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Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society.
To access a financial institution's online banking facility, a customer having personal Internet access must register with the institution for the service, and set up some password (under various names) for customer verification. The password for online banking is normally not the same as for telephone banking. Financial institutions now routinely allocate customer numbers (also under various names), whether or not customers intend to access their online banking facility. Customer numbers are normally not the same as account numbers, because a number of accounts can be linked to the one customer number. The customer will link to the customer number any of those accounts which the customer controls, which may be cheque, savings, loan, credit card and other accounts. Customer numbers will also not be the same as any debit or credit card issued by the financial institution to the customer.
To access online banking, the customer would go to the financial institution's website, and enter the online banking facility using the customer number and password. Some financial institutions have set up additional security steps for access, but there is no consistency to the approach adopted.
Contents 1 Features 2 History 3 Security
o 3.1 Attacks o 3.2 Countermeasures
4 See also 5 References
6 External links
Features
Online banking facilities offered by various financial institutions have many features and capabilities in common, but also have some that are application specific.
The common features fall broadly into several categories A bank customer can perform some non-transactional tasks through online
banking, including - o viewing account balanceso viewing recent transactionso downloading bank statements, for example in PDF formato viewing images of paid chequeso ordering cheque books
o download periodic account statementso Downloading applications for M-banking, E-banking etc.
Bank customers can transact banking tasks through online banking, including - o Funds transfers between the customer's linked accountso Paying third parties, including bill payments (see, e.g., BPAY) and
telegraphic/wire transferso Investment purchase or saleo Loan applications and transactions, such as repayments of enrollmentso Register utility billers and make bill payments
Financial institution administration Management of multiple users having varying levels of authority Transaction approval process
Some financial institutions offer unique Internet banking services, for example Personal financial management support, such as importing data into personal
accounting software. Some online banking platforms support account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions.
History
The precursor for the modern home online banking services were the distance banking services over electronic media from the early 1980s. The term online became popular in the late '80s and referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. ‘Home banking’ can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank. Online services started in New York in 1981 when four of the city’s major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services[1][2][3] using the videotex system. Because of the commercial failure of videotex these banking services never became popular except in France where the use of videotex (Minitel) was subsidised by the telecom provider and the UK, where the Prestel system was used.
The UK's first home online banking services was set up by Bank of Scotland for customers of the Nottingham Building Society (NBS) in 1983. The system used was based on the UK's Prestel system and used a computer, such as the BBC Micro, or keyboard (Tandata Td1400) connected to the telephone system and television set. The system (known as 'Homelink') allowed on-line viewing of statements, bank transfers and bill payments. In order to make bank transfers and bill payments, a written instruction giving details of the intended recipient had to be sent to the NBS who set the details up on the Homelink system. Typical recipients were gas, electricity and telephone companies and accounts with other banks. Details of payments to be made were input into the NBS system by the account holder via Prestel. A cheque was then sent by NBS to the payee and an advice giving details of the payment was sent to the account holder. BACS was later used to transfer the payment directly.
Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in October 1994.[citation needed]
Today, many banks are internet only banks. Unlike their predecessors, these internet only banks do not maintain brick and mortar bank branches. Instead, they typically differentiate themselves by offering better interest rates and more extensive online banking features.
Security
Security token device for online banking.
Security of a customer's financial information is very important, without which online banking could not operate. Financial institutions have set up various security processes to reduce the risk of unauthorised online access to a customer's records, but there is no consistency to the various approaches adopted.
The use of a secure website has become almost universally adopted.
Though single password authentication is still in use, it by itself is not considered secure enough for online banking in some countries. Basically there are two different security methods in use for online banking.
The PIN/TAN system where the PIN represents a password, used for the login and TANs representing one-time passwords to authenticate transactions. TANs
can be distributed in different ways, the most popular one is to send a list of TANs to the online banking user by postal letter. The most secure way of using TANs is to generate them by need using a security token.[citation needed] These token generated TANs depend on the time and a unique secret, stored in the security token (two-factor authentication or 2FA). Usually online banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed.
Another way to provide TANs to an online banking user is to send the TAN of the current bank transaction to the user's (GSM) mobile phone via SMS. The SMS text usually quotes the transaction amount and details, the TAN is only valid for a short period of time. Especially in Germany, Austria and The Netherlands, many banks have adopted this "SMS TAN" service as it is considered very secure.
Signature based online banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smartcards or any memory medium, depending on the concrete implementation.
Attacks
Most of the attacks on online banking used today are based on deceiving the user to steal login data and valid TANs. Two well known examples for those attacks are phishing and pharming. Cross-site scripting and keylogger/Trojan horses can also be used to steal login information.
A method to attack signature based online banking methods is to manipulate the used software in a way, that correct transactions are shown on the screen and faked transactions are signed in the background.
A 2008 U.S. Federal Deposit Insurance Corporation Technology Incident Report, compiled from suspicious activity reports banks file quarterly, lists 536 cases of computer intrusion, with an average loss per incident of $30,000. That adds up to a nearly $16-million loss in the second quarter of 2007. Computer intrusions increased by 150 percent between the first quarter of 2007 and the second. In 80 percent of the cases, the source of the intrusion is unknown but it occurred during online banking, the report states.[4]
The most recent kind of attack is the so-called Man in the Browser attack, where a Trojan horse permits a remote attacker to modify the destination account number and also the amount.
Countermeasures
There exist several countermeasures which try to avoid attacks. Digital certificates are used against phishing and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software or e-mail attachments.
Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society.
To access a financial institution's online banking facility, a customer having personal Internet access must register with the institution for the service, and set up some password (under various names) for customer verification. The password for online banking is normally not the same as for telephone banking. Financial institutions now routinely allocate customer numbers (also under various names), whether or not customers intend to access their online banking facility. Customer numbers are normally not the same as account numbers, because a number of accounts can be linked to the one customer number. The customer will link to the customer number any of those accounts which the customer controls, which may be cheque, savings, loan, credit card and other accounts. Customer numbers will also not be the same as any debit or credit card issued by the financial institution to the customer.
To access online banking, the customer would go to the financial institution's website, and enter the online banking facility using the customer number and password. Some financial institutions have set up additional security steps for access, but there is no consistency to the approach adopted.
Contents 1 Features 2 History 3 Security
o 3.1 Attacks o 3.2 Countermeasures
4 See also 5 References
6 External links
Features
Online banking facilities offered by various financial institutions have many features and capabilities in common, but also have some that are application specific.
The common features fall broadly into several categories A bank customer can perform some non-transactional tasks through online
banking, including - o viewing account balanceso viewing recent transactionso downloading bank statements, for example in PDF formato viewing images of paid chequeso ordering cheque books
o download periodic account statementso Downloading applications for M-banking, E-banking etc.
Bank customers can transact banking tasks through online banking, including - o Funds transfers between the customer's linked accountso Paying third parties, including bill payments (see, e.g., BPAY) and
telegraphic/wire transferso Investment purchase or saleo Loan applications and transactions, such as repayments of enrollmentso Register utility billers and make bill payments
Financial institution administration Management of multiple users having varying levels of authority Transaction approval process
Some financial institutions offer unique Internet banking services, for example Personal financial management support, such as importing data into personal
accounting software. Some online banking platforms support account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions.
History
The precursor for the modern home online banking services were the distance banking services over electronic media from the early 1980s. The term online became popular in the late '80s and referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. ‘Home banking’ can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank. Online services started in New York in 1981 when four of the city’s major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services[1][2][3] using the videotex system. Because of the commercial failure of videotex these banking services never became popular except in France where the use of videotex (Minitel) was subsidised by the telecom provider and the UK, where the Prestel system was used.
The UK's first home online banking services was set up by Bank of Scotland for customers of the Nottingham Building Society (NBS) in 1983. The system used was based on the UK's Prestel system and used a computer, such as the BBC Micro, or keyboard (Tandata Td1400) connected to the telephone system and television set. The system (known as 'Homelink') allowed on-line viewing of statements, bank transfers and bill payments. In order to make bank transfers and bill payments, a written instruction giving details of the intended recipient had to be sent to the NBS who set the details up on the Homelink system. Typical recipients were gas, electricity and telephone companies and accounts with other banks. Details of payments to be made were input into the NBS system by the account holder via Prestel. A cheque was then sent by NBS to the payee and an advice giving details of the payment was sent to the account holder. BACS was later used to transfer the payment directly.
Stanford Federal Credit Union was the first financial institution to offer online internet banking services to all of its members in October 1994.[citation needed]
Today, many banks are internet only banks. Unlike their predecessors, these internet only banks do not maintain brick and mortar bank branches. Instead, they typically differentiate themselves by offering better interest rates and more extensive online banking features.
Security
Security token device for online banking.
Security of a customer's financial information is very important, without which online banking could not operate. Financial institutions have set up various security processes to reduce the risk of unauthorised online access to a customer's records, but there is no consistency to the various approaches adopted.
The use of a secure website has become almost universally adopted.
Though single password authentication is still in use, it by itself is not considered secure enough for online banking in some countries. Basically there are two different security methods in use for online banking.
The PIN/TAN system where the PIN represents a password, used for the login and TANs representing one-time passwords to authenticate transactions. TANs
can be distributed in different ways, the most popular one is to send a list of TANs to the online banking user by postal letter. The most secure way of using TANs is to generate them by need using a security token.[citation needed] These token generated TANs depend on the time and a unique secret, stored in the security token (two-factor authentication or 2FA). Usually online banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed.
Another way to provide TANs to an online banking user is to send the TAN of the current bank transaction to the user's (GSM) mobile phone via SMS. The SMS text usually quotes the transaction amount and details, the TAN is only valid for a short period of time. Especially in Germany, Austria and The Netherlands, many banks have adopted this "SMS TAN" service as it is considered very secure.
Signature based online banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smartcards or any memory medium, depending on the concrete implementation.
Attacks
Most of the attacks on online banking used today are based on deceiving the user to steal login data and valid TANs. Two well known examples for those attacks are phishing and pharming. Cross-site scripting and keylogger/Trojan horses can also be used to steal login information.
A method to attack signature based online banking methods is to manipulate the used software in a way, that correct transactions are shown on the screen and faked transactions are signed in the background.
