TERMS AND CONDITIONS OF NEFT EXECUTED IN THE RBI NEFT SYSTEM

I/We am/are desirous of availing the Electronic Funds Transfer Facility offered by Standard Chartered Bank through the RBI NEFT System. In consideration of the Bank agreeing to extend to me/us the said NEFT facility, I/We hereby agree to and undertake the following Terms and Conditions which are in addition to the Terms and Conditions applicable to my/ our Account including those related to Online Banking and Standard Chartered Mobile: -.

1. Definitions

i) "Customer", “I”, “We”, “me”, “my”, “our” or “us” means the person named here-in above who is availing the NEFT facility and shall include both singular and plural.

ii) "Bank" means Standard Chartered Bank

iii) “RBI” means the Reserve Bank of India

iv) "NEFT Facility" means the Electronic Funds Transfer Facility through the RBI NEFT System.

v) "Security Procedure" means a procedure established by agreement between the bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices.

vi) Words or expressions used in these Terms and Conditions, but not specifically defined herein shall have the respective meanings assigned to them in the RBI NEFT Regulations,2005.

2. Scope of the Agreement

1) These Terms and Conditions shall govern every payment order issued by the customer during the period of validity of the Agreement

2) These Terms and Conditions shall be in addition to and not in derogation of the RBI NEFT Regulations, 2005 with subsequent additions/ modifications. The customer has gone through and understood the RBI (NEFT System) Regulations, 2005 and agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it regard to every payment order issued by him/it for execution in the NEFT System.

3) The customer understands and agrees that nothing in these Terms and Conditions shall be construed as creating any contractual or other rights against the RBI or any participant in the NEFT System other than the Bank.

3. Commencement and Termination

1) These Terms and Conditions shall come into force as soon as a request for transfer payment through NEFT is made by the customer and/ or a security procedure is established by mutual agreement between the Bank and the customer.

2) These Terms and Conditions and any modifications thereto shall remain valid and binding on the customer as and when and on each occasion the customer opts to make a transfer payment using the NEFT facility.

3) The Bank can withdraw the NEFT facility by giving reasonable notice.

4. Security procedure

1) For the purpose of these Terms and Conditions , the Bank may offer one or more or a combination of one or more security device.

2) A security procedure once established by Agreement shall remain valid until it is changed by mutual agreement.

5. Rights and obligations of customer

1) The customer shall be entitled, subject to other Terms and Conditions in the Regulations, to issue payment orders for execution by the bank.

2) Payment order shall be issued by the customer on the Secured Internet Banking website of the Bank and/ or Standard Chartered Mobile, complete in all particulars. The customer shall be responsible for the accuracy of the particulars given in the payment order issued by him and shall be liable to compensate the Bank for any loss arising on account of any error in his payment order.

3) The customer shall be bound by any payment order executed by the Bank if the Bank had executed the payment order in good faith and in compliance with the security procedure. Provided that the customer shall not be bound by any payment order executed by the Bank if he proves that the payment order was not issued by him and that it was caused either by negligence or a fraudulent act of any employee of the Bank.

4) The customer shall ensure availability of funds in his account properly applicable to the payment order before the execution of the payment order by the Bank. Where however, the Bank executes the payment order without properly applicable funds being available in the customer's account the customer shall be bound to pay to the Bank the amount debited to his account for which an NEFT was executed by the Bank pursuant to his payment order, together with the charges including interest payable to the Bank.

5) The customer hereby authorizes the Bank to debit to his account any liability incurred by him to the Bank for execution by the Bank of any payment order issued by him.

6) Customer agrees that the payment order shall become irrevocable when it is executed by Bank

7) Customer agrees that the Bank is not bound by any notice of revocation unless it is in compliance with the security procedure.

8) Customer agrees that he shall not be entitled to make any claim against any party in the RBI NEFT System except the Bank.

9) Customer agrees that in the event of any delay, for any reason whatsoever but excluding reasons beyond its control and/ or reasons which can be attributed to Acts of God, in the completion of the Funds Transfer or any loss on account of error in the execution of the Funds Transfer pursuant to a payment order, the bank's liability shall be limited to the extent of payment of interest at the Bank rate for any period of such delay and refund of the amount together with interest at the Bank Rate upto the date of refund in the event of loss on account of error, negligence or fraud on the part of any employee of the Bank.

