Last updated on: May 13, 2024

TERMS & CONDITIONS GOVERNING CREDIT CARD FACILITIES

These Terms and Conditions apply to and regulate the provision of Credit Card facilities by
ICICI Bank Limited.
I.DEFINITIONS & INTERPRETATION "Affiliate" means and includes:
- any company which is the holding or subsidiary company of ICICI Bank, or - a Person
under the Control of or under common Control with ICICI Bank, or
- any Person, in 26% or more of the voting securities of which, ICICI Bank has a direct
or beneficial interest or Control.
For the purpose of the definition of Affiliate, "Control" when used with respect to any
Person,
means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of the vote carrying securities, by contract or
otherwise howsoever and "Person" means any individual, company, firm, corporation, a
partnership, trust or any other entity or organization or other natural or legal person.
"Applicant" means person(s) who has / have applied for a Card to ICICI Bank.
"Authorized Dealer" means an authorized dealer as defined in the Foreign Exchange
Management Act, 1999, as amended from time to time.
"Business Day" means a day on which the relevant office of ICICI Bank specified in the
Application Form or through which the Card is provided or such other office as may be
notified by ICICI Bank to the Card Member, is open for normal business transactions.
"Card" or "Credit Card" or "EMI Card” or "Online Credit Card" or "Business Card" or ‘Visa
mCheck credit card’ means an ICICI Bank VISA / AMEX / MasterCard Credit Card or any
other
Credit Card issued by ICICI Bank at the request of the Applicant.
"APIN" means the Personal Identification Number allocated to the Card Member by ICICI
Bank
or chosen by the Card Member/ ICICI Bank from time to time, in relation to the Card. (NA on
the Visa mCheck card)
"Card Account" means the account opened in the name of the Card-Member and
maintained
by ICICI Bank for the purpose of usage of the Credit Card as per the terms and conditions
contained herein.
"Cash-Limit" means the maximum amount of cash or equivalent of cash as defined or
prescribed by ICICI Bank, that the Card Member can use on his Card Account. Cash-Limit
forms a subset of the Card Member's Credit-Limit / Purchase Limit. (NA on the Visa mChek
card)
"Charges" or "charges" means such charges as are set out in Clause VI hereof or mentioned
anywhere in these Terms and Conditions. All details of Charges mentioned herein shall be
as provided in the Tariff Annexure unless specifically communicated to the Card Member,
as amended from time to time.
"Company" means a company as defined in the Companies Act, 1956, as amended from
time
to time.
"Credit-Limit / Purchase Limit" means the limit up to which the Card Member is authorized
to
spend on his Credit Card.
"ICICI Limit" shall mean ICICI Bank Limited, the proprietors of the Credit Card, its
successors
and permitted assigns.
"ICICI Bank Customer Care Centre" refers to ICICI Bank -Phone Banking Service provided
by
ICICI Bank to the Card Members.
"Infinity" refers to the trade name of ICICI Bank's Internet Banking Service / website owned,
established and maintained by ICICI Bank at the URL www.icicibank.com. (NA on the Visa
mChek card)
"Insurance Company" means ICICI Lombard General Insurance Company Limited or any
other Insurance Company as may be decided by ICICI Bank, from time to time.
"Member" or "Cardholder" or "Card Member" means the Applicant to whom a Card bearing
his name is issued and who holds such Card.
"Merchant Establishment" means establishment wherever located which honors the Card
and shall include among others, stores, shops, restaurants, hotels, airlines, cash advance
points including ATMs and mail order advertisers (whether retailers, distributors or
manufacturers).
"Merchant" means any person who owns or manages or operates the Merchant
Establishment, its successors and permitted assigns.
"Minimum Amount Due" or "MAD" means the amount stated as such in the Statement.
"Total
Amount Due" or "TAD" means is the amount stated as such in the Statement.
"Payment Due Date" means the date every month, on which the payment in respect of the
charges incurred by usage of the Card by the Card Member falls due as communicated
through the Statement.
"Primary Card Member" is the person in whose name the Card Account has been opened
and to whom the Card has been issued.
"RBI" means the Reserve Bank of India.
"Statement" means monthly statement/s of account sent by ICICI Bank to a Card Member
setting out the financial liabilities on that date, of the Primary Card-Member and any
Supplementary Card Member to ICICI Bank in respect of the Card Account.
"Supplementary Card Member" means the family member of the Primary Card Member
who
becomes a Card Member by virtue of his relationship with the Primary Card Member.
(Supplementary card NA on mChek)
"Tariff Annexure" means an annexure detailing the charges applicable for the services
offered on the Card. These charges are subject to changes at the sole discretion of ICICI
Bank. However, such changes in charges may be made only with prospective effect giving
prior notice of 30 days to the Card Member.
"Transaction Instruction" means any instruction given by a Card Member directly or
indirectly
to ICICI Bank and /or through ICICI Bank Customer Care Centre and /or through Infinity, to
effect the transaction. Transaction Instruction would include, but not be limited to a charge
slip, a cash advance slip or a mail order coupon.
These "Terms and Conditions" mean the terms and conditions set out herein and/ or as
may
be stipulated by ICICI Bank from time to time, as amended. In these Terms and Conditions,
unless the contrary intention appears: -
(a) a reference to an "amendment" includes a supplement, modification, novation,
replacement or reenactment and "amended" is to be construed accordingly; an
"authorization" or "approval" includes an authorization, consent, clearance, approval,
permission, resolution, license, exemption, filing and registration; "law" includes any
constitution, statute, law, rule, regulation, ordinance, judgement, order, decree,
authorization, or any published, directive, guideline, requirement or governmental
restriction having the force of law, or any determination by, or interpretation of any of the
foregoing by, any judicial authority, whether in effect as of the date of signing/submission
of the Application Form or thereafter and each as amended from time to
time.
(b) the singular includes the plural (and vice versa);
(c) the headings in these Terms and Conditions are inserted for convenience of reference
only and are to be ignored in construing and interpreting the Terms and Conditions;
(d) reference to the words "include" or "including" shall be construed without limitation;
(e) reference to a gender shall include references to the female, male and neuter genders;
(f) all approvals, permissions, consents or acceptance required from ICICI Bank for any
matter shall require the prior, written approval, permission, consent or acceptance of ICICI
Bank;
(g) references to VISA/MASTERCARD regulations pertain to the guidelines issued by
VISA/MASTERCARD to all the member banks of its network.
(h) in the event of any disagreement or dispute between ICICI Bank and the Card Member
regarding the materiality of any matter including of any event, occurrence, circumstance,
change, fact, information, document, authorization, proceeding, act, omission, claims,
breach, default or otherwise, the opinion of ICICI Bank as to the materiality of any of the
foregoing shall be final and binding on the Card Member.
(i) the usage of the words "ICICI Bank Credit Card Agreement" on the Card or elsewhere,
means these Terms and Conditions.
II. CARD SERVICES
The Card is the property of ICICI Bank. ICICI Bank reserves the right to (1) ascertain the
credit
worthiness of the Applicant by obtaining credit bureau report and such other reports as it
may deem necessary and (2) decline to issue a Card to any Applicant at its sole discretion.
The Card is not transferable and its usage is subject to the terms mentioned herein and any
additional conditions stipulated by ICICI Bank from time to time. The Card Member shall
sign
on the reverse of the Card immediately on receipt of the same. The ICICI Bank Customer
Care Centre and/or Infinity is available to all Card Members. The Card Members availing of
any services /facilities including but not limited to, enhancement of credit limit, enquiry on
transactions, Total Amount Due, Statement details, Payment Due Date, etc. through ICICI
Bank Customer Care Centre and/or Infinity, shall at all times continue to be bound by the
terms and conditions stipulated by ICICI Bank with respect to the services / facilities and
the
mode of availing such facilities / services, as amended from time to time.
III. USE OF THE CARD
(a) In case of an internationally valid Card, the Card is valid world-wide except as provided
in Clause III (h) herein below. In case of other Cards, the use is restricted at only the
Merchant
Establishments accepting VISA/VISA Electron Credit Cards/MasterCard/AMEX in India.
However,
ICICI Bank and the Merchant Establishment concerned, reserve the right, at any time, to
refuse
the use of the Credit Card at that Merchant Establishment for any reason whatsoever. The
Credit
Card may be used only for bonafide personal or official purposes and its use is not
permitted
to be exploited by the Card Member. In the event any charge for
the availment of the purchase or other facility is levied by the Merchant Establishment, on
the charges incurred by the Card Member, the same shall be settled with the Merchant
Establishment and ICICI Bank shall in no manner be held liable for the same. On usage of
the
Card at the Merchant Establishment, the Card Member must collect the copy of the
chargeslips at the time of signing the charge-slip. The Card Member shall be responsible for
signing
the charge-slip; in the event the charge-slip is not signed by the Card Member, the Card
Member shall continue to be liable for the transaction/s and all charges in relation thereto.
ICICI Bank shall not provide copies of the charge slips to the Card Member; provided
however if the Card Member makes such request within forty-five days of the relevant
transaction, ICICI Bank may, at its sole discretion, provide copies of the charge slips at a
charge mentioned in the Tariff Annexure. ICICI Bank may, at its sole discretion agree to
provide the Card Member with the facility of effecting mail order or telephone order
purchases.
The use of an Online Credit Card shall be restricted to online transactions / mail orders
only.
An Online Credit Card shall be issued only as a Supplementary Card / Add-on Card and not
as a Primary Card, or as may be intimated by ICICI Bank, at its sole discretion, from time to
time. The use of the Visa mCheck card shall be restricted to payments &/or purchases
through the mobile. The Visa mCheck credit card shall be issued as a supplementary card
and not a primary card, or as may be intimated by ICICI Bank, at its sole discretion, from
time
to time. The Card Member is aware that in case of mail order telephone order or mobile
purchases, the charge slips will not be signed by the Card Member at the time of the
purchase. Accordingly, the Card Member accepts that, even in the event of any dispute
regarding the authenticity or validity of such a purchase or a charge, for any reason
whatsoever, the Card Member will make payment to ICICI Bank of all out standings due.
(b) All disputes shall be a matter between and will be settled by the Card Member with
the concerned Merchant Establishment. ICICI Bank shall not be liable, in any manner
whatsoever, for the same.
(c) The Card may be used: (i) Within the Credit-Limit notified by ICICI Bank to the Card
Member; and (ii) not after the last date of the month embossed on its face.
(d) The Card Member's right to use the Card shall determine forthwith: (i) In the event of
termination pursuant to Clause V below; or (ii) in the event of loss /misuse or theft of
Card.
(e) By usage of the Card, Card Member is deemed to have made a standing request that
renewal of period of the Card and/ or replacement Cards be issued to each Card Member
until such time as the ICICI Bank Customer Care Centre/Infinity is notified otherwise by
the Card Member, and such renewal and/or replacement shall be subject to the sole
discretion of ICICI Bank.
(f) In the event of a credit card program closure or at the time of renewal of credit card,
ICICI Bank Limited at its sole discretion reserves the right to provide a card type that
is different from the existing card type held by the card member. The credit limits and
cash limits on any credit card at any point in time are as per sole discretion of ICICI
Bank Limited.
(g) The Card Member shall act in good faith at all times in relation to all dealings with the
Card and ICICI Bank.
