SBM Bank (India) Limited - Opening of Fixed Deposits

i) I hereby authorise the Bank to open a Fixed Deposit with mode of operation (MOP) as “Self” under reinvestment mode, i.e. compounding of interest facility only.

ii) I also hereby authorise the Bank to take note of my instructions related to nomination / cancellation of nomination for the Fixed Deposit. I shall not hold the bank responsible should there be any claim raised against the Bank for acting on the instruction of nomination and shall ensure that the Bank does not suffer any losses for which I will keep the Bank indemnified from time to time.

iii) I have opted to receive e-statements.

iv) I agree 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) In case of loss of Fixed Deposit Advice, I shall satisfy SBM Bank (India) and indemnify it for any cause or consequence arising out of issuance of a duplicate advice.

vi) I also hereby agree that on maturity, the maturity amount will be renewed automatically as per the original tenor of the deposit and shall keep on renewing till such time the linked credit card will remain live.

vii) In case I surrender the credit card after full settlement of card dues, to the satisfaction of SBM Bank & FPL, I can request the SBM Bank to close the deposit and pay me the proceeds electronically to my bank account held elsewhere.

viii) I also provide consent to liquidate the FD to recover the Outstanding Dues on SBM One co-branded Credit Card if it is not paid within 60 DPD (Days Past Due).

I hereby declare that the details furnished above are true and correct to the best of my knowledge and belief and I undertake to inform the Bank and FPL of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.

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 FD account offered by SBM Bank (India) Limited is a Customer.

ii) While providing all the information as above, a customer authorises SBM Bank (India) to call on his given number to explain the features of the product and/or to market any other product.

iii) SBM 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 an account 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 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 app for the purpose of account opening. 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 account opening application, if there is any erroneous, incomplete or misleading information provided by the customer.

viii) While submitting the application, the customer agree with all terms and conditions laid down by the Bank from time to time for the said product.

ix) In case customer fails to complete Aadhaar/OTP based authentication process, the customer herewith agrees to complete his/her full KYC as per the agreed KYC TnC.

x) This 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 the requirement of opening an account.

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 FD account and only from the date when the funds has been credited into the account.

xiv) The customer hereby understands and agrees that in case funds are received and the FD account does not get created, no interest will be paid. 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 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 & refund of the amount deposited in the account will be refunded to the source account/or issue a Demand Draft to the Customer. In such an event, the bank will retain the documents / Photographs (if any) and any other signed document submitted.

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 Bank to link the Aadhaar number provided by his/her with the FD account opened by him/her under this process.

xxi) The Bank reserves the right to hold the accounts in Debit Freeze or close the Account even after account activation in case of any discrepancy found as part of regular monitoring and document verification activities.

xxii) The customer agrees to provide the necessary details (Mobile, Email etc.,) as per his/her 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.

xxiii) 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 SBM Bank (India) Ltd. 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.

xxiv) The customer herewith agrees that if the application is rejected, Bank will retain the documents / Photographs and any other signed document submitted by the customer on the Web app or otherwise.

Setting off the Lien

SBM Bank and its Group Companies 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 Cardmember maintained with SBM Bank and/or its Group Companies, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/under the control of SBM Bank and/or its group companies (whether by way of security or otherwise pursuant to any contract entered / to be entered into by the Cardmember in any capacity) towards the satisfaction of the Cardmember’s liability under his card account.

SBM Bank and/or its Group Companies are entitled without any notice to the Cardmember, to settle any indebtedness whatsoever owed by the Cardmember to SBM Bank and/or its group companies (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 Cardmember with SBM Bank and/or its group Companies notwithstanding that the deposit(s) / balances lying in such account/s may not be expressed in the same currency as such indebtedness. SBM Bank’s and its group companies’ rights hereunder shall not be affected by the Cardmember’s bankruptcy, death or winding-up. It shall be Cardmember’s sole responsibility and liability to settle all disputes/objections with any such joint account holders.

In addition to the above mentioned right or any other right which SBB Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, SBM Bank is authorised / will be entitled:

(a) to combine or consolidate any time all or any of the accounts and liabilities of the Cardmember with or to any branch of SBM Bank and/or its group companies;

(b) to sell or otherwise dispose of any of the cardmember’s securities or properties held by SBM Bank 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 SBM Bank and/or its group companies from the cardmember, including costs and expenses in connection with such sale or disposal; and

(c) 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 SBM Bank and/or its group companies.


✓ I hereby declare that all the above information 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.