Terms and Conditions

Account Terms and Conditions

The following pages contain important details you need to know about your ICICI Bank Account. If you have any questions, we would be pleased to assist you. Please call us at 1-888-ICICI-CA (1-888-424-2422).

Opening an Account at ICICI Bank confirms that you accept and agree to the following terms and conditions.

A. GENERAL TERMS AND CONDITIONS

1. What the Words Mean:

In this Account Terms and Conditions document (the “Agreement”), please remember that:

"I", "me", "my" and "customer" means the person (as defined below) who has opened an Account with ICICI Bank. If more than one person has jointly opened the Account as aforesaid, then these words means each of the persons individually and “we”, “our” and “us” mean all of them collectively.

"ICICI Bank" or "the Bank" means ICICI Bank Canada.

Please also remember that:

"Account" means the bank accounts and/or any other type of account(s) opened and maintained with ICICI Bank by the customer, whether in Canadian or other currency.

"Affiliates" means any person that is:
(i) The parent company, holding company or subsidiary of ICICI Bank, or 
(ii) Under the control of, or under common control with, ICICI Bank.

"Branch" means any of the branches of ICICI Bank.

"Branch Banking" means the banking services offered by ICICI Bank at a Branch.

“Business Accounts” means bank accounts and/or any other type of account(s) opened and maintained with ICICI Bank by the business customer for business banking requirements, whether in Canadian or other currency and includes “Business Savings Account”, “Business Chequing Account” and “Business Term Deposit Account”.

"Card" means an ICICI Bank Card that ICICI Bank has issued to me in connection with my Account.

"Cardholder Agreement" means the cardholder agreement that may be entered into between ICICI Bank and me and that governs the use of my Card.

 “Direct Banking” means the Direct Banking service offered by ICICI Bank to a customer and includes services such as the provision of information regarding Account history, bill payments, transfer of funds and any other service as ICICI Bank may decide to provide from time to time by one or more of the following methods:

1. electronic communications through the Website;
2. speaking over the telephone or using its key pad to communicate with a phone banking officer or an interactive voice response system;
3. electronic communications by Automated Banking Machine (ABM) and direct payment Point-Of-Sale terminals; or
4. other devices or equipment which ICICI Bank may designate from time to time for Direct Banking access.

"Direct Banking Terms" means the terms and conditions governing the provision by ICICI Bank of the Direct Banking services offered to customers from time to time.

"Disclosure Statement" means ICICI Bank’s written statement of the service prices and other operating conditions for an Account as prescribed by ICICI Bank from time to time.

"Electronic Identification" means one or more of the following:

1. client number;
2. personal identification number ("PIN");
3. password;
4. fingerprint authentication, or
5. other security measures required by ICICI Bank.

"Overdraft Limit" means the overdraft limit ICICI Bank has set, as described in Section 6 of this Agreement. 

"Person" means an individual, company, corporation, Sole Proprietor, partnership, trust or any other entity or organization or other body whatsoever.

"Personal Accounts" means bank accounts and/or any other type of account(s) opened and maintained with ICICI Bank by the customer for personal banking, whether in Canadian or other currency and includes “Savings Account”, “Chequing Account” and “Deposit Account”.

"Signature Card" means the signature card for an Account which I have signed as part of the Account opening process.

"Website"means the website owned, established and maintained by ICICI Bank located at the URL http://www.icicibank.ca or such other website as ICICI Bank may designate from time to time. In this document, all references to the customer in the masculine gender will be deemed to include the feminine gender, and vice versa.

2. Applicability of this Agreement

I will apply to ICICI Bank in ICICI Bank’s prescribed form for using ICICI Bank’s banking services. ICICI Bank will be entitled at its sole discretion to accept or reject such applications as I may submit.

This Agreement, the Cardholder Agreement, the Direct Banking Terms, ICICI Bank’s Client Privacy Policy, ICICI Bank’s Website Terms of Use, ICICI Bank’s RSP Terms and Conditions, and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time (the “Account Documents”) form the contract between me and ICICI Bank for using ICICI Bank’s banking services and will apply to all my Accounts and all my transactions and other activities in connection with the banking services of ICICI Bank. Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank pertaining to the Account will continue to be applicable to me. The terms of this Agreement will be in addition to and not in derogation of the terms and conditions relating to my Account.

If I make use of any of the banking services provided by ICICI Bank from time to time, whether Branch Banking or Direct Banking, it will mean that I have received and read the Account Documents applicable to my Account. It will also mean that I have understood and agreed with ICICI Bank to everything written here and in the Account Documents applicable to my Account, and I understand that the Account Documents are applicable to all Accounts that I may have with ICICI Bank from time to time. Unless ICICI Bank otherwise agrees, I must make all payments under this Agreement in money which is legal tender at the time of payment.

3. Use

I may use a Personal Account for my personal banking needs. Unless ICICI Bank has agreed to it first, I must not use an Account for the purpose of carrying on business or an enterprise. For my business banking needs I may use a Business Account. I will not use a newly opened Account until ICICI Bank permits me to do so.

4. Service Charges

I must pay all service charges that apply to an Account, as set out in the Disclosure Statement. ICICI Bank will be entitled to charge these to my Account at the time I incur the same or in case these are not paid when due.

5. Term Deposits

I understand that ICICI Bank guarantees repayment at maturity of the principal sum and the interest earned on my term deposit with ICICI Bank (a “Term Deposit”). Unless otherwise instructed by me, at maturity the principal and accrued interest on my investment will automatically be reinvested for a term as may be decided by ICICI Bank and at such rates as may be applicable at the time of reinvestment.

Business Term Deposits will have to be opened for a minimum of 5 days to be eligible for any interest payout and single counterparty transaction amount shall not exceed CAD $ 5 million.

For Term Deposits of one year or longer and in currencies other than United States Dollars, interest is calculated on the basis of 365 or 366 days and compounded and/or paid annually. When ICICI Bank offers Term Deposits in currencies for terms of less than one year, interest is calculated on the basis of 365 or 366 and paid at maturity. For Term Deposits denominated in United States Dollars and over a one year term, interest is calculated on the basis of 360 days and compounded and/or paid annually. When ICICI Bank offers term deposits in United States Dollars for terms of less than one year, interest is calculated on the basis of 360 days and paid at maturity. The principal amount shall not become payable until the maturity date, unless I have chosen to redeem my Term Deposit prior to its maturity date. The rate of interest paid on a Term Deposit that is cashed prior to maturity, when permitted, will be adjusted to equal the cashable interest rate agreed to on the original purchase of the Term Deposit. A Term Deposit is not negotiable and may not be assigned by me.

6. Overdrafts

ICICI Bank may, at its discretion, set an Overdraft Limit for an Account and ICICI Bank may change it periodically. Where such an Overdraft Limit is set for an Account, ICICI Bank will tell me what the Overdraft Limit for the Account is on statements for the Account or, in the case of an Account to which a bankbook applies, when I ask ICICI Bank for this information. I will not overdraw an Account beyond its Overdraft Limit. ICICI Bank may refuse to honour a withdrawal request made against an Account or to pay a cheque or other payment order drawn on an Account that is presented to ICICI Bank for payment if there are insufficient available funds (including the Overdraft Limit, if any) in the Account to honour the withdrawal request or to pay the cheque or other payment order.

ICICI Bank may refuse to do so even if it has previously honoured withdrawal requests against the Account or previously paid cheques or other payment orders drawn on the Account that have exceeded the Overdraft Limit for the Account or increased the amount by which that Overdraft Limit was exceeded.

Subject to the foregoing, ICICI Bank may, in its discretion, permit an overdraft in an Account to exceed the Overdraft Limit for the Account from time to time. If for any reason, including actions by ICICI Bank, an Account is overdrawn, it is deemed to be a loan made to me, and I will pay ICICI Bank interest on the amount overdrawn at the then-current interest rate set out in the Disclosure Statement. ICICI Bank will post that interest to the Account on a monthly basis at the time(s) set out in the Disclosure Statement. I will pay all Account Overdrafts, including interest on those overdrafts, to ICICI Bank on demand.

7. Access to Accounts

1. If I have access to Branch Banking, I may make transactions on an Account only at the Branch at which I opened the Account or other Branches as permitted by ICICI Bank.
2. If I have a Card, I may make transactions on the Account to which my Card relates at places in accordance with the Cardholder Agreement.
3. If I have arranged for Account access through Direct Banking services through devices (which include, but are not limited to, telephones, computers and smartphones) that ICICI Bank permits to be used for that purpose, I may make transactions on such Accounts at places through those devices in accordance with the Direct Banking Terms.

Provided, however, that ICICI Bank may restrict my access to Branch Banking and/or also to certain Direct Banking services at any time pending compliance with all procedures or requirements as may be stipulated by ICICI Bank for such services (including, without limitation, the requirement to furnish additional information and/or documentation).

I may find out details of the above referenced requirements and procedures by contacting ICICI Bank.

8. Agency

I may appoint an attorney, or any committee, to act for me in respect of an Account. However, ICICI Bank may refuse to honour any Account transaction made by the attorney (or any committee appointed to act for me in respect of an Account) if their appointment has not been made according to ICICI Bank’s established procedures. I may find out what these procedures are by writing to ICICI Bank.

9. Additional Facilities

ICICI Bank may provide additional facilities for access to Accounts, other products and services for carrying out transactions through Direct Banking and/or Branch Banking, as may be determined by ICICI Bank from time to time.

I may only have access to those ICICI Bank services for which I have fulfilled the requirements specified for such services subject to their respective terms and conditions. In order to be granted access to other services of ICICI Bank, I may be required to comply with or fulfil any additional requirements or procedures as may be stipulated by ICICI Bank for such services (including, without limitation, the requirement to furnish additional information or documentation). I may find out details of the above referenced requirements or procedures by contacting ICICI Bank.

10. Account Opening

I will apply to open an Account with ICICI Bank in the form and manner prescribed by ICICI Bank from time to time and in relation to its Branch Banking and Direct Banking services and will execute and deliver required applications and furnish such information and documents as may be required by ICICI Bank from time to time. ICICI Bank reserves the right to carry out any other additional checks for verification purposes on any information provided by me. ICICI Bank reserves the right not to open any Account if I do not satisfy any of its internal account opening requirements. By making use of Branch Banking, Direct Banking and/or any other services offered by ICICI Bank, I authorize ICICI Bank to process transfer of funds and other requests against my Account according to the Rules of the Canadian Payments Association.

11. Authorised Individuals

Business Account authorised individual(s) identified on a Business Account application are the individuals who are entitled to transact on the account. Based on the constitution of the business, for a Business Account sourced through the direct banking channel the number of individuals authorised to transact on the account is restricted to 3, except for sole proprietorship concerns where the authorised individual allowed is restricted to 1.

For Business Accounts opened through Branch of the Bank there may be more than 3 authorized individuals for a Business Account, except for sole proprietorship concerns where the number of authorized individuals allowed to transact will be restricted to 1. For such Accounts where there are more than 1 authorized individuals the number of authorized individuals required to transact on the Account will be as captured in the application form.

In case of more than one authorised individual, the first listed authorised individual in the application form will be considered the primary contact on records of the Bank for the particular Account.

I agree that ICICI Bank reserves the right to perform adequate verification with respect to KYC guidelines, AML and ATF acts at intervals decided by the Bank on all the beneficial owners, directors and authorised individual(s) (as applicable from business to business) in the Account.

12. Mode of operation

I understand than in the event that the mode of operation is not indicated specifically in the Business Account ICICI Bank will act on any authorised individual’s instruction.

