Article 1 : Introduction
At the request of the Customer, the bank agrees to make available its Internet Banking Services to the Customer subject to the terms and conditions contained in this Agreement.
Article 2 : Definitions
In this Agreement, the following terms and conditions shall have the meaning assigned to them as stated below "Bank" shall mean Shinhan Bank
"Business Day" shall mean days on which the Bank is open for normal business operation at its places of business.
"Business Hours" shall mean Mon~Fri : 09 :30~17:30, Sat : 09:30~12:30
"Certificate" shall mean the electronic information to verify and prove the fact that digital signature authentication key is consistent with the digital signature creation key owned by the Customer. "Customer" shall mean the user of the Electronic Banking Transactions.
"Customer Instruction" shall mean any advise, request, instruction or communication which is received by the Bank, through the Banks system or "Deposit Account" account of the Recipient into which funds will be deposited in an Electronic Banking Transaction.
"Electronic Banking Transaction(s)" shall mean a variety of inquiries, direct transfers between accounts, remittances, trade finances, loan repayments, cash management services, etc., and other such transactions that are offered by the Bank through telecommunication channels and are directly used by the Customers. "Identification (ID)" shall mean the designated User-ID used to verify the authenticity of users through telecommunication channels.
"Login Password" means the password to identify the User-ID when the User logs on to telecommunication channels.
"Means of Access" shall mean certificates, passwords, user identification numbers and others that are necessary to make a Transaction Request using Electronic Banking Transactions.
"Payer" shall mean the holder of the account from which funds will be withdrawn (hereinafter, the "Debit Account") in an Electronic Banking Transaction.
"Recipient" shall mean the holder of the Deposit Account "Reserved Transfer Services" shall mean the transactions whereby the Customer makes a Transaction Request in advance designating a future date as the date on which Transfer Services are to take place, and the Bank executes the requested Transfer Services on such date.
"Services" shall mean Internet Banking services that the Bank provides through telecommunication channels.
"System" shall mean Shinhan Bank's net system (including any software) accessed via portal at shinhanglobal.net or such other access point or means as the Bank may modify from time to time.
"Transfer Services" shall mean the transactions whereby the Bank withdraws funds from a specified account and transfers them to another account opened at the same bank or another bank pursuant to the Transaction Request made by the Payer.
"Telecommunication Channels" means the electronic devices, such as PCs and other devices, utilized by the User at the time of making use of electronic banking services. "Transaction Request" shall mean the request by which the Customer asks the Bank to process an individual Electronic Banking Transaction pursuant to an agreement of Electronic Banking Transactions.
"Transfer Password" means the password used by the User at the time of transferring funds through telecommunication channels.
"User(s)" shall mean the account holder or any its employees or agents whom from time to time the Account holder appoints via the System to use (subject to any notifications of any restrictions in relation to such appointments received by the Bank via the System) the System and Services.
Article 3 : Types of Services
3.1 Subject to the Customer complying with the instructions and procedures set out in this Agreement, the Bank will make reasonable efforts to make the Services available on the terms of this Agreement to the Customer.
3.2 The Bank's Internet Service shall offer following facilities to the user:
Article 4 : Service Hours
4.1 The Bank shall provide the Money Transfer facility between accounts maintained in Bank only during business hours on weekdays.
4.2 The Bank shall process Money transfer request in case of Deposit Account maintained with other Banks, if the request is received before 2:00 pm (except Saturday), on the same day.
4.3 The Bank shall process Money transfer request in case of accounts maintained with other Banks, if the request is received after 2:00 pm (except Saturday), on the next working day.
4.4 The Money transfer request to other bank to be processed on Saturday should reach the Bank before 11:30 am.
4.5 Any request for transactions during non-working hours may be processed on the following Business Day.
4.6 The Bank will ensure that the requests received during the day would be processed on the same day, however the bank would not be liable for not processing the transaction due to events beyond its control.
Article 5 : Registration of Service Account
5.1 The Customer shall select a debit account before applying for the account registration with the Bank in writing.
5.2 The Customer shall select and designate a Deposit Account maintained with the Bank, or otherwise and the Bank shall transfer funds into the Deposit Account selected when the User request to transfer fund.
