Terms & Conditions Governing “SIBerNet”- Internet Banking Services of South Indian Bank Ltd

 

 

1. Definitions: In this document the following words and phrases shall have the meanings as set below unless the context indicates otherwise:

 

"Account(s)" refers to the user's bank account such as Savings Bank Account, Current Account, various types of Fixed Deposit Account and various types of Loan Accounts and/or any other type of account (each account hereafter referred to as an "Account" and collectively as "My Accounts"), so maintained with SIB Ltd. which are eligible Account(s) for purposes of Internet Banking. One of these Accounts shall be designated as the Primary Account and all other Accounts if any, of the user shall be referred to as Secondary Account(s).

 

"SIB Ltd." refers to The South Indian Bank Limited, a company incorporated under the Companies Act, 1956 and licensed as a bank under the Banking Regulation Act, 1949 and having its registered office at “SIB House”, T.B. Road, Mission Quarters, Thrissur, Kerala-680001

 

"SIBerNet" refers to the following internet banking service offered by SIB Ltd. to the user:-

 

1. My Accounts

 

a) My Account Information-Summary of all types of Accounts, Complete details of all types of Account, To get account statement/ pass-sheet, To inquire on status of a Cheque or to stop issued/lost cheque, Inquire in TOD’s granted to various accounts, Inquire on lien marked on an account by bank, information about nominee details, Interest Payment details for deposit accounts, View closed accounts, request new cheque book, request demand draft, view flexi-fixed deposit links, Block debit card, Loan Disbursement Schedule and inquire on tax deducted at source.

 

b) Fund Transfers-Request for transferring funds from your accounts to other accounts. Fund Transfer- Fund transfer between your own accounts, between SIB accounts, to other bank accounts and also to initiate from a fund transfer from template which is saved earlier.

 

Payee Management-Manage within bank and other bank Payee/ Beneficiary.

 

View/Inquiry-incomplete transactions, scheduled transactions and, view recurring instructions.

 

Investments-Application supported by blocked amounts( ASBA) for applying to IPO.

 

 

2. General services-

 

a) Service requests- -Break fixed deposit offline, Open term deposit account online, Block debit card, Request a demand draft, Request new cheque book and Stop cheque. Modelling-loan modelling, deposit modelling, savings calculator and other tools (compound interest calculator and extra repayment profiler).

 

b) Limit personalization-user can modify fund transfer limit within bank approved limit.

 

c) M-pay registration-For IMPS fund transfer using mobile app.

 

3. Tax payments-To register and pay direct/indirect taxes.

 

4. Message center-The user can send requests/clarifications by mail to the Relationship Manager (RM) and view the replies/queries from the R.M. User can also view broadcast messages.

 

5. Favorites-User can add and access his favorite financial and non-financial activates from this menu.

 

6. My profile-user can change the following-.

 

a) Internet banking sign on and transaction passwords.

 

b) Internet banking user id

 

c) Give Reference name/Nickname accounts

 

d) Update account preference

 

e) Set favorite accounts- Debit accounts will be listed as per the preference order in this menu

 

f) Set favorite activities

 

7. Any other service as SIB Ltd. may decide to provide from time to time through internet. The availability/non-availability of a particular service shall be communicated to the user through email, web page of SIB Ltd. or in writing as may be deemed fit by SIB Ltd. .

 

"Personal Information" refers to the information provided by the user to SIB Ltd.

 

"Terms" refer to terms and conditions herein for use of Internet Banking.

 

"User" refers to a customer of SIB Ltd. and/or of the Affiliates authorized to use Internet Banking.In case of the user being a minor, the guardian of such minor shall be permitted to use Internet Banking. However Internet Banking service would not be granted to minors for minor operated accounts.

 

"Website" refers to the website owned, established and maintained by SIB Ltd. located at the URL http://www.southindianbank.com/ or Internet Banking site of SIB Ltd.

 

In this document all references to the user being referred in masculine gender shall be deemed to include the feminine gender also.