13. Updated or New Personal Information

In accordance with its “Know Your Client” policy, I understand that ICICI Bank reserves the right to put a hold on my Account in order to verify any updated or new personal and/or business information provided by me with respect to my Account and to request supporting documentation or information to confirm such updated or new personal and/or business information. ICICI Bank reserves the right to maintain in force the hold on my Account until my updated or new personal information can be confirmed.

I agree and consent to ICICI Bank verifying the information provided by me through any credit bureaus, credit reporting agencies or similar third parties used for these purposes.

14. Designated Link Accounts

I can connect my Accounts with other valid bank account(s) (each a “Designated Link Account”) that I may have with other Canadian financial institutions (each a “Designated Financial Institution”), and will be required to do so if I am opening an account solely through Direct Banking, as per the process outlined in Section 16 of this Agreement or as per any other process as may be prescribed by ICICI Bank from time to time. ICICI Bank may, at its sole discretion, limit the number of Designated Link Accounts that can be established.

15. Deposit and Withdrawal Transactions

I may request and/or authorize withdrawal transactions through Branch Banking, Direct Banking or any other means provided by ICICI Bank from time to time. ICICI Bank will act on my request to conduct electronic transfer of funds only to and from: (i) the Designated Link Accounts, or (ii) any other account that I or any other customer may have with ICICI Bank, subject to such restrictions and prohibitions as may be stipulated by ICICI Bank from time to time.

To conduct electronic funds transfers from or to an Account, ICICI Bank will ask me for electronic funds transfer instructions and to provide one or more Electronic Identifications or any other identifying information that may, in ICICI Bank’s sole discretion, be deemed necessary in order to confirm my identity. ICICI Bank is unable to guarantee the date on which requests for transfer of funds initiated by me will be completed. If I forget my Electronic Identification, I understand that ICICI Bank may accept a combination of alternate pieces of personal identification information as determined by ICICI Bank from time to time. I authorize ICICI Bank to accept, and I agree to be responsible for, all instructions given using my Account numbers and/or Electronic Identification and ICICI Bank will not be liable to me for any loss or claim arising out of ICICI Bank relying on verbal or electronic instructions purporting to be my instructions.

ICICI Bank has the right to limit the scope of funds transfers. Transactions and/or balances may be limited in dollar amounts, or otherwise as may be determined by ICICI Bank, and such limits may be changed in the sole discretion of ICICI Bank without notice to me, but in accordance with Section 29 of this Agreement. ICICI Bank may refuse to permit certain types of funds transfers, including, without limitation, any one-off transfers that are not of a recurring nature backed by standing instructions. Deposits or withdrawals from my Account may be reversed if the transaction request is returned from, or cannot be delivered to, my Designated Link Account (if applicable) for any reason.

ICICI Bank may, from time to time, offer other money transfer facilities to and from my Accounts subject to such terms and conditions as may be determined by ICICI Bank and notified to me from time to time in accordance with Section 29 of this Agreement.

16. Authorization in Relation to a Designated Link Account

For my security and to designate my Canadian or US Dollar Savings Account - the Designated Link Account - at my Designated Financial Institution (my US Dollar Savings Account linked to my ICICI Bank Personal Savings Account USD must be held with a Canadian financial institution and cheques from that account must clear in Canada) an initial encoded personal cheque must be provided to ICICI Bank for each such Account and cleared through each such external account. By sending my personal cheque to ICICI Bank, I understand that I indicate that it is my express wish to designate the related external account as my Designated Link Account. ICICI Bank may limit the number of external accounts that can be established. I agree, through this initial cheque deposit, that all further business with ICICI Bank may be transacted on my instructions through any medium offered from time to time by ICICI Bank and that all transactions by telephone, computer or other means (whether electronic or otherwise) will have the same legal effect as if authorized by me through written instructions. I understand that I must keep at least one valid Designated Link Account in place at all times when dealing with ICICI Bank solely through Direct Banking. ICICI Bank reserves the right not to open any Account if ICICI Bank’s internal account opening requirements are not met.

If a Designated Link Account is established, in accordance with internal procedures set by ICICI Bank, in relation to an Account, I understand that by providing an initial encoded personal or business (as applicable) deposit cheque, I authorize ICICI Bank to process funds transfer requests against my Account according to the Rules of the Canadian Payments Association. I acknowledge that my authorization is provided for the benefit of ICICI Bank and the Designated Financial Institution(s) and is provided in consideration of ICICI Bank agreeing to process debits against my Designated Link Account in accordance with this Agreement and the Direct Banking Terms as agreed to with ICICI Bank. Cancelling this authorization does not terminate any other agreement that exists between me and ICICI Bank. My authorization applies only to the method of payment and does not otherwise have any bearing on any agreement for services with ICICI Bank. I authorize and assure ICICI Bank that all individuals who have signed up for Direct Banking services or agreed to the ICICI Bank’s Website Terms and Conditions for my Account are all those who are required to sign on my Designated Link Account at my Designated Financial Institution. The Designated Financial Institution is not required to verify that the debits are drawn in accordance with this authorization. I agree to notify ICICI Bank in accordance with Section 37 of this Agreement of any change in the information respecting my Designated Link Account prior to my request to ICICI Bank for any transfer of funds. I may cancel this authorization at any time by providing written notice to ICICI Bank. I agree that my cancellation of this authorization is deemed to take effect upon receipt by ICICI Bank of the required notice.

In the event that a debit is charged to my Account at a Designated Financial Institution pursuant to the terms hereof, but in error, ICICI Bank may reimburse such amounts subject to me providing a declaration to the branch of that Designated Financial Institution within 90 days of such debit stating that:

1. the debit was not made in accordance with this authorization;
2. no authorization was given by me; or
3. this authorization was cancelled by me on proper notice to ICICI Bank before such debit was made.

17. Annual One Cent (1¢) Credit to Designated Link Account(s)

For my ongoing Account security, I agree to at least one credit per year to my Designated Link Account(s) in the amount of one cent. The one cent credit to Designated Link Account(s) will be made in ICICI Bank’s sole discretion. ICICI Bank will complete the one cent credit to my Designated Link Account(s) on or about the month of the anniversary of the linking of my Account. One cent will be credited to my Designated Link Account(s) by ICICI Bank, and this will not be a transfer between my Account and my Designated Link Account(s). ICICI Bank, however, reserves the right not to conduct the annual one cent credit to the Designated Link Account(s).

18. Maintenance of Sufficient Balance

I will ensure that there are sufficient funds (or pre-arranged credit facilities) in any Account for transactions, and agree that ICICI Bank will not be liable for any consequences arising out of its failure to carry out transactions due to inadequacy of funds and/or credit facilities, provided always that ICICI Bank will, in its sole discretion, be entitled to carry out transactions notwithstanding such inadequacy without seeking the prior approval from or notice to me and I will be responsible to repay with interest the resulting overdraft, advance or credit thereby created and all related costs and charges.

ICICI Bank may, at its discretion, levy charges for non-maintenance of the minimum balance, if stipulated for any Account. In addition to the minimum balance stipulation, ICICI Bank may levy service charges which ICICI Bank has notified me from time to time. Any change in such service charges will also be notified to me. I authorize ICICI Bank to recover all charges related to Branch Banking or Direct Banking as determined by ICICI Bank from time to time by debiting my Account. ICICI Bank may withdraw the provision of its service, 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 me and/or without incurring any liability or responsibility whatsoever by reason of such withdrawal.

19. Hold on Funds/Restrictions

ICICI Bank has the right to hold the proceeds of any cheque, electronic or other transfer of funds instructions, other instrument or other item deposited to an Account, and to defer my right to withdraw funds represented by such a deposit, as set out in the Disclosure Statement. ICICI Bank also has the right to refuse to accept a deposit to an Account. I acknowledge that nothing in the Account Documents between ICICI Bank and me will prevent ICICI Bank from either restricting access to an Account or refusing to release funds in an Account if ICICI Bank is required to do so or if, in its opinion, there is unusual or suspicious activity in the Account.

20. Adjustments

ICICI Bank may adjust a deposit to an Account at any time if a cheque, instrument or other item is dishonoured or not paid for any reason whatsoever. I waive presentment for payment, notice of dishonour, protest and notice of protest on all cheques, instruments and other items requiring such action.

21. Clearing, Settlement and Payment

ICICI Bank may present and deliver instruments for payment, clearing, collection, and acceptance or otherwise through any bank or other party as ICICI Bank deems appropriate. Such bank or other party shall be deemed to be my agent and ICICI Bank will not, in any circumstances, be responsible or liable to me by reason of any act or omission of such bank or other party, however caused, in the performance of such service or by reason of the loss, theft, destruction or delayed delivery of any instrument while in transit to or from, or in the possession of, such bank or other party. If ICICI Bank or its agent presents an instrument to another financial institution for payment on my behalf and the other financial institution refuses to recognize or provide payment on that instrument for whatever reason, I will remain responsible for the amount of that instrument deposited with ICICI Bank.

22. US Cheques or Other Payment Orders

I will ensure that before I negotiate a cheque or other payment order drawn on a financial institution from the United States of America, each instrument will bear my name (as it appears on the instrument) and account number on the back of the instrument. If the required information is not present, the instrument will be returned and ICICI Bank will debit my Account.

23. Foreign Currency Accounts

All interest payments and statements that relate to Account(s) that are in currencies other than Canadian Dollars (“Foreign Currency Accounts”) shall be in the lawful currency of the respective country. ICICI Bank is not responsible to me for any losses due to taxes, duties or depreciation in the value of the foreign currency funds credited to or debited from the Foreign Currency Accounts. Nor is ICICI Bank responsible for the unavailability of the foreign currency funds due to laws, rules, orders and regulations of any government or for other causes beyond its control.

24. Deposit and Withdrawal Transactions in Relation to Foreign Currency Accounts

All deposits and withdrawals to or from ICICI Bank Foreign Currency Accounts shall be transacted at the prevailing exchange rate as at the date of the deposit or withdrawal and as determined by ICICI Bank. ICICI Bank’s exchange rate is subject to change from time to time without prior notice.

25. Account Verification

I must promptly examine all Account statements and transaction records for an Account and each entry and balance recorded in the Account statements and transaction record.

I must notify ICICI Bank in writing of any omissions, errors or objections to the Account statement or transaction record within 45 days from each Account statement or transaction date.

If I do not notify ICICI Bank as required herein, ICICI Bank is entitled to treat the Account statements and transaction records as complete, correct and binding on me and ICICI Bank will be released from all claims by me in respect of those Account statements and transaction records.

Should any dispute arise regarding any transaction on my Account, I agree that ICICI Bank’s records will be admissible records in any legal proceeding for the purpose of evidencing my liability with respect to such Account statement or transaction record. I agree that internal complaints will be handled in accordance with Section 30 of this Agreement.

26. Other Agreements

If there is any conflict or inconsistency between the provisions of this Agreement and the provisions of any other Account Document, the provisions of this Agreement shall prevail.

27. Use of Account as Collateral

I agree that, for so long as I have any outstanding debt or loan owed to ICICI Bank, I may not give anyone (other than ICICI Bank) a security interest in any funds in an Account, whether by assignment, hypothecation, transfer, or otherwise.

28. Application of Funds

ICICI Bank will have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the amounts held in the Account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the services extended by ICICI Bank to and/or used by me, without notice to me.

29. Amendments and Changes

Subject to applicable law, ICICI Bank may amend this Agreement or the Disclosure Statement periodically and may provide me with notice of such amendment in accordance with Section 37 of this Agreement. If notice is provided, the effective date for changes contained in such notice will be the date stated in the notice and, if no date is stated, the changes will take effect 30 days from the date of the notice. If I use an Account or have funds on deposit in the Account or use Direct Banking or Branch Banking services after the effective date of the amendment, it will mean that I have agreed to the change.

