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Terms & Conditions - ICICI Home Finance Fixed Deposit
Scheme
These terms and conditions (the Terms) govern and regulate the
fixed deposit scheme (theScheme)
provided by I C I C IHomeFinance Company Limited(herein after
referred, to as ICICI Home Financeor the Company) made available
through I C I C I Bank website: ww w .icicibank. com (theWebsite),
subject to the following terms and conditions:1. DENOMINATION:
Deposits under each option shall be accepted subject to a
minimum
deposit amount under differentincome plans as specified below
for individualapplicant/s (Applicant). Minimum Rs. 10,000/- under
Annual / Cumulative income planMinimum Rs. 20,000/- under Quarterly
income
planMinimum Rs. 40,000/- under Monthly income
planAny additional amount should be in multiples of Re.1/-
2. SUBMISSIONOF THEAPP LICATION FO RM . OTHER DOCUMENTS: The
Applicant desirousto avail the Scheme and make payment/s thereon of
the Fixed Deposit amount shall be requiredto apply for the Scheme
and provide requisite details on the Website. The Applicant shall
either
be required to deliver the application forms duly completed and
signed, along with the other documents (the Documents) to the
Company within fifteen (15) working days from the date of applying
under the Scheme or shall be required to deliver the Documents to
the ICICIBanksofficial or agent who shall collect the Documents
from the Applicants registered address,in order to submit the
Documents at such branch/ locations as specified by the Company.The
Fixed Deposit Receipts (FDR)shall be generated and sent to the
Applicants by theCompany, only upon receipt of the Documents. The
Company may at its sole discretion,accept/reject the application
form on such terms and conditions as it may deem fit. Incase of
rejection of the application form, the Company shall initiate the
refund process of the Amounteither by generating suitable
electronic instructions or by giving specific instructions to I C I
C I
Bank, for crediting the Account with the requisite amount or in
any other manner as deemed fit
by the Company.3. PAYM ENT: Th e payment of fixed deposit amount
(the Amount) shall be required to be made
by the Applicant through the infinity account on the Website
(the Account) by transferring theAmount to I C I C IHome Finance
account specified therein.
In case of non receipt of the Documents by I C I C IHome Finance
within the stipulated time periodas specified herein above, the I C
I C IHome Finance shall initiate the refund process & the
Amountshall be credited back to the Account within 7 working days
from completion of the abovestated time period of submission of
Documents. In case of refund of the Amount, the Companyshall not be
liable to credit any interest on the Amount from the date of making
payment of theAmount to I C I C IHome Finance.
4. INT ER ES TPAYM EN TS: For the Fixed Deposits placed under
the Scheme, the interest onthe deposits shall be paid from the date
of receipt of the Amount however, the Fixed Depositaccount shall be
opened in the name of the Applicant only after receipt of the
Documents asmentioned above. Such account shall be opened with
effect from the date of receipt of theamount. In case of
non-receipt of Documents and refund of the Amount, the Companyshall
not
be liable to credit any interest on the Amountfrom the date of
making payment of the Amount tothe Company.
Interest on deposits placed under Monthly Income Plan, Quarterly
Income Plan and AnnualIncome Plan shall be paid on fixed dates.
Monthly interest payment dates will be the last day of each of the
months. The standard quarterly interest payment dates are March 31,
June 30,September 30 & December 31 every year. Under Annual
Income Plan the interest will be paidonce in a year, after the end
of the financial year.
Please note that all payments for part periods shall be made on
pro-rata basis. If a deposit ismade within a periodof 20 days prior
to a standard interest payment date, the interest for the part
period will be paid on the next standard interest payment
date.
Under the Cumulative Income Plan, interest will accrue on March
31 every year andthe accumulated interest will be paid on maturity
amount (including interest and tax deducted atsource, if any) which
shall not exceed the total maturity amount as calculated on a year
on year
basis of compounding.
Payment of interest shall be made to the depositor/s (the
Depositor) thruough direct credit totheAccount of the depositor
with I C I C I Bank for all incomePlans.