 

2. Applicability of Terms: These Terms form the contract between the user and SIB for availing Internet Banking service. The user shall apply to SIB Ltd. in the prescribed form for use of Internet Banking. SIB shall be entitled at its sole discretion to accept or reject such applications as may be submitted by the users. By applying for or availing of Internet Banking, the user acknowledges and accepts these Terms. These terms will be in addition to and not in derogation of the terms and conditions relating to any account of the user.

 

3. Internet Banking: The acceptance of both, application form for Internet Banking & acknowledgement of the receipt of PIN-mailer, does not automatically imply granting of Internet Banking facility. Information available in the Internet Banking will be only from the date on which the branch data has been linked to the Core-banking software at the Data Centre OR the date from which data is still available in the system. For the purpose of availing Internet Banking, the user would need to have legal and valid access to the Internet.

 

The information provided to the user through the Internet Banking is not updated continuously but at regular intervals. Consequently, any information supplied to the user through Internet Banking will pertain to the date and time when it was last updated and not as the date and time when it is supplied to the user. SIB shall not be liable for any loss that the user may suffer by relying on or acting on such information.

 

SIB Ltd may keep its records of the transactions in any form it wishes. In the event of any dispute, SIB 's records shall be binding as the conclusive evidence of the transactions carried out through Internet Banking in the absence of clear proof that SIB 's records are erroneous or incomplete.

Any request for any service, which is offered as a part of Internet Banking, shall be binding on the user as and when SIB Ltd. receives such a request. If any request for a service is such that it cannot be given effect to unless it is followed up by requisite documentation on part of the user, SIB Ltd. shall not be required to act on the request until it receives such documentation from the user.Other than Inquiry, Internet Banking facility will not be available for foreign currency accounts.

 

4. Unauthorized Access: The user shall take all necessary precautions to prevent unauthorized and illegal use of Internet Banking and unauthorized access to the Accounts provided by Internet Banking.

 

5. Internet Banking Access: The user would be allotted an Internet Banking user-id ,sign-on password and transaction password by SIB Ltd. in the first instance. The user will be required to change the password assigned by SIB Ltd. on accessing Internet Banking for the first time. As a safety measure, the user shall change the password as frequently thereafter as possible. In addition to user-id and password SIB Ltd. may, at its discretion, advise the user to adopt such other means of authentication including but not limited to digital certification and/ or smart cards. The user shall not attempt or permit others to attempt accessing the Account information stored in the computers of SIB Ltd. through any means other than the Internet Banking.

 

6. Internet Banking Password: The user acknowledges, represents and warrants that the password which will be issued to him, provides access to the Account/s and that user is the sole and exclusive owner and is the only authorized user of the password and accepts sole responsibility for use, confidentiality and protection of the password, as well as for all orders and information changes (i.e., change of address) entered into Accounts using such password. The user grants express authority to SIB Ltd. for carrying out transactions and instructions authenticated by such password. The user unconditionally undertakes to have Internet Banking password of such number of letters/digits as may be notified by SIB Ltd. from time to time and ensure that the same is kept confidential; and to not let any other person have access to the internet while the user is accessing the Internet Banking. If the user forgets the Internet Banking password, the user may request for the issue of a new password by sending a written request to SIB Ltd or using debit card issued by SIB Ltd, user can create new internet banking passwords online. and this shall not be construed as the commencement of a new contract. The user agrees and acknowledges that SIB Ltd. shall in no way be held responsible or liable if the user incurs any loss as a result of information being disclosed by SIB Ltd. regarding his Account(s) or carrying the instruction of the user pursuant to the access of the Internet Banking and the user shall fully indemnify and hold harmless SIB Ltd. in respect of the same. The user shall maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake. The user shall comply with such guidelines, instructions or terms as SIB Ltd. may prescribe from time to time with respect to the password.

 

7. Joint Accounts: In case of Joint Accounts, transactions through Internet Banking, shall be available if the mode of operation is indicated as 'either or survivor' or 'anyone or survivor'. The user desirous of using the Internet Banking should either be the Account holder and sole signatory or authorized to act independently in case of a joint account. For such joint accounts, separate user-ID and password for Internet Banking will be issued to each of the joint account holders when requested. The other joint account holders shall expressly agree with the arrangement and give their consent by means of a letter of mandate for use of Internet Banking. In case of joint accounts operated by more than one user, SIB Ltd. shall act on the instruction received first and any subsequent instruction shall be neglected. All correspondence will be addressed to the first named person only. All transactions arising from the use of Internet Banking in the joint account shall be binding on all the joint account holders, jointly and severally.

