Terms and Conditions for Fixed Deposit with Axis Bank

Express Consents and Undertakings

I hereby expressly consent to and authorise the Bank (whether acting by itself or through any of its service providers, and whether in automated manner or otherwise), to do and undertake any of the following, in relation to my application details, personal data and sensitive information about me, information, papers and data relating to know your customer (KYC), credit information, and any other information whether about me or not as may be deemed relevant by the Bank (collectively, “Information”) for the purposes of [doing the CKYC based KYC (know your customer) process, customer due diligence and customer on boarding with the bank for its products and services]:

1. to collect the Information from me and other physical or online sources including accessing the same from Central Registry of Securitisation Asset Reconstruction and Security Interest of India (“CERSAI”), credit information companies, information utilities, websites, databases and online platforms (whether public or not); to get the authenticity, correctness, adequacy, etc. of the Information verified from any sources and persons including from online databases; and to act for and on my behalf for such accessing, collecting or verifying of the Information including using my login and password credentials on the online platforms; such collection, access and verification may be done without any notice to me;
2. process Information including by way of storing, structuring, organising, reproducing, copying, using, profiling, etc. as may be deemed fit by the Bank;
3. to store the Information for such period as may be required for contract, by law or for the Bank’s evidential and claims purposes, whichever is longer; The information downloaded from CERSAI central KYC database is stored in the bank’s data center in electronic form as per the information security policies and practices of the bank.
4. to share and disclose the Information to service providers, consultants, credit information companies, information utilities, other banks and financial institutions, affiliates, subsidiaries, regulators, investigating agencies, judicial, quasi-judicial and statutory authorities, or to other persons as may be necessary in connection with the contractual or legal requirements or in the legitimate interests of the Bank or as per the consent;
5. any of the aforesaid may be exercised by the Bank for the purposes mentioned above, for the purposes of credit appraisal, fraud detection, anti-money laundering obligations, for entering into contract, for direct marketing, for developing credit scoring models and business strategies, for monitoring, for evaluating and improving the quality of services and products, for other legitimate purposes or for any purposes with consent. 

1) I expressly agree to and subject me to the automated processing, automated profiling and to the automated decision making by or on behalf of the Bank.

