Up to £999
From £ 1000- £ 4999
From £ 5000- £ 15000
Up to $ 10000*
The General Terms and Conditions in this booklet apply to the various types of accounts opened at Bank of India branches located in UK excluding the Channel Islands. The branches in the UK are under the direction of the Chief Executive, European Branches with an office at the following address:
Chief Executive, European Branches
Bank of India
63 Queen Victoria Street
London EC4N 4UA
These Terms and Conditions are divided into General Terms and Conditions and Account Specific Terms and Conditions. The General Terms and Conditions apply to all accounts and services we offer to our customers. The Account Specific Terms and Conditions apply to particular accounts. If an Account Specific Condition is inconsistent with any general Terms and Conditions, the Account Specific Condition will apply. You should read these Terms and Conditions carefully and retain a copy for future reference.
When you sign the application form you are agreeing to these Terms and Conditions, and to any additional Terms and Conditions for the Account(s) you are opening. You can also contact us and request a copy of the Terms and Conditions that apply to your Account at any time. These Terms and Conditions are also available on our website.
References in these Terms and Conditions to “Our Schedule of Service Charges" are references to that document as amended from time to time. We may change the charges in that document from time to time.
In these Terms and Conditions, a number of words and phrases have a special meaning, which is explained here:
Accounts can be opened by individuals, partnership firms, companies, charitable organisations, trusts or any other organisations formed within the legal framework.
When you open an account with us, we need to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and protect you, the public and us against fraud and misuse of the banking system.
We are required under our customer due diligence obligations to satisfy ourselves as to the identity of prospective customers and obtain specific documents in compliance with these requirements. This may require you to personally attend one of our branches and complete the formalities requested by us at that time. The various customer due diligence documents required to be produced at the time of opening the account will be advised to you separately.
When considering your application, we will make searches about you at credit reference agencies who may supply us with credit information which may include information from the Electoral Register for the purpose of verifying your identity. The agencies will record details of the search type, credit or identification, and whether or not the application proceeds.
You have a period of 14 days from the date of opening the account within which you can cancel the account. The funds deposited will be returned to you together with any interest earned. No charges will be levied for cancelling the account.
The account holder(s) can authorize another person to operate the account by executing a third party mandate in our standard format. The account holder(s) will continue to be responsible for the actions or omissions of the mandate holder
We may at any time amend our Terms and Conditions for the following reasons:
These changes will be communicated to you through any of the following means with at least 15 Calendar Days in advance
If you reject the proposed changes to your account, we may take this as a rejection of the contract you have with us and a notice of termination of the account(s). We will contact you before we close your account. If we do not hear from you, we will consider that you have accepted the changes.
The list of charges for operating your account is set out in Our Schedule of Service Charges. If we increase or introduce a new charge, we will tell you at least 15 Calendar Days before the changes take effect.
Charges for other services shall be made available on request. You can also find out about our charges by contacting us or checking our Website.
If there is a change in relevant law, regulation, code of practice or to reflect a recommendation, requirement or decision of any applicable court, ombudsman, regulator or similar body To reflect any change in the Base Rate; LIBOR, Federal Rate, European Central Bank Rate and any other relevant interest rate.
To reflect changes or expected changes in the costs we pay to others and/or changes in inflation, or the costs of the services or facilities we provide;
To reflect any changes in money market interest rates or the cost to us of money we lend;
Transfers - The account holder(s) are able to make transfers between certain accounts in the same branch. Such transfers will be affected within one banking day after receipt of complete written instructions. No charges will be made for such transfers.
We accept payments into your account by means of cash, cheques, bank giro and swift. Value dates for these payments are as under and will be in with reference to the bank timings mentioned for various transactions in our Schedule of Transaction Times:
Cash is acceptable only at our counters and only during our banking hours displayed in our boiuk.com website. Cash deposits above GBP 1000 are subject to cash handling charges at the rate of £0.30 per £100. Cash deposits of Maximum of GBP 2000 is only allowed for customer deposits and if the funds involved are above GBP 2000, it is subjected to Enhanced Due diligence at branch covering satisfactory response on the source of cash, reason for handling cash transaction instead of cheque, clearing, electronic payment system etc. as required under UK Regulations. Bank reserves the right to refuse handling cash transactions if it is not justified as mentioned above.
