AGREEMENT CUM INDEMNITY
(To be stamped as an Agreement cum Indemnity)

THIS AGREEMENT is made at ………………….on this the…….day of……………….20……..by
M/S……………………………………having their registered office at…………………………………. hereinafter referred
to as the " Customer/Company" (which expression shall include executors, administrators and
permitted assigns as the case may be) in favour of Punjab & Sind Bank, A Government Of India
undertaking constituted under the Banking Companies (Acquisition and Transfer of Undertakings)
Act,1980 carrying on Banking Business with its Head Office at Bank House, 21, Rajendra Place, New Delhi
-110008 and a Branch at……………………………amongst other places in India represented by -------------
--------- hereinafter referred to as the “Bank" (which expression shall include its successors and
assigns in interest) agreed to provide ‘Corporate Internet Banking’ as a part of PsbOnline
Internet Banking.
The term "Customer" shall include User(s) as applicable in the cases and wherever the context so
requires (in the event there are more than one users) shall mean and to be construed as "Customer”
and one gender, wherever the context so requires shall mean and be construed as the other gender
also.
WHEREAS
A. The Customer is a constituent of the Bank, maintaining the following accounts with the Branches of the
Bank:
Account(s) Type and No Branch Name
1.
2.
3.
4.
(hereinafter collectively referred to as the “said Accounts” which expression shall also include any other
accounts of the Customer which may be opened in future at any of the Branches of the Bank and provided
with Core Banking facility).
B. The Customer understand that the Bank has introduced “PsbOnline Internet Banking” to facilitate its
selected Customers (maintaining accounts with the branches of the Bank connected with Core
Banking), to have the following facilities and to allow operations like:
i) Viewing the details of the Account(s) of the Customer
ii) Fund transfer from the Account(s) of Customer
iii) Third Party Fund Transfer (Only credit without linking Third Party Account)
v) Request for cheque books, issuing stop payment of cheque
vi) Opening of LC Bill Lodgment
vii) Such other facilities as the Bank may at its sole discretion provide from time to time
(all or any of the aforesaid facilities may be provided on such terms and conditions as Bank may
stipulate from time to time and such facilities may be modified or withdrawn or suspended at the sole
discretion of the Bank. All or any of the aforesaid facilities which may be provided by the Bank from
time to time to the Customer are hereinafter collectively referred to as "PsbOnline Internet Banking "
)
C. At the request of the Customer and the Customer interalia agreeing to pay the fees/charges
as may be fixed by the Bank from time to time, the Bank has agreed to provide/provided
“PsbOnline Internet Banking “ in all or any of the said Accounts (which Bank may decide at its
sole discretion) interalia on the terms and conditions contained herein.
In consideration of the above, the Customer hereby agrees and undertake with the Bank as
follows:
PsbOnline Internet Banking – Corporate Application Form No. C-I
Agreement cum Indemnity
1. The Customer has read and understood the terms and conditions of the “PsbOnline Internet
Banking ” displayed on Bank’s Web site www.psbindia.com contained in the annexure to the
Application Form for the “PsbOnline Internet Banking” and agree to fully abide by the said terms and
conditions and also the time to time modifications that may be made by the Bank in the said
Terms and Conditions. The Customer irrevocably agree that any modifications made by the Bank to the
said terms and conditions and displayed on the Bank's Web Site or on the notice Board of the Branch shall
be binding on the Customer and the Customer waives a separate notice for the same from the Bank.
2. The Customer and User/s shall maintain secrecy and confidentiality of the User name,
Password and other secret code and the same shall not be shared or divulged to any other person. In the
event the User name, Password and other secret code are allotted at the Customer’s request to a
User/s to act in a representative capacity on Customer’s behalf, the Customer shall ensure that the said
User/s maintain secrecy and confidentiality of the User name, Password and other secret code and
that the same shall not be shared or divulged to any other persons by the User/s.
3. The Customer further agree and undertake that the Persons authorized by the
company/Customer to operate the Customer’s accounts on his/their behalf (User/s) under the “said Core
Banking Facility” shall follow the terms and conditions of the “PsbOnline Internet Banking ” and the
Customer shall be bound by all acts and / or omissions on the User/s part and the Customer
undertake responsibility for the acts or omissions of the User/s and it shall not be challenged by
the Customer for any reason whatsoever so as to make the Bank liable for the same.
4. The Customer hereby agree that the Bank shall not be held liable or responsible for any
unauthorized access beyond the system/security provided by the Bank through hacking etc. to the
Customer’s accounts/records, by any third parties and the same shall not amount to breach of the
Bank's duty of secrecy and the Customer waive his/their rights and privileges in this regard.
