1. The Services

ICICI will make reasonable efforts to process all requests for a Customer for transactions under the Services within 2 business days of receiving a request through an approved channel, subject to all verification processes being complete and information provided by the Customer being correct. ICICI will not be liable or responsible in any manner for delays in processing by beneficiary banks, including without limitation, for losses or damages caused by such delay. Neither the Customer, the beneficiary nor the recipient of any money transfer will be entitled to any interest for the period during which the funds to be remitted are with ICICI, are in the course of remittance, or for any other period. Customers acknowledge and understand that, in providing the Services, ICICI may earn interest on funds remitted between the time that the foreign currency is remitted and the time that it is disbursed to the beneficiary bank or other account.

2. Method of Payment and Charges

The Customer shall pay to ICICI all fees, charges and commission prescribed by ICICI in addition to the amount of the money transfer. Unless otherwise indicated, ICICI charges shall be borne by the Customer and bank charges imposed by correspondent bank(s) or agent(s) or the beneficiary’s bank shall be borne by the beneficiary. ICICI reserves the right to revise all money transfer charges from time to time without prior notice. Please refer to “Rates and charges” section of our website for information on the latest money transfer charges.
The acceptable modes of payment and disbursement that may be used by the Customer will be indicated to the Customer at the time of requesting a money transfer. ICICI reserves the right to change these acceptable modes of payments and disbursements at its sole discretion without any prior notice.

3. Authorized Instructions

The Customer authorizes ICICI to accept money transfer instructions in person or by electronic communications including telephone, telex, fax, internet or other method of telecommunication or electronic transmission at the discretion of ICICI ("Communication"). ICICI has the right, but not the obligation, to first obtain verbal or written confirmation before executing any Communication. ICICI is not obligated to act upon any Communication if ICICI has reasonable grounds to believe that it is not a valid Communication, or if ICICI does not understand the instructions. ICICI may act on Communications from or purporting to be from the Customer or the Customer's e-mail address as if the Customer has given ICICI such instructions or information in writing, unless ICICI has received written notice to the contrary. All Communications that ICICI accepts and acts upon shall be considered valid and authentic even if, among other things, the Communication did not come from the Customer, is not properly understood by ICICI (except for ICICI's gross negligence or wilful misconduct) or differ from any of the Customer's previous or later Communications. ICICI shall only be required to act upon Communications during the usual business hours of the ICICI branch or office at which they are received on the earliest banking day possible. ICICI shall use reasonable efforts to monitor its Communication facilities to determine if it has received any instructions or information from its Customers. Since ICICI's ability to act on Communications depends on the normal functioning of various communications facilities, ICICI shall not be liable for any delay or failure to receive the Customer's Communications.
Money transfer applications shall be processed at the sole discretion of ICICI and ICICI reserves the right to refuse any application or transfer request, without providing any reason.

4. Security of Certain Electronic Communications

The Customer acknowledges that the methods of Communications set out in Section 3 may not be secure means of communication and that ICICI may not use encryption or digital signatures for incoming or outgoing correspondence. The Customer also understands that ICICI recommends that Customers do not share their Internet access or related information with others. If, nonetheless, the Customer chooses to execute a Communication, the Customer assumes full responsibility for the risks of so doing. These risks include the possibility that information could be lost, delivered late, or not received; computer viruses could be spread; and someone could intercept, retransmit or alter communications, or send unauthorized e-mails under the Customer's name or e-mail identity.

Customer is responsible for maintaining the secrecy and confidentiality of any identification, access and password information. Customer will be liable for all transactions and activities that occur under the Customer’s account, identification or access to the Services, including any unauthorized use or misuse of such access or identification. ICICI shall have no obligation to verify the authenticity of any such transaction or activity. Without prejudice to the aforesaid, Customer agrees to log out from the Services at the end of each session and to immediately notify ICICI via email, or through the call center, or registered mail of any suspected loss, theft or unauthorized usage of the Services, any other breach of security, or any receipt by the Customer of confirmation of a transaction, funds or other activity which the Customer did not authorize, or any inaccurate information in the Customer’s account balances or transaction history.