Cheques paid into the account are normally processed on the same day provided they are received within the cut off time as per Schedule of Transaction Times. On receipt of the cheque, the amount is credited to the account with a value date of six banking days from the date of credit. If the cheque deposited is returned unpaid, the amount together with our cheque return charges, set out in Our Schedule of Service Charges will be debited to your account. We will inform you once we have done this.
Proceeds of foreign currency cheques deposited and cleared in the account will be converted at the exchange rate in use on the day of conversion. If proceeds are received by us in a currency other than the currency in which the cheque was drawn, we will not accept liability for any loss that may occur as a result of fluctuations in foreign currency exchange rates. All foreign currency cheques will be subject to our Collection fee set out in Our Schedule of Service Charges and those of the drawee bank wherever applicable.
Payments into your account will be credited on the following banking day with the appropriate value date. The transaction may take longer time if your instructions are incomplete or partially incorrect or in any way gives rise to suspicion in which case the matter would be investigated before any decision is taken regarding application of funds. We will not be held liable for such delays and no back valuation will be permitted in such cases.
We do not accept instructions for originating Direct Debits as a method of receiving funds in the account.
The processing time for payments into and out of your account may be more than the time set out in our Schedule of Transaction Times due to the following reasons
In above circumstances, we may not be liable for any delay or loss suffered by the account holder(s).
We may use any account/s held by you with us which are in credit to reduce or repay any amount you may owe to us in other account/s held by you in the same name. In the process we may appropriate fixed deposit/s held by you with us for a certain period along with the interest payable by us. In case where the credit balances are in a different currency than the balances owed to us, then the currency conversion would be done at the prevailing market rate and in doing so we may have no liability to you.
Information we hold about you in the account would not be disclosed to any other party unless
As per the existing HMRC guidelines on Income Tax, UK banks are not required to deduct income tax on the interest paid on bank deposits. In case of US Citizens / residents, the customer has to declare the USA Social Security No. and may be subject to payment of tax on principal and interest amount if the bank is advised so by US Treasury under FATCA requirements. Bank reserves the right to disclose your account and balance details and interest details on deposits to HMRC and other Tax authorities in various countries as and when required under FATCA (Foreign Account Tax Compliance Act) of USA / CRS (Common Reporting Standard) agreements with other countries, the UK has entered / will enter in future as a statutory and regulatory obligation of the bank if applicable to you
We will carry out checks on transactions on your account as a part of fraud prevention measures. We may contact you by post or by telephone. Transactions may be delayed from the prescribed time pending confirmation from the account holder if we have reason to make further enquiries for which we will not be responsible
Our telephone conversations with you may be recorded to ensure that we follow your instructions correctly and for training and compliance purposes.
19A Internally Dormant (Inactive) Accounts
If you have not made any transactions for a continuous period of two years the current/call /savings deposit account will be declared as inactive and efforts to be made to contact you by mail to ask if you want to keep the account open and “live.”. If such mail to your last address had been returned by the postal authorities the account will be marked as inactive and transactions are suspended for security reason.
Reactivation of the inactive account:
Inactive account may be reactivated if you request us in writing, in accordance with the operational instruction. You will be required to furnish your latest Identity/address proof acceptable to us. We will allow operations in the account only after carrying out detailed due diligence.
Your account can be closed immediately by us if we conclude that you have provided false information or the account is being used for illegal purposes.
You can request closure of your accounts in writing any time and we will repay the credit balances in the accounts within 15 days of receiving your instructions to close the account(s) if:
Bank of India is a data controller registered with the Information Commissioner under number Z5377790.
In order to provide you with bank accounts and other products and services we need to collect, use, share and store personal information about you and your transactions ("Your Information"). This section explains how we will use Your Information.
