Terms & Conditions

Last updated on Sep 8th, 2022

DEFINITIONS

"Affiliate" means and includes any company which is the holding or subsidiary company of SBM Bank, or a Person under the Control of or under common Control with SBM Bank, or any Person, in 26% or more of the voting securities of which, SBM Bank has a direct or beneficial interest or Control. For the purpose of the definition of Affiliate, the term “Control” and “Person” shall have the following meaning:
- “Control” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever and
- "Person" means any individual, company, firm, corporation, a partnership, trust or any other entity or organisation or other natural or legal person
"Applicable Law(s)" shall mean all applicable central, state and local laws, statute, regulations, orders or directives as may be amended and in effect or re-enacted from time to time, order or other legislative action of any government authority to the extent having the force of law, including but not limited to Payment and Settlement Systems Act, 2007, Payment and Settlement Systems Regulations, 2008, Policy Guidelines on Issuance and operation of Prepaid Payment Instruments in India, guidelines on issuance of debit cards and co-branded prepaid cards by the banks and any other guidelines in relation to prepaid payment instruments issued from time to time by Reserve Bank of India and in each case, any implementing regulation or interpretation issued there under including any successor Applicable Law.
"Authorised Dealer" means an authorised dealer as defined in the Foreign Exchange Management Act, 1999, as amended from time to time.
“Bank” or “SBM Bank” means SBM Bank (India) Ltd , a company incorporated under the laws of India, with CIN U65999MH2017FLC293229, and having its registered office at 101, Raheja Centre,1st Floor Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra - 400021, India.
“Card” means the RazorpayX Corporate Card (powered by SBM India) issued by SBM Bank (India) Ltd in partnership with Razorpay.
“Card Account” means the special account attached to the specific card/s issued to the cardholder
“Card Holder” means the customer who has been issued any one or more of the Cards and on whose name the Card Account has been opened. In case of corporate entity, Card Holder shall include the corporate entity, board of directors or any personnel of the Card Holder entity who has been authorised to use the Card;
“Credit Limit” is the maximum amount revolving credit which SBM allows the Card Holder to transact with the card account at any time.
“Customer Care Centre” shall mean Email and Phone Banking Service provided by SBM Bank and Razorpay to the Card Members
“Merchant” means commercial establishments of any nature, wherever located, which honour the Cards for transactions done with them.
“PIN” means the Personal Identification Number issued by SBM to the Card Holder
“Razorpay” means Razorpay Software Private Limited a company incorporated under the laws of India, with CIN U72200KA2013PTC097389, and having its registered office at 1st Floor, SJR Cyber, 22 Laskar Hosur Road, Adugodi, Bangalore, Karnataka 560030, India.
“We”, “our” and “us” refer to SBM Bank and Razorpay.
“You” or “your” refers to the Card Holder.

ACCEPTING THE MITC

This MITC governs the terms and conditions of the use of the Card. It is imperative that before you sign and agree to this MITC, you need to read and understand it. However, upon immediate use of the card, it is implied that you undisputedly submit yourself legally to all the terms and conditions of this MITC. In case where you disagree with this MITC, you are required to cut the card in halves and return same to the Bank.