5. Currency

Currency other than that of the jurisdiction to which the remittance is made shall be payable to the beneficiary in the currency of the said jurisdiction at the buying rate of ICICI, its correspondents or agents, unless the payee, by arrangement with the paying correspondent or agent, obtains payment in some other currency upon paying all charges of ICICI's correspondent or agent in connection therewith. Unless otherwise expressly agreed in writing, ICICI may at its discretion convert into foreign currency values the funds received from the Customer at the rate as determined by ICICI at its discretion. ICICI's statement in writing that it has effected such conversion shall be conclusive.

6. Foreign Exchange Restrictions and Currency Controls

Payment of the transferred funds is subject to the laws and regulations of the jurisdiction where the payment is to be made. It shall be the responsibility of the Customer to ensure that all money transfers requested or processed on behalf of the Customer are compliant with all applicable laws and regulations. The liability of ICICI with respect to the payment of the transferred funds shall not exceed, in any case, the extent to which payment is allowed in the currency in which the transferred funds are to be sent under any legal, governmental or other restrictions existing in the place of payment or principal financial centre of the relevant currency or, in the case of the Euro, the European Union or any of its member countries, at the time the payment instructions are received or are to be carried out. Neither ICICI nor its correspondents and agents shall be liable for any delay or loss caused as a result of any act or order of any government or governmental entity or agency; or the failure of any clearing, settlement or payment system; or any statute, regulation or other applicable law; or any other causes whatsoever. Customers acknowledge and understand that ICICI may make a profit when funds remitted by a Customer are converted by ICICI. When conducting a currency conversion, ICICI will apply the foreign exchange conversion rates prevailing on the day of conversion.

7. Method of Transfer

ICICI may take its customary steps to effect the money transfer and shall be free to remit or procure the remitting of funds by any means it deems fit including mail, telex, cable and SWIFT, clearing networks of the beneficiary bank’s country, and to make use of any correspondent, agent, sub-agent or other agency but, in no case, shall ICICI or any of its correspondents, agents, sub-agents or any other agency be liable for mutilation, interruption, omission, error or delay in the electronic transmission, wire, cable or mails, or on the part of any postal authority, telegraph, cable, Internet service provider or wireless company, or any other telecommunications or electronic transmission service provider, or any employee or agent of any such authority or entity, or through any other cause. ICICI, through its correspondents or agents or otherwise, may send any message in explicit language, code or cipher relating to the money transfer.

8. Money Transfers using Debit Card

Prior to conducting a remittance funded by a debit card transaction, ICICI may require valid proof of identification of the Customer in a form satisfactory to ICICI. If the Customer’s account is dormant, then remittance of funds via debit card will only be allowed after activation of the account. The debit card used to fund the remittance must be an Interac® Debit Card issued by a Canadian financial institution and be chip and pin enabled. Credit cards will not be accepted for funding of money transfers. ICICI does not take responsibility for any debit card lost, or forgotten by a Customer at any location. If a Customer inadvertently leaves a debit card at any ICICI location and does not claim it within 24 hours, it will be destroyed by ICICI. Any Customer claiming a lost or forgotten card must provide ICICI with valid proof of identity satisfactory to ICICI. ICICI reserves the right to retain any debit card that does not comply with ICICI’s fraud prevention policy. ICICI will not credit a refund to any debit card other than the one used to make the money transfer. Adequate balance to meet the amount to be remitted plus the charges payable for the service must be in the debited account at the time of the transaction. Daily transaction limits established by ICICI and the Customer’s debit card will apply. The Customer must disclose the purpose of each remittance and ensure the Services are not used for any unlawful purposes under applicable laws. Where required by an applicable law or if ICICI otherwise believes that disclosure is required to combat fraud, money laundering offences or other criminal activity, ICICI may report information about a card holder and the transaction(s) to the appropriate regulatory or governmental authorities, bodies or agencies. In case of any dispute or fraud reported by the Customer or identified by ICICI, ICICI reserves the right to report the matter to the appropriate regulatory authorities.