10) Customer agrees that no special circumstances shall attach to any payment order executed under the NEFT Facility and under no circumstances customer shall be entitled to claim any compensation in excess of that which is provided in clause (9) above, for any breach of contract or otherwise.

6. Rights and obligations of the bank

1) The Bank shall execute a payment order issued by the customer duly authenticated by him as verified by the security procedure, unless:

a) the funds available in the account of the customer are not adequate or properly applicable to comply with the payment order and the customer has not made any other arrangement to meet the payment obligation.

b) the payment order is incomplete or it is not issued in the agreed form

c) the payment order is attached with notice of any special circumstances

d) the Bank has reason to believe that the payment order is issued to carry out an unlawful transaction

e) the payment order cannot be executed under the RBI NEFT System.

2) No payment order issued by the customer shall be binding on the Bank until the bank has accepted it.

3) The Bank shall, upon execution of every payment order executed by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not be account has sufficient balance.

4) If the funds transfer is not complete before of business of the third following NEFT business day the bank shall advise the customer.

5) The Bank shall issue to him a duly authenticated record of the transaction after completion of the funds transfer and also issue at the end of each month, a statement of account. The customer shall, within a period of two days from the date of receipt of the record of transaction or as the case may be, within the period of ten days from the date of receipt of the monthly statement report to the bank any discrepancy in the execution of the payment order. The customer agrees that he shall not be entitled to dispute the correctness of the execution of the payment order or the amount debited to his account if he fails to report the discrepancy within the said period.

7. Charges for NEFT

Transaction fee would levied on your account for NEFT services. Please click here to know the charges applicable, as per the account / program.

8. CONDITIONS OF TRANSFER THROUGH NEFT

1) The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.

2) All payment instructions should be checked carefully by the remitter.

3) Messages received after cut-off time will be sent on the next working day.

TERMS AND CONDITIONS FOR RTGS

I/We am/are desirous of availing the Real Time Gross Settlement Facility offered by Standard Chartered Bank through the RBI RTGS System. In consideration of the Bank agreeing to extend to me/us the said RTGS facility, I/We hereby agree to and undertake the following Terms and Conditions which are in addition to the Terms and Conditions applicable to my/ our Account including those related to Online Banking and Standard Chartered Mobile: -.

1. Definitions

i) "Customer", “I”, “We”, “me”, “my”, “our” or “us” means the person named here-in above who is availing the RTGS facility has executed this Agreement and shall include both singular and plural.

ii) "Bank" means Standard Chartered Bank

iii) “RBI” means the Reserve Bank of India

iv) "RTGS Facility" means the Real Time Gross Settlement Facility through the RBI RTGS System.

v) Security Procedure" means a procedure established by agreement between the bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices.

vi) Words or expressions used in these Terms and Conditions, but not specifically defined herein shall have the respective meanings assigned to them in the RBI RTGS Regulations, 2013.

2. Scope of the terms & conditions: -

• These Terms and Conditions shall govern every payment order issued by the customer under the RTGS facility.
• The customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against the RBI except thean Bank.
• These Terms & Conditions shall be in addition to and not in derogation of the RBI RTGS Regulations, 2013 with subsequent additions/ modifications. The customer agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it regard to every payment order issued by him/it for execution in the RTGS Facility.

3. Commencement and Termination: -

• These Terms & Conditions shall come into force as soon as a request for transfer payment through RTGS is made by the customer and/or as soon as a security procedure is established by mutual agreement between the Bank and the Customer. and/or a security procedure is established by mutual agreement between the Bank and the customer ..
• These terms and conditions and any modifications thereto shall remain valid and binding on the customer as and when and on each occasion the customer opts to make a transfer payment using the RTGS facility.
• The Bank can withdraw the RTGS facility by giving reasonable notice.

4. Terms and Conditions of transfer through RTGS

1) On submission, this RTGS Transaction Request Form ("application") will be considered final & irrevocable.