(h) The internationally valid Card issued to the Card Member is valid world-wide except
for payment in foreign exchange at Merchant Establishments in Nepal & Bhutan. In
respect of Cards, the use of which is restricted only in India / Nepal / Bhutan, use
outside India / Nepal / Bhutan is a breach of the "Foreign Exchange Management Act"
(FEMA) or any other corresponding law. The Card Member accepts full responsibility
for wrongful use in contravention to these conditions and undertakes and agrees to
indemnify ICICI Bank to make good any loss, damage, interest, conversion, any other
financial charge that ICICI Bank may incur and / or suffer as a result of the Card
Member committing violations of the provisions thereof.
(i) Internationally valid Card can be used on Internet for any purpose for which exchange
can be purchased from an Authorized Dealer in India.
(j) Internationally valid Card and all other Cards cannot be used on Internet or otherwise
for purchase of prohibited items like lottery tickets, banned or proscribed magazines,
participation in sweepstakes, payment for callback services, remittance in any form
towards overseas forex trading, margin calls to overseas exchanges/overseas
counterparty, trading in foreign exchange in domestic/overseas markets etc.
(k) Authorized Dealers can accept payment by debit to Credit Card for exports made out
of India irrespective of whether the importer client is on a visit to India or not.
Therefore, Authorized Dealers may receive payment for exports made out of India by
debit to the Credit Card of an importer, where the reimbursement from the Card
issuing bank/organization will be received in foreign exchange.
(l) ICICI Bank reserves the absolute discretion and liberty to decline or honor the
authorization requests on the Card without assigning any reason. In certain cases,
subject to its sole discretion, ICICI bank may require the Card Member to contact ICICI
Bank Customer Care Centre to authenticate the transaction before approving it and
charging to the Card Account.
(i) The Card Member agrees that he will not use the Card as payment for any
illegal/unlawful purchase/purposes.
(ii) The Credit Card is issued for personal expenses and purposes only. The Cardholder
must not use the Credit Card to purchase anything for resale, for commercial or business
purposes. The Credit Card should be used only for lawful, bonafide personal purposes and
must not be used for any money laundering, anti-social or speculative activities or must
not
be exploited commercially in business (e.g., for working capital purposes).
(m) If the Credit Card is found to be used for prohibited, restricted, commercial purposes or
any purposes as mentioned above, ICICI Bank may, at its sole discretion, exercise its right
to
close the concerned Credit Card and additional/add-on cards thereof, without any notice
to
the Cardholder. ICICI Bank has the right to enquire over phone or through other means of
formal communication and ‘seek details, information, proofs, etc. about the Credit Card
transactions, pattern of usage etc. and the Cardholder is contractually bound to provide
the
information sought by ICICI Bank, from time to time. Non- satisfactory responses or no
responses from the Cardholder may lead to blocking/closure of the Credit Card by ICICI
Bank.
(i)The Cardholder must not obtain or introduce credit to the Card Account for any reason
other than as refund for any goods or services previously purchased with the Credit Card.
Transactions on the Credit Card will be allowed only up to the un-used amount of total
Credit
Limit on the Card Account.
IV. LINKING OF CARD WITH EXISTING SAVINGS ACCOUNT, IF ANY
The Applicant acknowledges and agrees that his/her Card will be linked with his/her
existing
ICICI Bank savings account, if any, at the discretion of ICICI Bank. The Applicant further
acknowledges and understands that this would enable him/her to access his Card Account
using the existing User Id provided to him/her under the ICICI Bank savings account, if any,
through Internet Banking services and iMobile facility. The Applicant further provides
consent to and authorizes ICICI Bank to use the KYC details provided by the Applicant for
the aforesaid purpose. The Applicant understands that he/she may delink his/her ICICI
Bank
savings account from his/her Card by calling ICICI Bank Customer Care.
V. PERSONAL IDENTIFICATION NUMBER
To enable the Card Member to use the Card, a Personal Identification Number (APIN) will
be
issued to him. The APIN shall be mailed to him and in the event the same is not received in
a sealed envelope* the Card Member shall contact an ICICI Bank branch or the ICICI Bank
Customer Care Centre. This APIN may subsequently, be changed by the Card Member, at
his own risk, at an ATM or at the ICICI Bank branch or at the ICICI Bank Customer Care
Centre.
The APIN provides access to the Card Account and the Card Member accepts the sole
responsibility for use, confidentiality and protection of the APIN, as well as for all orders
and
information changes entered into the Card Account using such APIN. The Card Member
shall
not record the APIN in any form so as to facilitate the APIN coming to the knowledge of a
third party. ICICI Bank is authorized by the Card Member for carrying out transactions and
instructions authenticated by the APIN and shall not revoke the same. ICICI Bank has no
obligation to verify the authenticity of the Transaction Instruction sent or purported to have
been sent from the Card Member other than by means of verification of the Card Member's
APIN. The Card Member shall at all times take all appropriate steps, including those as
mentioned herein, to maintain the security of the APIN. If the Card Member fails to observe
the security requirements, he may incur liability for ICICI Bank. ICICI Bank may, in its
absolute
discretion, issue a new APIN on the existing Card. Subject to the provisions stated herein
and as specified by ICICI Bank from time to time, the Card Member will not hold ICICI Bank
liable in case of any improper/ fraudulent/unauthorized/ duplicate/ erroneous use of the
Card
and/or the APIN. ICICI Bank will also not be liable for any consequences connected with
the
use/ misuse of the Card by any third party due to the Card falling in the hands of any third
party or the APIN coming to the knowledge of any third party. If any third parties gain access
to the services, including the Card Account, the Card Member will be responsible and shall
indemnify ICICI Bank against any liability, costs or damages arising out of such misuse /
use
by third parties based upon or relating to such access and use, or otherwise. A Pin is not
issued for Visa mCheck credit cardholders.
For Credit Card Members APIN will be sent through SMS on registered mobile number.
In case the mobile number is not registered, the APIN will be sent separately at the mailing
address. In case of non-receipt of the APIN, the Card Member may generate the same on
the
Interactive Voice Response system (IVR) by calling ICICI Bank Customer Care or through
Internet Banking/iMobile. ICICI Bank shall not be responsible if the Card Members provide
with an incorrect registered mobile number.
VI. BREACH & TERMINATION / WITHDRAWAL
(a) Breach: In the event of breach of any of these Terms and Conditions by any Card
Member; (i) notwithstanding any other provision of these Terms and Conditions the Card
Member will remain liable for any loss directly or indirectly resulting from such a breach;
and (ii) The Card Member will be liable to pay ICICI Bank, upon demand, all amounts
outstanding from the Card Member to ICICI Bank, whether due and payable to ICICI Bank
at
the date of such demand or not. (b) Termination / Withdrawal: The Card Member may at any
point of time, by notice in writing to ICICI Bank Limited, ICICI Phone Banking Center, ICICI
Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally,
Hyderabad – 500032, India, request for termination of the Card Account.
(i) The aforesaid notice will not take effect till the Card has been defaced by cutting off
the top right-hand corner ensuring that both the hologram and magnetic stripe have been
cut (except in case of an Online Credit Card & Visa mChek credit card), and has been
received
by ICICI Bank. Save as aforesaid, neither the Card Account nor any Card may be
terminated.
(ii) In the event the Charges are incurred on the Card after the Card Member claims to
have destroyed the Card, but the Card has not been received by ICICI Bank, the Card
Member
shall be entirely liable for charges incurred on the Card, whether or not the same are the
result of the misuse and whether or not ICICI Bank has been intimated of the destruction of
the Card.
(iii) ICICI Bank may at any time, with or without notice, as to the circumstances in ICICI
Bank's absolute discretion require, terminate the Card Account and the Card. The Card
Member expressly acknowledges and accepts that if the Card Member holds two or more
Card Account with ICICI Bank, being governed under these Terms and Conditions and
defaults in making payments due to ICICI Bank under one of the Card Account, ICICI Bank
is
authorized to block the credit limit as made available to the Card Member under all other
ICICI Bank’s Card Account/s as well as withdraw such privileges / benefits as made
available
under all such Card Account/s , till such time the defaulting Card Account is regularized by
the Card Member. The Card Member also agrees and acknowledges that ICICI Bank shall
not
be required to provide any additional notice for the above.
(iv) On termination of the Card Account and notwithstanding any prior agreement
between ICICI Bank and the Card Member to the contrary: (A) the total of all the Charges
then outstanding, whether or not already reflected in the Statement and, (B) the amount of
any Voluntary Charges incurred after termination (with effect from the date of relevant
Transaction Instruction), shall become forthwith due and payable by the Card Member as
though they had been so reflected, and interest will accrue thereon from the date such
charges have been incurred, as applicable from time to time.
(v) ICICI Bank, at its sole discretion, reserves the right to, either temporarily or
permanently, withdraw the privileges on the Card and/or cancel the Card at any time
without
giving any notice or assigning any reason therefor. In case of a temporary withdrawal, the
privileges may be reinstated by ICICI Bank at its sole discretion. In case of a permanent
withdrawal, ICICI Bank has a right to refuse membership to the Card Member permanently.
However, it is made distinctly clear that withdrawal (temporary or permanent) shall
constitute automatic withdrawal of all attendant benefits, privileges and services attached
to
the Card. In the event of such temporary or permanent withdrawal, the Card Member shall
continue to be fully liable for all charges incurred on the Card prior to such withdrawal,
together with all other applicable charges thereon, unless otherwise specified by ICICI
Bank.
Card may be withdrawn and the Card Account may be closed at any time without reference
to the validity period embossed on the Card. The Card Member agrees to surrender the
Card
to ICICI Bank, or its representative, upon being requested to do so. Use of the Card after
the
notice of withdrawal of its privileges is fraudulent and subjects the Card Member to legal
proceedings.
VII. CHARGES & PAYMENTS
Charges comprise each of the following:
(A) Voluntary Charges will include: The amount of any purchase of goods and / or service
made by a Transaction instruction; The amount of any cash advance provided pursuant to
a Transaction instruction; Any amount, which the Card Member has requested ICICI Bank
to debit the Card Account by virtue of a Transaction Instruction
(B) Involuntary Charges will include: Any fees charged by ICICI Bank in respect of a Card
Account or a Card, including joining, annual, replacement, renewal, handling, late
payment and other fees. The joining / annual fees will be debited to the Card Account at
ICICI Bank's prevailing rates. These fees shall be non-refundable. An annual fee towards
renewal of membership shall be payable by the Card Member on or before the first
anniversary of the Card. Service charges on specific types of transactions as decided by
ICICI Bank from time to time may be levied. The method of computation of Involuntary
Charges will be as notified by ICICI Bank from time to time.
(C) ICICI Bank's record of the amount of any Charge, specified herein above, shall, in the
absence of manifest error, be final and binding on the Card Member, and shall be
conclusive in any case where ICICI Bank has effected any payment pursuant to a Voluntary
Charge. All statutory taxes, GST, all other imposts, duties (including stamp duty and
relevant registration charges, if any, in connection with the Card) and taxes (of any
description whatsoever) as may be levied from time to time by the Government or other
authority in respect of or in connection with the Card.
(D) Delayed or Amended Charges
a) A Merchant may process delayed or amended charges if the Card Member has
consented to be liable for delayed or amended charges for a Hotel, Car Rental
Company, or Cruise Line Transaction or any other transactions.
b) A delayed or amended charge shall be processed to the Card Account within 90
calendar days of the transaction date of the related transaction.
c) These transactions may include room, food or beverage charges, taxes, fuel,
insurance, rental fees, damage to rental vehicles, parking tickets and other traffic
violations, and goods and services purchase aboard a Cruise Line vessel.
