Terms and Conditions - Digital Fixed Deposit Accounts

Eligibility Criteria to open a Shivalik Bank Digital Fixed Deposit Account

• Person should be a Resident Individual
• Age should be 18 years and above.
• Person should be physically present in India at time of digital application and/or Video-KYC.
• Person should not have a tax obligation to any country other than India (FATCA reportable).
• Person should not be a PEP (Politically exposed person)
• Account will be opened in Single holding capacity (cannot be a joint account)
• Mandatory Documents Required- Aadhaar and PAN. Mobile Number should be linked with Aadhaar.
• Person should complete the Full KYC confirming to the guidelines issued by the Reserve Bank of India within 1 year from the date of first Digital Fixed Deposit account.

Aadhaar Consent

• I agree and authorise Shivalik Small Finance Bank Ltd. (hereinafter referred as “The Bank”), whether acting by itself or through any of its service providers, to fetch my demographic details from UIDAI.
• I have no objection in authenticating myself with Aadhaar based authentication system and voluntarily consent to providing my Aadhaar number, OTP data and/or Biometric and/or any similar authentication mechanism for the purpose of availing of the Banking Service from the Bank
• I understand that the OTP and/or Biometric and/or any other authentication mechanism I may provide for authentication shall be used only for authenticating my identity through the Aadhaar authentication system for that specific transaction and for no other purposes, or as per requirement of law.
• I understand that Bank shall ensure security and confidentiality of my personal identity data provided for the purpose of Aadhaar based authentication.
• I authorize Bank to verify and authenticate my Aadhaar number during processing my application for legitimate business purposes.
• I submit my Aadhaar number and voluntarily give my consent to:
  • Use my Aadhaar details and authenticate myself through Aadhaar based authentication system for the purpose of establishing my identity.
  • Link the Aadhaar Number to all my existing/new/future accounts and customer profile (CIF) with your Bank.
• I further authorize the Bank to share my Aadhaar related details/ information with regulatory/statutory bodies as and when required.

FATCA-CRS Declaration

• I agree to abide by and be bound by all applicable rules/ regulations/ instruction/ guidelines issued by the Reserve Bank of India (“RBI”), the Common Reporting Standards (“CRS”), Foreign Account Tax Compliance Act of United States of America (“FATCA”) and any other governmental or regulatory authority, in force from time to time.
• I understand that the Bank is relying on this information for the purpose of determining my status in compliance with FATCA (Foreign Account Tax Compliance Act) / CRS (Common Reporting Standards)
• I agree to inform the Bank within 30 days if there is change in information or certification on this form.
• I agree that as may be required by domestic regulators/tax authorities the Bank may also be required to report, reportable details to CBDT (Central Board of Direct Taxes) or close or suspend my account.