2) The application shall be issued by me/us, in the form as prescribed from time to time, which is complete in all particulars. I/We shall be responsible for the accuracy of the particulars given in the application and shall be liable and responsible for any loss or damage arising on account of any error in the application.

3) In the event of funds being returned by the beneficiary bank for reason whatsoever, the same will be credited to the applicant's account debited for the said transaction after deduction of all the applicable charges.

4) The Bank is at liberty to send the request through the RTGS system either literally or in cipher entire at my/our risk. The Bank shall not be liable for any loss, delay, error, omission which may occur in the transmission of the message or for its misinterpretation when received or any delay caused by RTGS system or any act, default or negligence of the beneficiary's Bank in collecting the remittance. In no event shall the Bank under any circumstances be liable for any loss of profits or contracts or special, indirect or consequential loss or damages. In case of the Bank suffering such losses or damages, the applicant hereby agrees to indemnify and keep indemnified the bank, its successor and assigns for all times to come.

5) The Bank shall endeavor to ensure proper operations, control, maintenance and security of the RTGS system. Provided that the Bank shall not be responsible for the loss, if any, that may be caused to the customers or any person, arising out of malfunctioning or break down of the computer systems, computer network, telecommunication network or any other equipment (inclusive of hardware & software), used in the RTGS systems or any force majeure conditions.

6) I/ we shall ensure availability of funds in my/ our account properly applicable to the payment order before the execution of the payment order by the Bank. Where however, the Bank executes the payment order without properly applicable funds being available in the my/ our account, then I/ we shall be bound to pay to the Bank the amount debited to his account for which an RTS was executed by the Bank pursuant to my/ our payment order together with the charges including interest payable to the Bank

7) I/ we hereby authorize the Bank to debit to my/ our account for any liability incurred by me/ us to the Bank for execution by the Bank of any payment order issued by me/ us.

8) I/ we agree that the payment order shall become irrevocable when it is executed by the Bank.

9) The Bank reserves the right to send this RTGS transfer from a different place other than the one specified by the remitter, if operational circumstances so requires.

10) The Bank may levy fees and/or charges for the use of the Bank's RTGS system, which will be notified by the Bank from time to time. All Beneficiary Bank's charges are to the beneficiary's account unless specified. The charges above shall be addition to any charges, which RBI may levy on any given transaction. Please click here to know the charges applicable, as per the account / program

11) On any week day other than Saturday, the Bank will use reasonable endeavors to process applications before 2.00 p.m. (or such other time as may be notified by the receiving branches or centres) on the same day. Applications received after such cut-off time will be processed on the next working day. On Saturdays, the Bank will use reasonable endeavors to process applications before 10.00 a.m. (or such other time as may be notified by the receiving branches or centres) on the same day. Applications received after such cut-off time will be processed on the next working day.

12) I/We agree/s that I/We is/are aware that there is a risk of non-payment to the beneficiary on the day of the transaction. The same may be for any reason whatsoever, including a holiday at the beneficiary's branch. The Bank or RBI or any other participant in the RTGS shall not be liable, in any manner whatsoever, to me/us for any such delay.

13) I/ we agree that in the event of any delay, for any reason whatsoever but excluding reasons beyond its control and/ or reasons which can be attributed to Acts of God, in the completion of the Funds Transfer or any loss on account of error in the execution of the Funds Transfer pursuant to a payment order, the Bank's liability shall be limited to the extent of payment of interest at the Bank Rate for any period of such delay in the case of delayed payment and refund of the amount together with interest at the Bank rate upto the date of refund in the event of loss on account of error, negligence or fraud on the part of any employee of the Bank.,

14) The Bank shall execute a payment order issued by the customer duly authenticated by him as verified by the security procedure, unless: -

• The funds available in the account of the customer are not adequate or properly applicable to comply with the payment order and the customer has not made any other arrangement to meet the payment obligation.
• The payment order is incomplete or it is not issued in the agreed form.
• The payment order is attached with notice of any special circumstances.
• The Bank has reason to believe that the payment order is issued to carry out an unlawful transaction.
• The payment order cannot be executed under the RTGS System.