(E) Charges in Foreign Currency in respect of Cards other than internationally valid Cards,
ICICI Bank will not be bound to take cognizance of, and will not be liable in any manner
whatsoever in respect of any charges which are incurred in foreign currency in the
territories other than Nepal & Bhutan. Without prejudice to the aforesaid, any payment of
such Charges made by ICICI Bank will be with full recourse to the Card Member, and will
not be considered as absolving the Card Member of any liability in relation to incurring
of such charges or payments thereof by ICICI Bank. ICICI Bank shall be fully indemnified
and held harmless against all consequences of such payments, by the Card Member.
(F) Transactions with Railways:
When a ticket is booked with a Credit Card, the Card Member will have to pay for the
purchase of the ticket subject to any additional charges, if applicable. For any ticket
subsequently cancelled the amount will only be credited to the Card Account (less
cancellation charges) as and when credit for the same is received by ICICI Bank.
However, on successful submission of the charge slip to ICICI Bank by the Card ember,
within 150 days from the date of cancellation together with a letter confirming the date of
purchase, the date of cancellation and a copy of the Statement where the debit has
appeared
for the purchase of the tickets, the credit shall be posted to the Card Member's Card
Account.
A transaction fee as applicable will be levied.
(G) Transactions at Fuel Stations:
When the Card Member uses the Card to pay for fuel, he will be charged a transaction fee
as mentioned in the Tariff Annexure.
On fuel purchase at Off us terminals and non HPCL outlets, the surcharge reversal will not
include GST.
(H) The Card Member shall become liable as soon as a Charge has been incurred by use of
the Credit Card. If there are any outstanding (whether billed or not) remaining unpaid as on
a Payment Due Date, then such outstanding shall bear and carry such Charges as specified
in the Tariff Annexure. The charge is computed on an average daily balance method and will
be levied from either of the following dates: Where the charge is in respect of purchase of
goods or services, from the date of it being included in the records of ICICI Bank. Where the
charge is in respect of withdrawal of cash, from the date of such withdrawal up to the date
of receipt of payment by ICICI Bank.
(I) Without prejudice to the liability of the Card Member to immediately pay all Charges on
or before the Payment Due Date, as communicated in the Statement, the Card Member
may exercise the option to pay on or before the Payment Due Date, only the Minimum
Amount Due (MAD) indicated in the Statement. The MAD shall be 5% of the Total Amount
Due, or such other amount as may be determined by ICICI Bank at its sole discretion. In
case of any repayment through installments, the installment amount due during the
statement period will be added to the Minimum Amount Due. If the total outstanding is
more than the Credit or Cash Limit, then the amount by which the Credit or Cash Limit
has been exceeded will also be included in the MAD.
In case of availing credit card upgrade facility (where explicit preference of auto debit is not
sought from customer during onboarding), the auto debit instruction set on the existing
card will be replicated on the new upgraded card. In case of multiple existing cards with
auto debit instructions, the instructions set on the most recently created card will be
applied on the new upgraded card.
Minimum Amount Due shall also include unpaid Minimum Amount Due of the previous
statements, if any. In cases where only the MAD has been paid, interest would be charged
on the remaining amount of the Total Amount Due from the date of the transactions.
Where such an option to pay only MAD is exercised by the Card Member, the same shall
additionally be subject to the following special terms and conditions:
a) On receipt of the Statement, the Card Member can make the payment in any of the
following ways, by way of Infinity payment, Cheque payment, Draft payment, Cash
payment,
Auto Debit payment, RTGS payment, click to Pay payment or NEFT payment, to ICICI Bank
for the Total Amount Due as indicated in the Statement or an amount equal to or more than
the Minimum Amount Due (MAD) by the Payment Due Date.
b) All charges incurred by the use of the Card shall bear and carry a service charge in the
manner as stated under (clause (H) above).
c) If payment is made for the MAD or for any amount less than the Total Amount Due,
interest
and service charges will be applied on the total outstanding amount from the date of
purchase, and on fresh purchases that are incurred subsequently, till subsequent Payment
Date. In addition to the charges as stipulated herein above, Late payment charges will be
applicable if the Minimum Amount Due (MAD) is not paid by the payment due date. Any
MAD or portion thereof that has been paid shall cease to attract interest after the Payment
Date if the same has been received by ICICI Bank from the Card Member.
* ICICI Bank may, at its sole discretion, at any time, without prior notice, withdraw the
option
to pay only the MAD as described in the foregoing clauses, in relation to any Card Member.
Unless otherwise agreed to by ICICI Bank, any payments received from the Card Member
against amounts specified in a particular Statement shall be appropriated towards such
dues
in the following order with effect from October 20, 2008:
1. All taxes, fees, interest, costs, charges, expenses;
2. Payment towards personal loans on credit cards and installments payable on balance
transfer facility;
3. Payment of installments for retail purchases (where payment against the retail
purchases
has been converted into installments);
4. Payment towards cash withdrawals and draft on phone facility;
5. Payment towards other variants of balance transfer facility that may have been availed
by
the Card Member;
6. Payment towards retail purchases.
Notwithstanding anything contained herein above: (i) ICICI Bank may, at its discretion,
appropriate such payments towards the dues, if any, payable by the Card Member in
respect
of other facilities availed of by the Card Member from ICICI Bank in the order specified in
the
relative documents or otherwise; (ii) the order of appropriation may be modified by ICICI
Bank at its discretion. Excess amounts, if any, remaining after such appropriation may be
appropriated against the amounts, which are to be specified in the immediately next
Statement/s to be generated by ICICI Bank. ICICI Bank will assign a Credit-Limit to a Card
Account, which must not be exceeded at any time.
However, if the total outstanding exceed the Credit-Limit, an additional charge will be
levied
on the excess amount.
The Card Member shall be entitled to apply for a review / enhancement / reduction of the
Credit Limit and/or Cash Limit (if provided by ICICI Bank), upon completion of 12 months of
his membership.
Alterations upon such review, if any, of the Credit Limit and/or Cash Limit will be at the sole
discretion of ICICI Bank. ICICI Bank shall at its sole discretion be entitled to review
(including
enhancement or reduction) of the Credit Limit and/or Cash Limit assigned on the Card at
any
time and only enhancements, if any, to the Credit Limit and/or the Cash Limit, shall be
effected by ICICI Bank with the consent of the Card Member.
Note: If the payment for the Total Amount Due is received by ICICI Bank on or before the
Payment Due Date, no service charge will be levied. However, all cash transactions and
drafts will attract a service charge at the prevailing rate from the date of transaction until
the
payment for the same is received by ICICI Bank.
(J) ICICI Bank will be entitled, but not bound, to give effect to any instructions given by the
Card Member to effect his Credit Card payments by crediting his Card Account and
debiting,
with like amount, such other account as may have been established by the Card Member
with ICICI Bank. The whole of the outstanding balance on the Card Account, together with
the amounts of any outstanding Card transactions, effected but not yet charged to the Card
Account, shall become immediately due and payable in full to ICICI Bank, by the Card
Member, his successors, nominees, legal heirs in the event of his death (after adjustment
of
Credit Shield benefit*) or insolvency or winding up of the business of the Card Member.
*For
details, please visit icicibank.com
(K)The Card Member expressly accepts that if he fails to pay any money when due, or which
may be declared due prior to the date when it would otherwise have become due, or
commits any default under agreement with ICICI Bank under which the Card Member is
enjoying any financial/credit/other facility, then, ICICI Bank shall, at its sole discretion,
without prejudice, exercise all or any of its rights and remedies available to it in these Terms
and Conditions and/or applicable laws.
(L) Without prejudice to the other rights of ICICI Bank hereunder, in case of delay in
payment
ICICI Bank reserves the right to withdraw the Credit Card privileges by instructing the
Merchant Establishments not to honor the Credit Card. The Card Member accepts that, at
its
sole discretion, ICICI Bank or its appointed representatives/agents, may at any time follow
up with him for payment against charges earlier incurred on the Card. The Card Member
also agrees to pay all costs (including legal costs) of collection of all dues, all charges
incurred by ICICI Bank for related and incidental matters including, charges for renewal/
replacement of a Card, for duplicate Statement / charge-slip, transaction fee for cash
advance, collection charges for outstation cheques, penal fees for returned payments and
like expenses, and in the event of legal action initiated, all legal expenses and decretal
amount with interest. For details on all Charges refer Tariff Annexure.
(M) In the event the Cardholder / Card Member does not pay his outstanding dues on the
relevant due dates, ICICI Bank shall be, in addition to the various rights and remedies of
ICICI
Bank referred to in the clauses herein, irrevocably entitled and authorized to contact and
require the Cardholder’s /Card Member’s employers to make deduction/s from the
salary/wages payable by the employer to the Cardholder / Card Member and to remit the
same to ICICI Bank until all of the Cardholder / Card Member dues outstanding from the
Cardholder / Card Member to ICICI Bank is/are completely discharged. The deductions
shall
be of such amounts, and to such extent, as ICICI Bank may communicate to (and instruct)
the Cardholder’s / Card Member’s employers. The Cardholder / Card Member shall not
have,
or raise/create, any objections to such deductions. No law or contract governing the
Cardholder / Card Member and/or the Cardholder’s / Card Member’s employer prevents or
restricts in any manner the aforesaid right of ICICI Bank to require such deduction and
payment by the Cardholder’s / Card Member’s employer to ICICI Bank.
VIII. CASH WITHDRAWAL
The Card Member can use the Card to access emergency cash from teller counters at ICICI
Bank branches/Automated Teller Machines (ATMs) of select ICICI Bank locations or
correspondent banks/other locations as decided periodically by ICICI Bank and as
specified
by ICICI Bank to Card Member from time to time. The total amount that can be withdrawn
under this facility at any point in time should not exceed the available Cash Limit as
specified
by ICICI Bank for each Card Member.
The Card Member shall be required to retain the record of the transaction, generated by the
ATM, with him. A transaction fee would be levied on all charges and would be billed to the
Card Member in the Statement communicated thereafter. In addition, all cash withdrawals
will also attract a service charge calculated on an average daily outstanding balance
method
from the date of such withdrawal till the payment is received by ICICI Bank. This service
charge will be debited to the Card Account. The transaction fees and service charges as
mentioned above are non-refundable. The Cash Limit on selective Card, as may be
specified
by ICICI Bank, for the first one hundred eighty (180) days from the date of issuance of the
Card shall be NIL. After the expiry of the first 180 days’ period, the Cash Limit shall be made
available to the Card Member by ICICI Bank at its sole discretion and on such terms as may
be communicated by ICICI Bank from time to time.
IX. DRAFT ON PHONE
Request for issue of drafts can be made on the Card Account over the telephone through
the ICICI Bank Customer Care Centre. All drafts will be issued only for amounts not
exceeding
the available Cash Limit and a transaction fee would be levied on all drafts and would be
billed to the Card Member in the Statement. In addition to the transaction fee, all drafts will
also attract a service charge and shall be payable from the date of issuance of the draft to
the date of repayment by the Card Member to ICICI Bank. The service charge will be
debited
to the Card Account at ICICI Bank's prevailing rate.