9. Money transfers done using the mobile banking app

The Customer agrees that the terms and conditions mentioned on this page apply when using the mobile banking app to transfer money. All the features available online at icicibank.ca or icicibank.money2india.ca may not be available on the mobile banking app. ICICI can discontinue the mobile banking app feature of money transfers or the entire app itself at any time with or without prior notice.

10. Disputes and Refunds

Once the Customer has submitted an application for Services, cancellation of such request shall be at the sole discretion of ICICI and subject to fees, charges and cost levied by ICICI. The Customer must produce the original transaction receipt for any dispute relating to Services. In the event a request by a Customer to cancel Services is accepted by ICICI, at its sole discretion, a refund of the amount transferred by the Customer shall be made at the prevailing buying rate for the currency in question less all costs, charges, expenses and interest (where applicable), provided that (i) in the transaction continues to be in compliance with Clause 13 below , and (ii) ICICI is in possession of the funds for which the payment instructions were issued, free from any exchange or other restrictions.
If the beneficiary or beneficiary bank fails to claim the funds transferred by ICICI, ICICI reserves the right to re-convert such funds back to the remitting currency at the exchange rate prevailing on the day of such a conversion and credit the proceeds to client account after deducting applicable charges. This reversal of transaction will be treated as an Incoming Money Transfer and the applicable charges of such a money transfer will be applicable to this transaction. Please refer to “Rates and charges” section of our website for information on the latest money transfer charges. If the Customer does not hold an account with ICICI or has closed the account previously held with ICICI at the time of the transfer request, ICICI will make reasonable attempts to contact the Customer at the phone number or email address existing in ICICI’s records. If ICICI is not able to contact the customer or if the customer fails to provide an acceptable response, ICICI will issue a demand draft and send it to the Customer’s address existing in ICICI’s records. If ICICI is owed money from the Customer as a result of a conversion and deduction of applicable charges, the Customer will be required to deposit such an amount with ICICI within 7 Business days of being notified by ICICI.

11. Limitation of Liability

ICICI shall not be liable for any delays, errors, negligence, defaults, actions or omissions, whether its own or those of its employees or any of its correspondents, agents, sub-agents, or of their employees or its technology. ICICI shall not be responsible for any costs or damages that the Customer may incur due to ICICI's acting or failing to act upon the Customer's Communications (except for ICICI's gross negligence or wilful misconduct). In the event of ICICI's gross negligence or wilful misconduct, ICICI's liability shall be limited to the amount involved in the Customer's relevant Communications. ICICI shall not, in any event, be liable for any special, incidental, consequential or indirect damages, or for loss of profit. ICICI shall have no responsibility for or liability to the Customer or any other person whatsoever for any diminution in the value of funds due to taxes or depreciation or for the unavailability of such funds due to restrictions on convertibility, requisitions, involuntary transfers, distraints of any character, exercise of governmental or military powers, wars, terrorism, strikes, epidemics or other causes beyond ICICI's control. If the currency's jurisdiction of origin restricts availability, credit or transfers of such funds, ICICI shall have no obligation whatsoever to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency. In the event of any matter related to the use of the Euro (including but not limited to the withdrawal of one or more participating European states, or any change in the composition of participating states) which restricts the availability, credit or transfers of the Euro or otherwise makes it impossible or impractical for ICICI or its correspondents or agents to perform their obligations in respect of Euro funds, ICICI shall have no obligation to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency. You must review your statements and report any errors in a timely manner.

12. Indemnity

The Customer shall indemnify and save ICICI harmless from any claims and expenses that ICICI incurs (other than those due to ICICI's gross negligence or wilful misconduct) including, but not limited to, all legal fees and expenses arising from ICICI acting or declining to act on any of the Customer's Communications. The Customer agrees to fully compensate ICICI for any loss or damage that is caused as a result of fraud or the Customer’s violation of these Terms and Conditions.

13. Disclosure

The Customer consents to ICICI, its officials, employees, correspondents and agents disclosing any information regarding the Custotmer's particulars, the money transfers application, the subject matter thereof, and the Customer's accounts and affairs as ICICI shall deem appropriate or as may be required by law or any regulatory body for the purpose of any investigations relating to the money transfer applied for and any transaction connected therewith. ICICI may record all telephone calls and monitor all Communications in relation to the Services.

