The Consumer agrees that following terms and conditions shall be applicable for opening the Account using the OTP based Ekyc and Account opening –
- Any new Consumer of the Bank may open the Savings Account by following the OTP based Aadhaar verification of the Bank through the
- The Consumer agrees that the Consumer has no objection in authenticating itself with Aadhaar through the Platform and hereby gives express consent to the Bank to use the OTP (One Time Pin) received by the Consumer from UIDAI on its registered mobile number and provided by the Consumer to the Bank and the Consumer Aadhaar Number/VID for Aadhaar Based authentication for the purposes of opening the Savings Account with the
- The Consumer understand that the Consumer is sharing the OTP (One Time Pin) received by the Consumer from UIDAI with the Bank for authenticating the Consumers identity through Aadhaar Authentication system for opening the Savings
- The Consumer agrees and confirms that the Consumer has not used the OTP based Aadhaar (e-KYC) verification to open any other bank account with the Bank or any other bank in
- The Consumer agrees to submit the Aadhaar number/VID of the Consumer with the Bank and for the purpose of opening the Savings Account voluntarily gives consent to the Bank to:
- Use the Consumers Aadhaar Details to authenticate Consumer from
- Use the Consumer Registered Mobile Number in the Bank records for sending SMS alerts to the Consumer.
- Link the Aadhaar Number to all Consumers existing/new/future accounts and customer profile (CIF)with the
- Use the OTP provided by the Consumer to verify the Aadhaar data and use it as e-kyc
- The Consumer hereby declare that all the information voluntarily furnished by the Consumer shall be true, correct and
- The Consumer agrees that upon successful OTP validation of Aadhaar, the name of the Consumer in the Account will be the same name as appearing in the Consumers Aadhaar
- The OTP account opening process is not available for existing Bank
- Consumer will have restricted access to the Savings Account till KYC is completed subject to satisfaction of the
- The Consumer gives consent to the Bank to fetch Consumers demographic details and other Aadhar details from Unique Identification Authority of India (UIDAI), using OTP authentication which will be used for KYC The demographic details include name, DOB, Father’s Name, gender, address and photograph etc. The Consumer further consents to the Bank to fetch the Consumers contact details from UIDAI which includes the contact number and email ID.
- Consumer authorizes Bank to link the Aadhar number provided by the Consumer with the Savings Account opened by the The Consumer herewith understands and agrees that this data will be shared with any government department and / or regulatory authorities. The Consumer might receive direct transfer of subsidies/benefits in the Savings Account a) subject to the condition that the Savings Account is the primary account of the Consumer seeded with Aadhaar subject to applicable laws and at the discretion of the government/legal/regulatory authority b) the Consumer gives the express consent to the Bank to receive the direct Benefit transfer of subsidies.
- The Consumer herewith agrees that the Bank shall have right to reject the Consumers application for opening Savings Account without assigning any reason. The Bank shall have right to retain the documents / Photographs and any other documents and information of the Consumer submitted by the Consumer on the Web app or otherwise even if the Consumers application is
- The Consumer authorizes Bank to share his/her mobile number and address with the respective phone/mobile operator to verify customer’s address at any point of
- The Consumer agrees that the OTP based Savings Account shall be valid only for the period of 12 months from the date of opening the Savings Account. The Consumer shall have to complete the biometric authentication by providing Consumers biometric details within 12 months of opening OTP based Savings Account by visiting the Business Correspondent location of the Bank or by requesting a visit from the Bank representative for the
- The Consumer agrees that failure to complete biometric KYC verification within 12 months will lead to the Consumers Savings Account being closed by the Bank without any notice to the Consumer and the Consumer may withdraw the funds if any in the Savings Account and/or use his Savings Account for any transaction only upon completion of biometric verification process as prescribed by the
- Consumer further agrees as under :
- The Consumer can open only one Savings Account through EKYC OTP In case if the Bank is of the view or it is informed/notified by the regulatory/legal/governmental authority that the Consumer has opened more than one OTP Based savings account including account with any other bank then the Bank shall suspend/block the Savings Account of the Consumer till such Consumer completes the full KYC biometric authentication by visiting the Business Correspondent location of the Bank as per the process of the Bank. The Bank shall send the communication to the Consumer in case if the Consumers account is Blocked on the Platform and/or on the mobile number registered by the Consumer with the Bank. The Consumer shall keep itself updated by visiting the Platform time to time.
- The Consumer shall ensure that the funds transferred by the Consumer in the Savings Account shall be made from the Consumers account in any other Bank. For the sake of the clarity the Consumer agrees that it shall not transfer first credit of the amount in Savings Account from any third party accounts including from the accounts of the Consumers
- The Consumer agrees that for OTP based Savings Account the balance in the Savings Account can never cross 1,00,000/- (One Lakh rupees) at any point of time. And the cumulative credits in the OTP based Savings Account in a given year shall not exceed Rs. 2,00,000/- (Rs. Two Lacs) . The Bank shall decline any transaction if the day balance crosses INR 1,00,000/- lakh or if the cumulative credit crosses INR 2,00,000/- lakhs. However, all other terms and conditions of the Agreement shall remain the same.
