• For detailed Terms and Condition please visit RBL Bank website www.rblbank.com
• All capitalised terms shall have a meaning as those provided under the Terms and Conditions available on https://www.rblbank.com/pdf-pages/terms-and-conditions

The Most Important Terms and Conditions (“T&Cs”) shall be applicable to the Borrower(s) (as defined below) that avail the facility of Overdraft against Fixed Deposit provided by RBL Bank Limited (“RBL Bank/ RBL/ the Bank”) and shall deem to include any amendments/ changes/ modifications thereto from time to time by the Bank.

The MITC shall be in addition to and not in derogation to the terms and conditions applicable to Deposit Account, account variant other relevant terms and conditions with respect to the products, services, facilities provided by the Bank (“Primary Terms and Conditions”) available on RBL Bank’s Website.

In case of inconsistency between the Primary Terms and Conditions and these T&Cs, the Primary Terms and Conditions shall prevail. All capitalised terms used but not defined herein shall have their respective meaning as ascribed under the Primary Terms and Conditions.

DEFINITIONS

1. "Applicable Laws” shall mean any statutes, national, state, provincial, local, municipal, regulations, ordinances, rules, judgments, orders, notifications, circulars, decree, bye-laws, approval of any governmental authority or regulatory authority, directive, guidelines, policies, directions, requirements, or any governmental restriction of any similar form of decision of or determination by, or any interpretation or administration having the force of law of any of the foregoing by any governmental authority or regulatory authority (including but not limited to RBI, whether in effect as of the date of this T&Cs or any time thereafter;
2. “Borrower" shall mean and include Fixed Deposit account holder of RBL Bank;
3. “Business Day” shall mean a day on which RBL Bank or such other office as may be notified by RBL Bank to the Borrower(s), is open for normal banking transactions;
4. "Fixed Deposits" or “FD” shall mean the non-callable fixed deposits along with the interest accrued and/ or becoming payable on such fixed deposits with RBL Bank;
5. “GST Law” shall mean the Goods and Services Tax Laws;
6. “KYC” shall mean Know Your Customer;
7. “KFS” shall mean the Key Fact Statement;
8. “KVP” shall mean Kisan Vikas Patra;
9. “NSC” shall mean National Savings Certificate;
10. “Non-Performing Assets” shall carry the same meaning as ascribed under RBI’s Master Circular on Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances, and as amended from time to time;
11. "Overdraft against Fixed Deposit" shall stand for Facility;
12. "OD" shall stand for Overdraft;
13. “Out of Order” shall mean an OD account if:
    1. the outstanding balance in the OD account remains continuously in excess of the sanctioned limit/ drawing power for ninety (90) days, or
    2. the outstanding balance in the OD account is less than the sanctioned limit/ drawing power but there are no credits continuously for 90 days, or the outstanding balance in the OD account is less than the sanctioned limit/ drawing power but credits are not enough to cover the interest debited during the previous 90 days period;
14. “RBI” shall mean the Reserve Bank of India;
15. “Substantial Interest” shall have the same meaning as assigned to it in the RBI Master Circular on Loans and Advances – Statutory and Other Restrictions, as may be amended from time to time;
16. LSP shall stand for Lending Service Provider
17. CKYC Registry: CKYC stands for “Central KYC Registry”. It is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity.

INTERPRETATION

1. All references to singular include plural and vice versa and the word “includes” should be construed as “without limitation”.
2. Words importing any gender include the other gender.
3. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
4. All headings, bold typing and italic (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these T&Cs.