The transaction fees and service charges as mentioned above are non-refundable. ICICI
Bank
reserves the right to discontinue this facility at any time without prior notice and without
liability to the Card Member. The draft once issued will be mailed /couriered to the Card
Member's mailing address last recorded in ICICI Bank's records. While every effort will be
made to deliver the draft within 4 working days from the time the request is received by
ICICI
Bank - Customer Care Center, no assurance in this behalf is held out. ICICI Bank will not be
responsible on account of non-delivery or delays in delivery or non-receipt of drafts. If a
draft
is lost or is to be cancelled, the ICICI Bank Customer Care Centre must be informed
immediately. ICICI Bank will refund the principal of the draft only through credit to the Card
Account after receiving a duly filled indemnity (in a form acceptable to ICICI Bank) from the
Card Member. For drafts to be cancelled the draft must be returned and a cancellation
charge
will be levied. If a draft is lost/stolen, ICICI Bank will not be responsible for replacement or
compensation.
X. INSURANCE BENEFIT
The Card Member may be offered various insurance benefits from time to time by ICICI
Bank
through a tie up with the Insurance Company. In all cases of claim, the Insurance Company
will be solely liable for settlement of the claim, and the Card Member will not hold ICICI
Bank
responsible in any manner whether for compensation, recovery of compensation,
processing of claims or for any other reason whatsoever. Subject to the terms of the para
below, the Insurance Company will be absolved of all its liabilities by releasing approved
dues to the nominee of the Card Member whose name and signature, duly witnessed,
appears on the insurance nomination form forwarded by the Card Member to the Insurance
Company directly or through ICICI Bank. Any change in the nomination will be intimated to
ICICI Bank by the Card Member in writing. The Card Member further acknowledges that the
insurance benefits so provided will be available to the Card Member only so long as the
Card
Member is and remains a Card Member of ICICI Bank with his Card Account being good
and
regular and no event of default has occurred.
The Card Member further agrees that the insurance claim proceeds may be placed in
escrow
by the Insurance Company at the direction of ICICI Bank until satisfactory discharge of all
outstanding liabilities on the Card by the Card Member. In the event of the Card facility
being
terminated, for whatever reason, all such insurance benefits shall automatically and ipso
facto cease to be available from such date of cessation of membership. ICICI Bank may at
any time (at its sole discretion without giving any prior notice thereof) modify, suspend,
withdraw or cancel these insurance benefits and there will be no binding obligation on
ICICI
Bank to continue these benefits.
XI. LOST, STOLEN OR MISUSED CREDIT CARDS
If a Card is lost or stolen, it must be reported immediately to the ICICI Bank Customer
Care.
However, in case of loss of Card due to theft, the Card Member must also file a report with
the local police station and should be able to produce a copy of the same upon request by
ICICI Bank. ICICI Bank will, upon adequate verification, suspend the Card Account and
terminate all facilities in relation thereto and will not be liable for any inconvenience
caused
to the Card Member. Card Members shall take cognizance of the fact that once a Card is
reported lost, stolen or damaged, the Card cannot be used again, even if found
subsequently. The Card Member declares that if a Card is reported lost, damaged or stolen,
it shall not be used again, even if found or said to be in a non- damaged condition
subsequently. In such cases, the Card Member shall promptly cut the Card in 4 pieces and
return the same to ICICI Bank for cancellation. The Card Member is responsible for the
security of the Card and shall take all steps towards ensuring that the Card is not misused.
In the event that ICICI Bank determines that the Card Member has failed to take the steps
as
mentioned above in case of loss / theft /destruction of the card and the same are
questionable, financial liability on the lost, stolen or damaged card would rest with the
Card
Member and could even result in cancellation of the Card Account.
No liability shall attach to the Card Member for any unauthorized transactions done on the
Card after the reporting of the loss/theft/damage of the Card and upon ICICI Bank having
suspended the Card Account. Liability of any transaction made on the Card post reporting
its loss/theft/ damage shall fall upon the Bank. However, in case of any dispute relating to
the time of reporting and/ or transaction/s made on the Card, post reporting of the said
Card
as being lost/ stolen/ misused, ICICI Bank shall reserve the right to ascertain the time and/
or
the authenticity of the disputed transaction. ICICI Bank reserves the right to block the
Credit
Card on suspected risk of compromise in order to protect the interest of the Card Member
and to avoid misuse in any manner on the Card Account. The Card Member shall not be
able
to use the blocked Card for any transaction/s and shall receive a replacement Card within 7
(seven) working days.
In the event, the Card Member, after being informed by ICICI Bank of the probable fraud
risk,
still requests to unblock the Card, ICICI Bank shall not stand liable or responsible in any
manner for any fraudulent transactions reported to it thereafter on account of fraudulent
usage of the Card or otherwise.
XII. EXCLUSION OF LIABILITY
Without prejudice to the remedies available to ICICI Bank and these Terms, ICICI Bank
shall
be under no liability whatsoever to the Card Member in respect of any loss or damage
arising
directly or indirectly out of:
a) any defect in any goods or services supplied;
b)the refusal of any person/Merchant Establishment to honor or accept a Card; c) the
malfunction of any computer terminal;
d)the giving of Transaction Instruction by any person other than by a Card Member;
e)handing over of the Card by the Card Member to anybody other than ICICI Bank or its
representatives;
f)ICICI Bank exercising its right to demand and procure the surrender of the Card prior to
the
expiry date exposed on its face, whether by ICICI Bank;
g)the exercise by ICICI Bank of its right to terminate any Card and the Card Account;
h)any injury to the credit character and reputation of the Card Member alleged to have been
caused by the repossession of the Card and/or, any request for its return or the refusal of
any merchant establishment/ mail order establishment to honor or accept the Card;
i) any mis-statement, misrepresentation, error or omission in any details disclosed by ICICI
Bank; In the event a demand or claim for settlement of outstanding dues from the Card
Member is made, either by ICICI Bank or any person acting on behalf of ICICI Bank, the
Card
Member agrees and acknowledges that such demand or claim shall not amount to be an
act
of defamation or an act prejudicial to or reflecting upon the character of the Card Member,
in any manner.
The Cardholder acknowledges that the provision of the facility of receiving alerts on mobile
phone number or e-mail, provided by the Cardholder while applying for the credit card
facility, is dependent on the infrastructure, connectivity and services to be provided by
service providers engaged by ICICI Bank or otherwise. The Cardholder accepts that
timelines, accuracy and readability of alerts sent by ICICI Bank will depend on factors
affecting other service providers engaged by ICICI Bank or otherwise. ICICI Bank shall not
be
liable for non-delivery or delayed delivery of alerts, error, loss or distortion in transmission
of alerts to the Cardholders.
XIII. BALANCE TRANSFER FACILITY
"Facility" means transfer, at the sole discretion of ICICI Bank, of such amount of the
outstanding balances on Card Member's other bank's credit cards to Card Member's Card
provided / agreed to be provided by ICICI Bank, not exceeding the available Credit-Limit.
"Easy BT" means the Facility in the event the Card Member converts the mode of
repayment
of the Facility into Equated Monthly Installments.
"EMI" or "Equated Monthly Installment" means the equated monthly installment of the
amounts payable by the Card Member to ICICI Bank in respect of the Facility, comprising of
principal amount of the Facility and interest thereon.
“Interest Free Balance Transfer” means the Cardholder avails the Facility at 0% interest
rate
for a definite period specified by ICICI Bank.
"LTBT" (Life-time Balance Transfer) means the Cardholder avails the Facility for an
unspecified period of time at a rate specified by ICICI Bank at the time of availing of the
Facility.
USAGE OF THE FACILITY:
Under the Facility, ICICI Bank shall at its sole discretion, permit the Card Member to
transfer
all or part of his outstanding balances on credit cards issued by other banks / entities, to
his
Card Account. Such transfer shall be effected by way of a demand draft sent to the mailing
address of the Card Member, last registered with ICICI Bank, favoring the other bank / entity
issuing the credit card for crediting the card account of the Card Member with such other
bank / entity for the approved Facility amount.
ICICI Bank shall not be liable for any overdue payments or service charges that may be
incurred by the Card Member in respect of his other credit card post the Facility being
granted / agreed to be granted by ICICI Bank. The Card Member shall remain liable to
continue to make payments to the other credit card issuing bank / entity until the
transferred
amount of the Facility is received by the other credit card issuing bank / entity. Additionally,
the Card Member shall also receive the confirmation in a future statement providing that
his
card account with the other credit card issuing bank / entity has been credited. The Facility
shall be available to the Primary Card Member as well as the Supplementary Card Member,
subject to the available Cash- Limit and/or Credit Limit and will be provided to the Card
Member requesting the facility.
The Cash-Limit and/or the Credit-Limit on the Card will be blocked by the amount of the
Facility granted to the Card Member. The Card Member shall be required to pay a
nonrefundable processing fee on the Facility up to the percentage specified by ICICI Bank
to
the Card Member as specified in the Tariff Annexure. GST shall be applicable on the
processing Fee and interest amount as per ICICI Bank's prevailing rates. Such amount shall
be reflected in the Statement for the particular month. On applying for the Facility to ICICI
Bank by the Card Member, ICICI Bank shall conduct a dummy authorization for Rs. Ten (10)
on the credit card of the other bank for which the Facility is availed of. If the authorization is
successful, the Balance Transfer transaction will be processed subject to other terms and
conditions at the sole discretion of ICICI Bank.
REPAYMENT:
In case of the Facility being Easy BT, the Card Member shall repay the Facility and interest
thereon in EMIs. The interest shall be at such rate which has been indicated by ICICI Bank
to
the Card Member at the time of making the offer for the Facility and as also as
communicated
to the Card Member thereafter. The interest calculation will start from the time the request
regarding Easy BT has been confirmed from the Card Member. The amount of the EMIs
together with other details of the Facility (including rate of interest) shall be also
communicated to the Card Member at his/her mailing address.
The amount of EMI due for a particular month shall subsequently be reflected in the
Statement of that particular month. ICICI Bank shall be entitled / is authorized by the Card
Member to debit the Card Account of the Card Member on a monthly basis for the amount
of EMI due for that particular month, as has been intimated to the Card Member through
the
Statement. Upon repayment by the Card Member, the Cash Limit / Credit Limit shall be
reinstated to the extent of the amount of EMI repaid by the Card Member.
The Card Member shall be required to pay the entire amount of the EMI for a particular
month on the Payment Due Date, as indicated in the Statement and the same shall not be
permitted to be carried forward/included in the next Statement. In the event the payment is
not made by the Payment Due Date as specified, it shall be construed as a default by the
Card Member and Card Member shall become liable to pay the amount together with the
interest as may be leviable on his Facility and late payment charges, as specified in the
Tariff
Annexure.
The amount of the Facility in cases other than Easy BT shall form part of the Total Amount
Due and/or EMI Amount Due and shall be repayable in the manner as provided in Clause VI
and XXXIV, respectively.
In case the Card Member avails the Interest Free Balance Transfer, only the principal
balance
amount transferred is interest-free for the specified period. In case the Card Member
makes
only part payment of the Total Amount Due after availing the Facility, the amount paid by
the Card Member shall be appropriated and interest and service charges shall be levied as
per the terms and condition stated in Clause VI (I) above.
In case the Card Member avails the LTBT, the rate specified by ICICI Bank applies only to
the
principal balance amount transferred. In case of part payment of the Total Amount Due
after
availing the Facility, the amount paid by the Card Member shall be appropriated and
interest
and service charges shall be levied as per the terms and condition stated in Clause VI (I) (c)
above. 5% of the principal balance amount transferred shall be considered while
calculating the
Minimum Amount Due.