Terms and Conditions

• The Digital Fixed Deposit Accounts(“Digital Fixed Deposit”) offered by Shivalik Small Finance Bank Ltd. (“ The Bank”)’ shall be governed by these Terms and conditions (“T&C”) apart from the detailed terms and conditions (“T&C”) hosted/published on the website of the Bank, viz., - https://shivalikbank.com/regulatory-section/terms-and-conditions. The customer confirms to have read, understood, and will be bound to/abide by all T & C.
• The customer undertakes to inform the Bank regarding change in their residence/employment.
• By applying for the Digital FD and sharing all information, the customer consents to provide the name, contact details and other information.
• The customer herewith agrees to voluntarily provide valid PAN Card details. The customer understands that opening an account is subject to correct and complete information is provided.
• The Digital Fixed Deposit will be opened in the name as appearing in the Aadhaar of the customer.
• Initial funding is required to open Digital Fixed Deposit. The Bank reserves the right to stipulate, from time to time, the minimum Fixed deposit amount and the mode of funding required for opening Digital Fixed Deposit. The Digital Fixed Deposit account will be deemed as opened and functional only upon actual receipt of the initial funding by the Bank, along with requisite information/credentials. The Bank reserves the right to close Digital Fixed Deposit (even if the account is opened) without notice to the customer if the Bank has reason to believe that the initial funding is not received from another account of the customer or if the funds are received from illegitimate source or the initial funding transaction is not successful or the proceeds of initial funding transaction is not actually received by/settled in favour of the Bank within 2 (Two) working days of receipt of account opening application form/request.
• The customer understands that the Bank is not responsible and liable for any failure on part of their existing bank or Payment Gateway or IMPS/UPI or NEFT/RTGS system or any other entity while transferring the funds to the Bank or in the process of creation of Fixed Deposit(s).
• Bank shall not be liable for any connectivity/signal/data issues leading to non-completion or wrong/false/incomplete information being provided by the customer leading to the incompletion of customer’s application.
• Application once submitted cannot be withdrawn by the customer. Bank shall not be liable to pay for any costs (technical/ data plan related or otherwise) incurred by the customer in the course of the downloading or sharing their details on the application.
• The customer hereby declares that the details furnished in digital application form are true and correct to the best of customer’s knowledge and belief and the customer undertakes to inform the bank of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, the customer may be held liable for it.
• The customer herewith agrees to provide the accurate documentation and information for the purpose of account opening. The customer understands and agrees that failure to provide requisite documentation and information shall result in rejection of application by the Bank. The customer agrees that Bank has every right to reject the account opening application, if there is any erroneous, incomplete, or misleading information provided by the customer or for any other reason whatsoever with/without assigning any reason or if KYC documents submitted do not comply with the KYC norms of the Bank.
• The customer understands and agrees that the bank may disclose information about customer's account, if required or permitted by law, rule, or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder/s.
• The customer understands and conforms, in terms of provisions of PMLA Rules and Master Direction on KYC issued by the Reserve Bank of India, Banks are required to upload KYC data pertaining to all individual accounts opened on or after January 1, 2017, onto Central KYC Records Registry(CKYCR).
• Bank reserves the right to take necessary action, legal or otherwise, if it finds any wilful modification/ withholding of information or misrepresentation by the customer .
• The customer agrees to provide the necessary details (Mobile, Email etc.,) as per the requirement at the time of submission of details through the app/webform. Bank shall not bear any liability for any loss arising out of customer’s failure to do so.
• The customer herewith agrees to be contacted by the Bank to receive information in respect of account maintenance, alerts, payments due, updates on existing and new products, servicing of account for sales, marketing or servicing their relationship with Bank and its group companies / associates or agents through Telephone / Mobile / SMS / Email etc. Further The customer understands that the consent to receive calls / communications shall be valid and shall prevail over their current or any subsequent registration of their mobile number for National Do Not Call (NDNC) registry and shall continue to be treated as customer’s consent/acceptance.
• The customer confirms that the account is being opened by the customer for customer’s own use and that the mobile number, SIM, and device used for opening the account belongs to customer and same have not been shared with any other individual. The customer further confirms that customer has not shared the credentials pertaining to the account opening with any other person. In case of any discrepancy, the bank reserves the right to block or close the account without any notice.
