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Decades ago, before electronic payment systems became popular in India, cheque leaves were commonly used to make payments in modes other than cash. Even today, many people rely on bank cheque leaves to transfer money and settle transactions. In this article, we’ll discuss the meaning of a cheque leaf, the details you can find on this instrument, its features, pros, cons, and more.

What is a Cheque Leaf?

A cheque leaf is an individual page in the cheque book that banks provide to account holders. If you have a savings account in your name, it’s highly likely that you also have a cheque book linked to the account. Now, with the prevalence of electronic payment modes, many banks have made cheque leaves and books optional. Nevertheless, cheque leaves continue to be useful for making fund transfers from one bank account to another in a secure manner.

The Purpose of a Cheque Leaf

The primary purpose of cheque leaves is to transfer money from the payer’s account to the recipient’s account. This offers a safer alternative for transferring money instead of using cash, which is vulnerable to loss, damage and theft. Another reason to use cheque leaves instead of cash is because it becomes easier to monitor the payments you make or receive. You can easily track the amounts and the dates of all the transactions made using cheque leaves.

The Key Details in a Cheque Leaf

If you have seen a sample cheque leaf, you may already know some or all of the elements used in these negotiable instruments. However, if it’s been many years since you’ve seen a cheque leaf sample or if you’ve never used one before, check out the key cheque leaf details you can find in the instrument:

  • Date:

    • This field pertains to the date when the cheque is written. It instructs the bank when the cheque can be presented for payment. In post-dated cheque leaves, this is a future date.

  • Payee's Line:

    • This is the line that starts with ‘Pay.’ Here, you need to write the name of the payee (the person or organisation to whom the amount in the cheque is payable).

  • Bearer Clause:

    • This clause indicates whether the cheque is a bearer cheque or crossed. Striking out the word ‘Bearer’ makes the instrument an ‘Account Payee Only’ cheque, thus adding an extra layer of security.

  • Amount in Numerals:

    • This is the sum of money that needs to be transferred or paid, written in numbers.

  • Amount in Words:

    • This is the amount to be paid, spelled out in words. It serves as a means to cross-check the details against the numeric amount.

  • Drawer's Signature:

    • This is the signature of the person who owns the account and is issuing the cheque.

  • Cheque Number:

    • Each cheque leaf has a unique number, which is usually found at the bottom or top of the cheque.

  • MICR Code:

    • The Magnetic Ink Character Recognition (MICR) code includes the bank code, branch code and cheque number. It is used for electronic processing of the cheque.

  • Account Number:

    • Sometimes printed on the cheque for reference, this element may not always be present, particularly in older cheques.

  • IFSC Code:

    • The Indian Financial System Code, used in India for electronically transferring funds, is also mentioned in cheque leaves. It's specific to each bank branch.

The Main Parties to a Cheque

The main entities or parties involved in writing, receiving and utilising a cheque leaf include the following:

  • Drawer

    • The drawer is the individual or entity who writes and signs the cheque, instructing the bank to pay a specified amount of money to the receiver’s account. This party holds the account from which the money will be drawn or transferred.

  • Payee

    • The payee is the person or organisation to whom the cheque is made payable. This is the recipient of the funds specified on the cheque.

  • Drawee

    • The drawee is the bank or financial institution where the drawer holds their account and from which the money is drawn. The drawee is responsible for honouring the cheque when it is presented for payment, provided sufficient funds are in the drawer's account.

  • Endorsee

    • If the payee endorses the cheque to another party, this third party becomes the endorsee. The endorsee has the right to receive the payment mentioned in the cheque instead of the payee.

  • Endorser

    • In the case of an endorsed cheque leaf, the payee becomes the endorser because they endorse or transfer the right to receive payment to a third party.


Features of a Cheque Leaf

A cheque leaf has certain distinct features that give it its unique function. Here’s a closer look at these characteristics.

  • Written Order

    • A cheque leaf is a written order from an account holder (the drawer) to their bank (the drawee) to pay a specified sum of money to a third party (the payee).