 

8. Charges: SIB Ltd. reserves the right to charge and recover from the user service charge for providing the Internet Banking. The user hereby authorizes SIB Ltd. to recover the service charge by debiting one of the Accounts of the user or by sending a bill to the user who will be liable to make the payment within the specified period. Failure to do so shall result in recovery of the service charge by SIB Ltd. in a manner as SIB Ltd. may deem fit along with such interest, if any, and/or suspension of the facility of Internet Banking without any liability to SIB Ltd.

 

9. Maintenance of Sufficient Balance: The user shall ensure that there are sufficient funds (or prearranged credit facilities) in any Account for transactions through the Internet Banking, and SIB Ltd. shall not be liable for any consequences arising out of its failure to carry out the instructions due to inadequacy of funds and/or credit facilities provided always that SIB Ltd. shall at its sole discretion, be entitled to carry out the instructions notwithstanding such inadequacy without seeking the prior approval from or notice to the user and the user shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related costs and charges.

 

SIB Ltd. may, at its discretion, levy penal charges for non-maintenance of the minimum balance. In addition to the minimum balance stipulation SIB Ltd. may levy service charges for use of Internet Banking which will be notified by SIB Ltd. to the user from time to time by e-mail or by display in web page of SIB Ltd. or in writing as may deem fit by SIB Ltd. Any change in such service charges will also be notified to the user by e-mail or display in web page of SIB Ltd. or in writing as may deem fit by SIB Ltd.. The user authorises SIB Ltd. to recover all charges related to Internet Banking as determined by SIB Ltd. from time to time by debiting any of the Accounts.

 

SIB Ltd. may withdraw the provision of Internet Banking, wholly or partly, if at any time the amount of deposit falls short of the required minimum as aforesaid and / or if the service charges remain unpaid, without giving any further notice to the user and / or without incurring any liability or responsibility whatsoever by reason of such withdrawal.

 

10. Mail/ Request Through Internet Banking- The user accepts that he will be responsible for keying in the correct information for all the requests/mails. In no case, SIB will be held liable for any erroneous transactions incurred arising out of or relating to the customer entering wrong information. The bank is not bound in any way to act on the mail/request & SIB will not be held liable for any delay, omission or mistake in processing the mails/requests , even when the mails/requests have sufficient clarity. The maximum amount that may be entered in any request would be stipulated by the bank from time to time.Under no circumstance, SIB Ltd will allow Stop Payment facility through Internet Banking.

 

11. Authority to SIB Ltd. for Internet Banking: The user irrevocably and unconditionally authorizes SIB Ltd. to access all his Account(s) for acting on any request made by the user through the Internet Banking. The instructions of the user shall be effected only when such instruction is in accordance with the prescribed procedure.

 

SIB Ltd. shall have no obligation to verify the authenticity of any transaction / instruction received from the user through Internet Banking.

 

While SIB Ltd. shall endeavor to carry out the instructions promptly, they shall not be responsible for any delay in carrying on the instructions due to any reason whatsoever, including due to failure of operational systems or any requirement of law. All the transactions arising through the use of the Internet Banking to operate a joint account shall be binding on all the joint account holders, jointly and severally.

 

12. Instructions : All instructions for Internet Banking shall be given, through computer or any other medium/channel enabled by SIB Ltd. for the purpose, by the user in the manner indicated by SIB Ltd.. The user is also responsible for the accuracy and authenticity of the instructions provided to SIB Ltd. and the same shall be considered to be sufficient to operate the Internet Banking. SIB Ltd. shall not be required to independently verify the instructions, and the instruction once given shall remain effective. Where SIB Ltd. considers the instructions to be inconsistent or contradictory it may seek clarification from the user before acting on any instruction of the user or act upon any such instruction as it deems fit. SIB Ltd. states that it has no liability or obligation to keep a record of the instructions to provide information to the user or for verifying user's instructions. SIB Ltd. may refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction and have the right to suspend the operations through the Internet Banking if it has reason to believe that the user's instructions will lead or expose to direct or indirect loss or may require an indemnity from the user before continuing to operate the Internet Banking.