• The customer undertakes to complete Full KYC process through Video KYC or by visiting Bank branch, within 1 year of the first Fixed Deposit opening (for New to Bank customers)and in case of customer’s failure to complete the same for any reason whatsoever Bank shall have exclusive discretion to close their account and the amount shall be transferred into the bank account used by the customer for the funding transaction process or as provided for repayment instruction in deposit booked.
• The Bank reserves the right to cancel the Customer ID and/or Account Number (A/C) allotted to the customer, if the Full KYC verification process is not completed within the allotted time.
• The customer herewith agrees that if the application is rejected, Bank will retain the documents / Photographs and any other signed document submitted by customer on the Web app or otherwise.
• The customer hereby consents to receiving information from Central KYC Registry through SMS/Email on the registered number/email address.
• The customer agrees that they will not enjoy the services provided by the bank unless the customer on-boarding process is complete.
• The customer hereby consents to receiving Fixed Deposit advice through his e-mail registered with the bank.
• Customers should carefully examine the entries made in the Fixed Deposit E-Advice sent by bank and draw the Bank's attention to any errors/omissions/discrepancies therein, within 10 (Ten) days from the date of receipt of the Fixed Deposit Advice, failing which the entries therein shall be deemed to be correct and accepted by the customer, and the customer shall not be entitled to question/dispute the correctness/accuracy thereof thereafter.
• The customer understands and confirms that the Bank has every right to close, or debit freeze or lien mark the account even after activation of the account, if the details provided by the customer are found to be inaccurate, incorrect, or false by the Bank or in case of any discrepancy found as part of regular monitoring and document verification activities or for any other reason whatsoever without assigning any reason thereof. In such an event, the bank shall not be liable to pay any interest on the amount of deposit & the refund of amount deposited in the account will be refunded to his/her source account. In such an event, bank will retain the documents / Photographs (if any) and any other signed document submitted.
• The Fixed Deposit cannot be pledged as security for any loan or obligation from any other Bank, financial institution or individual.
• The customer agrees that such an account will be subject to regular scrutiny and monitoring from the bank and bank shall reserve the right to completely freeze/debit freeze/ close the account at its sole discretion.
• If the credit to customer repayment account on maturity or premature withdrawal fails, the bank may issue a demand draft and the same shall be sent by courier/post to the registered mailing address.
• Nomination facility is available in accordance with applicable laws. It is advised to add a nominee to customer’s FD account with the bank. In the event of the account holder’s death the nominee is entitled to receive the FD amount (premature or post maturity) from the bank. Customer understands and agrees to the importance of having a nominee and may choose not to add a nominee for the FD account, purely at his/her own discretion. In the absence of any nominee, the Bank may retain any and all funds in Digital Fixed Deposit until it establishes the identity and credentials of the successor to the account holder to its satisfaction, which may include insisting on a Legal Heirship Certificate/Family Tree/Succession Certificate/Probate of a Will/Letters of Administration or any other evidence as may be required by the law for the time being in force.
• In case the Nominee is a minor, the name of the guardian to be specified. The customer further confirms that if customer fails to submit the physical copy of the form the choice made online shall be binding on customer.
• The customer hereby authorizes the bank to act upon his/her instruction regarding nomination, cancellation, or variation of the nomination of the Fixed Deposit (given through various modes). The customer shall not hold the bank responsible should any claim be raised against the Bank for acting on the instruction of nomination and the Bank does suffer any loss. The customer will keep the bank indemnified from time to time.
• Where the deposit is held singly and premature withdrawal is required by the nominee in the event of death of the deposit holder, the nominee named for the deposit is entitled to prematurely withdraw the said deposit. At the request of the nominee, Shivalik Bank may allow premature withdrawal as per Shivalik bank policy. The customer further affirms that payment of the proceeds of such deposit to the nominee represents a valid discharge of Shivalik bank's liability.
• Premature closure/ withdrawal of Digital Fixed Deposit will be allowed only after 7 (Seven) days from the date of creation of Digital Fixed Deposit, and only if Digital Fixed Deposit is free from any charge/lien. For premature closure/withdrawal within 7 days from the date of creation of Digital Fixed Deposit, the customer may visit the bank branch.
• In case of premature withdrawal of Digital Fixed Deposit based on instructions of depositor, the Bank shall have the right to recover interest already paid or the penalty, if any, from the proceeds of the Digital Fixed Deposit in accordance with prevailing regulations of the Bank and RBI.
• On premature closure of customer’s Digital Fixed Deposit, interest will be paid as per the rate of interest applicable for the tenure the deposit remained with the Bank subject to penal rates as applicable and not at the contracted rate. For information on penal rates, visit - https://shivalikbank.com/interest-rate#fd-rd.
• The customer understands that Digital Fixed Deposit creation date will be same as payment settlement date.
