Overview

Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.

The Bank as on 31st March, 2012 is capitalized to the extent of Rs.4132 million with the public holding (other than promoters and GDRs) at 54.08%.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. The Bank has a very wide network of more than 1600 branches (including 169 Service Branches/CPCs as on 31st March, 2012). The Bank has a network of over 10000 ATMs (as on 31st March, 2012) providing 24 hours a day banking convenience to its customers. This is one of the largest ATM networks in India.

The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.

About Axis Bank Colombo Branch

Axis Bank, the third largest private bank in India opened its first branch in Colombo in October 2011, as a Licensed Commercial Bank supervised by the Central Bank of Sri Lanka. The branch in Colombo was inaugurated in October 2011 by Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka in the presence of His Excellency Ashok K. Kantha, High Commissioner of India in Sri Lanka, Dr Adarsh Kishore, Chairman of Axis Bank and Mrs Shikha Sharma, Managing Director and CEO of Axis Bank, India.

The Country Head for the Bank’s operations in Sri Lanka is Mr Ashok K Basu.

Axis Bank already has branches in Asian financial hubs like Singapore, Hong Kong, Dubai and representative offices in Shanghai, Dubai and Abu Dhabi.

For details of the shareholding pattern , Credit Rating and other information of Axis Bank India please refer to the websitewww.axisbank.com or Click here for Inverstor Corner

Axis Bank, Sri Lanka looks forward to participate in SME enterprises, agriculture, retail banking, infrastructure projects and remittance sectors in Sri Lanka.

"Our main aspiration is to adding new values to the entire banking industry with a segmented approach while assisting the established and sophisticated ventures to further expand their businesses and attracting more deprived segments in the society into a monetized section", the Chairman of the Bank said at the inauguration.

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Axis Bank Sri Lanka Rates and Charges

Branch,
Axis Bank Limited,
No.356, Galle Road,
Colombo 03.

Fax No.: +94112577724
Swift Code-AXISLKLX

Phone
011 2577720, 011 2577721, 011 2577722

Email
Please write to us at axislk@axisbank.com for any query or feedback.
We shall be happy to assist you.

Axis Bank Sri Lanka
1. Terms and Conditions governing Current Accounts

1. Current Account Regular

2. Current Accounts in Foreign Currency

2. Terms and Conditions governing Savings Accounts

1. Savings Account Regular

2. Savings Account for Senior Citizens

3. Prime Savings Account

4. Priority Savings Account

5. Savings Accounts in Foreign Currency

3. Terms and Conditions governing Term Deposit Accounts

1. Short Term Deposits

2. Term Deposits with Monthly Interest

3. Term Deposits with Quarterly Interest

4. Reinvestment Term Deposits

5. Term Deposits in Foreign Currency

Axis Bank Sri Lanka General Terms and Conditions
1. Introduction

These Terms and Conditions contain important information which you should read carefully as they explain our obligations to you and your obligations to us.

You should also check our website for product specific terms and conditions and for our Schedule of Charges, which apply to your dealings with us, as these also form part of our contract with you. By accepting our products or services you shall be deemed to have accepted and be bound by the below terms and conditions

We can provide you with additional or up to date copies of these Terms and Conditions (and any other documents which form part of the contract between you and us) upon request. These Terms and Conditions are also available on our Website.

2. Opening an Account

2.1.

Accounts can be opened by individuals, partnership firms, companies, charitable organizations, trusts or any other organization formed within the legal framework.

2.2.

Our application form for the Account for which you are applying will contain the eligibility criteria for opening that Account. You should read the application carefully to ensure that you are eligible. The information contained in the application form, including that filled in by you, forms part of our contract. If you have any queries please contact us on our branch phone numbers.

2.3.

Interest will normally be paid net of withholding tax at the prescribed rate, unless we have received a completed Declaration Form prescribed by the Inland Revenue Department, of the Government of Sri Lanka. This has to be given at the time of opening of your account or by 31st March of the year preceding the financial year for which tax exemption is sought. For example, for the interest receivable by you in Financial Year 2012-13, the Declaration Form should have been received at the branch maintaining the account by 31stMarch 2012. This Declaration Form should be submitted at the end of every financial year for the next financial year, failing which withholding tax would be automatically deducted from the interest paid every month and deposited with the Government at prescribed intervals in the prescribed manner and Axis Bank Limited, Sri Lanka shall have no further responsibility in the matter.The deducted Withholding Tax will not be refunded to you for any reason whatsoever.

2.4.

The agreement between us relating to the Account is made up of these Terms and Conditions and includes any other special conditions such as interest rates, notice periods and charges whether on our Website or in paper form. Please see sections 6.2 and 15.1 for details of when we may make changes to these Terms and Conditions or your Account.

Proof of your identity and address

2.5.

When you open an Account with us, we need to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and to protect you, the public and us against fraud and misuse of the banking system. Please note that in some instances we may need to ask you to send in further information or documents or ask you to visit your local branch. From time to time, we may also need to update the proof of identity and address we hold for you or make any other enquiries as necessary.

2.6.

Your account(s) will be opened after verification of identity and address to our satisfaction.

2.7.

You may have more than one Account with us and these Terms and Conditions will apply to each Account unless you are otherwise notified.

Joint Accounts

2.8.

Anyone who is eligible to open an Account with us may be accepted by us to open a joint Account.

2.9.

We are not able to treat the tax status of each of the joint Account holders differently for the purposes of applying interest, so unless you are all eligible to receive interest gross we will pay interest net of withholding tax. For further details please see section 6.4 below.

2.10.

Each joint Account holder is responsible for complying with these Terms and Conditions. If one of you breaks any of the terms of your agreement with us we will be able to take action against any or all of you.

2.11.

If we find out that any one of you is declared bankrupt, we may put a hold on the joint Account and refuse to pay out any amount from it until we receive instructions from the Account holder who has not become bankrupt and the person appointed to handle the bankrupt person's assets.

2.12.

We will send statements to the First Named Account holder only. A notice to the first named Account holder shall count as a notice to all of you.

2.13.

