Common use of Operation of the Account Clause in Contracts

Operation of the Account. 6.1 You can give us instructions either verbally by calling our Customer Service Centre or in writing by sending an e-mail by logging into your internet banking account. Generally we cannot change or stop an instruction given by you over the telephone or through the website (unless we inform you otherwise) because we start processing instructions when we receive them. If we are able to cancel your instructions we may charge you we will confirm the charges to you before we process your request for cancellation. 6.2 Before we act on instructions given by you by telephone or through the website you will have to answer the security questions which we may ask you. Please also see section 8 (Security and Access). You agree that as long as we are given correct answers to the security questions referred to above and User ID & password (for internet banking through the website) as part of our security procedures, we can (without getting further confirmation from you) act on any instruction to make payments into or out of an account; and release confidential information we hold about you and your accounts. 6.3 When you transfer money to your HiSAVE Fixed Rate Account, we are sometimes given value for a payment before the transferring bank has checked that there are sufficient funds in your nominated linked account. The transferring bank (or BACS in some cases) may reclaim the payment and we will need to take the amount of this payment out of your HiSAVE Fixed Rate Account along with the interest which we might have paid. 6.4 The clearing cycle is the time taken for money paid from or to your account to be deducted or added. Each UK cheque paid into ICICI Bank UK accounts clear on the sixth working day from the date of the deposit of the cheque. Whilst we may credit such amounts to your account on the date of presentation, the funds will be available to withdraw on the fourth working day from the date of the deposit for both current and savings accounts. The amount deposited will start earning interest from the second working day of the deposit for all types of savings and fixed rate accounts. If the bank, building society or other organisation that the cheque was drawn on decides not to honour it, they will explain the reason for non-payment. Thereafter, we will deduct the amount of the cheque from your balance no later than the end of the sixth business day after it was added to your balance. In all circumstances, you shall be the owner of funds on the sixth working day of the deposit of cheque and the amount of your cheque cannot be reclaimed from your balance without your consent to our doing unless you were knowingly involved in a fraud concerning the cheque. Where legal reasons require, or in certain limited circumstances beyond our control, the payment of a cheque into your account may be prevented or may take longer than the time periods set out herein. 6.5 With an exception to clause 1.12, 1.13 and 1.14, if you have to transfer funds from your nominated linked account to your HiSAVE Fixed Rate Account there must be a valid direct debit set up between the two accounts. You must not cancel the direct debit instruction while you have the nominated linked account. Your direct debit instruction will expire if you do not use the direct debit facility within 60 months of the last date of use. If your direct debit mandate expires you will need to set up a new direct debit mandate. Unless a valid direct debit is set between your HiSAVE Account(s) and nominated linked account, you will not be able to transfer funds between the accounts. To set up a new direct debit you must raise an online request or call the Customer Service Centre. By doing so, you will be given a reference number. Please make note of this reference number. You must also send us a Direct Debit Mandate form and an original bank statement of your new linked account. You can download the Direct Debit Mandate form from ▇▇▇.▇▇▇▇▇▇.▇▇.▇▇. Print the form, complete it by filling in details of the new nominated linked account and send it back to us along with an original copy of the bank statement of your new linked account. The issue date of the bank statement should not be more than 3 months old. We require to view the document for verification purposes, and it will be returned to you after verification. Please mention the reference number on the statement in order for us to trace your request quickly. Once we have received and verified these documents, your request will be processed in 6 working days. In case the direct debit instruction is rejected by other bank, your request will be canceled and you will have to place a new request.