Silkbank Credit Card Terms & Conditions Silkbank Limited Credit Cards Terms and Conditions

These terms and conditions constitute a formal agreement between the Bank and the Cardmember, setting out the terms under which the Cards are issued and used by the Cardmember(s) {hereinafter referred to as “Terms and Conditions”}. The Cardmember(s) shall be bound by these terms on signing of the Application Form and activation of the Card.

1. DEFINITIONS.

The following terms shall have the meaning assigned to them herein, unless the context requires otherwise.

a. “ATM” means an automated teller machine or any card-operating machine INSIDE COVER or device whether installed in Pakistan (BLANK) or in any other country outside Pakistan, at which Cardmembers can initiate Electronic Funds Transfer or which accepts the Cards duly issued by the Bank. The ATM may belong to the Bank or other participating banks or financial institutions or concerns or the Visa Card global ATM Network or the affiliated networks thereof, as the case may be (authorized by the State Bank of Pakistan to transact business in Pakistan).

b. “ATM PIN” means the Personal Identification Number selected by a Cardmember or a Supplementary Cardmember to enable the Cardmember or a Supplementary Cardmember to use the Card at an ATM.

c. “Application Form” means an Application

1 Form of the Bank that shall be duly filled Cardmember will immediately be moved out and signed by the Cardmember and by the Bank to the retail APR prevalent Supplementary Cardmember, as the case at that time for the remainder of the year. may be and submitted to Bank after which these Terms and Conditions and e. “Authorized Signatory” means the Schedule of Charges shall be provided Cardmember or the Supplementary to the Cardmember and Supplementary Cardmember, as the case may be. Cardmember as the case may be and Card shall be issued by the Bank. f. “Additional Card” means another or additional Card issued by the Bank to d. “0% APR Card” means a Card issued the Cardmember at request. It could also by the Bank in which balance transfer be issued to same person having other amount will apply. It shall be issued only Card of the Bank in his or her own name. to those customers or Cardmembers who have applied for the issuance of g. “Additional Cardmember” means an 0% APR Card and who will accept and individual to whom more than one Cards comply with the terms and conditions are issued by the Bank . and Schedule of Charges associated h. “Bank” means Silkbank Limited a with the use of the 0% APR Card. The Banking Company registered under the 0% APR offer will be for a duration of laws of Pakistan. 12 months. Any enhancements in that duration as part of any promotion shall i. “Balance” means the total balance purely be at Bank’s discretion. After the outstanding on the Card Account initial 12 months the Cardmember will according to Bank’s records on the automatically move to the prevailing date Statement of Account is issued retail APR as stated in the Schedule of including all charges, fees, mark up etc. Charges. It would be the responsibility calculated according to the rates notified of the Cardmember to keep track of the in the Schedule of Charges and including aging of the 0% APR period. Moreover outstanding dues or liabilities. the 0% APR promotion shall apply only to the outstanding balance transferred j. “Balance Transfer Facility” means the from any other bank’s card to the Card facility provided by Bank on both Normal and does not apply to any other form and 0 % APR Cards on rates as specified of transaction. For 0% APR Card the in Schedule of Charges. Cardmember shall be charged a Balance Transfer fee upfront as mentioned in the k. “Business Day” means any day on which Schedule of Charges. If the Cardmember offices of the Bank are open to the public decides to revolve the Balance Transfer for routine business. fee he or she will have to pay the Service fee to the Bank. On missing l. “Card” means the Visa Credit Card any monthly payment on the due date issued by the Bank to a Cardmember the Cardmember and Supplementary or Supplementary Cardmember,

2 3 including personalized Credit Card or Cardmember by or through the use Supplementary Card or Additional Card of the Card or the Card numbers or or Replacement Card (in case of theft or the PIN or in any other manner by loss ) or 0 % APR Card or any other card, the Cardmember or Supplementary but not limited to co-branded card and Cardmember, including but not limited e-card. to mail, telephone or facsimile, e-mail, electronic message or through any m. “Card Account” means Visa Card other means of communication, account involving Pakistani currency order or reservation, authorized by only pertaining to the Card(s) issued the Cardmember or Supplementary by the Bank from time to time, as the Cardmember or purported to have been case may be, opened and maintained authorized, regardless of whether a by the Bank for the purpose of entering sales or Cash Advance or other voucher debits or charges incurred by or for the or form is signed by the Cardmember or account of, and credits received by or Supplementary Cardmember. for the Cardmember and Supplementary Cardmember, if any, under these Terms p. “Cash Advance” means amount of and Conditions and includes, without money in any currency availed or lent limitation, all debits incurred resulting to the Cardmember or Supplementary from any Cash Advances and or Charges Cardmember by the Bank or any and or Liabilities arising out of or in participating bank or financial institution connection with any Card Transaction or or ATM whether in cash or in any other otherwise. form of payment. n. “Cardmember” in relation to any Card q. “Charges” means the total debit balance means an original person to whom the outstanding on the Card or any amount Card is issued by the Bank whether in charged by the Bank or any Merchant addition or in replacement and shall for any goods, services, benefits or also include every Supplementary facility provided by the Bank or any Cardmember for whom the Card Account amount payable by the Cardmember is opened by the Bank. or Supplementary Cardmember to the Bank under the Terms and Conditions o. “Card Transaction” means any payment or according to Bank’s record on the made or Cash Advance obtained or date of issuance of Bank’s Statements of any amount to be debited from the Accounts including but not limited to all Card Account or any amount charged Card Transactions, Annual Membership by the Bank or any Merchant for any and Services Fee, other fees or charges, all goods, services and other benefits or losses and damages incurred or suffered facilities provided by the Bank including or sustained by the Bank arising from or but not limited to accommodation or relating to the issue or use of the Card transportation, whether or not utilized or breach of these Terms and Conditions by the Cardmember or Supplementary by the Cardmember or Supplementary

4 5 Cardmember or the Bank’s enforcement internet banking facility provided to or attempted enforcement of its rights the Cardmember or Supplementary under the Terms and Conditions. Cardmember in line with the terms and conditions as stated on the bank’s r. “Current Balance” means the total website. debit balance outstanding on the Card Account and payable by the Cardmember x. “Liabilities” means any or all amounts or Supplementary Cardmember to the payable whatsoever by the Cardmember Bank, or the total credit balance stated including Supplementary Cardmember in the Card Account, as the case may be, to the Bank pursuant hereto (other according to the Bank’s records on the than Charges) including every type date of issue of the Statement of Account of exchange or other premium, fees, including all Charges and Liabilities. import duties and levies of whatever kind and or amount such as minimum s. “Credit Limit” means the maximum debit payment fees, delayed payment fees, balance or outstanding balance permitted cash advance fees, stamp duties, excise by the Bank in the Card Account for the or other taxes on provision of advances applicable Card, if any, and notified or credit or finance or otherwise and by the Bank to the Cardmember and losses incurred or sustained by the Supplementary Cardmember from time Bank, if any, arising or resulting from any to time. governmental actions or policies which effectively prevent repayment of foreign t. “Electronic Fund Transfer” means currency charges of the Cardmember, any transfer of funds, other than a and further including without limitation, transaction originated by cheque, draft fines, costs, expenses, damages or similar paper instrument, which is (liquidated or otherwise) and legal costs initiated through an Electronic Terminal, and disbursements charged or incurred telephonic instrument, point-of -sale in connection with application and or Terminal, stored value card Terminal, enforcement or enhancement hereof. debit card, ATM, computer magnetic tape or any other electronic device so as to y. “Merchant” means any retail and service order, instruct, or authorize a Financial outlet that have entered into a written Institution or Bank to debit or credit an agreement to accept Visa Cards or any Account. other Cards (duly issued by the Bank) in the payment of reservation of goods and u. “Expiry Date” means the date of expiry services and shall also include any person specified by the Bank on the Card. or entity supplying goods and or services and or other benefits who accepts the v. “Installment Plan” means the option available to the Cardmember under the Cards of the Bank or the Card numbers Installment Plan terms and conditions. as a means of payment or reservation by the Cardmember or Supplementary w. “Internet Banking” means the Cardmember for execution of the Card

6 7 transaction pursuant to an agreement payments to third parties or conducting with the Bank. execution of any transaction in relation to the arrangements made hereunder. z. “Minimum Payment Amount” comprises of any unpaid amount from the previous af. “Rupee” means Pakistani Rupee Currency month(s), which needs to be paid by the under these Terms and Conditions. Cardmember immediately to avoid any payment default and to enable continued ag. “Reward Points” means the number of usage of the Card. points accumulated by Cardmember at the rate of 1 Reward Point for every aa. “Month” means calendar month. Rs. 50 spent on Cardmember’s Card which the Cardmember can redeem as ab. “Multiple Limit” means total credit limit per the Bank’s promotions and programs approved by the Bank for a Cardmember as introduced from time to time. or Supplementary Cardmember on all of his or her Credit Cards collectively. ah. “Schedule of Charges” means the document prescribing service fee(s), ac. “Payment Due Date” means the date commission, mark up (if any), charges specified in a Statement of Account or and other fee(s) applicable to including E-Statement by which date payment but not limited to the Card issued by of the Minimum Payment Amount or the Bank , Card transactions including the Current Balance is to be made by foreign currency transactions and or the Cardmember or Supplementary Card Account, issued by the Bank from Cardmember (as the case may be) to the time to time for the Cardmembers and Bank. the said schedule is also available at the Bank’s branches, ATMs of the Bank ad. “Phone Banking Service” means the and also through advertisement and or 24 hours Call Centre of the Bank for sending information to the Cardmembers the support and assistance of the at their addresses or handing over to the Cardmembers of the Bank. Cardmember at the time of selling the card, website of the Bank. The Schedule ae. “Request or Instructions” through including but not limited to submission of Charges shall form a part of these of an application on the format as Terms and Conditions. prescribed by the Bank, facsimile ai. “Statement of Account” means the Bank’s message, telephone call, email, monthly or other periodic Statement of electronic message sent via cellular Account sent to the Cardmember showing telephone and or any other means of particulars of the current balance and communication for issuance of the Card Minimum Payment Amount due on the including a Supplementary Card and for Card Account and payable to the Bank on any facility(ies) or service(s) offered by Payment Due Date and brief particulars the Bank but not restricted to balance of Charges and other Liabilities, as the transfer facility, availing installment plan, case may be.

8 9 aj. “Service Fee” means fee as determined context otherwise requires: by the Bank and prescribed in the Schedule of Charges and payable by the i. Words importing only the singular Cardmember of both on the outstanding number shall include the plural number Liabilities and other amounts in relation and vice versa. to the Card Account. The Bank shall have the right to change the rate of the ii. Any reference to a Cardmember includes Service Fee by giving a notice to the where the context permits any or all Cardmember. heirs or executors, administrators and successors-in-interest. ak. “Supplementary Card” means the Card issued by the Bank on the Application of iii. The headings to the clauses herein shall the Cardmember to the Supplementary not be taken into consideration in the Cardmember with a clear understanding interpretation or construction of these that the liability of payment rests with Terms and Conditions. the original Cardmember and shall 2. COLLECTION OF THE CARD include subsequently issued renewal or replacement Supplementary Cards, if any, 2.1. The Cardmember’s Application shall be unless the context otherwise requires. an offer that the Bank may, in its sole discretion accept and both the above al. “Supplementary Cardmember” means mentioned offer and the acceptance the person who is issued a Supplementary shall be subject to the Terms and Card with the authorization and consent Conditions. Upon the Bank’s acceptance of the original Cardmember. of the Cardmember’s Application and subsequent issuance of the Card under am. “T PIN” means the Personal Identification Number issued to the Cardmember the Terms and Conditions hereunder, to enable the Cardmember or a the Card may be collected by the Supplementary Cardmember or selected Cardmember in person (but not through by a Cardmember or the Supplementary a mandate) or be sent by courier to Cardmember to use the telephone the Cardmember’s billing address. In banking facilities made available by the the event of the Card being sent by Bank. courier, the same shall be at the sole risk of the Cardmember. All renewed an. “Validity Date” means the validity date and replaced Cards thereafter will be specified by the Bank on the Card. sent by courier to the Cardmember’s last known billing address, at the sole risk ao. “US Dollar” means currency of the United of the Cardmember. However, any other States of America. communication or letters shall be sent to the Cardmember at the alternative Note: address in case of return of mail from the last known billing address of the In these Terms and Conditions unless the Cardmember.