USE OF THE CARD

In case of an internationally valid Card, the Card is valid world-wide. In case of other Cards, the use is restricted to only the merchants accepting cards issued by the Card’s network in India. However, SBM Bank and the merchant concerned, reserve the right, at any time, to refuse the use of the Card at that merchant for any reason whatsoever. The Card may be used only for bonafide personal or official purposes and its use is not permitted to be exploited by the Card Holder. In the event any additional charge is levied by the merchant for the availment of the purchase or other facility, on the charges incurred by the Card Holder, the same shall be settled with the merchant and SBM Bank or Razorpay shall in no manner be held liable for the same. On usage of the Card at the merchant, the Card Holder must collect the copy of the charge-slips at the time of signing the charge-slip. The Card Holder shall be responsible for signing the charge-slip. In the event the charge-slip is not signed by the Card Holder, the Card Holder shall continue to be individually liable for the transaction/s and all charges in relation thereto. SBM Bank shall not provide copies of the charge slips to the Card Holder, provided however that if the Card Holder makes such request within forty-five (45) days of the relevant transaction, SBM Bank may, at its sole discretion, provide copies of the charge slips at a charge. SBM Bank may, at its sole discretion, agree to provide the Card Holder with the facility of effecting mail order or telephone order purchases. In all other cases, the use of the Card shall be restricted to payments and/or purchases made through mobile phone by the Card Holder. The Card Holder is aware that in case of mail order, telephone order or mobile phone purchases made by the Card Holder, the charge slips will not be signed by the Card Holder at the time of the purchase. Accordingly, the Card Holder accepts that even in the event of any dispute regarding the authenticity or validity of such a purchase or a charge made through mail order, telephone order or mobile phone purchases, for any reason whatsoever, the Card Holder will make payment to SBM Bank of all outstanding dues.
All disputes shall be a matter between and will be settled by the Card Holder with the concerned merchant. SBM Bank or Razorpay shall not be liable, in any manner whatsoever, for the same.
The Card may be used by the Card Holder: (i) only within the Credit Limit notified by SBM Bank to the Card Holder; and (ii) not after the last date of the month embossed on its face.
The Card Holder’s right to use the Card shall terminate forthwith in the event of termination.
In the event of loss (leading to misuse) or theft of the Card, SBM Bank or Razorpay shall not be responsible for any and all transactions carried out on the Card, till such time as the Card Holder promptly intimates SBM Bank and Razorpay regarding such loss or theft of the Card.
By usage of the Card, Card Holder is deemed to have made a standing request for renewal of period of validity of the Card and/ or that replacement Cards be issued to the Card Holder until such time as SBM Bank and Razorpay’s Customer Care Centre is notified otherwise by the Card Holder, and such renewal and/or replacement shall be subject to the sole discretion of SBM Bank and Razorpay, as applicable.
The Card Holder shall act in good faith with SBM Bank and Razorpay at all times in relation to all transactions executed using the Card.
An internationally valid Card issued to the Card Holder is valid world-wide except for payment in foreign exchange at merchants in Nepal & Bhutan. In respect of Cards the use of which is restricted only to India / Nepal / Bhutan, use of such Card outside India / Nepal / Bhutan is a breach of the Foreign Exchange Management Act, 1999 (“FEMA”) and/or any other corresponding law. The Card Holder accepts full responsibility and liability for any wrongful use in contravention to these conditions and undertakes and agrees to indemnify SBM Bank and Razorpay to make good any loss, damage, interest, conversion, any other financial charge that SBM Bank and Razorpay may incur and / or suffer as a result of the Card Holder committing violations of such wrongful use.
An Internationally valid Card can also be used for transactions online on the Internet for any purpose for which exchange can be purchased from an Authorized Dealer in India, complying with guidelines framed under the Foreign Exchange Management Act (“FEMA”). “Authorized Dealer” for the purposes of this clause shall mean any person authorized by the Reserve Bank of India (“RBI”) to deal in foreign exchange or in foreign securities, as an authorized dealer in accordance with Section 10(1) of the FEMA.
No Card may be used for online transactions or otherwise for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for callback services, remittance in any form towards overseas forex trading, margin calls to overseas exchanges/overseas counterparty, trading in foreign exchange in domestic/overseas markets, if prohibited under the local laws of the applicable jurisdiction(s) in addition to laws of India .
SBM Bank and/ or Razorpay reserve the right, at their sole and absolute discretion and liberty to decline or refuse to honour authorization requests on the Card, without assigning any reason. In certain cases, subject to its sole discretion, SBM Bank and/ or Razorpay may require the Card Holder to contact SBM Bank Customer Care Centre to authenticate a transaction before approving such transaction and charging the Card Account (as defined under Clause 4 below). The Card Holder acknowledges and agrees that: (i) he will not use the Card as payment for any illegal/unlawful purchase/purpose, (ii) the Card is issued for business expenses purposes only, and (iii) the Card should be used only for lawful, bonafide purposes and must not be used for any money laundering, anti-social or speculative activities.
If the Card is found to be used for prohibited, restricted, or any illegal purposes, including, but not limited to those mentioned above, SBM Bank and/ or Razorpay may, at their sole discretion, exercise their right to close the concerned Card and additional/add-on cards thereof, without any notice to the Card Holder. SBM Bank and/ or Razorpay have the right to enquire over phone or through other means of formal communication and seek details, information, proof, etc. about the Card transactions, pattern of usage etc. and the Card Holder is contractually bound to provide the information sought by SBM Bank and/ or Razorpay, from time to time. Non-satisfactory responses or no responses from the Card Holder may lead to blocking/closure of the Card by SBM Bank and/ or Razorpay.
The Card Holder must not obtain or introduce credit to the Card Account for any reason other than towards refund for any goods or services previously purchased with the Card or repayment of outstanding. Transactions on the Card will be allowed only up to the unused amount of total credit limit on the Card Account (as defined under Clause 4 hereinbelow).

