The following terms and conditions (“Terms and Conditions”) apply to the Multi-currency Forex Card and related facility provided by Standard Chartered Bank.
1. DEFINITIONS
In these Terms and Conditions, the following words have the meanings set out hereunder, unless the context indicates otherwise.
B) ELIGIBLITY AND MANNER OF APPLYING THE CARD
C) PERSONAL IDENTIFICATION NUMBER (PIN)
D) SECURITY OF THE CARD, PIN AND CUSTOMER PORTAL PASSWORD
iii. The Cardholder should memorise the PIN and the password and then destroy any record of it and not maintain the same in writing anywhere to prevent its access by any third person/party.
E) LOST OR STOLEN CARD OR PIN
F) USAGE OF THE CARD
G) LIMITS ON USAGE
H) RELOADING THE CARD
I) RECEIPT OF FUNDS IN EXCESS OF THE CARD AMOUNT THAT WERE TO BE LOADED In the event, the Cardholder receives funds in excess of the requested amount to be loaded inadvertently, the Cardholder agrees to immediately refund such excess funds to the Bank. Further if the Cardholder receives excess funds while executing a withdrawal Transaction trough an ATM or Shared Network (including the malfunction of an ATM, POS or other equipment, or the Bank system) the Bank reserves the right to notify the same to the Cardholder and deduct such excess funds received by the Cardholder from the Card Balance. The Bank further reserves the right to recover such excess funds from any bank account including joint accounts maintained by the Cardholder with the Bank and/or any of its group companies. Nothing in these terms and conditions shall affect the Bank’s right of lien on the Card Balance under common law.
J) RECORDS AND STATEMENTS OF TRANSACTIONS
K) INSURANCE
The Cardholder shall be provided the benefit of HDFC Ergo General Insurance Company Limited’s Comprehensive Card Protection Insurance, Travel Insurance and Air Accident Insurance Cover (collectively referred to as “Insurance Cover”) free of cost along with the Card. The Insurance Cover shall lapse upon expiration or cancellation of the Card by the Cardholder or the Bank, as the case may be, whichever earlier. The Insurance Cover will be subject to the terms and conditions imposed by the Insurance Company and any claims/queries/clarifications with respect to the Insurance Cover and/or any claims shall be directly referred to HDFC Ergo General Insurance Company Limited. The Bank shall not be responsible / liable for such insurance claims of the Cardholder. For availing the Insurance Cover, the following conditions inter alia must be fulfilled by the Cardholder:
General Conditions
Section-wise Conditions
Section I: Card Liability Cover The cover under Card Liability Cover shall be applicable only for certain number of days prior to reporting the loss of Card (pre-reporting period) and certain number of days post reporting of loss of card as mentioned in the schedule
Section II: Personal Air Accident Cover – Death only If during the Period of Insurance an Insured Person sustains Bodily Injury due to air accident (International Only) which directly and independently of all other causes results in Death within twelve (12) months of the Date of Loss, then the Company agrees to pay to the Insured Person’s Beneficiary or legal representative the Compensation stated in the Schedule.
Section III: Travel Insurance (Loss of Baggage & Personal Documents)
L) COMPLIANCE WITH APPLICABLE LAWS, RULES AND REGULATIONS
M) ERRORS, QUESTIONS OR COMPLAINTS
N) NO REPRESENTATION, WARRANTY, ETC., AS TO QUALITY OF GOODS AND SERVICE
O) CARDHOLDER’S INDEMNIFICATION OBLIGATION
The Cardholder hereby agrees to indemnify and keep the Bank indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs (including legal costs), charges and expenses of whatsoever nature which the Bank may at any time incur, sustain, suffer as a consequence of or by reason of or arising out of: i. providing the Card to the Cardholder; ii. the negligence, fraud or misconduct by the Cardholder (directly or indirectly); iii. breach or non-compliance of these terms and conditions, rules and regulations; iv. any fault, error, failure of ATM/POS machine and/or Merchant Establishment; v. collection of all money due and payable (including applicable costs, charges and fees) by the Cardholder;
P) EXCLUSION OF LIABILITY OF THE BANK
The Bank shall be under no liability whatsoever to the Cardholder in respect of any actions, claims, demands, proceedings, losses, damages, personal injury (including actual or perceived loss of reputation, defamation or the like), costs, charges and expenses whatsoever arising directly or indirectly out of:
Q) COSTS, CHARGES AND FEES
R) CURRENCY CONVERSION RATES
S) DISCLOSURES
The Cardholder is aware and acknowledges that the Bank may disclose information pertaining to the Cardholder as may be required under applicable laws and in accordance with the terms and conditions of the personal and electronic banking relationship held by the Cardholder with the Bank.