Unless you have previously given us instructions to the contrary, we are entitled to accept the authority of any joint Account holder to give instructions on behalf of all other Account holders relating to the Account until it is cancelled by any other joint Account holder(s), or treated by us as cancelled as described in section 13 or by operation of law.

2.14.

If any one of the joint Account holders informs us of a dispute between them, we may treat this as notice of cancellation of the authority of any single joint Account holder. If we do, any further transactions will need the authority of all the joint Account holders.

2.15.

In the event of the death of any joint Account holderand subject to any rights we or a third party may have, any money in the Account will be at the disposal of the survivor(s) according to the applicable law in Sri Lanka. The Bankshall pay, deliver to or to the order of the survivor or survivors of the customers all money, security deeds, documents, and other property(including security boxes and other contents) whatsoever standing tothe credit or held by the Bank for any account or accounts in thecustomers' joint names.

2.16.

We may provide information about a joint Account available to any other joint Account holder by telephone, letter or electronically.

2.17.

In the event of a Customer Account being a Joint Account the JointAccount holders shall be jointly and severally liable for any overdraft,loan or other credit facilities or accommodation which shall begranted to any such account together with all interest, commissionsand other banking charges and expenses.

3. Instructions

3.1.

Any request or instruction should be given in writing signed by the Authorized Signatory. Firms, companies and other organization should use their letterhead in giving instructions. We do not accept instructions by email or over the telephone.

3.2.

Unless agreed in writing with us individual customers may not issue instructions by fax or as a scanned copy by email or by email.

3.3.

Instructions by fax and/or as a scanned copy by email can only be accepted from corporate customers if we have agreed to this in writing.

3.4

The Bank shall not be responsible for any consequences whatsoever of any customer instructions being inaccurate or incomplete.

3.5

The Customer shall be responsible for all instructions given and he/she shall not be entitled to disclaim any responsibility even if the Customer password was used by a third party without the Customer's knowledge or authority.

3.6

The Customer undertakes to notify the Bank immediately of any known or suspected unauthorized access to the Customer's account(s) via the Bank's Electronic Banking system or unauthorized transactions and in the event of such notification the Bank shall take necessary steps to avoid loss or damage to the Customer by such unauthorized access or transaction,provided that the Bank shall not be liable for any loss or damagecaused to the Customer in the absence of any willful default on its part.

4. Third Party Mandates

4.1.

The Account holder(s) can authorize another person to operate the Account by executing a third party mandate or a Power of Attorney in our standard format. The Account holder(s) will continue to be responsible for the actions or omissions of the mandate holder.

5. Paying into your Account

5.1

Once your Account is open, you can make further payments into your Account:

  • by instructing another bank to make an electronic SWIFT transfer;
  • transfer from your Account with another bank to your Account with us through SLIPS;
  • by visiting one of our SRI LANKA branches and depositing a cheque or cash;
  • by Standing Instruction order through another bank;
  • by post with a pay-in slip or letter to your Account holding branch. Please do not send cash by post;
  • by depositing cash or chequeinto any of our ATMs enabled with deposit facility located at our branch or elsewhere by using your own debit card. The prescribed procedure for depositing cash or cheque into any of our ATMs must be strictly followed otherwise we shall not be responsible for the credit going into a wrong account.

Paying in by cheque

5.2.

When you deposit a cheque into your Account, drawn on another bank, the value of the cheque is added to your Account balance on the date we receive the funds, which is normally one Working Day after you have paid it in. These are 'uncleared' funds and not yet available to you for withdrawal. If, however, the other bank refuses to honour the cheque, the amount of the cheque is deducted from your Account with effect from the date on which it was added.

5.3.

If you sent the cheque to us by post, the funds will be available for withdrawal only after the value of the cheque has been realized by us from the bank on which the cheque was drawn.

5.4.

We pay interest on the proceeds of the cheques from the day they have been added to your Account. For example if you pay a cheque in on Monday before the Cut-Off Time we will pay you interest from Tuesday or Wednesday, depending on the working day when the funds were actually received by us from the bank on which the cheque was drawn.

Cleared funds

5.5.

Generally speaking the value of the cheque will become 'cleared' funds by the end of the secondWorking Day (T+1) from the Working Day (T) when the cheque is received at our branch (provided they are deposited before the Cut-off Time on a Working Day). This means that the funds would be available to you for withdrawal from the third Working Day (T+2), unless payment is refused by the Paying Banker for any reason.

5.6.

Proceeds of foreign currency cheques deposited and cleared in the Account will be converted at the exchange rate in use by us on the day of conversion. If proceeds are received by us in a currency other than the currency in which the cheque was drawn, we will not accept liability for any loss that may occur as a result of fluctuations in foreign currency exchange rates. All foreign currency cheques will be subject to our collection fee set out in our Schedule of Charges, and those of the drawee bank wherever applicable.

5.7.

When you deposit cash into your Account, your funds will start earning interest from the day the funds are deposited into your Account, provided the funds are received before the Cut-off Time. When you make an electronic transfer into your Account through another bank, the funds will normally be available to withdraw on the next Working Day after we receive them.

5.8.

If a cheque which you have deposited into your Account is returned unpaid, its value will be deducted from your Account together with our cheque return charges set out in our Schedule of Charges, without any prior reference to you. Depending on the reasons why the cheque was unpaid, we will either ask for payment again from the draweebank of the person or business that issued it, or return it to you (as warranted under the circumstances).

5.9.

Cash is accepted only at our counters and during our Banking Hours before the Cut-Off Time. Proof of source of funds will be required as per prevailing regulations of Government of Sri Lanka. Cash handling charges as set out in our Schedule of Chargesapply on any cash deposited over and above the free limit in force for the time being. This free limit is subject to change, depending on our exigencies and also on the laws / rules / practices in force for the time being in Sri Lanka.

5.10.

Deposits into your Account will be credited with the appropriate value date as outlined above. The transaction may take longer time if your instructions are incomplete or partially incorrect or in any way gives rise to suspicion in which case the matter would be investigated before any decision is taken regarding application of funds. We will not be held liable for such delays and no back valuation will be permitted in such cases.

6. Interest tobe paid

6.1.