15) No payment order issued by the customer shall be binding on the Bank until the Bank has accepted it. In case of a banking holiday at the beneficiary branch, the funds may be applied on the next working day at the beneficiary branch.

TERMS AND CONDITIONS OF IMMEDIATE PAYMENT SERVICE

I/We am/are desirous of availing the Immediate Payment Service (IMPS) facility offered by Standard Chartered Bank (“the Bank”) through the NPCI system. In consideration of the Bank agreeing to extend to me/us the said facility, I/ We hereby agree to and undertake the following terms and conditions which are in addition to the Terms and Conditions applicable to my/ our Account including those related to Online Banking and Standard Chartered Mobile: -

1 - Definitions:

• “Customer”, “I”, “We”, “me”, “my”, “our” or “us” means the person named here in availing the IMPS facility and shall include both singular and plural.
• "Bank" means "Standard Chartered Bank".
• “NPCI” means “ National Payment Corporation of India”
• "IMPS Facility" means the Immediate Payment service Funds Transfer facility through NPCI system.
• "Security Procedure" means a procedure established between the Bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, encryption, call back procedures or similar security devices.

2 - Scope of the terms & conditions: -

• These terms and conditions shall govern every payment order issued by the customer under the IMPS facility.
• The customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against NPCI and the Reserve Bank of India (RBI) except the Bank.
• These Terms & Conditions shall be in addition to and not in derogation of the NPCI IMPS Regulations, 2014 with subsequent additions/ modifications read with the RBI guidelines. The customer agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it regard to every payment order issued by him/it for execution in the IMPS Facility.

3 - Commencement and Termination: -

• These Terms & Conditions shall come into force as soon as a request for transfer payment through IMPS is made by the customer and/or as soon as a security procedure is established by mutual agreement between the Bank and the Customer.
• These terms and conditions and any modifications thereto shall remain valid and binding on the customer as and when and on each occasion the customer opts to make a transfer payment using the IMPS facility.The Bank can withdraw the IMPS facility by giving reasonable notice.

4 - Rights and obligations of the Customer: -

• The customer shall be entitled, subject to other terms and conditions herein and the NCPI Regulations, to issue payment order for execution by the Bank.
• Payment order shall be issued by the customer in the form complete in all particulars. The customer shall be responsible for the accuracy of the particulars given in the payment order issued by him and shall be liable to compensate the bank for any loss arising on account of any error in his payment order.
• The customer shall be bound by any payment order executed by the Bank if the Bank has executed the payment order in good faith and in compliance with the security procedure.
• The customer shall ensure availability of funds in his account properly applicable to the payment order before the execution of the payment order by the Bank. Where however, the Bank executes the payment order without properly applicable funds being available in the customer's account, the customer shall be bound to pay to the Bank the amount debited to his account for which an IMPS was executed by the Bank pursuant to his payment order together with the charges including interest payable to the Bank.
• The customer hereby authorizes the Bank to debit to his account for any liability incurred by him to the Bank for execution by the Bank of any payment order issued by him.
• Customer agrees that the payment order shall become irrevocable when it is executed by the Bank.
• Customer agrees that he shall not be entitled to make any claim against any party in the NPCI System except the Bank.
• Customer agrees that in the event of any delay, for any reason whatsoever but excluding reasons beyond its control and/ or reasons which can be attributed to Acts of God, in the completion of the Funds Transfer or any loss on account of error in the execution of the Funds Transfer pursuant to a payment order, the Bank's liability shall be limited to the extent of payment of interest at the Bank rate for any period of such delay and refund of the amount together with interest at the Bank rate upto the date of refund in the event of loss on account of error, negligence or fraud on the part of any employee of the Bank..
• Customer agrees that no special circumstances shall attach to any payment order executed under the IMPS facility and under no circumstance customer shall be entitled to claim any compensation in excess of that which is provided in clause (4) above, for any breach of contract or otherwise.
• Customer agrees not to hold the Bank liable in case the reversal of the transaction amount including any compensation, for a delayed transaction or transaction, cannot be effected in his account (from which the transaction was initiated) by the Bank due to any credit restriction that may have been imposed (in his account) on the ground that the Customer had not complied with any of Bank’s processes or any regulatory guideline.

