Terms and Conditions for VISA Money Transfer

State Bank of India shall endeavor to provide its customer, the Visa Money Transfer Facility through its Internet Banking Portal www.OnlineSBI.com (as defined hereinafter) subject to the Terms and Conditions herein specified.

Definitions
In these Terms and Conditions, unless the context indicates the following words and phrases shall have the meanings indicated against them:

The Bank means State Bank of India, a body corporate established by means of an Act of the Parliament and having its Corporate Office at “State Bank Bhawan”, Madame Cama Road, Nariman Point, Mumbai – 400 021, the proprietors of the Card, and includes its successors, assigns, nominees, representatives, agents.
1. OnlineSBI means Internet Banking facility offered by State Bank of India.
2. The Card means ATM Gold Debit Card issued in association with VISA International.
3. Account shall mean the savings / current account held with State Bank of India.
4. Account Holder refers to a customer of State Bank of India who holds a savings / current account and who has been issued a Card.
5. Beneficiary means a person whose Beneficiary Bank Card number has been provided by the Account Holder / User to the Bank for transfer of funds from the Account Holder/User's Card to the Beneficiary Bank Card.
6. Beneficiary Bank means the bank which has issued a Debit Card or Credit Card to the Beneficiary.
7. Beneficiary's Card means debit card or credit card issued by the Beneficiary Bank to the Beneficiary in association with VISA International.
8. Instruction refers to the instruction(s) given by the Account Holder/User to State Bank of India to debit his/her Account and Credit the Beneficiary's Card with the Beneficiary Bank.
9. Transaction shall mean the funds transfer from the Account Holder's Card and to the Beneficiary's Card.

Terms
1. VMT Facility offers Account Holder/ User online funds transfer either through ATM or through Online SBI from the Card issued by the Bank to any other VISA debit or credit card issued by the Bank / any other bank.
2. VMT Facility is provided by the Bank at the request of the Account Holder/ User; such request shall be treated as authorization by the Account Holder/ User to the Bank for debiting the Account for the amounts transferred to a Beneficiary using the VMT Facility together with charges if any.
3. The Account Holder/ User shall provide to the Bank all the information as may be required, in the absence of which the Bank shall not be liable to permit the Account Holder / User to avail of the VMT Facility.
4. VMT Facility is only applicable for debits and credits to VISA Cards issued in India. This service is not applicable for cards issued by any other Issuing authority.
5. VMT Facility is not applicable for transfers to Beneficiary Cards not issued in India.
6. The Bank shall endeavor to ensure that transfers are not made to any Beneficiary Card not issued in India. Provided, however, the onus shall lie on the Account Holder/User to ensure that there are no violations of any law, regulation, authorization including (FEMA or Exchange Control) and the Account Holder/User shall be solely liable for any violation thereof.
7. The Bank shall send the funds transfer only to the number of such Beneficiary Card as has been provided by the Account Holder/User. The Bank at its discretion may obtain certain details of the Beneficiary but the Bank is not responsible to verify or authenticate the same.
8. The Bank shall endeavor to carry out the VMT Instruction on receipt of the Instruction; however the Bank does not guarantee or will not be held responsible for, performance hereunder.
9. The Bank shall process all VMT Instructions received on a working day, on the following working day only.
10. All Transactions shall be processed only on working days. Instructions given on Sundays / Bank holidays will be processed by the Bank only on the next working day. The Bank shall assume no responsibility for:
  1. Transactions carried out by the Bank in good faith relying on Account Holder/ User's Instructions.
  2. Not carrying out Transactions where the Bank has reason to believe, in its sole discretion that the Instructions are not genuine or are otherwise unclear, improper, vague, or doubtful.
  3. For the performance of VISA or any other entity involved in the process; and for any loss or damage incurred or suffered by the Account Holder/ User for any error, defect, failure or interruption of VMT service or consequences arising out of delayed payments.
11. The Bank reserves the right to make additions/ deletions to the VMT Facility services offered through any of its channels at its sole discretion. The availability/ non-availability of a particular service shall be displayed on the Bank’s web site.
12. The Bank reserves the right to withdraw VMT Facility, if at any time the amount of deposit in the Account falls short of the required minimum prescribed for issuance of the Card and/ or if the service charges remain unpaid, without giving any notice to the Account Holder/User and/ or without incurring any liability or responsibility whatsoever by reason of such withdrawal.
13. The Account Holder/User is entirely responsible for providing the accurate / correct number of the Beneficiary Card. The Bank will process all Transactions only on the basis of the information provided by the Account Holder/User. The Bank shall not be responsible for any erroneous credit, if an erroneous number of the Beneficiary Card is provided by the Account Holder/User to the Bank.
14. The Account Holder/User is entirely responsible for providing the accurate amount to be credited on the Beneficiary Card. The Bank shall not be responsible for an erroneous credit, if an erroneous amount is provided by the Account Holder/User to the Bank and the Bank shall not be liable to reverse such erroneous credit on the Beneficiary Card.
15. The Bank shall specify from time to time the limit on the funds that can be transferred from the Account Holder/User to the Beneficiary.
16. The Bank shall endeavor to send the remittance within 72 hours of the Instruction. However the Bank is not responsible for the delays, if any, in crediting the proceeds the Beneficiary Bank / credited to the Beneficiary Card.
17. Neither the Bank nor the Affiliates shall be liable for any unauthorized Transactions occurring through the VMT Facility and the Account Holder/User hereby fully indemnifies and holds the Bank and the Affiliates harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof.
18. The Bank reserves the right to withdraw VMT Facility at any time at its discretion.
19. The Bank reserves the right to change, at any time, these Terms and Conditions, features and benefits offered on VMT Facility. These terms and conditions are in addition and not in derogation to terms and conditions of State Bank of India Gold Debit Cards and Savings Bank account.
20. The Bank and the Account Holder/User agree that any legal action or proceedings arising out of this terms and conditions shall be brought in the courts or tribunals at Mumbai in India and agree to irrevocably submit themselves to the jurisdiction of that court or tribunal. The terms and conditions shall be governed by and construed in accordance with the laws of India.

Daily Limits & Service Charges
1. Each transaction using the VMT facility should not exceed Rs. 25,000/-.
2. A card holder can carry out any number of transactions in a day. However each transaction should not exceed Rs. 25,000/-.
3. Transaction amount and the applicable service charge of Rs.15/- will be debited from the customer’s account.
4. The Bank reserves the right to revise the transaction limits as well as charges at its discretion which will be displayed on the Bank’s website.