14. Compliance with Laws

The Customer acknowledges that all money transfer transactions shall be made in accordance and compliance with all applicable laws and regulations, specifically including those in relation to money laundering and terrorist financing. The Customer shall not use the money transfer service for any fraudulent or illegal purposes, or do anything that could undermine the security or integrity of ICICI's money transfer service. ICICI does not process money transfers executed by a Customer on behalf of another party. By using this money transfer service you confirm that the money transfer is not being made on behalf of another party or done using the account, funds, or debit card of another party.

15. Privacy

ICICI is committed to maintaining the accuracy, confidentiality and security of the Customer's personal and financial information. ICICI's Privacy Policy applies to the money transfer services provided: http://www.icicibank.ca/privacy/default.page?

16. Amendment

ICICI reserves the right to add, alter, amend, vary or modify any or all of these terms and conditions at any time at its discretion without any notice. These Terms and Conditions may be updated from time to time by posting the updated Terms and Conditions on ICICI’s website. If any of the Terms and Conditions are not acceptable to a Customer, unless otherwise stated herein, the Customer’s sole and exclusive remedy is to discontinue using the Services.

17. Governing Law and Jurisdiction

These terms and conditions shall be governed by the laws of the Province of Ontario, Canada. The Customer submits to the non-exclusive jurisdiction of the courts of the Province of Ontario.

18. Admissibility

At its discretion, ICICI may enter any photocopy, computer-generated copy, reproduction, tape recording, transcript of tape recording or any other record that ICICI has of the Customer's Communications into evidence in any legal proceeding as if it were an original document. That copy will be sufficient and valid proof of the information contained in it.

19. English Language

The parties confirm their desire that these terms and conditions and any related documents be drawn up in English only. Les parties confirment leur volonté que cette convention et tous les documents s'y rattachant soient rédigés en anglais seulement.

20. Overview of Money2India

The Money2India online remittance platform is made available by ICICI through various channels, including the ICICI website and mobile apps. Money2India provides a Customer with a technology-based platform to submit money transfer requests, track the status of such requests and manage electronic communications relating to a money transfer by the Customer to a beneficiary in India. These transactions are processed using regular international banking channels that involve correspondent banking relationships that ICICI maintains with financial institutions within and outside Canada. In order to access or use Money2India, it is mandatory that the Customer is a client of a financial institution in Canada. Further, the Customer must execute the transaction from the Customer’s own account maintained with that financial institution in Canada or from a debit card issued by a financial institution in Canada.

21. Eligibility for the Service

Resident of Canada: If you submitted the Money2India online registration form as a person currently in Canada (i.e. Resident/Newcomer), you confirm that you are physically located within Canada.

Account Capacity with ICICI: A Customer does not need to have an account with ICICI to use the Money2India platform. However, the Customer must have an account with a Canadian financial institution.

Age and Capacity: To avail Money2India Services, the Customer must be at least eighteen (18) years old and have the capacity to enter into a legally binding agreement under applicable law. The Customer must also use Money2India in their own individual capacity and not on behalf of a business or legal entity or any other person.

Know Your Customer (“KYC”) Requirements: To use Money2India, a Customer must complete a KYC information form either (i) online, or(ii) in-person by physically visiting either an ICICI branch or one of ICICI’s affiliated partners. By submitting the online registration form, the Customer is deemed to confirm that they are physically located within Canada.

22. Processing Turn-Around-Time

For money transfers done through an account and another Canadian financial institution, reasonable efforts will be made to process such transactions within 5 business days of receiving the money transfer request, subject to all verification processes being complete and information provided by the Customer being correct. ICICI will not be liable or responsible in any manner for delays in processing by third party institutions or beneficiary banks, including without limitation, for losses or damages caused by such delay.

For declined or rejected transactions, ICICI Bank Canada will make reasonable efforts to process the refunds within 10 business days. However, ICICI Bank Canada will not be liable or responsible for any delay in processing transactions outside the said timeline, including for losses or damages caused by such delay.

