Primary Terms and Conditions for PayLater By ICICI Bank

Click here to read the Most Important Terms & Conditions (MITC)

These Terms and Conditions for PayLater shall govern the PayLater Facility offered/ by ICICI Bank Limited and shall be read along with Most Important Terms and Conditions for PayLater and any additional terms and conditions as may be specified by ICICI Bank from time to time.

I. Definitions:

• “Applicable Law” or “Law” means the applicable statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation, or any published directive, guideline, notice, requirement or governmental restriction, having the force of law in any jurisdiction, including amendments made from time to time.

• “Billing Statement” shall mean the monthly bill sent to the Customer for all purchases made by using the PayLater Facility and shall contain amongst others, the due amount, due date, transaction details of the Customers. The bill statement is sent to the registered e-mail ID of the Customer, post bill generation.

• “Account Statement” means a list of all transactions done from the PayLater Account for a selected period. It shall contain details such as date, transaction remarks and amount.

• “Business Day” means: a day other than (i) Saturday and Sunday, (ii) a day on which the Banks in Mumbai/New-Delhi/Noida and/or RBI are closed for business/clearing.

• “PayLater Account” means an overdraft account created for the Customers to make online payments under the PayLater Facility.

• “Charges Account” shall mean a zero interest bearing sub-account under the PayLater Account created specifically for the purpose of levying of default/penal charges and other applicable fees.

• “Electronic Payments” shall include any mode of electronic payment, such as UPI, IMPS and NEFT etc.

• "EMI" or "Equated Monthly Instalment" means the amount payable every month by the Customer to ICICI Bank with respect to the PayLater Facility and comprises of the principal amount and interest thereon.

• “EMI Accounts” means the sub-accounts created under the PayLater Account for those transactions for which EMI option is availed by the Customer.

• "Merchant/Vendor" means any such merchants or vendors who offer products/services and are approved by ICICI Bank to accept payment for transactions made using PayLater Facility.

• "MITC" means the Most Important Terms and Conditions governing PayLater Facility, a copy of which is provided by ICICI Bank to the Customer and is available at https://www.icicibank.com/Personal-Banking/cards/digital-credit-card/mitc-paylater-tnc.page/

• “PayLater Facility” means a credit facility offered by ICICI Bank under which an overdraft account is created which enables Customers to make payments for purchases and repay such facility/loan/amount, within a specified period, with or without interest, as per the terms and conditions mentioned in this document.

• “Credit Bureau” means independent third-party institutions that collect financial data regarding loans, credit cards and more, about individuals and shares it with its members such as banks and non-banking financial institutions in the form of a credit report.

• “iMobile” The official mobile banking application by ICICI Bank that offers banking services of the Bank. It can also be used for viewing PayLater due payment details, transactions, pay dues etc.

• “Retail Internet Banking” Internet Banking services of ICICI Bank that are offered to ICICI Bank customers. It can also be used for viewing PayLater due payment details, transactions, pay dues etc.

• "Payment Due Date" means the date on which the amount due for the purchases incurred by the usage of PayLater Facility should be repaid to ICICI Bank.

• “UPI” means unified payment interface, which is a payment system to instantly transfer funds between two accounts within and between banks.

• “BBPS” Bharat Bill Payment System is an integrated bill payment system developed by National Payments Corporation of India that offers interoperable and accessible bill payment services to customers.

• “NEFT” means the National Electronic Funds Transfer, which is an electronic fund transfer system maintained by the RBI.

• “ICICI Bank Platform” means the ICICI Bank mobile application, IMobile, internet banking website.

• “Customer” means such eligible individuals to whom ICICI Bank has agreed to extend PayLater Facility, pursuant to their application for the same vide ICICI Bank Platform.

• "Primary Terms and Conditions" mean these terms and conditions governing PayLater Facility and as available at PayLater Terms and Conditions

• “Sanctioned PayLater Limit” means the maximum limit sanctioned in the PayLater Account.