30. Dispute Resolution

Internal complaints will be handled according to ICICI Bank’s dispute resolution procedure, which is outlined at http://www.icicibank.ca/en/legal/filing_complaint.html. A copy of these procedures can also be obtained from any Branch. ICICI Bank’s dispute resolution procedure provides the contact information and dispute resolution procedures for the Ombudsman for Banking Services and Investments, the Financial Consumer Agency of Canada, and the Office of the Privacy Commissioner of Canada.

31. Termination

1. ICICI Bank may restrict the use of my Account or terminate this Agreement at any time without notice to me if I breach this Agreement or any other Account Document applicable to the ICICI Bank services I use; and
2. Either party may terminate this Agreement at any time by giving notice in writing to the other. Termination of this Agreement shall not relieve me of my obligations under the other Account Documents, which shall continue in full force and effect.

32. Communications

If I elect to receive statements for an Account, ICICI Bank will send a statement for each statement period during which there has been activity on the Account. ICICI Bank will send statements and all other communications regarding an Account and this Agreement to me by ordinary mail or electronic mail, or otherwise as determined by ICICI Bank from time to time, directed to my address last appearing in ICICI Bank’s records or to another address as directed by me or by posting the same on the Website.

33. Joint Accounts

If more than one individual has signed the Signature Card for an Account and/or signed up for Branch Banking or Direct Banking in relation to an Account, then that Account will be a Joint Account (a “Joint Account”) to which the following provisions apply:

1. Joint and Several Liability: We will be jointly and severally liable to ICICI Bank for the performance of our duties under the Account Documents and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time, forming the contract between ICICI Bank and us in connection with our Joint Account, including, for greater certainty, the repayment of any Joint Account overdraft (and overdraft interest).
2. Account Credits: All funds ICICI Bank receives from or for any one of us may be credited to the Joint Account. ICICI Bank may also endorse any bills of exchange and other instruments received from or for any one of us.
3. Signatures: If the Signature Card designates a Joint Account as: i) “Either to Sign”, ICICI Bank may honour a cheque or other withdrawal from the Joint Account that has been signed by any one of us. We understand that if we are dealing with ICICI Bank solely through Direct Banking our Joint Account will by, default, stipulate “Either to Sign” on the Signature Card; or
   ii) “Both to Sign”, ICICI Bank may honour a cheque or other withdrawal from the Joint Account only if the cheque or other withdrawal has been signed by both of us.
4. Stop Payment: ICICI Bank may stop payment of a cheque, instrument or other item drawn on the Joint Account when either of us issues a stop payment order.
5. Survivorship: Each of us hereby assigns and transfers to both of us jointly, and the survivor or survivors of us jointly, all funds now or in the future on deposit in the Joint Account. All of those funds will continue to be the joint property of both of us, with the right of survivorship. The death of either one of us will not affect the right of the survivor to withdraw any funds on deposit in the Joint Account.

34. Accounts for the Benefit of Others - “In Trust”, etc.

ICICI Bank is not required to recognize anyone other than me as having any interest in my Account, except Joint Account holders when an Account is so designated. For example, if by my request ICICI Bank opens an Account in my name, but uses “In Trust” or “As Nominee” or some similar designation, whether or not it is for a specified third party, ICICI Bank will only accept instructions for that Account from me. ICICI Bank is not obligated to obtain permission from any other person.
ICICI Bank may close an account if I do not conduct it in accordance with the Account Documents or applicable law. Payment of any funds on deposit in a Joint Account that ICICI Bank closes will be made to both of us jointly.

35. Privacy Policy

I acknowledge having received, read and understood ICICI Bank’s Client privacy policy (the “Privacy Policy”). By using my Account for Direct Banking or Branch Banking, whether in relation to a personal or business purpose, I agree to be bound by the terms and conditions of the Privacy Policy.

36. Account Closure

ICICI Bank will close an Account if I ask ICICI Bank to do so. Any funds on deposit in a Joint Account that ICICI Bank is asked to close may only be withdrawn by a cheque or other withdrawal signed as required by Section 33 of this Agreement.

ICICI Bank may close an account if I do not conduct it in accordance with the Account Documents or applicable law. Payment of any funds on deposit in a Joint Account that ICICI Bank closes will be made to both of us jointly.

37. Notice

ICICI Bank may provide any notice or other communication required or permitted to be given under this Agreement by post, telephone, email, fax, Website posting or any other physical or electronic means, or by means of any press release, advertisement or other media notices.

Unless specified otherwise in this Agreement, I may provide ICICI Bank with notice by post, fax or telephone, at the following address:

ICICI Bank Canada
366 Bay Street, Toronto, 
ON M5H 4B2, Canada

Toll-free : 1-888-ICICI-CA (1-888-424-2422)
Toll-free Fax: 1-866-ICICI-TO (1-866-424-2486)

or through the Website or any other physical or electronic means as stipulated by ICICI Bank from time to time. Unless specified otherwise in this Agreement, if notice is provided by post, the intended recipient will be deemed to have received the notice on the date that is five (5) business days following the date on which the notice was mailed. In all other cases, the intended recipient will be deemed to have received the notice on the date the notice was sent.

38. Assignment

I agree that this Agreement is binding on and shall enure to my respective successors. I agree that I may not assign this Agreement.

39. Waiver, Amendment

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement by me shall be binding on ICICI Bank unless executed in writing by me and ICICI Bank. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver, unless otherwise expressly provided.

40. Governing Law and Attornment

I agree that any suit, action or proceeding arising out of or relating to this Agreement against me or any of my assets may be brought in any court in the Province of Ontario or elsewhere in Canada having jurisdiction over the subject matter of any such suit, action or proceeding, and I hereby irrevocably and unconditionally attorn and submit to the jurisdiction of such courts. I irrevocably waive and agree not to raise any objection I might now or hereafter have to the bringing of any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter. I agree that any judgment or order in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon me and consent to any such judgment or order being recognized and enforced in any courts, by registration or homologation of such judgment or order, by a suit, action or proceeding upon such judgment or order, or any other means available for enforcement of judgments or orders, at the option of ICICI Bank, provided that service of any required process is effected upon me as permitted by law. Nothing in this section shall restrict the bringing of any such suit, action or proceeding in the courts of any other jurisdiction.

41. Language

ICICI Bank and I have expressly requested that this Agreement and all related documents, including notices, be drawn up in the English language. Je et ICICI Bank avons expressément demandé que ce contrat et tout document s’y afférent, y compris tout avis, soient rédigés en langue anglaise.

42. Limitation of Liability

Neither ICICI Bank nor its Affiliates will be liable for any unauthorized transactions occurring on my Account and I hereby fully indemnify and hold ICICI Bank and its Affiliates harmless against any action, suit, or proceeding initiated against any of them or any loss, cost or damage incurred by any of them as a result thereof.

ICICI Bank may cancel or restrict access to my Account(s) without notice to me. ICICI Bank will under no circumstances be held liable to me if access to my Account(s) 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 will 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 me or by any other person.

Illegal or improper use of my Account will render me liable for payment of financial charges as decided by ICICI Bank and may result in suspension of my Account. I hereby agree that under no circumstances will ICICI Bank be liable for any special, indirect, incidental, punitive or consequential damages, even if it had been advised of the same, and under no circumstances will ICICI Bank’s aggregate liability for claims relating to my Account, whether for breach of contract or tort (including, but not limited to, negligence), exceed the transaction charges/fees or consideration paid by me to ICICI Bank within the previous twelve (12) months, such amount excluding any sums deposited and/or transferred into or out of my Account.

43. Evidence Regarding Electronic Communication

I understand that a copy of any electronic communication will be admissible in any legal, administrative or other proceedings as conclusive evidence as to the contents of such communication in the same manner as an original document in writing and I hereby waive any right to object to the introduction of any such copy of electronic communication in evidence.

44. Indemnity

In consideration of ICICI Bank providing me with an Account, I will, at my own expense, fully indemnify and hold ICICI Bank, its directors and employees, representatives, agents and/or its Affiliates harmless against all losses and expenses that ICICI Bank or its directors and employees, representatives, agents and/or Affiliates, as the case may be, incur, sustain, suffer or are likely to suffer in connection with ICICI Bank’s or any Affiliates’ execution of my instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing me a service, for any action taken or omitted to be taken by ICICI Bank and/or its Affiliates, its officers, employees or agents, on my instructions. I will pay ICICI Bank and/or its 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, I agree, at my own expense, to indemnify, defend and hold harmless ICICI Bank, its directors, employees, representatives, agents and its Affiliates against any claim, suit, action or other proceeding brought against ICICI Bank, its directors and employees, representatives, agents or Affiliates by a third party, to the extent that such claim, suit, action of other proceeding brought against ICICI Bank, its directors, employees, representatives, agents or Affiliates is based on or arises in connection with my use of Direct Banking and/or Branch Banking with reference to:

1. a violation of the terms contained herein by me;
2. any unauthorized use of my Account by me;
3. any misrepresentation or breach of representation or warranty made by me contained herein; or
4. any breach of any covenant or obligation to be performed by me under this Agreement.

45. Redress

Credit or refund of charge or penalty

a. The Bank shall, if it has imposed a charge or penalty in relation to a product or service,

(i) credit the amount of the charge or penalty or, if it was collected, refund the amount if the charge or penalty was not provided for in an agreement; or

(ii) credit the excess amount of the charge or penalty or, if it was collected, refund the excess amount if the charge or penalty was greater than the amount of charge or penalty that was provided for in an agreement.

Credit or refund of charge or penalty — no express consent
b. The Bank shall, if it has provided a person with a product or service without first having obtained from the person the express consent, and if it has imposed a charge or penalty on the person in relation to the product or service, credit the amount of the charge or penalty or, if it was collected, refund the amount.

Interest
c. The amount referred to in subsections (a) and (b) bears interest from the day on which it was imposed, at a rate equal to the Bank of Canada’s overnight rate on that day, until the day on which the amount is refunded or credited.

TERMS THAT APPLY TO BUSINESS ACCOUNT CUSTOMERS ONLY (IN ADDITION TO GENERAL TERMS AND CONDITIONS ABOVE)

All Customers using ICICI Bank business services banking (“Business Customers”) will appoint up to three individuals, referred to as “Authorized Individuals” who will be the only individuals permitted to transact on the direct banking Account. Accounts opened through a Branch may have more than 3 Authorized Individuals. Passwords and PINs (if provided and if applicable) belonging to Authorized Individuals must be kept confidential between the Authorized Individual and ICICI Bank. The Authorized Individual is solely responsible for his or her Password and PIN security. ICICI Bank cannot ensure confidentiality when cellular phones, e-mail or other non-secure methods of conveying instructions are used, as these may be intercepted by third parties. If an Authorized Individual’s Password or PIN becomes known for any reason, by any other person, the Authorized Individual must immediately notify ICICI Bank. The Business Customer and/or the Authorized Individual will remain liable for all transactions occurring before ICICI Bank is notified. All Business Customers will comply with security procedures prescribed by ICICI Bank for electronic communications with ICICI Bank and will take any other steps reasonably necessary to prevent unauthorized access to and use of means of electronic communication with ICICI Bank, including, without limitation, preventing unauthorized access to the PIN and Password. All Business Customers will, at all times, have in place and maintain commercially reasonable procedures designed to prevent, detect or avoid losses due to forged or unauthorized signatures, fraud or theft in relation to the operation of any Account, including, without limitation, instructions and instruments relating to any Account.

