Terms and Conditions - Digital Saving Accounts

(Opened through OTP Based E-KYC Authentication from UIDAI)

Eligibility Criteria to open a Shivalik Bank Digital Savings Account

• Only for persons not having an account-based relationship with the Bank (“Customer”) Not applicable for existing Bank’s Customers.
• 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 completion.
• Person should not have a tax obligation to any country other than India (FATCA reportable).
• Person should not be a PEP (Politically exposed person).
• Digital Savings 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 opening of Digital Saving 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 Saving Accounts(“Digital Saving Account”) 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 Saving Account 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 Saving Account will be opened in the name as appearing in the Aadhaar of the customer.
• The customer understands and agrees that the 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 understands and agrees that failure to provide the accurate documentation and information for the purpose of account opening 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 their specific consent.
• 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.
• As mandated by Reserve Bank of India the customer to complete their full KYC process within a period of 1 year from opening such account. The customer undertakes to complete Full KYC process through Video KYC or by visiting Bank branch, within 1 year of the Digital Savings Account opening and in case of their failure to complete the same for any reason whatsoever Bank shall have exclusive discretion to close their account.
• 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 agrees that such an account will be subject to regular scrutiny and monitoring from the bank and 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 him/her 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, bank will retain the documents / Photographs (if any) and any other signed document submitted.
• Nomination facility is available in accordance with applicable laws. It is advised to add a nominee to customer’s account with the bank. In the event of the account holder’s death the nominee is entitled to receive the amount available in the account from the bank. Customer understands and agrees to the importance of having a nominee and may choose not to add a nominee for the account, purely at his/her own discretion. In the absence of any nominee, the Bank may retain any and all funds in Digital Saving Account 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 their instruction regarding nomination, cancellation, or variation of the nomination of the Saving account (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.
• The customer is aware and acknowledges that, the Bank may, at its discretion, reject their application for opening Digital Saving account, if it is found at any time that they have used the same IP address (static or dynamic IP address or Proxy Server) for opening more than 2 (Two) Digital Saving accounts. If the Bank finds at any stage after opening the Digital Saving account that the customer has violated this condition, the Bank may place operational restrictions therein without notice to the customer, apart from taking appropriate legal measures against the customer without forfeiting the Bank’s right to get indemnified by them for the loss or action (if any) suffered by the Bank.
• 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 Savings Account opening process is unavailable to persons whose address fetched from UIDAI is deemed incomplete by the bank.
• The customer understands automated process through digital mode shall open Digital Savings Account based on information provided by him/her.
• The Digital Savings Account will be opened with the holding pattern MOP as “Self”.
• The Customer understands the Digital Savings account product features along with the benefits and risks associated with it and the need to assess the suitability of the product(s) against the risk appetite, financial means, and investment objectives. The customer agrees that in the event of occurrence of transactions that may be construed as dubious or undesirable, the Bank reserves the right to act as it deems fit.
• The customer hereby declares that the details of Aadhaar and Permanent Account Number (“PAN”) mentioned in the account opening application form/request relate to him/her.
• The customer agrees and authorizes the Bank to use the details provided by them for credit bureau enquiries with any Credit Information Companies and the customer acknowledges that the Bank shall have the right and authority to carry out investigation from the information available in public domain for confirming the information provided by the customer to the Bank. The customer also authorizes the Bank to exchange, share, disclose or part with, any or all of the information and data pertaining to them or their account(s) (including personal sensitive data/information and/or any other information that requires a consent under the Information Technology Act, 2000 and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 and/or any other statute), whether provided by the customer or otherwise, with any statutory/regulatory bodies or financial institutions or Credit Bureaus/Agencies or parent/subsidiary/affiliate/associate of the Bank or any other third parties engaged by the Bank or with whom the Bank has business relationship, as may be required/permitted by any law, rule or regulations or as required by the Bank and the customer shall not hold the Bank or its agents/representatives liable for using/sharing such information.
• The customer agrees that the Bank may debit customer(s) account for service charges as may be applicable from time to time.
• The Customer agrees to indemnify and keep the Bank indemnified against any loss or damage that the Bank may suffer on account of operation in the account, dishonour of cheque, online transaction returned and standing instructions received after the closure of the Account.
• The Customer agrees to ensure complete security of relevant sensitive information of account details including but not limited to card details, pin, password, login ID, MPIN through any medium. The Customer undertakes and acknowledges that Shivalik Bank will not seek any such information from Customers and further agrees that the Bank shall not be liable for any losses, claims arising from such disclosures made by the Customer to third party or unauthorized usage of same.
• The customer understands and agrees that being a limited KYC account, the operations of the account shall be limited. Any service or transactions requests shall not be accepted at the Bank’s branch network unless full KYC is completed by him/her and account can be accessed for services or transactions through Bank’s alternative banking channels (Net Banking, Mobile Banking, SMS Banking, ATMs, etc.)
• The customer understands that he/she can only open single savings account under Limited KYC status. For opening another account or book fixed deposit, the customer must convert their Limited KYC status to Full KYC status through Shivalik Bank Video KYC process or by visiting the nearest Shivalik Bank branch.
• The customer understands and agrees that in case balance in the limited KYC account exceeds Rs.1 lakh on a given day or cumulative credit values exceeds Rs.2 lakh in a financial year, the Bank reserves the right to put the account on freeze and reject processing of any transactions, till the time the Customer completes the full KYC process as required by the Bank.
• In case of Digital Savings account being put under freeze the Customer agrees that amount in the account kept along with the interest accrued (if any) will be payable to him/her as per applicable RBI guidelines and in accordance with Bank’s internal policies. In case of any lien marked on the account, the closure proceeds will be payable only once the lien is removed.
• The customer understands and agrees that If the Digital Saving account is closed for reasons whatsoever, the Bank may pay the proceeds (after the right of set-off, if any, of the Bank) to the customer by refunding by way of Demand Draft, which shall be valid discharge of the obligations of the Bank in this regard. 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 understands that their data is stored on secure systems within Shivalik Bank premises and with providers of secure information storage facilities in India. The data will be retained for a period as defined by regulatory / legal requirements the bank is subject to.
• The customer shall ensure the robustness of the data security of the device (Mobile / Desktop/Laptop etc.) through which the customer will access the Bank’s webpage and the Bank shall not be responsible for any leakage of customer sensitive data due to any malicious / malware residing in customer’s device.
• 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.

Declaration for Digital Saving Account

• “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.”