FEES AND CHARGES

Details of all fees and charges applicable on credit cards are available on SBM Bank’s website or on demand to SBM Bank or Razorpay. SBM Bank may by notice to its customers in any way it deems suitable modify these fees and charges from time to time. The fees and charges pertaining to this Card program shall be intimated to the Card Holder in detail through email either directly or through Razorpay.
Charges in foreign currency: If a transaction is made in a currency other than Indian Rupees, then such transaction will be converted into Indian Rupees. The conversion will take place on the date such a transaction is settled with SBM Bank, which may not be the date on which the transaction was made. If the transaction is not in United States Dollars (“US Dollars”), then the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees. Such transactions will also attract additional fees as incorporated in the schedule of charges which is published on SBM Bank’s website.

INTEREST CHARGES

Interest will be charged if the total amount due as specified in the monthly statement (“Total Amount Due”) is not paid by the payment due date. Interest will be charged on the Total Amount Due and on all new transactions (from the transaction date) till such time as the previous outstanding amounts are paid in full. Also, interest will be levied on all cash advances from the date of the transaction until the date of payment.

The rate of interest may be changed at the sole discretion of SBM Bank. The statement date will be as specified in the account statement. Goods and Services Tax (“GST”) will be applicable on interest charges. The following illustration will indicate the method of calculating interest charges:

In the table given below, it has been assumed that the Total Amount Due of the previous month statement has been paid by the payment due date and there is no outstanding amount. Given these assumptions, interest will be calculated as illustrated below (in the example):

Transaction Description	Amount (INR)
Purchase on 15 th Jan 2022	5000
Total Amount Due on Statement Dated 1st Feb 2022	5000
Payment Due Date 21st Feb 2022	5000
Purchase on 23rd Feb 2022	4000
Payment Made on 26th Feb 2022	6000
Interest Calculations @36% PA
1. Interest on ₹5000 for 42 Days (15th Jan - 26th Feb 2022)	207.12
Total Interest Charged	207.12

Interest- Free (Grace) Period: The grace period would be as specified in the account statement for the Card Holder.

Illustrative Example for the calculation of grace period: For a statement for the period from 1st Jan 2022 to 31st Jan 2022 the payment due date would be 21st Feb 2022. Assuming that you have paid your Total Amount Due of the previous month statement by the payment due date, the grace period would be: For a purchase dated 25th Jan 2022 , the interest-free grace period is from 25th Jan 2022 to 21st Feb 2022 i.e. 27 days.

For a purchase dated 15th Jan 2022 the interest-free grace period is from 15th Jan 2022 to 21st Feb 2022 i.e. 36 days.

Thus, the grace period can vary depending upon the date of purchase. However, if the Total Amount Due is not paid by the payment due date, then there will be no interest free period. For cash advances, interest is charged from the date of the transaction until the date of payment.
Late Payment Charges (LPC): Late payment charges will be applicable if the Total Amount Due is not paid by the payment due date and the same will be levied. GST will be applicable on late payment charges.

Illustrative Example for Calculation of Late Payment Charges: Payment of Total Amount Due i.e. Rs 5000 in the above example, is required to be paid by the payment due date (21st Feb 2022), to ensure that no late payment charges are levied.

Thus, in the above example, since the total amount due of Rs 5000 is not paid by the payment due date of 21st Feb 2022, late payment charges of Rs 1000 will be levied.

WITHDRAWAL LIMITS:

The credit limit and cash withdrawal limit are communicated at the time of delivery of the Card to the Card Holder by SBM Bank through Razorpay and are also indicated in the monthly statements. Available credit limit is calculated by deducting the utilized limit from the total credit limit. In case the Card Holder has availed of any loan from the Bank, within the credit limit on the Card, the outstanding loan amount will also be deducted from the Total Credit Limit to arrive at the available credit limit.

