These terms and conditions apply to the Federal OneCard Credit Card issued by Federal Bank Limited (Bank) pursuant to a co-branded partnership with its co-branding partner Oneconsumer Services Private Limited (OneCard Credit Card). Activating your card from the OneCard application or clicking on ‘Submit’ or ‘I Agree’ or any similar tab/icon would mean acceptance of the below terms and conditions by the Customer.
These Terms presently in force were last updated on October 27, 2023, and are subject to changes from time to time. The most recent version will always be available on the Bank’s website as well as on OneCard App. If a Partially Secured Federal OneCard credit card is offered to the Customer, then Customer:
i) hereby authorises the Bank to open a fixed deposit (“Fixed Deposit”) with mode of operation (MOP) as “Self” under reinvestment mode, i.e. compounding of interest facility only.
ii) also hereby authorises the Bank to take note of my instructions related to nomination / cancellation of nomination for the Fixed Deposit and further authorize the Bank to deal with my Fixed Deposit Account as per the said instructions, or any variations thereof, after Customer’s death.
iii) have opted to receive e-statements.
iv) agrees that the Bank will be sending me an e-advice of my term deposit to my registered email ID instead of a physical deposit receipt.
v) also hereby agrees that on maturity, the maturity amount will be renewed automatically as per the original tenor of the deposit and at the rate of interest prevailing at the time of renewal of the Fixed Deposit and shall keep on renewing till such time the linked Federal OneCard Credit Card will remain live.
vi) In case surrenders the Federal OneCard credit card after full settlement of Federal OneCard Credit Card dues, to the satisfaction of Federal Bank Limited, he/she can request the Federal Bank Limited to close the deposit and pay me the proceeds electronically after adjusting the pre-closure charges and any outstanding on Federal OneCard Credit Card to my Bank account held elsewhere.
Premature withdrawal penalty structure for Term deposits
| Period of Deposit* | Penalty for single deposit of less than ₹2 Crore | Penalty for single deposit of ₹2 Crore and above |
|---|---|---|
| Up to and including 15 days | 0% | 1% |
| Above 15 days | 1% | 1% |
vii) also provides consent to liquidate the Fixed Deposit to recover the Outstanding Dues on Federal OneCard Credit Card if it is not paid within 60 DPD (Days Past Due).
General Terms and Conditions
i) Any Resident Indian who is 18 years and above and provides his/her details in the digital application form for opening a Fixed Deposit account offered by Federal Bank Limited for securing his Federal OneCard credit card (“Purpose”) is a customer (“Customer”).
ii) While providing all the information as above, a Customer authorizes Federal Bank Limited to call on his given number to explain the features of the product and/or to market any other product.
iii) 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 an incomplete application.
iv) The Customer has agreed to provide his/ her valid Aadhaar number and valid PAN Card details. He/she understands that opening a Fixed Deposit account for the Purpose is subject to correct, complete and accurate information provided to the Bank.
v) Customer agrees that upon successful OTP validation of Aadhaar, the name of the Customer in the Fixed Deposit account will be the same name as appearing in his/her Aadhaar Card.
vi) 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 of his/her details on the application.
vii) The Customer herewith agrees to provide the accurate documentation and information as listed in the OneCard app for the Purpose. Customer understands and agrees that failure to provide requisite documents and information shall result in rejection of application by the Bank. The Customer agrees that the Bank has every right to reject the Fixed Deposit account opening application, if there is any erroneous, incomplete or misleading information provided by the Customer or otherwise.
viii) While submitting the application, the Customer agrees with all terms and conditions laid down by the Bank from time to time for the said product.
ix) In case a Customer fails to complete Aadhaar/OTP based authentication process, the Customer herewith agrees to complete his/her full KYC as per the agreed KYC T&C.
x) This Fixed Deposit account opening process is also not available for Customers who are FATCA reportable.
xi) 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.