Terms and Conditions Governing the Direct Banking Service of ICICI Bank Canada

These terms and conditions will apply to you when you enroll to make use of ICICI Bank’s Direct Banking services, whether through ICICI Bank’s Website, over the telephone or otherwise.

1. What the words mean

In these terms and conditions governing the Direct Banking service of ICICI Bank (the "Terms"), please remember that:
"you", "your" and "User" means a customer of ICICI Bank authorized to use Direct Banking.

"ICICI Bank" or "the Bank" means ICICI Bank Canada.

Please also remember that:

"Account" means the bank accounts and/or any other type of account(s) opened and maintained with ICICI Bank by the User and eligible for purposes of Direct Banking.

"Account Terms and Conditions" means the Account agreement entered into between the User and ICICI Bank in relation to the Account.

"Affiliate" means any person that is
(i) the parent company, holding company or subsidiary of ICICI Bank, or
(ii) under the control of, or under common control with, ICICI Bank.

“Card” means an ICICI Bank Card that ICICI Bank has issued to a User in connection with the User’s Account.

"Cardholder Agreement" means the cardholder agreement that may be entered into between ICICI Bank and the User and that governs the use of the User’s ICICI Bank Card.

"Direct Banking" means the Direct Banking service offered by ICICI Bank to the User, and includes services such as the provision of information regarding Account history, bill payments, transfer of funds and any other service as ICICI Bank may decide to provide from time to time though approved methods including:

1. electronic communications through the Website;
2. speaking over the telephone or pressing its key pad to communicate with a phone banking officer or an interactive voice response system;
3. electronic communications by Email, Automated Banking Machine (ABM) and direct payment Point-Of-Sale terminals; or
4. other devices or equipment which ICICI Bank may designate from time to time for Direct Banking access (together, “Direct Banking Methods”).

“Website” means the website owned, established and maintained by ICICI Bank located at the URL http://www.icicibank.ca, or such other website as ICICI Bank may designate from time to time. In this document, all references to the User in the masculine gender will be deemed to include the feminine gender, and vice versa.

2. Applicability of Terms

The User will apply to ICICI Bank in ICICI Bank’s prescribed form for using the Direct Banking services. ICICI Bank will be entitled at its sole discretion to accept or reject such applications as may be submitted by the User.

These Terms, the Account Terms and Conditions, the Cardholder Agreement, the Privacy Policy (as defined below), the Website Terms of Use (as defined below) and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time (the “Account Documents”) form the contract between the User and ICICI Bank for using the Direct Banking services and will apply to all transactions and other activities in connection with the Direct Banking services in relation to all present and future Account(s). Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank pertaining to the Accounts will continue to be applicable to the User. These Terms will be in addition to and not in derogation of the terms and conditions relating to any present or future Account(s) of the User.

3. Use of Information

The information provided to the User through the Website may have been independently obtained from various information providers and is not intended to provide specific legal, accounting, financial, or tax advice to any individual or entity and should not be relied upon in that regard. The information may include views and recommendations of individuals and organizations. ICICI Bank does not endorse these views and recommendations. The information provided by any third party contained on the Website, including, without limitation, the information obtained through any link, has been supplied without any verification by ICICI Bank. The content on the Website is for informational purposes only. The information provided through the Website (including, without limitation, information relating to interest rates) is not updated continuously but at regular intervals. ICICI Bank and each of its Affiliates, licensors, service providers and suppliers will not be liable for any loss, damage or injury of any type that the User or others may suffer by relying or acting on any inaccurate, delayed or incomplete information.

4. Use of the Direct Banking Services

Any request for any service that is offered as a part of Direct Banking will be binding on the User as and when ICICI Bank receives such a request in the form prescribed therefore by ICICI Bank. If any request for a service requires additional documentation from the User, ICICI Bank will not be required to act on the request until it receives such documentation from the User. ICICI Bank will take all commercially reasonable care to ensure the security of and to prevent unauthorized access to Direct Banking using commercially reasonable technology available to ICICI Bank. The User will take all necessary precautions to prevent illegal or improper use of Direct Banking, use of Direct Banking that is not authorized under these Direct Banking Terms and unauthorized access to the Accounts. For more information on Website security, please see http:icicibank.ca/safebanking/safebanking.page. The User will not use the Website to post any materials, information, or communication that either causes any harm to any person or that is illegal or otherwise unlawful, including without limitation any hateful, harassing, pornographic, obscene, profane, defamatory, libelous or threatening materials that constitute or may encourage conduct that would be considered a criminal offence, give rise to civil liability, promote the excessive, irresponsible or underage consumption of alcohol, or otherwise violate any law or regulation. Notwithstanding that ICICI Bank or other parties are involved in creating, producing or delivering the Website, ICICI Bank and all parties involved in creating, producing or delivering the Website, assume no responsibility or liability which may arise from the content thereof, including but not limited to claims for any of the above-noted matters. ICICI Bank will have the right to monitor or review all communications, materials, transmissions, postings, discussions and chats pertaining to the Website. If the Website contains bulletin boards or any other message or communication facilities whatsoever (collectively, “Forums”), the User agrees to use the Forums only to send and receive messages and material and will not, in any manner or to any extent, do any of the following:

1. commit any criminal or quasi-criminal offence, including without limitation, any pornography, hate, assault, or economic crime whatsoever;
2. defame, abuse, harass, stalk, threaten or otherwise violate the legal rights (such as rights of privacy and publicity) of others;
3. publish, post, distribute or disseminate any defamatory, infringing, obscene, indecent or unlawful material or information;
4. infringe, contravene, breach or otherwise interfere with or harm the rights of any other person, including without limitation any contractual, personality, confidentiality, privacy, moral, statutory, common law or intellectual property rights;
5. upload files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of another’s computer;
6. delete any author attributions, trademarks, trade names, logos, legal notices or proprietary designations or labels in any file that is uploaded;
7. falsify the origin or source of software, information or other material contained in a file that is uploaded;
8. advertise or offer to sell any goods or services, or conduct or forward any surveys, contests, or chain letters; and
9. download any file posted by another user of a Forum that the User knows, or reasonably should know, cannot be legally distributed in such manner.

The User acknowledges and agrees that all Forums are public and not private communications. Further, the User acknowledges that chats, postings, conferences, and other communications by other users are not monitored, screened, sanctioned or endorsed by ICICI Bank, and such communications will not be considered reviewed, screened, or approved by ICICI Bank. ICICI Bank reserves the right for any reason to remove at any time without notice any of the contents of the Forums received from users, including without limitation bulletin board postings. ICICI Bank reserves the right to deny, in its sole and absolute discretion, any User access to the Website or any portion thereof without notice.

5. ICICI Bank Records

The User agrees that all telephone calls, electronic and other correspondence and communication may be recorded and/or monitored by ICICI Bank and used for any means whatsoever in ICICI Bank’s sole discretion.

You agree to the following:

1. You are responsible for ensuring that information entered or selected when using Direct Banking is correct.
2. You must promptly examine all Account statements and transaction records and each entry and balance recorded in the Account statements and transaction records.
3. You must notify ICICI Bank in writing of any omissions, errors, or objections in any Account statement or transaction record within 45 days of the Account statement or transaction date. If you do not notify ICICI Bank as required herein, ICICI Bank is entitled to treat the Account statements and transaction records as complete, correct and binding on you and ICICI Bank will be released from all claims by you in respect of those Account statements and transaction records.
4. Should any dispute arise regarding any Account statement or transaction record, you agree that ICICI Bank’s records will be admissible records in any legal proceeding for the purpose of evidencing your liability with respect to such Account statement or transaction record.
5. You agree that internal complaints will be handled according to ICICI Bank’s dispute resolution procedure, which is outlined at http://www.icicibank.ca/legal/filing_complaint.htm. A copy of these procedures can also be obtained from any of the Branches of ICICI Bank. ICICI Bank’s dispute resolution procedure provides the contact information and dispute resolution procedures for the Ombudsman for Banking Services and Investments, the Financial Consumer Agency of Canada and the Office of the Privacy Commissioner of Canada.

6. Access

ICICI Bank may provide direct access to User’s Account(s) by one or more of the Direct Banking Methods.

7. Electronic Identification and Instructions

Direct access to, and use of, the Website or any other Direct Banking channel for carrying out transactions pertaining to the User’s Account requires an electronic identifier which consists of one or more of the following (hereinafter individually and collectively referred to as “Electronic Identification”):

1. client number,
2. personal identification number (PIN),
3. password,
4. fingerprint authentication, or
5. other security measures required by ICICI Bank.

The User will be provided with the Electronic Identification as set out in ICICI Bank’s policies and procedures.

The User agrees that electronic pages, such as the Website pages, accessed using Electronic Identification are written documents and that “clicking” any “buttons” stating “OK”, “proceed”, “continue”, “approve” or “buttons” with similar meaning will have the same legal effect as if the User had placed his signature by hand and provided hardcopy versions of such pages with intent to be legally bound with ICICI Bank for their content. The User further agrees that all transactions carried out using telephone, computer or other means (whether electronic or otherwise) will have the same legal effect as if authorized by the written instructions of the User. The User acknowledges that all electronic and telephone instructions are final and that the User may not object to them at a later time.

ICICI Bank may, at its sole discretion, decline to act on any electronic or telephone instruction given or purported to be given by the User, and will not incur any liability by reason of acting or failing to act in respect of an electronic or telephone instruction.

8. Limitation of Liability

The User agrees that the use of the Electronic Identification is the legal equivalent to the User’s written, signed instructions to ICICI Bank. The User is bound by and liable for all use including unauthorized use of the Electronic Identification by other persons without the User’s knowledge or consent. ICICI Bank will be under no obligation to confirm the actual identity or authority of any User of the Electronic Identification or any component thereof and will assume, unless otherwise notified by you, that you are the only User of your Electronic Identification. Neither ICICI Bank nor its Affiliates will be liable for any unauthorized transactions occurring through Direct Banking and the User hereby fully indemnifies and holds ICICI Bank and its Affiliates harmless in accordance with Section 11.

ICICI Bank may cancel or restrict access to Direct Banking or the User’s Electronic Identification without notice to the User. Under no circumstances will ICICI Bank be liable if the Direct Banking services or the Website 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 will 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 Direct Banking services will render the User liable for payment of financial charges as determined by ICICI Bank and may result in suspension of User’s access to Direct Banking.

9. Disputes with Billers

If the User pays bills or purchases goods or services from a merchant (a “Biller”), ICICI Bank is not responsible for any problems or disputes that might arise between the User and the Biller. The User is responsible for complying with all policies and procedures imposed by Biller, including payment requirements.

10. Disclaimer of Warranties

The User expressly agrees that use of the Direct Banking services and the Website is at his/her sole risk. The Direct Banking services and the Website are provided on an “as is” and “as available” basis. Except as expressly warranted hereunder, 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 Direct Banking. ICICI Bank does not warrant that access to Direct Banking and the Website will 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 Direct Banking. ICICI Bank will not be liable for any virus that may enter the User’s system as a result of the User using the Website. ICICI Bank does not guarantee to the User or any other third party that use of the Website will be virus-free.

The User hereby agrees that under no circumstances will ICICI Bank be liable for any special, indirect, incidental, punitive or consequential damages, even if it had been advised of the same, and ICICI Bank’s aggregate liability for claims relating to Direct Banking, whether for breach of contract or tort (including but not limited to negligence) will be limited to the transaction charges/fees or consideration paid by the User within the previous twelve (12) months for Direct Banking, such amount excluding any sums deposited and/or transferred into or out of my Account(s).