Article 6 : Registration of Passwords
6.1 When the Customer registers his/her/its password directly via Telecommunication Channels after entering into an agreement for transactions, such registration shall be made within three Business Days from the date of the agreement for transactions, inclusive of the transaction agreement date.
6.2 The Customer shall avoid using common or easily accessible data as a password, such as personal birthday, telephone number, name, or characters, numbers and symbols that are easily recognized by a third party. The Bank may request the Customer to alter the password after a certain term of period
Article 7 : Issue and Use of Digital Certificate
7.1 The business related to Digital Certificate shall be pursuant as SVB Internet-Banking Service Certification Practice Statement (CPS) stipulated by the Bank.
Article 8 : Transfer Service
8.1 The Customer shall set his/her/its own ceiling amount for Transfer Services in accordance with the method designated by the Bank.
8.2 The ceiling on the debit account shall be within the credit balance in cash and loan ceiling at the point of transfer.
8.3 Inquiry for reserved transfer (including reserved bulk transfer) and credit of transferred fund into debit account shall be completed by the time designated by the Bank. The transaction hour of transferring fund into deposit account and transfer means, etc shall be consistent with Bank stipulations.
Article 9: Formation of Transactions
9.1 When the Customer wishes to use Electronic Banking Transactions, the transactions shall be formed at the following point in time:
9.1.1 In case of Transfer Services, at the time when the Bank confirms the contents of the Transaction Request entered by the Customer and records the withdrawing of the "debit amount" (this term hereinafter shall include service fees, if any) on the ledger of the Debit Account;
9.1.2 In case of Remittance Services, at the time when the Bank confirms both the contents of the Transaction Request entered by the Customer and the amount to be deposited; and
9.1.3 In case of Reserved Transfer Services, at the time when the Bank confirms the contents of the Transaction Request made by the Customer, subject to the condition that the Debit Account shall have sufficient funds available at the time of execution of the requested Transfer Services.
Article 10 : Criteria for Processing Transaction Requests
10.1 The Bank shall process a Transaction Request upon verification of the identification of the account number, password, user number, etc. stated on the Transaction Request against those reported to the Bank.
10.3 In case of transactions where the Recipients cannot be confirmed due to the nature of the requested transactions, such as batch Transfer Services and Transfer Services to accounts opened at another bank, etc., the requested transactions shall be processed on the basis of the account numbers of the Recipients.
10.4 In case of Reserved Transfer Services, the requested transactions shall be processed only if the Debit Account has sufficient funds to cover the amount requested by the Customer on the Transaction Request at the time of execution of the requested transactions.
10.5 In case of Reserved Transfer Services, if the requested transfer date falls on a Bank``s holiday, the requested transactions shall be processed on the following Business Day.
Article 11 : Revocation or Modification of Transaction Requests
11.1 Transactions formed pursuant to Article 9 may not be revoked or modified. Reserved Transfer Services may be revoked, if a revocation of the Transaction Request is made via applicable Telecommunication Channels prior to one Business Day immediately preceding the requested transfer date.
11.2 When the Debit Account is closed at the request of the Customer, any Transaction Request for Reserved Transfer Services registered with such Account shall also be terminated.
11.3 Neither death or adjudication of quasi-incompetency or incompetency of the Customer nor dissolution, bankruptcy or merger of the Customer or the Bank by itself will have the effect of revoking or modifying the Transaction Requests or affect the powers of the Bank.
Article 12 : Restrictions on Transactions
12.1 In any of the following cases, the Electronic Banking Transactions requested on the Transaction Request may be restricted: 12.1.1 where the balance of the Debit Account is less than the debit amount at the time of execution of the Electronic Banking Transaction, notwithstanding other provisions, which shall be applicable.