  • Unconditional Payment

    • The payment by the bank is unconditional, provided sufficient funds are in the drawer's account.

  • Bearer or Order Instrument

    • A cheque leaf can be made payable to a specific person (order cheque) or to whoever holds the cheque (bearer cheque). The nature of the cheque changes if the ‘Or Bearer’ clause is cancelled, making it payable only to the specified payee.

  • Banking Instrument

    • A cheque leaf is drawn on a specified bank, known as the drawee, and the payment is to be made by that bank only.

  • Payable on Demand

    • A cheque leaf is payable on demand, meaning the amount must be paid by the bank as soon as the cheque is presented for payment.

  • Specific Amount

    • The amount to be paid is clearly stated in words and numbers, and it should be the same in both cases for the cheque to be valid.

  • Fixed Details

    • Once a cheque is completed, the cheque details like the payee’s name and the amount cannot be altered.

  • Available to Account Holders

    • Cheque leaves can be issued by individuals who hold current accounts or savings accounts with the drawee bank.

  • Unconditional Order

    • A cheque leaf is not a request. It is an unconditional order to the bank instructing the bank to pay the stated amount.


Types of Cheques Available in India

In India, many types of cheques are used, each serving different purposes and offering different levels of security and convenience. Here are the main types:

  • Bearer Cheque

    • This type of cheque is payable to the person carrying it, i.e., the bearer. It doesn’t specify a payee and is payable to whoever presents it at the bank for payment.

  • Crossed Cheque

    • This cheque has two parallel lines on the top left corner. It cannot be cashed directly at a bank counter but must be credited to the payee's bank account. This adds a layer of security.

  • Account Payee Cheque

    • By writing ‘Account Payee’ or ‘A/C Payee’ between the parallel lines on a crossed cheque, the drawer mandates that the amount can only be credited to the account of the payee. This type is one of the safest forms of cheques.

  • Blank Cheque

    • This is a cheque leaf that the drawer has signed but left the amount and payee name blank. It allows the bearer to fill in these details.

  • Banker’s Cheque or Pay Order

    • This kind of cheque leaf is issued by a bank. It guarantees payment and is used for local transactions. It is also valid only for a specified period.

  • Traveller’s Cheque

    • Used by travellers, these are pre-printed cheques with fixed amounts. They allow the person signing it to make unconditional payments to another party. This is because the payee has paid for this privilege. They are mainly used for cash withdrawals during travel.

  • Self-Cheque

    • Written by the account holder as payable to themselves, these cheques are used to withdraw money from your own account.

  • Post-Dated Cheque

    • A cheque with a future date written on it is called a post-dated cheque (PDC). It cannot be cashed in until that date.

  • Stale Cheque

    • If a cheque leaf is not presented within a specified period from the date of issue (usually three months), it becomes stale or outdated.

  • Cancelled Cheque

    • This is a cheque leaf that has been cancelled, usually by drawing two parallel lines across it and writing 'cancelled' between them. It's often used to provide proof of having a bank account.


The Pros and Cons of Using Cheques

Using cheques as a method of payment has its advantages and disadvantages. Let’s take a closer look at the benefits and limitations.

The Pros of Using Cheques:

  • Safety: Cheques are generally safer than carrying large amounts of cash, especially for high-value transactions.
  • Traceability: Cheque transactions are recorded by the bank. This is useful for both personal finance management and business accounting.
  • Post-Dated Payments: Cheques can be post-dated to allow for future payments. This is useful for scheduling rent, loan payments or other recurring expenses.
  • Convenience for Large Transactions: Cheques are convenient for transferring large sums of money without the need for immediate cash.
  • Control over Payments: Cheques give the drawer control over when the funds are withdrawn from their account, as the cheque needs to be deposited and cleared.
  • Crossing Feature: Crossed and account payee cheques add an extra layer of security, as they can only be deposited into the payee’s bank account.

