Hdfc Bank Demat Account Opening Terms and Conditions
General
1. I hereby grant HDFC Bank Limited (the Bank) and its authorised third-party processors consent to open Demat account basis the KYC details / documents & information provided by me on the HDFC Securities Ltd platform.
2. I understand that, HDFC Bank may share my personal data with, regulatory agencies, law enforcement agencies and fraud prevention agencies for use in verifying my identity, credit decisions, regulatory requirement, legal investigation, fraud and money laundering prevention.
3. I understand that, HDFC Bank will process my data for market research including statistical analysis of user behaviour which the Bank may disclose to third parties in aggregated form.
4. I understand that, HDFC Bank may send Newsletter or information about features, products and services, events and special offers related to their similar products and services I may be entitled to or about products and services available from the Bank that may be of interest to me etc.
5. I understand that, I can find a full description of what personal data the Bank collects and the purpose for collection and processing in privacy notice hosted on the Bank’s website https://www.hdfcbank.com
6. The DIS booklet will be issued to me on my request at any later date after account opening.
7. I agree to avail Depository on Net Service for my account.
8. I agree to receive standing instructions directly to my demat account.
9. I agree that separate request will be submitted for updation of demographic details in Demat account and HSL Trading account.
10. I authorise HDFC Bank Ltd to share my details with NSDL or CDSL for the purpose of Digital Demat Account Opening.
11. I agree to receive/view the Rights & Obligations & Demat Tariff in electronic form.
12. I agree to the Terms & Conditions and Privacy Policy and authorize the bank to communicate with me via WhatsApp.
13. CDSL A/c - To register for Easi please visit our website www.cdslindia.com It allows a BO to view his ISIN balances, transactions and value of the portfolio online.
14. NSDL A/c - To register for “SPEED-e” & “IDeAS” please visit our website https://eservices.nsdl.com SPEED-e is a common Internet Infrastructure that enables the Depository Participants (Participants) to provide depository services to their clients. Clients can view latest balances along with the value based on the previous day closing price in their demat account using IDeAS
Declaration
I hereby declare that the details furnished above are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein, immediately.In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.
Email Statements
1. I agree and consent for receiving statements in electronic mode at my registered email id.
2. I understand & acknowledge that HDFC Bank Limited shall not be liable or responsible for any breach of secrecy arising due to the statements being sent to my registered email ID.
3. I shall verify the authenticity of the emails received. I shall not hold the Bank responsible or liable for any statement received from fraudsters/imposters, if any problem arises with my computer network arising out of me receiving statements from the Bank.
4. I shall inform the Bank if there is any change in the email address. The Bank shall not be responsible if I do not receive statement due to incorrect email address and technical reasons.
5. I will take all the necessary steps to ensure confidentiality and secrecy of the login name and password of the internet/email account.
6. I am aware that the transaction statement may be accessed by other entities in case the confidentiality/secrecy of the login name and password is compromised.
FATCA / CRS
Towards compliance with tax information sharing laws, such as FATCA / CRS, I have understood the information requirements as per the CBDT notified Rules 114F to 114H and hereby confirm that the information provided by me to the Bank is true, correct, and complete. I understand that my personal details as provided /available in the banks records will be used for CBDT reporting. Should there be any change in any information provided by me, I would update the Bank within 30 days.
I confirm to have read and understood the Terms & Conditions pertaining to my account.The rules and regulations of the Depository and Depository Participants pertaining to an account which are in force now have been understood by me and I have understood and agree to abide by and to be bound by the rules as are in force from time to time for such accounts. I hereby declare that the details furnished are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.
I specifically agree and confirm that any matter or issue arising hereunder shall be governed by and construed exclusively in accordance with the Indian laws and shall be subject to the jurisdiction of the courts of Mumbai in India.