A 2008 U.S. Federal Deposit Insurance Corporation Technology Incident Report, compiled from suspicious activity reports banks file quarterly, lists 536 cases of computer intrusion, with an average loss per incident of $30,000. That adds up to a nearly $16-million loss in the second quarter of 2007. Computer intrusions increased by 150 percent between the first quarter of 2007 and the second. In 80 percent of the cases, the source of the intrusion is unknown but it occurred during online banking, the report states.[4]
The most recent kind of attack is the so-called Man in the Browser attack, where a Trojan horse permits a remote attacker to modify the destination account number and also the amount.
Countermeasures
There exist several countermeasures which try to avoid attacks. Digital certificates are used against phishing and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software or e-mail attachments.
Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his bank -s website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. All the services that the bank has permitted on the internet are displayed in menu. Any service can be selected and further interaction is dictated by the nature of service. The traditional branch model of bank is now giving place to an alternative delivery channels with ATM network. Once the branch offices of bank are interconnected through terrestrial or satellite links, there would be no physical identity for any branch. It would a borderless entity permitting anytime, anywhere and anyhow banking. The network which connects the various locations and gives connectivity to the central office within the organization is called intranet. These networks are limited to organizations for which they are set up. SWIFT is a live example of intranet application. Internet banking in indiaThe Reserve Bank of India constituted a working group on Internet Banking. The group divided the internet banking products in India into 3 types based on the levels of access granted. They are: i) Information Only System: General purpose information like interest rates, branch location, bank products and their features, loan and deposit calculations are provided in the banks website. There exist facilities for downloading various types of application forms. The communication is normally done through e-mail. There is no interaction between the customer and bank's application system. No identification of the customer is done. In this system, there is no possibility of any unauthorized person getting into production systems of the bank through internet. ii) Electronic Information Transfer System: The system provides customer- specific information in the form of account balances, transaction details, and statement of accounts. The information is still largely of the 'read only' format. Identification and authentication of the customer is through password. The information is fetched from the bank's application system either in batch mode or off-line. The application systems cannot directly access through the internet. iii) Fully Electronic Transactional System: This system allows bi-directional capabilities. Transactions can be submitted by the customer for online update. This system requires high degree of security and control. In this environment, web server and application systems are linked over secure infrastructure. It comprises technology covering computerization, networking and security, inter-bank payment gateway and legal infrastructure. Automated Teller Machine (ATM): ATM is designed to perform the most important function of bank. It is operated by plastic card with its special features. The plastic card is replacing cheque, personal attendance of the customer, banking hours restrictions and paper based verification. There are debit cards. ATMs used as spring board for Electronic Fund Transfer. ATM itself can provide information about customers account and also receive instructions from customers - ATM cardholders. An ATM is an Electronic Fund Transfer terminal capable of handling cash deposits, transfer between accounts, balance enquiries, cash withdrawals and pay bills. It may be on-line or 0ff-line. The on-line ATN enables the customer to avail banking facilities from anywhere. In off-line the facilities are confined to that particular ATM assigned. Any customer possessing ATM card issued by the Shared Payment Network System can go to any ATM linked to Shared Payment Networks and perform his transactions. Credit Cards/Debit Cards: The Credit Card holder is empowered to spend wherever and whenever he wants with his Credit Card within the limits fixed by his bank. Credit Card is a post paid card. Debit Card, on the other hand, is a prepaid card with some stored value. Every time a person uses this card, the Internet Banking house gets money transferred to its account from the bank of the buyer. The buyers account is debited with the exact amount of purchases. An individual has to open an account with the issuing bank which gives debit card with a Personal Identification
Number (PIN). When he makes a purchase, he enters his PIN on shops PIN pad. When the card is slurped through the electronic terminal, it dials the acquiring bank system - either Master Card or VISA that validates the PIN and finds out from the issuing bank whether to accept or decline the transactions. The customer can never overspend because the system rejects any transaction which exceeds the balance in his account. The bank never faces a default because the amount spent is debited immediately from the customers account. Smart Card: Banks are adding chips to their current magnetic stripe cards to enhance security and offer new service, called Smart Cards. Smart Cards allow thousands of times of information storable on magnetic stripe cards. In addition, these cards are highly secure, more reliable and perform multiple functions. They hold a large amount of personal information, from medical and health history to personal banking and personal preferences. You can avail the following services through E-Banking. Bill payment service You can facilitate payment of electricity and telephone bills, mobile phone, credit card and insurance premium bills as each bank has tie-ups with various utility companies, service providers and insurance companies, across the country. To pay your bills, all you need to do is complete a simple one-time registration for each biller. You can also set up standing instructions online to pay your recurring bills, automatically. Generally, the bank does not charge customers for online bill payment. Fund transfer You can transfer any amount from one account to another of the same or any another bank. Customers can send money anywhere in India. Once you login to your account, you need to mention the payees's account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method, it takes about three working days. ICICI Bank says that online bill payment service and fund transfer facility have been their most popular online services. Credit card customers With Internet banking, customers can not only pay their credit card bills online but also get a loan on their cards. If you lose your credit card, you can report lost card online. Railway pass This is something that would interest all the aam janta. Indian Railways has tied up with ICICI bank and you can now make your railway pass for local trains online. The pass will be delivered to you at your doorstep. But the facility is limited to Mumbai, Thane, Nashik, Surat and Pune. Investing through Internet banking You can now open an FD online through funds transfer.Now investors with interlinked demat account and bank account can easily trade in the stock market and the amount will be automatically debited from their respective bank accounts and the shares will be credited in their demat account. Moreover, some banks even give you the facility to purchase mutual funds directly from the online banking system. Nowadays, most leading banks offer both online banking and demat account. However if you have your demat account with independent share brokers, then you need to sign a special form, which will link your two accounts. Recharging your prepaid phoneNow just top-up your prepaid mobile cards by logging in to Internet banking. By just selecting your operator's name, entering your mobile number and the amount for recharge, your phone is again back in action within few minutes. Shopping With a range of all kind of products, you can shop online and the payment is also made conveniently through your account. You can also buy railway and air tickets through Internet banking. Advantage of Internet banking As per the Internet and Mobile Association of India's report on online banking 2006,
"There are many advantages of online banking. It is convenient, it isn't bound by operational timings, there are no geographical barriers and the services can be offered at a miniscule cost." Through Internet banking, you can check your transactions at any time of the day, and as many times as you want to. Where in a traditional method, you get quarterly statements from the bank. If the fund transfer has to be made outstation, where the bank does not have a branch, the bank would demand outstation charges. Whereas with the help of online banking, it will be absolutely free for you. Security Precautions Customers should never share personal information like PIN numbers, passwords etc with anyone, including employees of the bank. It is important that documents that contain confidential information are safeguarded. PIN or password mailers should not be stored, the PIN and/or passwords should be changed immediately and memorised before destroying the mailers. Customers are advised not to provide sensitive account-related information over unsecured e-mails or over the phone. Take simple precautions like changing the ATM PIN and online login and transaction passwords on a regular basis. Also ensure that the logged in session is properly signed out.
Internet banking frauds Internet Banking Fraud is a fraud or theft committed using online technology to illegally remove money from a bank account and/or transfer money to an account in a different bank. Internet Banking Fraud is a form of identity theft and is usually made possible through techniques such as phishing. Now internet banking is widely used to check account details, make purchases, pay bills, transfer funds, print statements etc. Generally, the user identity is the customer identity number and password is provided to seure transactions. But due to some ignorance or silly mistakes you can easily fall into the trap of cyber criminals. Here are some simple tips to prevent you from falling into the trap of cyber criminals. Remember, a simple ignorance or oversight can make a huge dent in your hard- earned savings. Securing your account : Avoid online banking on unsecured wifi systems and operate only from PCs at home. Never reveal password to anyone. Do not even write it on a piece of paper on
diary. Just memorise it. It should be alphanemeric and change it frequently. Never reply to queries from bank online about account or personal details. The personal information should not be kept in a public computer or in emails. Phishing: A person's personal details are obtained by fraudsters posing as bankers, who float a site similar to that of the person's bank. They are asked to provide all personal information about themselves and their account to the bank on the pretext of database upgradation. The number and password are then used to carry out transactions on their behalf without their knowledge. Phishing involves using a form of spam to fraudulently gain access to people's online banking details. As well as targeting online banking customers, phishing emails may target online auction sites or other online payment facilities. Typically, a phishing email will ask an online banking customer to follow a link in order to update personal bank account details. If the link is followed, the victim downloads a program which captures his or her banking login details and sends them to a third party. Spam: Spam is an electronic 'junk mail' or unwanted messages sent to your email account or mobile phone. These messages vary, but are essentially commercial and often annoying in their sheer volume. They may try to persuade you to buy a product or service, or visit a website where you can make purchases; or they may attempt to trick you into divulging your bank account or credit card details. Nigerian Scam: Niegerian or Frauds 409 or 419 are basically the lottery scam in which some overseas persons are involved to cheat innocent persons or organizations by promising to give a good amount of money at nominal fee charges. Their intention is to steal money in the form of fee against the lottery prize. Spyware: Spyware such as Trojan Horse is generally considered to be software that is secretly installed on a computer and takes things from it without the permission or knowledge of the user. Spyware may take personal information, business information, bandwidth; or processing capacity and secretly gives it to someone else. "Trojan Horse" scheme unfolds when malicious software (malware) embeds to a consumer's computer without the consumer being aware of it. Trojans often come in links or as attachments from unknown email senders. After installation the software detects when a person accesses online banking sites and records the username and password to transmit to the offender. People using public computers, in places like Internet cafes, are often susceptible to Trojans like malware or spyware. Check sites Url: Always check the URL of your bank's web site. Fraudsters can lure you to enter your user ID and password at a fake website that resembles your bank. If you see anything other than the bank's genuine URL, it has to be fake. Never enter your user ID or password or such sensitive information without ascertaining that you are on the right website. Always type the Web address of your bank into the browser address space. Never click on the link in the email. Fool-proof password: Change your online banking password at regular intervals. Also, avoid easy-to-guess passwords, like first names, birthdays, kid's or spouse's name and telephone numbers. Try to have an alpha-numeric password, one that combines alphabets and numbers. If you have several bank accounts, never use the same online banking password for all. Never select the option on browser that stores or retains user name and password. As it can easily be cracked by cyber criminals. Also, never paste your password, always type it in. This little amount of `finger exercise' will go a long way in safety. Always check 'last logged': Most banks have a 'last logged in' panel on their websites. If your bank has it, check the panel whenever you log in. If you notice irregularities (like you are logging in after two days, but the panel says you logged in that morning!), report the matter immediately to your bank and change your password rightaway. Always log out when you exit the online banking portal. Close the browser to ensure that your secure session is terminated. Never exit simply by closing the browser. Keep your system up to date: Regularly check for security updates for your computer operating system. Most security updates are aimed at reducing risks to your computer, these may be data-related or otherwise. Make sure that your operating system and browser have the latest
security patches installed. And, always install these only from trusted websites. Install a personal firewall to prevent hackers from gaining unauthorised access to your computer, especially if you connect to the Internet through a cable or a DSL modem. Public access can be injurious: Don't leave the PC unattended after keying in information while transacting on the website. Avoid accessing your bank online at cyber cafes or on a share or public computer. Also, avoid locations that offer online connections through wireless networks (Wi-Fi), where privacy and security are minimal. Follow Bank instructions: Banks say that appropriate upgradations are carried out from time to time by their IT departments for risk mitigation. They issue instructions to the customers to manage their accounts through virtual keyboards by way of which the characters typed by them are not identified by hackers. SMS alerts are also an important tool since any transaction carried out on account is reported to the account holder through an SMS. Protection: Learn the ways to protect yourself from online banking fraud schemes. Detect Trojans that appear on your PC in the form of viruses, spyware or malware through Antivirus Software, anti Spyware, and Adware. Also, learn to keep your cards, documents and passwords safe, and monitor your accounts to safeguard yourself from bank fraud committed through identity theft.
