Terms & Conditions / Declarations

I hereby declare that the above information is true and correct to the best of my knowledge. I further agree that any false / misleading information given by me or suppression of any material fact will result in withholding declining of the transaction of the Bank. I authorize the Bank to share my transaction details with regulatory / enforcement authorities whenever such information is called for. I confirm that I have gone through the applicable terms and conditions, details of features and charges as per bank's structure of fees and charges and average quarterly/monthly balance requirement as applicable to the product subscribed by me as uploaded on the banks website and I have agreed to the same. I confirm that the bank representative has explained to me all the product features, charges and important terms and conditions in my preferred language and the same has been understood and agreed by me. The bank representative has explained to me the most important document as set out in the bank's website including the clause on consent to call and I have signed the same after understanding the terms contained therein. I understand that I will be bound by and have to abide by the bank's general terms and conditions available on the bank's website www.nsdlbank.com and savings bank rules. I understand that the Bank reserves the right to revise its service charges as laid down in the structure of fees and charges. I also understand that the same is available in www.nsdlbank.com. I understand and agree that the Savings Account should be used to route transactions of only non-business/non-commercial nature. In the event of occurrence of such transactions that may be construed as commercial/ suspicious in nature, the Bank reserves the right to decline/reverse such transactions and freeze/close the Savings Account. The number of permissible deposit and withdrawal transactions without any charges are available in structure of fees and charges. I have given consent for the Product Declaration and read all the terms and conditions of Product, including applicable AQB/AMB, which I understand is valid till the Product is active. I have read and understood the FATCA declaration as shown to me and consented by me during account opening in the NSDL Jiffy mobile application. The declaration shall also be available as part of the Terms and Conditions for Savings Bank account as updated on our website in www.nsdlbank.com. I have understood the information requirements of this form read along with the FATCA/CRS Instructions and T&Cs and hereby confirm that the information provided by me/us on this Form is true, correct and completed and hereby accept the same.

Debit Cards

The following Terms related to the Debit Card are in addition to the ones mentioned on the NSDL website. The virtual debit card shall not be issued or dispatched to the Customer on an unsolicited basis; rather the Customer shall expressly opt for this Service, except in the case where the card is a replacement for a card already held by the customer. The Customer shall immediately notify the Bank (through any authorized channel or the NSDL Payments Bank’s Customer Care Centre) in case of any loss or theft or copying of the card; or any unauthorized transaction and any error or irregularity in maintaining the Account by the Bank. The fees and charges applicable for the debit card services shall be subject to the type of the debit card (i.e. Classic or Platinum debit card) and shall be specified in schedule of charges available on the Website. The debit card availed by the Customer shall be valid for only 5 years, subsequent to which the Bank shall undertake a renewal process, including submission of KYC or additional documents, subject to consent of the Customer. The Customer shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, balance confirmation certificate, Virtual debit card and CVV, user id and passwords relating to digital banking , and such other items relevant or pertaining to performance of transactions under the Account held at the Bank. The Customer shall not disclose such credentials to anyone under any circumstances. The Bank will not be held responsible in case of any fraudulent transaction occurring on account of misuse of the Account or credentials provided, subject to the Applicable Laws.

Sweep Facility for Customer Balances exceeding INR 100,000

As per the Applicable Law, the aggregate Customer balance across all deposit accounts including wallet, savings and or current account, cannot exceed INR 100,000 at the end of the day, or any such limit as may be prescribed by the RBI from time to time. This does not include any security/ earnest money deposit collected during the course of the banking relationship.
The Bank may enter into an arrangement with any other scheduled commercial bank/ small finance bank (“Partner Bank”) to sweep any excess amount, exceeding the prescribed threshold, into my savings/current account maintained at that Partner Bank. I provide my consent for the Bank to enter into such an arrangement for sweeping its excess balance. I also understand and acknowledge that the rate of interest/ return applicable on the excess amount will be as per the terms and conditions of the Partner Bank. I understand that the Bank shall not have any right to operate or have real-time access to my funds lying in the Partner Bank. Accordingly, the Bank shall have no authorisation to initiate any debit transaction in the Partner Bank account, under a power of attorney or a generic consent. All debits from the Partner Bank account would be only initiated on my request and will be moved to NSDL Payments bank Account as and when requested. I also understand that the account opening with partner bank is at the discretion of the bank itself and the bank has rights to reject the account opening. In such instances NSDL Bank will inform you about the rejection and deactivate the sweep services from your account. Funds available in excess to the threshold limit will transferred to an alternate account. For getting the details of the alternate account, bank shall get in touch with you on your registered email ID & contact number.

Declaration for Sweep facility with Kotak Mahindra Bank Ltd.

I give my consent to NSDL Payments Bank (“NPBL”) to open a saving account with Kotak Mahindra Bank Limited (“KMBL”) as soon as the balance in my account with NPBL exceeds INR 1,00,000. NPBL shall automatically transfer the excess funds in the saving account opened with KMBL whenever the balance in my account with NPBL exceeds INR 1,00,000. I do hereby authorise NPBL to give all my KYC documents and/or any other necessary document to KMBL to enable them to open, operate and maintain the saving account in my name. I understand that the saving account with KMBL is subject to the terms and conditions governing saving bank account uploaded on the website of KMBL (www.kotak.com) and the terms agreed between the NPBL and KMBL. I hereby give consent that whenever I make a withdrawal request to NPBL, NPBL shall give instructions to KMBL and KMBL shall debit my saving account with them and transfer the same to my account with NPBL. I further agree that all the service like account opening, account maintenance, withdrawal etc relating to saving account with KMBL will be routed through NPBL only and I shall only approach the NPBL for any servicing for the KMBL account. I understand that the saving account with KMBL shall be automatically closed on the closure of my account with NPBL.

Declaration for 3-in-1 Savings Account:

1. I/We hereby authorise you to use my/our Savings Bank Account with NSDL Payments Bank for dividend purpose, recovery of Demat related charges and linking to my Demat and Trading Account. Please treat this authorisation as irrevocable till further instruction from my/our side is received in writing & duly acknowledged by you.
2. I/We hereby irrevocably authorise NSDLPB :
   • Use/link my/our Bank A/c with NSDL Payments Bank with my demat and trading Account, until further instruction from my/our side received in writing & duly acknowledged by NSDLPB.
   • NSDLPB to debit my/our account and as per Instructions from Stock Broker.
3. I/We hereby agree that :
   • NSDLPB shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in one or more Savings Account of the Customer, whether in single name or joint name(s), to the extent of all amounts payable by the Customer arising as a result of any of NSDLPB’s services extended to and/or used by the Customer or as a result of any other facilities that may be granted by NSLPB to the Customer.
   • NSDLPB is entitled without any notice to the Customer to settle any indebtedness whatsoever owed by the Customer to NSDLPB, whether actual or contingent, or whether joint and/or several, or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of Saving Account(s) held by the Customer with NSDLPB. NSDLPB’s rights hereunder shall not be affected by the Customer's bankruptcy, insolvency, death or winding-up.
   • In addition to NSDLPB's rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises NSDLPB.
   • The provisions of this clause shall apply notwithstanding any other agreement to the contrary between the customer and NSDLPB.