Fees: – The Cardholder authorizes the Bank to debit the designated account with all applicable fees/taxes/surcharges and all other levies notified by the bank from time to time. The annual fees for the card will be debited to the primary account linked with the Card on application/renewal at the Bank’s prevailing rate. The fees are not refundable. The Cardholder shall maintain at all times such minimum balance in the designated account, as Bank may stipulate from time to time. Bank at its discretion may levy penal charges for non-maintenance of the minimum balance. Any government charges, duty or debits, or tax payable as result of use the Card shall be Cardholders responsibility and if imposed upon bank (either directly or indirectly) bank shall debit such charges, duty or tax against the cardholders linked account. Details of the applicable fees and charges as stipulated by Bank will be displayed on the website and/or at The Vaish Cooperative New Bank Ltd. Branches.
Transaction Responsibility: – The transactions record generated by an ATM or POS terminate/e-commerce will be binding on the Cardholder and it will conclusive unless verified otherwise and corrected by the Bank. The verified and corrected amount will be binding on the Cardholder. The Bank has the authority of the Cardholder to debit the designated account of the cardholder for all withdrawals and payments effected by or purported to be effected by the cardholder using the Card, as evidenced by the Bank’s record, which will be conclusive and binding on the Cardholder.
Withdrawal Limits: – The Cardholder will be allowed to withdraw through the Rupay Debit Card, the available balance in the account or stipulated predefined limit per day, whichever is lower. This per day limit will be determined by the Bank and may be changed at any time at the Bank’s sole discretion without notice to the Cardholder. The cardholder agrees that cash withdrawals will be subject to tax as applicable from time to time.
Overdrawn Accounts: – The Cardholder agrees not to attempt to overdraw cash from ATM unless sufficient funds are available in the designated account for effecting the transactions. The onus of ensuring adequate account balances is entirely on the Cardholder. In case the account gets overdrawn, the Bank may levy interest at prime lending rate applicable from time to time and same shall be charged on the debit balance in the designated account. The cardholder indemnifies Bank against any expenses Bank may incur in collecting money owed to Bank by the cardholder in connection with the Card.
PIN: – The PIN used for withdrawing cash at ATM or for making payments at MEs/over online. The Cardholder acknowledges, represents and warrants that the PIN provides access to designated Account and the Cardholder accepts the sole responsibility for use, confidentiality and protection of the PIN, as well as for all orders and information changes entered in to the account using such PIN. The Cardholder shall not record the PIN in any form so as to facilitate PIN coming to knowledge of a third party. The cardholder grants express authority to Bank for carrying out transactions and instructions authenticated by PIN and shall not revoke the same. Bank has no obligation to verify the authenticity of the transaction instruction sent or purported to have been sent from the Cardholder other than by means of verification of the Cardholder’s PIN. The Cardholder shall at all times take all appropriate steps as mentioned in the terms to maintain the security of the PIN. Bank may, in its absolute discretion issue new PIN on the existing card. Subject to provisions stated herein and as specified by Bank from time to time, the Cardholder will not hold Bank liable in case of any improper/fraudulent/unauthorized/duplicate/erroneous use of the Card and/or the PIN. Bank will also be liable for any consequences connected with the use/misuse of the Card by any third party due to the Card falling in the hands of any third party or the PIN coming to the knowledge of the third party. If any third parties gain access to the services, including the Account, the Cardholder will be responsible and shall indemnify Bank against any liability, costs or damages arising out of such misuse/ use by third parties based upon or relating to such access and use or otherwise.
Security of Card and Loss of Card: – The Cardholder is responsible for the security of the Card and shall take all steps towards ensuring the safekeeping thereof. Incase Card is misplaced, stolen or otherwise lost, the cardholder agree to immediately report the event in writing to the Bank/call up Customer support Number. Further in the event, Bank determines that the aforementioned steps are not complied with, financial liability on the lost or stolen Card would rest with the Cardholder.
Closing of Account: – The Cardholder wishing to close the designated account will first have to give application on writing and surrender the Card along with the application.
Validity of the Card: – The Validity of the Card is printed on the face of the Card. The Card is valid through to the last date of the month of expiry.
Renewal of Card: – The Bank will automatically renew the Card on the expiry of the designated account, thus it is ensured by the cardholders to update their KYC and registered address with the Bank as required from time to time to avoid rejection at the renewal at the renewal. The Card applied for the first time or at the renewal will be collected from the home branch along with PIN in a sealed envelop.
Contact Centre: – For more information and help, please call home branch or any of the branches or visit our website: https://www.vcnb.co.in.
Notification of Changes:- Bank shall have the absolute discretion to amend, delete or supplement any of the terms, features and benefits offered on the Card.
Governing Law and Jurisdiction: Bank and Cardholder agree that any legal action or proceedings arising out of terms shall be brought in the courts or tribunals at Delhi in India. These terms shall be governed by and construed in accordance with the laws of India.
Quality of Goods and Services:- Bank shall not in any way be responsible for merchandise, merchandise warranty or services purchased, or availed of by the cardholder using Card, including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods by the cardholder. It must be distinctly understood that the Card is purely a facility to the cardholder to purchase goods and/ or avail of services. Bank holds out no warranty or makes no representation about quality, delivery or otherwise of the merchandise.
Other important terms and conditions
The card service is meant for withdrawals/purchases against the balance already available in the designated account.
The bank may at its discretion, refuse any application for the card without assigning any reason.
The card is the property of the Bank and will be returned by the Cardholder unconditionally upon request by the Bank. The Bank reserves the right to cancel the Card and stop its operations unilaterally without assigning any reason. The decision of the Bank is conclusive and binding upon the cardholder. The Card is Non-transferable.
Use of card shall be terminated upon receiving intimation of death, bankruptcy or insolvency of the cardholder or on receipt of a letter from any one of the joint account holders changing the operative clause, receipt of an attachment order from Competent Authority or for other valid reasons or when whereabouts of the cardholder become unknown to the bank due to any cause attributable to the Cardholder. The cardholder may discontinue/terminate the Card any time by written notice to Bank accompanied by the return of the card cut into two pieces diagonally.
The bank is not responsible/liable for the failure of any AYM to dispense cash or if the customer is unable to withdraw cash due to any reason whatsoever.
The bank is not responsible/liable for the failure of any transactions made at merchant establishments or online due to any reason whatsoever. The Bank is not responsible for the refusal of any ME to accept or honor the Card. The cardholder with ME, must resolve any dispute or claim regarding the merchandise. The existence of the claim or dispute shall not relieve the Cardholder of his/her obligation to pay all the charges due to the Bank and Cardholder agrees to pay promptly such charges. Moreover, No claim by the cardholder against ME is subject to set off or counterclaim against the Bank. The cardholder’s account will be credited only on receipt of money from the ME or the acquirer. The cardholder will collect the cardholder’s copy of the transaction receipt from ME/ATM and preserve the same for his/her personal record.
The Bank shall not be liable for any loss caused by technical breakdown of the payment system.