10 11 2.2. That on receipt of the Card (this term permit any other person or third party whenever noted herein shall include including a Mandatee to use the Card both Normal and 0 % APR Card) for for Charges and or Card Transactions or initiating Electronic Funds Transfer the identification or for any other purpose Cardmember and as applicable the whatsoever. The Cardmember and the Supplementary Cardmember both are Supplementary Cardmember shall not bound to immediately activate the Card use the Card before the Validity Date or according to the instructions of the Bank after the Expiry Date. and immediately sign on the signature space provided on the Card. That on 3.2. The Cardmember including a signing of the Silkbank’s Application Supplementary Cardmember shall be Form and activation of the Card the responsible for the safe custody of the Cardmember is bound to adhere to these Card issued to them and shall ensure its Terms and Conditions and Schedule of safety even in case of the Supplementary Charges and any amendments thereof. or any other Card. Any loss, theft of As the Cardmember is liable for the the Card or handing over the Card to liabilities and charges arising on the an unauthorized person or third party Card, moreover the Cardmember shall including a Mandatee in any manner take all necessary steps and precautions shall be the exclusive responsibility of to ensure that no loss to the Bank is the Cardmember under the Terms and caused through misuse or fraud relating Conditions and the Cardmember shall to the use of the Card. be responsible to pay for all Charges, liabilities, mark up, costs and expenses 2.3. The Cardmember agrees to ensure that etc. incurring due to the aforementioned he or she has read and completely circumstances except where the understands the Terms and Conditions Cardmember or Supplementary and Schedule of Charges and Cardmember has duly notified the Bank amendments thereto made from time to (whether in person or on phone using time, as the Cardmember is liable for the Phone Banking Service or notifying in use of the Card including Supplementary writing to the concerned branch of the Card by the Supplementary Cardmember Bank) immediately after loss, theft or and the Charges arising thereby on the handing of the Card to an unauthorized Card Account. person and consequently the Card Account will be immediately closed or 3. RESTRICTIONS IN USE OF THE CARD. blocked by the Bank.

3.1. The Card is not transferable and no person 3.3. The Cardmember including a or third party other than the Cardmember Supplementary Cardmember shall be (or any duly authorized Supplementary bound by these Terms and Conditions Cardmember) is permitted to use the Card moreover only Cardmember shall be or Supplementary Card. The Cardmember fully and solely liable for all Charges or Supplementary Cardmember shall not and other liabilities and any other costs

12 13 and expenses. Therefore both agree any of these Terms and Conditions. The that the Card may only be used by the Bank also reserves the right to decrease Cardmember or any duly authorized or block the limit in case the Cardmember Supplementary Cardmember within the defaults in making payments of Card or Credit Limit for Card Transaction and any other facility extended by the Bank to obtain the facilities, benefits and by virtue of these Terms and Conditions. services or avail promotional scheme(s) or program’s made available by the Bank, 3.5. The Cardmember or a Supplementary financial institution, participating bank Cardmember shall be bound to or any Merchant from time to time and immediately notify the Bank of any provided that the Bank shall be entitled change or imminent change in any at any time at its discretion and with or information that he or she may have without notice to the Cardmember to provided in his or her Application Form authorize a Card Transaction which shall or other information provided to the cause the Credit Limit to be exceeded. Bank and respectively agrees to provide If the Cardmember or a Supplementary any other information, documents or Cardmember causes the Credit Limit to particulars if requested by the Bank be exceeded then and without prejudice at anytime. The Cardmember or a to the Bank’s rights and remedies, the Supplementary Cardmember also agree Cardmember shall be liable to make to immediately notify the Bank of any immediate payment of the excess over occurrence or imminent occurrence of the Credit Limit to the Bank. any event that may be relevant to the Terms and Conditions subject to which 3.4. Not withstanding that Cardmember’s he or she becomes the Cardmember, Credit Limit has not been exhausted, including but not limited to: the Bank in its absolute discretion shall have the right, at any time and without a. His intention or plan to travel or reside notice and without giving any reason outside Pakistan. and without liability to the Cardmember or the Supplementary Cardmember, to b. Any change in the Cardmember’s or withdraw or restrict the Cardmember’s Supplementary Cardmember‘s particulars or Supplementary Cardmember’s right to or other information as stated in the use the Card or the Card Account, or to Application Form or any other information refuse to authorize any Card Transaction or particulars notified to the Bank from or increase or decrease the Credit time to time, including any change in Limit or modify or terminate any of the the Cardmember’s or Supplementary facilities and benefits made available Cardmember‘s insolvency or bankruptcy, to the Cardmember. Such action may any change in his or her residential or be taken by the Bank in respect of all office address or contact number(s) Cardmembers generally or only a specific employment or position with his or her Cardmember notwithstanding that the employer, as the case may be. Cardmember may not be in default of 3.6. Neither the Cardmember nor the

14 15 Supplementary Cardmember shall either for the full amount of the aforesaid loss, use the Card or the Supplementary damage or expense. Card or allow any third party to use the Card or the Supplementary Card for 3.8. The Card shall at all times be and remain any purpose or transaction prohibited the property of the Bank. On receipt of by law or otherwise which shall include delivery of Card the Cardmember agrees without limitation gambling and the to be bound by all other Terms and Bank in its sole discretion may decline Conditions governing the use of other such transactions which shall without facilities or benefits which may from time limitation include transactions carried to time be made available in connection out through the internet or any other with the Card and any variations or way. amendments thereto which the Bank may improve from time to time at its 3.7. In the event that the Cardmember or a discretion. Moreover on receipt of notice Supplementary Cardmember either uses of surrender by the Bank the Cardmember the Card or the Supplementary Card or or Supplementary Cardmember (as the allows any third party to use the Card or case may be) shall forthwith surrender the Supplementary Card for any purpose the Card to the Bank. or transaction prohibited by law or otherwise as indicated in clause above 3.9. The Bank shall have the right to refuse then the Cardmember, the Supplementary to authorize any Card Transaction Cardmember or the third party, as the without assigning any reason thereof. case may be, who used either the Card Further the Bank shall be entitled to or the Supplementary Card for any stop providing services and facilities to purpose or transaction prohibited by law the Cardmember in any city or country. It shall be exclusively responsible or liable shall be the Cardmember’s responsibility under the law for using the Card or the to inform the Bank prior to undertaking Supplementary Card for any purpose or any foreign travel to check whether the transaction prohibited by law. The Bank Bank is providing services regarding shall have no liability or responsibility the Card in that particular country(ies) of whatsoever nature and howsoever where he or she intends to visit. arising on account of either the Card or the Supplementary Card being used for 3.10. The Cardmember, as the case may be a purpose or transaction prohibited by declares that the aggregate amount of law or otherwise. In the event that the Unsecured Finance facilities availed by Bank shall incur any loss, damage or him or her from the Bank and other banks, expense as a result of either the Card or in his or her own name shall at no time the Supplementary Card being used for exceed the amount as prescribed by the any purpose or transaction prohibited by State Bank of Pakistan from time to time. law or otherwise then the Cardmember Moreover the Cardmember shall provide and or the Supplementary Cardmember any documentation or personal details shall immediately reimburse the Bank to the Bank as and when requested by

16 17 the Bank. Cardmember increase or decrease the Credit Limit of the Card (if the minimum 3.11. The Cardmember or Supplementary payment due has not been received by Cardmember may have all the Cards the Bank and the Cardmember shall be however the Multiple or collective limit liable for all related transactions. of all the Cards shall not exceed the approved limit for the said Cardmember 3.16. In case the Cardmember or Supplementary or Supplementary Cardmember. Cardmember exhausts the Credit Limit sanctioned, the Card will not be 3.12. The Card shall be used for personal use invalidated but all transactions initiated only and shall not be used for speculative by the Cardmember or Supplementary purposes such as real estate or capital Cardmember beyond the limit sanctioned markets. may be declined till the Card amount is fully or partly funded. 3.13. The Card shall only be used for personal transactions and the Cardmember 4. THE CARD ACCOUNT. cannot make any third party transaction or business transaction on his or her 4.1. The Bank shall be entitled to claim and personal Card. Further the Cardmember is receive from the Cardmember any Charges not allowed to deposit any amount in his and Liabilities and any other costs or or her Card Account which is excessive to expenses incurred or payable by the his or her agreed total credit limit. Cardmember including Supplementary Cardmember under these Terms and 3.14. The Cardmember’s or Supplementary Conditions and according to rates Cardmember’s signature on the Card and stipulated in the Schedule of Charges . activation of the Card is an evidence The Cardmember shall be liable to pay to that the Cardmember or Supplementary the Bank all such amounts regardless of Cardmember has agreed to adhere to the the manner in which the Card Transaction terms and conditions contained herein is conducted or instructions are issued as well as Schedule of Charges notified by the Cardmember in relation thereto. by the Bank from time to time. In addition, the Bank shall be entitled to claim and receive all losses or damages 3.15. The Bank shall assign a Credit Limit incurred or sustained by the Bank arising to the Card Account which must be from or relating to the unauthorized strictly observed by the Cardmember use of the Card (or any indemnity or Supplementary Cardmember and herein or otherwise be given) or any which may be raised or reduced or breach of these Terms and Conditions varied by the Bank from time to time as by the Cardmember and Supplementary provided by notice to the Cardmember Cardmember. In case the Cardmember or Supplementary Cardmember. The including a Supplementary Cardmember Bank may at its sole- discretion (but is holding an account with the Bank, the shall not be obliged to, with prior notice Bank shall be entitled, in its absolute to the Cardmember or Supplementary

18 19 discretion, to debit that account and also by the Bank from time to time. to recover any amount that may be due to the Bank under this Article or under (ii) No cheque books will be issued in any other Term or Condition. respect thereof and the Cardmember or Supplementary Cardmember will 4.2. All foreign transactions made or incurred not be entitled to withdrawals of any by the Cardmember in any country except credit balance therein but any such Pakistan on their Card will be converted credit balances (except to the extent from the base currency (i.e currency of of the initial account opening deposit that particular country as allowed by the referred to in applicable clauses will Bank from time to time) to U.S dollars be applied to offset the Cardmember’s on the international exchange rate or Supplementary Cardmember‘s applied after which same shall again outstanding amounts during subsequent be converted into Pakistani Rupees for billing periods. the purpose of reimbursement from the Cardmember. To settle your foreign spend (iii) No profit or return of any type shall be the Bank will purchase U.S. dollars from paid or accrued, upon any credit balances the open market at the prevailing open maintained in the Rupee account at any market (authorized money changers) rate time. and will debit Cardmember’s account in Pak Rupees using that rate plus a (iv) The Bank may at any time in its discretion premium. Foreign transactions may also discharge its entire liability with respect include Foreign Airline Tickets bought on to any such account by mailing to Cardmember’s Card. the Cardmember or Supplementary Cardmember, at the address on file, its 4.3. The Cardmember shall be severally or draft in the Pakistani currency without exclusively liable to pay all amounts recourse to the Bank as drawer and debited to the Card Account by the Bank payable to the order of the Cardmember as more particularly specified in clauses in the amount of the existing credit herein below. balance in the account(s) deducting there from the amount of any claims that 4.4. The Cardmember hereby irrevocably the Bank may have on such funds. authorizes and empowers the Bank to open Rupee account as the Bank may (v) All amounts standing to the credit of the deem appropriate and the Cardmember Card Account (less any sums owing to agrees, with respect to any Rupee the Bank) are payable solely at the Bank account opened by the Bank on his or in Pakistan and shall be governed by and her behalf, that: subject to the laws in effect from time to time in Pakistan. As used herein, the (i) The Cardmember shall upon receipt of word “laws” includes, but is not limited the first Statement of Account deposit to, circulars, notifications, regulations such initial account opening balance in and orders of the State Bank of Pakistan. Pakistani Rupees as may be prescribed Any credit balances in the Account(s) are