When you have money in your Account, you will be eligible to receive interest. This will be calculated on the clear funds actually in your Account at close of business on each Working Day. This does not include cheques that have not cleared. You start earning interest on your Account from the day that cash funds are added to your Account. Interest is calculated every month on daily balance according to our Interest Rate Schedule available from your local branch of Axis Bank Sri Lanka. We credit interest in accordance with these Terms and Conditions and our interest rate schedule.

6.2.

We may vary the Account interest rate for any one or more of the following reasons:

  • if there is a change in relevant law, regulation, code of practice or to reflect a recommendation, requirement or decision of any applicable court, ombudsman, regulator or similar body;
  • to reflect any change in the Base Rate;
  • to reflect changes or expected changes in the costs we pay to others and/or changes in inflation, or the costs of the services or facilities we provide;
  • to reflect any change in interest rates charged by other SRI LANKA competing banks or financial institutions;
  • to reflect any changes in money market interest rates or the cost to us of money we lend;
  • to reflect any re-organization of our business by it being acquired by or by our acquiring another bank or organization;
  • to reflect any event beyond our reasonable control.

6.3.

Details of our current interest rates will be published on our Website and also displayed in the branches or on any communication we send you. Any interest rate changes may be effective immediately. New rates will be published on our Website within three to seven Working Days of a change. We will let you know of any changes in interest rates within 30 calendar days by letter, or e-mail, or publishing in our branches or through our Website. If you wish to change or close your Account due to notice of a reduction in rates, you must notify us within the 15 calendar day period. If you do not notify us we will consider that you have accepted the change.

6.4.

In case of Fixed Deposits and Recurring Deposits, the Bank will pay the interest at the rate as per the contract with the customer on the date of placing the deposit / renewing the deposit. Wherever the Bank decides to offer special rates to certain age groups or segments, it is clarified that such rates will only apply if the customer has already attained the qualifying criteria / age, at the time of placement / renewal of the deposit, and such rate will not be changed during the tenure of the deposit.

6.5.

We will pay you interest after deduction of tax at the applicable rate. You are required to complete, sign and return to us the correct form prescribed by the Inland Revenue Department, Government of Sri Lanka,within 31st March of the year preceding the financial year to which it relates.For example, for the interest receivable by you in Financial Year 2012-2013, the Declaration Form should have been received at the branch maintaining the account latest by 31st March 2012.

6.6.

Details of interest chargeable for overdraft Accounts agreed by us will be explained in the facility letter issued to you for such Accounts.

7. Payments out of your Account

7.1.

You can make payments from your Account as long as there are enough available funds in your Account to cover the payments at that point in time. The available funds may be affected by any other debits that you have authorized, likeinternal transfers, standing instructions or direct debits. When a payment or standing instruction is due on a day which is not a normal Working Day, we will make the payment on the next Working Day. Please note that we do not offer overdraft facilities or any borrowing facilities on any personal savings Accounts and may refuse to make payments where there are insufficient available funds irrespective of funds you may hold in other Accounts with us. We will charge you a fee - as shown on our Schedule of Charges- if we have to refuse a payment.

7.2.

When you want to make payments from savings Accounts you can send us completed and signed request form telling us how you would like the payment to be made. We can:

  • transfer funds by SLIPS to a specified account at another Sri Lanka bank; please ensure that you provide us with your beneficiary's account details each time you want us to make a payment on your behalf. Allow at least one Working Day from the day we receive your instructions for these transfers to clear. The funds will be taken from your Account on the day we initiate the payment in accordance with your request and will arrive in the beneficiary's account on the next Working Day.
  • transfer funds to a bank account in another country by international electronic transfer (SWIFT). Please refer to our Schedule of Chargesfor further details. If you want to make a payment in a currency other than Lankan Rupee, please contact us and we will advise you how this can be done and what our charges will be. The bank receiving the payment may also impose charges that are outside our control.

7.3.

Payment may be made by the Account holder issuing a cheque. We may not pay the cheque issued by you if there are insufficient funds in your Account or effecting such payment exceeds the agreed overdraft limit. A cheque issued may not be paid due to other reasons also. For example, if amount in words and figures differs, out of date i.e. date on the cheque is more than 6 months prior to the date of presentation, postdated or Authorized Signatory's signature differs. The cheque may not be paid in case of suspicion of any fraudulent activity.

7.4.

You can request us to stop payment of a cheque. Such request should be in writing mentioning Account and cheque details and signed by Authorized Signatory. There is a charge for this service as set out in our Schedule of Charges. You should take care when issuing a cheque to prevent forgery. You can request a Pay Order in your own name or a third party by making a written request. Charges as mentioned in our Schedule of Charges will apply for the same.

7.5.

Withdrawals may be allowed by way of direct debits received through SLIPS.

7.6.

Payments can be made by electronic transfer through SWIFT by providing us with a written request signed by you. You should provide your Account details from which the payment will be made, the beneficiary's IBAN, correct details of the recipient bank, including the bank's SWIFT (BIC) address and the purpose of remittance. For payments within SRI LANKA through SLIPS, you must provide the account number, Bank Code and Sort Code of the beneficiary's bank. If there are funds in the Account, payments will be made within one Working Day of receiving your instructions.

7.7.

Any payment made by electronic transfer including through SWIFT will be sent to the beneficiary's bank on the same day. However, the value date on which the beneficiary's account will be credited will depend on the beneficiary's bank. In case of payments requested in currencies other than the currency of the Account, the currency conversion would be done at our exchange rate that applies on the day of the conversion.

7.8.

Payments made out of your Account would be based on the information provided by you. In case the information provided by you is incorrect we will make reasonable efforts to recover the funds involved in the payment transaction and may charge you for any reasonable costs incurred in recovering your funds.

7.9.

Any outward payment request received after the Cut-Off Times will be considered to have been received on the next Working Day.

7.10.

For security reasons, we may contact you by telephone or by email to seek confirmation of a payment request received through a messenger, by post or by fax.

7.11.

You must notify us of any unauthorized or incorrectly executed payment transactions as soon as you become aware of them but not later than 1 month from the date of debit in the Account, otherwise we shall not be liable to you. However, this condition shall not apply if we fail to provide you with the information of the payment in line with Section 18.1 of these Terms and Conditions.