5 - Rights and obligations of the bank: -

• The Bank shall execute a payment order issued by the customer duly authenticated by him as verified by the security procedure, unless: -
  • The funds available in the account of the customer are not adequate or properly applicable to comply with the payment order and the customer has not made any other arrangement to meet the payment obligation.
  • The payment order is incomplete or it is not issued in the agreed form.
  • The payment order is attached with notice of any special circumstances.
  • The Bank has reason to believe that the payment order is issued to carry out an unlawful transaction.
  • The payment order cannot be executed under the NPCI System.
• No payment order issued by the customer shall be binding on the Bank until the Bank has accepted it.
• The Bank shall, upon execution of every payment order by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance.
• The customer agrees that IMPS facility is being availed at the customer's own risks including but not limited to misuse of password, internet fraud, mistakes & errors, technology risks , the customer understands and accepts that the bank shall not be responsible or liable in respect of the said risks.

6. CONDITIONS OF TRANSFER: -

• The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.
• All payment instructions should be checked carefully by the customer.
• IMPS service is real-time and also available on weekends and public holidays. The beneficiary account is credited instantly. In case the funds are not transferred due to system issues, the TAT for the same is 5 days and for which the customer has to reach his/her respective Bank.
• The charges for sending money would be decided by Standard Chartered Bank from time to time in accordance to guidelines from NPCI.
• IMPS funds transfer can be done from Online Banking and Standard Chartered Mobile Application.
• IMPS service is used to transfer funds within INDIA with denominations of INR only.
• As per NPCI circular, the maximum amount that can be transferred is Rs 2 Lakh per transaction. Any transaction more than Rs 2 Lakh will not get processed. IMPS transfer can be done only between the participating banks for IMPS transactions by NPCI.

TERMS AND CONDITIONS OF IMMEDIATE PAYMENT SERVICE USING MOBILE NUMBER AND MMID

I/We am/are desirous of availing Immediate Payment Service (IMPS) facility of Funds Transfer using Mobile Number and MMID, offered by Standard Chartered Bank (“the Bank”). In consideration of the Bank agreeing to extend to me/us the said facility, I/ We hereby agree to and undertake the following terms and conditions which are in addition to the Terms and Conditions applicable to my/ our Account including those related to Online Banking and Standard Chartered Mobile: -

1 - Definitions:

• “Customer”, “I”, “We”, “me”, “my”, “our” or “us” means the person named here in availing the facility of Funds Transfer using Mobile Number and MMID and shall include both singular and plural.
• "Bank" means "Standard Chartered Bank".
• "Calendar Day” means Calendar Day is a 24 hour day from midnight to midnight denoted on a calendar.
• “IMPS Facility" means the Immediate Payment service Funds Transfer facility through NPCI system.
• "Mobile Number” means Mobile Number of the customer registered in the records of the Bank and enabled to receive transaction alerts for his/her account.
• "MMID” means Mobile Money Identifier, a 7 (seven) digit number issued by banks upon a Customer opting to register for it through Online Banking or Standard Chartered Mobile.

  
  Clarification:

  i) Customer can receive funds in his account for all transfers that are initiated with a combination of his valid Mobile Number and MMID.

  ii) Customer can transfer funds to a beneficiary account by using valid Mobile Number and MMID of the latter.

  iii) Combination of Mobile Number & MMID is uniquely linked with an Account number.

• "NPCI" National Payment Corporation of India”
• "Security Procedure" means a procedure established between the Bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, encryption, call back procedures or similar security devices.

2 - Scope of the terms & conditions: -

• These Terms and Conditions shall govern every credit receivable by the Customer as well as payment order issued by the Customer under the facility.
• The customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against NPCI and the Reserve Bank of India (RBI) except the Bank.
• The customer shall be additionally bound by the Terms and Conditions attached to IMPS service. The rights and obligations of the customer as well as the Bank shall accordingly be governed by the Terms and Conditions of IMPS service.
• These Terms and Conditions shall be in addition to and not in derogation of the NPCI IMPS Regulations, 2014 with subsequent additions/ modifications as the case may be. The customer agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it regard to every funds transfer order issued by him/it for execution using the facility Funds Transfer using Mobile Number and MMID.

