SOLO ACCOUNT OPENING
TERMS & CONDITIONS
1. Application
These general terms and conditions (hereinafter referred to as the “Terms and Conditions” where the context admits or requires and which term or expression shall include the terms, conditions and rules for Channel Banking Services and Savings Accounts herein contained designated in Sri Lanka Rupees or otherwise) will apply to the Customer accounts, dealings and transaction with Hatton National Bank PLC (HNB)(Registration No: PQ 82)(also referred to as “HNB” or the “Bank”) and its successors and assigns and which term shall include any of its branch.
These terms and conditions shall “Mutatis Mutandis” (with necessary changes in points of details) apply to all Customers including but not being limited to individuals, partnership, incorporated and unincorporated bodies.
The Bank reserves the right to alter, amend or add to these Terms and Conditions, and such alteration, amendment, or addition shall be deemed to be binding on all Customers.
Every amendment to these Terms & Conditions shall be made available in the WEBSITE of HNB
These terms and conditions shall “Mutatis Mutandis” (with necessary changes in points of details) apply to all Customers including but not being limited to individuals, partnership, incorporated and unincorporated bodies.
The Bank reserves the right to alter, amend or add to these Terms and Conditions, and such alteration, amendment, or addition shall be deemed to be binding on all Customers.
Every amendment to these Terms & Conditions shall be made available in the WEBSITE of HNB
2. Bank Account
It is hereby agreed that Bank shall be authorized to act on signed instruction or document drawn or accepted in accordance with the operating instructions given in the Account Opening Application Form (hereinafter referred to as the “Mandate”) until such time as the Customer shall give the Bank written notice to the contrary.
I. For making standing order, direct debit, issue of draft, mail and telegraphic transfer, purchase and sale of securities and foreign currency and giving effect to and any other instruction by debiting such account whether in or otherwise; and
II. To accept any other instruction regarding such account including instruction for the closure of such account.
I. For making standing order, direct debit, issue of draft, mail and telegraphic transfer, purchase and sale of securities and foreign currency and giving effect to and any other instruction by debiting such account whether in or otherwise; and
II. To accept any other instruction regarding such account including instruction for the closure of such account.
3. Deposits and Withdrawals
It is hereby agreed that Bank shall be authorized to act on signed instruction or document drawn or accepted in accordance with the operating instructions given in the Account Opening Application Form (hereinafter referred to as the “Mandate”) until such time as the Customer shall give the Bank written notice to the contrary.
I. For making standing order, direct debit, issue of draft, mail and telegraphic transfer, purchase and sale of securities and foreign currency and giving effect to and any other instruction by debiting such account whether in or otherwise; and
II. To accept any other instruction regarding such account including instruction for the closure of such account.
I. For making standing order, direct debit, issue of draft, mail and telegraphic transfer, purchase and sale of securities and foreign currency and giving effect to and any other instruction by debiting such account whether in or otherwise; and
II. To accept any other instruction regarding such account including instruction for the closure of such account.
4. Maintaining Accounts
I. Periodic Balance Statements
Unless otherwise agreed upon, the Bank will issue periodic balance statement on the Customer’s account at such intervals to be determined by the Bank.
II. Time Allowed for Objection
Any objection a Customer may have concerning the correctness or incompleteness of a periodic balance statement received by the Customer must be raised promptly, but in any event must be received by the Bank in writing on immediate receipt of such statement. In the absence of any objection within the period specified above, the periodic statement shall be deemed to be correct and binding.
Unless otherwise agreed upon, the Bank will issue periodic balance statement on the Customer’s account at such intervals to be determined by the Bank.
II. Time Allowed for Objection
Any objection a Customer may have concerning the correctness or incompleteness of a periodic balance statement received by the Customer must be raised promptly, but in any event must be received by the Bank in writing on immediate receipt of such statement. In the absence of any objection within the period specified above, the periodic statement shall be deemed to be correct and binding.
5. Terms and Condtions for a Savings Account/s
I. Deposits may be made at any branch of the Bank. Withdrawals may also be made at any such branch of the Bank subject to the provisions of section 3 of these Terms and Conditions.
II. An account which carries less than the required minimum balance and which is inactive for a period more than 24 months may be closed by the Bank.
III. Cheque/s /Draft/s money may be accepted to the credit of Savings Accounts only at the sole discretion of the Bank.
IV. Interest will be calculated on the daily balance and credited monthly provided that the accounts has the required minimum balance on each such day of calculation.
V. A Savings Account holder will be issued with a Pass Book, the safety of which will be the account holder’s responsibility. The Bank must be notified in writing without delay if the Pass Book is stolen or misplaced. The Customer has an option request for an e-statement of transaction in lieu of a Pass Book.