General Terms and Conditions

1. Any Resident Indian who is 18 years and above and who provides his/her details in the CKYC (Central- Know Your Customer) based digital FD for NTB customers offered by Axis Bank is a Customer of Axis Bank.
2. By initiating the journey and providing his/her details, Customer confirms to have read, understood and will be bound to/ abide by the Terms and Conditions of Digital FD account opening and the general terms applicable to the account as available on Axis Bank’s website (https://www.axisbank.com/mailers/TnC/Axis-FD-RD-T-C.html).
3. By visiting the “Axis Digital FD – Apply Now link” and sharing all information, Customer consents to provide his/her name, contact details and other information on his/her own will with Axis Bank.
4. Customer authorizes Axis Bank to call on the given number to explain the features of the product.
5. Axis 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 his/her application.
6. The Customer herewith agrees to provide his/ her valid CKYC ID, Date of birth and valid PAN Card details. He/she understands that opening a Digital Fixed Deposit account is subject to providing correct, complete and accurate information.
7. Customer agrees that upon successful OTP validation done by Axis Bank, the name of the Customer in the Digital FD account will be the same name as appearing in his/her CKYC data updated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
8. Application once submitted cannot be withdrawn by the Customer. Axis 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 of his/her details on the application.
9. The Customer herewith agrees to provide the accurate documentation and information as listed in the Mobile app/website for the purpose of Digital FD account opening. 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 Axis Bank has every right to reject the Digital FD 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 documents submitted do not comply with the KYC (Know Your Customer) norms of the Axis Bank.
10. Customer understands and agrees that his/her KYC information is downloaded by Axis Bank from the Centralized KYC database of CERSAI in electronic form over a secured communication channel. The customer KYC data download process involves API (application programming interface) provided by CERSAI. Bank does not assume any risk or take any responsibility of the security of the customer KYC data in the same data download process that is prescribed by CERSAI.
11. This Digital FD account opening process is also not available for Customers who are FATCA reportable. Such Customers are requested to approach the branch and to comply with requirement of opening a Digital FD account.
12. Axis 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.
13. Customer understands and agrees that the digital FD creation is subject to successful processing of customer’s online payment for FD funding and successful receipt of the clear funds by the bank. The time duration for processing of the customer online payments for FD funding can vary based on the payment gateway arrangement by the bank or by the partner. The time duration for the customer’s online payment can also vary based on partner’s arrangement with the bank for CKYC FD product. The FD creation date will be same or later date as the date of receipt of clear funds by bank.
14. The interest rate displayed at the time of FD booking is as per the interest rate available with the bank at the time of FD booking. The actual interest rate applicable to the FD will be as per the interest rate available with the bank at the time of FD creation. The interest on FD will be applicable from the date on which the FD is created.  
15. Customer understands and agrees that interest on the FD amount funded online will be paid subject to activation of the Digital FD account and only from the date when the funds has been credited into the Digital FD account.
16. The Customer shall not enjoy the services provided by the Axis Bank unless Customer on-boarding process is complete.
17. Customer declares and confirms that the Axis Bank shall be entitled to rely on all/any communication, information and details provided on the electronic form and all such communications, information and details shall be final and legally binding on the Customer.
18. Customer understands and confirms that the Axis Bank has every right to close or debit freeze the Digital FD account, if the details provided by him/her are found to be inaccurate, incorrect or false by the Axis Bank or for any other reason whatsoever without assigning any reason thereof. In such an event, the Axis Bank shall not be liable to pay any interest whatsoever on the amount of deposit & the refund of amount deposited in the account will be refunded to the source account/or issue a Demand Draft to the Customer. In such an event, Axis Bank will retain the documents / Photographs (if any) and any other signed document submitted.
19. This application is available for opening a Digital FD account by Resident Indian Individuals only.
20. Customer authorizes Axis Bank to conduct a verification of the KYC details fetched from the CERSAI, post facto of the digital FD account opening. The bank will conduct an inspection and verification of the customer demographic details and scanned copies of the KYC documents fetched from CERSAI. The customer FD application fulfilment is subject to successful verification of customer KYC details fetched from CERSAI by the bank. 
21. Axis Bank reserves the right to cancel the Customer ID and Account Number (A/C) allotted to the Customer, if any information mismatch or discrepancy is found in customer KYC details fetched from CERSAI including the customer demographic details and the scanned copies of KYC documents. In such case, the customer’s digital FD will be force closed by the bank and the FD deposit amount will be returned to the customer via online remittance to external bank account number and IFSC provided by him/her in the process of digital FD opening.
22. Axis Bank reserves the right to hold the accounts in Debit Freeze or close the Digital FD account even after account activation in case of any discrepancy found as part of regular monitoring and document verification activities.
23. The Customer agrees to provide the necessary details (Location, Mobile, Email etc.,) as per the bank’s requirement at the time of submission of details through the mobile app/website. Bank shall not bear any liability for any loss arising out of customer’s failure to do so.
24. The Customer herewith agrees to be contacted by the bank to receive information in respect of account maintenance, alerts, payments due, Servicing of account for sales, or Servicing their relationship with Axis Bank and its group companies / associates or agents through Telephone / Mobile / SMS / Email etc. Further he/she 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 NDNC and shall continue to be treated as customer consent / acceptance.
25. The Customer herewith agrees that if the application is rejected, Axis Bank will retain the documents / Photographs and any other signed document submitted by the customer on the mobile app/ website or otherwise.
26. Customer confirms that funding of the fixed deposit using online payment facility is done from his/her own bank account only and not from a third party bank account. Bank shall be at liberty to refuse to open or to force close the fixed deposit accounts that are funded by the customer from a third party bank account, at its sole discretion.
27. The Customer agrees and acknowledges that, since it is a digital FD Product an Axis Bank branch will be allocated to the customer based on his address pin code location. In case a branch is not found in the pin code location a default Axis Bank branch will be allocated to the FD. In case the customer wishes to change his branch, post FD booking the same can be done by reaching to the nearest Axis Bank branch in his location.
28. Customer can avail the services for the digital FD account from a nearest Axis Bank branch in his location. In order to avail the services in a branch, customer needs to update his/her signature in the bank’s records as per the stipulated process by the branch. This process involves identification of the customer by the branch including but not limited to customer’s Aadhaar ekyc verification by the branch. 
29. Customer can update his/her signature through the Mobile Application or by visiting any of the nearest Axis Bank branch.
30. The Customer agrees and acknowledges that, Axis Bank shall not be held liable or responsible in any manner whatsoever in respect of any loss, cost or damage incurred by Customer due to any technical, systematic or server errors/issues, or any other issue occurred while undertaking CKYC process, which are beyond the control of Axis Bank or any costs (technical/ data plan related or otherwise) incurred by the Customer.
31. In case the mode of operation is ‘Either or survivor’ or ‘Former or Survivor’ or ‘Anyone or Survivor’, in the event of the death of one of the deposit holder, premature withdrawal is required by the survivor: In the event of the death of one or many holders in the account, the survivor, if he / she so request Axis Bank, to prematurely withdraw the said deposit without seeking the concurrence of the legal heirs of the deceased joint deposit holder, Axis bank is entitled to honour the same subject to the applicable laws. We further affirm that payment of the proceeds of such deposit to the survivor represents a valid discharge of Axis Bank’s liability provided.
    • There is no order from a competent court restraining Axis Bank from making the payment from the said account.
    • That the survivor would be receiving the payment from Axis Bank as a trustee of the legal heirs of the deceased depositor and that such payment to him/her shall not affect the right or claim that any person/s may have against the survivor to whom the payment is made.
32. It is advisable for a customer to add a nominee to his/her 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. A facility is provided to the customers to add a nominee to the FD account application from the partner platform with an option to skip the nominee addition. 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. 
33. Where the deposit is held singly and premature withdrawal is required by the nominee in the event of death of the deposit holder:
    • In the event of the account holder’s death, the nominee named for the deposit is entitled to prematurely withdraw the said deposit. At the request of the nominees Axis Bank may allow premature withdrawal without seeking the concurrence of the account holder’s legal heirs subject to applicable laws. The account holder further affirms that payment of the proceeds of such deposit to the nominee represents a valid discharge of Axis bank’s liability.
34. In case a Customer is having an existing relationship with Axis Bank, the customer will be treated as existing to bank customer (ETB) and the FD will be opened under customer id of the same customer relationship with the bank.
35. If an existing to bank customer does not have a valid PAN number recorded in the customer relationship with the bank, then the PAN number provided by customer in FD request initiated from partner platform will be verified by the bank and updated against customer id of the customer.