FORECLOSURE OF FACILITY:
In case of the Facility being Easy BT, if the Facility is foreclosed/ terminated before the
tenure
of the repayment of the Facility, the amount of the Facility outstanding at the time of
foreclosure/termination together with all interest thereon and all other monies in respect of
the Facility shall become repayable by the Card Member immediately. The Card Member
may foreclose the Facility at any time by contacting ICICI Bank's Customer Care Centre to
avail of the foreclosure. The Card Member shall pay such foreclosure charges as may be
indicated by ICICI Bank in the communication sent to the Card Member at the time of
granting the Facility.
ICICI Bank shall, without prejudice to all rights and remedies, have the right to call upon the
Card Member to forthwith repay the Facility, all interest thereon and all other monies in
respect of the Facility upon occurrence of event of default in payment of EMI for two
consecutive months and the Card Member shall be liable to repay all such amounts upon
such demand.
CANCELLATION OF FACILITY:
The Card Member may cancel the Facility within 15 days of granting the Facility, by
contacting ICICI Bank's Customer Care Centre. Such cancellation shall be subject to
return
of the demand draft at Credit Card Operations, ICICI Bank Ltd. C Wing, Autumn Estates.
Chandivali Farm Road, Chandivali. Next to Chandivali Studio, Opp. MHADA Andheri - East,
Mumbai - 400072 and non-encashment of the demand draft by the Card Member or the
beneficiary.
XIV. SUPPLEMENTARY CARD
Upon receipt of a request by the Primary Card Member for issuance of an add-on Card to
the family member(s) of the Primary Card Member, ICICI Bank shall at its sole discretion
issue a Supplementary Card to the family members of the Primary Card Member on such
terms and conditions as decided by ICICI Bank from time to time.
The usage of the Supplementary Card shall be deemed acceptance of these Terms and
Conditions. The holder of any Supplementary Card and the Primary Card Member,
authorizing its issuance, are jointly and severally bound /liable by these Terms and
Conditions / for payment, however it shall be the Primary Card Member's responsibility to
ensure payment of all charges due and payable under the Supplementary Card. The facility
of a Supplementary Card, being a special facility at such fee/rate as may be stipulated by
ICICI Bank from time to time, continuation of the membership of the Supplementary Card
Member will be solely dependent on the continuation of membership of the Primary Card
Member.
XV. BILLING
All Card Members will be billed on a monthly basis for all Charges incurred by the use of
Card and for all charges applicable to the Card Account. ICICI Bank shall endeavor that no
delay is caused in dispatching the Statement to the Card Member. However, there may be
no statement generated for the period in which there has been no outstanding due and no
transaction on the Card Account in the preceding month.
ICICI Bank shall endeavor to provide Statement online with suitable security to ensure that
the Statement can be accessed only by the Card Member. In the event of non-receipt of the
Statement, for any reason whatsoever, there being no delay on part of ICICI Bank in
dispatching them, the Card Member shall pay ICICI Bank the sum total of all dues
calculated
by using copies of the charge slips in his possession by the Payment Due Date or by
enquiring the same by calling ICICI Bank Customer Care Centre.
XVI. TERMS FOR INSTANT MERCHANT BASED INSTALLMENT PROGRAM
"EMI" or "Equated Monthly Installment" means the equated monthly installment of
amounts
payable by the Card Member to ICICI Bank comprising of principal amount, interest and
any/
or other charges, if applicable.
"Instant EMI" refers to the conversion into EMI upon request by the Card Member, of
transactions performed using the Card at ICICI Bank EDC (Electronic Data Capture)
terminal
and/or for such online transactions, where the option for such conversion is available. ICICI
Bank shall be entitled to, at its sole discretion, make available to individual Card Member,
Instant EMI on the Credit Card, without prejudice to the obligation of the Card Member to
make immediate payment on the incurring of the Charge, the Card Member may, seek to
avail of the option of paying for certain purchases through Equated Monthly Installments
(EMIs) as will be informed to the Card Member by ICICI Bank Customer Care Centre and as
indicated in the Statement sent to the Card Member which shall be subject to the following
terms:
(i) Once a Card Member has opted for payment by Instant EMIs, any subsequent change
will attract a pre-closure charge as may from time to time be fixed by ICICI Bank
depending upon the nature of the purchase. The Card Member may close the facility
(prepayment of the outstanding amount) at any time by contacting ICICI Bank's
Customer Care to avail of the foreclosure of EMI. Foreclosure charges equal to 3%
on outstanding principal amount plus next month’s interest shall be levied to Card
account. The Card Member necessarily has to call up the ICICI Bank Customer Care
for complete prepayment of the facility.;
(ii) In case any portion of the billed and outstanding charges are not permitted to be paid
in Instant EMIs and such portion is not paid by the Payment Due Date, the same will
bear and carry an interest, service charge and late payment charge at the rate and in
the manner stated in Clause VI;
(iii) The Instant EMI facility will be available with respect to the Credit Card which
presently comprise of the following purchases, viz., (a)New purchases at Merchant
Establishment; (b)Conversions of past purchases at Merchant Establishment through
ICICI Bank Customer Care Centre.
(iv) The Instant EMI facility is available to the Card Member at ICICI Bank's sole discretion
and such facility will be available:
(a)for such period and at such Merchant Establishments as ICICI Bank may decide;
(b)the interest component of the Instant EMIs will be Card Member and Merchant specific
as
decided by ICICI Bank;
(c)the amount of down payment, the amount of transaction fee, the tenure for the payment
of Instant EMIs and other payment particulars will be Card Member and Merchant specific
as ICICI Bank may decide. This facility of Instant EMI is not available on Business Card,
Corporate Card, EMI Card and American Express card.
XVII. AUTO DEBIT FACILITY
The Card Member may avail of auto debit facility for making the payments of the Card dues.
On availing the auto debit facility, the bank account of the Card Member (details of which
shall be provided to ICICI Bank) will be debited, for the amount mentioned above, on the
Payment Due Date as indicated in the Statement sent to the Card Member. Provided,
however, that the Payment Due Date should be a Business Day otherwise the bank account
shall be debited on next Business Day. In the event of the said bank account not having
sufficient funds on the Payment Due Date, the Card Member shall be liable to pay all the
Charges applicable in addition to the Card dues. The Card Member agrees and confirms
that
all the particulars submitted to ICICI Bank by the Card Member for availing of the auto debit
facility shall be correct and complete. ICICI Bank shall not be liable if the auto debit
transaction is delayed or not effected at all for reasons of incomplete or incorrect
information
or for any reason whatsoever. The Card Member further agrees and undertakes to inform
the Card Member's bank of the auto debit instructions issued in favor of ICICI Bank and not
to close the said bank account without the prior consent of ICICI Bank. Such instructions
cannot be withdrawn /cancelled except with the written consent of ICICI Bank.
XVIII. RETURNED PAYMENTS
In case the cheque, or any other payment instrument or instruction given by the Card
Member, towards payment of his Card dues, is not honored, or must be returned to the
Card
Member because it cannot be processed, ICICI Bank reserves the right to initiate legal
proceedings against the Card Member and will levy fee at its sole discretion and/or
temporarily/permanently cancel the Card. The Card Member will also be liable to pay the
cheque return charges and late payment charges or any other charges as may be decided
by ICICI Bank.
XIX. DISPUTES
Any charge slip, or other payment requisition, received by ICICI Bank for payment shall be
conclusive proof that the charge recorded on such a charge slip or other requisition, was
properly incurred by the Card Member, unless the Credit Card is lost, stolen or fraudulently
misused and the same is reported as provided in Clause IX herein above, the burden of
proof
for which shall be on the Card Member. The other payment requisition referred to in this
clause shall include any and all payments pertaining to permissible expenses incurred by a
Cardholder at a Merchant Establishment by use of the Card which is not recorded as a
Charge. Signature of the Card Member on such charge slips together with the Card number
noted thereon shall be conclusive evidence of the liability incurred by the Card Member. In
case of facilities availed of through the ICICI Bank Customer Care Centre/Infinity access to
the ICICI Bank Customer Care Center/Infinity by using the APIN/Password/User-id will be
conclusive proof of the Card Member effecting the transaction. ICICI Bank shall not be
required to ensure that the Card Member has duly received the purchased goods or
services.
In the event the Card Member chooses to disagree with a charge indicated in the
Statement,
the same should be communicated to ICICI Bank within 60 (Sixty) days of receipt of the
Statement, failing which it would be construed that all Charges indicated in the Statement
are in order.
XX. SECURITY
In case of a secured Credit Card the whole of the outstanding balance on the Card
Account,
together with the amount of any outstanding Card transactions along with interest and all
other cost, charges as mentioned hereunder, effected but not yet charged to the Card
Account during the usage of the Credit Card by the Card Member will be secured by way of
pledge/hypothecation of such securities/ fixed deposits / such other assets as approved by
ICICI Bank standing in the name of the Card Member singly or jointly with any other person
or securities standing in the name of the third party, in the form and manner as prescribed
by ICICI Bank. The Card Member shall execute all such documents in the form and manner
satisfactory to ICICI Bank for creation the security. Costs involved in creation of security
and
completion of all other formalities, including but not limited to stamp duty, etc. shall be
borne
by the Card Member.
XXI. COLLECTIONS
ICICI Bank shall be entitled, at the sole risk and cost of the Card Member, to engage one or,
more person(s) to collect the Card Member's dues and/or to enforce any security provided
by the Card Member, and ICICI Bank may (for such purposes) furnish to such person(s)
such
information, facts and figures pertaining to the Card Member and the security as ICICI Bank
deems fit. ICICI Bank may also delegate to such person(s) the right and authority to
perform
and execute all acts, deeds, matters and things connected therewith, or incidental thereto,
as ICICI Bank deems fit.
XXII. QUALITY OF GOODS & SERVICES
ICICI Bank shall not, in any way, be responsible for merchandise, merchandise warranty or
services purchased, or availed of by the Card Member from Merchant Establishments,
including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of
defective goods by the Card Member. It must be distinctly understood that the Credit Card
is purely a facility to the Card Member to purchase goods and/or avail of services, ICICI
Bank
holds out no warranty or makes no representation about quality, delivery or otherwise of
the
merchandise. Any dispute or claim regarding the merchandise must be resolved by the
Card
Member with the Merchant Establishment. The existence of the claim or dispute shall not
relieve the Card Member of his obligation to pay all the Charges to ICICI Bank and the Card
Member agrees to pay such charges promptly.
XXIII. CREDIT TRANSACTION
A debit for a purchase and a subsequent credit for cancellation of goods / services are two
separate transactions. The Card Member must pay for the purchase transaction as it
appears
in the Statement to avoid any additional charges being levied. On cancellation the refund
will only be credited to the Card Account (less cancellation charges) as and when received
by ICICI Bank. However, on successful submission of credit charge slip by the Card
Member,
the credit shall be posted to the Card Account. If the credit is not posted to the Card
Account
within a reasonable time, the Card Member must notify ICICI Bank.