VI. Any money deposited or withdrawn will be recorded in the Pass Book by the Bank where applicable if the Pass Book is presented at the counter. An Account holder shall examine the entries of his Pass Book carefully before leaving the Bank and satisfy himself that the entries made therein are correct. Any discrepancy must be notified to the Bank forthwith.
VII. The Pass Book should be presented at least once in every six months to have all transaction recorded therein. Transaction carried out prior to three (03) years from the date of presentation of the Pass Book will not be available for recording in the Pass Book. The Bank will not retain records of transactions exceeding the period of statutory requirement.
VIII. Subject to paragraph (vii) of this section, the Bank will reserve the right to mail by ordinary post, at its discretion the statement of transactions not recorded in the Pass Book.
IX. Withdrawal in cash can be made by the Account Holder from an Automated Machine (hereinafter referred to the “ATM”) or at the Bank counter upon the production of the Pass Book and correctly completed withdrawal form. When making an over-the-counter withdrawal, a Savings Account holder shall produce his Pass Book and the NIC together with the correctly completed withdrawal form.
X. Any transaction through an ATM is subject to the terms and conditions for the use of such machine.
II. An account which carries less than the required minimum balance and which is inactive for a period more than 24 months may be closed by the Bank.
III. Cheque/s /Draft/s money may be accepted to the credit of Savings Accounts only at the sole discretion of the Bank.
IV. Interest will be calculated on the daily balance and credited monthly provided that the accounts has the required minimum balance on each such day of calculation.
V. A Savings Account holder will be issued with a Pass Book, the safety of which will be the account holder’s responsibility. The Bank must be notified in writing without delay if the Pass Book is stolen or misplaced. The Customer has an option request for an e-statement of transaction in lieu of a Pass Book.
VI. Any money deposited or withdrawn will be recorded in the Pass Book by the Bank where applicable if the Pass Book is presented at the counter. An Account holder shall examine the entries of his Pass Book carefully before leaving the Bank and satisfy himself that the entries made therein are correct. Any discrepancy must be notified to the Bank forthwith.
VII. The Pass Book should be presented at least once in every six months to have all transaction recorded therein. Transaction carried out prior to three (03) years from the date of presentation of the Pass Book will not be available for recording in the Pass Book. The Bank will not retain records of transactions exceeding the period of statutory requirement.
VIII. Subject to paragraph (vii) of this section, the Bank will reserve the right to mail by ordinary post, at its discretion the statement of transactions not recorded in the Pass Book.
IX. Withdrawal in cash can be made by the Account Holder from an Automated Machine (hereinafter referred to the “ATM”) or at the Bank counter upon the production of the Pass Book and correctly completed withdrawal form. When making an over-the-counter withdrawal, a Savings Account holder shall produce his Pass Book and the NIC together with the correctly completed withdrawal form.
X. Any transaction through an ATM is subject to the terms and conditions for the use of such machine.
6. Terms & Conditions for Channel Banking
(A) INTERNET BANKING
I. The Password/User ID required for the use of “Internet Banking” facility is strictly confidential and should not be disclosed to any person at any time under any circumstances.
II. The Bank must be informed forthwith by the Customer where his Password/User ID has fallen into the hands of an unauthorized party.
III. The Bank’s records and statements of all transactions processed by the use of “Internet Banking” shall be deemed sufficient and conclusive proof of such transactions and would be binding on a user for all purposes.
IV. The Bank reserves the right to modify, not process, and/or delay processing any instruction given by a user through the use of “Internet Banking”
V. For avoidance of any doubt it is hereby confirmed that the terms and conditions governing a Savings Account and such other applicable account would be binding on a use of “Internet Banking” facility.
VI. Usage of “Internet Banking” facility will be subject to scrutiny from time to time and the facility may be withdrawn by the Bank at its absolute discretion.
VII. License for Software and Documentation – When extending Electronic Banking Services (which shall include but not limited to Internet Banking) the Bank will grant the Customer a non-exclusive license to use the Electronic Banking Software and Documentation, and any revisions thereof provided by the Bank to the Customer in connection with Electronic Banking (“the Electronic Banking Materials”) on the computer equipment selected by the Customer to access Electronic Banking Service of the Bank. The Customer shall be responsible for such equipment and related transmission link. The Customer shall keep the Electronic Banking Materials strictly confidential at all times and shall copy such Materials, (except the Electronic Banking Software for security purposes), or allow any other person to access them without the Bank’s prior written consent. The Electronic Banking Materials and all copies thereof and all intellectual Property rights therein shall remain the exclusive property of the Bank at all times.
VIII. The Bank will not assume any responsibility whatsoever, for the non-availability of the on-line balance of account immediately after the conclusion of a transactions through Internet Banking, due to any technical failure.