11. Indemnity

In consideration of ICICI Bank providing the User with Direct Banking services, the User will, at his or her own expense, fully indemnify and hold ICICI Bank, its directors and employees, representatives, agents and/or its Affiliates harmless against all losses and expenses that ICICI Bank or its directors and employees, representatives, agents and/or Affiliates, as the case may be, incur, sustain, suffer or are likely to suffer in connection with ICICI Bank or any Affiliate’s 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 Direct 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, employees, representatives, agents and its Affiliates against any claim, suit, action or other proceeding brought against ICICI Bank, its directors and employees, representatives, agents or Affiliates by a third party, to the extent that such claim, suit, action of other proceeding brought against ICICI Bank, its directors, employees, representatives, agents or Affiliates is based on or arises in connection with the use of Direct Banking with reference to:

1. a violation of the Account Documents, including the Terms, by the User;
2. any unauthorized use of Direct Banking by the User;
3. any misrepresentation or breach of representation or warranty made by the User contained herein; or
4. 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, and action or proceeding attributable to any such claim.

12. Protection of Electronic Identification

The User agrees to keep Electronic Identification and all components thereof confidential. This includes but is not limited to:

1. maintaining no record of any PIN, passwords or codes included in the Electronic Identification;
2. avoiding the selection of combinations that may be easy for someone else to guess or which are directly associated with the User, such as birth date, telephone number, address, account number, bank card number, etc.;
3. avoiding selecting any part of another PIN, password or code used by the User; and
4. taking all necessary steps to ensure that every component of the Electronic Identification remains confidential to the User, and is never disclosed, accidentally or otherwise to anyone else at any time, including when keying in the Electronic Identification to a keyboard or speaking at a telephone or electronic device.

The User must immediately notify ICICI Bank by telephone or in person upon learning that any component of his or her Electronic Identification was disclosed to, or obtained by, anyone else or may be known by anyone else, or that unauthorized use of Direct Banking may be occurring. If the User suspects that someone else knows any component of his or her Electronic Identification, the User must change all aspects of his or her Electronic Identification immediately.

13. Verification

ICICI Bank reserves the right to contact the User to obtain confirmation of any telephonic, electronic or other instruction before processing any transaction but will not be liable due to any inability or failure of ICICI Bank to contact the User in order to confirm such instructions.

14. Transactions and Limits

Transactions may be limited in dollar amounts or otherwise as ICICI Bank may determine and ICICI Bank may change these limits in accordance with Section 23 of these Terms.

15. Charges

ICICI Bank reserves the right to charge and recover from the User service charges for providing Direct Banking. The User hereby authorizes ICICI Bank to recover the service charges by debiting one of the Accounts of the User or by sending an invoice to the User who will be liable to make the payment within the period specified on the invoice. Failure to do so will 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 User’s access to Direct Banking without any liability to ICICI Bank. The User further agrees that it will pay the service charges of any third party, including other financial institutions, that are imposed as a result of any Direct Banking transaction that the User enters and that ICICI Bank will have no liability whatsoever for such third party services charges.

16. Maintenance of Sufficient Balance

The User will ensure that there are sufficient funds (or pre-arranged credit facilities) in any Account for transactions through Direct Banking, and ICICI Bank will 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 will, 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 will be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related costs and charges.

ICICI Bank may, at its discretion, levy penal charges for non-maintenance of the minimum balance, if stipulated for any Account. In addition to the minimum balance stipulation, ICICI Bank may levy service charges for use of Direct 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 authorizes ICICI Bank to recover all charges related to Direct Banking as determined by ICICI Bank from time to time by debiting the User’s Account(s). ICICI Bank may withdraw the provision of Direct 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.

17. Ownership of Software, etc.

ICICI Bank (or a third party licensor) owns any software or device ICICI Bank has supplied to the User for purposes of facilitating access to the Direct Banking services (the “Software”), and the User may use same under a non-exclusive, non-assignable license, solely for the purpose intended. ICICI Bank may demand the return of the Software or device(s) at any time without prior notice and the User will comply promptly, without keeping any copies. Except as specifically set out in the Terms, nothing herein shall grant the User any ownership or other right in any Software.

18. Where Written Signatures are Required

Some ICICI Bank products or services, or the renewal thereof, may require the User’s written signature and the User will be advised when this is the case. The User will be sent the terms and conditions and/or transaction verification that apply to the product or service that requires signature and will have five (5) business days from the date of giving of instructions by ICICI Bank to advise ICICI Bank if the material has not been received. If the User does not so advise, the User will be deemed to have received the terms and conditions and/or transaction verification.

When the User receives material requiring a signature, the User will sign it and return it to ICICI Bank. The User’s signature will signify the User’s agreement to the transaction in question and all terms and conditions relating to it.

19. No Confidentiality, Use of Information

The Internet is not a secure medium, and neither the privacy of the User’s communications nor of visits to the Website can be guaranteed. The nature of Internet communications means that the User’s communications may be susceptible to data corruption, unauthorized access, interception and delays. The Website may include incomplete information, inaccuracies or typographical errors. ICICI Bank and any other persons involved in the management of the Website may make changes in the information and content included in the Website at any time without notice to the User. ICICI Bank will not be responsible for any detrimental reliance the User may place on the Website or its contents. By entering the Website, the User acknowledges and agrees that any communication or material the User transmits to the Website, in any manner and for any reason, will not be treated as confidential or proprietary. Furthermore, the User acknowledges and agrees that any communications, information, ideas, concepts, techniques, procedures, methods, systems, designs, plans, charts, or other materials the User transmits to the Website may be used by ICICI Bank anywhere, anytime and for any reason whatsoever.

20. Applicable Law

You agree that any suit, action or proceeding arising out of or relating to these Terms against you or any of your assets may be brought in any court in the Province of Ontario or elsewhere in Canada having jurisdiction over the subject matter of any such suit, action or proceeding, and you hereby irrevocably and unconditionally attorn and submit to the jurisdiction of such courts. You irrevocably waive and agree not to raise any objection you might now or hereafter have to the bringing of any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter. You agree that any judgment or order in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon you and consent to any such judgment or order being recognized and enforced in any courts, by registration or homologation of such judgment or order, by a suit, action or proceeding upon such judgment or order, or any other means available for enforcement of judgments or orders, at the option of ICICI Bank, provided that service of any required process is effected upon you as permitted by law. Nothing in this section shall restrict the bringing of any such suit, action or proceeding in the courts of any other jurisdiction.

21. Other Countries

This Website can be accessed from countries around the world other than Canada and may contain references to ICICI Bank products, services, and programs that have not been announced in your country. These references do not imply that ICICI Bank intends to announce such products, services or programs in your country. ICICI Bank makes no representation that the content on this Website is appropriate or available for use in other locations, and accessing this Website from territories where its content is illegal is prohibited. Those who choose to access this Website from other locations can do so at their own initiative and their own risk and are responsible for compliance with local laws.

22. Language

ICICI Bank and you have expressly requested that these Terms and all related documents, including notices, be drawn up in the English language. Vous et moi avons expressément demandé que ce contrat et tout document y afférent, y compris tout avis, soient rédigés en langue anglaise.

23. Changing These Terms

Subject to applicable law, ICICI Bank may amend these Terms periodically and may provide you with notice of such amendment in accordance with Section 25 of these Terms. If notice is provided, the effective date for changes contained in such notice will be the date stated in the notice and, if no date is stated, the changes will take effect 30 days from the date of the notice. If you use an Account or have funds on deposit in an Account or use Direct Banking services after the effective date of the amendment, it will mean that you have agreed to the change.

24. Other Agreements

If there is any conflict or inconsistency between the provisions of these Terms and any other Account Document, the provisions of the Account Terms and Conditions shall prevail. If there is any conflict or inconsistency between the provisions of these Terms and any Account Documents other than the Account Terms and Conditions, the provisions of these Terms shall prevail.

25. Notice

ICICI Bank may provide any notice or other communication required or permitted to be given under these Terms by post, telephone, email, fax, Website posting or any other physical or electronic means, or by means of any press release, advertisement or other media notices.

Unless specified otherwise in these Terms, you may provide ICICI Bank with notice by post, fax or telephone, at the following address:

ICICI Bank Canada
366 Bay Street, Toronto,
ON M5H 4B2, Canada

Toll-free Tel: 1--888-ICICI-CA (1-888-424-2422)
Toll-free Fax: 1-866-ICICI-TO (1-866-424-2486)

or through the Website or any other physical or electronic means as stipulated by ICICI Bank from time to time.

Unless specified otherwise in these Terms, if notice is provided by post, the intended recipient will be deemed to have received the notice on the date that is five (5) business days following the date on which the notice was mailed. In all other cases, the intended recipient will be deemed to have received the notice on the date the notice was sent.

26. Proprietary Rights

ICICI Bank is the owner of the Website and no portion of the Website, including but not limited to the content, information, text, images, audio or video, may be used in any manner, or for any purpose without ICICI Bank’s prior written permission, except if indicated herein. Without in any way waiving any of the foregoing rights, the User may download one copy of the material on the Website for the User’s personal, non-commercial home use only, provided the User does not delete, obstruct, or change any copyright, trademark or other proprietary notices. Modification, repostment or use of the material on the Website in any other manner whatsoever and for any other purpose violates ICICI Bank’s legal rights. Unauthorized use of ICICI Bank’s logos and/or name or trade names is strictly prohibited. All information at the Website is protected under the copyright laws of Canada and in all other applicable jurisdictions. In addition, certain information may be copyrighted by others. Unless otherwise specified, no one has permission to copy, redistribute, reproduce or republish in any form, any information found at the Website.

27. Privacy Policy and Terms of Use

ICICI Bank’s client privacy policy (“Privacy Policy”) and Website terms of use (the “Website Terms of Use”), (which govern the use of the Website generally), are located on URLs available on the Website. The Privacy Policy and Website Terms of Use will govern your use of the Website and are incorporated by reference into the Terms. You must read and understand the Privacy Policy and Website Terms of Use before using the Website. By using the Website, you agree to be bound by the Website Terms of Use and Privacy Policy.

28. Set-off and Lien

ICICI Bank will have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits/amounts held in the Account(s), whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the Direct Banking services extended to and/ or used by the User, without any notice to the User.

29. Assignment

You agree that these Terms are binding on and shall enure to your respective successors. You agree that you may not assign these Terms.

30. Waiver, Amendment

Except as expressly provided in these Terms, no amendment or waiver of these Terms by you shall be binding on ICICI Bank unless executed in writing by you and ICICI Bank. No waiver of any provision of these Terms shall constitute a waiver of any other provision nor shall any waiver of any provision of these Terms constitute a continuing waiver unless otherwise expressly provided.

Debit Cardholder Agreement

1. What the Words Mean:

In this Cardholder Agreement (the "Agreement"), please remember that:

"you", "your" and "Cardholder" means each person whose name appears on the Card or who is authorized to use the Card. If there is more than one Cardholder, each Cardholder shall be jointly and severally responsible to ICICI Bank for performing all of the obligations under this Agreement.

"ICICI Bank" means ICICI Bank Canada.

Please also remember that:

"Account" means the bank account and/or any other type of account opened and maintained with ICICI Bank by the Cardholder and eligible for the purposes of a Transaction.

"Account Terms and Conditions" means the terms and conditions entered into between the Cardholder and ICICI Bank.

"Card" means an ICICI Bank Card that ICICI Bank has issued to the Cardholder.

“Card Not Present Transaction" means an Internet, mail order or telephone order transaction using the Card without the PIN including when you authorize transactions by a) providing your Card, Card expiry date and/or CVV2 to a merchant or other third party to complete a Card Not Present Transaction, b) your Card being used for an Interac Flash transaction at a participating merchant, or authorizing anyone else to do a) or b).