XXIV. CHARGES MADE IN FOREIGN COUNTRIES
The Card Member declares that the Credit Card issued to him, if used overseas shall be
utilized strictly in accordance with the relevant exchange control regulations, issued and as
amended by RBI from time to time. In the event the Card Member exceeds his entitlements
as per the exchange control guidelines of RBI, the Card Member shall bring the same
immediately to the notice of ICICI Bank in writing. If the passport is required to be endorsed
for any such charges incurred as stipulated by RBI, the onus of getting the passport
endorsed
shall lie entirely on the Card Member. In the event of any failure to comply with the
prevailing
exchange control guidelines issued by RBI by the Card Member, he shall be liable for any
action under the Foreign Exchange Management Act, 1999 as amended from time to time,
and be debarred from the Card facility either at ICICI Bank's instance or by RBI. ICICI Bank
shall be under no liability in respect of any loss or damage arising directly or indirectly out
of decline of a charge because of exceeding foreign exchange entitlements as prescribed
by
RBI guidelines issued from time to time, on ICICI Bank becoming aware of the Card
Member
exceeding his entitlements. If a transaction is made in a currency other than Indian Rupees,
that transaction will be converted into Indian Rupees. The conversion will take place on the
date the transaction is settled with ICICI Bank, which may not be the same date on which
the
transaction was made. If the transaction is not in US Dollars, the conversion will be made
through US Dollars, by converting the charged amount into US Dollars and then by
converting the US Dollar amount into Indian Rupees.
Unless a specific rate is required by applicable law, the conversion rate from US Dollar to
Indian Rupees will be at the rates provided by VISA, MasterCard and AMEX on the
settlement
date, increased by a Currency Conversion Factor assessment on such transactions.
XXV. ICICI BANK CREDIT CARD REWARDS
ICICI Bank shall offer the following Credit Card reward point schemes to Card Member/s:
1. "ICICI Bank Rewards Scheme" shall mean the reward scheme of ICICI Bank.
"ICICI Bank Reward Points" shall be the reward points awarded under the ICICI Bank
Rewards Scheme.
2. "Hand-picked Rewards Scheme" shall mean the premium reward scheme of ICICI Bank.
"Handpicked Reward Points" shall be the rewards points awarded under the Hand-picked
Rewards Scheme.
3. “ICICI Bank Rewards " shall mean the reward scheme of ICICI Bank
"ICICI Bank reward points" shall be the reward points awarded under the ICICI Bank
Rewards .
"Valid Charge" means a charge incurred by the Card Member for purchase of goods or
services on the Card and any other charge as may be included by ICICI Bank from time to
time for the purpose of inclusion in ICICI Bank Rewards Scheme.
If during the period of any promotional scheme offered by ICICI Bank or thereafter, the use
of the Card is withdrawn, or cancelled, or is liable to be cancelled, or the Card Account is
termed as a delinquent account, then any offer/benefit including but not limited to
gift/discounts/cash- back offered during the promotion period shall ipso facto stand
immediately and automatically canceled for the Card Member.
"Anniversary Year" means the period of twelve months from the date of issue of a Card
and each twelve-month period thereafter.
1. Terms and Conditions applicable to the ICICI Bank Rewards Scheme:
ï The ICICI Bank Rewards Scheme shall come in force from the Effective Date and shall be
available to Card Member/s holding select ICICI Bank Credit Cards only, on and after the
Effective Date.
ï Under the ICICI Bank Rewards Scheme, ICICI Bank shall award ICICI Bank Reward Points
for
Valid Charges incurred by the Card Member on select ICICI Bank Credit Cards.
ï The ICICI Bank Reward Points earning system will follow an Anniversary Year of reward
earning.
ï The ICICI Bank Reward Points, as earned by the Card Member under the ICICI Bank
Rewards
Scheme shall be indicated in the monthly Statement sent to the Card Member.
ï The Card Member can redeem his/ her accumulated ICICI Bank Reward Points against
redemption offers made by ICICI Bank from time to time.
ï Upon redemption of the ICICI Bank Reward Points, the ICICI Bank Reward Points so
redeemed shall automatically stand reduced or debited from the accumulated ICICI Bank
Reward Points in the Card Account.
ï If any time before the Scheme Termination Date the use of the select Credit Card is
withdrawn, or cancelled, or is liable to be cancelled, or the Card Account is termed as a
Delinquent Account, all the ICICI Bank Reward Points then standing to the credit of the
Card
Member shall ipso facto stand immediately and automatically cancelled.
ï Such cancelled ICICI Bank Reward Points shall not be credited to the Card Account even if
the Card Member reinstates his/ her membership with ICICI Bank.
ï At the end of the Scheme Termination Date, the ICICI Bank Reward Points standing to the
credit of the Card Member which have not been redeemed within the stipulated time shall
lapse automatically.
2. Terms and Conditions applicable to the Hand-picked Rewards Scheme:
ï The Hand-picked Rewards Scheme shall come in force from the Effective Date and shall
be available to Card Member/s holding select ICICI Bank Credit Card/s only.
ï Under the Hand-picked Rewards Scheme, ICICI Bank shall award Hand-picked Reward
Points for Valid Charges incurred by the Card Member on select ICICI BankCredit
Cards.
ï The Hand-picked Reward Points earning system will follow an Anniversary Year of reward
earning.
ï The Hand-picked Reward Points, as earned by the Card Member under the Hand- picked
Rewards Scheme shall be indicated in the monthly Statement sent to the CardMember.
ï The Card Member can redeem his/ her accumulated Hand-picked Reward Points against
redemption offers made by ICICI Bank from time to time in the Hand-pickedRewards
catalogue available on ICICI Bank website www.icicibank.com.
ï Upon redemption of the Hand-picked Reward Points, the Hand-picked Reward Pointsso
redeemed shall automatically stand reduced or debited from the accumulated
Handpicked Reward Points in the Card Account.
ï If any time before the Scheme Termination Date the use of the select Credit Card is
withdrawn, or cancelled, or is liable to be cancelled, or the Card Account is termed
as a Delinquent Account, all Hand-picked Rewards Points then standing to the credit
of the Card Member shall ipso facto stand immediately and automatically cancelled.
ï Such cancelled Hand-picked Reward Points shall not be credited to the Card
Accounteven
if the Card Member reinstates his/ her membership with ICICI Bank.
At the end of the Scheme Termination Date, the Hand-picked Reward Points standing to the
credit of the Card Member which have not been redeemed within the stipulated time shall
lapse automatically.
1. Terms and Conditions applicable to the ICICI Bank Rewards :
The ICICI Bank Rewards shall come in force from the Effective Dateand shall be available
to Card Member/s holding select ICICI Bank's Credit Card only, on andafter the Effective
Date
ï Under the ICICI Bank Rewards , ICICI Bank shall award ICICI Bank reward points for Valid
Charges incurred by the Card Member on select ICICI Bank Credit Cards.
ï The ICICI Bank reward points, as earned by the Card Member under the ICICI Bank
Rewards shall be indicated in the monthly Statement sent to the Card Member. At the
end of each billing cycle, ICICI Bank reward points earned by Card members on valid
transactions for such previous billing cycle shall be transferred by ICICI Bank from theCard
Account to the Card Member rewards account.
ï Card Member/s shall be able to redeem their ICICI Bank reward points through the
ICICI Bank rewards website
• If any time before the Scheme Termination Date the use of the select Credit Card is
withdrawn, or cancelled, or is liable to be cancelled, or the Card Account is termed as a
Delinquent Account, all ICICI Bank reward points then standing to the credit of the Card
Membershall ipso facto stand immediately and automatically canceled.
ï Such canceled ICICI Bank reward points shall not be credited to the Card Account even if
the CardMember reinstates his/ her membership with ICICI Bank.
ï At the end of the Scheme Termination Date, the ICICI Bank reward points standing to the
credit of
the Card Member which have not been redeemed within the stipulated time shall lapse
automatically. In addition, ICICI Bank reward points may expire and be unavailable for
use if not redeemed within a stipulated time period
ï The following terms and conditions shall apply to the ICICI Bank Rewards Scheme,
Handpicked Rewards Scheme as well as the ICICI Bank Rewards (hereinafter collectively
referred as "Schemes" and individually as "respective Scheme"):The Schemes shall not be
applicable to those Card Members with Delinquent Accounts ason the Effective Date of the
respective Scheme or subsequently for any Card Accounts thatbecomes delinquent during
the tenure of the Schemes.
ICICI Bank may at its sole discretion award additional reward points to the Card Member/s.
Computation of reward points as may be done by ICICI Bank under the Schemes shall be
final, conclusive and binding on the Card Member and shall not be liable to any dispute.
Any tax or other liabilities or charges payable to the government or any other authority or
body established by law (central, state or local), which may arise or accrue to the Card
Member by redemption of the reward points under the respective Scheme, as aforesaid,
shall be to the sole account of the Card Member. Tax deducted at source, if any, on the
monetary value of the goods/services shall be payable by the Card Member.
ï Redemption of the reward points is voluntary and all related charges shall be deemed to
be voluntarily incurred by a Card Member in normal course of Credit Card usage.
ï The Card Member shall not hold ICICI Bank responsible for any actions, claims, demands,
liabilities, losses, damages, costs, charges or expenses, which a Card Member incurs, in
normal course of Credit Card usage.
ï ICICI Bank reserves the right to nullify the reward points earned by the Card Member
under
the respective Schemes in case of ICICI Bank induced closure of the Card Account or the
termination / cancellation of the Card or the termination/cancellation of the respective
Scheme.
ï ICICI Bank expressly reserves the right, at any time and without prior notice to the Card
Member, to add, alter, modify, change or vary all or in part, or withdraw altogether the
Schemes or any other reward point scheme that ICICI Bank may introduce from time to
time. Card Member/s may note that accrual of reward points shall vary across the different
types of
ICICI Bank Credit Cards and shall be as mentioned in the respective Credit Card
communications, unless otherwise notified by ICICI Bank.
ï Request for reward point redemption, as per the Terms and Conditions herein, shall only
be entertained from the Primary Card Member. Card Member/s shall earn Reward Point/s
for retail transaction/s. Card Member/s shall however not be entitled to earn reward points
on retail transactions that have been subsequently reversed.
ï ICICI Bank may, at its sole discretion, award bonus reward points for any other retail
transaction/s at its sole discretion either for a specific period or promotional scheme/s or
specific promos/schemes.
ï Reward points shall accrue to the individual Card Account in the case of eligible primary,
supplementary or multiple cards. Retail transaction/s, if any, made on Supplementary Card
and/or any multiple Card(s) shall earn reward points that will automatically accrue on the
Primary Card Member's Card Account.
ï Card Member/s shall not be eligible to earn reward points towards transactions involving
cash withdrawal advances and any other kind of fees/charges that may be applicable on
the Card such as but not limited to any joining fee, annual fee, supplementary card fee,
multiple card fee, balance transfer fee, EMI transactions, cash advance fee, charges for
dishonored cheques, financial charges, delinquency charges, late payment charges,
service charge and any other fee/charge that may be levied by the ICICI Bank from time to
time. Option of redemption once invoked by the Primary Card Member cannot be
subsequently canceled/withdrawn/changed at the instance of any Card Member.
• Reward points once exchanged under any specific scheme/promotional offer that may
be either offered by ICICI Bank or by ICICI Bank's tie up with a merchant
partner/participating partner or for any other partner's loyalty programmed cannot be
subsequently transferred back to the Card Account or canceled at the instance of the
Card Member ICICI Bank assumes no responsibility for reward points
converted/transferred to any merchant partner/participating partners' program or
otherwise wherever such conversion/transfer of Reward Points is applicable.
ï Selection, addition or deletion of the products offered in the redemption catalogue shall
be
at the sole discretion of ICICI Bank and subject to change without notice.
