db OnlineBanking for Retail and Individual Accounts
Terms and Conditions for NEFT and RTGS transfers
Commencement and Termination
Rights and obligations of the Bank
- “Customer" means a person who either maintains a Current / Savings Account or obtained of any loan facilities from the Bank and has expressed his irrevocable consent for the following terms and conditions.
- “Bank” means Deutsche Bank AG, India.
- “Beneficiary” means the person designated as such, and to whose account payment is directed to be made in a Payment Instruction.
- "Beneficiary Bank" means the branch of the bank identified in a Payment Instruction where Customer maintains an account.
- "Fund Transfer Facility” means the External Funds Transfer Facility through the RBI NEFT / RTGS System.
- "Payment Instruction" means an unconditional instruction issued by a Customer transmitted electronically to the Bank to effect a funds transfer for a certain sum of money expressed in Indian rupees, to the designated account of a designated beneficiary by debiting the account maintained with the Bank.
- “Security Procedure” means a procedure established between the Bank and the Customer for the purpose of verifying that the Payment Instruction or communication amending or cancelling a Payment Instruction transmitted electronically is that of the Customer or for detecting error in the transmission for the content of the Payment Instruction or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, call back procedures, or similar security devices.
- Words or expressions used in these terms and conditions, but not specifically defined herein shall have the respective meanings assigned to them in the regulations specified by RBI governing NEFT and / or RBI RTGS Business Operating Guidelines, 2004 or as revised from time to time and/or the General Business Conditions.
- These terms and conditions shall govern every fund transfer order issued by the Customer during the period of validity of these terms and conditions.
- This Agreement shall be in addition to and not in derogation of the rules and regulations formulated by RBI governing the fund transfer facilities and the General Business Conditions or such other terms and conditions as may be introduced by the Bank from time to time. The Customer has gone through the above mentioned regulations and the General Business Conditions of the Bank and agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him / it in regard to every fund transfer order issued by him/it for execution in the NEFT / RTGS System.
- The Customer understands and agrees that nothing in these terms and conditions shall be construed as creating any contractual or other rights against the Reserve Bank or any participant in the NEFT / RTGS System other than the Bank.
Commencement and Termination
- These terms and conditions shall come into force as soon as a Security Procedure is established by mutual agreement between the Bank and the Customer.
- These terms and conditions shall remain valid until it is replaced by other terms and conditions or terminated by either party or the account is closed whichever is earlier.
- The Bank may terminate this arrangement by giving one month's notice (public or private) in writing to the other party. Notwithstanding the termination, the parties shall be bound by all transactions between them in regard to fund transfer Facility availed of by the Customer, prior to such termination.
- For the purpose of these terms and conditions, the Bank may offer one or more or a combination of one or more security device.
- A Security Procedure once established shall remain valid until it is changed by mutual agreement.
Rights and obligations of the Customer
- The Customer shall be entitled, subject to other terms and conditions in the regulations and these terms and conditions, to issue fund transfer orders for execution by the Bank. Funds transfer instruction shall be issued by the customer in a manner prescribed by the participant bank.
- The Customer shall be responsible for the accuracy of the particulars given in the fund transfer order issued by him and shall be liable to compensate the Bank for any loss arising on account of any error in his fund transfer order.
- The Customer shall be bound by any fund transfer 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 fund transfer 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.
- 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 fund transfer was executed by the Bank pursuant to his payment order, together with the charges including interest payable to the Bank.
- For purposes of effecting the fund transfer, the Customer shall provide the Bank all the information as required under the relevant screen including: beneficiary’s name, beneficiary’s account number, relevant branch of the bank or place where the account to be credited is maintained, the IFSC code of the beneficiary branch. In the absence of the above mentioned details, the Bank shall not be liable to affect the fund transfer order.
- The Bank shall endeavor to maintain an updated list of NEFT / RTGS enabled branch IFSC codes, however before transferring funds, the onus will lie on the Customer to ensure that the IFSC code of the participating branch is correct for the concerned participatory.
- The Customer hereby authorizes the Bank to debit from his account 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 be irrevocable after it has been executed by the Bank.
- Customer agrees that the Bank is not bound by any notice of revocation unless it is in compliance with the Security Procedure.
- Customer agrees that he shall not be entitled to make any claim against any party in the RBI NEFT / RTGS System.
- Customer agrees that in the event of any loss on account of failure or delay in the completion of the funds transfer or error in the execution of the funds transfer pursuant to a fund transfer payment order, the Bank's liability shall be limited to the extent of payment of interest at the rate determined by the Bank for any period of delay in the case of delayed payment and refund of the amount together with interest at such rate up to 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. The Bank shall have no liability in case of failed transactions and the Customer shall have the responsibility to reinitiate the transaction.
- Customer agrees that no special circumstances shall attach to any payment order executed under the fund transfer Facility under this Agreement and under no circumstances customer shall be entitled to claim any compensation in excess of that which is provided in clause (i) above, for any breach of contract or otherwise.
- Customer can complain to the Banking Ombudsman if the complaint is not resolved within thirty days.
Rights and obligations of the Bank
- The Bank shall execute a fund transfer 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 RBI NEFT / RTGS System due to cut off time regulations and RBI holidays
- No fund transfer order issued by the Customer shall be binding on the Bank until the Bank has accepted it.
- The Bank shall, upon execution of every fund transfer 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 the account has sufficient balance.
- NEFT credits to the beneficiaries account number may be expected on the same date if the NEFT Payment Instruction is given from 8:00 am to 6:30 pm from Monday to Saturday. The NEFT facility is not available on Sundays, second and fourth Saturdays and National Public holidays. The Bank shall endeavor to dispatch the fund transfer instruction to RBI on the same day, when received before the cut-off hours else on the next working day. However, the Bank does not guarantee the same or be responsible for any delays caused on account of factors beyond the reasonable control of the Bank. If the customer schedules an NEFT transaction on a bank holiday, then his funds will be debited the same day and will be dispatched to RBI the next working day.
- RTGS credits to the beneficiaries account / credit card number should ideally reflect on the date of the transaction itself. However, the Bank does not guarantee the same or be responsible for any delays caused on account of factors beyond the reasonable control of the Bank. If the customer schedules a transaction on a bank holiday, then his payment will be executed and affected only the next working day. If the customer initiates an RTGS transfer to a beneficiary bank branch which has a bank holiday then the credit will reflect in the beneficiary’s account only on the next working day of the beneficiary bank. The RTGS service window for Customer's transactions is available from 8:00 am to 4:00 pm from Monday to Saturdays on db OnlineBanking platform and 8:00 am to 3:30 pm from Monday to Saturdays in the Branch for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. The RTGS facility is not available on Sundays, second and fourth Saturdays and National Public holidays.
- The Bank shall issue to the Customer 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 days.
- The Bank shall assume no responsibility for:
• Fund transfer transactions carried out in good faith relying on the Customer’s instructions;
• Not carrying out fund transfer transactions where the Bank has reason to believe in its sole discretion that the instructions are not genuine or are otherwise unclear, improper, vague, or doubtful;
- Failed fund transfer transactions due to any reason whatsoever For the performance of RBI or any other third party involved in the process; and
• For any loss or damage incurred or suffered by the Customer for any error, defect, failure or interruption of Fund Transfer service or consequences arising out of delayed payments.
• The Bank reserves the right not to accept an fund transfer request without assigning any reason thereof.
In consideration of the Bank agreeing to extend to the Customer the said fund transfer facility, the Customer hereby irrevocably agrees to the terms and conditions mentioned above.