OneCard Terms and Conditions - Balance Transfer

This “Balance Transfer” (BT) offer from South Indian Bank Limited (Bank) is open to all residents of India holding a valid and current primary OneCard (Cardholders/Cardmembers), excluding ineligible One Credit Card holders determined as per the internal policy of Bank and FPL.

This facility can be availed by a Cardholder in As-Is form with respect to the O/S held and the pending EMI tenure with the BT beneficiary Bank (Bank where the BT Credit will be done), if any, at the time of migration. By booking a BT through an appropriate medium, a Cardholder expressly consents to meet all his obligations thereto. Wherever EMI can be transferred to the beneficiary bank, the beneficiary bank will continue with the pending EMI schedule.

Disbursement will be through NEFT (National Electronic Fund Transfer) to the customer’s other bank credit card or Smart collect Account (as provided by the cardholder) and will be subject to successful processing at the beneficiary bank.

The Cardholder agrees and undertakes to comply with the Terms and Conditions of the new Card as captured on the OneCard/Bank website. Bank/FPL will not be responsible for any loss incurred by the Cardholder as a result of any incorrect information provided by the Cardholder with respect to NEFT or the account details shared by cardholder. When a cardholder requests for Balance Transfer, it shall be deemed that he/she has accepted all the Terms and Conditions relating to Balance transfer and further undertakes to always abide by them. The Cardholder hereby agrees and undertakes that upon the amounts being credited to the account details shared by the cardholder, he/she shall be required to repay the Balance transfer amount in the next billing cycle of the new One Credit Card.

Balance Transfer amounts booked via NEFT would be directly transferred to the customer’s other bank credit card/smart collection Account within 48 to 72 hours (excluding Bank Holidays) of the request.

The Bank/FPL shall not be liable to accept a BT request from the same bank account which has an overdue status or when the credit limit has been exceeded or is for an amount more than the outstanding balance on the other card.

It is stipulated herein that for availing benefits under the BT offer and availing of this facility resulting in advance of ordered sums of money, Bank/FPL Cardholder shall remain liable to Bank/FPL till such time that the Cardholder has not paid back all the ordered sums of money including all applicable interest and charges (including but not limited to any penal interest that may be imposed in accordance with terms of this offer and applicable regulations in this regard). All financial liabilities of the cardholder under BT for the offer period as per Plans detailed hereinabove shall be reflected in the monthly statement of accounts issued to the cardholder and shall be conclusive evidence of settling all liabilities of the cardholder for this Offer.

Bank/FPL shall not be liable for any additional charges, overdue payments, interest or other related charges on such newly issued Credit card accounts.

Bank/FPL reserves the sole and absolute right to refuse any BT requests at its discretion.

These terms and conditions shall be deemed to be part of the Bank/FPL Cardholder Agreement and are incorporated therein by reference.

All BT will be in favour of the other credit card companies. The cheques/transfers will be sent directly to the bank/customer on their current address as per Bank/FPL records, as the case warrants. In the event of the cheque returning undelivered on the customer’s current address as per Bank/FPL records, the cheque will be sent directly to the credit card company in whose favour the BT was made, as the case might be.

The cardholder would generally receive the cheque within 3 working days (for Metro locations) or 5 working days (for all other locations) of the booking. This may, however, vary in case of unforeseen circumstances like bad weather conditions / flight delays / location or pin code being non-serviceable by the courier. Delays in delivery of the cheque may also occur in the event wherein the customer has not updated his current address in the records of Bank/FPL or in circumstances where the customer is not available at his current address. Bank/FPL would not be held liable in the event of non-delivery of the instrument within the specified timeline for the foregoing set of reasons.

BT booking for a Third Party will not be accepted and the liability for the same will lie solely with the primary cardholder.

Bank/FPL will not be responsible and/or liable for any delay in clearance of the BT cheque/NEFT by the other credit card company and thus, would not be responsible/ liable for the subsequent interest and/or penal charges.

Bank/FPL will not be responsible for any outstation charges levied by the other credit card company towards clearance of the BT cheque.

During the Balance Transfer term, the balance transferred will also be included for computing the Minimum Amount Due (MAD), which is currently 5% of the total amount outstanding, as mentioned in the credit card statement of Bank/FPL Card made available to the cardholder.

Bank/FPL shall not be responsible for any actions, claims, demands, losses, damages, costs, charges and expenses, which the cardholder may suffer or incur by availing this offer and accordingly Bank/FPL stands indemnified by the cardholders availing benefits under this Offer.

Cardholders are not bound in any way to participate in this offer and such participation is totally voluntary and the offer is being made on a best effort basis.

Cardholder shall not be entitled to cancel a BT request or refuse to accept disbursement of funds after the request for BT has been made.

The BT facility is not applicable and specifically excludes all add-on cardholders and this facility and all benefits accruing thereof, is made open to only the primary Cardholders as detailed above.

Bank/FPL reserves the right to modify or change all or any of the rules and regulations applicable to the offer at any time without notice to the Cardholder.

All disputes and/or differences arising out of this Offer shall be subject to arbitration by a sole arbitrator appointed by Bank/FPL. The proceeding shall be governed by the Arbitration and Conciliation Act, 1996 and amendment thereof. The place of arbitration shall be at Kochi, Kerala and language shall be English. The award of the arbitrator shall be final and binding on the parties. Existence of a dispute or difference does not constitute a claim against Bank/FPL.

Any payments delay due to third party processing, the third party will be responsible for any customer dispute due to same. Accordingly, Bank/FPL will not be responsible and liable for any/all matters/claims/defects connected therewith with respect to the third-party payment processing.

OneCard Revolvers with Outstanding(O/S) balance would be auto converted to EMI in the new bank based on the below slabs :