7.12.

For payments involving currency conversion, the rate we will apply will be the rate on offer on that day. The rate is made available to you at our branches. If a payment is made involving foreign currency and the payment is returned, we will reconvert the returned payment to the original currency at our prevailing exchange rate and credit your account. We shall not be liable for any loss in exchange on account of the conversion.

7.13.

The Bank shall not be liable for any loss or damage due to delay in payment, or in giving advice of payment, loss of items in transit or otherwise, mutilation, error, omission, interruption, or delay in transmission or delivery of any items, letter, telex, telegram or the actions of the Bank's correspondents or agents.

8. Transaction Processing Time

8.1.

The processing time for payments into and out of your Account may be more than the time set out in Sections 5 and 7 due to the following reasons:

  • defective request or insufficient or incorrect details in your instructions to us;
  • compliance with our legal or regulatory obligations;
  • order by a competent court;
  • order or stipulation by any other law enforcing body;
  • business disruption on account of natural calamity, riot, war, terrorist activity, industrial action, equipment failure or any such event which is beyond our control.

In above circumstances, we will not be liable for any delay or loss suffered by the Account holder(s).

9. Right of Set Off

9.1.

We may use any Account(s) held by you with us which are in credit to reduce or repay any amount you may owe to us in other Account(s) held by you in the same name. In the process we may appropriate fixed deposit(s) held by you with us for a certain period along with the interest payable by us. In cases where the credit balances are in a different currency than the balances owed to us, then the currency conversion would be done at the prevailing market rate.

9.2.

The Customer and the Bank agree that the Bank acquires a lien and/ orsecurity right on any securities and properties of the Customer whichhave come or may come into the possession of the Bank. The above iswithout prejudice to any general or banker's lien or right of set-off orother right to which the Bank may be entitled. The Customer undertakesto do such act or sign such documents as may be required by the Bankfor the purpose herein.

10. Cheques You Issue

10.1.

If your Account has a cheque facility and you issue a cheque on your Account, it will normally be debited from your Account on the next Working Day after the payee credits it into their Account. For example, a cheque issued on a Monday will normally be debited from your Account byTuesday. More time may be needed for a cheque which needs to be credited into any bank outside Sri Lanka, or any account held at a non-clearing bank.

10.2.

In the use of Cheques, Customers are requested to give carefulattention to the following:

  • The Bank will not be held responsible in the event of a cheque beingpaid on a forged signature/s through the negligence of the Customerin handling the Cheque Book/s issued to him/her or otherwise.
  • Signatures oncheques should be in the identical style as thespecimen signature provided to the Bank.
  • The amount drawn must be written in the cheque in words as well asin figures and both words and figures should start as close aspossible to the printed "Rupees" and 'Rs' respectively.
  • Should it become necessary to make any alteration to a cheque suchalteration must be authenticated by the full signature of the Drawer.
  • The Bank may decline to pay cheques bearing a date that is six months or more previous to the date of presentation for payment.
  • The Bank does not accept any responsibility in the event of a postdated cheque being inadvertently paid and debited to the account ofa Customer. A postdated cheque is one which bears a datesubsequent to the date on which it is presented for payment.

10.3.

The Bank does not undertake to honour cheques drawn againstunrealized effects. "Unrealized effects" mean cheques or orders forwhich the Bank has not realized payment from other banks,Mercantile Houses, Government Offices, and proceeds of which have not beencredited to the Customer's account.

10.4.

The Bank will not be held responsible in the event of any chequebeing returned not paid as a consequence of funds being depositedon the day of presentment of the cheque.

10.5.

Under no circumstance and at no time should the aggregate of theamounts of the cheques drawn by any Customer exceed the amountstanding to the credit of the account of that Customer and available tohim for withdrawal. The Bank would have the discretion to suspend operations in the accountof customers who draw cheques without sufficient balance.

10.6.

The Bank reserves the right to refuse payment of any cheque drawnin contravention of these and other Rules of the Bank for the timebeing in force.

10.7.

When payment of a cheque is countermanded it is agreed that theaccount holder will

  • indemnify the Bank against any loss resultingfrom non–payment of the cheque on presentment;
  • notify theBank promptly in writing if the cheques is/are recovered or destroyed;
  • or if the stop payment order is to be cancelled;
  • not hold the Bankresponsible should the items be paid or certified by the Bank throughinadvertence or oversight or through misdirection of the item;
  • notify the Bank before issuing a REPLACEMENT cheque and toinscribe on the face of such cheque the word "REPLACEMENT" anda date different from that of the cheque stopped. A countermand willnot be accepted unless it is in writing and contains the correctparticulars of the Cheque required to be stopped. Cancellation of thecountermand should also be in writing and will not take effect until areasonable time has elapsed between the time of receipt of thecancellation and presentment of the cheque stopped. A stoppayment order shall be effective only for six months unless renewedin writing. A service charge (fixed at the discretion of the bank) will be recovered by the Bank for each request made by a Customer for stopping paymentof a cheque.
11. Charges

11.1.

When you open your Account, we will give you details of our Schedule of Charges for the day to day running of your Account. You can also find out about these charges by contacting our Customer Services Department or looking at Axis Bank Sri Lanka Website.

11.2.

If we increase any of these charges or introduce a new charge, we will tell you at least 30 calendar days before the changes take effect. We will tell you the charge for any other service or product before we provide it to you, and at any time should you request it.

11.3.

Before we deduct any charges for any services from your Account in tune with our already published Schedule of Charges, we will not give you any more notice. Publication of our Schedule of Charges in our web site and providing to you a copy of our Schedule of Charges at any time before, during or after opening of your account shall constitute sufficient notice.

11.4.

If any sum due and payable by you is not paid on the due date, you will be liable to pay the interest (both after, as well as before, any judgment) on such sum at such a rate or rates as we may stipulate from time to time, from the date the payment is due, up to the date of payment.

12. Special Situations

12.1.