1. eHow 2. Computers 3. Passwords 4. Change Administrator Password 5. How to Register for NetBanking
How to Register for NetBankingBy Robin Reichert, eHow Contributor
Print this article
NetBank is an electronic banking service provided for Commonwealth Bank customers in Australia. Bank customers who register online with NetBank have unlimited access to account balances and funds transfer information. Customers can transfer money between accounts and pay their bills online using NetBank. Australian bank customers who want to use NetBank can select from a standard plan or a business plan.
Other People Are Reading
How to Register for Online Banking
How to Use Netbanking
Things You'll Need Internet access Commonwealth Bank credit or debit card Telephone banking password
Instructions
1.o 1
Open your Internet browser and navigate to the Commonwealth Bank NetBank registration page (netbank.commbank.com.au). Click on the "Register Online" link that is located below the "Login" form on the page. Confirm your identity by answering the security questions about your bank card.
o 2
Choose the Commonwealth Bank "Credit Card" or "Keycard" by clicking the option button. Click "Next" to continue. Enter the information about your credit card or keycard.
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o 3
Confirm your keycard information by selecting the "Account Type" from the drop down menu tab. Enter your account number, personal identification number, or PIN, and your telephone banking password. Click "Next."
o 4
Confirm your "Credit Card" identification option by selecting either "Primary" or "Additional Card Holder." Enter your credit card PIN and your telephone banking password. Click "Next" to continue.
o 5
Read the "Terms and Conditions" for NetBank. Click "Next" to accept the terms and conditions and continue with the registration. Type a NetBank password in the space provided on the page and confirm the password by re-typing it in the second space provided.
o 6
Type two personal identification security questions that only you will know the answer that NetBank will use in communications to confirm your identity. Type your email address in the space provided. Click "Next."
o 7
Confirm your registration after reviewing all the information you have entered on the confirmation page. Click "Next." Write down the NetBank "Client Number" that is displayed on the page. Use the "Client Number" with your NetBank password to log in to NetBank. Click "Enter Netbank" to begin using the service.
Read more: How to Register for NetBanking | eHow.com http://www.ehow.com/how_8256279_register-netbanking.html#ixzz2LRsMiIZX
Tips & Warnings
Clear your browser cache after each visit to online banking to keep your information secure.
Your answers to security questions online should contain information that no one else knows about you.
Never store passwords, account numbers and PINs together. Never share your account information with anyone. Keep all passwords, account numbers and PINs stored in a secure location, such
as a home safe. Avoid using your birth date, nickname or real name when selecting a password. Do not use your birth date for your PIN. Try to think of a random number that no
one would associate with you.
Read more: How to Register for NetBanking | eHow.com http://www.ehow.com/how_8256279_register-netbanking.html#ixzz2LRsToH6b
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Home >> FAQs - FAQs View
NEFT System
Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme,individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
Q.2. Are all bank branches in the country part of the NEFT funds transfer network?
Ans: For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx
Q.3. Who can transfer funds using NEFT?
Ans: Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc.NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.
Q.4. Who can receive funds through the NEFT system?
Ans: Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.
The NEFT system also facilitates one-waycross-border transfer of funds from India to Nepal. This is known as the Indo-Nepal Remittance Facility Scheme. A remitter can transfer funds from any of the NEFT-enabled branches in to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees. Further details on the Indo-Nepal Remittance Facility Scheme are available on the website of Reserve Bank of India at http://rbidocs.rbi.org.in/rdocs/content/pdfs/84489.pdf.
Q.5. Is there any limit on the amount that could be transferred using NEFT?
Ans: No. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances and remittances to Nepal.
Q.7. Whether the system is centre specific or has any geographical restriction?
Ans: No. There is no restriction of centres or of any geographical area within the country. The NEFT system takes advantage of the core banking system in banks. Accordingly, the settlement of funds between originating and receiving banks takes places centrally at Mumbai, whereas the branches participating in NEFT can be located anywhere across the length and breadth of the country.
Q.6. What are the operating hours of NEFT?
Ans : Presently, NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday)
and six settlements from 8 am to 1 pm on Saturdays.
Q.7. How does the NEFT system operate?
Step-1 : An individual / firm / corporate intending to originate transfer of funds through NEFT has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted. The application form will be available at the originating bank branch. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. Customers enjoying net banking facility offered by their bankers can also initiate the funds transfer request online. Some banks offer the NEFT facility even through the ATMs. Walk-in customers will, however, have to give their contact details (complete address and telephone number, etc.) to the branch. This will help the branch to refund the money to the customer in case credit could not be afforded to the beneficiary’s bank account or the transaction is rejected / returned for any reason.
Step-2 : The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service
Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.
Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre).
Step-5 : The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary
Ans : IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
Q.9. How can the IFSC of a bank-branch be found?
Ans: Bank-wise list of IFSCs is available with all the bank-branches participating in NEFT.List of bank-wise branches participating in NEFT and their IFSCs is available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009banks have also been advised to print the IFSC of the branch on cheques issued to their customers. For net banking customers many banks have enabled online search / pop-up of the IFSC of the destination bank branch.
Further, banks have also been advised to ensure that their branch staff provide necessary assistance to customers in filling out the required details, including IFSC details, in the NEFT application form, and also help in ensuring that there is no mismatch between the IFSC code and branch details of beneficiary branch as provided by the customer.
Q.10. What are the processing or service charges for NEFT transactions?
Ans: The structure of charges that can be levied on the customer for NEFT is given below:
a) Inward transactions at destination bank branches (for credit to beneficiary accounts)Free, no charges to be levied from beneficiaries
b) Outward transactions at originating bank branches – charges applicable for the remitter
10,000 : not exceeding Rs 2.50 (+ Service Tax)
- For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 (+ Service Tax)
For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)
For transactions above Rs 2 lakhs: not exceeding Rs 25 (+ Service Tax)
c) Charges applicable for transferring funds from India to Nepal using the NEFT system (under the Indo-Nepal Remittance Facility Scheme) is available on the website of RBI at http://rbi.org.in/scripts/FAQView.aspx?Id=67With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise each per transaction to the clearing house as well as destination bank as service charge. However, these charges cannot be passed on to the customers by the banks.
Q.11. When can the beneficiary expect to get the credit to his bank account?
Ans: The beneficiary can expect to get credit for the first ten batches on week days (i.e., transactions from 8 am to 5 pm) and the first five batches on Saturdays (i.e., transactions from 8 am to 12 noon) on the same day. For transactions settled in the last two batches on week days (i.e., transactions settled in the 6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled in the 1 pm batch) beneficiaries can expect to get credit either on the same day or on the next working day morning (depending on the type of facility enjoyed by the beneficiary with his bank).
Q.12. Who should be contacted in case of non-credit or delay in credit to the beneficiary account?
Ans: In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the respective bank can be contacted (the remitter can contact his bank’s CFC; the beneficiary may contact the CFC of his bank). Details of NEFT Customer Facilitation Centres of banks are available on the websites of the respective banks. The details are also available on the website of Reserve
http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=207 0 .
If the issue is not resolved satisfactorily, the NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) at National Clearing Cell, Reserve Bank of India, Mumbai may be contacted through e-mail or by addressing correspondence to the General Manager, Reserve Bank of India, National Clearing Centre, First Floor, Free Press House, Nariman Point, Mumbai – 400 021.
Q.13. What will happen if credit is not afforded to the account of the beneficiary?
Ans: If it is not possible to afford credit to the account of the beneficiary for whatever reason, destination banks are required to return the transaction (to the originating branch) within two hours of completion of the batch in which the transaction was processed.
For example, if a customer submits a fund transfer request at 12.05 p.m. to a NEFT-enabled branch, the branch in turn forwards the message through its pooling centre to the NEFT Clearing Centre for processing in the immediately available batch which (say) is the 1.00 pm batch. If the destination bank is unable to afford the credit to the beneficiary for any reason, it has to return the transaction to the originating bank, not later than in the 3.00 pm batch. On receiving such a returned transaction, the originating bank has to credit the amount back to account of the originating customer. To conclude, for all uncredited transactions, customers can reasonably expect the funds to be received back by them in around 3 to 4 hours time.
Q.14. Can NEFT be used to transfer funds from / to NRE and NRO accounts?
Ans: Yes. NEFT can be used to transfer funds from or to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.
Q.15. Can remittances be sent abroad using NEFT?
Ans: No. However, a facility is available to send outward remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
Q.16. What are the other transactions that could be initiated using NEFT?
Ans: Besides personal funds transfer, the NEFT system can also be used for a variety of transaction including payment of credit card dues to the card issuing banks. It is necessary to quote the IFSC of the beneficiary card issuing bank to initiate the bill payment transactions using
Q.17. Can a transaction be originated to draw (receive) funds from another account?
Ans : No. NEFT is a credit-push system i.e., transactions can be originated only to transfer / remit funds to a beneficiary.
Q.18. Would the remitter receive an acknowledgement once the funds are transferred to the account of the beneficiary?