3 - Commencement and Termination: -

• These Terms & Conditions in addition to the NPCI IMPS Regulations, 2014 (both with subsequent additions/ modifications) shall come into force as soon as the Customer opts for registration, through Online Banking or Standard Chartered Mobile, and generates a MMID and also when he makes a request for transfer payment using Mobile Number and MMID.
• These Terms and Conditions and any modifications thereto shall remain valid till the facility is withdrawn.

4 - CONDITIONS OF TRANSFER: -

• The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.
• All payment instructions should be checked carefully by the Customer. The Customer should ensure that in case of a funds transfer from his own account, he adds to the payment instruction the valid Mobile Number and MMID of the beneficiary. In case the Customer is expecting credit in his account through a transfer transaction enabled by combination of his Mobile Number and MMID, then the Bank is not liable if erroneous Mobile Number and MMID are added in the transfer instruction.
• Fund transfer instructions received on a holiday will be sent real time.
• The Bank shall, upon execution of every payment order by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance.
• The funds transfer can be done from Online Banking and Standard Chartered Mobile Application.
• This facility is used to transfer funds within INDIA with denominations of INR only.
• As per NPCI circular, the maximum amount that can transferred is Rs 2 Lakh per transaction. Any transaction more than Rs 2 Lakh will not get processed
• Funds transfer can be done only between the participating banks of NPCI facility for IMPS and those banks which facilitate transactions enabled by combination of Mobile Number and MMID.

TERMS AND CONDITIONS OF TRANSFER TO VIRTUAL PAYMENT
ADDRESS (VPA) USING UNIFIED PAYMENT INTERFACE (UPI)

I/We am/are desirous of availing the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface offered by Standard Chartered Bank (“the Bank”) through the NPCI system. In consideration of the Bank agreeing to extend to me/us the Transfer facility, I/ We hereby agree to the following terms and conditions which are in addition to the terms and conditions applicable to my/ our account including those related to online banking and Standard Chartered mobile: -

1. Definitions:
   1. “Customer”, “I”, “We”, “me”, “my”, “our” or “us” means the person being a Bank account holder, availing the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface and shall include both singular and plural.
   2. "Bank" means "Standard Chartered Bank".
   3. “NPCI” means “ National Payment Corporation of India”
   4. "Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface" means the facility available on the internet banking platform of the Bank to carry out funds transfer to the Virtual Payment Address of the beneficiary through the NPCI system and the infrastructure set up by NPCI.
   5. "Security Procedure" means a procedure established between the Bank and the Customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the Customer or for detecting error in the transmission for the content of the payment order or communication. A Security Procedure may require the use of algorithms or other codes, encryption, call back procedures or similar security devices.
      