BILLING:

Billing Statements – periodicity and mode of sending: The Card Holder will be billed on a periodic basis, as set out in the card statement, for all charges incurred by the use of the Card and for all charges applicable to the respective Card Account. However, there may be no statement generated for the period in which there has been no outstanding due and no transaction on the account in the past month. The billing statement will be dispatched on a monthly basis by email by the Bank.
Interest will be charged if the Total Amount Due is not paid by the payment due date.
Auto debit: If the Card Holder has registered for auto debit facility towards Card repayment, then the auto debit of the Total Amount Due will be executed on the schedule provided no amount is paid by the Card Holder before the due date. If Card Holder has paid an amount (a) less than Total Amount Due before due date then differential amount would be debited, or (b) which is equal to or more than Total Amount Due before due date then no additional amount will be debited from Card Holder’s linked account.
Treatment of EMI / cancelled transactions / reversal / promotional cashback: No merchant refund/cashback/credit due to transactions converted to EMI / cancelled transactions / reversals / promotional cashback will be considered as a payment towards the outstanding amount of the Card.
Excess payment: In case Card Holder makes an excess payment compared to the outstanding amount of the Card, there will be credit balance in the Card account. This will be adjusted against the subsequent transactions on the Card. However, no interest may be claimed on this excess credit amount.
Method of payment: Card Holder can opt to make payments towards the Card account by way of automated deductions from the Card Holder’s payment gateway settlement account maintained with Razorpay. Any Card Holder who opts for the aforesaid option to make automated payments towards the Cards, authorizes Razorpay to make payments towards the Card account by automated deductions from the Card Holder’s payment gateway settlement account maintained with Razorpay. Payments towards the Card can also be made through National Electronic Funds Transfer (NEFT),Unified Payments Interface (UPI), payment via third party credit card repayment applications, internet banking or through any other online payment methods accepted by Razorpay. It is hereby clarified that an individual Card Holder can opt to make repayments from the payment gateway settlement account opened in the name of his sole-proprietorship firm, where the Card Holder is the sole- proprietor of such a firm. Notwithstanding anything to the contrary, in case of any default in payments towards the Card, the Card Holder authorizes Razorpay, and Razorpay is hereby authorized to automatically deduct Card Holder’s payment gateway settlement account maintained with Razorpay and credit the proceeds to SBM Bank for such payments.
NACH: Card Holder shall provide a NACH authorization in favour of Razorpay, at the time of issuance of the Card or at such time as Razorpay and SBM Bank may specify, at their sole discretion, and ensure that it shall, from time to time, undertake such actions as may be required to keep such NACH authorization up to date.
Billing Disputes Resolution: In the event the Card Holder disagrees with the charges indicated in the statement, it should be communicated in writing to the correspondence address of SBM Bank within 60 (sixty) days of receipt of the statement, failing which it would be construed that all charges indicated in the statement are in order.
Contact Particulars Customer Care Centres: Card Holder can reach out to SBM and Razorpay on the following co-ordinates:

Razorpay: Send your queries for Corporate Card at card.services@razorpay.com or call 1800 572 6676.

For the Bank: By writing to SBM Bank at customercare@sbmbank.co.in or calling the SBM Bank helpline number at 1800 1033 817.
Grievances Redressal/Complaints/Escalations: In the event that you are not satisfied with SBM Bank’s services, you may register your grievance by (i) visiting at https://www.sbmbank.co.in/aboutus/grievance-redressal-mechanism.php and writing to SBM Bank via ‘Contact Us’ portal or ii) calling at SBM Bank’s toll free number at 1800 1033 817.

DEFAULT AND CIRCUMSTANCES:

If the Card Holder fails to pay the Minimum Amount Due by the date indicated in the billing statement, it shall be treated as default. In case of default, the Bank can forward the default report to the credit information bureaus or to such other agencies as approved by law. The time period between the payment due date and the billing date indicated on the billing statement is considered as the notice period for reporting a Card Holder as a defaulter.
Procedure for withdrawal of default report and the period within which the default report would be withdrawn after settlement of dues: SBM Bank submits the Card Holder’s data to Credit Information Bureau (India) Limited (“CIBIL”) every month in the format prescribed by CIBIL. This data includes the repayment status of all Card Holders, both defaulters and current, for the previous month. CIBIL uploads the submitted data onto their server in another thirty (30) days.
Recovery of dues in case of death/permanent incapacitation of the Card Holder shall be in accordance with the applicable laws after giving sufficient notice for payment of dues and all information regarding the outstanding dues, to the successors/nominees /legal heirs of such deceased / permanently incapacitated Card Holder.