If you are a holder of a Term Deposit, in the event of your death, we will repay the capital value and applicable interest, but only once we receive the necessary legal confirmation of status and authority. Alternatively and only if requested, a Term Deposit may continue until the end of the term. Whereas if you hold a TermDeposit jointly with another person or with other persons, and if one of you should die, the survivor(s) may elect to transfer the account to his/her/their sole name(s) for the remaining term or they may receive the capital value and applicable interest. Notwithstanding the foregoing, the relevant laws of Sri Lanka will be followed in all cases.

12.2.

If you are a holder of a Term Deposit, in the event that you are declared bankrupt, we will repay the capital value and applicable interest, but only once we receive the necessary legal confirmation of status and authority. Alternatively and only if requested, the Term Deposit may continue until the end of the term. The same provisions apply where you hold a TermDeposit jointly with another person or with other persons and one party is declared bankrupt, although in these circumstances we will require instructions from both the person appointed to deal with the Bankrupt's affairs and the joint Fixed Deposit holder(s). Notwithstanding the foregoing, the relevant laws of Sri Lanka will be followed in all cases.

13. Closing your Account

13.1.

You may close your Account at any time. Subject to 11.4 and 12.1 above, the funds deposited will be returned to you together with any interest earned for the period, at the rate applicable for the said period, prevailing on the date of making the deposit or opening of the account, as applicable. Please see the Specific Terms and Conditions. Charges as specified in our Schedule of Charges will apply in all cases of early closure of account.

13.2.

Upon closing your account all cheques previously issued to the Customer andremaining unused shall be the property of the Bank and the Customershall forthwith return them to the Bank. Loss of blank cheque leaves should be immediately reported tothe Bank.

14. Dormant Accounts

14.1.

Please note that we may suspend operation of an Account that has been inactive for at least 12 months. Before reactivation of a dormant Account, you may be required to provide suitable evidence of your identity and your legal claim on the Account.

14.2.

If you have money in a dormant Account, it will always be your property (or if you die it will become part of your estate). This is the case irrespective of the time period elapsed. We shall be governed by any laws, rules, court orders or banking practice and precedents in force in Sri Lanka in this regard.

15. Changes to these terms

15.1.

We may amend our Terms and Conditions from time to time for the following reasons:

  • if the change is favourable to you;
  • to comply with our legal obligations;
  • to reflect changes in general banking practice;
  • to reflect regulatory changes;
  • where required to do so, or to reflect a decision or recommendation as the result of any ruling by a competent Court or any other law enforcing body;
  • to reflect changes in costs associated with the relevant technology, the costs we pay to others relating to the Account or services and/or our costs of providing the Account, service or facilities.

15.2.

We will tell you about any other changes to these Terms and Conditions and when they come into effect by placing a notice with your statement, or on the Website of Axis Bank Sri Lanka or by email or by post.

15.3.

If we decide to make any change to these Terms and Conditions we will give you 30 calendar days' notice of the change. If we make any changes to these Terms and Conditions that does not disadvantage you, we may make them immediately and tell you about them within 30 calendar days of having done so.

15.4.

If the changes are not to your advantage you may wish to close your Account within 30 calendar days of the date of the notice of the changes. If you reject the proposed changes, we may take this as a rejection of the contract with us and a notice of termination. We will contact you to before we close your Account. If we do not hear from you, we will consider that you have accepted the changes we have made to the Terms and Conditions.

16. Our liability to you

16.1.

If we do not carry out your request or delay doing so or do not do carry out your request correctly, we will be liable for any direct loss as a result and the amount of interest that you did not receive from us as a result of our failure or late action or mistake if 16.2 below does not apply. We will not be responsible to you for any indirect losses or losses that we could not reasonably have expected to foresee or to occur.

16.2.

Other than that,in the performance of its obligations, the Bank shall only be liable for the willful default or gross negligence on the part of its staff.

16.3.

Our responsibility in relation to section 16.1 above is subject to the following:

We will not be responsible to you for any loss you may suffer if we or any of our agents or correspondents are prevented from or delayed in providing you with any banking or other services due to compliance with laws preventing money laundering, fraud or terrorist financing, natural calamities, strikes, industrial action, failure of equipment or supplies, or other causes beyond our reasonable control.

We will not be responsible for any payments from the Account or any loss you may suffer including any indirect loss, caused byany of the following:

  • your failure to keep your password, user name and other confidential information about your Account secure;
  • your failure to take all reasonable precautions to prevent unauthorized or fraudulent use of your password, user name or other confidential information about your Account; or
  • your failure to comply with the security obligations set out in these Terms and Conditions and the security recommendations on our Website.
17. Your liability to us

17.1.

You are responsible for payment of any debt that arises on your Account. If you have a joint Account, you will each be responsible for any money owing on your Account, both individually and jointly. This means that if one of you is unable to repay the money owing, the other Account holder(s) can be required to pay the amount due in full, even if your relationship has changed or ended. Where a joint Account holder has an Account with us in their sole name, and that Account has a credit balance, we can use money in that Account to repay any money owing to us on the joint Account.

17.2.

If any Accounts you hold with us are in credit, we may use the credit to reduce or repay any amounts you owe on other Accounts you hold with us in the same name. If we decide to do this, we will tell you why and when it will be done. Notwithstanding the foregoing, the relevant laws of Sri Lanka will be followed in all cases.

17.3.

You are liable to pay all your dues on time as stipulated. We will be initiating recovery actions in case of any default of any amountsorpayments which are due from you.All recovery expenses including legal and documentation charges will be reimbursed from you.

18. Statements

18.1.

Printed annual statements for all Accounts are issued in Aprilfree of charge. Printed statements are additionallyissued periodicallyfor certain types of Accounts according to the Terms and Conditions specifically applicable to them.Additional printed statements and duplicate printed statements are issued on a chargeable basis, as per our schedule of charges. Statements are also issued every month and sent by email to all eligible Accounts. (For details please check the Terms and Conditions of the individual schemes). Any account holder can request for monthly e-statements which are sent only to the email address of the customer registered with the bank account. Customers who are registered for internet banking are additionally able to generate, download and print statements between two given dates through our internet banking portal.

18.2.

