IMPS - Immediate Payment Service Limits

TERMS AND CONDITIONS OF IMMEDIATE PAYMENT SERVICE (UNDER AEGIS OF NPCI)

I/We am/are desirous of availing the Immediate payment service Facility through the NPCI system. In consideration of the Bank agreeing to extend to me/us the said facility. I/ We hereby agree to and undertake the following terms and conditions which are in addition to the terms and conditions applicable to the Account including those related to NetBanking definitions: -

1 - Definitions:

• Customer, I, We me, my or us means the person named here- in availing the IMPS Facility and shall include both singular and plural.
• "Bank" means "HDFC Bank Limited".
• “NPCI” means “ National Payment Corporation of India”
• "IMPS Facility" means the Immediate Payment service Funds Transfer Facility through NPCI system.
• "Security Procedure" means a procedure established between the bank and the customer for the purpose of verifying that the payment order or communication amending or canceling a payment order transmitted electronically is that of the customer or for detecting error in the transmission for the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices.
  
  

2 - Scope of the terms & conditions: -

• These terms and conditions shall govern every payment order issued by the customer under the IMPS facility.
• The customer understands and acknowledges that nothing contained herein shall be construed as creating any contractual or other rights against NPCI except than Bank
  
  

3 - Commencement and Termination: -

• This Agreement shall come into force as soon as a request for IMPS is made by the customer and/or a security procedure is established by mutual agreement between the bank and the customer.
• These terms and conditions and any modifications thereto shall remain valid and binding on the customer.
• I/We agree that the Bank withdraw the IMPS facility by giving reasonable notice.
  
  

4 - Rights and obligations of the Customer: -

• The customer shall be entitled, subject to other terms and conditions herein and the Regulations to issue payment order for execution by the bank.
• Payment order shall be issued by the customer in the form complete in all particulars. The customer shall be responsible for the accuracy of the particulars given in the payment order issued by him and shall be liable to compensate the bank for any loss arising on account of any error in his payment order.
• The customer shall be bound by any payment order executed by the bank if the bank has executed the payment order in good faith and in compliance with the security procedure.
• The customer shall ensure availability of funds in his account properly applicable to the payment order before the execution of the payment order by the bank. Where however, the bank executes the payment order without properly applicable funds being available in the customer's account the customer shall be bound to pay to the bank the amount debited to his account for which an IMPS was executed by the bank pursuant to his payment order together with the charges including interest payable to the bank.
• The customer hereby authorises the bank to debit to his account for any liability incurred by him to the bank for execution by the bank of any payment order issued by him.
• Customer agrees that the payment order shall become irrevocable when it is executed by bank.
• Customer agrees that the bank is not bound by any notice of revocation unless it is in compliance with the security procedure.
• Customer agrees that he shall not be entitled to make any claim against any party in the NPCI System except the bank.
• Customer agrees that in the event of any delay in the completion of the Funds Transfer or any loss on account of error in the execution of the Funds Transfer pursuant to a payment order, the bank's liability shall be limited to the extent of payment of interest at the Bank Rate for any period of delay in the case of delayed payment and refund of the amount together with interest at the Bank rate upto the date of refund, in the event of loss on account of error, negligence or fraud on the part of any employee of the bank.
• Customer agrees that no special circumstances shall attach to any payment order executed under the IMPS facility under this Agreement and under no circumstance customer shall be entitled to claim any compensation in excess of that which is provided in clause (9) above, for any breach of contract or otherwise.
  
  

5 - Rights and obligations of the bank: -

• The bank shall execute a payment order issued by the customer duly authenticated by him as verified by the security procedure, unless: -
  - The funds available in the account of the customer are not adequate or properly applicable to comply with the payment order and the customer has not made any other arrangement to meet the payment obligation.
  - The payment order is incomplete or it is not issued in the agreed form.
  - The payment order is attached with notice of any special circumstances.
  - The bank has reason to believe that the payment order is issued to carry out an unlawful transaction.
  - The payment order cannot be executed under the NPCI System.
• No payment order issued by the customer shall be binding on the bank until the bank has accepted it.
• The bank shall, upon execution of every payment order by it , be entitled to debit the designated account of the customer, the amount of the funds transferred together with charges payable thereon, whether or not the account has sufficient balance.
• The customer agrees that IMPS facility is being availed at the customer's own risks including but not limited to misuse of password, internet fraud, mistakes & errors, technology risks , the customer understands and accepts that the bank shall not be responsible or liable in respect of the said risks.
  
  

CONDITIONS OF TRANSFER: -

• HDFC BANK shall not be liable for any loss of damage arising or resulting from delay in transmission delivery or non-delivery of Electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or any other action beyond its control.
• All payment instructions should be checked carefully by the customer.
• IMPS service is real-time and also available on weekends and public holidays, the beneficiary is credited instantly, in case the funds are not transferred due to system issues, the TAT for the same is 5 days, for which the customer has to reach his/her respective Banks.
• The charges for sending money would be decided by HDFC Bank from time to time in accordance to guidelines from NPCI.
• IMPS funds transfer can be done from NetBanking and MobileBanking Apps
• IMPS service is used to transfer funds within INDIA with denominations of INR only.
• As per NPCI circular, the maximum amount that can transferred is Rs 5 Lakhs per transaction. Any transaction more than Rs 5 Lakhs will not get processed and will be credited back into your account.
• IMPS transfer can be done only between the participating bank for IMPS transaction.