20 21 not insured by the Deposit Protection debit his or her Pak Rupee account for Scheme (DPS) of the U.K. nor by Federal a handling fees, which the Bank deems Deposit Insurance Corporation (FDIC) of appropriate and may impose from time to the U.S.A. nor by any other corporation time for such foreign currency handling. or company outside Pakistan. 4.6. The Bank shall issue NOC (No Objection (vi) All the Account(s) opened by the Certificate) to the Cardmember on Cardmember shall be governed by permanent settlement / closure of the these Terms and Conditions and the Card Account only on written request Schedule of charges and any subsequent by the Cardmember. NOC shall not be amendment thereto. issued by the Bank in the absence of such written request by the Cardmember. 4.5. The Cardmember hereby irrevocably authorizes the Bank to effect debit to 4.7. On permanent Card Account block by the Pak Rupee Card Account of the the Bank or voluntary account closure Cardmember maintained with the Bank in request by the Cardmember any excess order to purchase foreign currency notes amount in the Card Account at the time or other allowed instruments on behalf of of closure shall be refunded to the the Cardmember to effect remittance, or to Cardmember by the Bank through a Pay instruct money exchangers to effect such Order, deducting the Pay Order charges remittances on behalf of the Cardmember (as per Schedule of Charges) from the against payment of equivalent Pak available funds. However, in case the Rupees debited from the Cardmember’s excess amount in the Card Account account(s) together with all applicable is less than the Pay Order charges (as costs, as allowed by the State Bank of per Schedule of Charges), however no Pakistan for settlement of the foreign amount shall be refunded by the Bank. currency dues / outstanding balance of the Cardmember. In this regard the 5. PAYMENT. Cardmember irrevocably authorizes the Bank to purchase or instruct to purchase 5.1. The Bank shall every month dispatch foreign currency (instruments / cash) or courier the Statement of Account from the authorized money changers to the Cardmember at his or her last as allowed by law and accordingly debit known billing address or in case of the relevant local currency account of return of mail at the last known billing the Cardmember (at the sole risk, cost address or at the alternative address. If and expense of the Cardmember or the Cardmember does not receive the Supplementary Cardmember) in order Statement of Account within (7) seven to recover all outstanding Rupee and days of regular statement date then non-Rupee charges and liabilities and in such a case he or she is bound to all costs and expenses incurred in call Bank’s Phone Banking Service at connection therewith. The Cardmember 111-100-777 to get the Statement of also irrevocably authorizes the Bank to Account details. The Cardmember must send the payment before the due date to

22 23 avoid any late payment fee and service is suggested that the Cardmember pays charges. the payable amount by the due date. In case the Cardmember makes partial 5.2. The Cardmember also have the option payments then in such a case Bank will to avail E-Statement facility, through take into account partial payment made which the Statement of Account will be before charging mark up or service fee emailed every month on the notified or charges on the outstanding amount. e-mail address, unless there has been no The Cardmember must not deposit cash outstanding balance or no transaction in the Card or Card Account exceeding on the account since last month. All their total dues to avoid anti money transactions made by the Cardmember laundering issues or to avoid violation of and Supplementary Card member(s), if any regulation of State Bank of Pakistan. any and fee/service charges on the Card The Cardmember’s payment will be will be listed on the Statement of Account credited to his/her Card Account after or E-Statement. (For more information funds are received by the Bank regarding E-Statements the Cardmember can call on the Phone Banking Service at 5.4. If the Cardmember is unable to make 111-100-777 where Bank’s Phone Bankers payment by the due date, a late payment are ready to assist round the clock). The fee will be charged to the Card Account. Statement of Account and E-Statement A late payment fee or delayed payment (if applicable) both contain information fee specified through the Schedule of on breakup of total amount due, the Charges or through written notice of the minimum amount payable, annualized Minimum Payment Amount, whichever rate of interest and interest amount is greater (or such other amount as the along with the method of calculation Bank may specify through the Schedule of for purchase of goods or services, cash Charges or written notice will be charged advances, and other benefits of Card (if to the Card Account if Cardmember’s different). payment is not received by the Bank on or before the Payment Due Date. Note: Interest amount will not be charged by the Bank on net credit i.e. after deducting the amount 5.5. The Cardmember shall pay in the paid by the Cardmember. The outstanding case of a debit balance at least the amount due to rounding-off of paisas, will not Minimum Payment Amount stated on be considered as partial payment and interest the Statement of Account not later than amount will not be charged on it. the Payment Due Date. In the event that the Statement of Account is not received 5.3. The Cardmember has the option to pay by the Cardmember, the obligations of the full balance or minimum payment the Cardmember under these Terms and amount of the outstanding balance Conditions, Schedule of Charges and as it appears on the front side of the Statement of Account or E-Statement of Statement of Account to avoid charges in Account to the Bank shall not cease and relation to late/non-payment. However it all applicable Charges and Liabilities and

24 25 other costs and expenses payable under costs and expenses by the Payment Due these Terms and Conditions , Statement Date specified in the current Statement of Account or E-Statement of Account and of Account or E-Statement of Account. Schedule of Charges shall continue to In the event the Cardmember exceeds accrue and for the purpose of calculation the Credit Limit without the Bank’s prior and establishment of the date on which written approval, the Cardmember shall payment is due and the fact that, for pay on demand or within such period whatever reason, the Cardmember does as the Bank may specify which shall not receive the Statement of Account on in no circumstance exceed thirty (30) time or at all, the same shall not free days such unauthorized excess over the him/her from applicable basic obligation Credit Limit together with any costs and to make the payments to the Bank on expenses in relation thereto. time and also it is his/her continuous obligations to show reasonable diligence 5.8. The Cardmember can settle his or her to ensure that all payments due to the outstanding balance by making payments Bank from him / her are made on time. through following channels:

5.6. If the Cardmember effects full payment (i) Depositing cash over the counter at any of the Balance outstanding in the Card Bank’s branch in Pakistan. Account on or before the Payment Due Date subject to collection of the (ii) If the Cardmember is living outside required Service Fees and other fees for Pakistan then he or she can make the Cash Advances payable under clause payment by telegraphic transfer which noted below, for the period covered will be subject to applicable charges by the relevant Statement of Account or notified in the Schedule of Charges E-Statement, the Bank will not charge (iii) Interactive Voice Recorder (IVR) by calling the Service Fee. on 111-100-777 for fund transfer or auto 5.7. If the Cardmember fails to pay the debit (for full or minimum payment) Minimum Payment Amount in any previous option if the Cardmember has an account Statement of Account by the Payment Due with the Bank. Date stated therein then in such a case (iv) Internet Banking. a without prejudice to the Bank’s rights and remedies, the Cardmember shall pay (v) Pay orders and demand drafts. to the Bank, in addition to paying the applicable Minimum Payment Amount (vi) Cheques deposited at any of Bank’s drop for the current Statement of Account or box locations. Cheques drawn on within E-Statement of Account , all arrears in the the city or outside the city should be Minimum Payment Amount payable for dropped at least 3 and 7 working days earlier periods and any and all delayed (respectively) before the payment due payment, Cash Advance or other fees date. Moreover, for outstation cheques relating thereto and all other applicable the period may extend to 21 days. The

26 27 Cardmembers must make all cheques is also entitled to charge auto debit payable to their Card(s) or Card Accounts, insufficient fund fee. marked “a/c payee only “and payable in Pak Rupees and should write their 5.10. All payments received by the Bank from Card number, full name on the back of the Cardmember may be applied in the cheque and always return payment and towards payments of unpaid fees, coupon together with the payment. The Cash Advances, Charges, Liabilities and Cardmember must not send cash in other costs and expenses in previous payment envelope. In case of returned/ or current Statements of Account or dishonored cheque(s), Service fee and E-Statement of Account in such order of other ancillary charges will be charged priority as the Bank may deem fit. as per the Schedule of Charges. 5.11. The Bank’s rights against the Cardmember 5.9. In addition to the amount payable by shall not be determined, affected, or the Cardmember, the Bank shall charge prejudiced by and all amounts payable the Cardmember and debit to the Card to the Bank whether actual or contingent Account a dishonored payment or or joint or several shall immediately return cheque fee, if any cheque or other become due or payable upon the death, payment order or instruction issued insolvency or insanity of the Cardmember by the Cardmember to the Bank is not / or Supplementary Cardmember and the honored for any reason whatsoever in Card shall immediately cease to be valid relation to payments for current or other and must be returned to the Bank by Statements of Account or E-Statement of the legal heirs, legal representatives, Account. The following without limitation executors, receivers, relatives, friends, shall be deemed dishonored payment: colleagues etc. of the Cardmember. The Card(s) (shall be returned to the Bank) cut (i) if the Bank receives a cheque(s), draft(s) into two halves with the chip damaged or other payment instrument from the and make full payment as required in Cardmember / already honored in full, the Statement of Account or E-Statement or of Account of the Bank.

(ii) the Cardmember, makes payment to the 5.12. At the Bank’s absolute discretion, the Bank using direct debit option and the Bank shall be entitled to demand return debit to the relevant account with the of the Card and or immediate payment of Bank, or with other financial institution all amounts outstanding on the Card or / bank is not honored in full due to under the Card Account at any time with insufficient funds in the said account. or without giving any reason or notice However, payment of fee for amount notwithstanding that the Cardmember for dishonored payment / return cheque may not be in default of these Terms shall not discharge him or her from the and Conditions or Application form or liability under the law for dishonored Schedule of Charges. cheque issued by him or her. The Bank 5.13. The Bank shall only credit the Card

28 29 Account with a refund in respect of a market at the prevailing open market Card Transaction or any payment made (authorized money changers) rate and in the Card Account or any other credit will debit Cardmember’s Card Account due to the Cardmember in accordance in Pak Rupees using that rate plus a with its usual practice if and when the premium. Foreign transactions may also Bank receives such refund in Pakistan. include Foreign Airline Tickets bought on Any refund, payment or credit to the Cardmember’s Card. Card Account shall not be remitted to the Cardmember unless otherwise 5.16. If the Cardmember uses Card to pay for decided by the Bank but shall be any airline tickets (whether domestic primarily applied towards the reduction or foreign) by virtue of internet based of the Cardmember’s Charges or other transactions, the amount that he or she Liabilities incurred or debited to the Card are subsequently billed in the Statement Account. of Account or E-Statement of Account may differ from the amount listed/ 5.14. In the event of an attachment order notified on the Airline’s website at the pertaining to the Cardmember’s assets time of carrying out the transactions. and issued on account of his or her, This is because the purchase of ticket(s) insolvency or death, or upon demand of an airline through internet based by the Bank or any reason whatsoever, transactions may be treated as a foreign or in the case of breach of these Terms currency transaction and the account and Conditions or Application form or of the acquiring merchant for such an Schedule of Charges., the Cardmember or airline or its principal/head office being their legal heirs or legal representatives, located in a different country. As such, shall settle the debit balances of in accordance with Terms & Conditions, the Cardmember immediately. This the transaction will be subject to all commitment shall bind Cardember’s applicable rules and procedures of legal heirs and successors without any Bank for foreign currency/base currency objection or challenge. conversion into US Dollars and further conversion of same into Pak Rupees, 5.15. All foreign transactions made/incurred based on the exchange rate being used by the Cardmember in any country by Bank at the time of conversion. except Pakistan on his or her Card will be converted from the base currency (i.e 5.17. The Bank may from time to time impose currency of that particular country as charges in relation to various services allowed by the Bank from time to time) to or features in relation to the Cards on U.S dollars on the international exchange Cardmembers as per rates notified either rate applied after which same shall again through the Schedule of Charges which be converted into Pakistani Rupees for is available at all branches of the Bank or the purpose of reimbursement from you. by the Bank giving notice of the same in To settle your foreign spend the Bank writing or by advertising in newspapers will purchase U.S. dollars from the open or posting the same on Bank’s website

30 31 or posting at a conspicuous place in the consent of the Cardmember, the Bank branch(es) or at ATM Machines. reserves the right to call or visit at available address during extended hours. 5.18. The Cardmember shall not deposit cash However the Supplementary Cardmember in excess of the amount due on their may be contacted to inquire about the Card Account. In case there is any excess whereabouts of the Cardmember in case cash in the Cardmember’s Card Account, of his or her disappearance or negligent the Bank may refund the excess amount behavior. through Pay Order after deducting the Pay Order charges (as per Schedule of 6. DISPUTED ITEMS. Charges). 6.1. The Cardmember must ensure to carefully 5.19 The Bank shall not ensure that the due read the Statement of Account after date of payment does not fall on a holiday receiving and reconcile the transactions due to sighting of moon, since the Bank’s with the mini- statement regularly. In system does not support holidays due to case of disputed transactions or any sighting of moon. In case of due date or any discrepancy in the Statement of falling on public holiday due to sighting Account or E-Statement of Account the of moon, the Cardmember shall make Cardmember must immediately inform payments before the due date. the Bank in writing within 7 days of monthly statement billing or due date. 5.20. If the Cardmember or Supplementary The Cardmember must retain all the Cardmember goes over limit on account sales slips, mini statements and printed of nonpayment or levy of any charges, receipts evidencing the card transactions, then the Cardmember shall be liable to as this will help in identifying and pay over limit charges as communicated rectifying any disputed transaction in the Schedule of Charges. appearing in the Statement of Account or E-Statement of Account. That if sales slip 5.21. The Bank has the sole discretion to or printed receipt or mini -statement is appoint collection or recovery officers retrieved for the purpose of investigation or lawyers for recovery of outstanding of a disputed transaction and it is dues or to initiate any action allowed ascertained by the Bank that the charges by law for recovery of all monies owed are validly levied then a retrieval fee in to the Bank , with or without any prior accordance with the Bank’s Schedule of notice in this regard. Charges respectively shall be charged 5.22. The Bank’s collection or recovery officers depending on whether the sales slip may call or visit the Cardmember for and printed receipts is retrieved from the recovery of outstanding dues during a local bank or an international bank. any convenient time (between 8:00 A.M. The Bank will investigate and inform and 9:00 P.M) . However in case the the Cardmember of the findings of the Cardmember is not available during the investigation which shall be final and aforesaid timings but with the mutual binding on you.