TERMINATION/REVOCATION/SURRENDER OF CARD HOLDERSHIP:

The Card Holder may at any time choose to terminate the Card Account with or without giving any prior notice. For avoiding misuse, it is advised to cut the Card into four pieces ensuring that the hologram and magnetic strip are destroyed permanently. The Card Holder may terminate the Card Holdership at any time by writing to /contacting SBM Bank and/ or Razorpay by indicating the complete 16-digit Card number. The termination shall be effective only upon receipt by SBM Bank of all amounts due and outstanding in respect of the said Card Account.
In the event of a Card program closure or at the time of renewal of Card, SBM Bank and Razorpay at their sole discretion reserve the right to provide a Card type that is different from the existing Card type held by the Card Holder. The credit limits and cash limits on any Card at any point in time are as per sole discretion of SBM Bank and Razorpay.
The Card application shall continue to be valid for any replacement card provided at the time of closure or renewal.

LOSS/THEFT/MISUSE OF CARD:

In case of loss/theft/misuse of the Card, it must be reported immediately to SBM Bank and Razorpay either through the respective customer care or through the SBM Bank net banking portal. SBM Bank shall thereupon suspend the Card. The Card Holder is advised to file an FIR with the local police station so that the Card Holder can produce its copy whenever requested by the Bank.
The Card Holder shall be primarily responsible for the security of the Card including against loss/ theft/ misuse and for the transactions using the Card. The Card Holder shall not be liable for any transaction/s made on the Card post reporting its loss/theft/damage. However, in case of any dispute relating to the time of reporting such loss/ theft/damage and/or transactions made on the Card post reporting of the loss/theft/damage/ misuse, SBM Bank reserves the right to ascertain such time and or the authenticity of the disputed transactions.
SBM Bank and/ or Razorpay reserve the right to block the Card on suspected risk of compromise in order to protect the interest of the Card Holder and to avoid misuse in any manner on the Card Account. The Card Holder shall not be able to use the blocked Card for any transaction/s and shall receive a replacement Card within 7 (seven) working days. In the event, the Card Holder, after being informed by SBM Bank of the probable fraud risk, still requests to unblock the Card, SBM Bank and Razorpay shall not stand liable or responsible to the Card Holder in any manner for any fraudulent transactions reported to it thereafter on account of fraudulent usage of the Card or otherwise.
Any instruction received by SBM Bank and / or Razorpay using the Card Holder’s password or PIN or any equivalent thereof will be treated by SBM Bank and / or Razorpay as Card Holder’s consent to comply with that instruction and SBM Bank and / or Razorpay will treat it as a valid and irrevocable instruction to SBM Bank and / or Razorpay (as applicable). Card Holder will be responsible for all instructions sent using such password or PIN or any equivalent thereof. Card Holder will be responsible for keeping such password or PIN or any equivalent thereof secure.

DISCLOSURE:

The Bank shall part with all available information about the Card Holder including required personal information, repayment history, to credit information bureaus (specifically authorized by RBI) or to such other agencies approved by law. SBM Bank or its group companies, and Razorpay reserve the right to retain the application forms and documents provided therewith, including photographs, and will not return the same, even when the application is declined.

ASSIGNMENT AND WAIVER

SBM Bank and Razorpay may assign their rights and obligations under this Agreement to a third party at any time without notice to Card Holder. Neither the failure to exercise any of SBM Bank and Razorpay’s rights under these MITC, nor a delay in enforcing or exercising any of these rights, shall constitute a waiver of such rights. The waiver of any right under these Terms and Conditions on one occasion, such waiver shall not operate as a waiver as to any other occasion.

SETTLEMENT OF DISPUTES

All disputes arising out of or relating to these MITC or use of the Card that cannot be settled to the Parties’ satisfaction are subject to the exclusive jurisdiction of the competent courts in Mumbai only, subject to Clause 4(g).

CHANGE IN TERMS AND CONDITIONS OF MITC

SBM Bank and Razorpay shall have the absolute discretion to amend or supplement any of the terms and conditions specified in MITC, features and benefits offered on the Card including, without limitation to, changes which affect existing balances, interest charges or rates and methods of calculation at any time. The Card Holder shall be liable for all charges incurred and all other obligations under these revised terms and conditions until all the amounts under the Card are repaid in full. SBM Bank and Razorpay may communicate the amended MITC by hosting the same on the internet banking or in any other manner as decided by SBM Bank and Razorpay. The Card Holder shall be responsible for regularly reviewing these terms and conditions specified in MITC including amendments thereto as may be posted on the internet banking and shall be deemed to have accepted the amended terms and conditions specified in MITC by continuing to use the Card. Any change in the terms and conditions specified in MITC shall be communicated to the Card Holder, in the manner as aforesaid, one month prior to the date of their implementation.