Product Terms and Conditions

1. The Facility is subject to Applicable Laws as amended from time to time and it can be discontinued / recalled any time including in the event of default without any notice.
2. During the subsistence of the overdraft facility if the Borrower(s) changes its status from resident to non-resident or vice versa, the Bank shall at its sole discretion allow continuance of the Facility or suspend/cancel the Facility after adjusting the Fixed Deposit and any interest accrued thereon against Facility.
3. The Borrower hereby agrees that the Facility shall be utilized only for the purpose(s) selected by the Borrower and not for any other purpose which is not permitted under Applicable Laws. RBL Bank is not bound to monitor or verify the end use of any amounts availed under this Facility.
4. The Facility extended to Borrower(s) by RBL Bank against the security of the Fixed Deposit(s) shall be automatically renewed for the tenure it was previously booked on the prevalent rates for such tenure by the Bank, unless the Bank decides otherwise at its sole discretion. Kindly note that submission of the original Fixed Deposit Receipt(s) issued against the Fixed Deposit(s) along with this Application is mandatory to branch and prerequisite for extension of this overdraft facility.
5. The Facility will be automatically renewed on expiry date unless explicit instructions are received by the Bank from the Borrower to either close or settle the Facility.
6. Termination of the Facility:
   1. In the event of any failure or breach or default on the part of the Borrower while adhering to the terms of this Facility or in cases of Events of Defaults (as mentioned below), the Borrower shall without any demur or protest, pay default charges at the rates specified under the schedule of charges mentioned on the Website.
   2. On and at any time after the occurrence of the Event of Default, the Borrower at its sole discretion may:
   3. cancel the Facility and/ or declare that all or any part of the utilized Facility together with accrued interest, default charges, and all other amounts accrued interest or outstanding be immediately due and payable, whereupon they shall become immediately due and payable; and/ or
   4. Enforce its rights to liquidate the Fixed Deposit;
   5. Stipulate additional conditions on the Borrower to provide or procure additional security acceptable to it, as it may deem fit, and which terms shall immediately be binding on the Borrower;
   6. Exercise any or all of its rights, remedies, powers or discretions as per Applicable Laws.
7. Any amounts remaining after the settlement of outstanding amount under credit facilities including but not limited to the Facility) shall be disposed as per the instructions provided by the Borrower(s) at the time of the booking of Fixed Deposit booking or upon subsequent renewals.
8. The Borrower understands and agrees that in the event that the Borrower revokes its consent for provision of information as may be required for availing the Facility, the Facility shall be discontinued for the Borrower immediately.
9. Lien/ Set Off/ Right to Debit
10. The rights, powers and remedies given to RBL Bank by these T&Cs shall be in addition to all rights, powers and remedies given to RBL Bank by virtue of any other security, statue or rule of law. RBL Bank may, but is not obliged to, exercise banker’s lien and/ or shall have a right to appropriate/ adjust/ set-off all the monies In all accounts including but not limited to current, savings, Fixed Deposits, securities, now or hereafter in the possession of or in deposit with RBL Bank or held or in custody, legal, or constructive, with the Bank, whether held in a general or special account or deposit, or for safe keeping or otherwise against any obligations owed by the Borrower to RBL Bank.
11. No Overdraft will be allowed against Recurring Deposit, Tax Saver Deposit, ACE deposit (non-callable deposit less than INR 2 crore) for non- individual entities, existing lien marked deposit, Minor Deposit.
12. Overdraft facility, if offered through a Current Account, which is a non-interest bearing account, shall not earn any interest in the credit balance.
13. The interest payable by the Borrower(s) shall be subject to the change in line with the guidelines issued by RBI or by any regulatory, government or statutory authority time to time.
14. Interest and all other charges shall accrue on day-to-day basis and shall be computed based on 365 days a year and thereafter on the actual number of days elapsed. If the due date in respect of any amounts payable under the Facility falls on a day, which is not a Business Day at the place where the payment is to be made, the immediately preceding business day shall be the due date for such payment.
15. The Overdraft account is one of the variants of Current Account where the Facility will be sanctioned. The Borrower shall pay the charges to RBL Bank as per RBL Banks standard schedule of charges for various services rendered by the Bank. For latest Schedule of charges, please visit your nearest RBL Bank Branch or visit the Website.
16. In the event of any change in the KYC details of the Borrowers, including but not limited to change in the registered address, change in business professions, should be immediately intimated to RBL Bank.
17. In case the OD account under this Facility and the loan is classified as ‘Out of Order’ and NPA respectively, all other loan accounts of the Borrower would be classified as NPA. In order to regularize the said loan/ OD account, the Borrower shall be liable to pay all the outstanding amounts in default and/or interest and other charges, as the case may be, on an immediate basis.
18. SMA / NPA Classification: The Borrowers accounts shall be flagged as overdue by classifying as special mention accounts (SMA) by the Bank as part of day-end processes on the due date, irrespective of the time undertaken for running such processes.
19. Account will be classified as below basis outstanding balance remains continuously in the excess of the sanctioned limit or drawing power, whichever is lower, for a period of:
    
    SMA Sub-categories Period
    
    SMA-1 More than 30 days and upto 60 days
    
    SMA-2 More than 60 days and upto 90 days
    
    NPA >= 90 days
    
    Example: If due date of an OD/ loan account is March 31, 2021, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2021.
20. Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.
21. Recovery Agent: In case any recovery agent is assigned, then particulars of such recovery agent will be communicated to the Borrower before the recovery agent contacts the Borrower for initiating recovery actions.
22. The Fair Practice Code for the Lenders as published on the Website, shall apply to the loans.
23. Borrowers can modify or close the ODFD facility by visiting the nearest branch.
24. Event of Default: The Borrower hereby agrees that the occurrence of any of the following events or circumstances which at the discretion of RBL Bank can be considered as event of default:
    1. The Borrower does not pay on the due date any amount payable pursuant to availing this Facility.
    2. the Borrower does not comply with any of its obligations or covenants under this Facility.

Version 1.0 | July 2024