The customer understands and agrees that availing the facility of RTGS shall not be construed as creating any contractual or other rights with or against RBI or any other participant in the RTGS other than the Bank. The customer hereby acknowledges that the customer has read and understood the Regulations and agrees that the rights and obligations provided therein and in these Terms of Service (Terms & Conditions) in so far as it relates to the customer shall be binding on him/her/ it with regard to every RTGS Requests made by him /her/ it. The Terms of Service (Terms & Conditions) shall be in addition to and not in derogation of the Terms of Service (Terms & Conditions) relating to any account of the customer and the Terms of Service (Terms & Conditions) governing the RTGS Request, regulations, circulars, orders, notifications, press releases, instructions issued by RBI from time to time, including the aforesaid regulations and any practices and / or policies followed by the Bank from time to time. The Bank shall be entitled, at its sole discretion, to accept and process or reject such RTGS Request. To avail/ use the facility of RTGS Request, a customer shall submit to the Bank an RTGS Request. “Words or expressions used in these Terms of Service (Terms & Conditions), but not specifically defined herein shall have the respective meanings assigned to them by the Bank or the RBI from time to time”. "RTGS Request" means an unconditional RTGS instruction issued by the customer to the Bank, in form, manner and substance as the Bank may prescribe or require including Internet banking channel, to effect a transfer of funds for a sum of money expressed in Indian rupees, to the designated account of a designated beneficiary in India with a scheduled bank, that shall be effected by debiting the account of the customer.Īll references to singular include plural and vice versa.Īll references to any gender shall include the masculine and also the feminine as well as neutral gender. “Regulations” shall have the meaning given to that term in clause 2 of these Terms of Service (Terms & Conditions) and shall include RTGS (Membership) Business Operating Guidelines, 2004 and RTGS (Membership) Regulations, 2004. “RTGS Business Day” shall mean a day other than (i) Sundays and national holidays (ii) a day on which RBI does not provide RTGS, or (iii) a day on which normal business cannot be transacted due to storms, floods, bandhs, strikes etc. "Account(s)" refers to the customer's bank account(s) maintained with State Bank of India, to be used for payments through RTGS, in addition to regular banking operations. "Customer" shall mean the applicant/ remitter availing InterBank Transfer facility made available through OnlineSBI. "OnlineSBI" means Internet Banking facility offered by State Bank of India. "Bank" means State Bank of India, incorporated under the State Bank of India Act, 1955 and having its Corporate Office at Madame Cama Road, Mumbai – 400 021, herein after called the Bank, (which expression shall, unless it is repugnant to the subject or context thereof, include its successors and assigns). Hereinafter the above guidelines and regulations will be collectively referred to as the “Regulations”. “RTGS (Membership) Regulations, 2004” shall mean the Real Time Gross Settlement System (Membership) Regulations, 2004 issued by RBI, and any amendment/modification of the same from time to time. “RTGS (Membership) Business Operating Guidelines, 2004” shall mean the Real Time Gross Settlement System Business Operating Guidelines, 2004 issued by RBI, and any amendment/modification of the same from time to time. "RTGS" means the Real Time Gross Settlement System of RBI. In these Terms of Service (Terms & Conditions), unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them: RTGS Terms of Service (Terms & Conditions)
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