NOTICES

All notices or other communications under or in connection with terms and conditions specified including all amounts due from the Card Holder shall be given in writing to SBM Bank and Razorpay at the coordinates mentioned below, and, unless otherwise stated may be made by letter or facsimile. Any such notice or other communication will be deemed to be effective: (i) if sent by letter, when delivered personally or if dispatched by post, when recall of the letter is outside the control of the sender; and (ii) if sent by facsimile, when sent (on receipt of a confirmation to the correct facsimile number). Provided, however, that no notice or communication to SBM Bank and/ or Razorpay shall be effective unless actually received and acknowledged by the relevant party.
Notices or communication may be made to: (i) the Card Holder’s address or facsimile number or email ID as recorded in SBM Bank’s records and to which notices / communications are to be sent (as specified in the Application Form), and (ii) SBM Bank’s zonal / regional / branch /office address or facsimile number (as specified in the application form), or to such other address or facsimile number as may be designated by the Card Holder and SBM Bank and/ or Razorpay in writing to each other. In the event of any failure by the Card Holder to notify SBM Bank in writing of any changes in its contact address or details, service of a notice/ correspondence to the address specified in the Application Form or last given by the Card Holder shall be deemed to be proper and sufficient service on the Card Holder irrespective of whether or not such notice shall be returned “unserved” to SBM Bank. A notice published in the newspaper available in the area of residence or work of the Card Holder shall be sufficient notice to the Card Holder from the date of its publications; provided however, a notice in a newspaper shall not be effective against SBM Bank or Razorpay unless acknowledged by SBM Bank or Razorpay respectively.
Any notice or communication to be sent on following co-ordinates:

To Razorpay:

Address: 1st Floor, SJR Cyber, 22, Laskar Hosur Road, Adugodi, Bangalore – 560030, India Tel No: 1800 572 6676 Mail ID: card.services@razorpay.com

To the Bank:

Address: SBM Bank (India) Ltd., 306 - A, The Capital, G block, Bandra-Kurla Complex, Bandra East, Mumbai 400 051, Maharashtra Tel No: +91 022 4007 1500 Mail ID: customercare@sbmbank.co.in
All notices and communications under these MITC shall be made in English.

INDEMNITY

In consideration of SBM Bank and Razorpay providing Card Holder with the facility of the Cards, Card Holder hereby agrees to indemnify and keep SBM Bank and Razorpay indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses whatsoever which SBM Bank and/or Razorpay may at any time incur, sustain, suffer or be put to, as a consequence of or by reason of or arising out of, directly or indirectly providing the Card Holder, the said facility of the Cards or by reason of SBM Bank's and Razorpay acting in good faith and taking or refusing to take or omitting to take action on Card Holder's instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of Card Holder, breach or noncompliance of the rules/ terms and conditions relating to the Cards or fraud or dishonesty relating to any transaction by Card Holder.
Card Holder agrees to indemnify SBM Bank against any loss on account of misplacement by the courier, or loss-in transit of the Cards and/or PIN mailer.
While SBM Bank and Razorpay makes reasonable efforts to employ state of the art security measures appropriate for offering its services, it does not assure or guarantee that no person or entity will overcome or subvert the security measures and gain unauthorized access to its services or any accounts maintained with it. The SBM Bank and Razorpay shall not be liable if any unauthorized person hacks into or gains access to the services or to any Card Holder’s Cards.
SBM Bank and Razorpay may use multiple mechanisms that rely on the Card Holder’s information including but not limited to personal, contacts, financial, transactional, and biometric data in establishing or re- establishing identity and/or authentication of the Card Holder. Card Holder acknowledges that no information either singularly or in combination with other information is sufficient to establish true identity and that SBM Bank’s efforts are on a best efforts basis. The Card Holder shall indemnify and keep indemnified SBM Bank and Razorpay of any consequences whatsoever arising out of mistaken identity and / or compromised access irrespective of the reason for such a compromise or vulnerability.