32 33 6.2. In case of disputed transactions the 6.5. All signature related transactional Cardmember should send the Bank a disputes or disputed transactions for all written request through courier or by Supplementary Cardmembers shall be visiting the concerned Bank’s branch or borne by the Cardmember. by using Bank’s Phone Banking Service within above noted time frame, any 6.6. In case the investigation report or its written request must be addressed at: findings carried out by the Bank in response of the disputed transaction Mailing address: request by the Cardmember turns out to be against the Cardmember i.e. fault Complaint Management Unit, Silkbank at the Cardmember’s part) the Bank Limited, 2nd Floor, Hussain Centre 47-A, shall pass all the charges imposed by Dar ul Aman Housing Society, P.E.C.H.S the Merchant / acquirer (for document Block 7 & 8, Shahrah e Faisal, Karachi. retrieval etc.) to the Cardmember.

6.3. If such a request is not sent within above 6.7. The Bank will try to resolve Cardmember’s noted time frame (7 ) days of the monthly disputed transactions complaint statement due date, the transaction promptly and as per the franchise rules would be deemed to be authentic and of VISA, or any other international Cardmember shall be bound to make card association, taking into account payments for the entire amount. nature of the transaction, distances, time zones etc. However, in no case 6.4. When Cardmember writes in to the complaint resolution time will exceed 45 Bank, then he or she must provide the days from the date of complaint for the following information for each disputed transaction(s) under dispute originated transaction: within Pakistan. The Bank will clearly (i) transaction date communicate to Cardmember in case of any dispute, whether he or she will get (ii) Type of transfer temporary credit during investigation period. (ii) transaction description (including Merchant’s name) 6.8. Interest amount will not be charged to you during investigation period. The Bank (iii) US Dollar amount (if international) will recover interest amount accumulated during investigation period only when (iv) Pak Rupee amount. the dispute is settled in favor of the Bank. If decision turns in Cardmember’s Moreover no complaint regarding favor then Bank will refund the amount or disputed transactional shall be of disputed transactions, even if you he entertained or addressed if all relevant or she cancelled the Card after lodging supporting documents are not timely complaint. provided to the Bank. . 6.9. The Bank or Merchant or other Authorized

34 35 Parties providing funds transfer facility owned by the Cardmember including, shall be required to retain complete without limitation all consumer durables record of electronic transactions in and household furniture and fittings of electronic form in the same manner as every type and description, household provided in section 6 of the Electronic and owned office appliances or Transactions Ordinance, 2002 for a equipments such as Air Conditioners, period as may be determined by the Televisions, VCRs, Refrigerators, State Bank of Pakistan. Computers, Cars, Vehicles, Cash, shares and other valuables etc. (“Hypothecated 7. CASH ADVANCE. Property”), and the Cardmember further agrees that the Bank or any 7.1. If the Bank so approves, the basic representative or agent thereof has the Cardmember or the Supplementary right without further notice to enter the Cardmember may use the Card to obtain premises of the Cardmember in the event Cash Advance up to the limit decided of non-payment by the Cardmember of by the Bank from time to time,at the any and all Charges and or Liabilities counters of the Bank, other participating and or amounts payable to the Bank bank counters, financial institutions or pursuant to these Terms and Conditions ATMs, which accept the Card. and repossess the hypothecated 7.2. The Bank shall charge Service Fee on property and, without any further notice each Cash Advance from the date of to the Cardmember, to effect sale of the each Cash Advance until the date of same by private agreement or public full payment at the rate specified in the auction, for such amount or amounts Schedule of Charges per month or such and at such prices or price as the Bank other rate as the Bank may determine in its sole discretion, deems satisfactory. from time to time. In addition, the The Cardmember agrees to pay to the Cardmember shall also be liable to pay Bank all costs and expenses incurred in Cash Advance fee as specified in the connection with the enforcement of the Schedule of Charges on the amount of security and shall be liable to the Bank each Cash Advance obtained from the for the balance if the proceeds of the sale Bank or other participating banks or are deficient to satisfy the entire dues financial institutions or ATMs, which of the Bank. The Cardmember hereby accept the Card. indemnifies the Bank from any and all losses, damages, claims and demands 8. SECURITY. arising out of or in connection with any Bank repossession and / or sale of the 8.1. The Cardmember hereby hypothecates to Hypothecated Property. the Bank as continuing security for any and all Charges and Liabilities and other 8.2. The Cardmember hereby assumes full amounts outstanding and payable by liability as principal debtor for all kinds the Cardmember to the Bank hereunder, of payment obligations towards the all present and future household goods Bank pertaining to his or her own Card

36 37 and also that of the Supplementary Cardmember is inclusive of the Credit Cardmember . Limit of the Supplementary Cardmember moreover the Cardmember and the 8.3. The Cardmember authorizes the Bank to act Supplementary Cardmember shall not on the verbal instructions communicated permit the total of the Charges incurred to an authorized representative of the under or through their respective Bank over the telephone. The Bank Cards to exceed such Credit Limit. The reserves the absolute right to verify Cardmember accordingly agrees and the identity of the Cardmember over undertakes to ensure that the foreign the telephone. The Cardmember will currency balances maintained in their or be liable for any and all transactions Supplementary Cardmember’s account made after the standard verification by shall cover, at all times, the amount of the Bank’s authorized representative. the applicable Credit Limit assigned to The Cardmember also agrees that his their respective Card and their respective entire telephone conversation with Charges incurred pursuant thereof. the authorized representative may be recorded at the discretion of the Bank 9.2. The undertakings, liabilities and for any particular purpose. obligations of the Cardmember to the Bank and the Bank’s rights herein shall 9. SUPPLEMENTARY CARD. not be affected in any way by any dispute or counter claim or right of set-off which 9.1. On application of the Cardmember the Cardmember and the Supplementary the Bank may issue a Supplementary Cardmember may have against each Card to any person as nominated by other. As provided in clause 8.2, the the Cardmember and approved by Cardmember shall be liable as principal the Bank. All Supplementary Cards debtor to pay the Bank for all Charges and including renewal and replacement Liabilities incurred by the Supplementary Cards shall be sent in accordance with Cardmember (notwithstanding any the terms and conditions noted herein legal disability or incapacity of the at the Cardmember’s or Supplementary Supplementary Cardmember which Cardmember’s last known billing address would otherwise preclude such liability). at the sole risk of the Cardmember. If The Cardmember hereby indemnifies a Card is issued to a Supplementary the Bank against any losses, damages, Cardmember then Cardmember Liabilities, costs and expenses whether must ensure that the Supplementary legal or otherwise, incurred or suffered Cardmember binds by these Terms and by the Bank by reason of any breach Conditions, since the Cardmember alone of these Terms and Conditions by the is liable to the Bank for all Charges and Supplementary Cardmember or by the Liabilities and other costs and expenses Cardmember. incurred or payable by the Cardmember and or the Supplementary Cardmember. 9.3. Any payment made by the Cardmember The Credit Limit assigned to the or the Supplementary Cardmember to the

38 39 Bank shall be used towards reduction of (ii). use a number or numbers that can the debit balances in the Card Account obviously be associated with Cardmember but the Cardmember shall continue to or Supplementary Cardmember for remain liable for any outstanding post- instance their own telephone number, payment debit balances, if any, in the birthday, street number, driving license Card Account. number or popular number sequences.

10. PIN OR T PIN. 10.4. If the Cardmember or Supplementary Cardmember fails to comply with the 10. The Cardmember or the Supplementary security requirements contained herein Cardmember shall choose an ATM PIN or then the Cardmember or Supplementary T PIN for the use at any Bank or ATM Cardmember may incur liability for or for telephone banking facility made unauthorized use of the Card and the available by the Bank. The Cardmember Bank shall not be responsible for any agrees that: such unauthorized use of the Card. Always take reasonable steps to keep your card 10.1. The Cardmember agrees that the safe and your PIN secret at all times. Cardmember or Supplementary The Cardmember or Supplementary Cardmember shall not disclose the ATM Cardmember must remember that neither PIN or T PIN to any person and shall take the bank nor any agency is authorized every reasonable precaution to prevent to ask him or hereto disclose the PIN or discovery of the ATM PIN or T PIN by T PIN. any person. 11. LOSS OF CARD / DISCLOSURE OF PIN OR T PIN. 10.2. The Cardmember agrees that the Cardmember shall be fully liable to 11.1. The Cardmember and Supplementary the Bank for all Cash Advances and Cardmember undertakes not to allow Card Transactions made with the ATM the ATM PIN or T PIN to be disclosed PIN or T PIN regardless of whether to or misused by anyone else or third such Cash Advance or Card Transaction party. If the Card is lost or stolen or the was with or without the knowledge of ATM PIN or T PIN is disclosed to any the Cardmember or Supplementary third party in whatsoever manner or the Cardmember. Card is handed over by the Cardmember or Supplementary Cardmember to a 10.3. The Cardmember or Supplementary third person, the Cardmember shall Cardmember shall not any time: immediately notify the said loss, theft (i). write or indicate the PIN or T PIN on the or disclosure with all material particulars Card or any other paper or book or keep including Card numbers to the Bank a record of the PIN or T PIN or other in writing and shall require the Bank security information on card and shall to close or block such a Card Account. not allow anyone to see the PIN or T PIN. The Cardmember shall be responsible for all consequences if the Cardmember

40 41 or Supplementary Cardmember fails to Cardmember’s monthly statement, the comply with provisions of this clause. Cardmember is required to contact the Bank immediately and the Bank will try 11.2. The Cardmember agrees that the Bank to resolve the Cardmember’s problem. has the right to recover all authorized If the Cardmember or Supplementary Charges or Cash Advances, provided Cardmember is aware of any unauthorized that the Cardmember is not liable or fraudulent transaction the Cardmember for any unauthorized card transaction or Supplementary Cardmember made subsequent to reporting such must inform the Bank as soon as loss, theft or disclosure of PIN if there the Cardmember or Supplementary is due notification by the Cardmember Cardmember discovers the transaction. or Supplementary Cardmember of such The Bank may be contacted 24 hours a loss, theft or disclosure to the Bank as day at Phone Banking Service at 111 000 specified herein above, on condition 777. Expenses so incurred shall be borne that such loss, theft or disclosure is by the Cardmember . Moreover if the not due to the negligence or default of problem cannot be resolved immediately the Cardmember or the Supplementary to the satisfaction of the Cardmember Cardmember and the terms of clauses and: 11.1 and 11.3 have been complied with by the Cardmember or Supplementary (i). the Bank will advise the Cardmember Cardmember to the satisfaction of the in writing of the Bank’s procedures Bank. for investigation and resolution of the complaint; and 11.3. Any lost or stolen Card subsequently recovered by the Cardmember or (ii). if the Bank asks the Cardmember for Supplementary Cardmember shall a written confirmation or statement immediately be returned to the Bank regarding the Cardmember’s or cut in half without any further use. Supplementary Cardmember’s dispute, The Cardmember or Supplementary the Cardmember agrees to give the Bank Cardmember shall not use the PIN or same . T PIN after reporting to the Bank of the disclosure of the same to any third party. 11.6. Except as required by law, the Bank is not responsible for goods or services 11.4. The Bank may in its absolute discretion, charged with the Card, or if a Merchant issue a replacement card for any lost refuses to accept the Card. Merchants may or stolen card on these Terms and impose their own additional restrictions Conditions or such additional Terms on using the Card and the Bank is not and Conditions as the Bank may deem responsible for this. The Cardmember or fit and charge fee for the issuance of a Supplementary Cardmember must raise replacement card. any claim or dispute directly with the Merchant concerned and subject to any 11.5. If the Cardmember has a complaint law to the contrary, the Cardmember will or any problem with respect to the