(B) MOBILE BANKING
I. The Password/User ID required for the use of Mobile Phone Banking facility is strictly confidential and should not be disclosed to any person at any time under any circumstances.
II. The Bank must be informed forthwith by the Customer where his Password/User ID has fallen into the hands of an unauthorized party.
III. The Bank’s records and statements of all transactions processed by the use of Mobile Phone Banking shall be deemed sufficient and conclusive proof of such transactions and would be binding on a user for all purposes.
IV. The Bank reserves the right to modify, not process, and/or delay processing any instruction given by a user through the use of Mobile Phone Banking
V. Usage of Mobile Phone Banking facility will be subject to scrutiny from time to time and the facility may be withdrawn by the Bank at its absolute discretion.
VI. The Bank will not assume any responsibility whatsoever, for non-delivery of SMS due to technical failure. The Customer shall be responsible for the selection and maintenance of the equipment and the related transmission link used to engage in the Mobile Phone Banking.
VII. Only the “Approximate value” will be displayed via SMS ALERTS when currency conversion rates are utilized for processing of a transaction.
VIII. Unless otherwise decided by the Bank, Mobile Phone Banking facility will not be available for business entities including Corporate Customers which have more than one Director.
(C) ATM BANKING
The Customer shall: -
I. At all times regard the Card (for avoidance of any doubt the word “card” herein used shall mean and include a debit card but shall exclude a credit card) as the property of the Bank and surrender it unconditionally and without reservation upon demand by the Bank.
II. At no time use or attempt to use the Card unless there are sufficient funds in the Account to cover the withdrawal or transfer.
III. Use the Card exclusively as it is not transferable.
IV. Not use or attempt to use the Card after a notification of its cancellation or withdrawal has been given to him by the Bank or by any person acting on behalf of the Bank.
V. At no time and under no circumstances disclose the Personal Identification Number (PIN) allotted to him to any person to facilitate the use of the Card in the Bank’s ATM.
VI. Notify the Bank forthwith of the loss or theft of the Card and shall bear the replacement cost of the Card as may be prescribed by the Bank.
VII. Accept full responsibility for any transaction processed from the use of the Card except any transaction carried out after the Bank shall have confirmed to the Customer that it has received notice of loss or theft of the Card or of unauthorized acquisition of the PIN.
VIII. Subject to para (VII) above, accept the Bank’s record of withdrawals and/or transfers as conclusive and binding for all purposes and authorize the Bank to debit his Account with any amount withdrawn or transferred with or without his knowledge or authority.
IX. Acknowledge that the amount stated on the ATM screen or a printed inquiry slip or receipt advice shall not for any purpose whatsoever be taken as conclusive of the state of the Customer’s Account with the Bank.
X. Not hold the Bank liable, responsible or accountable in any way whatsoever arising or caused by any malfunction or failure of the Card, the ATM or the insufficiency of funds in the ATM.
XI. Notwithstanding and without prejudice to the generality of the provision of para (X) above, use of the Card at his own risk and the Customer shall assume any risk incidental to or arising out of the use of the Card.
XII. Agree that the Bank will not be responsible for the transaction with the Card not being honored for any reason whatsoever.
XIII. Return the Card for cancellation should it be no longer required or should the Account with the Bank for any reason be closed.
XIV. Agree that the Bank shall be liberty to terminate the facility at any time without notice to the Customer by cancelling or refusing to renew the Card.
XV. Agree that every Card Transaction effected in a currency other than Sri Lankan Rupees will be debited the Customer’s Account after conversion into Sri Lankan Rupees at a rate of exchange determined on the exchange rate adopted by Visa International on the date of conversion and increased by an additional percentage levied by the Bank and any transaction fee charged by Visa international to the Bank, if applicable, which fee may be shared with the Bank.
XVI. Not use this Card to make payment for purchases of Real Estate or Financial Asset overseas.
I. The Password/User ID required for the use of “Internet Banking” facility is strictly confidential and should not be disclosed to any person at any time under any circumstances.
II. The Bank must be informed forthwith by the Customer where his Password/User ID has fallen into the hands of an unauthorized party.
III. The Bank’s records and statements of all transactions processed by the use of “Internet Banking” shall be deemed sufficient and conclusive proof of such transactions and would be binding on a user for all purposes.
IV. The Bank reserves the right to modify, not process, and/or delay processing any instruction given by a user through the use of “Internet Banking”
V. For avoidance of any doubt it is hereby confirmed that the terms and conditions governing a Savings Account and such other applicable account would be binding on a use of “Internet Banking” facility.
VI. Usage of “Internet Banking” facility will be subject to scrutiny from time to time and the facility may be withdrawn by the Bank at its absolute discretion.