xii) Customers who would like to deposit funds using the funding facility available in the OneCard app, can do so only from their own Bank account. Funding from a third party bank account is not permitted. Bank shall also be at liberty to refuse to open the accounts funded from a third party Bank account at its sole discretion.
xiii) The Customer understands and agrees that interest on the amount funded online will be paid subject to successful activation of the Fixed Deposit account and only from the date when the funds has been credited into the Fixed Deposit account. The interest rate displayed in the OneCard application is subject to change and may differ from the actual interest rate applied at the time of creation of the Fixed Deposit.
xiv) The Customer hereby understands and agrees that in case funds are received and the Fixed Deposit account does not get created, no interest will be paid. On failure of Fixed Deposit creation, any amount outstanding on your Partially Secured Federal OneCard Credit Card would be recovered from the funds received for Fixed Deposit creation. Any balance remaining after the above due adjustment shall be refunded to you. The Customer shall not enjoy the services provided by the Bank unless the Customer on- boarding process is complete.
xv) Customers will have restricted access on this deposit account till KYC is completed.
xvi) The Customer declares and confirms that the 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.
xvii) The Customer understands and confirms that the Bank has every right to close or debit freeze the account, if the details provided by him/her are found to be inaccurate, incorrect or false by the Bank or for any other reason whatsoever without assigning any reason thereof. In such an event, the Bank shall not be liable to pay any interest on the amount of deposit & may refund of the amount deposited in the Fixed Deposit account to the source account/or issue a Demand Draft to the Customer for the said amount. In such an event, the Bank will retain the documents / Photographs (if any) and any other document submitted, as may be required by the Bank at its sole discretion.
xviii) This product is applicable only for Resident Indian Individuals.
xix) The Customer gives consent to the Bank to fetch his/her demographic details from Unique Identification Authority of India (UIDAI), using biometric authentication which will be used for KYC purposes. The demographic details include name, DOB, Father’s Name, gender, address and photograph. Customer further consents to the Bank to fetch his/her contact details from UIDAI which includes the contact number and email ID.
xx) The Customer authorises the Bank to link the Aadhaar number provided by him/her with the Fixed Deposit account opened by him/her under this process.
xxi) The Customer agrees to provide the necessary details (Mobile, Email etc.,) as per the Bank’s requirement at the time of submission of details through the app. Bank shall not bear any liability for any loss arising out of the Customer’s failure to do so.
xxii) 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 Federal Bank Limited, its associates or authorised service providers, 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.
xxiii) The Customer understands that Federal OneCard Credit Card shall be available for use, subject to completion of full KYC as per the policy of the Bank, once it is activated via the OneCard mobile app. The physical Federal OneCard Credit Card delivery will be initiated only once the Fixed Deposit creation is successful. In case of funds being received from the Customer and fixed deposit creation failure, the Partially Secured Federal OneCard Credit Card availed by the Customer would be closed and any outstanding would be recovered from the funds received for fixed deposit creation. However, notwithstanding anything contained herein or any other document, in such case, the Bank shall have the right to liquidate the entire fixed deposit amount or make deductions from the amount received for creation of deposit, including the interest accrued, and set-off such amount against the outstanding amount payable to Bank with respect to the Partially Secured Federal OneCard Credit Card. Any balance remaining after the above due adjustment shall be refunded to you.
xxiv) The Customer understands that interest rates applicable on the day of Fixed Deposit creation will apply. Fixed Deposit creation will only be done post settlement of funds in the Bank account and hence interest rate is subject to change.
xxv) For the purpose of creation of Fixed Deposit, the Customer agrees and understands the following:
a) The deposit shall be collected and maintained by the Bank.
b) The Customer shall complete the two modes of KYC for the purpose of Fixed Deposit creation. (i) electronic mode of KYC (hereinafter referred as ‘eKYC’); followed by (ii) video based KYC (hereinafter referred as ‘VKYC’).