Ans: Yes. In case of successful credit to the beneficiary's account, the bank which had originated the transaction is expected to send a confirmation to the originating customer (through SMS or e-mail) advising of the credit as also mentioning the date and time of credit. For the purpose, remitters need to provide their mobile number / e-mail-id to the branch at the time of originating the transaction.
Q.19. Is there a way for the remitter to track a transaction in NEFT?
Ans: Yes, the remitter can track the NEFT transaction through the originating bank branch or its CFC using the unique transaction reference number provided at the time of initiating the funds transfer. It is possible for the originating bank branch to keep track and be aware of the status of the NEFT transaction at all times.
Q.20. What are the pre-requisites for originating a NEFT transaction?
Ans : Following are the pre-requisites for putting through a funds transfer transaction using NEFT –
Originating and destination bank branches should be part of the NEFT networkBeneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitterFor net banking customers, some banks provide the facility to automatically pop-up the IFSC once name of the destination bank and branch is highlighted / chosen / indicated / keyed in.
What are the benefits of using NEFT?
NEFT offers many advantages over the other modes of funds transfer:
The remitter need not send the physical cheque or Demand Draft to the beneficiary.The beneficiary need not visit his / her bank for depositing the paper instruments.The beneficiary need not be apprehensive of loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.
Credit confirmation of the remittances sent by SMS or email. Remitter can initiate the remittances from his home / place of work using the internet banking also.
Near real time transfer of the funds to the beneficiary account in a secure manner.
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New Net Banking Norms Announced By RBI - Rules out Virtual Banks
June 20, 2001
The Reserve Bank of India yesterday released the Internet banking norms, following the recommendations of a working group on Internet banking ( I-banking). With this report, E-banking is bound to increase. As of date only three banks, i.e., Citibank, HDFC and ICICI bank which offered internet banking.
While it was possible for customers of these three banks to operate their accounts and transfer money between accounts of the same bank it was not permissible for these customer to conduct e-banking transactions across banks.
In most respects, usual RBI guidelines relating to acceptance and opening of accounts are to be considered and adhered to for purposes of internet banking. For example, the RBI guidelines made it clear that for opening an account, the account should be opened only after the proper introduction and physical verification of the customer.
The Guidelines also advises the banks to insure themselves against risks relating to unauthorised transfer of funds through hacking and denial of service on account of technological failure. In conformity with international norms, the report has allowed banks to employ ethical hackers to check the efficiency of the Internet banking.
The RBI, rules out the permission to virtual banks having no physical presence in the country, even if they are incorporated outside the country. Only those banks which are licensed and supervised in India will be permitted to offer Internet banking service.
The RBI has asked the banks which have launched Internet banking to report to it on any suspected or attempted security violations. The central bank, at its discretion, may decide to commission special audit and inspection of such banks. Banks have been directed to acquire tools for the monitoring systems and the networks against intrusions and attacks. At the operating level, the central bank has asked the banks to use the proxy server type of firewall to separate Net banking from the banks' system for brick and mortar banking.
The RBI has advised that the security policy of the banks should be approved by the board of directors. Banks have been advised to set up a proper infrastructure and schedule for backing-up data. The back-up data should be periodically tested to ensure recovery without loss of transactions in a time-frame as given out in the bank's security policy, it has said. The banks have also been directed to set up disaster recovery sites.
The RBI report focused on three major areas of I-banking-technology and security issues, legal issues and regulatory and supervisory issues.
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Terms and conditions governing Internet Banking Service of ICICI Bank
1. Definitions : In this document the following words and phrases shall have the meanings as set below unless the context indicates otherwise:
"Account(s)" or " Accounts" or " Account" refers to the user's bank account(s), credit card account(s), loan / facility account(s), depository account(s) and/or any other type of account(s), so maintained with ICICI Bank or its Affiliate which are eligible Account(s) for purposes of Internet Banking. In the event there is more than one bank account linked to the same user- id, then in every such case, one shall be designated as the Primary Account and all other bank accounts of the user, shall be referred to as Secondary Account(s).
" Affiliate " of ICICI Bank shall mean and include any company which is the holding
company or subsidiary of ICICI Bank, or any person under the control of or under common control with ICICI Bank or in more than 26% of the voting securities of which ICICI Bank has a direct or beneficial interest or control.
For the purpose of this definition of Affiliate, " control " together with grammatical variations when used with respect to any person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever; and " person " means a company, corporation, a partnership, trust or any other entity or organisation or other body whatsoever.
" User " or " user " refers to a customer of ICICI Bank and/or of the Affiliates authorised to use Internet Banking. In case of the user being a minor, the guardian of such minor shall be permitted to use Internet Banking.
" ICICI Bank " refers to ICICI Bank Limited, a company incorporated under the Companies Act, 1956 and licensed as a bank under the Banking Regulation Act, 1949 and having its registered office at Landmark, Race Course Circle, Vadodara 390 007 and corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051.
" ICICI Bank 24-Hour Customer Care Centre" refers to ICICI Bank - Phone Banking Service provided by ICICI Bank to the Users.
" Internet Banking " refers to the internet banking service offered by ICICI Bank to the user including services such as enquiry about balance in the Account, details about transactions in the Account(s), statement of Account, transfer of funds, bill payment and any other service as ICICI Bank may decide to provide from time to time through internet. The availability/non-availability of a particular service shall be communicated to the user through email, web page of ICICI Bank or in writing as may be deemed fit by ICICI Bank. Such Internet Banking may be provided by ICICI Bank directly or through its associates or contracted service providers.
" Personal Information " refers to the information provided by the user to ICICI Bank.
" Terms " refer to terms and conditions herein for use of Internet Banking.
" Payee Registration Confirmation " refers to confirmation of Payee Registration to whom User will transfer Fund(s).
“ Payer ” refers to the person who holds the Debit Account(s).
“ Payee ” refers to the person to whom the Payer will transfer Fund(s).
“ Debit Account(s) ” refers to any account(s) of the Payer maintained with any bank
for which a valid ECS debit mandate has been procured in accordance with the ECS guidelines prescribed by the Reserve Bank of India.
“ Credit Account(s) ” refers to any Account(s) of the Payee / User maintained with ICICI Bank for which a valid ECS debit mandate has been given by the Payer in accordance with the ECS guidelines prescribed by the Reserve Bank of India.
“ Receive Funds Facility ” refers to transfer of funds to the Account of the User from the Debit Account of the Payer.
“ Last date for edit ” refers to the date before which the User can choose to cancel/modify the Payment Instruction.
“ Payment Date ” refers to the date indicated for a credit into the Account by the User in the Payment Instruction.
“ Payment Instruction ” refers to instructions given by the User for a credit transaction to the Account.
" Website "refers to the website owned, established and maintained by ICICI Bank located at the URL www.icicibank.com.
In these Terms, unless the contrary intention appears:
(a) a reference to :
an " amendment " includes a supplement, modification, novation, replacement or re-enactment and " amended" is to be construed accordingly;
an " authorisation " or " approval " includes an authorisation, consent, clearance, approval, permission, resolution, license, exemption, filing and registration;
“ law ” includes any constitution, statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation, or any published, directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of signing/submission of the application form or thereafter and each as amended from time to time.
(b) the singular includes the plural (and vice versa);
(c) the headings in these Terms are inserted for convenience of reference only and are to be ignored in construing and interpreting the Terms;
(d) reference to the words “include” or “including” shall be construed without limitation;
(e) reference to a gender shall include references to the female, male and neuter genders;
2. Applicability of Terms : These Terms form the contract between the user and ICICI Bank for availing Internet Banking. The user shall apply to ICICI Bank in the prescribed form for use of Internet Banking. ICICI Bank shall be entitled at its sole discretion to accept or reject such applications as may be submitted by the users. By applying for or availing of Internet Banking, the user acknowledges and accepts these Terms. Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank and/or its Affiliates pertaining to the Account(s) and/or to any services/facilities offered by ICICI Bank and/or its Affiliates, shall continue to be applicable to the users, provided, however, in the event of a conflict in such other terms and conditions stipulated by ICICI Bank and/or its Affiliates and the Terms herein, the Terms shall have an overriding effect. These Terms will be in addition to and not in derogation of the terms and conditions relating to any Account(s) of the user and/or to those relating to services/facilities offered by ICICI Bank and/or its Affiliates and availed by the user. The user agrees that in the event the user avails of any services/ facilities offered by ICICI Bank through the Website, the user shall be bound by all the terms and conditions stipulated by ICICI Bank pertaining to such services/facilities, offered by ICICI Bank and availed by the user through the Website.
3. Internet Banking : For the purpose of availing Internet Banking, the user would need to have legal and valid access to the internet.
The information provided to the user through the Internet Banking is not updated continuously but at regular intervals. Consequently, any information supplied to the user through Internet Banking will pertain to the date and time when it was last updated and not as the date and time when it is supplied to the user. ICICI Bank shall not be liable for any loss that the user may suffer by relying on or acting on such information. ICICI Bank may keep its records of the transactions in any form it wishes. In the event of any dispute, ICICI Bank's records shall be binding as the conclusive evidence of the transactions carried out through Internet Banking in the absence of clear proof that ICICI Bank's records are erroneous or incomplete.
Any request for any service/facility, which is offered as a part of Internet Banking, shall be binding on the user as and when ICICI Bank receives such a request. If any request for a service is such that it cannot be given effect to unless it is followed up by requisite documentation on part of the user, ICICI Bank shall not be required to act on the request until it receives such documentation from the user.
In the event the User gives an instruction to ICICI Bank to debit his/her Account for
payment of an amount from the Account, the instruction shall be executed on a real time basis unless otherwise specified by ICICI Bank to the User. Hence the User shall not be able to give any instruction to ICICI Bank to stop the payment from the Account and the amount debited from the Account shall not be reversed back to the Account. However if the User has scheduled a transaction to be processed on a future date and wishes to cancel the transaction and/or give any instructions to ICICI Bank to stop the payment from the Account , the User shall be required to make such cancellations /give stop payment instructions online one day prior to the schedule date of the transaction.
In case of any request for a service relating to any foreign currency transaction made by the user, the exchange rates quoted by ICICI Bank shall only be provisional and shall be subject to future variations in the exchange rate. The rate at which the transaction is given effect to would be the effective rate for all intents and purposes.
The user shall ensure that Internet Banking or any related service is not used for any purpose which is illegal, improper or which is not authorised under these Terms.