VII. License for Software and Documentation – When extending Electronic Banking Services (which shall include but not limited to Internet Banking) the Bank will grant the Customer a non-exclusive license to use the Electronic Banking Software and Documentation, and any revisions thereof provided by the Bank to the Customer in connection with Electronic Banking (“the Electronic Banking Materials”) on the computer equipment selected by the Customer to access Electronic Banking Service of the Bank. The Customer shall be responsible for such equipment and related transmission link. The Customer shall keep the Electronic Banking Materials strictly confidential at all times and shall copy such Materials, (except the Electronic Banking Software for security purposes), or allow any other person to access them without the Bank’s prior written consent. The Electronic Banking Materials and all copies thereof and all intellectual Property rights therein shall remain the exclusive property of the Bank at all times.
VIII. The Bank will not assume any responsibility whatsoever, for the non-availability of the on-line balance of account immediately after the conclusion of a transactions through Internet Banking, due to any technical failure.
(B) MOBILE BANKING
I. The Password/User ID required for the use of Mobile Phone Banking facility is strictly confidential and should not be disclosed to any person at any time under any circumstances.
II. The Bank must be informed forthwith by the Customer where his Password/User ID has fallen into the hands of an unauthorized party.
III. The Bank’s records and statements of all transactions processed by the use of Mobile Phone Banking shall be deemed sufficient and conclusive proof of such transactions and would be binding on a user for all purposes.
IV. The Bank reserves the right to modify, not process, and/or delay processing any instruction given by a user through the use of Mobile Phone Banking
V. Usage of Mobile Phone Banking facility will be subject to scrutiny from time to time and the facility may be withdrawn by the Bank at its absolute discretion.
VI. The Bank will not assume any responsibility whatsoever, for non-delivery of SMS due to technical failure. The Customer shall be responsible for the selection and maintenance of the equipment and the related transmission link used to engage in the Mobile Phone Banking.
VII. Only the “Approximate value” will be displayed via SMS ALERTS when currency conversion rates are utilized for processing of a transaction.
VIII. Unless otherwise decided by the Bank, Mobile Phone Banking facility will not be available for business entities including Corporate Customers which have more than one Director.
(C) ATM BANKING
The Customer shall: -
I. At all times regard the Card (for avoidance of any doubt the word “card” herein used shall mean and include a debit card but shall exclude a credit card) as the property of the Bank and surrender it unconditionally and without reservation upon demand by the Bank.
II. At no time use or attempt to use the Card unless there are sufficient funds in the Account to cover the withdrawal or transfer.
III. Use the Card exclusively as it is not transferable.
IV. Not use or attempt to use the Card after a notification of its cancellation or withdrawal has been given to him by the Bank or by any person acting on behalf of the Bank.
V. At no time and under no circumstances disclose the Personal Identification Number (PIN) allotted to him to any person to facilitate the use of the Card in the Bank’s ATM.
VI. Notify the Bank forthwith of the loss or theft of the Card and shall bear the replacement cost of the Card as may be prescribed by the Bank.
VII. Accept full responsibility for any transaction processed from the use of the Card except any transaction carried out after the Bank shall have confirmed to the Customer that it has received notice of loss or theft of the Card or of unauthorized acquisition of the PIN.
VIII. Subject to para (VII) above, accept the Bank’s record of withdrawals and/or transfers as conclusive and binding for all purposes and authorize the Bank to debit his Account with any amount withdrawn or transferred with or without his knowledge or authority.
IX. Acknowledge that the amount stated on the ATM screen or a printed inquiry slip or receipt advice shall not for any purpose whatsoever be taken as conclusive of the state of the Customer’s Account with the Bank.
X. Not hold the Bank liable, responsible or accountable in any way whatsoever arising or caused by any malfunction or failure of the Card, the ATM or the insufficiency of funds in the ATM.
XI. Notwithstanding and without prejudice to the generality of the provision of para (X) above, use of the Card at his own risk and the Customer shall assume any risk incidental to or arising out of the use of the Card.
XII. Agree that the Bank will not be responsible for the transaction with the Card not being honored for any reason whatsoever.
XIII. Return the Card for cancellation should it be no longer required or should the Account with the Bank for any reason be closed.
XIV. Agree that the Bank shall be liberty to terminate the facility at any time without notice to the Customer by cancelling or refusing to renew the Card.
XV. Agree that every Card Transaction effected in a currency other than Sri Lankan Rupees will be debited the Customer’s Account after conversion into Sri Lankan Rupees at a rate of exchange determined on the exchange rate adopted by Visa International on the date of conversion and increased by an additional percentage levied by the Bank and any transaction fee charged by Visa international to the Bank, if applicable, which fee may be shared with the Bank.
