Terms & Conditions

Terms And Conditions Governing The Use Of "Mibank" Internet Banking Service of ING Vysya Bank Limited


1. Definitions: In this document the following words and phrases shall have the meanings as set below unless the context indicates otherwise:

       (i) Internet service means "Mibank" - Internet Banking Service provided by ING Vysya Bank Limited herein after, referred to as the Bank.

       (ii) ACCOUNT (S) refers to the Customer 's Bank Account and/ or Loan Account and/ or Automobile Loan Account and/ or Consumer Durable Loan Account        and/ or any other type of account (each an "Account" and collectively "Accounts", so maintained with the Bank which are eligible Account(s) for operations        through the use of Mibank. One of these Accounts will be designated as the Default Account and all other accounts (if any) of the Customer referred to as        Default Account(s).

       (iii) MIBANK refers to the trade name of the Bank's Internet Banking Service which provides to the Customer through Mibank, service such as enquiry about        balance in their Account(s), details about transactions, statement of Accounts, transfer of funds and other services as the Bank may decide to provide from time        to time to their Customer s.

       (iv) The Bank reserves the right to add, revise suspend in whole or in part any of the services provided by each of them, without any notice, provided through        Mibank and these shall be binding on the Customer . By using these services, the Customer shall be deemed to have accepted the Terms and Conditions        mentioned herein, subject to their modification from time to time.

LINKED ACCOUNTS refers to the Default Account(s) (designated by the Bank) of the Customer .


2. Applicability of Terms : The Terms mentioned herein below form the contract between the Customer and the Bank for Mibank unconditionally. An interested Customer shall apply to the Bank in the prescribed form for use of Mibank. The Bank shall be entitled at its sole discretion to accept or reject such applications. By applying for Mibank for the first time, the Customer acknowledges and accepts the Terms.


3. Mibank Service :. The acceptance of the registration and the acknowledgement thereof does not automatically imply the acceptance of application for Mibank. The Bank will advise from time to time the Internet software such as Browsers and other user compatibilities which are required for using Mibank, which may be modified from time to time. There will be no obligation on the part of the Bank to support all the versions of the Internet software.


4. Unauthorised Access : The Customer shall take all necessary precautions to prevent unauthorized and illegal use of the service and unauthorized access to the Accounts provided by Mibank.


5. Mibank Access : The Customer whose application is accepted by the Bank, would be allotted a Mibank Customer id and a secret password by the Bank in the first instance. The Customer will be Compulsorily required to change the password assigned by the BANK on accessing Mibank for the first time. As a safety measure the CUSTOMER shall change the password as frequently thereafter as possible.


6. Mibank Password : (i) The Customer unconditionally undertakes to have Mibank password of at least eight digits and a maximum of sixteen digits and ensure that the same is kept confidential

(ii) If the Customer forgets the password, the Customer can request for the issue of a new password by sending a written request or by sending a email from the authenticated email id of the Customer , to the Bank and this shall not be construed as the commencement of a new contract

iii) The Customer agrees and acknowledges that the Bank shall in no way be held responsible or liable if the Customer incurs any loss as a result of information being disclosed by the Bank regarding his/her accounts or carrying the instruction of the Customer pursuant to the use of Mibank and the Customer fully indemnifies and holds harmless the Bank in that behalf.

(iv) The Customer shall maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake. The Bank does not assume responsibility on his/her behalf.


7.Charges : The Bank reserves the right to charge and recover from the Customer service charge for providing the Mibank internet service. The Customer hereby authorises the Bank to recover the service charge by debiting the Account/ Accounts of the Customer or by sending a bill to the Customer who will be liable to make the payment within the specified period .


8. Maintenance Of Sufficient Balance : The Customer shall ensure that there are sufficient funds (or prearranged credit facilities) in the Bank Account for operations through the Mibank service, and the Bank shall not be liable for any consequences arising out of their failure to carry out the instructions due to inadequacy of funds and/or credit facilities provided always that the Bank shall at its sole discretion, be entitled to carry out the instructions notwithstanding such inadequacy without seeking the prior approval from or notice to the Customer and the Customer shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related to costs and charges. The Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond its reasonable control.


9. Authority to the Bank for Mibank: (i) The Customer irrevocably and unconditionally authorises the Bank to access all his Accounts including his Bank account for effecting banking or other transactions performed by the Customer through Mibank. The instructions of the Customer shall be effected only after authentication of the Customer in accordance with the prescribed procedure Clause 6 for Mibank. The Bank shall have no obligation to verify the authenticity of any transaction received from the Customer other than by these means of verification. (ii) The read-out , the faxed /email output or the printed output , if any, that is received by the Customer at the time of operation of Mibank service is a record of the operation of the __________by the Customer and shall not be construed as the Bank's own record of the transaction maintained through their computer system or otherwise and shall not be accepted as conclusive and binding evidence for all purpose. All the records of the Bank generated by the transactions arising out of the use of Mibank service, including the time the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transaction. (iii) While the Bank shall endeavour to carry out the instructions promptly, it shall not be responsible for any delay in carrying on the instructions due to any reason whatsoever, including due to failure of operational systems or any requirement of law.


10. Joint Accounts: In case of Joint Accounts, financial transactions through Mibank service, will be available if the mode of operation is indicated as 'either or survivor' or 'anyone or survivor'. The Customer desirous of using the Mibank service should either be the account holder and sole signatory or authorised to act independently in case of a Joint account. For such Joint accounts, one Customer -ID and password for Mibank will be issued to each of the Joint account holders when requested. The other Joint account holders shall expressly agree with the arrangement and give their consent on the application form for use of Mibank. In case of joint accounts operated by more than one Customer the Bank shall act on the instruction received first and any subsequent instruction shall be neglected .All correspondence will be addressed to the first named person only. All transactions arising from the use of Mibank in the Joint account shall be binding on all the Joint account holders, jointly and severally.