If requested by the depositor, interest will be paid through
ElectronicClearing System ECSonly atall centres where this facility
is available, Where ECSfacility is not available payments will be
inthe form of Warrant/Cheque/DD/any other mode as the Company may
deem fit and would be infavour of the Depositor marked A/c Payee
only. If the Depositor provides the details of accountnumber and
the bank branch, the same would be printed on the face of the
interest warrant(s).ECSwouldavoid fraudulent encashment of interest
warrant(s).
Presently ECS facili ty is offered b y I C IC IBank at below
mentionCenters: Delhi Ludhiana Amritsar Jalandhar Chandigarh Shimla
Jammu Kanpur Allahabad Varanasi Lucknow Dehradun Gorakhpur Agra
Jaipur Bhilwara Udaipur Jodhpur Rajkot Ahmedabad Baroda Surat
Mumbai Panjim Pune Sholapur Kolhapur Nasik Aurangabad Nagpur Indore
Bhopal Gwalior Jabalpur Raipur Hyderabad Tirupati Vijayawada
Nellore Vizag Kakinada Banglore Mysore Manglore Hubli Chennai
Pondicherry Madurai Salem Erode Coimbatore Tirupur Calicut Trichur
Cochin Trivendrum Kolkatta Burdwan Durgapur Siliguri Bhubaneshwar
Guhawati Patna Jamshedpur Ranchi Dhanbad Asansol Jamnagar Udupi
Trichy Gadag
Belgaum5. NOM INATION : The Applicant, can make only one
nomination for each deposit. Applicant shall
be required to down load the nomination form and take a printout
of the same from the Websiteand shall be required to submit the
same to the Company either directly or through ICICIBank officialor
agent.
6. SUCCESSION:Where a nomination has not been made or the
nominee predeceases theDepositor, the provisions of this paragraph
willapply. In the event of the demise of the Depositor of the Fixed
Deposit, the Company will recognize the executor or administrators
of the deceasedDepositor, or holder of Succession Certificateor any
other legal representative as the holderof the
title to the Fixed Deposits. The Company shall not be bound to
recognize such executor or administrator unless such executor or
administrator obtains Probate or Letter of Administration or
Succession Certificate or other legal representation, as the case
may be, from an appropriatecourt in India.The company at its
absolute discretion, may in any case, dispense with the
production of Probate or Letter of Administrationor Succession
Certificate or other legalrepresentation.
7. Joints deposits, non-individual deposits and deposits in the
name of a minor shall not be accepted by the Company through the
Website.
8. FIXE DDEP OSITREC EIPT(FDR):
a) The FD R will be forwarded to the address of Depositor given
in the application form,
by Registered Post or Courieror in any other manner that the
Company may deem fit, at thesole risk of the Applicant/Depositor
after receipt of the Documents and the Amount.
b) Fixed Deposit Receipts are non-transferable.
9. LOSS . DESTRUCTION.ETC. OF DOCUMENT:
a) Fixed Deposit Receipts, interest and refund
warrants/cheques/demand drafts may be sent by registered post or
courier or in any other manner that the Company may deem fit, at
theaddress of the Depositorgivenin the ApplicationForm.The Company
will not be responsiblefor any loss or delay in transit due to
postal/courier services or any circumstances beyond itscontrol.
b) In the event of loss, destruction or mutilation of the Fixed
Deposit Receipt, interest or refu nd warr ant/c heque/DD, the
Company may issue a duplicate Fixed Deposit Receipt,interest or
refund warrant /Che que/ DD, subject to non encashment of the
original instrument,upon receipt from the Depositor of an
indemnity/documents in the prescribed form to itssatisfaction and
after compliance with such other formalities as may be required by
theCompany.
10. The Company shall accept only Fixed Deposit application/s
through the Website. The Company
shall not entertain service request/s relating to the Scheme
such as renewal of Deposit,repayment of Deposit, Loan Against
Deposit, Pre-mature withdrawal of the deposit, issuance of FD R etc
through the Website. Any and all such service request shall be
attended to at the belowspecified address of the Company.