XVI. Not use this Card to make payment for purchases of Real Estate or Financial Asset overseas.
7. Other Terms and Conditions
I. COST OF BANKING SERVICES
(a) Interest and Charges
The Customer shall pay interest on monies due to the Bank and Charges on services provided by the Bank at such rate(s) and on such basis and at such time as shall be agreed in writing with the Bank from time to time or in the absence of such written agreement, as determined by the Bank.
(b) Changes in interest and Charges
In the case of a variable interest rate facility, the interest rate will be adjusted in accordance with the terms of the respective agreement. Charges for service may be changed by the Bank at its reasonable discretion unless otherwise agreed in writing.
(c) Costs and Expenses
The Customer shall pay or reimburse to the Bank immediately upon demand and the Bank shall be entitled to debit any of the Customer’s Account/s with all commissions and other charges usually charged by the Bank whether or not previously notified to the Customer and all other costs, charges and out of pocket and other expenses incurred by the Bank under these General Conditions, any Special Conditions or any other agreement between the Bank and the Customer, including legal expenses.
(d) Taxes and other Levies
The Customer shall also be liable to reimburse the Bank all Turnover Tax, National Security Levy, Goods and Services Tax or any other similar turnover based tax, stamp duties or other levies if applicable which may be payable on the transactions carried out by the Bank with the Customer.
(a) Interest and Charges
The Customer shall pay interest on monies due to the Bank and Charges on services provided by the Bank at such rate(s) and on such basis and at such time as shall be agreed in writing with the Bank from time to time or in the absence of such written agreement, as determined by the Bank.
(b) Changes in interest and Charges
In the case of a variable interest rate facility, the interest rate will be adjusted in accordance with the terms of the respective agreement. Charges for service may be changed by the Bank at its reasonable discretion unless otherwise agreed in writing.
(c) Costs and Expenses
The Customer shall pay or reimburse to the Bank immediately upon demand and the Bank shall be entitled to debit any of the Customer’s Account/s with all commissions and other charges usually charged by the Bank whether or not previously notified to the Customer and all other costs, charges and out of pocket and other expenses incurred by the Bank under these General Conditions, any Special Conditions or any other agreement between the Bank and the Customer, including legal expenses.
(d) Taxes and other Levies
The Customer shall also be liable to reimburse the Bank all Turnover Tax, National Security Levy, Goods and Services Tax or any other similar turnover based tax, stamp duties or other levies if applicable which may be payable on the transactions carried out by the Bank with the Customer.
8. Applicable for Digital Wallets facilitation accounts opening
1. Only local Mobile Number holder is eligible to request/open Account.
2. Customer should be given a Unique Reference Number/ Mobile Number for the Account Opening request.
3. Only one wallet Account per customer is allowed.
4. Customer gives the consent for the Bank to open the Account and link same to the Wallet (hereinafter referred as to SOLO)
5. An individual will not be allowed to open multiple Accounts using various Reference numbers/ Mobile Numbers for him/herself at a given time under Digital KYC verification in the absence of the physical substance.
6. The KYC information provided by the Customer in oral term will be binding on the Customer and will have the same level of authenticity as such information submitted through the application in SOLO itself.
7. Customer gives the consent to the Bank to verify identity details of the Mobile Number associated with SOLO
8. The Bank reserves the right to refuse the details submitted in the event those cannot be verified.
9. The voice responses to verification questions raised by Contact center staff would be recorded and will be treated as a proof that to be kept with the Bank’s possession.
10. Customer gives the consent to the Bank to obtain CRIB report for relevant clearance to open the Account.
11. Bank reserves the right to freeze the Account operations if physical KYC verification of an individual cannot be performed.
12. Cash deposits are not allowed till the physical verification of the individual who submitted Digital KYC details through SOLO.
13. Per transaction limit and per day transaction limit will be determined by the Bank till the physical verification of the individual done by the bank and thereby any transactions will not be processed violating the set limits
14. Customer may entertain the Internet, Mobile Banking facility and Finacle Alerts Service once funds received to the Account at the discretion of the Bank.
15. Customer may be provided with a separate Debit card at the request of the Customer made through the SOLO.
II. DEATH, INCAPACITY OR BANKRUPTCY
On the incapacity of the bankruptcy of the Customer, the Bank is entitled to require the production of the documentary evidence thereof (such as letters of administration, relevant court orders or any equivalent thereof) in form and substance acceptable to the Bank before the Bank permits the disposal to or by any person who is designated as executor, administrator or other personal representative of the Customer or deceased, and trustee or receiver of assets or any purported beneficiary of the assets. The original of any documentary evidence must, if the Bank so requests, be submitted together with an English translation (where applicable) acceptable to the Bank. The death, incapacity or bankruptcy of any joint account holders shall not bind the Bank until it receives written notice of such fact form a source which it considers to be reliable. Upon receipt of the relevant notice, the Bank shall be entitled to freeze the Account(s) until it receives to its satisfaction, the evidence as mentioned above.
