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Terms and Conditions Deposit Products 114 DOMINION ROAD AUCKLAND TERMS AND CONDITIONS DEPOSIT PRODUCTS Definitions and Interpretation In these Terms and Conditions, unless the context requires otherwise: “Account Information” means information in respect of your account(s) (such as your bank statements, account password(s) (if any) or any other information related to your accounts); “Automatic Payment” means an electronic payment instruction from you to us which instructs us to transfer a set amount of money at set intervals from your account(s) to another party, and “Automatic Payment Authority” means our approved form for such instructions; “Direct Credit” means an electronic payment instruction initiated by you which instructs us to transfer money from your account(s) to the account of a third party; “Direct Debit” means an electronic payment instruction initiated by a third party company or business which instructs us to transfer money from your account(s) to the account of the third party; “CDD Requirements” means the “Customer Due Diligence” identification requirements outlined in these Terms and Conditions; “Money Laundering” means the offence of Money Laundering as that term is defined in the Anti- Money Laundering and Countering Financing of Terrorism Act 2009, summarily described here as if you receive stolen or fraudulently or illegally obtained funds into your bank account and then transfer such funds, knowing or believing that the funds have not been transferred into your account by their true owner, or being reckless as to whether this is the case, and “Money Laundering Transaction” means a transaction in relation to Money Laundering; “Non-Standard Cheque” means, for the purposes of these Terms and Conditions, a cheque drawn against your account that is not on our pre-printed form; “Personal Identification” means any form of identification that is personal to you (such as your birth certificate, driver’s licence, passport, or other form of photo ID); “PIN” means the personal identification number you select to access your account(s); “Terms and Conditions” means these terms and conditions; “Unarranged Overdraft” means an overdraft created on your accountwhen we have honoured a withdrawal request from your account for an amount that has exceeded the current balance in your account at the time of such withdrawal; “Unarranged Overdraft Interest Rate” means the annual interest rate thatwe charge from time to time in relation to Unarranged Overdraftsas at the date the Unarranged Overdraft was created (including any successor rate), as amended by us from time to time. Our Terms and Conditions These Terms and Conditions should be read in conjunction with the relevant product brochure and application form as together they will form the basis of the relationship between Bank of Baroda (New Zealand) Limited (“the Bank”, “we”, “us” or “our) and you. These Terms and Conditions will apply to all accounts and loans that you may open, enter into, operate or for which you may apply, with us (either solely or jointly with others). If you are entering into a term deposit with us, these Terms and Conditions should be read in conjunction with our investment statement, available on request from our branch or from our website www.barodanzltd.co.nz. We reserve the right to vary, change or withdraw anyof our products at any time. We reserve the right to vary these Terms and Conditions at any time by giving 14 days notice to you by letter, email, fax, telephone, or by public statements including notices in major newspapers and by displaying information at our branches, or, where the Terms and Conditions are published on our website, by noting changes to them there. Similarly, we will communicate any other information or changes that may affect you byletter, email, fax, telephone, or by public statements including notices in major newspapers and by displaying information at our branches. Unless we have agreed our interest rates with you in writing for a fixed term deposit, we may also change our interest ratesat any time and with immediate effect by giving you notice in any of the aforementioned ways. We are not necessarily obliged to give you prior notice. Any written terms (other then these Terms and Conditions) which may affect your accounts or loans with us will continue to apply. In the event that such terms conflict with these Terms and Conditions (and in the absence of any specific nullification of these Terms and Conditions), these Terms and Conditions will take priority. When we release new products and services to the public, we will ensure that information about the price, nature, and terms and conditions (as applicable) of those products or serviceswill be made available. We may communicate with you about new products or services. In the event of the failure of any machine or system, or any strike or dispute, or any circumstances beyond our control, we will not be liable for any loss or adverse consequences suffered by you as a result of that event. Regardless of anything else contained within these Terms and Conditions (or anything else contained in any other written terms), we acknowledge that the Consumer Guarantees Act 1993 takes priority over these Terms and Conditions; and where you suffer losses that are directly attributable to our negligence or wilful default,we will compensate you for those losses that were reasonably foreseeable. However,if you use your account or any other services or products provided by us for the purposes of abusiness, the Consumer Guarantees Act 1993 will not apply; and we will not accept liability for any losses to the extent that they were caused by your own acts or omissions or any losses caused by circumstances outside our control. Also,you will be liable to us for any losses if you have contributed to anyone’s unauthorised access to any of your account(s). You will be deemed to have contributed to lossesarising from anyone’s unauthorised access to your account(s) if, for example, you: provide anyone else with any form of Personal Identification which could enable someone else to represent themselves as you and access your account(s): or provide anyone else with your Account Information which could enable a third party to obtain access to your account(s); or fail to keep your PIN Number(s), Personal Identification or Account Information secure: or do not take reasonable and prudent steps to prevent other people from making unauthorised access to your accounts; or do not notify us of disclosure or theft of your Personal Identification or Account Information as soon as reasonably possible after your discovery of such theft; or act illegally or fraudulently. If you wish to make a complaint, information on our complaint review procedure is available at our branch. How do I Open an Account? Come in to our branches at 114 Dominion Road, Auckland, 726 Great South Road, Manukau, Auckland or at 55 Featherston Street, Wellington during working hours, our staff will be happy to assist you. You will need to complete an account application form for the relevant account that you wish to open. The application forms can be downloaded from our website at www.barodanzltd.co.nz; found at the end of this booklet; or may be obtained at our branch at 114 Dominion Road, Auckland. You will also need to credit a minimum amount of funds to your account immediately upon opening. We will advise you of the minimum amount at the time of your application. You will also need to provide documentation required as per the CDD Requirements outlined below. International students can send completed account opening forms by mail to the branch to open an operative account and to advise an account number for the remittance of funds. However, the account will become operative only when the student visits the Senior Manager (operations) at our branch in person and brings original documents required under CDD Requirements and proof of his or her admission (and payment of fees) with his or her educational institution in New Zealand. Please note that we reserve the right not to approve any application, or provide credit, or a product, or service to you at our sole discretion.This means that should we decline your application, or decline to provide credit, or a product, or service, we are not obliged to provide any reason. You must decide how many signatories are required to authorise a transaction. The same number of signatories will apply across all account suffices, regardless of the service you are using or the amount of the transaction. Customer Due Diligence (CDD) Requirements Customer Due Diligence (also known as CDD Requirements) as prescribed by the Reserve Bank of New Zealand involves gathering information about the customer identity and verification thereof to ensure the customer is who they say they are. You must provide one item from each of the following two lists to satisfy the Bank as to your identity: LIST-I(Recent photo Identification documents) 6. Letter from employer/Any document 1. Passport (Required for Non of communication issued by any local Residents). authority or governmental body 2. NZ Driving License with photograph. showing residential address. 3. NZ Student Photo ID. 7. Any documentary evidence in support 4. NZ Bank Credit card with Photo. of residential address acceptable to the 5. Government ID Card. bank. 6. Letter from recognized public 8. For married people, proof of spouse’s authority or public servant verifying address together with certified copies the identity (photo) of customer. of marriage certificate are acceptable. 7. Confirmation Letter from employer/other bank verifying therein photograph of the customer along with other things. 8. Any other document with photograph evidencing identity of the applicant/s acceptable to the Bank.
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