      
2. Scope of the terms & conditions: -
   • These terms and conditions shall govern every payment order issued by the Customer on the Banks internet banking platform by utilising the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface.
   • The Customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against NPCI and the Reserve Bank of India (RBI), except the Bank.
   • These Terms & Conditions shall be in addition to and not in derogation of the NPCI UPI Regulations, 2016 as amended or replaced from time to time, read with the RBI guidelines. The Customer agrees that the rights and obligations provided in the NPCI UPI Regulations, 2016 and the applicable RBI guidelines in so far as it relates to the originator shall be binding on the Customer with regard to every payment order issued through the Banks internet banking platform by utilising the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface.
3. Commencement and Termination: -
   • These Terms & Conditions shall come into force as soon as a request for transfer on the Banks internet banking platform is made by the Customer by utilising the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface and/or as soon as a Security Procedure is established between the Bank and the Customer.
   • These terms and conditions and any modifications thereto shall remain valid and binding on the Customer as and when and on each occasion the Customer opts to make a transfer through the Banks internet banking platform by utilising the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface. The Bank can withdraw the Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface by giving reasonable notice.
4. Rights and obligations of the Customer: -
   • The Customer shall be entitled, subject to other terms and conditions herein and the NCPI Regulations, to issue payment order for execution by the Bank.
   • Payment order shall be issued by the Customer in the form complete in all particulars. The Customer shall be responsible for the accuracy of the particulars given in the payment order and shall be liable to compensate the bank for any loss arising on account of any error in the payment order.
   • The Customer shall be bound by any payment order executed by the Bank, if the Bank has executed the payment order in good faith and in compliance with the Security Procedure.
   • The Customer shall ensure availability of funds in the account properly applicable to the payment order before the execution of the payment order by the Bank. Where however, the Bank executes the payment order without properly applicable funds being available in the Customer's account, the Customer shall be bound to pay to the Bank the amount debited to the account for which a transfer to Virtual Payment Address (VPA) using Unified Payment Interface was executed by the Bank pursuant to the payment order together with the charges including interest payable to the Bank.
   • The Customer hereby authorizes the Bank to debit the account for any liability incurred by the Customer to the Bank for execution by the Bank of any payment order issued by the Customer.
   • Customer agrees that the payment order shall become irrevocable when it is executed by the Bank.
   • Customer agrees that he shall not be entitled to make any claim against any party in the NPCI System except the Bank.
   • Customer agrees that in the event of any delay, for any reason whatsoever but excluding reasons beyond its control and/ or reasons which can be attributed to acts of god, in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer pursuant to a payment order, the Bank's liability shall be limited to the extent of payment of interest at the Bank rate for any period of such delay and refund of the amount together with interest at the Bank rate upto the date of refund in the event of loss on account of error, negligence or fraud on the part of any employee of the Bank.
   • Customer agrees not to hold the Bank liable in case the reversal of the transaction amount including any compensation, for a delayed transaction or transaction, cannot be effected in his account (from which the transaction was initiated) by the Bank due to any credit restriction that may have been imposed (in his account) on the ground that the Customer had not complied with any of Bank’s processes or any regulatory guideline.
   • Customer agrees that no special circumstances shall attach to any payment order executed under the transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface and under no circumstance Customer shall be entitled to claim any compensation in excess of that which is provided in clause 4.8 above, for any breach of contract or otherwise.
5. Rights and obligations of the Bank: -
   • The Bank shall execute a payment order issued by the Customer duly authenticated by the Customer as verified by the Security Procedure, unless: -
     • The funds available in the account of the Customer are not adequate or properly applicable to comply with the payment order and the Customer has not made any other arrangement to meet the payment obligation.
     • The payment order is incomplete or it is not issued in the agreed form.
     • The payment order is attached with notice of any special circumstances.
     • The Bank has reason to believe that the payment order is issued to carry out an unlawful transaction.
     • The payment order cannot be executed under the NPCI System.
   • No payment order issued by the Customer shall be binding on the Bank until the Bank has accepted it.
   • The Bank shall, upon execution of every payment order by it, be entitled to debit the designated account of the Customer, for the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance.
   • The Customer agrees that Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface is being availed at the Customer's own risks including but not limited to misuse of password, internet fraud, mistakes & errors, technology risks and the Customer understands and accepts that the Bank shall not be responsible or liable in respect of the said risks.
6. CONDITIONS OF TRANSFER: -
   • The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.
   • All payment instructions should be checked carefully by the Customer.
   • Transfer facility to Virtual Payment Address (VPA) using Unified Payment Interface is real-time and also available on weekends and public holidays. The beneficiary account is credited instantly. In case the funds are not transferred due to system issues, the resolution time for the same is 15 days and for which the Customer has to contact the Bank.
   • The charges for funds transfer to Virtual Payment Address (VPA) using Unified Payment Interface would be decided by the Bank and changes shall be intimated to the Customer from time to time.
   • Funds transfer to Virtual Payment Address using UPI service can be done from Online Banking and Standard Chartered Mobile Application.
   • Funds transfer to Virtual Payment Address (VPA) using Unified Payment Interface is available only in Indian rupees and for funds transfer within India.
   • As per NPCI circular, the maximum amount that can be transferred is Rs 1 Lakh per transaction/per day. Any transaction more than Rs 1 Lakh will not get processed. Funds transfer to Virtual Payment Address (VPA) using Unified Payment Interface can be done only between banks participating in UPI from NPCI.