III. FOREIGN CURRENCY RISK DISCLOSURE
The Customer hereby declares that he/she is fully aware of the risks of losses involved in foreign currency investments and the Customer is willing and able to assume the financial and other risks involved and that the Customer will in no way hold the Bank responsible for any loss which the Customer may incur in connection therewith.
IV. BANK SECRECY
The Bank has a duty to maintain secrecy about any Customer-related facts under the Common Law and a similar obligation is imposed upon its officers under section 77 of the Banking Act No. 30 of 1988. However, the Bank may disclose information concerning a Customer is in the performance of its duties or in order to comply with any provision of law.
V. DISCLOSURE
The Customer hereby authorizes the Bank to disclose any information relating to him or his transactions or accounts to:
I. Any guarantor of, or third party provider of security for, the Customer or its Account(s) with the Bank in respect of any banking facility or service provided by the Bank to the Customer; or
II. Any actual or potential assignee, participants or contractual party in connection with any rights or obligations of the Bank in relation to the Customer
VI. PRINCIPAL OF LIABILITY
In the performance on its obligations, the Bank shall only be liable for the willful default or gross negligence on the part of its staff. In the event that the Customer has contributed to the occurrence of the loss by the Customer’s own fault (e.g. by violating the duties as mentioned in these Conditions), the principles of contributory negligence shall determine the extent to which the Bank and the Customer shall have to bear the loss.
VII. INDEMNITY
The Customer shall indemnify the Bank against any or all claims, demands, actions, damages, liabilities, costs, losses, expenses and other sums which the Bank may incur of suffer in connection with or arising from giving credit or other banking facilities to the Customer or performing any banking service for the Customer, and shall reimburse the Bank upon demand for any such payment which may be made or incurred by the Bank by reason thereof.
The Customer will indemnify the Bank or any loss incurred by the Bank resulting from the fact that the Bank without any willful default on its part does not obtain knowledge of any restrictions of the Customer’s or his representative’s legal capacity.
VIII. FORCE MAJEURE
The Bank shall not be liable or any loss nor inability to perform, caused by or in connection with any event of force majeure including but not limited to riot, war, natural disaster, any circumstances beyond the Bank’s control or other occurrence for which the Bank is not responsible (e.g. strikes, lock-outs, traffic hold-ups, civil commotion, acts of domestic or foreign governmental or other authorities (whether de jure or de facto),requirements of any law or regulation, market disruption, or any act of learning/settlement agency or central depository)
IX. INFORMATION AND NOTICES
(a) The Customer shall notify the Bank without delay in writing of any changes in the Customer’s name, address and other particulars, as well as the termination of, or amendment to any powers of representation towards the Bank conferred on any (in particulars, a power of attorney) or the authority of any person. This notification duly also applies to any change to the particulars of the Customers in any public register and also exists where the powers of representation are recorded in such public register and any termination thereof or any amendments thereto are entered in the register.
(b) All information regarding in the trade, business or occupation and financial condition or any material change in respect thereto of the Customer will be furnished by the Customer to the Bank.
(c) Particulars of any litigation or potential litigation which may tend to affect the Customer’s financial capacity shall be disclosed by the Customer to the Bank.
(d) The Bank is entitled at its discretion and without liability to send any notice, correspondence, instrument or document to the Customer by ordinary post, hand, telex or facsimile or e-mail (to the last known address, telex number or facsimile number or e-mail address of the Customer known to the Bank), and any such communication shall be deemed to have been received by the Customer two (02) days after posting (if local), five days after posting (if overseas), at the time of transmission (if by telex or facsimile or e-mail) or upon delivery (if by hand).
2. Customer should be given a Unique Reference Number/ Mobile Number for the Account Opening request.
3. Only one wallet Account per customer is allowed.
4. Customer gives the consent for the Bank to open the Account and link same to the Wallet (hereinafter referred as to SOLO)
5. An individual will not be allowed to open multiple Accounts using various Reference numbers/ Mobile Numbers for him/herself at a given time under Digital KYC verification in the absence of the physical substance.
6. The KYC information provided by the Customer in oral term will be binding on the Customer and will have the same level of authenticity as such information submitted through the application in SOLO itself.
7. Customer gives the consent to the Bank to verify identity details of the Mobile Number associated with SOLO
8. The Bank reserves the right to refuse the details submitted in the event those cannot be verified.
9. The voice responses to verification questions raised by Contact center staff would be recorded and will be treated as a proof that to be kept with the Bank’s possession.
10. Customer gives the consent to the Bank to obtain CRIB report for relevant clearance to open the Account.
11. Bank reserves the right to freeze the Account operations if physical KYC verification of an individual cannot be performed.