ï All visuals of the goods/services in the redemption catalogue or related web pages are
indicative only. ICICI Bank shall not be held responsible where any manufacturer's supplier
of products offered to Card Members withdraws, cancels, alters or amends the products.
ï All products/vouchers/services available for redemption are subject to availability of the
same and manufacturer's warranties/restrictions at the time of redemption.
ï ICICI Bank does not guarantee and make any representation about the quality, usefulness
and worthiness of the products/vouchers/services and shall not be responsible if the same
are in any way found to be defective. ICICI Bank shall make an endeavor that goods are
delivered within 10 working days. Notwithstanding the same, ICICI Bank shall not be held
liable for any delay or loss that may be caused in the delivery of the goods. The Reward
Points earned by the Card Member have no cash or monetary value and cannot be
exchanged for cash.
ï The Schemes are not available wherever prohibited and/or on such
merchandise/products/
services for which such Schemes cannot be offered, for any reason whatsoever.
ï Goods/services mentioned in the redemption catalogue are non-transferable and non
encashable.
ï ICICI Bank reserves the right to modify/change all or any of the Terms and Conditions
applicable to the Schemes without assigning any reasons or without any prior intimation
whatsoever to the Card Member. ICICI Bank also reserves the right to discontinue the
Schemes without assigning any reasons or without any prior intimation whatsoever.
Nothing contained herein shall amount to a commitment or representation by ICICI Bank
to continue the Schemes.
A Communication/ notice pertaining to products/ services/ rewards that are offered to
Card
Member under the Schemes shall only be entertained, within 10 days of delivery of such
products/ services/ rewards to the Card Member. Any claim made after 10 days thereafter
shall not be entertained by ICICI Bank. The existence of a dispute, if any, regarding the
product/services/rewards shall not constitute a claim against ICICI Bank.
ï The delivery status of products / services / rewards can only be tracked up to 30 days
postdelivery. Any subsequent communication for delivery status will not be entertained.
ï The Terms and Conditions shall be in addition to and not in substitution/derogation of the
Primary Terms and Conditions.
Notwithstanding anything contained herein, disputes, if any, arising out of or in connection,
with or as a result of the Schemes, shall be subject to the exclusive jurisdiction of
competent
courts at Mumbai.
XXVI. DISCLOSURES
The Card Member undertakes and authorizes ICICI Bank, its Group Companies to
exchange,
share or part with all the information, data or documents relating to his/her application to
other ICICI Group Companies / banks / financial institutions /credit bureaus / agencies /
regulatory authorities / statutory bodies /tax authorities /Central Information Bureaus/
such
other persons as ICICI Bank / its Group Companies may deem necessary or appropriate as
may be required for use or processing of the said information / data by such person/s or
furnishing of the processed information / data / products thereof to other banks / financial
institutions / credit providers / users registered with such persons and shall not hold ICICI
Bank / its Group Companies liable for use of this information. In case the Card Member
commits a default in payment or repayment of principal amount of any financial
assistance/facilities/ financial/credit facility or interest/charges due thereon, ICICI Bank
and /
or thereby will have an unqualified right to disclose or publish the details of the default and
the name of the Card Member/ or its directors/partners/ supplementary Cardholders, as
applicable, as defaulters in such manner and through such medium as ICICI Bank or RBI in
their absolute discretion may think fit.
ICICI Bank shall disclose information relating to credit history/repayment record and/or
days
past due status of the Card Member in terms of the Credit Information Companies
(Regulation) Act, 2005 to a credit information bureau (specifically authorized by RBI)
through
Statements. Acceptance of an application for a Credit Card is based on no adverse reports
of the Card Member's credit worthiness. ICICI Bank may report to other banks or financial
entities any delinquencies in the Card Account or withdrawal of the Card Member's credit
facility through the Card or otherwise. Based on the receipt of adverse reports (relating to
credit worthiness of the Card Member or his / her family members), ICICI Bank may, after
15
days’ prior notice in writing, cancel the Credit Card, whereupon the entire outstanding
balance in the Card Account as well as any further charges incurred by use of the Card,
though not yet billed to the Card Account, shall be immediately payable by the Card
Member. ICICI Bank shall not be obliged to disclose to the Card Member the name of the
bank or financial entity, from where it received or to which it disclosed information.
ICICI Bank/Group Companies reserve the right to retain the application forms and
documents
provided therewith, including photographs, and will not return the same.
XXVII. DEBT ASSIGNMENT
ICICI Bank shall have the right to transfer, assign and sell in any manner, in whole or in part,
the Credit Card outstanding and dues to any third party of its choice without reference or
intimation to the Card Member. Notwithstanding any such sale, assignment or transfer,
ICICI
Bank shall be fully empowered to proceed against the Card Member. The Card Member
shall
be liable for all costs and expenses on account of any such assignment, sale or transfer
and
recovery of outstanding and dues.
XXVIII. MISCELLANEOUS
ICICI Bank reserves the right to offer to the Card Members, whose accounts have been
maintained in good standing as per the credit norms of ICICI Bank, certain facilities,
memberships and services at such fees and on such terms and conditions as it may deem
fit. ICICI Bank reserves the right to waive or reduce the fees and to withdraw such benefit at
any time without prior notice and without liability to the Card Member. Any termination of
membership, because of a violation of these Terms and Conditions, shall result
automatically in the termination of such facilities and services. ICICI Bank shall not be
liable,
in any way, to the Card Member, in case of defect or breach in the performance of carrying
out such facilities, memberships or services or the nonperformance thereof, whether by
ICICI Bank, or a Merchant Establishment or any other third party. ICICI Bank reserves the
right to use the information provided by the Card Member on his application and during
surveys, information from external sources, including consumer reports, for marketing
activities carried out by ICICI Bank / Affiliates. ICICI Bank may use this information to
develop
mailing lists that may be used by companies with whom ICICI Bank shall work to develop
marketing offers for the Card Members. ICICI Bank reserves the right to revise the policies,
features and benefits offered on the Card from time to time and may notify the Card
Member
of any such revisions/changes in any manner as deemed appropriate. The Card Member
will
be bound by such revisions/changes unless the Card is returned to ICICI Bank for
cancellation before the date on which the revisions/changes are made.
The details of all transactions recorded in the Card Account of the Card Member may be
shared with Credit Reference Agencies, lenders and/or other agencies for the purposes of
assessing further applications for credit by the Card Member and/or his family members,
and for fraud prevention. In addition to the general right to set off or other right conferred
by law or under any other agreement, ICICI Bank may, without notice, combine or
consolidate the standing balance on the Card Account with any other account(s) which the
Card Member maintains with ICICI Bank and its Group Companies, and set-off or transfer
money standing to the credit of such other account(s) in or towards the satisfaction of the
Card Member's liability to ICICI Bank under his Card Account. The Card Member shall
forthwith notify ICICI Bank of any change in his name, address, contact number and email
id
for communication as stated in the application form for the Card. ICICI Bank reserves the
right to change the Card Member's address in its records if such change in address comes
to the notice of ICICI Bank. The responsibility shall be solely of the Card Member to ensure
that ICICI Bank has been informed of the correct address for communication, and ICICI
Bank
disclaims all liability in case of an incorrect address resulting in any loss or liability for the
Card Member.
The Card Member shall comply with all such terms and conditions as ICICI Bank or its
Affiliates may prescribe from time to time for facilities/ services availed of by the Card
Member. All such transactions effected by or through facilities for conducting remote
transactions including the Internet, World Wide Web, electronic data interchange, call
centers, teleservice operations (whether voice, video, data or combination thereof) or by
means of electronic, computer, automated machines network or through other means of
telecommunication, established by or on behalf of ICICI Bank or its Affiliates, for and in
respect of such facilities/ services offered, shall constitute legally binding and valid
transactions when done in adherence to and in compliance with the terms and conditions
prescribed by ICICI Bank or its Affiliates for such facilities/ services, as may be prescribed
from time to time.
(c) in case of cross currency set- off, to convert an obligation in one currency to another
currency at a rate determined at the sole discretion of ICICI Bank and/or its group
companies.
XXX. SETTLEMENT OF DISPUTES
1. Automated Dispute Resolution: Cardholder complaints, claims, disputes or grievances
(together termed “Grievance/s”) involving factual matters capable of being ascertained as
fully or partially valid (or not) in an automated mode or manner by checking the relevant
records of ICICI Bank, shall be so ascertained and the acceptance or rejection of such
Grievance/s (fully or partially) shall be duly notified to the aggrieved Cardholder on so being
ascertained. Where the Grievance/s has been accepted as fully or partially valid, ICICI
Bank
will appropriately provide due resolution to the aggrieved Cardholder.
2. Internal Grievance Redressal Process: The Grievance/s that are unresolved by the
automated mode specified above, or if the Cardholder is not satisfied with the resolution
provided through the automated mode specified, or which arise before the automated
mode
becomes effective, and are capable of being raised for redress as per the Customer
Grievance Redressal Policy available on www.icicibank.com can be placed for redress in
accordance with such Policy, as modified from time to time.
3. Online Dispute Resolution: Grievances (subject to the exceptions outlined below), any
claims or actions that the Bank may initiate (together termed “Claim/s”) and any other
claim
or dispute whatsoever (whether in contract, tort or otherwise) arising out of or in
connection
under these terms and conditions including any question regarding the construction,
meaning, existence, validity, breach, recall, recovery or termination under these terms, can
be referred for resolution through the process of mediation or conciliation, and which
process will be administered in accordance with the applicable mediation or conciliation
rules of Sama, an independent online dispute resolution institution.
If the mediation or conciliation process does not resolve the Grievance or the Claim within
the period stipulated in Sama rules or within a period of <21> days (whichever is earlier),
then the Grievance or the Claim shall be taken forward for resolution by means of
arbitration
in terms of the applicable rules of Sama, and in accordance with the Arbitration and
Conciliation Act, 1996. Such arbitration shall be conducted (including for recording of
evidence or tendering of documents), concluded and administered online by Sama through
its website/platform www.sama.live or mobile application. The arbitral tribunal shall
consist
of an independent sole arbitrator appointed in accordance with the applicable arbitration
rules of Sama. The seat of arbitration proceedings shall be Mumbai. The procedural law of
arbitration shall be rules of Sama.
4. The Online Dispute Resolution process, as above, would not apply to the following:
a) Any Grievance/s received from or through statutory, regulatory and governmental
authorities. Such Grievance(s) received from or through statutory, regulatory and
governmental authority will require ICICI Bank to address and respond in the mode and
manner as envisaged by such authorities.
b) Grievance/s that may have third party dependencies – ICICI Bank will be able to review,
assess and address the grievance/s only upon receipt of information or clarifications from
the third party/ies.
c) Any grievance/s which is pending redress under Automated Dispute Resolution
specified above or pending redress as per the Customer Grievance Redressal Policy of the
Bank.
XXXI. CHANGING THESE TERMS AND CONDITIONS
ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms
and
Conditions, features and benefits offered on the Card including, without limitation to,
changes which affect existing balances, interest charges or rates and methods of
calculation
at any time. The Card Member shall be liable for all charges incurred and all other
obligations
under these revised Terms and Conditions until all the amounts under the Card are repaid
in full. ICIC Bank may communicate the amended Terms by hosting the same on the Infinity
or in any other manner as decided by ICICI Bank. The Card Member shall be responsible for
regularly reviewing these Terms and Conditions including amendments thereto as may be
posted on the Infinity and shall be deemed to have accepted the amended Terms and
Conditions by continuing to use the Card. Any change in the Terms and Conditions shall be
communicated to the Card Member, in the manner as aforesaid, one month prior to the
date
of their implementation.