23. THIRD PARTY FEES AND CHARGES

ICICI does not control and is not responsible in any manner for any fees or charges, if any, that may be imposed by any other financial institution or any other third parties in connection with the ACH or Debit Card based transfers done using an account with any other financial institution in Canada.

24. REGISTRATION INFORMATION:

In order to obtain full access to Money2India, a person must register on the website as a registered user ("Registered User” or “you”). The Registered User hereby agrees that they will not register more than once on Money2India.

The Registered User agrees to provide true, accurate, current and complete information, as prompted by the registration form, and to update this information to keep it true, accurate, current and complete at all times. If, in the judgment of or to the knowledge of ICICI, any information provided by the Registered User is untrue, inaccurate, not current or incomplete, ICICI retains the right to terminate the Registered User's registration and refuse the Registered User access to or use of Money2India, including the cancellation of pending transactions. ICICI reserves the right to request that the Registered User, at any time and from time to time, provide additional information or proof of authenticity of any information. The Registered User’s continued access to Money2India, including the completion of any ongoing transaction, may be subject to the receipt by ICICI of such additional information or proof thereof.

25. PRE-AUTHORIZED DEBIT AUTHORIZATION

Pre-Authorized Debit: By entering your external bank’s payment information into your account profile on Money2India, you authorize ICICI to begin debiting your payment account for the remittance amount and any charges with respect to your use of the service ("PAD"). This PAD authorization (“Authorization”) constitutes your agreement and authorization for ICICI to debit your payment account and is effective as of the date you provide ICICI with your payment account information. You acknowledge that this is a personal PAD drawn for the payment of goods or services related to your personal, household or consumer activity. You warrant to us on a continuing basis that all persons whose consent to debit the payment account agree to the terms of this Agreement and that the payment account information provided by you is accurate and complete. This authorization shall apply to any payment account entered into your Money2India profile.

Debit of Payment Account: You acknowledge that this authorization is provided for the benefit of ICICI and your financial institution and is provided in consideration of your financial institution agreeing to process all debits against your payment account in accordance with the rules of the Canadian Payments Association. This authorization applies only to the method of payment and does not otherwise affect your obligations to us under this Agreement or related agreements.

Authorization and Waiver of Pre-Notification: You authorize us to debit your payment account for all amounts owed to us from time to time for your use of Money2India, including the transaction amount and any charges. AS THE PAYMENT AMOUNT FOR THE SERVICE IS VARIABLE, YOU WAIVE ANY REQUIREMENT THAT WE GIVE PRE-NOTIFICATION OF ANY PAYMENT AMOUNT, THE DATES ON WHICH THE DEBITS WILL BE PROCESSED, AS WELL AS NOTICE OF ANY FUTURE CHANGES TO THE AMOUNTS OR PAYMENT DATES.

Cancellation: You may cancel this authorization at any time by closing your Money2India account. For more information on your rights to cancel a PAD agreement, you may contact your financial institution or visit www.cdnpay.ca. Cancellation of this authorization does not terminate this Agreement or relieve you of any obligation to pay all amounts owing to ICICI by a method of payment satisfactory to ICICI.

Delivery: You acknowledge that providing this authorization to ICICI constitutes delivery by you of this authorization to your financial institution. You acknowledge that your financial institution is not required to verify that each PAD submitted by ICICI has been issued in accordance with this authorization, including, but not limited to, the amount, or that the purpose of payment for which the PAD was submitted has been fulfilled by us as a condition of honoring the PAD against your payment account. You agree to receive confirmation of this PAD authorization by email.

Recourse: You have certain recourse rights if any debit does not comply with the PAD or is not authorized by you. In order to be reimbursed, you acknowledge that a declaration must be completed and presented to your financial institution issuing the payment account within 90 days after the date on which the PAD in dispute was posted to the payment account.

You acknowledge that after 90 days, a claim that any dispute of a PAD is a matter to be resolved solely between you and ICICI. To obtain more information on your recourse rights, you may contact your Financial Institution or visit www.cdnpay.ca.