xxvi) Customer needs to complete the KYC process within the stipulated time as below. In the event of failure to complete the KYC, the refund of the deposit for any amount deducted for Fixed Deposit shall be made as below:
a) Customer has completed the eKYC however, fails to complete the VKYC within the 5 days from the date of settlement of payment, the refund shall be initiated on the 6th day and further subject to any deductions made from the Fixed Deposit amount credited to the Bank out of dues owed and payable by the Customer to the Bank. The refund of deposit shall be made without any interest.
b) Customer fails to complete the eKYC process within 2 days of date of settlement of payment, the refund shall be initiated at the end of 2nd day, and further subject to any deductions made from the Fixed Deposit amount credited to the Bank out of dues owed and payable by the Customer to the Bank. The refund of deposit shall be made without any interest.
The actual credit might take 3-5 working days to reflect in the Customer’s Bank account.
xxvii) In the event, the Customer makes a payment for a creation of subsequent Fixed Deposit (different than the already created Fixed Deposit), 100% of such subsequent Fixed Deposit amount will be added to your existing credit limit of the Federal OneCard Credit Card. In case, the creation of such subsequent Fixed Deposit fails and during such period, the amount outstanding with the Bank exceeds the earlier assigned credit limit of your Federal OneCard Credit Card, refund for such Fixed Deposit would be processed only after offsetting the outstanding amount (i.e. difference between the actual outstanding and the earlier assigned credit limit) from the subsequent Fixed Deposit amount.
Eg. A Customer has assigned credit limit Rs. 10,000 and he/she intends to create a subsequent Fixed Deposit of Rs. 5000. However, the total outstanding would be Rs. 12,000 Due to certain reason, the creation of new Fixed Deposit fails. In such a case, refund amount would be: Rs. 5000 – (Rs. 12,000 – Rs. 10,000) = Rs. 3,000
Setting off the Lien
Federal Bank Limited shall have paramount right to set-off and lien, irrespective of any other lien or charge, present as well as future, on deposits of any kind and nature (including fixed deposits) held / balances lying in any other account(s) of the Customer maintained with Federal Bank Limited, in single name on any monies, securities, bonds and all other assets, documents and properties held by/under the control of Federal Bank Limited (whether by way of security or otherwise pursuant to any contract entered / to be entered into by the Customer in any capacity) towards the satisfaction of the Customer’s liability under his Federal OneCard Credit Card account.
Federal Bank Limited is entitled without any notice to the Customer, to settle any indebtedness whatsoever owed by the Customer to Federal Bank Limited (whether actual or contingent, or whether primary or collateral or whether joint and/or several) hereunder or under any other document/agreement, by adjusting, setting off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Customer with Federal Bank Limited notwithstanding that the deposit(s) / balances lying in such account/s may not be expressed in the same currency as such indebtedness. Federal Bank Limited’s rights hereunder shall not be affected by the Customer’s Bankruptcy, death or winding-up. In addition to the above mentioned right or any other right which Federal Bank Limited may at any time be entitled whether by operation of law, contract or otherwise, Federal Bank Limited is authorised / will be entitled:
(a) To combine or consolidate any time all or any of the accounts and liabilities of the Customer with or to any branch of Federal Bank Limited
(b) To sell or otherwise dispose of any of the Customer’s securities or properties held by Federal Bank Limited by way of public or private sale or otherwise without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to Federal Bank Limited from the Customer, including costs and expenses in connection with such sale or disposal; and in case of cross currency set off, to convert an obligation in one currency to another currency at a rate determined at the sole discretion of Federal Bank Limited.
Undertaking
✓ I hereby declare that all the above undertakings voluntarily furnished by me is true, correct and complete.
✓ I understand that my information submitted to the Bank herewith shall not be used for any purpose other than mentioned above.
✓ The Bank may disclose information about Customer’s account, if required or permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder/s.
✓ I understand that Bank may share my KYC information with central KYC registry, if required.