12. Cash deposits are not allowed till the physical verification of the individual who submitted Digital KYC details through SOLO.
13. Per transaction limit and per day transaction limit will be determined by the Bank till the physical verification of the individual done by the bank and thereby any transactions will not be processed violating the set limits
14. Customer may entertain the Internet, Mobile Banking facility and Finacle Alerts Service once funds received to the Account at the discretion of the Bank.
15. Customer may be provided with a separate Debit card at the request of the Customer made through the SOLO.
II. DEATH, INCAPACITY OR BANKRUPTCY
On the incapacity of the bankruptcy of the Customer, the Bank is entitled to require the production of the documentary evidence thereof (such as letters of administration, relevant court orders or any equivalent thereof) in form and substance acceptable to the Bank before the Bank permits the disposal to or by any person who is designated as executor, administrator or other personal representative of the Customer or deceased, and trustee or receiver of assets or any purported beneficiary of the assets. The original of any documentary evidence must, if the Bank so requests, be submitted together with an English translation (where applicable) acceptable to the Bank. The death, incapacity or bankruptcy of any joint account holders shall not bind the Bank until it receives written notice of such fact form a source which it considers to be reliable. Upon receipt of the relevant notice, the Bank shall be entitled to freeze the Account(s) until it receives to its satisfaction, the evidence as mentioned above.
III. FOREIGN CURRENCY RISK DISCLOSURE
The Customer hereby declares that he/she is fully aware of the risks of losses involved in foreign currency investments and the Customer is willing and able to assume the financial and other risks involved and that the Customer will in no way hold the Bank responsible for any loss which the Customer may incur in connection therewith.
IV. BANK SECRECY
The Bank has a duty to maintain secrecy about any Customer-related facts under the Common Law and a similar obligation is imposed upon its officers under section 77 of the Banking Act No. 30 of 1988. However, the Bank may disclose information concerning a Customer is in the performance of its duties or in order to comply with any provision of law.
V. DISCLOSURE
The Customer hereby authorizes the Bank to disclose any information relating to him or his transactions or accounts to:
I. Any guarantor of, or third party provider of security for, the Customer or its Account(s) with the Bank in respect of any banking facility or service provided by the Bank to the Customer; or
II. Any actual or potential assignee, participants or contractual party in connection with any rights or obligations of the Bank in relation to the Customer
VI. PRINCIPAL OF LIABILITY
In the performance on its obligations, the Bank shall only be liable for the willful default or gross negligence on the part of its staff. In the event that the Customer has contributed to the occurrence of the loss by the Customer’s own fault (e.g. by violating the duties as mentioned in these Conditions), the principles of contributory negligence shall determine the extent to which the Bank and the Customer shall have to bear the loss.
VII. INDEMNITY
The Customer shall indemnify the Bank against any or all claims, demands, actions, damages, liabilities, costs, losses, expenses and other sums which the Bank may incur of suffer in connection with or arising from giving credit or other banking facilities to the Customer or performing any banking service for the Customer, and shall reimburse the Bank upon demand for any such payment which may be made or incurred by the Bank by reason thereof.
The Customer will indemnify the Bank or any loss incurred by the Bank resulting from the fact that the Bank without any willful default on its part does not obtain knowledge of any restrictions of the Customer’s or his representative’s legal capacity.
VIII. FORCE MAJEURE
The Bank shall not be liable or any loss nor inability to perform, caused by or in connection with any event of force majeure including but not limited to riot, war, natural disaster, any circumstances beyond the Bank’s control or other occurrence for which the Bank is not responsible (e.g. strikes, lock-outs, traffic hold-ups, civil commotion, acts of domestic or foreign governmental or other authorities (whether de jure or de facto),requirements of any law or regulation, market disruption, or any act of learning/settlement agency or central depository)
IX. INFORMATION AND NOTICES
(a) The Customer shall notify the Bank without delay in writing of any changes in the Customer’s name, address and other particulars, as well as the termination of, or amendment to any powers of representation towards the Bank conferred on any (in particulars, a power of attorney) or the authority of any person. This notification duly also applies to any change to the particulars of the Customers in any public register and also exists where the powers of representation are recorded in such public register and any termination thereof or any amendments thereto are entered in the register.
(b) All information regarding in the trade, business or occupation and financial condition or any material change in respect thereto of the Customer will be furnished by the Customer to the Bank.
(c) Particulars of any litigation or potential litigation which may tend to affect the Customer’s financial capacity shall be disclosed by the Customer to the Bank.
(d) The Bank is entitled at its discretion and without liability to send any notice, correspondence, instrument or document to the Customer by ordinary post, hand, telex or facsimile or e-mail (to the last known address, telex number or facsimile number or e-mail address of the Customer known to the Bank), and any such communication shall be deemed to have been received by the Customer two (02) days after posting (if local), five days after posting (if overseas), at the time of transmission (if by telex or facsimile or e-mail) or upon delivery (if by hand).