The Cons of Using Cheques:

  • Processing Time: Cheques usually take several working days to clear. This delay can be inconvenient for both the payer and the recipient.
  • Risk of Bouncing: If the drawer’s account does not have sufficient funds, the cheque will bounce, leading to penalties and potentially damaging the drawer's credibility.
  • Inconvenience: With the rise of digital payments, cheques can seem outdated and less convenient. Not all individuals or businesses accept cheques today.
  • Handling and Storage: Cheques require physical handling and storage. You may even need to visit a bank to deposit the cheque leaf. This can be a hassle compared to electronic transactions.

Ultimately, while cheques offer a secure and traceable method of payment, they also come with potential drawbacks like processing delays and the risk of bouncing. The choice to use cheques depends on your specific needs and preferences as well as the context or nature of the transaction.

How to Write a Cheque?

Writing a cheque is fairly easy. Here’s what you need to do to fill out a cheque leaf correctly and securely:

  • Step 1: Write the current date on the top right-hand corner of the cheque leaf. If you are writing a post-dated cheque, you need to write a future date.
  • Step 2: On the line labelled ‘Pay,’ write the name of the person or organisation to whom you are making the payment.
  • Step 3: Below the payee line, write out the payment amount in words.
  • Step 4: Enter the payment amount in numerals in the small box to the right of the amount in words.
  • Step 5: Sign the cheque at the bottom right-hand corner.
  • Step 6: Note the cheque details (cheque number, date, payee, amount etc.) for your records.

Dos and Don’ts of Writing a Cheque

When you are writing a cheque, it's important to follow certain dos and don’ts to ensure that your transaction is processed smoothly and securely. Here’s what you should and should not do.

Dos:

  • Write clearly and legibly to prevent any misunderstandings or alterations.
  • Fill out all the required fields like the date, the name of the payee, the amount in words and numbers, and your signature.
  • Use the correct date.
  • Spell out the amount clearly and accurately in words and numbers, and ensure they match.
  • Sign consistently so your signature matches the one the bank has on file.
  • Draw a line to fill empty spaces since it prevents unauthorised alterations.
  • Note the cheque details (cheque number, amount, payee, and date) for your records.
  • Cross the cheque and write ‘A/C Payee Only’ to ensure the amount is credited only to the payee’s account.

Don’ts:

  • Don’t leave large spaces that could allow fraudsters to add extra digits or words.
  • Don’t overwrite because any alterations can lead to suspicion and potential rejection of the cheque.
  • Don’t sign blank cheques before filling out all other details, as they could be misused.
  • Don’t post-date cheques carelessly, as they can be forgotten or mishandled.
  • Don’t share the cheque details or images with anyone.
  • Don’t fold or staple the cheque to other documents.

Cancelled Cheques: Meaning and Uses

A cancelled cheque is a cheque leaf that has been marked as 'cancelled' and rendered unusable for making a payment. It's not a void transaction. Instead, it is a proactive step to prevent the cheque from being used for a financial transaction.

This type of cheque leaf typically has two parallel lines drawn across it and the word 'Cancelled' written between the lines. It doesn't require a signature, and no other alterations can be made to the cheque. The primary purpose of cancellation is to provide proof that the individual holds an account with the bank.

Cancelled cheques can be used for the following purposes:

  • Proof of bank account for account holder verification
  • Setting up ECS for loans or EMIs
  • Bank account verification for opening a demat account
  • Processing insurance policies
  • Facilitating direct salary deposits by employers
  • Verifying accounts for mutual fund investments
  • KYC compliance by financial institutions, telecom operators and other entities

Also read: What is KYC and How Does The KYC Process Works ?

Crossed Cheques: Meaning and Ways to Cross a Cheque Leaf

A crossed cheque is a cheque leaf with two parallel lines, usually drawn on the top left corner, which signifies that the cheque cannot be directly cashed at the bank counter. Instead, it must be deposited into the payee's bank account. This adds an extra layer of security by making it traceable and ensuring that the money is only paid into a bank account.