Rights and Obligations of Beneficial Owner and Depository Participant as prescribed by SEBI and Depositories
General Clause
1. The Beneficial Owner and the Depository participant (DP) shall be bound by the provisions of the Depositories Act, 1996, SEBI (Depositories and Participants) Regulations, 1996, Rules and Regulations of Securities and Exchange Board of India(SEBI), Circulars/Notifications/Guidelines issued there under, Bye Laws and Business Rules/Operating Instructions issued by the Depositories and relevant notifications of Government Authorities as may be in force from time to time.
2. The DP shall open/activate Demat account of a beneficial owner in the depository system only after receipt of complete Account opening form, KYC and supporting documents as specified by SEBI from time to time.
Beneficial Owner information
3. The DP shall maintain all the details of the beneficial owner(s) as mentioned in the account opening form, supporting documents submitted by them and/or any other information pertaining to the beneficial owner confidentially and shall not disclose the same to any person except as required by any statutory, legal or regulatory authority in this regard.
4. The Beneficial Owner shall immediately notify the DP in writing, if there is any change in details provided in the account opening form as submitted to the DP at the time of opening the Demat account or furnished to the DP from time to time.
Fees/Charges/Tariff
5. The Beneficial Owner shall pay such charges to the DP for the purpose of holding and transfer of securities in dematerialized form and for availing depository services as may be agreed to from time to time between the DP and the Beneficial Owner as set out in the tariff Sheet provided by the DP. It may be informed to the Beneficial Owner that " no charges are payable for opening of Demat accounts
6. In case of Basic Services Demat Accounts, the DP shall adhere to the charge structure as laid down under the relevant SEBI and/or Depository circulars/directions/notifications issued from time to time.
7. The DP shall not increase any charges/tariff agreed upon unless it has given a notice in writing of not less than thirty days to the Beneficial Owner regarding the same.
Dematerialization
8. The Beneficial Owner shall have the right to get the securities, which have been admitted on the Depositories, dematerialized in the form and manner laid down under the Bye Laws, Business Rules and Operating Instructions of the depositories.
Separate Accounts
9. The DP shall open separate accounts in the name of each of the beneficial owners and securities of each beneficial owner shall be segregated and shall not be mixed up with the securities of other beneficial owners and/or DPs own securities held in dematerialized form.
10. The DP shall not facilitate the Beneficial Owner to create or permit any pledge and/or hypothecation or any other interest or encumbrance over all or any of such securities submitted for dematerialization and/or held in Demat account except in the form and manner prescribed in the Depositories Act, 1996, SEBI (Depositories and Participants) Regulations, 1996, and Bye-Laws/Operating Instructions/Business Rules of the Depositories.
Transfer of Securities
11. The DP shall effect transfer to and from the Demat accounts of the Beneficial Owner only on the basis of an order, instruction, direction or mandate duly authorized by the Beneficial Owner and the DP shall maintain the original documents and the audit trail of such authorizations.
12. The Beneficial Owner reserves the right to give standing instructions with regard to the crediting of securities in his Demat account and the DP shall act according to such instructions.
Statement of account
13. The DP shall provide statements of accounts to the beneficial owner in such form and manner and at such time as agreed with the Beneficial Owner and as specified by SEBI/depository in this regard.
14. However, if there is no transaction in the Demat account, or if the balance has become Nil during the year, the DP shall send one physical statement of holding annually to such BOs and shall resume sending the transaction statement as and when there is a transaction in the account.
15. The DP may provide the services of issuing the statement of Demat accounts in an electronic mode if the Beneficial Owner so desires. The DP will furnish to the Beneficial Owner the statement of Demat accounts under its digital signature, as governed under the Information Technology Act, 2000. However if the DP does not have the facility of providing the statement of Demat account in the electronic mode, then the Participant shall be obliged to forward the statement of Demat accounts in physical form.
16. In case of Basic Services Demat Accounts, the DP shall send the transaction statements as mandated by SEBI and/or Depository from time to time.