"CVV2" means the three-digit security code on the back of the Card, where applicable.

"Direct Banking" means the Direct Banking service offered by ICICI Bank to the Cardholder, and includes services such as the provision of information regarding Account history, bill payments, transfer of funds and any other service as ICICI Bank may decide to provide from time to time by one or more of the following methods:

1. electronic communications through the Website;
2. speaking over the telephone or pressing its key pad to communicate with a phone banking officer or an interactive voice response system;
3. electronic communications by automated banking machine (ABM) and direct payment point-of-sale terminals; or
4. other devices or equipment which ICICI Bank may designate from time to time for Direct Banking access.

"Direct Banking Terms" means the terms and conditions governing the Direct Banking service of ICICI Bank from time to time.

“Interac Flash” is a contactless feature of Interac Direct Payment which allows you to quickly pay for smaller dollar purchases instantly from your account without signing for a purchase or entering a PIN.

"PIN" means the personal identification number that the Cardholder has selected in accordance with ICICI Bank's policies and procedures.

"Service" means the provision of services to Cardholders by ICICI Bank relating to Transactions.

“Terminal” means any Card-activated machine, terminal or device at which a Transaction may be made.

"Transaction" means an advance or withdrawal of funds from an Account, a deposit or credit of funds to an Account, a payment of funds from an Account, a transfer of funds between Accounts, a Card Not Present Transaction or any other available Account Transaction made with a Card together with the Cardholder's PIN at a Terminal.

“Website” means the Website owned, established and maintained by ICICI Bank located at the URL www.icicibank.ca, or such other website as ICICI Bank may designate from time to time.

In this document all references to the Cardholder in the masculine gender will be deemed to include the feminine gender, and vice versa.

2. Applicability of this Agreement

The Cardholder will apply to ICICI Bank in ICICI Bank's prescribed form for using the Services. ICICI Bank will be entitled at its sole discretion to accept or reject such applications as may be submitted by the Cardholder.

This Agreement, the Account Terms and Conditions, the Direct Banking Terms, ICICI Bank's Privacy Policy and Website Terms of Use, and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time (the "Account Documents") form the contract between the Cardholder and ICICI Bank for using the Services and will apply to all Transactions and other activities in connection with the Services of ICICI Bank related to all present and future Account(s).

Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank pertaining to the Accounts will continue to be applicable to you. The terms of this Agreement will be in addition to and not in derogation of the terms and conditions relating to any of your Account(s).

3. Service

Your use of a Card is subject to the following:

1. Access will be provided to those Accounts that ICICI Bank may permit from time to time;
2. Permitted Transactions will include those Transactions which ICICI Bank may approve from time to time ("Permitted Transaction(s)");
3. Permitted Transactions using your Card shall be subject to and be governed by the terms of the Account Documents;
4. you may access your Account(s) with your Card: (i) at any Terminal that ICICI Bank approves for use from time to time; (ii) at any other Permitted Transaction device that ICICI Bank approves from time to time; and (iii) through any other system in which you use the number on your Card without presenting the Card; (iv) outside Canada by selecting the Visa network, when prompted at the Terminal;
5. you may use your Card at devices not operated by ICICI Bank via outside computer networks, as approved by ICICI Bank from time to time. The outside network administrators may charge your Account a network and/or convenience fee for such use. ICICI Bank will have no liability for such charges;
6. you will not use the Services for illegal, fraudulent, or defamatory purposes;
7. you hereby authorize ICICI Bank to accept and honour each Permitted Transaction;
8. ICICI Bank may charge fees for the Service or for Permitted Transactions. You authorize ICICI Bank to debit your Account(s) for these fees. ICICI Bank will notify you of all such fees in accordance with Section 15;
9. ICICI Bank may impose daily limits, including daily withdrawal limits ("Daily Withdrawal Limit"), on any Permitted Transaction, and may change these limits in accordance with Section 7 of this Agreement. ICICI Bank will inform the Cardholder what the current limits are on the Account Terms and Conditions relating to the Card(s) when the Card is issued to the Cardholder
10. subject to the terms of this Agreement, ICICI Bank will process a Permitted Transaction at the time of the Transaction. ICICI Bank may place a hold on a Permitted Transaction pending its verification. ICICI Bank may decline to accept a Transaction at any time in its sole discretion. ICICI Bank may process a Permitted Transaction made on a weekend or holiday on the next banking day; and
11. You agree that you will provide a merchant with correct and up-to-date information for any pre-authorized transactions you wish to charge to your Account. You are responsible for advising a merchant if your Card number changes and if your Card expires. We may, but are not obliged to, update changes to your Card number or your Card expiry date with merchants with whom you have pre-authorized payments, by using an updating service provided by your Card’s payment card network. If you do not want us to update such details with your merchants, please let us know by calling our Customer Contact Centre at 1-888-424- 2422.

4. Foreign Currency Transactions

Any transactions in a foreign currency (including credits for returns) will be charged in Canadian dollars at an exchange rate determined by the payment card network (for example, Visa*) that is in effect on the date that we process the transaction. We will also charge a currency conversion fee per transaction, which is set out in the Disclosure Statement. The above currency conversion procedures apply to both debits and refunds to your Account and the conversion will occur on the date we process the transaction. The currency conversion fee will be added to the converted amount and charged to the Account on the posting date for the transaction. Payments will only be accepted in Canadian currency.

*Trademark of Visa International Service Association and used under license

5. Access to the Service

ICICI Bank may, in accordance with Section 7 of this Agreement:

1. withdraw permission to you to use all or any part of the Service, access any Account, or perform any Permitted Transaction; and
2. cancel or alter all or any part of the Service. ICICI Bank will not be liable to you or to any other person for any loss or inconvenience which you or that person may incur as a result of the above withdrawal of the Service.

Notwithstanding the foregoing, at any time, ICICI Bank may, at its discretion and without notice to you, reinstate permission to you to use all or any part of the Service, access any Account or perform any Permitted Transaction.

6. Termination

1. ICICI Bank may restrict the use of the Card together with the Cardholder's PIN or terminate this Agreement at any time without notice if the Cardholder has breached this Agreement; and
2. either party may terminate this Agreement at any time by giving notice in writing to the other.

The Card provided to you is the property of ICICI Bank and is non-transferable. You agree to return all such Cards immediately to ICICI Bank upon termination of this Agreement or upon request. You shall remain liable for any use of the Card following termination of this Agreement in accordance with the terms of this Agreement. Termination of this Agreement shall not relieve you of your obligations under this Agreement or the Account Document(s), which shall continue in full force and effect.

7. Amendments and Changes

Subject to applicable law, ICICI Bank may amend this Agreement or the Services periodically and may provide you with notice of the amendment in accordance with Section 15 of this Agreement. If notice is provided, the effective date for changes contained in such notice will be the date stated in the notice and, if no date is stated, the changes will take effect 30 days from the date of the notice. If you use your Card or sign a new Card after the effective date of the amendment, it will mean that you have agreed to the change.

8. Confidentiality of PIN

Each PIN is for your exclusive use. You must keep your PIN absolutely confidential including taking precautions to ensure that your PIN is never disclosed, accidentally or otherwise, to anyone else. ICICI Bank recommends that you do not keep a written record of your PIN. You must choose a Card access PIN that is different from the PIN you use for Direct Banking, if applicable. ICICI Bank recommends that you do not choose an obvious PIN such as the telephone number, address or birth date of yourself or a relative, or a number that appears on the Card.

9. Lost or Stolen Card - Failure to Keep PIN Confidential

You must immediately notify ICICI Bank by telephone or in person upon learning: (i) of the loss, theft, suspected loss or theft or misuse of your Card; (ii) that your PIN was disclosed to, or obtained by, anyone else or may be known by anyone else; or (iii) that unauthorized use of the Service may be occurring. If the Cardholder suspects that someone else knows his or her PIN, the Cardholder must change his or her PIN immediately.

10. Your Liability

1. Subject to Section 9 above and the following limitations, you are liable for all authorized use of your Card in connection with any Permitted Transaction. You are also liable for any errors which may result from incorrectly providing or selecting any Account number, dollar amount or other information required for the operation of the Service.
2. Illegal or improper use of your Account(s) may render you liable for fees or charges as determined by ICICI Bank and may result in suspension of your Account(s).
3. You are not liable for any unauthorized use of your Card, except as otherwise provided in this Agreement and except in the following circumstances:
   1. In the event that you fail to notify ICICI Bank of any of the circumstances set out in Section 9 of this Agreement, you will be liable for all Transactions (and all resulting Account activity) incurred up to the time that you tell ICICI Bank
      1. about the loss, theft, suspected loss or theft or misuse of your Card,
      2. that your PIN was disclosed to, or obtained by, anyone else or may be known by anyone else; or
      3. that unauthorized use of the Service may be occurring, as applicable.
      You will not be liable for any Transaction (and any resulting Account activity) incurred after you notify ICICI Bank in accordance with Section 9 of this Agreement.
   2. In the event that you fail to keep your PIN confidential in accordance with Section 8 of this Agreement, you will be liable for all Transactions (and all resulting Account activity) incurred through the use of your PIN.
   3. In the event that you fail to cooperate with ICICI Bank in its investigation of any unauthorized use of your Card, you will be liable for all Transactions (and all resulting Account activity) incurred on your Account.
   In each case, your liability for each day is limited to your Daily Withdrawal Limit.

11. ICICI Bank's Liability

1. You agree that the use of the PIN is the legal equivalent to your written, signed instructions to ICICI Bank. You are bound by and liable for all use including unauthorized use by Interac Flash or by PIN by other persons without your knowledge or consent.
2. You agree that ICICI Bank will be under no obligation to confirm the actual identity or authority of any user of the PIN or any component thereof and will assume, unless otherwise notified by you in accordance with Section 9 of this Agreement, that you are the only user of your PIN.
3. ICICI Bank will not be liable for any delay, damage, loss (direct or indirect) or inconvenience to you or any other person resulting from or arising in connection with the provision or the failure, for any reason, to provide any part of this Service, or if ICICI Bank declines to act on your instructions, for any reason.
4. ICICI Bank will not be liable to you or any other third party if a merchant does not accept the Card at any time.
5. ICICI Bank will not be liable to you or any third party if a transaction is declined because you have not selected the Visa network at the terminal;
6. We are not responsible for any pre-authorized payments that cannot be posted to your Account. You are responsible for any payments you have authorized a merchant to charge to your Account, even if this Agreement is cancelled or terminated. If you want to cancel a pre-authorized payment arrangement, it is your responsibility to advise the merchant in accordance with the terms of such pre-authorized payment agreement that you wish to end the arrangement, and to check your statements to ensure the merchant is no longer charging transactions to your Account. You acknowledge that when you pre-authorize a payment of a particular amount, your Account balance will be reduced by such amount at that time, even if you receive a value of goods or services less than such amount at that time, and that it may take 2-5 business days for the actual purchase amount to be reconciled and accurately reflected in the Account transaction records.
7. ICICI Bank shall in no way be liable for any accident, act of aggression, theft, loss or damage you may suffer while using Terminals or other Services, whether you are on the premises of ICICI Bank or other premises.
8. ICICI Bank will not be liable for the release of any information about you or any loss or damage: (i) should you choose not to follow the recommendations set forth in Section 8 of this Agreement; or (ii) which result from your breach of either Section 9 or Section 10 of this Agreement; or (iii) which result from any misuse of your Card or PIN. ICICI Bank will not be liable for any loss or damage you may incur in using any software, product or service provided by third parties in connection with the Service.
9. ICICI Bank may cancel or restrict access to the Services or the Cardholder's Electronic Identification without notice to you. ICICI Bank will under no circumstance be held liable if access to your Account(s) 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 will ICICI Bank be liable for any damages whatsoever, whether such damages are direct, indirect, incidental, or 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 Cardholder or by any other person.