• The customer hereby declares that the maturity pay-out account provided by him/her at the time of account opening are his/her own account details.
• Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
• The customer herewith confirm that they have not opened any account/deposit through Aadhaar-OTP e-KYC verification in any other bank and they will not open any other account through Aadhaar-OTP e-KYC verification in any other bank.
• The customer understands that Digital Fixed Deposit opening process is unavailable to persons whose address fetched from UIDAI is deemed incomplete by the bank.
• The customer herewith confirms that If the Digital Fixed Deposit account is closed for reasons whatsoever, the Bank may pay the proceeds (after the right of set-off, if any, of the Bank) to them by refunding by way of Demand Draft or crediting to the sourcing account, which shall be valid discharge of the obligations of the Bank in this regard. The customer is aware and acknowledges that the Bank is under no obligation to refund to the sourcing account unless it is convinced, based on materials, that the sourcing account belongs to the customer. If refund in the above manner is not successful, the Bank may retain the available amount with it, and the customer undertakes to collect the proceeds (after the right of set-off of the Bank) at their cost and responsibility. The customer is aware that in case the Digital Fixed Deposit is not opened due to any reasons whatsoever after receipt of initial funding, the amount shall be refunded without interest.
• For Limited KYC customers, maximum amount of fixed deposit can be INR 90,000 and maximum tenure can be 1 year only. The customer can convert his/her Limited KYC status to Full KYC status through Shivalik Bank Video KYC process or by visiting the nearest Shivalik Bank branch. In case, the customer has not converted Limited KYC status to Full KYC status, the fixed Deposit cannot be auto renewed beyond 1 year from the date of initial Fixed Deposit opening. In such a case, the Bank shall close the fixed deposit and funds shall be transferred into the customer’s repayment account bank account used during the funding process.
• Customer can only book single fixed deposit under Limited KYC status.
• For opening second fixed deposit and/or for opening a digital fixed deposit for more than INR 90,000 and/or for duration of more than one (1) year, the customer must convert his/her Limited KYC status to Full KYC status through Shivalik Bank Video KYC process or by visiting the nearest Shivalik Bank branch.
• The customer understands automated process through digital mode shall create Fixed Deposit(s) based on information provided by him/her.
• The Fixed Deposit will be opened with the holding pattern MOP as “Self”.
• The customer understands and agrees that interest on the amount funded online will be paid subject to activation of the account and only from the date of receipt of clear funds by the Bank.
• The customer agrees and authorizes the Bank for using any method including a token transfer of Rs.1/- (Rupees One Only) into his/her bank account for the purpose of verification. The customer understands and agrees that in the event the verification has failed, the Bank may require other evidence(s) from him/her to establish his/her ownership of the account and till such ownership is established by the Bank, the funding amount for deposit, if received, will be retained by the Bank without any liability to pay interest on the same.
• Customers, who would like to deposit funds in the Digital FD account using the funding facility available, can do so only from their own bank account and not from a Third-Party Bank account. Bank shall be at liberty to refuse to open the accounts funded from a Third-Party Bank account at its sole discretion.
• The customer hereby understands and agrees that in case funds are received and the Digital FD account does not get created, no interest will be paid till 7 days.
• The customer undertakes to complete the full KYC in respect of Digital Fixed Deposit, within 1 year from the date of account opening, failing which the Bank is authorised to close Digital Fixed Deposit without notice to the customer.
• The customer understands that the Bank is obligated to honour all statutory notices related to any account maintained with the Bank including closure of the account with/without prior notice to the customer.
• The customer understand and agree that, the Bank shall not be liable for delay in performing or failure to perform any of its obligations under these Terms and Conditions which is caused by circumstances beyond its reasonable control, including, but not limited to, the failure, malfunction or unavailability of telecommunications, data communications and computer systems and services, natural calamities, war, civil unrest, government action, strikes, lock-outs or other industrial action or trade disputes (whether involving the Bank's employees or those of a third party). Any delay or failure of this kind will not be deemed to be a breach of the Terms and Conditions and the time for performance of the affected obligation will be extended by a period which is reasonable in the circumstances.
• Customer hereby agrees to indemnify, defend and hold harmless Shivalik Bank from and against any and all liability, loss that may occur, arise from reliance by Shivalik Bank on the information, declarations, documents, images and undertakings, etc. provided by the Customer (on account of them being fake/incorrect/erroneous), the usage of online/offline mode for the Product/Facility application including the details provided basis this Video KYC process or breach, non-performance or inadequate performance by the Customer of any of these Terms, Primary Terms and Conditions or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.