9. Termination
I. Termination Right of the Customer
Unless the Bank and the Customer have otherwise agreed in writing to a termination provision, the Customer may at any time, with reasonable prior written notice, terminate the business relationship as a whole or any particular business relation arising out of the duly signed and accepted Mandate. Provided however, that any such termination shall not affect the rights which have accrued to the Bank prior to such termination.
II. Termination right of the Bank
(a) Termination upon notice
Upon giving a notice, which in the Bank’s opinion is reasonable, the Bank may at any time terminate any business relationship as a whole or any particular relation arising out of duly signed and accepted Mandate, for which neither a term nor a termination provision has been agreed in writing. In determining the notice period, the Bank will whenever practical take into account the known legitimate concerns of the Customers.
(b) Termination for reasonable cause without notice
Termination of the business relationship or as a whole or of particular relation arising out of the duly signed out of the signed and accepted Mandate, without notice, is permitted if there is reasonable cause, which makes it unacceptable to the Bank to continue the business after having given due consideration to the known legitimate concerns of the Customers.
(c) Saving Right
Termination by the Bank of any business relationship as a whole or of a particular relation under any of the provisions above stated shall not affect the rights which have accrued to the Bank prior to such termination.
Unless the Bank and the Customer have otherwise agreed in writing to a termination provision, the Customer may at any time, with reasonable prior written notice, terminate the business relationship as a whole or any particular business relation arising out of the duly signed and accepted Mandate. Provided however, that any such termination shall not affect the rights which have accrued to the Bank prior to such termination.
II. Termination right of the Bank
(a) Termination upon notice
Upon giving a notice, which in the Bank’s opinion is reasonable, the Bank may at any time terminate any business relationship as a whole or any particular relation arising out of duly signed and accepted Mandate, for which neither a term nor a termination provision has been agreed in writing. In determining the notice period, the Bank will whenever practical take into account the known legitimate concerns of the Customers.
(b) Termination for reasonable cause without notice
Termination of the business relationship or as a whole or of particular relation arising out of the duly signed out of the signed and accepted Mandate, without notice, is permitted if there is reasonable cause, which makes it unacceptable to the Bank to continue the business after having given due consideration to the known legitimate concerns of the Customers.
(c) Saving Right
Termination by the Bank of any business relationship as a whole or of a particular relation under any of the provisions above stated shall not affect the rights which have accrued to the Bank prior to such termination.
10. Assignment
The Bank shall have the right to assign any or all its rights hereunder to another party without obtaining the prior approval from the Customer.
11. Invalidity of Provisions
If at any time, any provision hereof becomes illegal, invalid or unenforceable in any respect such illegality, invalidity, or unenforceability shall not impair or affect the remaining provision hereof.
12. Waiver
No forbearance neglect or waiver by the Bank of any of these Terms and Conditions in respect of a particular instance or occurrence shall prejudice the Bank’s rights thereafter to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.
13. Jurisdiction & Governing Law
I. Place of Jurisdiction
Without prejudice to the Bank’s right to proceed against the Customer in any other country or in any other Court, the Customers irrevocably submits to the non-exclusive jurisdiction of the District Court of Colombo. (The Bank itself may be used only before the courts of Sri Lanka.)
II. Substantive Law
The business relationship, customer Accounts, dealings and transactions envisaged herein and the Mandate shall be governed by the Laws of Sri Lanka.
Interpretation:
In this general Terms and Conditions, the words importing the singular number shall include the plural and vice versa, and words importing the masculine gender and words importing persons shall include corporations and companies.
The headings are inserted for convenience only and shall not affect the construction of this document.
Reference to any statutory provisions, regulations, rule order or direction shall include a reference to such provisions, regulation, rule, order or direction as from time to time re-enacted, amended, extended, supplemented or replaced.
Without prejudice to the Bank’s right to proceed against the Customer in any other country or in any other Court, the Customers irrevocably submits to the non-exclusive jurisdiction of the District Court of Colombo. (The Bank itself may be used only before the courts of Sri Lanka.)
II. Substantive Law
The business relationship, customer Accounts, dealings and transactions envisaged herein and the Mandate shall be governed by the Laws of Sri Lanka.
Interpretation:
In this general Terms and Conditions, the words importing the singular number shall include the plural and vice versa, and words importing the masculine gender and words importing persons shall include corporations and companies.
The headings are inserted for convenience only and shall not affect the construction of this document.
Reference to any statutory provisions, regulations, rule order or direction shall include a reference to such provisions, regulation, rule, order or direction as from time to time re-enacted, amended, extended, supplemented or replaced.