5. The Customer agree and undertake that the Customer shall only be liable and responsible for any
liability, claims of any nature, loss and any damages that may arise due to misuse or otherwise of the
“PsbOnline Internet Banking” either by the Customer, its staff, agents, the User/s authorized by the
Customer or by any person making an unauthorized access to the Customer’s accounts.
6. The Customer agree that any discrepancy in the statement of accounts provided to the
Customer shall be brought to the notice of the Bank immediately and in the event of any dispute or
discrepancy between the statement of accounts provided under the “PsbOnline Internet Banking ”
through the Computer and the statement of accounts
as maintained by the Bank at its concerned branch, the statement of accounts as maintained by
the Bank at its concerned branch, shall for all purpose be binding on the Customer and the Bank shall
not be liable to the Customer for any transactions undertaken or made based on the discrepant
statement of Account.
7. The rules and regulations applicable to Banking Transactions done in the normal traditional way in
India will also be applicable mutatis mutandis for the transactions done through Internet/ Online
Service.
8. RISKS
The customer/user hereby acknowledges that they are fully aware of the risks involved in availing the said
services which, inter alia, includes:-
a. access by any third person using the Customer’s or it’s User’s password. In such case, the third person
would be able to transact through the net and give instructions including Payment Instructions or Third
Party Funds Transfer, by which the Customer can suffer loss.
b. The Internet per se is susceptible to a number of frauds, misuse, hacking or other actions
which could affect payment instructions to the Bank. Whilst the Bank shall aim to provide security to
prevent the same, there cannot be any guarantee by the Bank from such internet frauds, hacking
and other actions which could affect the instructions/transactions through the said Services, causing
loss to the Customer.
c. The filling of applicable data for transfer and other transactions would require proper, accurate and
complete details. In the event of any inaccuracy, the funds could be transferred to incorrect accounts.
The Customer and the User/s shall therefore be required to take all precautions to ensure that there
are no mistakes and errors and that the information given by the Customer/User/s to the Bank are
error free, accurate, proper and complete at all points of time.
d. The Customer/user is fully aware that the Bank is providing the said Services at the Customer’s
sole risk and that the Bank shall not be liable for any loss, damages or consequences
whatsoever arising due to any erroneous or incomplete information or any delay in executing the
instructions for any other reasons. On the other hand in the event of the Customer’s Account receiving an
incorrect credit by reason of a mistake committed by some other Person, the Bank shall be entitled
to reverse the incorrect credit at any time without the consent of the Customer. The Customer shall
be liable and responsible to Bank and agree to accept the Bank’s instructions without questions for
any unfair or
unjust gain obtained by the Customer.
9. The Customer will not hold the Bank responsible for the Internet Data being hacked or
fraudulently used or if the data is used to defame anyone or if the data is used in any manner
adverse to the Customer.
10. It is further agreed by the Customer that if any suit or claim or other proceedings are
filed/initiated against Bank by any person in connection with the said Services or any
transactions under the same or for reasons arising out of this agreement, the Customer alone shall
be liable and shall ensure that the Customer shall pay all costs, expenses (including the lawyers
charges and other court expenses), claims and damages that may arise out of such suits/claims.
11. The Customer shall pay the Fees/charges as may be stipulated by the Bank from time to time in
respect of each and every facility under the “PsbOnline Internet Banking”.
12. The Customer hereby indemnify and agree to keep the Bank Indemnified from any loss,
damages, claims, suits (including attorneys fees) that may be caused or sustained by the Bank due to
providing the “PsbOnline Internet Banking” to the Customer or due to failure of the system or for violation
of any of the Terms and Conditions of the said Core Banking Facilities by the Customer by the
Customer’s representative, User/s or for any other reason. The Customer further indemnify the Bank
for any loss, damages, claims that may be caused or sustained by the Bank due to failure on the
Customer’s or the Customer’s representative's or User/s’ to maintain the secrecy of the
transactions, User name, Password and Personal identification Number (PIN) or any other codes, any
claim by the said Third Parties etc.
13. The Customer further agree that the “PsbOnline Internet Banking” shall be made available to
the Customer at the Bank's option and that the same shall be available, subject to the availability of
power, Network connectivity to the system etc….and should the same be not available for any reason,
the Customer shall not hold the Bank liable or responsible for any reason whatsoever. Bank shall
also be within its absolute right to withdraw all or any of the “ PsbOnline Internet Banking” at any
time without notice and without assigning any reason to the Customer and/or the User/s which shall be
binding on the Customers and its users.