12.1.2 where the Credit/Debit Accounts are closed or suspended;
12.1.3 where a certificate of balance is issued for the Credit/Debit Accounts on the requested transfer date;
12.1.4 where the amount requested for Transfer Services on the Transfer Request exceeds the ceiling amount set by the Customer;
12.1.5 where the Transfer Request requests transfer services to be made to an account other than the designated Deposit Account, when the Customer has agreed to use only the designated Deposit Accounts for Transfer Services;
12.1.6 where the Bank determines that provision of services may not be appropriate for reasons of legal restraints placed on debit, etc.
12.1.7 where the certificate has expired or is canceled, all Transfer Services conducted via applicable Telecommunication Channels may be restricted.
12.2 In the event that the Electronic Banking Transactions are restricted pursuant to the foregoing clauses, the Bank shall notify within 24 (twenty four) hours the Customer of the reasons thereof, over the same Telecommunication Channel upon receipt of a Transaction Request of the Customer.
12.3 Where the Customer may resume the Electronic Banking Transactions by taking appropriate steps, such as re-issuance or extension of the certification required by the Bank or expression of intent to use, etc.
Article 12 : Restrictions on Transactions
13.1 If the Customer wishes to make changes to any of the items reported to the Bank, such as the account number, password, user number, company name, address, telephone number, etc., the Customer shall report to the Bank on such changes in writing.
13.2 The amendments to the reported items shall take effect upon passage of reasonable time required for computer entry after receipt of the report under clause 13.1.
Article 14 : Verification of Transaction Results
14.1 The Customer shall confirm whether the Transaction Request and the processing results mentioned in clause 23.1 correspond.
14.2 The Customer shall immediately notify the Bank upon learning of any discrepancies between the Transaction Request and the Bank``s processing results. The Bank shall take necessary measures, such as tracking down the funds or putting holds on debits, etc.
Article 15 : Handling of Errors
15.1 When the Bank becomes aware that the Electronic Banking Transaction was processed differently from the Transaction Request, it shall effect appropriate corrections to the processed transaction to make it in conformity with the Transaction Request.
15.2 The Bank shall notify the Customer of such corrections made under the clause 15.1 within 24 (twenty four) hours.
Article 16 : Customer Instruction
16.1 Where each item of ID, Login Password, Account No., Transfer Password, and Certificate is inputted by the Customer and verified against previously registered ones, the Bank shall deem the Customer identical and process transactions in conformity with instructions.
16.2 The Bank may treat all apparently valid Customer Instructions received through the System as instructions properly authorised by the Customer, even if made fraudently.
16.3 The Bank shall be under no obligation to check the authenticity of the Customer instructions or authority of the person given them other than as mentioned in Article 16.1.
16.4 Where the Bank has reason to believe that the Customer Instruction purporting to come from the Customer has not been properly authorised or that any other breach of security has occurred in relation to the use of the system, the Bank reserve the right not to act or to delay acting upon the Customer Instruction and, in that event, the Bank will inform the Customer as soon as is reasonably possible.
16.5 The Customer shall be responsible for the accuracy and completeness of the Customer Instructions and for ensuring that they will achieve their intended purpose. The Bank will not be liable for any loss or delay where the contents of the Customer Instructions are inaccurate or incomplete.
Article 17 : Service Fees
17.1 The Bank may collect service fees for Electronic Banking Transactions either by withdrawing the fees from the Customer``s account or by receiving cash directly from the Customer. The payment method of the service fees shall be determined in accordance with the Bank``s Policies and Procedures.
17.2 Service fees shall be determined in accordance with the Bank``s method of calculating the service fees. In the event that the Bank wishes to change the service fees, it shall post the proposed changes at its business places and over Telecommunication Channels which are amenable to posting of notice for one month starting one week prior to the effective date of the changes.
Article 18 : Service Suspension, Alteration, Termination, Etc.
18.1 The Customer may by written notice to the Bank change or terminate any of the services provided by Bank.
18.2 Any services previously applied for by the Customer, such as reserved transfers, etc., shall be automatically cancelled in the case of service termination.
18.3 The Customer shall comply with the procedures specifically stipulated by the Bank, provided that the Customer intends to continue the suspended services or the suspended password due to lost and stolen security means and passwords, or input incorrect passwords more than certain number of times designated by the Bank.