42 43 not withhold payment from the Bank of all dues and outstanding Charges because of such claim or dispute. and Liabilities and all other costs and expenses in relation to the Card Account. 11.7. Subject to applicable law, the Cardmember agrees that if the Bank 12.2. The Cardmember may at any time fails to carry out any of its obligations terminate the use of any Card in connection with the Cardmember’s Supplementary Card issued to such Card Card Account or the Cardmember’s use member or Supplementary Cardmember of the Card and as a direct result, the by giving notice in writing and returning Cardmember suffers loss or costs, the the relevant Card or Supplementary Card Bank shall not be liable for that loss or to the bank cut into two halves and cost. In particular, the Bank shall l not be ensuring the chip is damaged . In such liable for consequential loss or any other event, the Cardmember but not-including loss or damage not directly and naturally the Supplementary Cardmember whose resulting from the failure including use of the Card has been terminated, shall damages which may flow from special continue to remain severally liable to the circumstances. In any event, the Bank Bank for all Charges and d Liabilities and shall not be responsible for losses or all other costs and expenses in relation costs caused by any third party including thereto in accordance with these Terms (for example only) resulting from and Conditions, mechanical or systems failure affecting such third parties. From any disruption 12.3. The Bank may at any time, recall or cancel due to any failure or defect in any ATM or all or any Card(s) with or without giving other machine or communication system any prior notice to the Cardmember or facilities or data processing system or the Supplementary Cardmember. The transmission link or due to or from any Cardmember and the Supplementary industrial or other dispute or any other Cardmembers shall immediately, after thing or cause beyond the control of the such recall and cancellation, return Bank. such Card(s) to the Bank cut into two halves and ensuring the chip is damaged 12. TERMINATION and make full payment of all Charges and Liabilities and all other costs and 12.1. The Cardmember may at any time inform expenses in relation thereto to the Bank. the Bank of his or her intention to close the Card Account and to terminate the 12.4. If the use of all or any Card(s) is use of all or any Cards by giving a prior terminated under clause 12.1 or clause notice in writing and returning all Cards 12.3, all Charges and Liabilities of the to the Bank cut into two halves and Cardmember whether actual and ensuring the chip is damaged. The Card contingent shall become immediately Account shall be closed only after the due and payable to the Bank. The receipt by the Bank of all Cards cut in Cardmember shall be fully liable to the half and after full payment to the Bank Bank for all Charges and Liabilities until

44 45 the Bank is in receipt of all Cards cut for the quality, quantity, sufficiency, into two halves and ensure the chip acceptability of goods and or services is damaged and full payment from the reserved or purchased by the use of the Cardmember for all outstanding Charges Card or for any breach or non-performance and Liabilities and other costs and of any Card Transaction by a Merchant expenses in connection therewith. The or for any surcharge (additional amount) Bank shall not be liable to refund the charged by the Merchant . In the event annual membership fees and any part of any dispute between the Cardmember thereof to the Cardmember in the event or Supplementary Cardmember and of termination of use of the Card(s) and the Bank or any Merchant or any other the relevant Card Account(s). person, the Cardmember’s liability to the Bank shall not in any way be affected or 12.5. The Cardmember shall terminate the reduced or suspended by such dispute Card and Card Account according to the or counter claim or right of set-off which provisions of this clause 12 in case he / the Cardmember or Supplementary she does not agree to any of the Terms Cardmember may have against such and Conditions subject to the condition Merchant, participating bank, financial that all amounts accrued, due and institution or other person. payable till the time of such termination shall be paid to the Bank by the 13.3. The Bank is not liable in any way to Cardmember before such termination. the Cardmember or Supplementary However, continuing the usage of the Cardmember for any loss or damage Card in any manner shall be deemed of whatever nature or arising from that the Cardmember or agrees and any disruption due to any failure or accepts the Terms and Conditions and defect in any ATM or other machine or shall remain responsible to fulfill his / communication system or facilities or her obligations hereunder. data processing system or transmission link or due to or from any industrial or 13. EXEMPTION, EXCLUSION. other dispute or any other thing or cause beyond the control of the Bank. 13.1. The Bank is not liable for any loss or damage howsoever incurred or suffered 13.4. The Cardmember or the Supplementary or sustained by the Cardmember or Cardmember hereby acknowledges the Supplementary Cardmember by that the Charges and Card Transactions reason of a bank or any Merchant or executed and paid pursuant to these Terms participating bank or financial institution and Conditions are and shall continue or ATM or other party refusing to allow to be in accordance with all applicable a Card Transaction or accept the Card or laws, regulations, rules, circulars and the Card numbers or the PIN or T PIN or directives as may be amended from time to extend or provide Cash Advance up to to time governing the use of Credit Cards the Credit Limit. for the time being in force in Pakistan and further hereby indemnify the Bank 13.2. The Bank is not liable in any manner

46 47 from any fines, losses and or damages event of Cardmember’s non-acceptance of incurred, suffered or sustained by the such Terms and Conditions as amended, Bank in the event of contravention of the Cardmember or Supplementary such laws, regulations, rules, circulars Cardmember must immediately terminate and / or directives by the Cardmember or and stop the use of the Card . Supplementary Cardmember at any time. 15. DISCLOSURE. 14. VARIATION OF TERMS. 15.1. The Cardmember hereby irrevocably and 14.1. The Bank may from time to time and at unconditionally authorizes the Bank any time change, amend, add or delete to disclose any information relating to any of these Terms and Conditions, the Card Account, the use of the Card, including without limitation to the the particulars and the financial affairs generality to the foregoing, the Terms of any Cardmember to any third party relating to payment, Charges and fees under some legal obligation required and accordingly notify the Cardmembers under applicable law. by inclusion in the Statement of Account or through a letter intimating such 16. NOTICES. amendment in the Terms and Conditions / Schedule of Charges as the case may 16.1. All Cards, PINs, Notices, Statements be or displaying such amendment on of Account demands or any other the website of the Bank or through communication under these Terms and advertisement or by displaying at any Conditions (hereinafter collectively called prominent place in the branches of the “Communications”) may be delivered Bank or at ATM Machines Such changes, personally or by courier or be sent by additions or deletions shall be made ordinary post to the last known billing or available at least 30 days in advance other address of the Cardmember / and and shall be effective from any date as such communications shall be deemed specified by the Bank or if contained to have been served on the Cardmember in the Statement of Account, from the on the day of the delivery, if delivered date of the Statement of Account unless by hand, and on the next business otherwise notified. day after posting, if sent by courier. All Communications under these Terms 14.2. Retention by the Cardmember or and Conditions sent to the Cardmember Supplementary Cardmember of the Card shall have been communicated by the after receipt of any changes, additions cardmember to the Supplementary or deletions in these Terms and Cardmember. Conditions pursuant to clause 14.1 shall constitute notice of the Cardmember’s 1.1 Notwithstanding the aforesaid, the or Supplementary Cardmember’s Bank shall be entitled at its absolute acceptance of such amended Terms and discretion to rely and act on any Conditions without reservation. In the notices, requests or instructions which are or purport to be from or given on

48 49 behalf of the Cardmember (whether or and disbursements of every expense not they are genuine or given with the incurred by the Bank in enforcing or Cardmember’s consent or authority) seeking to enforce or apply these Terms and which are given orally or otherwise and Conditions or otherwise, shall be communicated to the Bank other than as debited to the Card Account and shall provided for the aforesaid, and action on be paid as Liabilities by the Cardmember the Bank’s part pursuant to such notices, regularly. requests or instructions shall be binding on all Cardmembers or Supplementary 17.2. The Bank shall provide the Cardmember Cardmember and the Bank shall not be with all the facilities, which are or may liable for any loss or damage incurred or from time to time become part of the suffered or sustained by any Cardmember Bank’s Phone Banking Service in respect or Supplementary Cardmember as a of all Accounts which may hereafter be result of such action. opened, with the Bank, in which the Cardmember may have single signatory 1.2 Any notice, request or instruction to be authorization. given by the Cardmember to the Bank under the Terms and Conditions shall be 17.3. In consideration of the Bank agreeing to given in writing and sent by registered act on the Cardmember’s oral instructions post with acknowledgment due and specified through the telephone or by shall take effect only one business day using phone banking service in respect or such longer period as the Bank may of such facilities as may be offered by the require after the Bank’s actual receipt of Bank from time to time, the Cardmember such notice. or Supplementary Cardmember on behalf of himself / herself (including his / her 17. INDEMNITY. heirs and successors) in title and assigns thereof, hereby agrees and undertakes 17.1. The Cardmember and Supplementary not to make any claim against the Bank Cardmember undertakes and agrees to as a consequence of, or in respect of, the indemnify the Bank and hold it harmless provision by the Bank to the Cardmember/ against any loss, damage, liability, cost or Supplementary Cardmember of any of and expense, whether legal or otherwise, the Bank’s telephone banking facilities. claim and action which the Bank may incur The Cardmember or Supplementary by reason of these Terms and Conditions Cardmember further undertakes to or any breach thereof or the enforcement indemnify the Bank and hold the Bank of the Bank’s rights as herein provided harmless against losses, costs, damages, (including any loss incurred or suffered claims, actions, proceedings, demands or sustained by the Bank in the event of and expenses that may be suffered, any government restrictions imposed or incurred or sustained by the Bank as a payment by the Cardmember by way of result thereof. cash or any other mode of payment) . All costs and expenses including legal costs 17.4. The Cardmember or Supplementary

50 51 Cardmember hereby confirms that any account(s) with the Bank. oral instructions given by him / her in respect of the Phone Banking Services 17.9. The Bank’s process in making payments may be tape-recorded and monitored may cause a delay in processing certain by the Bank, and that the same may be information and therefore the Bank produced as evidence in a court of law warrant that any information on the in the event of any dispute(s) between Bank’s system relating to any payment the Bank and the Cardmember or messages and communications which are Supplementary Cardmember. subject of any action taking pursuant to the above is accurate, current and up-to 17.5. The Cardmember or Supplementary date at the time it is accessed whilst Cardmember further undertakes not to such action is being taken. deny the genuineness of any such oral instructions, and agrees that the Bank 18. RIGHT OF SET-OFF may suspend any action or ignore any such instructions, if the Bank in its 18.1. The Bank may at any time and without absolute discretion deems fit. further notice or liability in any manner to the Cardmember or Supplementary 17.6. The Cardmember agrees that the Bank Cardmember combine or consolidate any may debit any of the Cardmember’s a one or all accounts of the Cardmember or account(s) maintained with the Bank Supplementary Cardmember maintained for all costs, charges or other amounts, with the Bank in any branch and the which may be incurred as a consequence Bank shall also have the right to set-off of, or in respect of the provision by or apply or adjust any money standing the Bank to the Cardmember vide any to credit of any one or more of such Phone Banking Services facilities. account in / or towards satisfaction of the outstanding balance of the Card 17.7. The Cardmember / or Supplementary Account. Where such combination, Cardmember further understands and consolidation and / or set off requires accepts that compliance by the Bank the conversion of one currency into with the aforesaid oral instructions shall another, the Bank shall be entitled to be subject to the internal policies of the effect such conversion at such rate of Bank, which may be altered from time to exchange prevailing on the day of such time. combination, consolidation and / or set- off as the Bank may apply in accordance 17.8. Further, the Cardmember or with the Bank’s usual banking practice in Supplementary Cardmember hereby such connection and all exchange risks, confirms that all account(s) opened losses, premium, commission and other by the Cardmember and / or the Bank Charges shall be borne by the Supplementary Cardmember(s)by using Cardmember. the Phone Banking Services facility shall be governed by the Terms and Conditions 18.2. The Bank’s right against the Cardmember governing the Cardmember’s existing or Supplementary Cardmember shall not