XXXII. NOTICES
All notices or other communications under or in connection with these Terms
andConditions
including all amounts due from the Card Member shall be given in writing to ICICIBank
Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27,Plot
no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India and, unless otherwise
stated may be made by letter or facsimile. Any such notice or other communication will be
deemed to be effective:
(i) if sent by letter, when delivered personally or if dispatched by post, when recall of the
letter is outside the control of the sender; and (ii) if sent by facsimile, when sent (on receipt
of a confirmation to the correct facsimile number). Provided, however, that no notice or
communication to ICICI Bank shall be effective unless actually received and
acknowledged
by ICICI Bank. Notices or communication may be made to: (i) the Card Member's address
or
facsimile number as recorded in ICICI Bank's records and to which notices /
communications
are to be sent (as specified in the Application Form), and (ii) ICICI Bank's zonal / regional /
branch /office address or facsimile number (as specified in the Application Form), or to
such
other address or facsimile number as may be designated by the Card Member and ICICI
Bank in writing to each other. In the event of any failure by the Card Member to notify ICICI
Bank in writing of any changes in its contact address or details, service of a notice/
correspondence to the address specified in the Application Form or last given by the Card
Member shall be deemed to be proper and sufficient service on the Card Member
irrespective of whether or not such notice shall be returned "unserved" to ICICI Bank. A
notice
published in the newspaper available in the area of residence or work of the Card Member
shall be sufficient notice to the Card Member from the date of its publications; provided
however, a notice in a newspaper shall not be effective against ICICI Bank unless
acknowledged by ICICI Bank.
XXXIII. GLOBAL INDIAN CREDIT CARD TERMS
These terms ("Terms") are applicable only to Card Member using Global Indian Credit Card.
These terms and conditions are in addition to the other Terms and Conditions for usage of
Credit Cards ("Terms and Conditions"). Wherever there is a conflict between these Terms
and the Terms and Conditions, these Terms shall prevail. Cash withdrawal shall not be
permitted on the Global Indian Credit Card. No Cash Limit shall be provided on the Global
Indian Credit Card. The Card Member shall pay ICICI Bank the Total Amount Due on the
Payment Due Date. No facility of payment of MAD shall be applicable to the Global Indian
Credit Card. The payment for the Global Indian Credit Card shall be made by the ECS
method
only.
XXXIV. VIRTUAL CREDIT CARD TERMS
These terms and conditions (“Terms”) apply to and regulate the provision of Virtual Credit
Card facilities offered by ICICI Bank. These Terms and Conditions are in addition to and not
in derogation to Terms and Conditions governing Credit Card facilities of ICICI Bank, Terms
and Conditions governing Internet Banking services of ICICI Bank and Terms and
conditions
for Saving Account of ICICI Bank (“Primary Terms”). To the extent of any inconsistency
between these Terms and Primary Terms, these Terms shall prevail. All capitalized terms
used but not defined herein shall have the respective meanings ascribed to it in the Primary
Terms.
“Account/s” shall mean the definition of Account(s) within the meaning of and as defined in
the Terms and Conditions governing Internet Banking services of ICICI Bank and Terms and
Conditions for Savings Account of ICICI Bank.
“Virtual Credit Card” shall mean an additional credit card issued to the Primary Card
Member
on his / her existing Card Account. This add on credit card shall be created and stored, as
an electronic image, on the logged in section of the Account/s of the Primary Card Member.
No physical plastic shall be issued for the Virtual Credit Card.
“Virtual Credit Card Member” means the Primary Card Member to whom an add-on Virtual
Credit Card has been issued by ICICI Bank subject to the Primary Terms and the Terms.
By applying and agreeing to avail the Virtual Credit Card facility, the Primary Card Member
shall be deemed to have agreed to and accepted the Terms as are mentioned herein below.
The Primary Card Member shall apply for Virtual Credit Card provided by ICICI Bank
through
the logged in section of ICICI Bank or in such other manner as specified by ICICI Bank from
time to time. Virtual Credit Card enables Primary Card Member to transact online within a
credit limit of his choice, however, under no circumstances beyond the Credit Limit on his
Credit Card at any time.
The details of the purchase made using Virtual Credit Card will be displayed in the
Statement
and no separate statement will be sent to the Primary Card Member. The Primary Card
Member can also view the current, and past Statement/s of Virtual Credit Card by clicking
on the link available under Virtual Credit Card. The Primary Card Member has to make a
single payment towards the expense incurred using primary Card and Virtual Credit Card.
Key details of the Virtual Credit Card like the card number, expiry date of the Virtual Credit
Card, CVV etc. will be visible only on the Virtual Credit Card section available in the logged
in section of the Account. The credit limit of Virtual Credit Card shall be that of the primary
Card. Hot listing / blocking of Virtual Credit Card can be done through clicking relevant
options under Virtual Credit Cards section available in the logged in section of the
Account.
If the Virtual Credit Card Member closes the Account/s, the Virtual Credit Card facility will
continue to exist.
The use of Virtual Credit Card shall be restricted to online transactions only. The Primary
Card Member is aware that in case of online transactions, the charge slips will not be
signed
by the Primary Card Member at the time of the purchase made using the Virtual Credit
Card.
Accordingly, the Primary Card Member accepts that, even in the event of any dispute
regarding the authenticity or validity of such a purchase or a charge, for any reason
whatsoever, the Primary Card Member will make payment to ICICI Bank of all out standings
due and shall not hold ICICI Bank liable / responsible under any circumstances . ICICI Bank
shall not be liable if any merchant refuses to accept payment through Virtual Credit Card.
The facility of Virtual Credit Card is meant only for the purpose of providing the Virtual
Credit
Card Member with a facility of making online payment and does not ensure quality, safety
or legality of the transaction undertaken by the Virtual Credit Card Member.
The usage of the Virtual Credit Card shall amount to acceptance of these Terms and
Conditions. The Virtual Credit Card Member shall be bound /liable by/under these Terms
for
payment and he/ she shall ensure payment of all charges due and payable on the usage of
the Virtual Credit Card. The facility of a Virtual Credit Card, being a special facility at such
fee/rate as may be stipulated by ICICI Bank from time to time.
XXXV. INSTANT CREDIT CARD TERMS
1. These Terms and Conditions (the “Terms”) apply to and regulate the Instant Credit Card
provided by ICICI Bank and are in addition to and not in derogation of the Terms and
Conditions governing the Credit Card facilities of ICICI Bank and Terms and conditions
governing ICICI Bank's Fixed Deposit (the “Primary Terms and Conditions”) as available
on www.icicibank.com. To the extent of any inconsistency between these Terms and
Primary Terms and Conditions, these Terms shall prevail. All capitalized terms used
herein but not defined shall have the same meaning as specified under Primary Terms
and Conditions.
2. “Cardholder” shall mean a person who has / places a fixed deposit with ICICI Bank and
applies for ICICI Bank's Instant Credit Card and is issued an Instant Credit Card subject to
the Primary Terms and Condition and Terms as specified herein. “Instant Credit Card”
shall mean ICICI Bank Instant Credit Card issued by ICICI Bank to the Cardholder against
the fixed deposit maintained by the Cardholder with ICICI Bank.
3. In order to be eligible for availing the Instant Credit Card, the Cardholder shall be
required
to maintain / place a fixed deposit of minimum Rs. 10,000/- amount with ICICI Bank.
3. The credit limit on the Instant Credit Card shall be eighty-five percent (85%) of the fixed
deposit amount, subject to minimum credit limit of Rs. 8,500/-and maximum of Rs. 5
lakhs. The said credit limit may be subject to change at the sole discretion of ICICI Bank
from time to time and shall be communicated to the Cardholder through such mode and
manner as deemed fit by ICICI Bank.
4. The Cardholder shall be required to place the fixed deposits in the manner specified and
upon execution of the relevant documents as specified by ICICI Bank from time to time.
The Cardholder shall be required to place fixed deposit at an ICICI Bank branch only or
such other alternate channel as shall be decided and communicated by ICICI Bank at its
sole discretion from time to time. The fixed deposits so opened shall be opened on auto
renewal mode only. In the event of cancellation of the Card by Cardholder/ ICICI Bank,
the fixed deposit linked to the Instant Credit Card shall continue in accordance with the
instructions placed by the Cardholder at the time of placing the fixed deposit.
5. Upon issuance of the Instant Credit Card, ICICI Bank shall mark a lien on the entire
amount
of the fixed deposit placed by the Cardholder, including interest earned by the
Cardholder, until the termination of the Instant Credit Card or maturity of the fixed
deposit, as the case may be.
6. In the event that applicant has an existing fixed deposit with ICICI Bank, the fixed deposit
will be linked to the Cardholder's Instant Credit Card account and the fixed deposit shall
be converted in to an auto- renewal mode with immediate effect. The prevailing rate of
interest applicable at the time of auto - renewal of the fixed deposit shall be applicable
on the said fixed deposit amount.
7. The Cardholder/s shall not be able to make any part withdrawals from the fixed deposit
linked to the Instant Credit Card.
8. The fixed deposits opened / placed by HUFs, Partnership firms, minors or opened jointly
by applicant/s shall not be entitled for Instant Credit Card. Only those fixed deposits
which are in the name of single individual shall be eligible for Instant Credit Card.
9. Nomination facilities shall be available for the fixed deposit facility.
10. In the event of termination / withdrawal / cancellation of the fixed deposit or the Instant
Credit Card or if the Cardholder fails to pay the amount outstanding on the Instant Credit
Card within 60 days from the due date, or if the amount outstanding on the Instant Credit
Card including any fees, charges or any other amount levied by ICICI Bank as per the
Terms sums up to more than 95% of the fixed deposit amount at any point in time, ICICI
Bank shall have the right to liquidate the entire fixed deposit amount including the interest
accrued and set off such amount against the outstanding amount payable to ICICI Bank
under the Instant Credit Card . Any balance remaining after the above referred deduction
shall be refunded to the Cardholder.
11. In accordance with the terms and conditions governing the InstaSave Fixed Deposits,
for
Cardholders with InstaSave Fixed Deposit opened through One-Time Password (OTP)
based e- KYC (electronic- Know Your Customer) verification, non-completion of physical
KYC verification or customer due-diligence, within 1(one) year of availing opening the
InstaSave Fixed Deposits and savings account, for any reason whatsoever, shall result
in closure of the relevant savings and InstaSave Fixed Deposit account. It is to be noted
that in the above event, the Instant Credit Card availed by the Cardholder against the
InstaSave Fixed Deposit shall also be closed, and the lien marked against such InstaSave
Fixed Deposit shall be removed. However, notwithstanding anything contained herein
or any other document, in such case, ICICI Bank shall have the right to liquidate the entire
fixed deposit amount, including the interest accrued, and set off such amount against
the outstanding amount payable to ICICI Bank with respect to the Instant Credit Card.
Any balance remaining after the above the due adjustment shall be refunded to the
Cardholder.
12. The Instant Credit Card shall be activated after the lien is marked on the fixed deposit.
13. At any given point of time only one Instant Credit Card can be issued to a Cardholder.
ICICI Bank Limited
Registered Office: ICICI Bank Towers, Near Chakli Circle, Old Padra Road, Vadodara -390
007
Corporate Office: ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400
051.
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