Article 19 : Maintenance of Transaction Records and Provision of Data, etc.
19.1 The Bank shall keep and maintain transaction records of the credits and debits made in Electronic Banking Transactions for 5 (five) years.
19.2 At the request of the Customer, the Bank shall provide the Customer with relevant records and data maintained and managed by it concerning the Electronic Banking Transactions to the extent that it does not violate the "Act on Real Name Financial Transactions and Guarantee of Secrecy" and any other laws and regulations.
Article 20 : Procedure at the Time of Accident or Impediment
20.1 When the Customer learns of the theft, loss, forgery or alteration of the Means of Access to the transaction accounts or leakage of other information which is required to be kept confidential for the purpose of transactions, he/she shall promptly notify the Bank of such fact.
20.2 The reporting made under the foregoing clause 20.1 shall take effect upon passage of reasonable time required for computer entry after receipt of the report.
20.3 In the event that the reporting made under the clause 20.1 is to be revoked, the Customer shall file a written application with the Bank.
20.4 In the event that the Electronic Banking Transactions cannot be processed as requested on the Transaction Request because of telecommunications impediment or other causes, the Bank shall credit the money back to the Debit Account and notify the Customer of such fact at the Customer``s reported point of contact.
20.5 At the request of the Customer, the Bank shall promptly investigate the reasons for any accidents or impediments, and shall notify the Customer of the results of the investigation.
Article 21 : Method and Effect of Notice
21.1 The Bank shall promptly notify the Customer of the processing results via the relevant Telecommunication Channels, provided that in case of Transfer Services to accounts opened at another bank or Reserved Transfer Services, the Bank shall promptly notify the acceptance results thereof over the relevant Electronic Means.
21.2 In notifying matters in the process of Electronic Banking Transactions under clause 2 of Article 20 and clause 20.4 and 20.5 of Article 22, the Bank shall provide notice either by post, facsimile or via other Telecommunication Channels to the contact point most recently reported by the Customer.
21.3 Proof of posting or transmission of any notice to the Customer shall be deemed to be proof of receipt of the notice by Customer at the time when the notice would in the ordinary course be delivered or transmitted.
21.4 The Customer agrees and acknowledges, if communication between the Customer and the Bank is via email, internet or any other means of telecommunication (other than via the System), the risk that any such communication may be intercepted, monitored, amended or otherwise interfered with by the third parties. The Bank is not responsible or liable to the Customer or any third party in the event of such occurrence.
Article 22 : Management of the Means of Access
22.1 The Customer shall not lend, entrust or assign to a third party the Means of Access necessary for the Electronic Banking Transactions.
22.2 The Customer shall not disclose the Means of Access to a third party, and shall take all reasonable steps to safeguard the Means of Access against theft, forgery or alteration of the same.
Article 23 : Risk of Loss and Immunity
23.1 Neither the Bank nor any member thereof, shall be liable for any loss, damage or delay other than such losses, which arise as a direct result of Banks negligence or willful misconduct.
23.2 In case of a wrongful transfer which has been effected after passage of reasonable time required for computer entry after receipt of the reporting from the Customer under Article 20, the Bank shall be liable for such wrongful transfer amount together with interests accrued thereon calculated at the rate of a one-year time deposit. In the case that the amount of the damage caused to the account concerned by such wrongful transfer exceeds the amount calculated at the rate of a one-year time deposit, the Bank shall compensate the actual damage amount.
23.3 In case of the Electronic Banking Transactions which have been processed pursuant to the Transaction Request upon verification of the account number, password, user number, etc. stated on the Transfer Request against those reported to the Bank, the Bank shall not be liable for any damages suffered by the Customer for reasons of forgery, alteration or other accidents not attributable to the Bank, with the provision that such shall not be the case if the accident has occurred in the course of transmission of the Transaction Request, not caused by intentional or negligent conduct of the Customer.
23.4 The Bank shall not be held liable for damages caused by the Customer``s delay in making the reports required under clause 22.1.