We recommend that you carefully check your Account statement and transactions therein regularly. If any entry appears to be wrong, you should inform the Bank within 30 days of receipt of the statement.Incorrect entries to any account may be reversed, corrected orcancelled by the Bank through a further entry ("reverse entry")whether prior to or after the issue of the next periodic balancestatement or passbook update. The Bank will without undue delaynotify the Customer of any such reverse entry made. With respect tothe calculation of interest (or other return), the Bank shall effect theentries retroactively as of the day on which the incorrect entry was made.

19. Internet banking / Net Banking /On Line Banking

19.1.

If you have indicated that you would like us to provide Internet banking / Net Banking /On Line Banking services, (all terms having the same meaning in this context) the following terms and conditions also apply for the Accounts which are registered for online banking. As with the General Terms and Conditions, we may change these terms and conditions at our discretion and give you at least 30 calendar days written notice, except where specifically stated otherwise. The changed terms and conditions will apply from the date specified in the notice.

19.2.

These are the rules governing your access through the internet to your Account(s) and explain our obligations to you, and your obligations to us, when operating these Accounts.

19.3.

We offer Online Banking facilities to most Account holders, though not all. Please log on to www.axisbank.lk and download a registration form for Individual accounts and Corporate Registration form for Company/business accounts. The completed registration form should be sent to the Head of the Branch of Axis Bank Sri Lanka where you have your Account.

19.4.

You will then be sent your User ID, Password and Transaction Password for internet banking.

19.5.

Net banking enables you to do the following:

  • View your Account on line;
  • Transfer funds between Accounts;
  • Make payments;
  • Pay bills;
  • Make remittances;
  • Order Pay Orders;
  • Request cheque books;
  • Make other related enquiries

Use of websites

19.6.

You can access your Accounts through the Website after you receive the User ID and passwords sent to you by us.

19.7.

Service will be available in respect of all operative Accounts linked to the same customer ID which you have mentioned in your application.

19.8.

All requests received from you are logged and transmitted to your local branch for necessary action. The requests became effective from the time these are recorded/registered at the respective branch.

19.9.

When using our Websites, the terms of use applicable to the relevant Website will apply.

Availability of internet banking services

19.10.

We work hard to make sure our internet banking services are available at the times you wish to use them. However, we cannot and do not guarantee their availability, or their access to, and use of, our Websites will be uninterrupted or error free. From time to time we may need to suspend provision of the internet banking services for repair, maintenance or upgrade purposes.

19.11.

We will not, in any event, have any liability to you if we are prevented from, or delayed in, providing any internet banking services due to the failure of any telecommunication link or other equipment or infrastructure not owned or controlled exclusively by us and/or any acts or omissions of third party telecommunications or internet service providers.

Security notice

19.12.

Internet banking is safe and convenient as long as you take a number of simple precautions, including (but not limited to) the following:

  • Keep your computer secure. Make sure that any computer you are using benefits from up-to-date anti-virus and spyware software and a personal firewall. If you use a public computer (for example, in an internet café), you should ensure you do not leave any personal details stored on that computer after you have finished using it;
  • Keep your username and passwords secret;
  • Destroy any password notification immediately after receipt from us;
  • Never write your password or username details in a way that might be understood by someone else;
  • Never record your password or username details on any item or in any place that might be accessed by someone else;
  • Take all reasonable care to ensure that noone sees your password or username when you use them;
  • You are advised to avoid choosing a password that is generic in nature, guessable/inferable from personal data such as name, date of birth, address, telephone number, driving license/car number etc.;
  • Treat e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We will never contact you to ask you for your internet banking password or username information;
  • Always access our website via www.axisbank.lk or by typing the address into your web browser. Please ensure that you double check that the spelling is correct when typing our address into the browser, before using the website that you are directed to.
  • We will never send you an e-mail with a link to our internet banking website;
  • Follow any further security advice we may offer from time to time on our Website;

19.13.

There is no way to retrieve the password from the system. In case you forget your password, please use the FORGOT PASSWORD link provided. You can also approach the branch for details.

19.14.

Please remember that internet communications are not secure unless the data being sent is encrypted. We cannot accept any responsibility for any unauthorized access by a third party and/or corruption of data being sent to us by e-mail.

19.15.

If you are a victim of internet fraud and someone gains unauthorized access to your Account, then we will refund the full amount of money taken from your Account, provided each of the following conditions applies:

  • you have not given your security details including your password or username details to anyone else;
  • the loss was not caused by your use of an account aggregation service (i.e. a service provided by another company that allows you to view all of your bank details on a single website);
  • you have not sent us incorrect payment instructions;
  • you have used reasonable care when using internet banking (e.g. logging off and closing the browser window at the end of each internet banking session and not leaving your computer unattended while logged on to the internet banking service);
  • you inform us as soon as possible of any security breach, or potential breach, of which you are aware;
  • you have not acted fraudulently;
  • you have taken the precautions described in these Terms and Conditions and complied with all other reasonable instructions we may give from time to time regarding security details.

19.16.

Our promise to compensate you in the circumstances described above only extends to a refund of the amount taken from your Account and does not extend to any additional loss you may suffer in consequence of any unauthorized access to your Account. The Customer shall ensure that security measures within the Customer's control are both adequate and properly maintained.

Client browser

19.17.

Your client browser must be JavaScript enabled.

19.18.

Any amendments to the functionality listed above will be notified to you within your secure internet banking session.

Transactions

19.19.

Some specific conditions apply to transactions processed through internet banking:

  • Transactions carried out in internet banking for transfer of funds within SRI LANKA before the Cut-Off Time will be processed on the same Working Day. Instructions received after the Cut-Off Time will be processed on the next Working Day. The transfer of funds will be made through SLIPS.
  • An instruction will only be accepted by us if it has been effected through the internet service using your User ID and password. We will not further check the authenticity of an instruction.
  • We may refuse to act on an instruction.For example, if the transaction exceeds a particular value or other limit such as the transactions will create an overdraft or exceeds an agreed overdraft limit.
  • You may terminate your internet services by sending a Termination Notice to us in writing. Such termination will be effective from the date we receive the Notice.
  • Banking instructions to pay money from your Account may not be cancelled once you have authorized them and we have accepted them.