 

Any instruction, order, direction, request entered made by the user shall be deemed to be an instruction, order, directive, request received from the user. All instructions, requests, directives, orders, directions, entered by the user, either electronically or otherwise, are based upon the user's decisions and are the sole responsibility of the user. The user understands that entering an instruction, direction, order, request with SIB Ltd., either electronically or otherwise, does not guarantee execution of such instruction, direction, order, request.

 

13. Accuracy of Information : The user is responsible for the correctness of information supplied to SIB Ltd. for use of the Internet Banking or through any other means such as electronic mail or written communication. SIB Ltd. accepts no liability for the consequences arising out of erroneous information supplied by the user. If the user notices an error in the information supplied to SIB Ltd. either in the application form or any other communication, he shall immediately advise SIB Ltd. which will endeavor to correct the error wherever possible.

 

14. Liability of the user and SIB Ltd. : SIB Ltd. shall not be liable for any unauthorised transactions occurring through the Internet Banking and the user hereby fully indemnifies and holds SIB Ltd. harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. SIB Ltd. shall under no circumstance be held liable to the user if the Internet Banking is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of SIB Ltd.. Under no circumstances shall SIB Ltd. be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the user or by any other person. Illegal or improper use of the Internet Banking shall render the user liable for payment of financial charges as decided by SIB Ltd. or will result in suspension of the operations through the Internet Banking. SIB Ltd will not be responsible for any informational content about SIB Ltd in any other site.

 

15. Disclaimer of Warranties:The User expressly agrees that use of the Website is at its sole risk. The Website is provided on an "as is" and "as available" basis.

 

Except as warranted in the Terms, SIB Ltd. expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in Internet Banking.

 

SIB Ltd. does not warrant that access to the Website and Internet Banking shall be uninterrupted, timely, secure, or error free nor does it make any warranty as to the results that may be obtained from the Website or use, accuracy or reliability of Internet Banking.

 

SIB Ltd. will not be liable for any virus that may enter the user's system as a result of the user using Internet Banking. SIB Ltd. does not guarantee to the user or any other third party that Internet Banking would be virus free.

 

 

The user hereby agrees that under no circumstances, SIB Ltd.'s aggregate liability for claims relating to Internet Banking, whether for breach or in tort (including but not limited to negligence) shall be limited to the transaction charges/fees or consideration paid by the user within the previous twelve (12) months for Internet Banking, excluding any amount paid towards transactions.

 

 

17. Disclosure of Information:The user agrees that SIB Ltd. and/or their contractors may hold and process his personal Information and all other information concerning his Account(s) on computer or otherwise in connection with the Internet Banking as well as for analysis, credit scoring and marketing. The user also agrees that SIB Ltd. may disclose, in strict confidence, to other institutions, such personal Information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognized credit scoring agencies, or for fraud prevention purposes or to credit information bureau or such agencies.

 

18. Change of Terms :SIB Ltd. shall have the absolute discretion to amend or supplement any of the Terms at any time without assigning any reason and without giving prior intimation. Such change to the Terms shall be published in the web site of SIB Ltd. and it will be deemed to be proper notice to the user. By using any new services as may be introduced by SIB Ltd., the user shall be deemed to have accepted the changed Terms.

 

19. Non-Transferability :The grant of Internet Banking to a user is not transferable under any circumstance and shall be used only by the user.

 

20. Termination of Internet Banking :The user may request for termination of the Internet Banking any time by giving a written notice of at least 15 days to SIB Ltd. The user will remain responsible for any transactions made through the Internet Banking until the time of such termination effected by SIB Ltd.

 

SIB Ltd. may withdraw or terminate the Internet Banking anytime either entirely or with reference to a specific service or user; or in case of breach of Terms by the user without a prior notice; or if it learns of the death, bankruptcy or lack of legal capacity of the user. SIB Ltd will have sole and absolute discretion to withdraw the Internet Banking Service to any user if the user breaches any of the Terms & Conditions relating to operation of the account(s). Clause 11 & 14 shall survive the termination of the Internet Banking for any reason whatsoever.