Groww Terms of Use for Deposit Services

These terms of use (“T&Cs for Deposit Services”) mandate the terms on which You access and register on the Platform for availing the services in relation to recurring and/or fixed deposit schemes (“Deposit Services”) offered by partnered third party banks and non – banking financial institutions (“Financial Institutions”). 

These T&Cs for Deposit Services are in addition to the Terms of Use and Privacy Policy of the Platform that apply to You when You access and register on the Platform for availing the Platform Services. The Terms of Use and T&Cs for Deposit Services shall be read harmoniously and in case of any conflict, the T&Cs for Deposit Services shall prevail solely in relation to the Deposit Services to the extent of conflict. All capitalised terms used herein however not defined, shall have the meaning ascribed to them under the Terms of Use and/ or the Privacy Policy. All information collected by the Platform to provide the Deposit Services will also be covered under the Privacy Policy.

Please read the T&Cs for Deposit Services carefully before registering on the Platform for such services, or accessing any material information in relation to the Deposit Services through the Platform. By accessing and using our Deposit Services You accept these T&C and agree to be legally bound by the same. 

1. Deposit Services: The Company hereby grants You, a limited, non-exclusive, non-transferable, revocable license to use the Platform for the purposes of availing the Deposit Services from Neobillion Fintech Private Limited (“Neobillion”). The Deposit Services shall include communication with the User for verification, facilitating opening and closing of deposits offered by Financial Institutions, technological, non-financial customer support, information on various deposit schemes, sending promotional messages and renewal reminders, and facilitating other communication with them in respect of the services.

The User may approach Neobillion or the respective Financial Institution with whom they have opened their deposit scheme, for assistance in relation to non – financial support such as nominee change, address change, bank details change, etc. Neobillion shall have a right to partner with any financial institution as determined by Neobillion in its sole discretion from time to time.

2. User Undertaking: You hereby agree and acknowledge: (i) to promptly provide but preferably no later than 2 (two) days from the date of request, all KYC details (including identity proof, permanent account number (PAN) and address proof) and any other information as may be requested by Neobillion and/or the Financial Institution for providing the Deposit Services to You and undertaking the verification of the KYC. Neobillion reserves a right to request for additional information or documents from the User while providing the Deposit Services. You understand and agree that all such information and documents collected by Neobillion will be shared with the Financial Institution of Your choice; (ii) to provide complete, genuine and accurate information and documents to Neobillion for availing the Deposit Services and shall ensure that such information is not false, misleading or incorrect. In relation to the bank account being used for availing the Deposit Services, You hereby represent and warrant that the bank account is opened in Your name, You are authorised to operate such bank account and there are sufficient funds in such account for availing the Deposit Services; (iii) that the request for deposit schemes will be made in individual capacity only since, joint deposit schemes are not permitted through the Platform; (iv) the verification of Your KYC may take upto [5 (five)] business days and consequently, it may affect the date of creation of Your deposit and/or interest receivable on such deposits by You. (v) pay upfront fees which may be applicable from time to time. 
3. Right of cancellation: Neobillion shall have a right to cancel the request received from the User for availing the Deposit Services if:  (i) User fails to provide the KYC details and any other information requested for providing the Deposit Services within the stipulated time period; or (ii) User provides information which in the opinion of Neobillion or any of its affiliates, is incorrect, or misleading information or the bank account to be used for the Deposit Services is not a verified account of the User or (iii) User/depositor does not qualify under the eligibility criteria as setforth which may be amended from time to time. 
4. Freezing of Account: In the event,  Neobillion is of the opinion or informed about any fraudulent transaction/ violation of policies, Neobillion will have the exclusive right to block / freeze such account until further course of action.
5. Termination: In case of termination: (i) of Your Account or access to Platform in accordance with the Terms of Use; or (ii) of the contractual arrangement between Neobillion and the respective Financial Institution with whom You have opened the deposit scheme, which shall be intimated to You by Neobillion, You are requested to directly reach out to the respective Financial Institution for any assistance or support in relation to Your deposit schemes. 
6. Disclaimer