52 53 be determined, affected or prejudiced as the waiver of the Bank’s rights and by, and all amounts payable to the powers and no waiver shall be inferred Bank, actual or contingent or joint or from or implied by anything done or not several, shall immediately become due done by the Bank unless expressed in and payable upon the death of the writing by the Bank. Any waiver if given Cardmember and / or Supplementary in writing shall operate only as waiver Cardmember . of the particular or subsequent matter to which it relates and shall not operate 18.3. The Bank’s right to set-off shall deem as a waiver of any of these Terms and to include implied authorization of Conditions. the Cardmember or Supplementary Cardmember before their death and same 20. FULL FORCE AND EFFECT. shall continue to subsist till the Bank is informed in writing about such death. 20.1. These Terms and Conditions shall Upon receiving this information the remain in full force and effect from Credit Card and the Credit Card account the signing of the Application Form shall be blocked for new transactions and handing over or dispatch of the according to the Bank’s policies. Terms and Conditions and activation of the Card and same shall stay in effect 18.4. The Bank will not be obliged to allow any until the Bank’ acknowledges receipt of operation or withdrawal except on the all Cards cut in two halves and ensure production of a Succession Certificate the chip is damaged and full payment or other Court Order from a Court of of the Cardmember’s or Supplementary competent jurisdiction. The legal heirs or Cardmember’s Charges and Liabilities other persons noted in the said Court payable to the Bank including other order will be notified of a debt balance costs and expenses related thereto. in the Card Account and should agree to the required adjustments before release 21. SEVERANCE. of the funds in their favor by the Bank. 21.1. Each of these Terms and Conditions 19. WAIVER. shall be severable and distinct from one another and if at any time any one or 19.1. The Bank may at any time waive either more of such Terms and Conditions is or unconditionally or otherwise any of becomes invalid, illegal or unenforceable, these Terms and Conditions or any the validity, legality or enforceability of default or breach by the Cardmember the remaining provisions shall not in any or Supplementary Cardmember provided way be affected or impaired thereby. that such waiver is given in writing by the Bank, save as aforesaid, no 22. TAXES AND OTHER GOVERNMENT LEVIES / condoning or excusing of and no neglect DUTIES. or forbearance on the part of the Bank of the default or the breach of these 22.1. The Bank also reserves the right to levy Terms and Conditions shall operate applicable excise duty or other charges

54 55 which may be levied by the Provincial by and shall be construed in accordance or Federal Government or any other with the substantive and procedural laws statutory authority from time to time and of Pakistan and the Cardmember hereby same will be notified in your Statement of submits to the court of competent Account payable in connection with any jurisdiction. transaction executed by the Cardmember or Supplementary Cardmember or facility 26. DEBT COLLECTIONS. provided by the Bank or advances, finances or credit provided by the 26.1. The Bank reserves the right to contact Bank to the Cardmember, payable in the Cardmember through any mode of connection with any advances, finances communication to recover the debt, as or credit provided by the Bank to the per SBP Fair Debt Collection Guidelines. Cardmember. This includes visiting the Cardmember as soon as he or she misses out on 23. ASSIGNMENT OR TRANSFER OF INTEREST. a payment and their outstanding debt remain overdue. Bank also reserves 23.1. The Cardmember hereby agrees that the the right to contact Supplementary Bank may with or without any notice to Cardmember and their family, friends, the Cardmember, in its sole discretion, neighbors, employer or other third assign, discount or otherwise transfer parties if they are out of contact for 30 part or all of its rights, obligations and calendar days post missing a payment. interests herein (and or in any goods In case Cardmember is contacted hypothecated by the Cardmember but same still remain delinquent, the pursuant hereto) to any third party for Bank reserves the right to provide his such consideration or otherwise, as the or her information to the third parties Bank deems appropriate. mentioned above to recover the outstanding payment. 24. RENEWAL OF CARD. 27 PRIVACY POLICY. 24.1. The Bank may issue a new card or cards upon instructions duly received by the 27.1. Except as provided herein the Bank Cardmember according to its policies, shall treat the Cardmember’s and the Bank also reserves the right in its Supplementary Cardmember’s personal sole discretion not to reissue a card information as private and confidential or renew the Card,, keeping in view ( even after Card Account has been the conduct of the Cardmember. The terminated or closed ) . Nothing about Cardmember shall continue to remain the Cardmember’s and Supplementary bound by these Terms and Conditions Cardmember’s relationship with the Bank and any amendments thereto. or the Cardmember’s and Supplementary Cardmember’s name and address will 25. GOVERNING LAW. be disclosed to anyone, other than in accordance with the terms set out 25.1. These Terms and Conditions are governed below;

56 57 (i) Where the Bank ( third party acting on the Bank may issue an ID or T PIN to Bank’s behalf) are legally compelled to the Cardmember for utilizing the Phone do so; or Banking Service. The Cardmember agree that the security of the T PIN and ID (ii) Where there is a duty to the public to is the complete responsibility of the disclose; or Cardmember.

(iii) Where the Bank’s interest requires 28.2. The Cardmember shall not knowingly disclosure; or or unknowingly disclose the key to any person and shall take all precautions (iv) Where disclosure is made at the to prevent disclosure of the T PIN Cardmember’s request or consent; or or ID to any person in any way and they shall be liable to the Bank for all (v) Where for the purpose of credit reporting, verification and risk management, the Card transactions made with the same Bank exchanges information about whether with / without the knowledge of the Cardmember and Supplementary the Cardmember. Cardmember’ with any institution as it 28.3. In consideration of the Bank agreeing to deems fit. act on the Cardmember’s oral instructions specified through the telephone in (vi) Where the Bank for the promotion of its products use the information for respect of such facilities as may be promotional purpose. offered by the Bank from time to time as part of the Phone Banking Service, 28. PHONE BANKING. moreover the Cardmember (on behalf of himself /herself and his /her successor 28.1. The Bank shall provide the Cardmember in title and assigns thereof) agrees and (may also to Supplementary Cardmember) undertakes to indemnify the Bank and with all the facilities, which are or may hold the Bank harmless against liabilities, from time to time become part of the losses, costs, damages, claims, actions, Phone Banking Service in respect of proceedings, demands and expenses of Card Accounts .The Cardmember accepts what so ever nature that may be suffered that at his or her request the Bank has or sustained by the Bank as a result agreed to provide the facility of availing thereof. the Phone Banking Service by giving instructions through telephone (which 28.4. Any person calling Phone Banking will be accepted by the Cardmember or and providing details and necessary his/her representatives either manually verifications will be able to give or by an automated system depending instructions through the telephone on its availability) apart from any written and the Bank does not undertake any standing instructions or that may be responsibility and shall not be liable for given to the Bank by the Cardmember carrying out instructions given through and At the request of the Cardmember Phone Banking Service, even though

58 59 such instructions have not been issued only ), balance transfer from other Credit with Cardmember’s authority. Cards (minimum of PKR. 5,000/- only), draft against credit limit (Pay Order of a 28.5. The Bank has no obligation for minimum PKR. 5,000/- only), Product(s) establishing or verifying the identity or or any other services offered by Bank authority of any person or determining to the Cardmember from time to time the validity of any transaction as including the rewards and discount guide long as where the person giving by way of monthly installment plan. The such instructions purportedly in the Installment Plan has a key feature of 0% Cardmember’s name provides the Bank markup offered on specific product(s) with the T PIN and other required and for specific payment tenure(s) information and the Bank shall not be which will be communicated by the liable for any acts done in pursuance of Bank through various means and modes such telephonic instructions , regardless to the Cardmember from time to time of the circumstances prevailing at the for Card Annual Fee (12 equal monthly time of such Instructions , the nature of installments at 0% mark-up), for which the agreement and banking agreement. the Cardmember utilizes the available credit limit and repays the transaction II. TERMS AND CONDITIONS OF INSTALLMENT amount in equal monthly installments PLAN FACILITY. according to the Installment Plan Terms Effective date of this facility or withdrawal date of and Conditions This facility may also be this facility may be intimated on bank’s website offered on foreign transactions but with or leaflets or brochure(s) or advertisement in the prior approval of the Bank. the newspaper or by posting notice thereof at c. “Installment Plan Term or Period” means any conspicuous place in the bank’s branches the number of monthly installments as or ATM(s) for a tenure mentioned therein. This selected by the Cardmember at the time facility may by withdrawn by the bank without of availing the Installment Plan. The Bank assigning any reason. This facility may be at its own discretion can change the availed by the Cardmember or Supplementary Installment Plan Term or Period without Cardmember by using Phone Banking Service of assigning any reason.“Installment Plan the Bank or by submission of duly filled and Service Fee / Charge” means fee as the signed Application form of the Bank along with Bank may specify from time to time required documents (if any). through the Schedule of Charges posted 1. DEFINITIONS. on the bank’s website or intimated through written notice or marketing brochures a. “Bank” means Silkbank Limited. or leaflets etc. to the Cardmember or posted at any conspicuous place in the b. “Installment Plan” means option or bank’s branches or ATM(s).and payable facility offered by Bank to the Cardmember by the Cardmember in relation to the to make payments of any retail Card transaction made and or converted transactions (minimum of PKR. 5,000/- into the Installment Plan.

60 61 d. “Installment Plan Amount” means the her Card are regular or in good standing total amount including all applicable and made on or before the Payment Due charges including installment plan Date as per the Terms and Conditions of Service fee/ charge which is to be paid (both) the Credit Card and also of the in monthly installments. That shall be Installment Plan and the Cardmember notified in the Statement of Account. has an available credit limit on the Card Account. e. “Installment Plan’s Monthly Installment” means an equal monthly installment 3.2. All goods and services and or payable by the Cardmember which is transactions, balance transfers from computed by dividing the Installment other Credit Cards, payment (s) through Plan Amount by the Installment Plan Pay orders made within or outside Period, which also includes mark-up Pakistan can be converted into the charges for the month. Installment Plan subject to the Terms and Conditions applicable to the Card f. “Credit Card Terms and Conditions” stated herein above. means the Terms and Conditions applicable to the Card (including Normal 4. AVAILING THE INSTALLMENT PLAN. and 0% APR both). 4.1. The Cardmember may avail the Installment All capitalized terms not defined herein Plan by calling the Bank’s Phone Banking shall have the same meaning ascribed to Service at 111 100 777 and also inform them in the Terms and Conditions. the concerned Bank branch’s Staff of the details pertaining to the Installment 2. GENERAL. Plan including the amount to be booked (minimum amount of PKR 5,000/- only), 2.1 The purpose of the Installment Plan is choosing from the Installment Plan Term to enable the Cardmember to purchase or Period of 3 to 60 months (in multiples or acquire goods and services through for 6 months onward tenor of 6). Subject a card transaction using the credit to the Bank’s approval the Cardmember limit on the Card specified by the Bank and Supplementary Cardmembers may or converting the Balance in respect avail the Installment Plan in accordance of the Card and to make payments in with the terms hereof and the Credit equal monthly installments under the Card Terms and Conditions. Installment Plan in accordance with the terms hereof and the Credit Card Terms 4.2. The Bank shall process and authorize and Conditions. an Installment Plan provided that the amount is within the available credit 3. ELIGIBILITY. limit. The Installment Amount shall 3.1. The Installment Plan is offered exclusively include the Principal Amount plus the to the Cardmembers subject to the installment interest amount (which is the condition that payments against his or Equal Monthly Installment Amount) for the month and same will be notified in

62 63 the Statement of Account or E-Statement 5.4. The Cardmember may change the separately. Moreover the remaining Installment Plan Period or pay the accumulative principal balance of all Installment Plan Amount in full, subject to installment plans booked will also be Bank’s approval and the payment by the notified in the Statement of Account or Cardmember-of applicable Installment E-Statement duly issued by the Bank. Plan Charges.