T) RIGHT TO TERMINATE / BLOCK / DECLINE THE USAGE OF THE CARD / ACCESS TO THE CARD BALANCE
U) DISPUTES In the event the Cardholder disputes a Transaction, the same should be communicated to the Bank within 45 (forty five) days from the date of settlement of the Transaction. On receipt of such information, the Bank may reverse such Transaction amount on a temporary basis and mark lien on such amount in favour of the Bank till completion of the investigation and resolution of the dispute. If on completion of the investigation, the Bank is satisfied that the charge was correctly debited, the Bank will reinstate the charge along with any fee as may be applicable.
V) GOVERNING LAW
The laws of India govern these Terms and Conditions as also the use of the Card by the Cardholder subject however to the Cardholder being subject to applicable laws, rules and regulations of such other country where any Transaction may be executed by use of the Card. Any claim, legal action or proceeding arising out of these Terms and Conditions for the Card instituted by the Cardholder (and/or any persons claiming through or under the Cardholder) shall be brought in the courts or tribunals at Mumbai, India.
W) SEVERABILITY AND WAIVER
Each of the provisions of these Terms and Conditions is severable and distinct from the others and if at any time, one or more of such provisions is or becomes illegal or unenforceable in any respect under the laws of any jurisdiction, the legality, validity or enforceability of the remaining provisions shall not be affected in any way.
No act, delay or omission by the Bank shall affect its rights, powers and remedies under these Terms and Conditions or other further exercise of such rights, powers or remedies. The rights and remedies under these Terms and Conditions are cumulative and not exclusive of other rights and remedies provided by law.
X) ASSIGNMENT
The Cardholder acknowledges that the Bank may assign, transfer or convey any or all its right and obligations in respect of the Card to any third person as it may deem fit in its sole discretion without obtaining concurrence of the Cardholder.
Y. LRS
As per the Reserve Bank of India (RBI) Master Direction on Liberalised Remittance Scheme (LRS) guideline issued on January 1, 2016 (as updated from time to time), authorised dealers are permitted to freely allow the resident individuals, including minors, to remit up to USD 250,000 per financial year (April-March) for any permitted current or capital account transactions or a combination of both. The scheme is not available to corporates, partnership firms, HUF, Trusts etc. The Forex card should always remain in compliance to the stipulated regulatory guidelines and that the amount being loaded / reloaded on the card should adhere to the limits and transaction permissibility therein. For further details on the scheme, you may visit the official website of RBI.
Z) TAX COLLECTION AT SOURCE (TCS)
Cardholder is aware & acknowledge terms related to Tax collection at Source (TCS) in accordance with section 206C (1G) of Income Tax Act 1961
MISCELLANEOUS
The Bank reserves the right to offer Cardholder certain facilities, memberships and services at such fees and on such terms and conditions as it may deem fit. Notwithstanding anything contained, the Bank reserves the right to waive or reduce the fees and to withdraw such benefit at any time with prior notice to the Cardholder. Any termination of Card due to a violation of these Terms and Conditions by the Cardholder, shall result automatically in the termination of such facilities and services. The Bank shall not be liable, in any way, to the Cardholder, in case of defect or breach in the performance of carrying out such facilities, memberships or services or the non-performance thereof, whether by the Bank, or Merchant Establishment or any other third party.
The Bank reserves the right to use the information provided by the Cardholder on his/her application and during surveys, information from external sources, including consumer reports, for marketing reports & activities carried out by the Bank/Affiliates, the Bank may use this information to develop mailing lists that may be used by companies with whom the Bank shall work to develop marketing offers for the Cardholder.
The Cardholder shall be bound by any revisions/changes made by the Bank to these Terms and Conditions unless the Card is returned to the Bank for cancellation before the date on which the revisions/changes are made.
The Cardholder shall forthwith notify the Bank of any change in address for communication, mobile number and /or email ID as stated in the application form for the Card. The Bank reserves the right to change the Cardholder’s address in its records if such change in address comes to the notice of the Bank suo motu. The responsibility shall be solely of the Cardholder to ensure that the Bank has been informed of the correct address for communication and the Bank disclaims all liability in case of an incorrect address resulting in any loss or liability for the Cardholder.
The Cardholder agrees to adhere to and comply with all such terms and conditions as the Bank or its affiliates may prescribe from time to time for facilities/services availed of by the Cardholder and hereby agrees and confirms that all such Transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, 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 the 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 the Bank or its affiliates for such facilities/services, as may be prescribed from time to time.