12. Records and Dispute Resolution

1. You are responsible for ensuring that information entered or selected when using the Service is correct. You agree that the Transaction record produced and dispensed by a Terminal or other device at the time of each Transaction will have the same legal effect as written instructions to ICICI Bank.
2. You must promptly examine all Account statements and transaction records for an Account and each entry and balance recorded in the Account statements and transaction records.
3. You must notify ICICI Bank in writing of any omissions, errors, or objections in the Account statements or transaction record within 45 days of the Account statement or transaction date. If you do not notify ICICI Bank as required herein, ICICI Bank is entitled to treat the Account statements and transaction records as complete, correct and binding on you and ICICI Bank will be released from all claims by you in respect of those Account statement and transaction records.
4. Should any dispute arise regarding any Transaction, you agree that ICICI Bank's records will be admissible records in any legal proceeding for the purpose of evidencing your liability with respect to such Transaction.
5. You agree that internal complaints will be handled according to ICICI Bank's Complaint Handling policy, which is outlined at http://www.icicibank.ca/legal/filing_complaint.page. A copy of this policy can also be obtained from any of the Branches of ICICI Bank. ICICI Bank’s Complaint Handling policy provides the contact information and dispute resolution procedures for the Ombudsman for Banking Services and Investments, the Financial Consumer Agency of Canada and the office of the Privacy Commissioner of Canada.

13. Other Agreements

If there is any conflict or inconsistency between the provisions of this Agreement and any other Account Document, the provisions of the Account Terms and Conditions and Direct Banking Terms and Conditions shall prevail.

14. Privacy Policy

You acknowledge having received, read and understood ICICI Bank's privacy policy (the "Privacy Policy"). By using your Card and your PIN in a Transaction, you agree to be bound by the terms and conditions of the Privacy Policy.

15. Notice

ICICI Bank may provide any notice or other communication required or permitted to be given under this Agreement by post, telephone, email, fax, Website posting or any other physical or electronic means, or by means of any press release, advertisement or other media notices.

Unless specified otherwise in this Agreement, you may provide ICICI Bank with notice by post, fax or telephone, at the following address:

ICICI Bank Canada
366 Bay Street, Toronto,
ON M5H 4B2, Canada

Toll-free Tel: 1-888-ICICI-CA (1-888-424-2422)
Toll-free Fax: 1-866-ICICI-TO (1-866-424-2486)

or through the Website or any other physical or electronic means as stipulated by ICICI Bank from time to time.

Unless specified otherwise in this Agreement, if notice is provided by post, the intended recipient will be deemed to have received the notice on the date that is five (5) business days following the date on which the notice was mailed. In all other cases, the intended recipient will be deemed to have received the notice on the date the notice was sent.

16. Assignment

You agree that this Agreement is binding on and shall ensure to your respective successors. You agree that you may not assign this Agreement.

17. Limiting Use, Disclosure and Retention

The Bank may use and disclose personal information, without requesting your consent, for the purpose of engaging in a due diligence process for a prospective business transaction where such information is necessary to determine whether to proceed with the transaction.

18. Waiver, Amendment

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement by you shall be binding on ICICI Bank unless executed in writing by you and ICICI Bank. No waiver of any provision of this Agreement shall constitute a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

19. Governing Law

You agree that any suit, action or proceeding arising out of or relating to this Agreement against you or any of your assets may be brought in any court in the Province of Ontario or elsewhere in Canada having jurisdiction over the subject matter of any such suit, action or proceeding, and you hereby irrevocably and unconditionally attorn and submit to the jurisdiction of such courts. You irrevocably waive and agree not to raise any objection you might now or hereafter have to the bringing of any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter. You agree that any judgment or order in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon you and consent to any such judgment or order being recognized and enforced in any courts, by registration or homologation of such judgment or order, by a suit, action or proceeding upon such judgment or order, or any other means available for enforcement of judgments or orders, at the option of ICICI Bank, provided that service of any required process is effected upon you as permitted by law. Nothing in this section shall restrict the bringing of any such suit, action or proceeding in the courts of any other jurisdiction.

20. Language

ICICI Bank and you have expressly requested that this Agreement and all related documents, including notices, be drawn up in the English language. Vous et moi avons expressément demandé que ce contrat et tout document y afférent, y compris tout avis, soient rédigés en langue anglaise.

21. Interac Flash - Opting In / Opting Out

Our debit card comes with preselected enabled feature to pay with Interac Flash. You can have Interac Flash disabled or enabled on your Card anytime by contacting the Bank’s Customer Contact Centre by phone, visiting a branch or sending a letter of direction to the address below:

ICICI Bank Canada
PO Box 20042
RPO Bay Adelaide
Toronto, ON M5H 0A1, Canada

ICICI Bank reserves the right to revise the Cardholder Agreement contained herein within at any time without notice to you. You are bound by such revisions, so we encourage you to visit the legal section of our website at www.icicibank.ca frequently to stay informed.

Cardholder Agreement for Business Accounts

1. What the Words Mean:

In this Cardholder Agreement (the "Agreement"), please remember that:

“Accountholder”, “you” and “your” means the business, sole proprietorship, partnership or other entity that opens and maintains an Account with ICICI Bank.

"Cardholder" means each person who is duly authorized to use the Card by an Accountholder.

"ICICI Bank" means ICICI Bank Canada.

Please also remember that:

"Account" means the business bank account and/or any other type of account opened and maintained with ICICI Bank by the Accountholder and eligible for the purposes of a Transaction.

"Account Terms and Conditions" means the terms and conditions entered into between the Accountholder and ICICI Bank.

“Business Account” means the account(s) that are linked to the business debit card being issued to the cardholder.

"Card" means an ICICI Bank Card that ICICI Bank has issued to a Cardholder on behalf of and at the request of an Accountholder.

"Card Not Present Transaction" means a transaction using the Card without the PIN including when you authorize transactions by wherein the Card is being used for an Interac Flash transaction at a participating merchant.

"Direct Banking" means the Direct Banking service offered by ICICI Bank to the Accountholder, and includes services such as the provision of information regarding Account history, bill payments, transfer of funds and any other service as ICICI Bank may decide to provide from time to time by one or more of the following methods:

1. electronic communications through the Website;
2. speaking over the telephone or pressing its key pad to communicate with a phone banking officer or an interactive voice response system;
3. electronic communications by automated banking machine (ABM) and direct payment point-of-sale terminals; or
4. other devices or equipment which ICICI Bank may designate from time to time for Direct Banking access.

"Direct Banking Terms" means the terms and conditions governing the Direct Banking service of ICICI Bank from time to time.

“Electronic Identification” means a digital form of identification that an individual may use in order to establish their identity for the purpose of using the service.

“Interac Flash” is a contactless feature of Interac Direct Payment which allows for smaller dollar purchases to be paid instantly from an Account without signing for a purchase or entering a PIN.

"PIN" means the personal identification number that the Cardholder has selected in accordance with ICICI Bank's policies and procedures.

"Service" means the provision of services to Accountholders by ICICI Bank relating to Transactions.

“Terminal” means any Card-activated machine, terminal or device at which a transaction may be made.

"Transaction" means an advance or withdrawal of funds from an Account, a deposit or credit of funds to an Account, a payment of funds from an Account, a transfer of funds between Accounts, a Card Not Present Transaction or any other available Account Transaction made with a Card together with the Cardholder's PIN at a Terminal.

“Website” means the website owned, established and maintained by ICICI Bank located at the URL www.icicibank.ca, or such other website as ICICI Bank may designate from time to time.

In this document all references to the Accountholder or Cardholder in the masculine gender will be deemed to include the feminine gender, and vice versa. Terms described in a singular shall include reference to those terms in the plural and vice versa.

2. Applicability of this Agreement

The Accountholder(s) will apply to ICICI Bank in ICICI Bank's prescribed form for using the Service. ICICI Bank will be entitled at its sole discretion to accept or reject such applications as may be submitted by the Accountholder.

This Agreement, the Account Terms and Conditions, the Direct Banking Terms, ICICI Bank's Privacy Policy and Website Terms of Use, and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time (the "Account Documents") form the contract between the Accountholder and ICICI Bank for using the Services and will apply to all Transactions and other activities in connection with the Services of ICICI Bank related to all present and future Account(s).

Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank pertaining to the Accounts will continue to be applicable to you. The terms of this Agreement will be in addition to and not in derogation of any other terms and conditions applicable to your Account.

3. Service

Use of a Card by a Cardholder, is subject to the following:

1. Access will be provided to those Accounts that ICICI Bank may permit from time to time;
2. Permitted Transactions will include those Transactions which ICICI Bank may approve from time to time ("Permitted Transaction(s)");
3. Permitted Transactions using a Card shall be subject to and be governed by the terms of the Account Documents;
4. your Account(s) may be accessed with the Card: (i) at any Terminal that ICICI Bank approves for use from time to time; (ii) at any other Permitted Transaction device that ICICI Bank approves from time to time; and (iii) through any other system in which the number on the Card may be used without presenting the Card;
5. the Card may be used at devices not operated by ICICI Bank via outside computer networks, as approved by ICICI Bank from time to time. The outside network administrators may charge your Account a network and/or convenience fee for such use. ICICI Bank will have no liability for such charges;
6. the Services shall not be used for illegal, fraudulent, or defamatory purposes;
7. you hereby authorize ICICI Bank to accept and honour each Permitted Transaction;
8. ICICI Bank may charge fees for the Service or for Permitted Transactions. You authorize ICICI Bank to debit your Account of these fees. ICICI Bank will notify you of all such fees in accordance with Section 15;
9. ICICI Bank may impose daily limits, including daily withdrawal limits ("Daily Withdrawal Limit"), on any Permitted Transaction, and may change these limits in accordance with Section 7 of this Agreement. ICICI Bank will inform the Cardholder what the current limits are on the Account Terms and Conditions relating to the Card when the Card is issued to the Cardholder;
10. subject to the terms of this Agreement, ICICI Bank will process a Permitted Transaction at the time of the Transaction. ICICI Bank may place a hold on a Permitted Transaction pending its verification. ICICI Bank may decline to accept a Transaction at any time in its sole discretion. ICICI Bank may process a Permitted Transaction made on a weekend or holiday on the next banking day;
11. You agree that you will provide a merchant with correct and up-to-date information for any pre-authorized transactions you wish to charge to your Account. You are responsible for advising a merchant if your Card number changes and if your Card expires; and A Card Not Present Transaction can be done.

4. Foreign Currency Transactions

A Permitted Transaction in a foreign currency, if available, will be converted to the currency of your Account at an exchange rate determined by ICICI Bank on the date the Transaction is processed. Any transactions in a foreign currency (including credits for returns) will be charged in Canadian dollars at an exchange rate determined by the payment card network that is in effect on the date that ICICI Bank processes the transaction. The cardholder will be charged for both withdrawal and debit transactions done using the card. ICICI Bank will also charge a currency conversion fee per transaction, which is set out in the Disclosure Statement. The above currency conversion procedures apply to both debits and refunds to your Account and the conversion will occur on the date ICICI Bank processes the transaction. The currency conversion fee will be added to the converted amount and charged to the Account on the posting date for the transaction. Payments will only be accepted in Canadian currency.