4.3. The Cardmember shall pay the Installment 5.5. In case the Card is cancelled or terminated Plan Amount by way of the Installment under the Terms and Conditions, the Plan Monthly Installment in accordance Installment Plan will stand terminated with the terms hereof and the Credit automatically and the Cardmember shall Card Terms and Conditions. be liable to pay the remaining Installment Plan Amount , along with pre-payment 4.4. A Cardmember may avail multiple charges, immediately upon receipt of the Installment Plans as are permitted by Statement of Account. the Bank under the Cardmember’s credit limit. 6. SECURITY

5. BILLING AND PAYMENT OF INSTALLMENT PLAN. 6.1. Good(s) purchased under the Installment Plan shall be deemed to be hypothecated 5.1. The Monthly Installment shall be billed in favor of the Bank pursuant to the to the Cardmember starting immediately provisions of applicable clauses of the from the next Terms and Conditions. The Cardmember shall not sell, rent out, mortgage or Statement of Account after the date of assign the good(s) or encumber the availing the Installment Plan and every same or in any other manner transfer month thereafter until the Installment the good(s) or any interest therein to Amount is settled and paid in full by the any person or party. The Cardmember Cardmember . or Supplementary Cardmember shall 5.2. Where a Cardmember avails the exercise proper diligence in the use and Installment Plan, the Minimum Payment maintenance of the good(s). Amount on the Statement of Account 7. LIABILITY FOR PRODUCT AND SERVICE. shall include the Monthly Installment. 7.1. The Bank shall not be liable for 5.3. If the Cardmember pays less than the any damage or loss incurred by Minimum Payment. Amount on the the Cardmember or Supplementary Payment Due Date specified in the Cardmember arising out of the purchase, Statement of Account, the Cardmember installation, use or otherwise of the shall become liable to pay Service Fee/ good(s) and or service(s) under the Charges in accordance with the Credit Installment Plan or for any negligence, Card Terms and Conditions. breach of statutory or other duty on the part of the Bank nor shall the Bank be

64 65 responsible in any way for the quality of 8.4. The Bank shall be entitled to disallow the good(s) and or service(s) purchased or refuse instructions submitted by or acquired under the Installment Plan the Cardmember and Supplementary or otherwise. Any complaint as to the Cardmembers under the Installment quality of good(s) purchased or service(s) Plan without assigning any reason acquired through the Installment Plan whatsoever. shall be referred to the Merchant directly and shall not affect the Cardmember’s or 9. INDEMNITY. Supplementary Cardmember obligations under the Installment Plan. 9.1. The Bank shall not be liable if it is unable to perform its obligation 8. MODIFICATIONS, AMENDMENTS AND under the Installment Plan Terms and CANCELLATIONS. Conditions whether directly or indirectly due to the failure of any machinery 8.1. The Bank is entitled at any time and with or communication system, industrial or without any prior notice or liability dispute, war or act of God or anything to the Cardmember in any manner outside the control of the Bank. Nor shall whatsoever to terminate the Installment the Bank be responsible for any delay in Plan or cancel or vary its benefits or the transmission by the Merchant or any features, or vary or add or delete any other third party to the Bank of evidence of the Installment Plan Terms and of the application by the Cardmember Conditions. and Supplementary Cardmembers for the Installment Plan. The Bank is also entitled to determine the minimum Amount allowed under the 9.2. These Installment Plan Terms and Installment Plan. Conditions shall be without prejudice to the Credit Card Terms and Conditions 8.2. The Cardmember is entitled at any time, governing the issue of and use of the with prior notice to the Bank to terminate Card, and the Credit Card Terms and the Installment Plan. In such a case, the Conditions shall also to be applicable Cardmember or shall be liable to pay to the Installment Plan. If at any time, prepayment penalty, as per Schedule of dispute arises in connection with the Charges. Installment Plan or Installment Plan Terms and Conditions, the Bank’s 8.3. The Bank reserves the right to decision in connection with the same disqualify any Cardmember from further shall be final and binding. participation, if in its judgment, the Cardmember has in any way violated the II) TERMS AND CONDITIONS OF E-MAIL applicable Installment Plan Terms and STATEMENTS FACILITY. Conditions and or the Credit Card Terms and Conditions and or any reason that Effective date of this facility or withdrawal the Bank deems fit without assigning date of this facility may be intimated any reason whatsoever. on bank’s website or brochure(s) or

66 67 advertisement in the newspaper or by providing written or printed Statements posting notice thereof at any conspicuous by post or through counter-collection by place in the bank’s branches or ATM(s) for the Cardmember. a tenure mentioned therein. This facility may by withdrawn by the bank without The Cardmember hereby waives and assigning any reason. This facility discharges the Bank fully from any may be availed by the Cardmember or implied or express obligation of Supplementary Cardmember by using confidentiality or non disclosure, which Phone Banking Service of the Bank or may result as a consequence of the Bank by submission of duly filled and signed complying with this facility and or any Application form of the Bank along with breakdown, malfunction, erroneous or required documents (if any). unauthorized transmission or access to the Statement and or any claims for any 1. DEFINITIONS. loss or damage from the Cardmember. a. “Customer” means Pakistani Resident The Bank may at any time terminate having his or her Card account with this facility by notice in writing to the the Bank and shall also include a Cardmember, without assigning any Cardmember who wishes to avail Bank’s reason therefore. The Cardmember E-mail statement service. may terminate this facility by written instruction in original only and such 2. Terms and Conditions. termination will only be effective on the day following the delivery or receipt of The following Terms and Conditions such original written instructions. apply in the event that the Cardmember requests the Bank to transmit and The Cardmember acknowledges and provide the Cardmember periodical places on record that there may be inherent Statements of Account (“Statements”) problems in verifying the authenticity of via Electronic Mail (“E-Mail”) instead of E-Mail transmissions and the Bank shall hard copy printed Statements entirely provide the Statements via E-Mail in an at the Cardmember’s own risk and unencrypted form in response to the responsibility and for its convenience Cardmember’s specific request for the and in consideration of the Bank agreeing convenience of the Cardmember, and in at its absolute discretion to accept the so doing, deviate from the Bank’s general request. operating procedure at the sole risk and responsibility of the Cardmember. 2.1. That the Bank is authorized and instructed, until written revocation The Cardmember agrees to pay any instruction signed by authorized charges levied by the Bank for providing signatory (ies) to the Card account is the facility of E-Statements via E-Mail as received by the Bank, to transmit the per the Bank’s Schedule of Charges as Statement to the Cardmember via E-Mail amended from time to time. at the E-Mail address specified instead of

68 69 In case of “non-delivery” “delay” or “non- IV) TERMS AND CONDITIONS OF SMS BANKING transmission” of the statement, owing to FACILITY. the Cardmember’s mail box being full or incorrect address provided, or any break- Effective date of this facility or withdrawal down, virus, malfunction of the internet date of this facility may be intimated on bank’s service provider or similar problems website or brochure(s) or advertisement in the whatsoever, the Bank will not be newspaper or by posting notice thereof at any responsible. In case of no receipt of the conspicuous place in the bank’s branches or E-Statement, it shall be the responsibility ATM(s) for a tenure mentioned therein. This of the Cardmember to contact the Bank facility may by withdrawn by the bank without and obtain the statement. assigning any reason. This facility may be availed by the Cardmember or Supplementary In case of “non-delivery” or “delay” or Cardmember by using Phone Banking Service of “non-transmission” of the statement, the Bank or by submission of duly filled and the Bank or any of its employees or signed Application form of the Bank along with representatives or officers will not be required documents (if any). responsible for any direct, indirect, incidental or consequential loss, 1. DEFINITIONS. including but not limited to, loss of profit that the Cardmember may suffer. Unless the context requires otherwise, the followings words and phrases shall It is expressly agreed that the have the respective meanings ascribed arrangements contained herein will be hereto: without prejudice to the Cardmember’s obligations in respect of the Card and a. “Access” means the use of the Network the Terms and Conditions applicable for the purpose of providing SMS-based thereto. access to Account Information to the Cardmember . The capitalized terms used above would have the same meaning as b. “Alerts” means the information provided those contained in the Card Terms and by the Bank to the Cardmember relating Conditions. to the account information and product information through the Network based 2.2 The Bank may from time to time and at on SMS messages sent to the Customer any time revise and / or change any of generated by the Bank and or sent to the these terms and conditions and the Cardmember by the Bank at the specific Cardmember hereby agrees to adhere to, request of the Cardmember. with or without need of notice, any and all such future modifications, alterations c. “Account” means a specific Account or or amendments to this Agreement made more than one Account which is linked by the Bank. to the Network at the request of the Cardmember thereby enabling him or her to utilize the Services.

70 71 d. “Account Information” means information recognized that such Services may be pertaining to the Card account(s) discontinued by the Bank at any time maintained by the Cardmember with the without any prior notice. The Services Bank. are currently available only to resident Pakistani Customers with Account(s) with e. “Cellco” means the cellular phone the Bank. company which has entered into agreement with the Bank for the 2.2. The Cellcos offering the Services shall be purposes of providing mobile phone notified by the Bank to the Cardmember banking facilities to the Cardmember. from time to time. f. “Customer” means any individual / 3. CONDITIONS OF USE. Cardmember who maintains a bank account(s) with the Bank and is a 3.1. The Cardmember accepts full subscriber of cellular phone services responsibility in respect of the security offered by the Cellco. and confidentiality of his / her mobile phone / mobile phone number and mobile g. “Network” means access to the Services phone identification number (PIN) to be over the GSM / TDMA cellular telephone used in initially gaining Access to his / network of the Cellco. her Card account information through the use of his / her mobile phone. h. “SMS-PIN ” means Personal Identification Number issued by the Bank to the 3.2. The Cardmember shall at all times remain Cardmember . absolutely and exclusively responsible for familiarizing himself / herself with i. “Product Information” means the and understanding the detailed process information pertaining to various for using the facility and the Bank is not products of the Bank provided to the responsible for any error, mistake or Cardmember from time to time at the omission by the Cardmember in respect Bank’s discretion. of use of the Services or otherwise. j. “Services” means the SMS-based 3.3. The Cardmember acknowledges that the information services provided to the Services of the Bank will be implemented Cardmember through the Network. in different phases and that the Bank may decide to add certain facilities in k. “SMS” means short message service addition to the Services already provided. which includes the storage, routing and Conversely, the Bank may in its absolute delivery of alphanumeric messages over discretion decide to cancel or remove GSM / TDMA telecommunications system. any part of or the entire services being 2. AVAILABILITY AND ACCESSIBILITY. provided to the Cardmember at any time without prior notice in respect thereof. 2.1 The Cardmember being a Cellco subscriber has requested to utilize the services and 3.4. The Bank may at any time decide to

72 73 change the format and / or the features respect of any claims made by any third of the Alerts provided to the Cardmember party against the bank in respect of the and the Cardmember shall remain wholly use of the Services by the Cardmember . responsible for keeping himself updated in respect of such changes. The Bank 3.8. The Cardmember shall be responsible to shall use its best endeavors to notify promptly inform the Bank in the event such changes through its website or that he / she wishes the Services to be through any other legally recognized permanently discontinued or temporarily medium of communication. suspended. The Bank shall not under any circumstance whatsoever, be held 3.5. The Cardmember shall remain solely liable by the Cardmember in the event responsible for intimating in writing that there is a delay by the Bank in to the Bank any change in his mobile implementing such instructions. phone number and the Bank will not be liable in the event that any information 4 . WITHDRAWAL OR TERMINATION. is sent to a mobile phone number which is no longer in use by the Cardmember . 4.1. The Bank may at any time and without providing prior notice or assigning any 3.6. The Cardmember acknowledges and reason to the Cardmember , withdraw accepts that the Services being provided part or whole of the Services relating are dependent on the infrastructure, to mobile phone banking. Liabilities connectivity and services being provided incurred by the Cardmember shall, by the Cellcos within the country and however, survive the termination of this that the timelines and accuracy of the Agreement. information sent by the Bank will depend on factors affecting the Network within 4.2. The Services being provided by the Bank the country. The Bank shall not under in relation to mobile phone banking any circumstances whatsoever, be liable facilities may be temporarily suspended for non delivery or delayed delivery at any time for the purposes of carrying of information nor for error, loss or out repair and maintenance work in distortion in transmission of information respect thereof. Such suspension may to the Cardmember. also be carried out in respect of any security procedure required to be 3.7. The Bank shall endeavour to provide the followed by the Bank. Services to the Cardmember on a best effort basis and the Cardmember shall 5. FEES. not under any circumstances whatsoever, 5.1. The Services being provided by the Bank hold the Bank responsible nor liable for are currently being made available to the the non-availability of the Services or Cardmember as a free of cost service. the non-performance of the Network, the However, the Bank may at any time, at Cellco or any other service provider. The its sole discretion, charge a fee for the Cardmember shall indemnify the Bank in use of any or all of the Services, upon