 

21. Notices:Notices under these Terms may be given by SIB Ltd. to the user in writing by delivering them by hand or by sending them by post to the last address given by the user and in the case of SIB Ltd. to its corporate office address as set out hereinabove. In addition, SIB Ltd. may also publish notices of general nature, which are applicable to all users in a newspaper or on its web site located at http://www.southindianbank.com/.Such notices will have the same effect as a notice served individually to each user. Notice and instructions will be deemed served 3 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.

 

22. Governing Law:These Terms & Conditions and/or the operations in the Accounts of the user shall be governed by the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms for Internet Banking shall be brought in the courts or tribunals at Thrissur in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. SIB Ltd. may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms for Internet Banking in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of the Terms for Internet Banking which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.

 

23. Applicability To Future Accounts : SIB Ltd. and the user agree that if the user opens further Accounts with/subscribes to any of the products/services of SIB Ltd., and SIB Ltd. extends the Internet Banking to such Accounts or products or services, then the Terms shall automatically apply to such further use of the Internet Banking by the user.

 

24. General: The clause headings herein are for only for convenience and do not affect the meaning of the relative clause. SIB Ltd. may sub-contract and employ agents to carry out any of its obligations under this contract. Internet Banking service would be available to the users in certain cities only and during timings specified by SIB Ltd. from time to time and transactions would be carried out on the same day or on the next working day depending upon the time of logging of the transaction. The user would have to ensure that the equipment used for availing of Internet Banking meets the criteria as may be specified by SIB Ltd. from time to time. All costs incurred by the user including telecommunication costs to use the Internet Banking would be borne by the user. As a tool to correct misunderstandings, the user understands, agrees and authorises SIB Ltd., at its discretion, and without further prior notice to the user, to monitor and record any or all telephone conversations or electronic communications between the user and SIB Ltd. and any of its employees or agents.

 

The user acknowledges that it has not relied on any representation made by SIB Ltd. or any of its employees or agents and has made its own independent assessment of Internet Banking. No third party will have any rights or claims under these terms and conditions.

 

25. Assignment : SIB Ltd. shall be entitled to sell, assign, securitize or transfer SIB Ltd.'s right and obligations under the Terms and any security being in favor of SIB Ltd. (including all guarantee/s) to any person of SIB Ltd.'s choice in whole or in part and in such manner and on such terms and conditions as SIB Ltd. may decide. Any such sale, assignment, securitization or transfer shall conclusively bind the user and all other persons. The user, his heirs, legal representatives, executors, administrators and successors are bound by the Terms. SIB Ltd. may sub-contract and employ agents to carry out any of its obligations under this contract. However, the user shall not be entitled to transfer or assign any of his rights and obligations hereunder.

 

26. Right of set-off and Lien: SIB Ltd. shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits/scrips held in the Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the Internet Banking extended to and/ or used by the user.

 

27. Proprietary Rights: There will be no obligation on SIB Ltd. to support all or any versions of the Internet software as may be required for offering Internet Banking. The user acknowledges that the software underlying the Internet Banking as well as other Internet related software which are required for accessing Internet Banking are the legal property of the respective vendors.

 

The permission given by SIB Ltd. to access Internet Banking will not convey any proprietary or ownership rights in such software. The user shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying Internet Banking or create any derivative product based on the software.

 

28. Communications through Electronic means: Documents sent by electronic delivery will contain all the information as it appears in the printed hard copy version as prepared and distributed by the originator, with the possible exception of graphic insertions such as photographs or logotypes. Electronic delivery may be in the form of an electronic mail, an attachment to the electronic mail, or in the form of an available download from the Website. SIB Ltd. would be deemed to have fulfilled its legal obligation to deliver to the user any document if such document is sent via electronic means. Failure to advise SIB Ltd. of any difficulty in opening a document so delivered within twenty-four (24) hours after delivery shall serve as an affirmation regarding the acceptance of the document.

 

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