23.5 The Bank shall not be liable for damages caused by the Customer``s failure to confirm or notify pursuant to Article 14, with the provision that such shall not be the case if the Bank has processed the requested transactions differently from the Transfer Request made by the Customer.
23.6 In case of notices prescribed by clause 21.2 and clause 21.3, if the Bank fails to provide a notice for reasons not attributable to the Bank, the Bank shall not be held liable for damages suffered by the Customer caused by such failure.
23.7 In case of failure to provide notice in connection with use of notice services (through fax, etc.) due to impediment of the telecommunications medium designated by the Customer or in case of leakage of information regarding the Customer due to the Customer``s own carelessness, the Bank shall not be held liable.
23.8 The Bank shall not be liable for any loss or damage arising out of the Customer use of System or service to the extent that such loss or damage is a loss of profits or loss of data, whether or not the Bank has been advised of the possibility of such loss or damage.
23.9 The Customer will indemnify and hold the Bank harmless from all losses and liabilities incurred by any employee of the Bank as result of any breach by the Customer of his/her/their/its obligations under this agreement or any employee of the Bank acting on any Customer Instruction or other communication or notice pursuant to this agreement or sent via the system.
Article 24 : Confidentiality
24.1 Except as provided by laws and regulations, the Bank shall not disclose to any third party information regarding the Customer acquired in connection, with performing the Electronic Banking Transactions without consent of the Customer.
24.2 The Bank may need to share, store, or transmit information about the Customer or Accounts with the Bank as required under any law and regulation. Any such sharing storage or transmission will be done on a confidential basis and Bank will endeavor to maintain strict confidentiality of such information.
24.3 The Bank, however, shall be held liable when the Customer-related information is stolen or leaked due to the Bank``s negligence in managing the information.
Article 25 : Force Majeure
25.1 The Bank will not be liable for any loss (including loss of profit), damage, delay or failure in performing any of its duties relating to this Agreement, caused in whole or in part, by the action of any government or governmental agency, natural occurrence, law or regulation (or any change in the interpretation thereof), injunction, currency restriction, sanction, exchange control, industrial action (whether involving Bank's staff or not), war, terrorist action, equipment failure, or interruption to power supplies or anything else beyond Bank's reasonable control. The Bank will attempt to notify you as soon as is reasonably practicable of the existence of such circumstances.
Article 26 : Amendment of General Terms and Condition
26.1 The Bank shall post any proposed amendments to this General Terms and Conditions at a branch and on telecommunication channels for one month, and deem it agreed by the User unless the User raises any objection to the modifications in writing within the specified period.
Article 27 : Priority of Application
27.1 In the event that any individual agreements made by the Bank and the Customer conflict with the provisions of these General Terms and Conditions, then such individual agreements shall take precedence over these General Terms and Conditions.
27.2 Those matters regarding the Electronic Banking Transactions not provided by these General Terms and Conditions shall be determined in accordance with the individual terms and conditions of the transactions.
27.3 Those matters not provided by these General Terms and Conditions shall be, in absence of other agreements, governed by the relevant laws and regulations, the Bank``s General Terms and Conditions of Deposit Transaction
Article 28 : Raising of Objections
28.1 The terms and conditions and / or the operations in the accounts of the User maintained by the Bank and / or the use of the services provided through the internet banking shall be governed by the appropriate laws In India and no other nation. The User and the Bank agree to submit to exclusive jurisdiction of the courts located in Mumbai, india as regards any claims or matter arising under these terms and conditions
Article 29 : Application Provision
29.1 Items that are not stipulated in this General Terms and Conditions shall be pursuant as stipulated by each General Terms and Conditions of the according dealings.
29.2 The General Terms and Conditions shall take effect on June 23, 2008.
Article 30: Laws and procedure
30.1 This Agreement is governed by and will be construed in accordance with the laws of India. Both parties irrevocably submit to the exclusive jurisdiction of Courts at Mumbai.
30.2 The Customer agrees that any of the services provided by the Bank shall be deemed to be provided in the jurisdiction named in clause 30.1 irrespective of where a user accesses the system or uses the services (if such access or use is in a different jurisdiction).