TERMS AND CONDITIONS OF ONE TIME TRANSFER FACILITY

I/We am/are desirous of availing the One Time Transfer (OTT) facility offered by Standard Chartered Bank (“the Bank”). In consideration of the Bank agreeing to extend to me/us the said facility, I/ We hereby agree to and undertake the following terms and conditions which are in addition to the Terms and Conditions applicable to my/ our account including those related to Online Banking and Standard Chartered Mobile: -

1 - Definitions:

• “Customer”, “I”, “We”, “me”, “my”, “our” or “us” means the person availing the NEFT /RTGS/ IMPS / UPI / Within Standard Chartered Bank transfer OTT facility and shall include both singular and plural.
• "Bank" means "Standard Chartered Bank".
• "OTT" - OTT” Facility means the One Time Transfer of funds service provided by Standard Chartered Bank.
• “Calendar Day” - Calendar Day is a 24 hour day from midnight to midnight denoted on a calendar.
• "Security Procedure" means a procedure established between the Bank and the customer for the purpose of verifying that the payment order or communication amending or cancelling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, encryption, call back procedures or similar security devices.

2 - Scope of the terms & conditions: -

• These Terms and Conditions shall govern every payment order issued by the customer under the OTT facility.
• The customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against NPCI and the Reserve Bank of India (RBI) except the Bank.
• The customer can opt for the NEFT, RTGS, IMPS or the Transfer to Virtual Payment using UPI service or transfer to any Standard Chartered Bank offered by Standard Chartered Bank for execution of his OTT order and shall be bound by the terms and conditions attached to such service. The rights and obligations of the customer as well as the Bank shall accordingly be governed by the terms and conditions of the service opted by the customer.
• The terms and conditions of transfer to virtual payment address (VPA) using unified payment interface (UPI) shall also apply to transfer of funds through unified payment interface (UPI) using OTT.
• This Terms and Conditions shall be in addition to and not in derogation of the NPCI IMPS Regulations, 2014 with subsequent additions/ modifications read with the RBI guidelines or the RBI NEFT Regulations, 2005 with subsequent additions/ modifications, and these Terms and Conditions shall be in addition to and not in derogation of the NPCI UPI Regulations, 2016 with subsequent additions/ modifications read with the RBI guidelines, as the case may be. The customer agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it regard to every OTT order issued by him/it for execution in the OTT Facility.
• These terms and conditions and any modifications thereto shall remain valid and binding on the customer as and when and on each occasion the customer opts to make a transfer payment using the RTGS, NEFT, IMPS or UPI facility. The Bank can withdraw the RTGS, NEFT, IMPS or UPI facility by giving reasonable notice.

3 - Commencement and Termination: -

• These Terms & Conditions in addition to the NPCI IMPS Regulations, 2014 read with the RBI guidelines or the RBI NEFT Regulations, 2005 (both with subsequent additions/ modifications) shall come into force as soon as a request for transfer payment through OTT is made by the customer and either mode of execution viz. NEFT or IMPS is opted by him.
• These terms and conditions and any modifications thereto shall remain valid and binding on the customer as and when and on each occasion the customer opts to make a transfer payment using the IMPS facility. The Bank can withdraw the IMPS facility by giving reasonable notice.

4 - CONDITIONS OF TRANSFER: -

• The Bank shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.
• All payment instructions should be checked carefully by the customer.
• NEFT instructions received after cut-off time or on holiday will be sent on the next working day.
• IMPS instructions received on holiday will be sent real time.
• UPI instructions received on holiday will be sent real time.
• The Bank shall, upon execution of every payment order by it, be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance.
• OTT can be done from Online Banking and Standard Chartered Mobile Application.
• OTT Facility is used to transfer funds within INDIA denominated in INR only.
• The maximum amount that can transferred using OTT facility is Rs 10000 per calendar day. Any transaction more than Rs 10000 will not get processed using OTT facility.
• OTT transfer can be done only between the participating banks for IMPS and UPI transactions by NPCI and NEFT transactions by the RBI.