14. The Customer agree that it shall be the Customer’s obligation to pay all stamp duties,
charges, Taxes and other levies on this agreement and also on the other documents
executed/which may be executed by the Customer from time to time. The Customer shall also be liable to
bear and pay all taxes or other levies if any imposed from time to time on the “PsbOnline Internet
Banking”.
In witness whereof executed at _____________ on this ______________ day of __________ 20______.
Place: Signature, Name, Seal
Date: For M/s____________________
Authorized Signatories
We M/s……………………………………….have authorized the following User/s for operating the said services on
our behalf:
1.
2.
3.
4.
5.
I/We the User/s have read and understood the said Agreement and agree to comply with the terms and
conditions applicable to User(s).
Place: Name and Signature of User(s)
Date :
Specimen of Board Resolution (For companies)
RESOLVED THAT the company do avail the Punjab & Sind Bank PsbOnline Internet Banking Services for
the accounts opened / to be opened with Punjab & Sind Bank at their various Branch(s) and the company
accepted all terms and conditions of Punjab & Sind Bank and further/do accept such terms, regulations,
conditions, stipulations laid down by Punjab & Sind Bank from time to time for the purpose. Copy of the
existing Terms and Conditions is received by the company, which is enclosed to this resolution as token of
company’s agreement. Modification of such Rules placed by Bank on its website is sufficient and valid
notice to the company.
RESOLVED FURTHER THAT the company do execute necessary documents, agreement form(s), authority
letter(s) and / or any other related documents from time to time for this purpose.
RESOLVED FURTHER THAT the following officials be hereby singly / jointly authorized to accept sign,
execute, deliver and complete all documentation, agreements, accounts opening forms and accept and
abide by the modifications and / or variations in any or all the terms and conditions from time to time and,
in order to apply for and avail and operate PsbOnline Internet Banking facility provided by the Punjab &
Sind Bank.
S.No. Name of the Authorized Official Designation Maximum Limit(Rs.)
Any change in the above mandate shall be by a fresh resolution passed by company’s Board and by
intimating the same to Bank.
RESOLVED FURTHER THAT the above authorized officials are also authorized to operate on behalf of the
company through PsbOnline Internet Banking service on the company’s accounts including by causing a
debit balance in company’s account(s) with Punjab & Sind Bank and / or continually operate the
account(s) even when overdrawn, as per the access specifications authorized herein above.
RESOLVED FURTHER THAT Punjab & Sind Bank be and hereby authorized to accept all instructions
given or initiated through the PsbOnline Internet Banking service either singly or jointly from all or any of
the above instructions by the above signatories in the manner provided here in above.
FURTHER RESOLVED THAT a copy of this resolution be and hereby be submitted to Punjab & Sind Bank
duly certified by company secretary of the company.
Specimen of Declaration/Mandate [Other than Companies]
DECLARED THAT the Firm do avail the PsbOnline Internet Banking Service for the accounts opened / to
be opened with Punjab & Sind Bank at their various Branch(es) and the Firm accepted all terms and
conditions of Punjab & Sind Bank and further do accept such terms, regulations, conditions, stipulations
laid down by Bank from time to time for the purpose. Copy of the existing Terms and Conditions is
received by the firm, which is enclosed to this declaration as token of company’s agreement. Modification
of such rules placed by Bank on its website is sufficient and valid notice to the partnership firm.
DECLARED FURTHER THAT the Firm do execute necessary documents, agreement form(s), authority
letter(s) and / or any other related documents from time to time for this purpose.
DECLARED FURTHER THAT the following persons be hereby singly / jointly authorized to accept sign,
execute, deliver and complete all documentation, agreements, accounts opening forms and accept and
abide by the modifications and / or variations in any or all the terms and conditions from time to time and
to nominate, substitute, revoke and vary mandate etc. from time to time and on behalf of the Firm in
order to apply for and avail and operate the PsbOnline Internet Banking facility provided by the Punjab &
Sind Bank.
S.No. Name of the Authorized Official Designation Maximum Limit(Rs.)
Any change in the above mandate shall be by a fresh declaration of firm and by intimating the same to
Bank.
DECLARED FURTHER THAT the above authorized persons are also authorized to operate on behalf of the
Firm through PsbOnline Internet Banking Service on the Firm’s accounts including by causing a debit
balance in Firm’s account(s) with Punjab & Sind Bank and / or continually operate the account(s) even
when overdrawn, as per the access specifications as stated herein above.
DECLARED FURTHER THAT Punjab & Sind Bank hereby authorized to accept all instructions given or
initiated through the PsbOnline Internet Banking Service either singly or jointly from all or any of the
above instructions by the above signatories in the manner provided here in above.