EXCLUSION OF LIABILITY

Without prejudice to the remedies available to SBM Bank and / or Razorpay and the terms and conditions, SBM Bank and Razorpay shall be under no liability whatsoever to the Card Holder in respect of any loss or damage arising directly or indirectly out of:
- any defect in any goods or services supplied;
- the refusal of any person/ merchant to honour or accept a Card;
- the malfunction of any computer terminal;
- the giving of transaction instruction by any person other than by a Card Holder;
- handing over of the Card by the Card Holder to anybody other than SBM Bank and/ or Razorpay or its representatives;
- SBM Bank and/ or Razorpay exercising their right to demand and procure the surrender of the Card prior to the expiry date embossed on its face, whether by SBM Bank and/ or Razorpay;
- the exercise by SBM Bank and/ or Razorpay of their right to terminate any Card and the Card Account;
- any injury to the credit character and reputation of the Card Holder alleged to have been caused by the repossession of the Card and/or, any request for its return or the refusal of any merchant/ mail order establishment to honour or accept the Card;
- any mis-statement, misrepresentation, error or omission in any details disclosed by SBM Bank and/ or Razorpay. In the event a demand or claim for settlement of outstanding dues from the Card Holder is made, either by SBM Bank and/ or Razorpay or any person acting on their behalf, the Card Holder agrees and acknowledges that such demand or claim shall not amount to be an act of defamation or an act prejudicial to or reflecting upon the character of the Card Holder, in any manner.
The Card Holder acknowledges that the provision of the facility of receiving alerts on mobile phone number or e-mail, provided by the Card Holder while applying for the Card facility, is dependent on the infrastructure, connectivity and services to be provided by service providers engaged by SBM Bank and/ or Razorpay. The Card Holder accepts that timelines, accuracy and readability of alerts sent by SBM Bank and/ or Razorpay will depend on factors affecting other service providers engaged by SBM Bank and/ or Razorpay. SBM Bank and/ or Razorpay shall not be liable for non-delivery or delayed delivery of alerts, error, loss or distortion in transmission of alerts to the Card Holders.
Quality of Goods & Services: SBM Bank and Razorpay shall not, in any way, be responsible for merchandise, merchandise warranty or services purchased, or availed of by the Card Holder from merchant, including on account of delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods by the Card Holder. It must be distinctly understood that the Card is purely a facility to the Card Member to purchase goods and/or avail of services, SBM Bank and Razorpay hold out no warranty or make no representation about quality, delivery or otherwise of the merchandise. Any dispute or claim regarding the merchandise must be resolved by the Card Holder with the merchant. The existence of the claim or dispute shall not relieve the Card Holder of his obligation to pay all the charges to SBM Bank and/ or Razorpay and the Card Holder agrees to pay such charges promptly.

SET-OFF

SBM Bank and its group companies and/ or Razorpay shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any other account(s) of the Card Holder maintained with SBM Bank and / or its group companies, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/ under the control of SBM Bank and/or its group companies and/ or Razorpay (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Card Holder in any capacity) towards the satisfaction of the Card Holder’s liability under his Card Account. SBM Bank and/ or its group companies and/ or Razorpay are entitled without any notice to the Card Holder, to settle any indebtedness whatsoever owed by the Card Holder to SBM Bank and/or its group companies and/ or Razorpay, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Card Holder with SBM Bank and/or its group companies and/ or Razorpay notwithstanding that the deposit(s)/ balances lying in such account(s) may not be expressed in the same currency as such indebtedness. SBM Bank’s and its group companies’ and/ or Razorpay’s rights hereunder shall not be affected by the Card Holder’s bankruptcy, death or winding-up. It shall be the Card Holder’s sole responsibility and liability to settle all disputes/ objections with any such joint account holders.
In addition to the above mentioned right or any other right which SBM Bank and its group companies and/ or Razorpay may at any time be entitled whether by operation of law, contract or otherwise, SBM Bank is authorized / will be entitled: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Card Holder with or to any branch of SBM Bank and/or its group companies; (b) to sell or otherwise dispose off any of the Card Holders’ securities or properties held by SBM Bank and/ or Razorpay by way of public or private sale or otherwise without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to SBM Bank and/or it group companies and/ or Razorpay from the Card Holder, including costs and expenses in connection with such sale or disposal; and (c) in case of cross currency set- off, to convert an obligation in one currency to another currency at a rate determined at the sole discretion of SBM Bank and/or its group companies or Razorpay.