Manner of Closure of Demat account
17. The DP shall have the right to close the Demat account of the Beneficial Owner, for any reasons whatsoever, provided the DP has given a notice in writing of not less than thirty days to the Beneficial Owner as well as to the Depository. Similarly, the Beneficial Owner shall have the right to close his/her Demat account held with the DP provided no charges are payable by him/her to the DP. In such an event, the Beneficial Owner shall specify whether the balances in their Demat account should be transferred to another Demat account of the Beneficial Owner held with another DP or to rematerialize the security balances held.
18. Based on the instructions of the Beneficial Owner, the DP shall initiate the procedure for transferring such security balances or rematerialize such security balances within a period of thirty days as per procedure specified from time to time by the depository. Provided further, closure of Demat account shall not affect the rights, liabilities and obligations of either the Beneficial Owner or the DP and shall continue to bind the parties to their satisfactory completion.
Default in payment of charges
19. In event of Beneficial Owner committing a default in the payment of any amount provided in Clause 5 & 6 within a period of thirty days from the date of demand, without prejudice to the right of the DP to close the Demat account of the Beneficial Owner, the DP may charge interest at a rate as specified by the Depository from time to time for the period of such default.
20. In case the Beneficial Owner has failed to make the payment of any of the amounts as provided in Clause 5&6 specified above, the DP after giving two days notice to the Beneficial Owner shall have the right to stop processing of instructions of the Beneficial Owner till such time he makes the payment along with interest, if any.
Liability of the Depository
21. As per Section 16 of Depositories Act, 1996,
1. Without prejudice to the provisions of any other law for the time being in force, any loss caused to the beneficial owner due to the negligence of the depository or the participant, the depository shall indemnify such beneficial owner.
2. Where the loss due to the negligence of the participant under Clause (1) above, is indemnified by the depository, the depository shall have the right to recover the same from such participant.
Freezing/ Defreezing of accounts
22. The Beneficial Owner may exercise the right to freeze/defreeze his/her Demat account maintained with the DP in accordance with the procedure and subject to the restrictions laid down under the Bye Laws and Business Rules/Operating Instructions.
23. The DP or the Depository shall have the right to freeze/defreeze the accounts of the Beneficial Owners on receipt of instructions received from any regulator or court or any statutory authority.
Redressal of Investor grievance
24. The DP shall redress all grievances of the Beneficial Owner against the DP within a period of thirty days from the date of receipt of the complaint.
Authorized representative
25. If the Beneficial Owner is a body corporate or a legal entity, it shall, along with the account opening form, furnish to the DP, a list of officials authorized by it, who shall represent and interact on its behalf with the Participant. Any change in such list including additions, deletions or alterations thereto shall be forthwith communicated to the Participant.
Law and Jurisdiction
26. In addition to the specific rights set out in this document, the DP and the Beneficial owner shall be entitled to exercise any other rights which the DP or the Beneficial Owner may have under the Rules, Bye Laws and Regulations of the respective Depository in which the Demat account is opened and circulars/notices issued there under or Rules and Regulations of SEBI.
27. The provisions of this document shall always be subject to Government notification, any rules, regulations, guidelines and circulars/ notices issued by SEBI and Rules, Regulations and Bye-laws of the relevant Depository, where the Beneficial Owner maintains his/ her account, that may be in force from time to time.
28. The Beneficial Owner and the DP shall abide by the arbitration and conciliation procedure prescribed under the Bye-laws of the depository and that such procedure shall be applicable to any disputes between the DP and the Beneficial Owner.
29. Words and expressions which are used in this document but which are not defined herein shall unless the context otherwise requires, have the same meanings as assigned thereto in the Rules, Bye-laws and Regulations and circulars/notices issued there under by the depository and /or SEBI.
30. Any changes in the rights and obligations which are specified by SEBI/Depositories shall also be brought to the notice of the clients at once.
31. If the rights and obligations of the parties hereto are altered by virtue of change in Rules and regulations of SEBI or Bye-laws, Rules and Regulations of the relevant Depository, where the Beneficial Owner maintains his/her account, such changes shall be deemed to have been incorporated herein in modification of the rights and obligations of the parties mentioned in this document.