ICIC IHFCCentralOperationsTeam, 2nd Floor, Trans Trade Center,
Opposite FloralDeckPlaza,MIDC,Andheri(E),Seepz, Mumbai.
11. REPAYM EN T O FDE PO SITS :
a) Deposits will automatically expire on maturity. No interest
will accrue thereafter onsuch deposits unless the deposits are
renewed as per clause on renewal of deposit.
b) The Company will send intimation with regard to the details
of the maturityof the deposit atleast two months before the date of
maturity of the deposit.
c) For repayment of deposits the duly discharged FD R with
revenue stamp of requisite valuemust be surrendered to the Company
at least two weeks prior to the date of maturitywith the signature
of the Applicant/Depositor.
d) A ll redemption payments will be in the form of
warrant/cheque/DD/any other mode asthe Company may deem fit and
would be in favourof the Depositor marked A/c Payee only..
If the Depositor provides the details of account number and the
bank branch, the samewould be printed on the face of the interest
warrant(s). Direct Credit option may beused if the
Applicant/Depositor has an account with I C I C IBank.
12. Waiver: No failure or delay by the Company in exercising any
right, power or privilegehereunder shall operate as a waiver
thereof nor shall any single or partial exercise of any other
right, power or privilege. The rights and remedies of the Company
as stated herein shall becumulative and not exclusiveof any rights
or remedies providedby law.
13. Indemnity:
a) The Applicant/Depositor hereby agrees that the
Applicant/Depositor shall, at his/itsown expense, indemnify, defend
and hold harmless the Companyfrom and against any and allliability
any other loss that may occur, arisingfrom or relating to the
operation of Fixed Depositor breach, non-performanceor inadequate
performance by the Applicant/Depositorof any of these Terms or the
acts, errors, representations, misrepresentations, misconduct or
negligence of the Applican t/Depos itorin performan ce of its
obligations.
b) Under no circumstances shall the Company be liable to the
Applicant/Depositorfor anyindirect, incidental, consequential,
special or exemplary damages in connection with theservices.
c) The Applicant/Depositor shall solely be responsible for
ensuring fullcompliance with allthe applicable laws and regulations
in the relevant jurisdictionin connection with the FixedDeposits
with the Company and shall indemnify and keep indemnified I C I C
IHomeFinancefromall actions, proceedings claims, losses, damages,
costs and expenses (includinglegal costson a solicitor and client
basis) which may be brought against or suffered or incurred by I C
I C I
Home Finance in connection with any failure to comply with any
such applicablelaws/regulations.
d) The indemnities as aforesaid shall continue notwithstanding
the termination of theFixed Deposit.
14. Com pany sLien and Right to Set Off:
a) The Companyshall have the paramount right of set-off and
lien, irrespective of any other lienor charge, present as well as
future, on all the deposits held/ balances lying in any account of
the Applicant/Depositor , whether in single name or joint name(s),
to the extent of allamounts payable by the
Applicant/Depositorarising as a result of any of Companys
servicesextended to and/or used by the Applicant/Depositor or as a
result of any other facilities thatmay be granted by
ICICIHomeFinance Company to the Applicant/Depositor. The
Company
is entitled without any notice to the Applicant/Depositor to
settle any indebtednesswhatsoever owed by the Applicant/Depositor
to the Company , whether actual or contingent, or whether primary
or collateral, or whether joint and/or several, includingwithout
limitation indebtedness under any indemnitygiven by the
Applicant/Depositor to I C I C I
Home Finance Company hereunder or under any other document/
agreement, by adjusting,setting-off any deposit(s) and transferring
monies lying to the balance of any account(s) held
by the Applicant/Depositor with I C I C I Home Finance Company,
notwithstanding that thedeposit(s)/ balances lying in such
account(s) may not be expressed in the same currency assuch
indebtedness. ICICIHom eFinance Companys rights hereunder shall not
be affected bythe Applicants/Depositors bankruptcy, insolvency,
death or winding-up.
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