Statements

19.20.

If you have opted to continue receiving your statements in paper format, they will be sent to you at the same frequency as currently set on your Account.

19.21.

If you have opted to receive statements online, please note that official reminders of their availability will not be sent. If you have elected to have the statements produced more frequently, they will be available within your Internet banking area but we will not tell you each time one is produced. In both cases you will be able to view (and print) all your transactions between particular dates online at any time.

19.22.

You are required to check the record of your transactions and statement of Account(s) sent to you from time to time and discrepancies if any, should be notified to us immediately.

Joint Accounts

19.23.

All joint Account holders would have to jointly sign any application for applying for Internet Banking. In case of Savings Accounts, username and password information will be sent to the First Named Account Holder only. The First Named person alone shall be able to operate the Internet Banking facility, including the facility to transfer funds from the account. In case of corporate Current Accounts the access to net banking facility will depend on the specific mandate provided by the Board of Directors or the Partners as applicable.

19.24.

If any of you informs us in writing of a dispute between you, we will treat this information as notice of termination of the mandate, thereby suspending internet access. Any further transactions will need the authority of all the joint holders.

Variation/Termination

19.25.

We may at any time vary or terminate some or all of our internet banking services. In the case of any material variation, or termination, we will give you as much notice as we reasonably can in the circumstances. Changes will be notified to you through our Website.

19.26.

For any help, please write to us at the following address: Application
Axis Bank Limited,356, Galle Road, Colombo 03, Sri Lanka.

20. Confidentiality

20.1.

We will treat all your personal information as private and confidential (even when you are no longer a customer). Information we hold about you will not be disclosed to anyone (including other companies in our group) unless:

  • we are legally required to disclose;
  • our interests require that we must give the information (for example, to prevent fraud).
  • the disclosure is made with your consent;
  • as required by the regulator

However, we will not use this as a reason for giving information about you or your Account (including your name and address) to anyone else, including other companies in our group for marketing purposes without your consent;

21. Data Protection

21.1.

In order to provide you with bank Accounts and other products and services we need to collect, use, share and store personal information about you and your transactions ("Your Information"). This section explains how we will use Your Information.

What Your Information includes

21.2.

Your Information includes information which we:

  • obtain from you or third parties, such as employers, joint Account holders, credit reference agencies, fraud prevention agencies or other organizations when you apply for an Account with us or for any of our other products or services, or which you or they give to us at any other time; or
  • learn from the way in which your Accounts with us are administered and managed, from the transactions made such as the date, amount, currency and the name and type of supplier (for example, supermarket services, medical services, transactions in assets, retail services) and from the payments which are made to and from your Accounts with us.

21.3.

Where you provide personal and financial information about others (such as dependents, other family members and joint Account holders) you confirm that you have their consent or are otherwise entitled to provide this information to us and for it to be used in accordance with these Terms and Conditions.

How We Use Your Information

21.4.

We and other companies in the Axis Bank group of companies will use Your Information to manage your Accounts, give you statements and provide our services and products, for assessment and analysis (including credit and/or behavior scoring, market and product analysis), to prevent and detect fraud, money laundering and other crimes, to carry out regulatory checks, to meet our obligations to any relevant regulatory authority, to develop and improve our services to you and other customers and to protect our interests.

Use of Your Information for Marketing Purposes

21.5.

With your permission we and other members of the Axis Bank group of companies may use Your Information to inform you by letter, telephone, text messages, digital television, email and other electronic methods about products and services (including those of others) which may be of interest to you. If you do not want us to contact you about such products and services please let us know by writing to us at Axis Bank, Unit 3, Lot 3, 356, Galle Road, Kollupitiya, Colombo 03, and Sri Lanka.

Third Parties with whom we may share Your Information

21.6.

We may share Your Information with the following third parties, wherever located:

  • other companies within the Axis Bank group of companies (which means our subsidiaries, our ultimate holding company and its subsidiaries);
  • our partners and companies and organizations that provide services to us or assist us or act as our agents including but not limited to sub-contractors and professional advisors;
  • anyone to whom we may transfer our rights and/or obligations under any agreement we have with you;
  • any third party as a result of any restructure, sale or acquisition of any company within the Axis Bank group of companies;
  • your advisers (including but not limited to accountants, lawyers or other professional advisors) where authorized by you;
  • credit reference agencies and fraud prevention agencies;
  • where we have a duty to do so, or if law or regulation allows us to do so.

Save as set out above we will not disclose Your Information to anyone unless the disclosure is made with your consent.

Transfer of Your Information Overseas

21.7.

We may transfer Your Information to another company in the Axis Bank group of companies or to a service provider or agent in another country, for the purposes stated in condition 21.3 above. We will make sure that the group company, service provider or agent agrees to apply the same levels of protection as we arerequired to apply to Your Information and to use Your Information in accordance with our instructions.

Credit Reference Agencies and Fraud Prevention Agencies

21.8.

We may give Your Information to and receive information from credit reference agencies and fraud prevention agencies. We and other organizations may access and use this information to prevent and detect fraud, money laundering and other crimes, to make credit assessments and decisions about credit related services to enable us to manage and take decisions about your Accounts, insurance policies and insurance claims and to recover debt.Information held about you by the credit reference agencies may already be linked to records relating to your partner or members of your household where a financial "association" has been created. Any enquiry we make at a credit reference agency may be assessed with reference to any associated records. Another person's record will be associated with yours when:

  • you make a joint application;
  • you advise us of a financial association with another person; or
  • if the credit reference agencies have existing linked or “associate” records.

This "association" will be taken into account in all future applications by either or both of you and shall continue until one of you applies to the credit reference agencies and is successful in filing a "disassociation".

21.9.

Credit reference agencies keep a record of our enquiries and may record, use and give out information we give them to other financial institutions, insurers and other organizations. If false or inaccurate information is provided or fraud is suspected details may be passed to fraud prevention and credit reference agencies. Law enforcement agencies may access and use this information. The information recorded by fraud prevention agencies may be accessed and used by organizations in a number of countries including SRI LANKA.

Where to find further information

21.10.