Your Information includes information which we:
Where you provide personal and financial information about others (such as dependents, other family members and a joint account holder) you confirm that you have their consent or are otherwise entitled to provide this information to us and for it to be used in accordance with these Terms and Conditions.
We and other companies in the Bank of India group of companies will use Your Information to manage your accounts, give you statements and provide our services and products, for assessment and analysis (including credit and/or behaviour scoring, market and product analysis), to prevent and detect fraud, money laundering and other crime, to carry out regulatory checks, to meet our obligations to any relevant regulatory authority, to develop and improve our services to you and other customers and to protect our interests.
With your permission we and other members of the Bank of India group of companies may use Your Information to inform you by letter, telephone, text messages, digital television, email and other electronic methods about products and services (including those of others) which may be of interest to you. If you do not want us to contact you about such products and services please let us know by writing to your local branch.
We may share Your Information with the following third parties, wherever located:
Save as set out above we will not disclose Your Information to anyone unless the disclosure is made with your consent, or we have a duty to do so, or if law or regulation allows us to do so, or our interests mean that we must give the information to prevent and protect ourselves from fraudulent activities.
We may transfer Your Information to our Head Office in India and any Division or branch of our Head Office wherever located (including countries outside the EEA) and to other companies in the Bank of India group of companies or to a service provider or agent wherever located (including countries outside the EEA) for the purposes stated in paragraph 23.1 above. We will make sure that the Division, branch, group company, service provider or agent agrees to apply the same levels of protection as we are required to apply to Your Information and agrees to use Your Information in accordance with our instructions.
We may give Your Information to and receive information from credit reference agencies and fraud prevention agencies. We and other organizations may access and use this information to prevent and detect fraud, money laundering and other crimes, to make credit assessments and decisions about credit related services, to enable us to manage and take decisions about your accounts and insurance policies and insurance claims and to recover debt
Information held about you by the credit reference agencies may already be linked to records relating to your partner or members of your household where a financial "association" has been created. Any enquiry we make at a credit reference agency may be assessed with reference to any associated records. Another person's record will be associated with yours when:
This "association" will be taken into account in all future applications by either or both of you and shall continue until one of you applies to the credit reference agencies and is successful in filing a "disassociation". Credit reference agencies keep a record of our enquiries and may record, use and give out information we give them to other financial institutions, insurers and other organizations. If false or inaccurate information is provided or fraud is suspected details may be passed to fraud prevention and credit reference agencies. Law enforcement agencies may access and use this information. The information recorded by fraud prevention agencies may be accessed and used by organizations in a number of countries including the UK. We can provide the names and addresses of the credit reference and fraud prevention agencies we use if you would like a copy of Your Information held by them. Please contact your local branch if you want to receive details.
You can ask for a copy of Your Information by writing to your local branch. We may charge an administration fee to meet our costs in providing you with details of Your Information.
All accounts opened with us shall be governed according to the laws of England and Wales or Scotland as applicable and shall be subject to the exclusive jurisdiction of the English and/or Scottish Courts.
The Financial Services Compensation Scheme ('FSCS') created under the Financial Services and Markets Act 2000 may cover your account. The FSCS is mainly available to private individuals, small businesses and large businesses. Deposits in all currencies are treated the same and the scheme will cover up to £85,000 w.e.f 30.01.2017. Further details on the exclusions, conditions governing compensation and details on how to apply are available at www.fscs.org.uk. .
We are a member of the Financial Ombudsman Service (FOS). If you have a complaint you may approach the Manager of the branch where you hold your account. If the problem is not resolved to your satisfaction, you may contact our Chief Executive, European Branches at the address mentioned in page 2 of these Terms and Conditions
The Financial Ombudsman Service
South Quay Plaza, 183 Marsh Wall,
London E14 9SR.
Telephone number: 0845 080 1800.
We are closely monitoring the coronavirus (Covid-19) situation in U.K. and taking sensible precautions to make sure our customers are not inconvenienced while dealing with our Bank of India, U.K. branches.
Read our advice below on the steps you can take to stay aware of any possible impact on your finances.