4. Unauthorised Access : The user shall take all necessary precautions to prevent unauthorized and illegal use of Internet Banking and unauthorized access to the Accounts provided by Internet Banking. ICICI Bank shall take all commercially reasonable care to, ensure the security of and to prevent unauthorised access to the Internet Banking using commercially reasonable technology available in India to ICICI Bank.
5. Internet Banking Access : The user would be allotted an Internet Banking user-id and a set of secret passwords by ICICI Bank in the first instance. The user will be required to change the password assigned by ICICI Bank on accessing Internet Banking for the first time. As a safety measure, the user shall change the password as frequently thereafter as possible. The User shall also be given a one-time facility to change the user-id, available only after logging in to Internet Banking, to such user-id as may be suggested by ICICI Bank or as per User’s own discretion. The User unconditionally undertakes to have the user-id of such number of letters/digits as may be notified by ICICI Bank at the time the User attempts to change the user-id and ensure that the same is kept confidential; and to not let any unauthorised person have access to the internet while the User is accessing the Internet Banking. If the User forgets the user-id or the same gets disabled after a number of incorrect password attempts, upto such number as may be intimated by ICICI Bank from time to time, then the user may request for the re issue of his user id through the ICICI Bank 24-Hour Customer Care Centre or the ICICI Bank Branch and this shall not be construed as the commencement of a new contract. In addition to user-id and password ICICI Bank may, at its discretion, advise the user to adopt such other means of authentication including but not limited to digital certification and/ or smart cards. The user shall not attempt or permit others to attempt accessing the Account information stored in the computers of ICICI Bank through any
means other than the Internet Banking.
6. Internet Banking Password : The user acknowledges, represents and warrants that the password which will be issued to it, provides access to the Account and that user is the sole and exclusive owner and is the only authorised user of the password and accepts sole responsibility for use, confidentiality and protection of the password, as well as for all orders and information changes (i.e., change of address) entered into Accounts using such password. The user grants express authority to ICICI Bank for carrying out transactions and instructions authenticated by such password. The user unconditionally undertakes to have Internet Banking password of such number of letters/digits as may be notified by ICICI Bank from time to time and ensure that the same is kept confidential; and to not let any unauthorised person have access to the internet while the user is accessing the Internet Banking. If the user forgets the Internet Banking password or the Internet Banking Password gets locked after a number of incorrect attempts, upto such number as may be intimated by ICICI Bank from time to time, then the user may request for the issue of a new password through the ICICI Bank 24-Hour Customer Care Centre, Internet Banking Channel or the ICICI Bank Branch and this shall not be construed as the commencement of a new contract. Such Password may be issued within such time as may be intimated by ICICI Bank from time to time. The user agrees and acknowledges that ICICI Bank shall in no way be held responsible or liable if the user incurs any loss as a result of information being disclosed by ICICI Bank regarding his Account(s) or carrying the instruction of the user pursuant to the access of the Internet Banking and the user shall fully indemnify and hold harmless ICICI Bank and the Affiliates in respect of the same. The user shall maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake. The User agrees and acknowledges that any loss, damage, liability caused or suffered by the User due to disclosure of all information of confidential nature shall be borne by the User without transferring any liability or responsibility towards ICICI Bank. The user shall comply with such guidelines, instructions or terms as ICICI Bank may prescribe from time to time with respect to the password.
7. Joint Accounts : In case of Joint Accounts, transactions through Internet Banking, shall be available if the mode of operation is indicated as 'either or survivor' or 'anyone or survivor'. The user desirous of using the Internet Banking should either be the account holder and sole signatory or authorised to act independently in case of a joint account. For such joint accounts, one user-id and password for Internet Banking will be issued to each of the joint account holders when requested. The other joint account holders shall expressly agree with the arrangement and give their consent on the application form for use of Internet Banking. In case of joint accounts operated by more than one user, ICICI Bank shall act on the instruction received first and any subsequent instruction shall be neglected. All correspondence will be addressed to the first named person only. All transactions arising from the use of Internet Banking in the joint
account shall be binding on all the joint account holders, jointly and severally.
8. Charges : ICICI Bank reserves the right to charge and recover from the user, service charge for providing the Internet Banking (including but not limited to the right of charging the user for the use of funds transfer through eCheques). The user hereby authorises ICICI Bank to recover the service charge by debiting one of the Accounts of the user or by sending a bill to the user who will be liable to make the payment within the specified period. Failure to do so shall result in recovery of the service charge by ICICI Bank in a manner as ICICI Bank may deem fit along with such interest, if any, and/or suspension of the facility of Internet Banking without any liability to ICICI Bank.
9. Maintenance of Sufficient Balance : The user shall ensure that there are sufficient funds (or prearranged credit facilities) in any Account for transactions through the Internet Banking, and ICICI Bank shall not be liable for any consequences arising out of its failure to carry out the instructions due to inadequacy of funds and/or credit facilities provided always that ICICI Bank shall at its sole discretion, be entitled to carry out the instructions notwithstanding such inadequacy without seeking the prior approval from or notice to the user and the user shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related to costs and charges.
ICICI Bank may, at its discretion, levy penal charges for non-maintenance of the minimum balance. In addition to the minimum balance stipulation ICICI Bank may levy service charges for use of Internet Banking which will be notified by ICICI Bank to the user from time to time. Any change in such service charges will also be notified to the user. The user authorises ICICI Bank to recover all charges related to Internet Banking as determined by ICICI Bank from time to time by debiting one of the Accounts.
ICICI Bank may withdraw the provision of Internet Banking, wholly or partly, if at any time the amount of deposit falls short of the required minimum as aforesaid and / or if the service charges remain unpaid, without giving any further notice to the user and / or without incurring any liability or responsibility whatsoever by reason of such withdrawal.
10. Funds Transfer Through Internet Banking:
A. Funds Transfer to Other accounts :
The User accepts that he will be responsible for keying in the correct account number for the fund transfer request. In no case, ICICI Bank will be held liable for any erroneous transactions incurred arising out of or relating to the User entering wrong account numbers. Further, ICICI Bank shall not be held liable if the Add Payee option
gets locked after a number of consecutive attempts, as may be intimated by ICICI Bank from time to time, in which case the User may request for enabling the option through the ICICI Bank 24-Hour Customer Care Centre.
The User shall not use or attempt to use the Internet Banking for funds transfer through eCheques without sufficient funds in the relative Account or without a pre-existing arrangement with ICICI Bank for the grant of an overdraft. ICICI Bank will endeavour to effect funds transfer transaction received through Internet Banking subject to availability of sufficient funds in the Account and Confirmation of Payee Registration by the User. ICICI Bank shall specify from time to time the limit for carrying out various kinds of funds transfer or any other services through Internet Banking. The said facility will be provided in accordance with the arrangement between ICICI Bank and the Affiliates and as per conditions specified by ICICI Bank from time to time.
ICICI Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond its reasonable control including non-confirmation of Payee Registration. ICICI Bank reserves the right to charge the User for the use of funds transfer through eCheques by giving due notice on the website about such charges.
If funds transfer is made available to the user, it may be used for transfer of funds from Account to other accounts belonging to third parties maintained at ICICI Bank and/or at any other Bank. In the event such transfer of funds is from the Account to accounts belonging to third parties maintained at any other Bank, which falls under the network of Reserve Bank of India's Electronic Fund Transfer system, then the same shall be governed by the terms and conditions applicable to National Electronic Funds Transfer (“NEFT”) of the Reserve Bank of India as provided on the Website.
B. Receive Funds Facility:
(i) ECS DEBIT MANDATE: For availing Receive Funds Facility, the User shall furnish to ICICI Bank an unconditional and irrevocable ECS debit mandate, in the manner and form prescribed by ICICI Bank. The User shall submit a copy of the ECS debit mandate, signed by the Payer, to ICICI Bank for processing the same with the bank where the Payer maintains the Debit Account. The User shall obtain signature of the Payer on the ECS debit mandate and shall be solely responsible for the accuracy, completeness and correctness of the information provided in the ECS debit mandate.
Any additions or deletions to an ECS debit mandate submitted to ICICI Bank shall be communicated by the User through a fresh mandate in the form and manner as indicated by ICICI Bank on the Website or through any other medium.
(ii) PAYMENT INSTRUCTION: The User can make a Payment Instruction on the
Website only after approval from the Payer’s bank on the ECS debit mandate submitted by the User. The Payment Instruction shall be in the manner and form prescribed by ICICI Bank. The User shall be solely responsible for the accuracy, completeness and correctness of the information provided in the Payment Instruction and the same shall be considered to be sufficient to effect the payment.
ICICI Bank shall endeavor to credit the Credit Account on the Payment Date and the User shall ensure availability of sufficient funds in the Debit Account before Payment Date.
(iii) HONOURING PAYMENT INSTRUCTIONS: ICICI Bank shall incur no liability if it is unable to effect any Payment Instruction on the Payment Date because of the existence of any one or more of the following circumstances: 1. If the Debit Account does not contain sufficient funds to process the Payment Instruction or the amount exceeds the overdraft limit, if any, granted to the Payer. 2. If the funds available in the Debit Account are under any encumbrance or charge. 3. The name of Payer and/or details required for effecting the payment is not correctly provided by the User. 4. Due to refusal of the Payer’s bank to honour the payment for any reason whatsoever. 5. Due to circumstances beyond its reasonable control.
Service charges will be debited from the Account(s) if a Payment Instruction fails due to any of the above mentioned reasons. The amount of the charges will be intimated to the User on the Website or through any other medium, as ICICI Bank may deem fit. Three subsequent Payment Instruction failures will also result in the ECS debit mandate for the particular Debit Account being rejected. ICICI Bank will not honour or be responsible for any Payment Instructions, which are scheduled for future dates for such rejected ECS debit mandate(s).
If an amount in excess of the amount as indicated in the Payment Instructions is debited from the Debit Account, ICICI Bank shall be responsible for reimbursing to the Payer to the extent of the amount so wrongly debited. ICICI Bank shall also have the right to debit from the User’s Account the amount of money so wrongly paid.
ICICI Bank shall have the right to refuse to comply with the Payment Instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction, and have the right to suspend the operations of the Receive Funds Facility if it has reason to believe that the Payment instructions will lead or expose to direct or indirect loss or may require an indemnity from the User before continuing to operate Receive Funds Facility.
(iv) CANCELLING OR MODIFYING PAYMENT INSTRUCTIONS: The User shall be entitled to cancel or modify the Payment Instructions in the manner provided by ICICI Bank before the Last date for edit unless otherwise required by ICICI Bank.