Please visit our Website to see our Privacy Policy which provides further information about how we use Your Information.

22. Bankers' references

22.1.

We will only provide bankers' references or bankers' opinions in reply to a status enquiry about you if you have given your written consent. A copy of the reply will be available to you on request. If you would like to know more about the way that bankers' references work and our charges, please let us know.

23. Taxes and other levies

23.1.

The Customer shall also be liable to reimburse the Bank all Turnover Tax, National Security Levy or any othersimilar turnover based tax, stamp duties or other levies which may bepayable on the transactions carried out by the Bank with theCustomer.

24. Jurisdiction

24.1.

These Terms and Conditions shall be governed by the laws of Sri Lanka.Without prejudice to the Bank's right to proceed against the Customer inany other country or in any other Court, the Customer irrevocablysubmits to the non-exclusive jurisdiction of the Courts of Sri Lanka. (TheBank itself may be sued only before the Courts of Sri Lanka).

24.2.

The Bank will follow the recovery laws prevailing in Sri Lanka to recover any dues under any loan, secured on mortgage or otherwise.

25. General

The Customer shall notify the Bank without delay in writing of anychanges in the Customer's name, address and other particulars.

All information regarding the trade, business or occupation andfinancial condition or any material change in respect thereto of theCustomer shall be furnished by the Customer to the Bank.

Particulars of any litigation or threatened litigation which may tend toaffect the Customer's financial capacity shall be disclosed by theCustomer to the Bank.

The Bank is entitled at its discretion and without liability to send anynotice, correspondence, instruments or document to the Customer byordinary post, hand, telex or facsimile or e-mail (to the address, telexnumber or facsimile number or e-mail address of the Customer lastknown to the Bank), and any such communication shall be deemed tohave been received by the Customer two days after posting (if local),five days after posting (if overseas), at the time of transmission (if bytelex or facsimile or e-mail), or upon delivery (if by hand).

You agree that we may request additional information from you or to check from time to time that the existing information we have about you is up to date, in order to meet our legal and regulatory responsibilities.

To ensure that we carry out your instructions accurately and for compliance and training purposes, we may monitor and/or record your telephone calls with us. Any recordings remain our sole property.

26. Miscellaneous

We may change our Banking Hours, availability of banking branches by display of notice in our branches or in the press or by post or by posting on our Website.

We may block your Account to protect you and us if we suspect fraud or other suspicious transactions. In such cases, we may be required to carry out the process of establishing your identity again. Once we have sufficient proof, we will reactivate your Account.

All your transactions will be reported to Financial Intelligence Unit of Central Bank of Sri Lanka according to the prevailing regulations in the country. You may speak to us for any clarifications in this regard.

27. Complaints

We are committed to continually improving the service we provide to our customers.We would like our customers to be delighted with our services whereever they come in to contact with our organization.

If we have not delivered the standard of service you expected, or if you think we have made a mistake, please let us know. You can email us at complaints.slk@axisbank.com or write to us at Axis Bank, Unit 3, Lot 3, 356, Galle Road, Colombo 03, Sri Lanka.We will then arrange for the right person to investigate your concerns.

When writing to us we request you to provide as much information as you can in order to assist our investigations.

If you would like FOS to look into your complaint you can check their requirements from this website http://www.financialombudsman.lk/scheme.php

28. Regulatory Information

Axis Bank Limited, Sri Lanka is registered with Company Registration Number FC 1140at Axis Bank, Unit 3, Lot 3, 356, Galle Road, Colombo 03, Sri Lanka. We are authorized and regulated by the Central Bank of Sri Lanka (CBSL).

Axis Bank Sri Lanka is a member of the Sri Lank Deposit Insurance Scheme, SLDIS (the "Scheme") established under the Monetary Law Act. The SLDIS can pay compensation to depositors if a bank is unable to meet its financial obligations. All deposits, excluding deposits of member banks and finance companies, the Government of Sri Lanka, shareholders, Directors, key management personnel, other related parties, deposits held as collateral against any accommodation granted and deposits falling within the meaning of abandoned property in terms of the Banking Act, will be considered as eligible deposits under the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to LKR 200,000.00 This limit relates to the combined amount in all the eligible depositor's accounts, at the customer ID level, across currencies, with all branches of Axis Bank Limited in Sri Lanka. The premium levied on eligible deposits will be borne by the Bank.

Glossary

In these Terms and Conditions, a number of words and phrases are printed in bold type because they have a special meaning, which is explained here:

Account means your Axis Bank Sri Lanka account(s) and services taken with us from time to time;

Authorized Signatory means the Account holder(s) in case of an individual Account and a designated person or persons who are allowed to operate the Accounts on behalf of a firm or organization;

Banking Hours means the hours your branch is open for business;

Base Rate means the base rate set by the Central Bank of Sri Lanka or any successor or authority that has the responsibility for setting such a rate;

BIC or SWIFT Code is an alphanumeric code of 8 or 11 characters used for making international payments through the swift system;

Cut-off Time means the SRI LANKA time within which a transaction or a request should be made by you in order to be processed on the same Business Day. Cut-off Time depends on the cut-off time for the particular method of making or receiving payments. Cut-off time also depends on the currency in which the payment is to be made or received. Cut-off Time is different for each of our branches and also for each currency. You may contact your Account maintaining branch for information on the Cut-off Time specific to your branch and the currency;

General Terms and Conditions means the general terms and conditions applying to your Account and dealings with us.

Specific Terms and Conditions means the specific terms and conditions which apply to your Account in addition to the General Terms and Conditions.

Transaction Time means the time taken for processing a customer request;

Schedule of Charges means the Schedule of Charges as amended from time to time in accordance with the General Terms and Conditions and provided to you at the time of opening the Account;

Terms and Conditions means this document and specific terms and conditions.

Website means our internet presence at www.axisbank.lk and other links connected thereto;

Working Days means Monday to Friday except public holidays;

We, Us, and Our means Axis Bank Sri Lanka;

You, Your, and Yourself refers to each person who is named as the Account holder and it refers to any company or other business entity which is an Account holder. If there is more than one of you then it refers to all of you individually and jointly.