11. Instructions: All instructions for operating the Mibank service shall be given through ____________ for Mibank by the Customer in the manner indicated by the Bank. The Customer is also responsible for the accuracy and authenticity of the instructions provided to the Bank and the same shall be considered to be sufficient to operate Mibank. The Bank shall not be required to independently verify the instructions unless countermanded by further revocatory instructions. The Bank shall have no liability if it does not or is unable to stop or prevent the implementation of the initial instruction. Where the Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the Customer before acting on any instruction of the Customer or act upon any such instruction as it thinks fit. The Bank will not have any liability or obligation to keep a record of the instructions to provide information to the Customer or for verifying the Customer s instructions. The Bank may refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction; and have the right to suspend the operations through Mibank if they have reason to believe that the Customer 's instructions will lead or expose to direct or indirect loss or may require a specific indemnity from the Customer before continuing to operate the Mibank.


12. Accuracy of Information: The Customer is responsible for the correctness of information supplied to the Bank for use of Mibank. The Bank accepts no liability for the consequences arising out of erroneous information supplied by the Customer . If the Customer notices an error in the information supplied to the Bank either in the application form or any other communication, he shall immediately advise the Bank who will endeavour to correct the error wherever possible on reasonable efforts basis.


13. Liability of the Customer and the Bank : The Bank shall not be liable for any unauthorised transactions occurring through the use of Mibank and the Customer hereby fully indemnifies and holds the Bank harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof.

The Bank under no circumstance will be held liable if Mibank access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of the Bank, by the Customer or any other third party. Under no circumstances the Bank shall be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the Customer or by any other person. Illegal or improper use of Mibank shall render the Customer liable for payment of financial charges as decided by the Bank or will result in suspension of the operations through Mibank at the discretion of the Bank.


14.Indemnity : In consideration of the Bank providing the Customer the Mibank service, the Customer shall indemnify and hold the Bank including its officers, employees and agents, indemnified against all losses and expenses on full indemnity basis which the Bank may incur, sustain, suffer or is likely to suffer in connection with the Bank executing the Customer 's instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing a service through Mibank or for any action taken or omitted to be taken by the Bank its officers, employees or agents, on the instructions of the Customer . The Customer will pay to the Bank such amounts as may be determined to be sufficient to indemnify it against any such, loss or expenses even though they may not have arisen or are contingent in nature.


15.Disclosure of Information: The Customer agrees that the Bank or their contractors may hold and process his Personal Information and all other information concerning with his Account (s) on computer or otherwise in connection with the Mibank service as well as for analysis, credit scoring and marketing. The Customer agrees that the Bank may disclose, in strict confidence, to other institutions, such information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognised credit scoring agencies, for fraud prevention purposes.


16. Change of Terms and Conditions: The Bank have the absolute discretion to amend or supplement any of the Terms of use of Mibank at any time and will endeavour to give prior notice of fifteen days for such changes wherever feasible. Changed terms and conditions for the new services introduced shall be communicated to the Customer . By using the new services, the Customer shall be deemed to have accepted the changed terms and conditions.


17.Non-Transferability: The grant of facility of Mibank access to a Customer is not transferable under any circumstance and shall be used only by the Customer as per the terms mentioned herein.


18.Termination of Mibank : The Customer may request for termination of service facility any time by giving a written notice of at least 15 days to the Bank. The termination shall take effect on the completion of the fifteenth day. The Customer will remain responsible for any transactions made through Mibank service until the time of such termination. The Bank may withdraw or terminate the Mibank service anytime either entirely or with reference to a specific service or Mibank service or in case of breach of terms and conditions by the Customer without a prior notice; or if it learns of the death, bankruptcy or lack of legal capacity of the Customer. Clause 13 & 14 shall survive the termination of this agreement for any reason whatsoever.


19. Notices : Notices under these terms can be given by the Bank and the Customer in writing by delivering them by hand or by sending them by post to the last address given by the Customer and in case of to the Bank to _________________. In addition the Bank may also publish notices of general nature, which are applicable to all Customers of Mibank service in a newspaper or on its website. Such notices will have the same effect as a notice served individually to each Customer. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.


20. Governing Law : These terms and conditions and/or the operations in the Accounts of the Customer maintained by the Bank and/or the use of the service provided through Mibank shall be governed by the laws of India. The Customer and the Bank agree to submit to the exclusive jurisdiction of the Courts located in Bangalore, India as regards any claims or matters arising under these terms and conditions. The Bank accepts no liability whatsoever, direct or indirect for non-compliance with the laws of any country other than that of India. The mere fact that Mibank can be accessed by a Customer in a country other than India does not imply that the laws of the said country govern these terms and conditions and/or the operations in the accounts of the Customer and/or the use of Mibank.


21.The Bank's Lien : The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the CUSTOMER 's Default Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the Mibank services availed and/ or used by the Customer.


22. Proprietary Rights : The Customer acknowledges that the software underlying the Mibank as well as other Internet related software which are required for accessing Mibank are the legal property of the Bank. The permission given by the Bank to access Mibank will not convey any proprietary or ownership rights in the above software.


23.General: The clause headings in this agreement are for only for convenience and do not affect the meaning of the relative clause. (1) The Bank may sub-contract and employ agents to carry out any of its obligations under this contract. The Bank may transfer or assign its rights and obligations under this contract to any other entity. (2) Mibank would operate during timings specified by the Bank from time to time and transactions would be carried out on the same day or on the next working day depending upon the time of logging of the transaction.