5. Access to the Service

ICICI Bank may, in accordance with Section 7 of this Agreement:

1. withdraw permission to you or a Cardholder to use all or any part of the Service, access any Account, or perform any Permitted Transaction; and
2. cancel or alter all or any part of the Service. ICICI Bank will not be liable to you or to any other person for any loss or inconvenience which you or that person may incur as a result of the above withdrawal of the Service.

Notwithstanding the foregoing, at any time, ICICI Bank may, at its discretion and without notice to you or a Cardholder, reinstate permission to use all or any part of the Service, access any Account or perform any Permitted Transaction.

6. Termination

1. ICICI Bank may restrict the use of the Card together with the Cardholder's PIN or terminate this Agreement at any time without notice if you or a Cardholder has breached this Agreement; and
2. either party may terminate this Agreement at any time by giving notice in writing to the other.

Cards provided to you are the property of ICICI Bank and are non-transferable. You agree to return all such Cards immediately to ICICI Bank upon termination of this Agreement or upon request. You shall remain liable for any use of the Card following termination of this Agreement in accordance with the terms of this Agreement. Termination of this Agreement shall not relieve you of your obligations under this Agreement or the Account Document(s), which shall continue in full force and effect.

7. Amendments and Changes

Subject to applicable law, ICICI Bank may amend this Agreement or the Services periodically and may provide you with notice of the amendment in accordance with Section 15 of this Agreement. If notice is provided, the effective date for changes contained in such notice will be the date stated in the notice and, if no date is stated, the changes will take effect 30 days from the date of the notice. If the Card is used or a new Card signed after the effective date of the amendment, it will mean that you have agreed to the change.

8. Confidentiality of PIN

Each PIN is for the exclusive use of a specific Cardholder. You must ensure all Cardholders keep their PIN’s absolutely confidential including taking precautions to ensure that the PIN is never disclosed, accidentally or otherwise, to anyone else. ICICI Bank recommends that a written record of a PIN is not kept. A Card access PIN that is different from the PIN is required to use Direct Banking, if applicable. ICICI Bank recommends that an obvious PIN such as the telephone number, address or birth date of yourself or a relative, or a number that appears on the Card, is not chosen.

9. Lost or Stolen Card - Failure to Keep PIN Confidential

You must immediately notify ICICI Bank by telephone or in person upon learning: (i) of the loss, theft, suspected loss or theft or misuse of a Card; (ii) that a PIN was disclosed to, or obtained by, anyone other than a Cardholder or may be known by anyone other than a Cardholder; (iii) that unauthorized use of the Service may be occurring. If a Cardholder suspects that someone else knows his or her PIN, the Cardholder must change his or her PIN immediately; or (iv) a cellular phone, computer or any form of electronic device that is used to access the Service is or is suspected to be lost, stolen or compromised.

10. Your Liability

1. Subject to Section 9 above and the following limitations, you are liable for all authorized use of a Card in connection with any Permitted Transaction. You are also liable for any errors which may result from incorrectly providing or selecting any Account number, dollar amount or other information required for the operation of the Service.
2. Illegal or improper use of your Account(s) may render you liable for fees or charges as determined by ICICI Bank and may result in suspension of your Account(s).
3. You are not liable for any unauthorized use of a Card, except as otherwise provided in this Agreement and except in the following circumstances:
   1. In the event that you or a Cardholder fail to notify ICICI Bank of any of the circumstances set out in Section 9 of this Agreement, you will be liable for all Transactions (and all resulting Account activity) incurred up to the time that you or a Cardholder inform ICICI Bank:
      1. about the loss, theft, suspected loss or theft or misuse of a Card,
      2. that a Cardholder’s PIN was disclosed to, or obtained by, anyone other than a Cardholder or may be known by anyone other than a Cardholder; or
      3. that unauthorized use of the Service may be occurring, as applicable.
      You will not be liable for any Transaction (and any resulting Account activity) incurred after you notify ICICI Bank in accordance with Section 9 of this Agreement.
   2. In the event that a Cardholder fails to keep a PIN confidential in accordance with Section 8 of this Agreement, you will be liable for all Transactions (and all resulting Account activity) incurred through the use of the PIN.
   3. In the event that you fail to cooperate with ICICI Bank in its investigation of any unauthorized use of a Card, you will be liable for all Transactions (and all resulting Account activity) incurred on your Account.

In each case, your liability for each day is limited to your Daily Withdrawal Limit.

11. ICICI Bank's Liability

1. You agree that the use of the PIN is the legal equivalent to your written, signed instructions to ICICI Bank. You are bound by and liable for all use including unauthorized use by Interac Flash or PIN by persons without your knowledge or consent.
2. You agree that ICICI Bank will be under no obligation to confirm the actual identity or authority of any user of the PIN or any component thereof and will assume, unless otherwise notified by you in accordance with Section 9 of this Agreement, that Cardholders are the only users of a PIN.
3. ICICI Bank will not be liable for any delay, damage, loss (direct or indirect) or inconvenience to you or any other person resulting from or arising in connection with the provision or the failure, for any reason, to provide any part of this Service, or if ICICI Bank declines to act on your instructions or those of a Cardholder, for any reason.
4. ICICI Bank will not be liable to you or any other third party if a merchant does not accept the Card at any time.
5. ICICI Bank is not responsible for any pre-authorized payments that cannot be posted to your Account. You are responsible for any payments you have authorized a merchant to charge to your Account, even if this Agreement is cancelled or terminated. If you want to cancel a pre-authorized payment arrangement, it is your responsibility to advise the merchant in accordance with the terms of such pre-authorized payment agreement that you wish to end the arrangement, and to check your statements to ensure the merchant is no longer charging transactions to your Account. You acknowledge that when you pre-authorize a payment of a particular amount, your Account balance will be reduced by such amount at that time, even if you receive a value of goods or services less than such amount at that time, and that it may take a few business days for the actual purchase amount to be reconciled and accurately reflected in the Account transaction records.
6. ICICI Bank shall in no way be responsible for the quality or non-receipt of the goods or services (or both) obtained by way of the Card, and all claims or disputes between you, a Cardholder and the merchant, including your rights to compensation or any rights of setoff shall be settled directly by and between the merchant and you. When a merchant becomes liable to make a refund to you, ICICI Bank will credit the Account(s) designated by you with the amount to be refunded, only upon receipt by ICICI Bank of a properly issued credit voucher or other appropriate verification or authorization of the refund.
7. ICICI Bank shall in no way be liable for any accident, act of aggression, theft, loss or damage you may suffer while using Terminals or other Services, whether you are on the premises of ICICI Bank or other premises.
8. ICICI Bank will not be liable for the release of any information about you or a Cardholder or any loss or damage: (i) should you or a Cardholder choose not to follow the recommendations set forth in Section 8 of this Agreement; or (ii) which result from your or a Cardholder’s breach of either Section 9 or Section 10 of this Agreement; or (iii) which result from any misuse of a Card or PIN. ICICI Bank will not be liable for any loss or damage you may incur in using any software, product or service provided by third parties in connection with the Service.
9. ICICI Bank may cancel or restrict access to the Services or the Cardholder's Electronic Identification without notice to you. ICICI Bank will under no circumstance be held liable if access to your Account(s) 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 will ICICI Bank be liable for any damages whatsoever, whether such damages are direct, indirect, incidental, or 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 Cardholder or by any other person.

12. Records and Dispute Resolution

1. You are responsible for ensuring that information entered or selected when using the Service is correct. You agree that the Transaction record produced and dispensed by a Terminal or other device at the time of each Transaction will have the same legal effect as written instructions to ICICI Bank.
2. You must promptly examine all Account statements and transaction records for an Account and each entry and balance recorded in the Account statements and transaction records.
3. You must notify ICICI Bank in writing of any omissions, errors, or objections in the Account statements or transaction record within 45 days of the Account statement or transaction date. If you do not notify ICICI Bank as required herein, ICICI Bank is entitled to treat the Account statements and transaction records as complete, correct and binding on you and ICICI Bank will be released from all claims by you in respect of those Account statement and transaction records.
4. Should any dispute arise regarding any Transaction, you agree that ICICI Bank's records will be admissible records in any legal proceeding for the purpose of evidencing your liability with respect to such Transaction.
5. You agree that internal complaints will be handled according to ICICI Bank's Complaint Handling policy, which is outlined at http://www.icicibank.ca/legal/filing_complaint.page. A copy of this policy can also be obtained from any ICICI Bank branch.

13. Other Agreements

If there is any conflict or inconsistency between the provisions of this Agreement and any other Account Document, the provisions of the Account Terms and Conditions shall prevail.

14. Privacy Policy

You acknowledge having received, read and understood ICICI Bank's privacy policy (the "Privacy Policy"). By a Cardholder using a Card and PIN in a Transaction, you agree to be bound by the terms and conditions of the Privacy Policy.

15. Notice

ICICI Bank may provide any notice or other communication required or permitted to be given under this Agreement by post, telephone, email, fax, Website posting or any other physical or electronic means, or by means of any press release, advertisement or other media notices.

Unless specified otherwise in this Agreement, you may provide ICICI Bank with notice by post, fax or telephone, at the following address:

ICICI Bank Canada
366 Bay Street, Toronto, 
ON M5H 4B2, Canada

Toll-free Tel: 1-888-ICICI-CA (1-888-424-2422)
Toll-free Fax: 1-866-ICICI-TO (1-866-424-2486)

or through the Website or any other physical or electronic means as stipulated by ICICI Bank from time to time.

Unless specified otherwise in this Agreement, if notice is provided by post, the intended recipient will be deemed to have received the notice on the date that is five (5) business days following the date on which the notice was mailed. In all other cases, the intended recipient will be deemed to have received the notice on the date the notice was sent.

16. Assignment

You agree that this Agreement is binding on and shall ensure to your respective successors. You agree that you may not assign this Agreement.

17. Waiver, Amendment

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement by you shall be binding on ICICI Bank unless executed in writing by you and ICICI Bank. No waiver of any provision of this Agreement shall constitute a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver, unless otherwise expressly provided.

18. Governing Law

You agree that any suit, action or proceeding arising out of or relating to this Agreement against you or any of your assets may be brought in any court in the Province of Ontario or elsewhere in Canada having jurisdiction over the subject matter of any such suit, action or proceeding, and you hereby irrevocably and unconditionally attorn and submit to the jurisdiction of such courts. You irrevocably waive and agree not to raise any objection you might now or hereafter have to the bringing of any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter. You agree that any judgment or order in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon you and consent to any such judgment or order being recognized and enforced in any courts, by registration or homologation of such judgment or order, by a suit, action or proceeding upon such judgment or order, or any other means available for enforcement of judgments or orders, at the option of ICICI Bank, provided that service of any required process is effected upon you as permitted by law. Nothing in this section shall restrict the bringing of any such suit, action or proceeding in the courts of any other jurisdiction.

19. Language

ICICI Bank and you have expressly requested that this Agreement and all related documents, including notices, be drawn up in the English language. Vous et moi avons expressément demandé que ce contrat et tout document y afférent, y compris tout avis, soient rédigés en langue anglaise.

20. Interac Flash - Opting In / Opting Out

Our debit card comes with preselected enabled feature to pay with Interac Flash. You can have Interac Flash disabled or enabled on Cards anytime by contacting the Bank’s Customer Contact Centre by phone, visiting a branch or sending a letter of direction to the address below:

ICICI Bank Canada
PO Box 20042
RPO Bay Adelaide
Toronto, ON M5H 0A1, Canada

ICICI Bank reserves the right to revise the Cardholder Agreement contained herein within at any time without notice to you. You are bound by such revisions, so we encourage you to visit the legal section of our website at www.icicibank.ca frequently to stay informed.