ICICI Bank shall not be held liable if it is unable to stop or prevent the implementation of the Payment Instructions. ICICI Bank shall at its discretion, with prior intimation to the User, charge the User for cancellation or modification of the Payment Instructions.
(v) FAILED PAYMENT INSTRUCTIONS: In case the Payment Instruction is not effected for any reason, the status of the same shall be intimated to the User through the Website. .
11. Prepaid Mobile Recharge : The User accepts that he will be responsible for keying in the correct details of the prepaid mobile number and amount for which prepaid mobile recharge is requested. In no case shall ICICI Bank be held liable for any erroneous transactions incurred, arising out of or relating to the User entering wrong details of the prepaid mobile number, operator, circle and/or amount for the prepaid mobile recharge request.
ICICI Bank will endeavour to provide payment option for prepaid mobile recharge request received through Internet or Mobile Banking subject to availability of sufficient funds in the specified Account. ICICI Bank shall at its own sole discretion, specify from time to time, the minimum and maximum transaction size for each prepaid mobile recharge request and shall be at liberty not to accept any prepaid mobile recharge request which do not meet such specifications.
ICICI Bank shall be responsible for only accepting payment from the User and communicating the request to Aggregator. All subsequent activities, including but not limited to, prepaid mobile recharge processing etc, will be carried out Aggreagtor with the help of operators. ICICI Bank shall not be responsible for any of the abovementioned activities of Aggregator and does not make any representation, warranty or undertaking in respect of such activities or the service levels of Aggregator in relation to such requests. User needs to confirm the validity or talktime limit from respective operator. The User acknowledges that there may be delays or deficiencies in service levels by third party service providers, for which ICICI Bank cannot accept any liability.
ICICI Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond its reasonable control. ICICI Bank reserves the right to charge the User for the use of the Prepaid Mobile Recharge facility by giving due notice on the Website about such charges. This facility is also subject to charges of respective Operator of Prepaid Mobile Recharge, which will be notified on the Website from time to time. The User's Account will be debited for the total amount for prepaid mobile recharge as applicable and ICICI Bank charges, if any.
12. Smart Money Order : The User accepts that he will be responsible for keying in the correct details of the sender and receiver for the money order transfer request. In no
case shall ICICI Bank be held liable for any erroneous transactions incurred, arising out of or relating to the User entering wrong details of the sender and/or the receiver.
The Smart Money Order facility will be provided in accordance with the arrangement between ICICI Bank and India Post (The Department of Posts, Ministry of Communications and Information Technology, Government of India) and conditions pertaining to such arrangement shall be specified by ICICI Bank from time to time. The User shall not use or attempt to use the Internet Banking for making an online request for money order without sufficient funds in the specified Account. ICICI Bank will endeavour to process the money order request received through Internet Banking subject to availability of sufficient funds in the specified Account. ICICI Bank shall at its sole discretion, specify from time to time, the minimum and maximum transaction size for each money order request and shall be at liberty not to accept any money order request which do not meet such specifications.
ICICI Bank shall be responsible for only accepting the money order requests from the User and communicating the request to India Post. All subsequent activities, including but not limited to, delivery of money to receiver, sending acknowledgement / refund to sender, resolution of complaints etc, will be carried out by India Post. ICICI Bank shall not be responsible for any of the abovementioned activities of India Post and does not make any representation, warranty or undertaking in respect of such activities or the service levels of India Posts in relation to such requests. The User acknowledges that there may be delays or deficiencies in service levels by third party service providers, for which ICICI Bank cannot accept any liability.
ICICI Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond its reasonable control. ICICI Bank reserves the right to charge the User for the use of the Smart Money Order facility by giving due notice on the Website about such charges. This facility is also subject to charges of India Post which will be notified on the Website from time to time. The User's Account will be debited for the total amount which would be inclusive of the amount of money order, India Post charges as applicable and ICICI Bank charges, if any.
13. Transactions in Depository Account through Internet Banking : ICICI Bank shall install adequate systems to restrict the access of the transaction statement of depository account only to the user. The user shall take all the necessary steps to ensure confidentiality and secrecy of the login name and password allotted by ICICI Bank in this regard. The user permits ICICI Bank to provide the transaction statement of the depository account through internet (web-based and/or email). The user is aware that the transaction statement may be accessed by other entities in case the confidentiality / secrecy of the login name and password is compromised. In case the user opts for transaction statement through email, it shall immediately inform ICICI Bank about change in email address, if any, through Internet Banking or any other mode prescribed
by ICICI Bank. ICICI Bank shall verify and confirm with the user about the change. ICICI Bank shall confirm with the user about validity of the email address atleast once in a year.
The user agrees not to receive transaction statement in paper form from ICICI Bank. Provided however that, in case when the ICICI Bank is not able to provide transaction statement to its users through internet (web-based / email) due to any unforeseen problems, ICICI Bank should ensure that the transaction statement reaches to the user in physical form as per the time schedule stipulated in the Bye Laws & Business Rules of National Securities Depositary Limited and at the mailing address provided by the user to ICICI Bank at the time of availing of the facility, or as changed and notified, from time to time.
The above terms are in addition to and not in contravention of the terms and conditions forming a part of the "AGREEMENT BETWEEN THE PARTICIPANT AND THE PERSON SEEKING TO OPEN AN ACCOUNT WITH THE PARTICIPANT" signed by the user at the time of opening the account with the Depositary.
14. Hot Payment Facility : ICICI Bank provides the facility of payment for transactions executed on internet through different sites. ICICI Bank will execute such transactions only for the sites specified on the Website and will be responsible for transferring the amount debited from the Account to the service provider’s account. In no event shall ICICI Bank be held responsible for any informational content on any such other site.
15. ICICI Home Finance FD : By placing the request to open ICICI Home Finance Company (“ICICI HFC”) fixed deposit through Internet banking, the User authorizes ICICI Bank to debit the Account immediately on placing the request on the Website and remit the funds to ICICI HFC. The User agrees that he / she shall be required to provide requisite documents and complete other requisite formalities as shall be required by ICICI HFC from time to time in order to successfully open the fixed deposit with ICICI HFC . ICICI HFC may at its sole discretion, accept/reject the application form on such terms and conditions as it may deem fit. In case of rejection of the application form, ICICI HFC shall be solely responsible to refund the amount to the User in a manner as deemed fit by ICICI HFC without any involvement of ICICI Bank and the User shall not hold ICICI Bank responsible at any time as regards any concerns /claims etc which the User may have for the application rejected by IHFC . The User agrees that in case of rejection of the application form by ICICI HFC, no interest shall accrue to the fixed deposit amount from the date of placing of the request on the Website.
16. Application for Facilities through Internet Banking:
Clause as applicable up to May 8, 2009:
The User shall have the option of applying for facilities provided by ICICI Bank on Internet Banking. The facility shall be extended to the User subject to the User complying with ICICI Bank’s credit parameters and submitting all documents required by ICICI Bank in a physical form to ICICI Bank. ICICI Bank may in its sole discretion reject the application for the facility by the User.
The User can check the availability of a pre-approved offer that may be made by ICICI Bank to the user through Internet Banking. The eligibility of a User for a facility provided by ICICI Bank shall be decided by ICICI Bank at its sole discretion. Any pre-approved offer by ICICI Bank to the User does not constitute grant of facility to the User and shall be subject to the User complying with ICICI Bank’s credit parameters and submitting all documents required by ICICI Bank in a physical form to ICICI Bank.
The User shall be given a reference number on making an application for a facility provided by ICICI Bank on Internet Banking. The reference number can be used by the User for checking the status of his application for facility with ICICI Bank through Internet Banking or by calling the Call Centers of ICICI Bank. The reference number given by ICICI Bank to the User does not constitute grant of facility to the User.
Clause as applicable from May 9, 2009:
The User shall have the option of applying for facilities provided by ICICI Bank on Internet Banking. The facility shall be extended to the User subject to the User complying with ICICI Bank’s credit parameters and submitting all documents as may be required by ICICI Bank in such form as may be specified by ICICI Bank from time to time. ICICI Bank may in its sole discretion reject the application for the facility by the User.
The User can check the availability of a pre-approved offer that may be made by ICICI Bank to the user through Internet Banking. The eligibility of a User for a facility provided by ICICI Bank shall be decided by ICICI Bank at its sole discretion. Any pre-approved offer by ICICI Bank to the User does not constitute grant of facility to the User and shall be subject to the User complying with ICICI Bank’s credit parameters and submitting all documents required by ICICI Bank in such form as may be specified by ICICI Bank from time to time.
The User expressly agrees and acknowledges that in the event the User chooses to apply for a facility provided by ICICI Bank on Internet Banking, he/she may do so, by submitting the required facility documents online in the manner specified by ICICI Bank, unless specifically required by ICICI Bank to be submitted in physical form only / also. In the event such facility is sanctioned by ICICI Bank to the User, the User
expressly agrees and acknowledges to have read and understood the terms and conditions that govern such facility and be bound by such terms and conditions at all times during the tenure of the facility, and as may be amended by ICICI Bank from time to time. Further, the User agrees and undertakes to sign such other documents
The User shall be given a reference number on making an application for a facility provided by ICICI Bank on Internet Banking. The reference number can be used by the User for checking the status of his application for facility with ICICI Bank through Internet Banking or by calling the Call Centers of ICICI Bank. The reference number given by ICICI Bank to the User does not constitute grant of facility to the User.
** The Amendments to Clause 16 shall be effective from May 9, 2009.
17. Authority to ICICI Bank for Internet Banking : The user irrevocably and unconditionally authorises ICICI Bank to access all his Account(s) for effecting banking or other transactions performed by the user through the Internet Banking. The instructions of the user shall be effected only when such instruction is in accordance with the prescribed procedure.
ICICI Bank shall have no obligation to verify the authenticity of any transaction / instruction received or purported to have been received from the user through Internet Banking or purporting to have been sent by the user other than by means of verification of the Internet Banking user-Id and the password.
The read-out, the faxed /email output or the printed output, if any, that is received by the user at the time of operation of Internet Banking is a record of the operation of the computer by the user and shall be accepted as conclusive and binding for all purpose. All the records of ICICI Bank generated by the transactions arising out of the use of the Internet Banking, including the time the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transaction. While ICICI Bank and the Affiliates shall endeavour to carry out the instructions promptly, they shall not be responsible for any delay in carrying on the instructions due to any reason whatsoever, including due to failure of operational systems or any requirement of law. All the transactions arising through the use of the Internet Banking to operate a joint account shall be binding on all the joint account holders, jointly and severally.