1. The information in relation to the deposit schemes including the interest rates offered by the Financial Institutions is received from the respective Financial Institution and is displayed on an “as is” basis on the Platform. The Company and/or Neobillion are not in any manner responsible for the accuracy, completeness of such information and any difference in the interest rate displayed or provided on the Platform and that is made available by the Financial Institution on the deposit schemes at the time of creation. The provision of the Deposit Services through the Platform and display of such information received from the Financial Institution shall not in any manner constitute any recommendation, advice or opinion being given by Neobillion or any of its affiliates in relation to the Financial Institutions or the deposit schemes;
2. The deposit schemes are being provided by the respective Financial Institution(s) selected by You through the Platform, the Company is enabling access to the Platform and Neobillion is facilitating the provision of Deposit Services to You. The Company, Neobillion or any of its affiliates, do not accept the deposits on their own accord and do not have any deposit schemes of their own. Neobillion or the Company are not in any manner handling the funds/payments of the Users towards the deposit schemes ;
3. Neobillion shall share the information and documents received from You for the deposit scheme(s) with the respective Financial Institution selected by You through secured channels. Further Neobillion shall  hold / transfer / store such data as per their data privacy policy and share only to the extent as permissible under law.  While Neobillion undertakes measures to ensure that such transmission is error free, however, it does not guarantee that the transmissions of Your details will always be secure or that unauthorized third parties will never be able to defeat the security measures taken by Neobillion. Neobillion assumes no liability or responsibility for disclosure of Your information due to errors in transmission, unauthorized third-party access, or other causes beyond its reasonable control;
4. The decision to accept or reject the request for the deposit schemes received from a User is that of the Financial Institution and such Financial Institution is also solely responsible for undertaking the due diligence of the User and for ensuring compliance with applicable laws in respect of creation (including maturity and redemption) of deposit scheme for the User. The Financial Institution may decide, in its sole discretion, to reject a request from a User to avail a deposit scheme, including in the event of (i) failure to satisfy KYC verification, as determined by the Financial Institution; (ii) insufficiency of funds in the bank account; or (iii) payment made from an account which the User is not authorised to operate. In the event that a deposit scheme is rejected or cancelled by a Financial Institution with whom the request was placed, the principal amount, if any  transferred by the User will be refunded to the User without any interest in a reasonable time period. The Company nor Neobillion will be responsible or liable to the User or any third party, for any acts or omissions of the Financial Institution including delay, rejection or cancellation of the deposit scheme, any loss of money or damage caused to You or failure of the Financial Institution to refund the money collected from the User or any part thereof, breach of confidentiality or any applicable law, negligence of the Financial Institution or failure to perform any obligations with respect to the Deposit Services; and
5. The Company and/or Neobillion may use third party payment gateways to process the payment in respect of the Deposit Services and are therefore, not liable and responsible in any manner for any delay in processing the transactions, including any delay in credit of funds to the Financial Institutions from the User’s bank account  or difference in the date of creation of deposit or the interest receivable on such deposits. In the event, the deposit is not registered with the respective Financial Institution for any reason whatsoever after the payment has been successfully made by the User, the entire amount will be refunded to the User without interest within a reasonable time period.

7. Indemnification: You agree to indemnify the Company, and/or Neobillion, its directors and employees from any losses, damages, penalties, claims (third party claims), costs and demands (including reasonable attorney fees and legal costs) arising out of breach or non-performance and/or non-observance of obligations, representations, warranties and covenants under the T&Cs for Deposit Services or due to Your acts or omissions or any misrepresentation with respect to the data or information provided by You, or Your violation of any rights of another, including any intellectual property rights.
8. Modifications

The Company and Neobillion retain the unconditional right to modify or amend these T&Cs for Deposit Services without any requirement to notify You of the same. It shall be Your responsibility to check these T&Cs for Deposit Services periodically for changes. Your acceptance of the amended T&Cs for Deposit Services shall signify Your consent to the changes and the agreement to be legally bound by the same. 

9. Governing laws and Jurisdiction 

These T&Cs for Deposit Services shall be governed and construed in accordance with the laws of India without reference to conflict of laws principles. All disputes arising in relation to shall be subject to the exclusive jurisdiction of court at Bangalore, India.