OWNERSHIP OF INTELLECTUAL PROPERTY

SBM Bank and Razorpay and their respective logos are the respective trademarks and properties of SBM Bank and Razorpay, as applicable. Any misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

MISCELLANEOUS

SBM Bank in consonance with Razorpay reserves the right to offer to the Card Holders, whose accounts have been maintained in good standing as per the credit norms of SBM Bank, certain facilities, memberships and services at such fees and on such terms and conditions as it may deem fit. SBM Bank and Razorpay reserve the right to waive or reduce the fees and to withdraw such benefit at any time without prior notice and without liability to the Card Holder. Any termination of membership, because of a violation of the MITC, shall result automatically in the termination of such facilities and services. SBM Bank and/ or Razorpay shall not be liable, in any way, to the Card Holder, in case of defect or breach in the performance of carrying out such facilities, memberships or services or the non-performance thereof, whether by SBM Bank and/ or Razorpay, or a merchant or any other third party.
SBM Bank and/ or Razorpay reserves the right to use the information provided by the Card Holder on his application and during surveys, information from external sources, including consumer reports, for marketing activities carried out by SBM Bank / Affiliates. SBM Bank and/ or Razorpay may use this information to develop mailing lists that may be used by companies with whom SBM Bank and/ or Razorpay shall work to develop marketing offers for the Card Holders.
SBM Bank and/ or Razorpay reserves the right to revise the policies, features and benefits offered on the Card from time to time and may notify the Card Holder of any such revisions/changes in any manner as deemed appropriate. The Card Holder will be bound by such revisions/changes unless the Card is returned to SBM Bank and/ or Razorpay for cancellation before the date on which the revisions/changes are made.
The details of all transactions recorded in the Card Account of the Card Holder may be shared with credit reference agencies, lenders and/or other agencies for the purposes of assessing further applications for credit by the Card Holder and/or his family members, and for fraud prevention.
In addition to the general right to set off or other right conferred by law or under any other agreement, SBM Bank may, without notice, combine or consolidate the standing balance on the Card Account with any other account(s) which the Card Holder maintains with SBM Bank and its group companies, and set-off or transfer money standing to the credit of such other account(s) in or towards the satisfaction of the Card Holder’s liability to SBM Bank and/ or Razorpay under his Card Account.
The Card Holder shall forthwith notify SBM Bank and/ or Razorpay of any change in his name, address, contact number and email id for communication as stated in the application form for the Card. SBM Bank and/ or Razorpay reserves the right to change the Card Holder’s address in its records if such change in address comes to the notice of SBM Bank and/ or Razorpay. The responsibility shall be solely of the Card Holder to ensure that SBM Bank and Razorpay has been informed of the correct address for communication, and SBM Bank and/ or Razorpay disclaims all liability in case of an incorrect address resulting in any loss or liability for the Card Holder.
The Card Holder shall comply with all such terms and conditions as SBM Bank or its Affiliates and/ or Razorpay may prescribe from time to time for facilities/ services availed of by the Card Holder.
All such transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centers, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of SBM Bank or its affiliates and/ or Razorpay, for and in respect of such facilities/ services offered, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by SBM Bank or its affiliates and/ or Razorpay for such facilities/ services, as may be prescribed from time to time.
SBM Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/ services.
SBM Bank and Razorpay may collect, store, use, transfer or disclose any information provided by the Card Holder, including Sensitive Personal Data, for any or all of the following purposes: -

(a) For provision, operation, processing of any services provided to the Card Holder;

(b) For data processing, statistical or risk analysis;

(c) For conducting KYC, credit or anti-money laundering checks;

(d) For purposes of credit reporting, verification and risk management, SBM Bank and Razorpay will exchange Card Holder information with reputable reference sources and clearinghouse services;

(e) For assisting other financial institutions to conduct credit checks and collect debts;

(f) To ensure ongoing credit worthiness of the Card Holder;

(g) For determining the amount of indebtedness owed by the Card Holder or to the Card Holder;

(i) For designing and/ or marketing financial services or related products or opportunities from SBM Bank and Razorpay and its affiliates;

To collect the amounts outstanding from the Card member for providing security for the Card member’s obligations;

(k) To meet the disclosure requirements of any applicable laws;

(l) For processing applications and transactions and respond to the Card member’s requests;

(m) For providing the Card Holder the relevant product and service offers; or

(n) For all other incidental and associated purposes relating to the provision of services.

Disclaimer:

SBM Bank and/ or Razorpay may at their sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to the Cards.