18. Instructions : All instructions for Internet Banking shall be given, through computer or any other medium/channel enabled by ICICI Bank for the purpose, by the user in the manner indicated by ICICI Bank. The user is also responsible for the accuracy and authenticity of the instructions provided to ICICI Bank and/or Affiliates and the same shall be considered to be sufficient to operate the Internet Banking. ICICI Bank shall not be required to independently verify the instructions, and the instruction shall remain effective till such time the same is countermanded by further instructions by the user. ICICI Bank shall have no liability if it does not or is unable to stop or
prevent the implementation of an instruction, which is subsequently countermanded. Where ICICI Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the user before acting on any instruction of the user or act upon any such instruction as it deems fit. ICICI Bank states that it has no liability or obligation to keep a record of the instructions to provide information to the user or for verifying user's instructions. ICICI Bank may refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction and have the right to suspend the operations through the Internet Banking if it has reason to believe that the user's instructions will lead or expose to direct or indirect loss or may require an indemnity from the user before continuing to operate the Internet Banking.
Any instruction, order, direction, request entered using the password of the user shall be deemed to be an instruction, order, directive, request received from the user. All instructions, requests, directives, orders, directions, entered by the user, either electronically or otherwise, are based upon the user's decisions and are the sole responsibility of the user. The user understands that entering an instruction, direction, order, request with ICICI Bank, either electronically or otherwise, does not guarantee execution of such instruction, direction, order or request. ICICI Bank shall not be deemed to have received any instruction, direction, order, request electronically transmitted by the user until it confirms the receipt of such instruction, direction, order, request.
19. Accuracy of Information : The user is responsible for the correctness of information supplied to ICICI Bank for use of the Internet Banking / while using any facility of Internet Banking or through any other means such as electronic mail or written communication. ICICI Bank accepts no liability for the consequences arising out of erroneous information supplied by the user. If the user notices an error in the information supplied to ICICI Bank either in the application form or any other communication, he shall immediately advise ICICI Bank which will endeavour to correct the error wherever possible on a "reasonable efforts" basis.
20. Liability of the user and ICICI Bank : Neither ICICI Bank nor the Affiliates shall be liable for any unauthorised transactions occurring through the Internet Banking and the user hereby fully indemnifies and holds ICICI Bank and the Affiliates harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. ICICI Bank shall under no circumstance be held liable to the user if the Internet Banking is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of ICICI Bank. Under no circumstances shall ICICI Bank be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the user or
by any other person. Illegal or improper use of the Internet Banking shall render the user liable for payment of financial charges as decided by ICICI Bank or will result in suspension of the operations through the Internet Banking.
21. Disclaimer of Warranties : The Client expressly agrees that use of the Website is at its sole risk. The Website is provided on an "as is" and "as available" basis..
Except as warranted in the Terms, ICICI Bank expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in Internet Banking.
ICICI Bank does not warrant that access to the Website and Internet Banking shall be uninterrupted, timely, secure, or error free nor does it make any warranty as to the results that may be obtained from the Website or use, accuracy or reliability of Internet Banking.
ICICI Bank will not be liable for any virus that may enter the user's system as a result of the user using Internet Banking. ICICI Bank does not guarantee to the user or any other third party that Internet Banking would be virus free.
22. Indemnity :In consideration of ICICI Bank providing the user the Internet Banking, the user shall, at his own expense, indemnify and hold ICICI Bank, its directors and employees, representatives, agents and/or the Affiliates, as the case may be, indemnified against all losses and expenses on full indemnity basis which ICICI Bank may incur, sustain, suffer or is likely to suffer in connection with ICICI Bank or Affiliates' execution of the user's instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing a service through Internet Banking for any action taken or omitted to be taken by ICICI Bank and /or the Affiliates, its officers, employees or agents, on the instructions of the user. The user will pay ICICI Bank and /or the Affiliates such amount as may be determined by ICICI Bank and/or the Affiliates to be sufficient to indemnify it against any such, loss or expenses even though they may not have arisen or are contingent in nature.
Further, the user agrees, at its own expense, to indemnify, defend and hold harmless ICICI Bank, its directors and employees, representatives, agents, and its Affiliates against any claim, suit, action or other proceeding brought against ICICI Bank, its directors and employees, representatives, agents, and Affiliates by a third party, to the extent that such claim, suit, action of other proceeding brought against ICICI Bank, its directors and employees, representatives, agents, and Affiliates is based on or arises in connection with the user of Internet Banking with reference to:
(i) a violation of the Terms contained herein by the user;
(ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, Internet Banking by the user; (iii) any misrepresentation or breach of representation or warranty made by the user contained herein; or (iv) any breach of any covenant or obligation to be performed by the user hereunder. The user agrees to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys' fees and costs awarded against it or otherwise incurred by or in connection with or arising from any such claim, suit, action or proceeding attributable to any such claim.
The user hereby agrees that under no circumstances, ICICI Bank's aggregate liability for claims relating to Internet Banking, whether for breach of in tort (including but not limited to negligence) shall be limited to the transaction charges/fees or consideration paid by the user within the previous twelve (12) months for Internet Banking, excluding any amount paid towards transactions.
23. Disclosure of Information : The user agrees that ICICI Bank and/or Affiliates or their contractors may hold and process his Personal Information and all other information concerning his Account(s) on computer or otherwise in connection with the Internet Banking as well as for analysis, credit scoring and marketing. The user also agrees that ICICI Bank may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognised credit scoring agencies, or for fraud prevention purposes.
*Section 3 of Information Technology Act, 2000 prescribes the procedure for authentication of electronic records, which states that a subscriber may authenticate an electronic record by affixing his digital signature and Section 5 provides legal recognition to digital signature for authentication of electronic records.
However ICICI Bank has adopted the mode of authentication of the User by means of verification of the User Id and/or through verification of Password, debit card PIN allotted by ICICI Bank to the User or through any other mode of verification as may be stipulated at the discretion of ICICI Bank, which are not recognized under Information Technology Act, 2000 for authentication of electronic records. Therefore, the User is solely responsible to maintain the secrecy and confidentiality of the PIN without any liability of ICICI Bank in this regard.
24. Change of Terms : ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms and/or terms and conditions stipulated by ICICI Bank and/or its Affiliates pertaining to the Accounts and/or to any services/facilities offered by ICICI Bank and/or its Affiliates at any time and shall give prior notice of one month (except for change in interest rates) by hosting the same on the Website or in any other
manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms and the terms and conditions stipulated by ICICI Bank and/or its Affiliates including amendments thereto as may be posted on the Website. Such amended Terms and terms and conditions stipulated by ICICI Bank and/or its Affiliates will thereupon apply to and be binding on the user at the expiry of one month from the date of notice.
If in the opinion of the user, the changes are to his/her disadvantage, the user may opt to close the Account and/or discontinue with the Internet Banking, without paying any extra charges or interest, at any time upto two months from the date of the notice by intimating ICICI Bank of the same.
By using any new services as may be introduced by ICICI Bank, the user shall be deemed to have accepted the changed Terms and terms and conditions stipulated by ICICI Bank and/or its Affiliates.
25. Non-Transferability : The grant of Internet Banking to a user is not transferable under any circumstance and shall be used only by the user.
26. Termination of Internet Banking : Termination of Internet Banking : The user may request for termination of the Internet Banking any time by giving a written notice of at least 15 days to ICICI Bank. The termination shall take effect on the completion of the fifteenth day. The user will remain responsible for any transactions made through the Internet Banking until the time of such termination. For the access of depository account through Internet Banking user and ICICI Bank shall have the right to terminate the applicability Clause 12 of this agreement after giving a notice of at least 10 days to the other party.
ICICI Bank may withdraw or terminate the Internet Banking anytime either entirely or with reference to a specific service or user; or in case of breach of Terms by the user without a prior notice; or if it learns of the death, bankruptcy or lack of legal capacity of the user. Clause 14 & 17 shall survive the termination of the Internet Banking for any reason whatsoever.
27. Notices : Notices under these Terms may be given by ICICI Bank and the user in writing by delivering them by hand or by sending them by post to the last address given by the user and in the case of ICICI Bank to its corporate office address as set out hereinabove. In addition, ICICI Bank may also publish notices of general nature, which are applicable to all users in a newspaper or on its web site located at www.icicibank.com. Such notices will have the same effect as a notice served individually to each user. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.
28. Governing Law : These Terms and/or the operations in the Accounts of the user
shall be governed by the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms for Internet Banking shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms for Internet Banking in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of the Terms for Internet Banking which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.
29. Applicability To Future Accounts : ICICI Bank and the user agree that if the user opens further Accounts with/subscribes to any of the products/services of ICICI Bank or any of the Affiliates, and ICICI Bank extends the Internet Banking to such Accounts or products or services and the user opts for use thereof, then the Terms shall automatically apply to such further use of the Internet Banking by the user.
30. General : The clause headings herein are for convenience only and do not affect the meaning of the relative clause. ICICI Bank may sub-contract and employ agents to carry out any of its obligations under this contract. Internet Banking service would be available to the users in certain cities only and during timings specified by ICICI Bank from time to time and transactions would be carried out on the same day or on the next working day depending upon the time of logging of the transaction. The user would have to ensure that the equipment used for availing of Internet Banking meets the criteria as may be specified by ICICI Bank from time to time. All costs incurred by the user including telecommunication costs to use the Internet Banking would be borne by the user.
As a tool to correct misunderstandings, the user understands, agrees and authorises ICICI Bank, at its discretion, and without further prior notice to the user, to monitor and record any or all telephone conversations or electronic communications between the user and ICICI Bank and any of its employees or agents.
These Terms contain ICICI Bank's entire arrangement (except as otherwise expressly provided herein) and supersede and replace any previously made proposals, representations, understandings and agreements, express or implied, either oral or in writing between the user and ICICI Bank for Internet Banking. The user acknowledges that it has not relied on any representation made by ICICI Bank or any of its employees or agents and has made its own independent assessment of Internet Banking. No third party will have any rights or claims under these Terms.
