to your Non resident savings Account, it will be done in INR only.

credit instrument through which bank deposits are transferable

In case the Account does not have sufficient balance, the application for the Fixed Deposit shall be rejected. 8.5 Central Board of Direct Taxes has issued a circular dated May 13, 2011, stating that all Form 16A will be generated online through the NSDL website. In absence of valid PAN, Form 16A will not be generated online through NSDL website and further benefit of DTAA will not be extended. 8.3 From April 1, 2010 Permanent Account Number shall be mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement treaty.

V ELECTRONIC BANKNG 41

The abovementioned rights of ICICI Bank are without prejudice to the obligations of the Customer to pay to ICICI Bank when due all its indebtedness and without prejudice to any other rights that ICICI Bank may have against the Customer for recovery of outstanding from Customer to ICICI Bank. The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account with ICICI Bank or any monies lying therein without ICICI Bank’s express prior written consent. Any writ, summons or other process may be served upon the Customer by posting the same to the Customer‘ address and the same shall be deemed to be good service upon the Customer.

It also enables lenders to turn their idle funds into an effective investment. Privileges for Senior Citizens /Staff /Ex-staffAdditional rate of interest over and above applicable ROI relevant to Banks Term Deposit. NominationThe facility of nomination is available for USRDS Accounts. Age of the AccountholderMinors above 5 years represented by their Parents/Guardians.

ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services. An NRE Recurring Deposit Account will normally be closed upon payment of all the stipulated number of installments. The deposit amount together with interest shall be paid to the Customer by a pay order or by crediting the sum to the Customer’s or in case of Joint Accounts, the Primary Applicant’s ICICI Bank Savings Bank Account as specified in the Account Opening Form.

17.4 These terms and conditions are subject to change/modification at the sole discretion of ICICI Bank. ICICI Bank may give notice of any changes either through email address as recorded with ICICI Bank or in writing by delivering them by hand or by sending them by post to the last credit instrument through which bank deposits are transferable address given by the Customer / deposit holder/s or on its website or any other mode as may be deemed fit by ICICI Bank. In addition, ICICI Bank may also publish notice of general nature, which are applicable to all Customer / deposit holders of similar nature on its Website.

credit instrument through which bank deposits are transferable

It means that the property in a negotiable instrument is freely transferable. Issueletters of credit for the facility of tradesmen and in general perform all functions that will bring in profits. Diversify Risk – The deposits should be spread over a large number of companies engaged in different industries. This way, youll be able to diversify your risk among various industries/companies. Deposits that are made „in the name of one person, as trustee for another“ are branded as „trust deposits.“

These instruments are issued at a discount and repaid at par at the time of maturity. And are issued in lots of Rs. 25,000 for 14 days & 91 days and Rs. 1,00,000 for 364 days. The main money market instruments are Treasury bills, commercial papers, certificate of deposits, and call money. This Term Deposit earns high interest and simultaneously offers overdraft facility through a Current Account. Cheque facility is available for withdrawal of money limited to 90% of the deposit. The drawals together with interest can be paid back in instalments, without affecting the growth of the deposit.

Saving Bank Deposit Interest rate with effect form 25.08.2017

Drawals against clearing cheques will be normally permitted only against cleared balances as per applicable clearing house rules. 5.4 ICICI Bank may dishonour and/or return cheques unpaid which are altered, if considered by the Bank to be ambiguous or suspicious in any way, or if received for payment more than three months after the date on which the cheque is drawn. 4.6 The Customer is / are expected to examine the entries in the statements of Account on receipt, and draw the attention of ICICI Bank to any not-errors or omissions that might be discovered.

The Card should not be used for any mail order/phone order/internet purchases and any such usage will be considered as unauthorized and the Cardholder will be solely responsible. In the case of a joint Account, the Facility shall be available if the mode of operation is indicated as ‚either or survivor‘ or ‚anyone or survivor‘. Only the email ID of one of the account holders shall be registered with ICICI Bank for the Facility. The application for creation of Fixed Deposit should be made only through this Registered email ID. Applications received from other email IDs will not be accepted. Instructions and other communications in relation to the Facility will be acted upon only if received from the Registered email ID and all correspondence in relation to the Facility will be addressed only to the Registered email ID.

„POS Terminal“ means the point of sale electronic terminals at Merchant Establishments whether in India or overseas, capable of processing Card Transactions and at which, amongst other things, the Cardholder can use his Card to access his funds in his Account held with the Bank to make purchases. „PIN“ means the Personal Identification Number allocated to the Cardholder by the Bank or chosen by the Cardholder/ Bank from time to time, in relation to the Card. Please note GST would be applicable on all transactions involving currency conversion wef July 1, 2017 as per government guidelines. The Customer shall quote the Request Letter number on the date of maturity of the Deposit and shall submit the confirmation letter, the RPP terms and other required documents (the “Documents”) to ICICI Bank after which the purchase and sale transaction contemplated under forward arrangement and RPP shall be completed. The Customer authorizes ICICI Bank from time to time to book this forward contract/deal, at the rate as may be determined by ICICI Bank, which shall be binding on the Customer in accordance with the Request Letter.

Call Money

ICICI Bank shall be entitled to withhold payments out of the Customer’s Account or dishonour the Customer’s cheque/ instructions in case any amounts outstanding from the Customer to ICICI Bank are not paid when due. Any Accounts and Services 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. However, the Bank shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank. The Bank will as far as practicable give prior notice to the Customer if it intends to transfer, assign or sell its rights, benefits or obligations. The Customer agrees to notify ICICI Bank promptly if any of the joint Account holders or authorized signatory of the Account dies or is declared incompetent by a court of competent jurisdiction. ICICI Bank may place a freeze on the Account and stop all operations when any of the joint accountholders or authorized signatory die or is declared incompetent.

The Cardholder shall be liable for all charges incurred, up to the receipt of the written notice duly acknowledged. The Bank shall be entitled to discontinue this facility at any time by canceling the Card with or without assigning any reason whatsoever and by giving seven day’s notice. The notice shall be deemed to have been received the Cardholder within seven days of posting to the Cardholder’s address in India last notified in writing to the Bank. Each Cardholder will be issued a sealed envelope containing a four digit number called Personal Identification number to gain access to the ATM Facilities. This number can be changed to any other convenient four digit number by the cardholder, at the ATM.

The borrowers meet their short-term needs at a low cost and the lenders benefit from interest rates and liquidity. Money market instruments include bonds, treasury bills, certificates of deposit, commercial paper, etc. It sets the cash reserve ratio and statutory liquid ratio for the banks. It also engages their surplus funds towards short term assets to maintain money supply in the market.

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