74 75 providing notice to the Customer. The Cardmember and the respective Cellco. Cardmember shall be liable for payment of such airtime or other charges which 6.3. The Bank shall not be concerned with may be levied by the Cellco in connection any dispute that may arise between the with receiving the Alerts and the Bank is Cardmember and the Cellco and makes in no way connected with the same. In no representation nor gives any warranty the event that the Customer is required with respect to the quality of the service to make the Bank any payment in provided by the Cellco or guarantee connection with the use of the Services, for timely delivery or accuracy of the the Bank shall have the right to debit the contents of each SMS. Cardmember’s Card account(s) with the Bank. 6.4. All responsibility of use of the Services by Cardmember shall be binding on him 6. DISCLAIMER. or her . 6.1. The Bank nor its employee / contractual 7. DISCLOSURE. staff will not be liable for: (a) any unauthorized use of the Cardmember The Cardmember authorizes the Bank ’s PIN; or (b) mobile phone number / (and its affiliates) and its personnel and instrument in respect of any fraudulent, employees to access and transmit the duplicate or erroneous information given information relating to the Cardmember’s by use of the same; (c) acting in good Account(s) as well as send Alerts to faith on any instructions received by the the Cardmember through the Network Bank; (d) error, default, delay or inability in order to provide the Services to the of the Bank to act on any instructions Cardmember and to give effect to any received by the Cardmember in respect of instructions by the Cardmember in the Services and (e) unauthorized access connection with such Services. by any other person to any instruction 8. INDEMNITY AND LIABILITY. given by the Cardmember or breach of confidentiality. The Cardmember shall indemnify and keep the Bank free and harmless from 6.2. The Bank will not be held responsible and against all liabilities, losses, claims, for any failure or delay on the part of damages incurred by the Cardmember or the Cellco to reload prepaid airtime a third party arising out of or in connection of the Cardmember nor will the Bank with the use of the Services including be concerned with or held responsible but not limited to any / all losses and for the suspension or permanent / damages resulting from negligence, theft temporary blocking of airtime allocated and / or fraud provided however, that to Cardmember utilising post paid there is no gross negligence on the part of airtime from the Cellco. Cardmember the Bank. Additionally, the Bank shall not complaints against the Cellco will be be liable for any expense, claim, loss or addressed directly by and between the damage arising out or in connection with

76 77 this Agreement including but not limited for the four telcos; Mobilink, Telenor, to loss or damage resulting out of force Ufone and Warid. majeure (which means any circumstances beyond the reasonable control of the 1.2. The Bank shall not make the transaction Bank including without limitation, any Act (“Direct Debit”) if there is insufficient limit of God, firestorm, typhoon, earthquake, on Cardmember’s Card. The Cardmember electrical, technical, computer related or shall ensure that there is available limit mechanical failures). on their Cards, as no forced posting or partial payments will be made. 9. ALTERATION. 1.3. In case the Cardmember avails the Direct The Bank may from time to time and Debit facility for payment of bills of at any time revise and / or change any more than one telco (multiple billing) of these terms and conditions and the and there is insufficient Credit Card Cardmember hereby agrees to adhere to, limit for total payments, the Bank shall with or without need of notice, any and make payments as per telcos’ hierarchy all such future modifications, alterations of payment preference, assigned by the or amendments to this Agreement made Cardmember. by the Bank. 1.4. The Cardmember shall call the Phone V) TERMS AND CONDITIONS OF AUTO DEBIT Banking Service to request for Direct FACILITY. Debit facility and to assign the telcos.

Effective date of this facility or withdrawal 1.5. The Cardmember shall ensure that they date of this facility may be intimated on bank’s are not delinquent or their Card and website or brochure(s) or advertisement in the same is not blocked due to any other newspaper or by posting notice thereof at any reason, as the Bank will not process the conspicuous place in the bank’s branches or payments if there is a payment block on ATM(s) for a tenure mentioned therein. This the Card. facility may by withdrawn by the bank without assigning any reason. This facility may be 1.6. The Bank holds no responsibility in availed by the Cardmember or Supplementary case the telcos blocks the SIM of the Cardmember by using Phone Banking Service of Cardmember due to any valid reason as the Bank or by submission of duly filled and a result of insufficient Credit Card limit signed Application form of the Bank along with for total payments. required documents (if any). 1.7. The Cardmember shall call Bank’s Phone 1. TERMS AND CONDITIONS. Banking Service in case they want to cancel their Direct Debit Facility. 1.1. This facility can be availed by all Cardmembers of Silkbank Limited 1.8. The Cardmember shall not be charged (“Bank”). Any Cardmember can register against push SMS alerts sent against for this automatic bill payment facility declined transactions.

78 79 1.9. The amount which is debited every VI) TERMS AND CONDITIONS OF REWARD month will be reflected on Cardmember’s PROGRAMME. Cards monthly Statement of Account or E-Statement. Effective date of this facility or 1.10. Single reward points shall be offered to withdrawal date of this facility may the Cardmember for these bill payments. be intimated on bank’s website or brochure(s) or advertisement in the The Cardmembers will be informed by 1.11. newspaper or by posting notice the Bank if their payment is not made, through an SMS on their registered thereof at any conspicuous place in phone numbers. the bank’s branches or ATM(s) for a tenure mentioned therein. This 1.12. The Bank may from time to time and facility may by withdrawn by the at any time revise and / or change any bank without assigning any reason. of these terms and conditions and the Cardmember hereby agrees to adhere to, with or without need of notice, any and 1. DEFINITIONS. all such future modifications, alterations or amendments to this Agreement made a. “Bank”means Silkbank Limited. by the Bank. b. “Cardmember” means the Basic Cardmembers, and specifically excludes th Supplementary Cardmembers.

c. “Redemption Partner Outlets” means any merchant, outlet, shop, restaurant, chain store, hotel, gas station, boutique, shopping mall, grocery store, retailer, super store or another similar establishment which is in the business of selling goods and services to Customers, which offers rewards on the Credit Card under the Rewards Program.

d. “Rewards” means a product, gift, service, voucher or entitlement

80 81 available to a Cardmember under the Point on each spend of Rupees (PK Reward Program, at the Redemption Rs 50 /- only or equivalent foreign Partner Outlet as published in the currency) and the Card Account will Redemption Partner Catalogue that is be charged for the said amount , or current at the date of redemption of retail purchase, utility bill payments the Rewards by a Cardmember during and balance transfer. The Bank the course of a Rewards Campaign. reserves the right to change, at any time, the amount requisite to earn e. “Reward Programme” means the one (1) Reward Point. benefit program for the Cardmembers operated by the merchants who are in 2.3. Cardmember has to make payment contract with the Bank and facilitated using his or her Card at the by the Bank through its Credit Card Redemption Partner Outlets to qualify issuance and the CHIP / Magnetic for the Reward Program. Strip Card acceptance machines placed at the above merchants and 2.4. The Cardmember can find out the pursuant to Conditions. status of the Reward Points by calling the Bank’s 24 hour Banking Phone f. “Point” means a point accumulated by Service at 111 000 777 by checking a Cardmember towards participation the last Card Statement of Account in the Rewards Program through the or E- Statement , or by inserting or use of Credit Card by the Cardmember. swiping Card at any ORIX terminal Point calculation is determined by the present at a Redemption Partner Rewards Program mechanism. Outlet.

2. REWARD POINTS CONDITIONS. 2.5. The Reward Points accumulated under the Card account are only 2.1 The Rewards Program is an incentive redeemable by the Cardmember if and promotional offer that may be the account is operational (i.e. not available only to the Cardmember cancelled or terminated by either (and specifically excludes the the Cardmember or the Bank), is Supplementary Cardmember). not fraudulently operated and does not have any past due outstanding 2.2. During the continuation of the balances on the Account. Reward Program, the Cardmember will be awarded one (1) Reward 2.6. Points are not transferable to any other

82 83 person and are not exchangeable, (iv) The Cardmember has failed to refundable, or redeemable for cash comply with the Credit Card Terms or credit under any circumstances, and Conditions are not replaceable in the event of loss or destruction after being issued (v) Accumulated Reward Points are not and are subject to such Terms and redeemed within 3 years pts expiry. Conditions as may be prescribed by the issuer of the same. 2.10. The Bank has taken and will take all reasonable care to ensure that what 2.7. Points earned by a Supplementary appears in the Reward Redemption Cardmember will be credited to the Partner Outlet catalogue is accurate, account of the Cardmember and may but does not accept any liability for be redeemed only by the Cardmember. any inaccuracy contained therein. All descriptions in the catalogues 2.8. In case the merchant or the are based on information provided Cardmember forgets to insert the by merchants and suppliers and the chip/magnetic strip after the Card Bank cannot accept any liability as to transaction, no Reward Points will the accuracy of such descriptions. accrue to the Cardmember. 2.11. The Redemption Partner Outlet 2.9. Reward Points accumulated under catalogue can be amended or the Card account will be cancelled or modified by the Bank from time to forfeited in the following events: time at its own discretion without notice to the Cardmembers. (i) The Cardmember has failed to pay the as demanded by the Bank, resulting 2.12. A Cardmember shall not accumulate in the Card being cancelled and the any points with respect to cash Card account being declared write-off advance transactions, mark-up charges, cash withdrawal, cash (ii) The Cardmember himself opted for advance fee, late payment charges, the cancellation of his or her Card, over limit charges, return cheque resulting in Card account being charges, conversion fees, disputed declared closed or blocked. transactions, and insurance cover premium. (iii) The Card account is expired or has ceased to be effective 2.13. The Bank shall not be liable /

84 85 responsible in respect of any issues any of these Terms and Conditions, or / complaints / demands / claims / withdraw or change the participants loss and / or damage related to / in of Reward Points, or modify or limit connection with all or any benefits the value of Reward Points and / / services / rewards offered to the or the manner of their redemption Cardmembers by the Bank. even though any of such acts may diminish the value of the Reward 2.14. In performance of the Rewards Points already accumulated. Program, Bank shall not be responsible for any delay or non 2.18. Items purchased through Redemption performance from the participating of Reward Points are not exchangeable, Redemption Partner Outlets. refundable, or redeemable for cash or credit under any circumstances, 2.15. Bank gives no warranty (whether are not replaceable in the event of express or implied) whatsoever with loss or destruction once bought respect to goods and services availed and are subject to such Terms and through exchange of accumulated Conditions as may be prescribed by Reward Points. In particular but the participating Redemption Partner without limitation, Bank gives no Outlets. warranty with respect to the quality of the goods or services or their suitability or fitness for any purpose. 2.19. If at any time any dispute arises in connection with either the Reward 2.16. The Bank shall not be liable if Points or these Terms and the items purchased through Conditions, the Bank’s decision in Redemption of Reward Points from connection with the same shall be the participating Redemption Partner final and binding. Outlets are not of standard quality, defective or damaged. 2.20. The Bank may from time to time and at any time revise and / or change any 2.17. Bank is entitled at any time and of these terms and conditions and the without any prior notice or liability Cardmember hereby agrees to adhere to the Cardmember in any manner to, with or without need of notice, whatsoever to terminate Reward any and all such future modifications, Points or cancel or vary its benefits of alterations or amendments to this features, or vary, or add to or delete Agreement made by the Bank.

86 87 For further queries related to your Silkbank VISA Credit Card, please call our 24 hour Silkbank Phone Banking Service on 111-100-777 or visit Silkbank Limited Silkbank Building, I.I. Chundrigar Road, Karachi. E-mail: [email protected]

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