Video KYC Terms & Conditions

• The customer agrees and authorises the Bank to conduct Video KYC, to record the video interaction with them, take photographs of their PAN and/or Aadhaar card or any other relevant document. The customer understands that the same shall be stored and used to verify their identity. The customer understands that the Bank shall ensure security and confidentiality of the video recording, photographs, images, and data and further authorises the Bank to furnish this data with regulatory/statutory/judicial authorities as and when required.
• The Customer understands that the Video KYC process is subject to the availability of Shivalik Bank officials to conduct such Video KYC, and technical stipulations including but not limited to those arising due to any delay, interruption, suspension, resolution, or error of Shivalik Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or request to and from the telecommunication equipment of the Customer and the network of any internet service provider and Shivalik Bank's system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, or Shivalik Bank's system or the network of any internet service provider and/or any third party who provides such services as is necessary to provide the Video KYC process.
• In case the documents shown and verified by Shivalik Bank officials over a video call do not comply with the Shivalik Bank policy and/or relevant guidelines due to any reason whatsoever, the application request shall be rejected.
• The Customer agrees and understands that the image of the signature crop provided by the Customer through Video KYC process shall be updated in Shivalik Bank records as the Customer’s specimen signature. The customer can get his/her signature changed in Bank’s records by visiting any branch of the Bank as and when required.
• Customers who have opted for Video KYC process for the Product/Facility application agree that their request is subject to verification and may be rejected by the Bank for various reasons including, but not limited to:
  • Call drop due to network/internet issues at the Customer’s or Shivalik Bank’s end; or
  • Documents matching criteria is not fulfilled or
  • Bank official is unable to capture the screenshot of Customer’s photo or any document or
  • Customer is not ready to co-operate with Bank officials or
  • Signature process is incomplete or
  • Location outside India, face mismatch, poor quality uploaded documents or
  • For any other reason at the discretion of Shivalik Bank.
• The customer agrees and undertake that if customer could not complete their Video KYC validation process or the said process if dropped midway due to technical, systematic or server errors/issues or other operational issues in that case customer will be permitted to complete Video KYC process again to enable the customer to have their account opening process completed. The customer also agrees and undertakes that even if he/she completes his/her Video KYC process for account opening but Bank is unable to access the KYC validation data/information collected under Video KYC process due to some technical, systematic or server errors/issues, or any other issue which are beyond the control of the Bank, in that case Bank has exclusive right to ask the customer to visit its nearest branch or to undertake the Video KYC process again.

Terms & Conditions for Digital FD booking through Auto FD Set-up

• Customer understands and agrees to set up a UPI autopay mandate for booking Digital Fixed Deposit basis the frequency set up during the journey.
• The customer hereby agrees to maintain sufficient funds in the UPI linked account number for auto-booking the Digital Fixed Deposit when mandate call is done.
• The customer understands and agrees that Digital Fixed Deposit will be auto booked basis the frequency/Amount/Tenure set up unless it is modified at the discretion of customer.
• The customer undertakes to mandatorily complete Full KYC process through Video KYC at the time of first Fixed Deposit opening via Auto FD Set up (for New to Bank customers).
• If it is an existing customer of the Bank, then he/she must be KYC compliant in order to book Fixed Deposit using this feature.
• The customer understands and agrees that Auto FD Set up shall continue as per the setup of standing instruction provided unless it is modified/paused/cancelled.
• The customer understands and agrees that any change in Auto FD Set up mandate will be effective from upcoming debit date (T Cycle) only if the change is made at least 1 day prior to the upcoming debit date. If any changes are made within 24 hours of the debit date, then that change will be applicable from the next auto debit cycle (T+1 Cycle). For example:- If the upcoming auto debit date with monthly frequency is 15-Aug-2024 and a change in Auto FD Set up is made by 13-Aug-2024 then that change will be applicable from 15-Aug-2024. But if the change in Auto FD Set up is made after 13-Aug-2024 then that change will be applicable from 15-Sep-2024.
• The customer understands the optional feature of choosing “cut -off interest” wherein customer can mention the ROI (Rate of Interest) slab at his discretion and if the ROI falls below the selected slab the FD booking shall not happen and shall be in pause status until ROI is revised or meets the cut -off criteria.
• The customer understands and agrees that any notifications/SMS to customer regarding mandate creation/modification/ revocation will be sent by the issuer bank in which customer holds the account being linked for UPI autopay mandate.
• The customer understands and agrees that the fixed deposits booked as per the frequency would be as per the Bank’s prevailing interest rates applicable on the day of booking as updated and available to view by customer on Bank’s website.
• The customer understands and agrees that nomination details as provided during the Auto FD Set-up mandate will be updated in all the fixed deposits opened through it.
• If the customer opts for booking without Nominee details in an Auto FD set-up mandate, then all fixed deposits opened through it would be without nomination.
• The customer further understands and agrees that if nomination details are modified in the Auto FD Set-up mandate, the revised nomination details will get updated in the fixed deposits opened after such modification. For any change or addition of Nominee in existing fixed deposits (prior to modification) would have to be done individually for each fixed deposit.

Declaration for Digital Fixed Deposits:-

• I wish to avail the banking facilities/products from Shivalik Small Finance Bank Limited (“the Bank”) and confirm having read and understood the Terms and Conditions [displayed on the website of the Bank, viz., - https://shivalikbank.com/regulatory-section/terms-and-conditions. I shall be responsible for regularly reviewing these terms and conditions including amendments thereto as may be posted on the Website.