26. Standing Instructions and Rate Block Instructions:

ICICI is not obligated to effect a requested payment if the Customer’s account does not have sufficient funds to meet it or to meet payment of all charges, fees or other sums payable to ICICI. If there are insufficient funds in the account for two successive scheduled payments, ICICI may cancel any subsequent scheduled payments without any advice to the Customer. ICICI may terminate any other scheduled payment at any time by notice in writing to the Customer at the last address notified to ICICI or without notice at any time after being advised by the beneficiaries that no further payment is required, or if required to do so by any order from an applicable regulator, investigative entity or judicial body. All rate block instructions based on a prescribed rate of conversion of

currency shall automatically expire 15 days from the date such instruction is provided, without notice from ICICI to the Customer or to the beneficiaries. A rate block instruction is not a forward contract and will be done on a best effort basis. Rate block or standing instruction features are only available with online banking and will not be executed if the Customer’s transaction limit, as set by ICICI from time to time, is exceeded. If payment falls on a Saturday, Sunday, public holiday or another day on which ICICI is not open for business, payment will be effected on the next business day. Scheduled payments will remain effective notwithstanding death or bankruptcy of the Customer or beneficiaries until notice of such death or bankruptcy or the revocation of this order is received by ICICI. Any alteration or cancellation of a scheduled payment must reach ICICI at least 4 business days before the next scheduled date of payment. Cancellation of a rate block or a standing instruction must be done online only by the Customer. Standing instructions and rate block instructions are not available on the mobile banking app.

27. ACCEPTABLE USE:

Registered Users shall not:

I. Use or access Money2India to do, facilitate or support any act that violates the Terms and Conditions or any rules and regulations of any jurisdiction, including but not limited to rules and regulations relating to money laundering, illegal gambling activities, fraud, or funding of terrorist organizations.

II. Restrict or inhibit any other person from accessing, using and enjoying Money2India;

III. Modify, copy, distribute, transmit, display, perform, publish, license, create derivative works from, transfer or sell any information, designs, logos, trademarks, software, facilities, products or services obtained on or through Money2India, except as permitted by the copyright owner or other right holder thereof;

IV. Post or transmit any unlawful, fraudulent, libelous, defamatory, obscene, pornographic, profane, threatening, abusive, hateful, offensive, or otherwise objectionable information or statement of any kind including, without limitation, any information or statement constituting or encouraging conduct that would constitute a criminal offence, give rise to civil liability, or otherwise violate any local, state, national, foreign or other law;

V. Post or transmit any advertisements, solicitations, chain letters, pyramid schemes, investment opportunities or schemes or other unsolicited commercial communication (except as otherwise expressly permitted by ICICI) or engage in spamming or flooding;

VI. Post or transmit any information or software which contains a virus, Trojan horse, worm or other harmful component;

VII. Post, publish, transmit, reproduce, distribute or in any way exploit any information, software or other material obtained from or through Money2India for commercial purposes (other than as expressly permitted by the provider of such information, software or other material);

VIII. Upload, post, publish, transmit, reproduce or distribute in any way, information, software or other material obtained on or through Money2India which is protected by copyright or other proprietary right, or derivative works with respect thereto, except as permitted by the copyright owner or other right holder thereof;

IX. Upload, post, publish, reproduce, transmit or distribute in any way any component of Money2India itself or derivative works with respect thereto, except as permitted by ICICI or the copyright owner or other right holder thereof;

X. Attempt to decompile or reverse engineer any of the software available on Money2India;

XI. Make any attempt to hack into the Money2India or otherwise attempt to subvert any firewall or other security measure of Money2India and if the Registered User becomes aware of any shortcoming in the security on Money2India the Registered User shall forthwith inform ICICI of the same in writing;

XII. Reproduce, duplicate, copy, sell, resell or exploit for any commercial purposes, any portion of Money2India, use of the facilities, or access to Money2India or the facilities, other than as provided within the scope of the service;

XIII. Disclose to any other person, in any manner whatsoever, any information of a confidential nature relating to ICICI obtained in the course of using or accessing Money2India or availing of any facility.