31. Assignment : ICICI Bank shall be entitled to sell, assign, securitise or transfer ICICI Bank's right and obligations under the Terms and any security being in favour of ICICI Bank (including all guarantee/s) to any person of ICICI Bank's choice in whole
or in part and in such manner and on such terms and conditions as ICICI Bank may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the user and all other persons. The user, his heirs, legal representatives, executors, administrators and successors are bound by the Terms. ICICI Bank may sub-contract and employ agents to carry out any of its obligations under this contract. However, the user shall not be entitled to transfer or assign any of his rights and obligations hereunder.
32. Right of set-off and Lien : ICICI Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits/scrips held in the Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the Internet Banking extended to and/ or used by the user.
33. Proprietary Rights : ICICI Bank shall make reasonable efforts to advise from time to time the Internet software such as browsers, which are required for availing of Internet Banking. There will be no obligation on ICICI Bank to support all or any versions of the Internet software as may be required for offering Internet Banking. The user acknowledges that the software underlying the Internet Banking as well as other Internet related software which are required for accessing Internet Banking are the legal property of the respective vendors. The permission given by ICICI Bank to access Internet Banking will not convey any proprietary or ownership rights in such software. The user shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying Internet Banking or create any derivative product based on the software.
34. Communications through Electronic means : Documents sent by electronic delivery will contain all the information as it appears in the printed hard copy version as prepared and distributed by the originator, with the possible exception of graphic insertions such as photographs or logotypes. Electronic delivery may be in the form of an electronic mail, an attachment to the electronic mail, or in the form of an available download from the Website. ICICI Bank would be deemed to have fulfilled its legal obligation to deliver to the user any document if such document is sent via electronic means. Failure to advise ICICI Bank of any difficulty in opening a document so delivered within twenty-four (24) hours after delivery shall serve as an affirmation regarding the acceptance of the document.
35. Money Manager : The Money Manager service provided by ICICI Bank is a value added service and is for information purposes only . The User acknowledges and agrees that Money Manager only aggregates / consolidates the financial information, as provided by the User, with regard to the various relationships maintained by the User with ICICI Bank through the Account for reference purposes only. The User shall not be able to carry out any financial transactions using Money Manager service . On using Money Manager for the first time, the User shall be able to view the aggregated
information with regard to the various relationships maintained by the User with ICICI Bank based on the financial information available with ICICI Bank for the last 90 days. Subsequently the aggregated information will take into account the additional information including the information of aforesaid 90 days but excluding the information prior to the said period of 90 days. The information is aggregated once in every 24-hour period and hence the aggregate information shall be updated only to that extent. Money Manager only represents to the User goal setting, expense budgeting or such other facility as shall be provided from time to time at the discretion of ICICI Bank.
Money Manager provides the consolidated financial status of the User based on the information aggregated from the various financial relationships maintained by the User with ICICI Bank through Internet banking. The User acknowledges that the consolidated financial status computed by Money Manager is on as results are promised or assured by ICICI Bank nor is the result based on any universal formula. ICICI Bank does not warrant, guarantee or make any representations and the User of the information shall assumes the entire risk as to the suitability, use, results of use or inability to use the information in terms of timeliness, truthfulness, sequence, completeness, accuracy, reliability, correctness, performance or otherwise. ICICI Bank does not warrant that the information will be uninterrupted or free of any error, omission, defect, shortcoming or limitation of any nature. The User waives any claim, issues or complaints against ICICI Bank arising as a result of reliance upon the information provided through Money Manager. ICICI Bank disclaims all or any warranties express or implied or statutory including, without limitation any implied warranties arising from the trade, usage, course of dealing, or performance or any implied warranties of merchantability and/or fitness for a particular purpose with respect to the information. The use of any information set out through Money Manager is entirely at the recipient's own risk. ICICI does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out herein.
The User can also compute the tax liability using the tax calculator feature of Money Manager which is based on the prevalent applicable laws, rules & regulations as shall be applicable from time-to-time. The tax calculator is merely indicative and for general understanding and reference purpose only. The User need to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the taxation implications may vary depending upon the facts in each case, accounting standards, interpretation by tax authorities and the tax laws are subject to change from time to time. ICICI Bank expressly disclaims any liability to any person, in respect of any act or omission by any such person by placing reliance upon the tax calculator. The Money Manager service does not / is not intended to constitute advise of tax/ legal/ accounting/ financial/ other professionals and is just an indicative tool and not a definitive statement on tax liability of the User. Recipients of the information contained herein should
exercise due care and caution prior to taking of any decision, acting or omitting to act, on the basis of the tax calculator / other services provided through Money Manager.
The User may additionally opt to receive alerts regarding account information on his/her registered mobile number and/or email. To please note that the emails and sms alerts shall be sent only to customers who have registered themselves under the applicable terms and conditions prescribed by ICICI Bank.
Amongst other financial information consolidated, the User shall also have access to details in his/her demat account maintained with ICICI Bank in capacity of ICICI Bank being depository participant . Please note that market prices of the dematerialised securities held by the User are received from the National Stock Exchange (NSE) and ICICI Bank does not undertake any liability or responsibility for the details, accuracy, completeness or correct sequence of any content presented by NSE.
Even though ICICI Bank shall on a best effort basis keep updating the market prices of securities held by the User, the prices displayed may not be as per last updation done by NSE . In the event the markets are closed, prices displayed shall be the previous trading session's closing prices. Every day when the User logs in to find the market prices of securities held by him/her, the previous days prices shall reflect and therefore the same would be required to be refreshed. The information is subject to change, updation, revision, verification and amendment without notice and such information may change materially.
NA indicates that market price is not available for the given script from the stock exchange concerned.
The User can also view details of his ICICI Bank's loan/facility account through Money Manager. This feature shows a User his loan amount / facility amount outstanding. The loan/facilityamount outstanding represents only the principal amount outstanding on the loan/facility and does not include applicable interest and/or other applicable rates / charges. The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially.
Additionally in order to give the User the benefit of viewing his net worth, a couple of assets and liability options have been added as a feature to the Money Manager service. The User can choose from the options and fill in the amount which shall be incorporated in the total calculation of the net worth. The net worth would be a reflection of data fed by the User and ICICI Bank does not undertake any liability or responsibility for the details, accuracy, completeness or correct sequence of any content presented Such information and the resultant data is provided only for User's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no
reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank shall not be liable for any loss arising from the use of this service. The information and/ or intellectual property contained is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.
Money Manager does not support overdraft facility extended on Savings Bank accounts.
No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the Money Manager services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to User for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
ICICI Bank reserves the right to charge and recover from the User, service charge for providing Money Manager service. The User hereby authorises ICICI Bank to recover the service charge by debiting one of the Accounts of the User or by sending a bill to the User who will be liable to make the payment within the specified period. Failure to do so shall result in recovery of the service charge by ICICI Bank in a manner as ICICI Bank may deem fit along with such interest, if any, and/or suspension of the facility of Money Manager without any liability to ICICI Bank.
No reliance may be placed for any purpose whatsoever on the information aggregated through Money Manager or on its completeness. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially.
ICICI Bank currently avails and may in future at its sole discretion avail of services from various service providers, in relation to providing the Money Manager services to the User. You agree that the Money Manager services are being provided to you by ICICI Bank subject to these terms and conditions and are in addition to Internet banking terms and conditions and any other additional terms as may be specified by ICICI Bank from time to time and that pursuant thereto you shall not make any claim
on such service providers with respect to your access or use of the Money Manager services.
ADDITIONAL TERMS AND CONDITIONS FOR THE USE OF INTUIT SERVICES ON AGGREGATION OF NON- ICICI BANK/ THIRD PARTY FINANCIAL INSTITUTION ACCOUNTS/ SERVICES
Your use of the Services provided by Intuit are subject to the terms and conditions provided by Intuit, in addition to the terms and conditions provided herein below with respect to the use of the Services along with terms and conditions governing ICICI Bank internet banking services and Money Manager services. Capitalized terms used herein but not defined shall have the same meaning as defined under ICICI Bank internet banking services.
Intuit’s terms and conditions shall prevail in the event of any conflict or inconsistency between these terms and the terms and conditions provided by Intuit on their website with regard the Services. To the extent of applicability and determining ICICI Bank’s role and responsibility, the Instant Terms and ICICI Bank internet banking terms and conditions shall prevail.
"Services" shall mean such online and other services provided by Intuit, on its website, including but not limited to the content, updates and new releases, aggregation of non-ICICI Bank/ Third party financial institutions in order to arrive at the expenses, investments, transactions etc carried out by you.
"FI Services" shall mean the products/ services provided by third party financial institutions online/ through its net banking services.
In the event the User intends to avail Services and thereby wishes to aggregate his/her non-ICICI Bank accounts/ third party financial institution bank accounts, he/ she shall be directed to a webpage which is owned, controlled and managed by Intuit on its website . User to please note that this webpage is not endorsed by ICICI Bank. The User acknowledges, understands and agrees that ICICI Bank has no role or responsibility once the User leaves ICICI Bank website and/or is re-directed to Intuits Website. The User acknowledges, understand and agrees that by redirecting the User to Intuit’s website, the and further acknowledges and agrees such website is not owned, controlled or endorsed by ICICI Bank including but not limited to the contents thereon, the provisions of Services and other services as provided/ made available by Intuit on its website. ICICI Bank does not undertake any liability or responsibility for the details, accuracy, completeness or correct sequence of any content or information provided in the linked site/ Intuit’s Website.
You acknowledge that use of Intuit’s website and/or availment of Services / other products and services as made available through Intuit’s website are at your sole
discretion and your own evaluation of the risks involved. ICICI Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by User /third party in reliance on anything set out on the Intuit’s website and/or by availment of Services / other products and service made available by Intuit on its website.
The User waives any claim, issues or complaints against ICICI Bank arising as a result of reliance upon the information provided by Intuit either through its website or otherwise. ICICI Bank disclaims all or any warranties express or implied or statutory including, without limitation any implied warranties arising from the trade, usage, course of dealing, or performance or any implied warranties of merchantability and/or fitness for a particular purpose with respect to the information provided by Intuit.
The User is aware and accepts that the use of Intuit’s website is subject to the terms of use and other terms and guidelines, if any, provided by Intuit on its website or otherwise.
INTUIT TERMS & CONDITIONS
Please click on the links to go through the detailed Terms & Conditions
Terms of Service: https://moneymanager.intuit.co.in/quickenweb/locale/en_US/help/license.html
Privacy statement: https://moneymanager.intuit.co.in/quickenweb/locale/en_US/help/privacy_generic.html
Disclaimer:"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."
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