There are different ways to cross a cheque leaf, as explained below:

  • General Crossing:

    • This involves drawing two parallel lines across the cheque. Often, the words ‘& Co.’ are added between the lines, but this is optional. A general crossing means that the cheque can be deposited into any bank account.

  • Special Crossing:

    • In a special crossing, the name of a specific bank is written between the two parallel lines. This means the cheque can only be deposited into an account at the bank specified on the cheque leaf.

  • Restrictive Crossing:

    • Additional words like ‘Account Payee Only’ or ‘A/C Payee’ can be added with the crossing lines. This makes the cheque leaf even more secure because it can only be credited to the account of the payee named on the cheque.

  • Not Negotiable Crossing:

    • Writing ‘Not Negotiable’ between the lines on a cheque leaf means that the rights of the cheque are not transferable. The cheque can still be endorsed, but the person who receives it cannot have better rights than the person who endorsed it.


Cheque Leaves: How Safe Are They?

Cheque leaves offer a moderate level of security because they incorporate various security features like watermarks and special inks, making forgery difficult. However, they are not foolproof. The overall safety of cheque leaves primarily depends on how they are handled. By diligently filling out the cheque, avoiding blank spaces, and ensuring secure storage of cheque books, you can minimise the chances of misuse.

However, cheques are susceptible to risks such as theft or loss. When they are not properly crossed or marked as ‘Account Payee Only,’ there's a potential for unauthorised cashing. Banks add a layer of security by verifying signatures and details, but this process isn’t infallible and may occasionally fail to detect forgeries.

Also read: What is Neo Banking?

Conclusion

This concludes our comprehensive guide on cheque leaves and cheques in India. If you need to issue a cheque for any transaction, follow the steps outlined in this article. Also, keep the dos and don’ts in mind, so your cheque remains secure and there is no unauthorised usage.

Also read: What is Beneficiary in Banking?

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FAQS – FREQUENTLY ASKED QUESTIONS

  • What is the purpose of the numbers on a cheque leaf ?

    The numbers on a cheque leaf in India include the cheque number, MICR (Magnetic Ink Character Recognition) code and IFSC (Indian Financial System Code). The cheque number helps with tracking and record-keeping, the MICR code helps process the cheque electronically, and the IFSC code identifies the specific bank branch.

  • How much time does it take for a cheque to clear ?

    In India, it takes two to three business days for local cheques to be cleared. Outstation cheques might take longer. The exact duration depends on the bank's policies and the cheque's origin.

  • What does it mean when a cheque is dishonoured ?

    A cheque is dishonoured when the bank refuses to pay the amount due to various reasons like insufficient funds in the drawer's account, signature mismatch or other discrepancies. This results in the cheque being returned to the payee with a 'Dishonour Memo' stating the reason.

  • What are the legal consequences of a dishonoured or bounced cheque ?

    In India, a dishonoured or bounced cheque can lead to legal consequences under section 138 of the Negotiable Instruments Act. The issuer can face criminal charges, including a potential jail term or a fine, which can be twice the cheque amount.

  • Can I issue a cheque even if I do not have a bank account ?

    You cannot issue a cheque if you do not have a bank account. A cheque is a document that orders a bank to pay a specific amount from a person's account to another individual or entity, and hence, having a bank account is a prerequisite.

 

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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Although all efforts are made to ensure that information and content provided as part of this Website is correct at the time of inclusion on the Website, however there is no guarantee to the accuracy of the Information. This Website makes no representations or warranties as to the fairness, completeness or accuracy of Information. There is no commitment to update or correct any information that appears on the Internet or on this Website. Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. Any use of this Website or the information is at your own risk. Neither ABCL and ABC Companies, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or reliance upon, this Website or the information, or any website linked to this Website.

No Liability

This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.

The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.

Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.

The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.

Manner of Use of Personal Information

All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.

Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,

You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.

Use of Website in India

This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.

Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.

In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.

You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.

Third party websites

This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).

USE of APP

In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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