• “Terms and Conditions” shall mean and include Primary Terms and Conditions, MITC and any additional terms and conditions specified by ICICI Bank, which govern PayLater Facility.

• “Transaction Limit” means the credit facility limit, up to Rs <2> lakh (INR 2,00,000), only sanctioned to PayLater Customers on the basis of the eligibility criteria laid down by ICICI Bank, for making purchases.

• “Total Amount Due” means and includes the outstanding amount for PayLater Facility as stated in the Billing Statement/Account Statement including, all fees, costs, charges, expenses and all other sums, whatsoever payable by the Customers to ICICI Bank, in accordance with the terms laid herein.

• “KYC” means Know Your Customer, which includes the process of verifying the identity of Customers.

• “Savings Account” means interest bearing deposit account held by the Customers with any bank in India for effectively managing your finances.

• “RBI” means the Reserve Bank of India.

II. General Terms

• PayLater Facility will be provided to the Customers at the sole discretion of ICICI Bank, in accordance with the Applicable Laws and will be subject to the fulfilment of the Terms and Conditions as may be stipulated by ICICI Bank from time to time.

• By accepting these terms and conditions, the Customers hereby permit ICICI Bank to conduct Credit Bureau checks and/or share their data with Credit Bureaus. ICICI Bank reserves the right to ascertain the credit worthiness of Customers by obtaining the Credit Bureau report and such other reports as it may deem necessary.

• Customers will act in good faith at all times, in relation to all dealings with ICICI Bank and usage of PayLater Facility.

• Customers agree to be vigilant regarding the payment transactions done through PayLater Facility and must intimate ICICI Bank of any misuse, fraud or theft, as soon as discovered by her/him.

• Customers will keep ICICI Bank updated on their communication address, loss of handset, breach of protected information like PIN, Username, Password etc.

• The EMI value displayed at the time of initiating a transaction will be approximate and the exact EMI amount shall be mentioned in the Billing Statement.

• The EMI Account will be created under the credit limit set for the Customer in the Customer’s PayLater Account.

• The sum of limits of all individual EMI Accounts can never be greater than the Sanctioned PayLater Limit.

III. Issuance and usage:

• PayLater Customers will choose to apply for PayLater by ICICI Bank only through the Platform such as iMobile app and Retail Internet Banking platform and other interfaces of ICICI Bank and those of Merchants or third party partners selected by ICICI Bank. PayLater by ICICI Bank will be extended to only such PayLater Customers who are found to be eligible, as per the criteria and assessment of ICICI Bank. PayLater Customers will utilise the transaction limit under PayLater by ICICI Bank to make purchases in Indian currency only.

• ICICI Bank has the sole discretion to renew, revise, reduce and/or increase the Sanctioned PayLater Limit extended to the Customers.

• The Customer shall execute E-NACH mandate in favour of ICICI Bank, in order to allow ICICI Bank to auto-debit the Savings Account, for repayment of dues accrued under the PayLater Facility.

• PayLater cannot be used for repayment of dues of credit instruments (Credit Cards, Loans, etc), investments, gambling, betting, lotteries, Central Bank Digital Currency (CBDC) wallet loading, cash withdrawal, account opening fee, security brokers and person-to-person fund transfers.

IV. Payment and Repayment

• All Customers will be billed on a monthly basis for all purchases made using PayLater Facility.

• The Billing Statement as generated by ICICI Bank will be available on the ICICI Bank Platform and shall also be sent to the registered e-mail ID of the Customer.

• In order to comply with extant RBI regulations regarding non-capitalisation of charges, a sub-account namely Charges Account shall be created and all charges including activation fee, service charge, late fee shall be reflected therein.

• Customers must repay the Total Amount Due, as reflected in the Billing Statement by the Payment Due Date, through any available modes including iMobile, ICICI Internet Banking, UPI, IMPS, NEFT, RTGS etc.

• For transactions where the Customer has availed the EMI option, auto-debit for the EMI Account will be set up in the Savings Account registered with the Customer’s PayLater Account.

• In the event that the Total Amount Due is not paid within the Payment Due Date, the same will be considered as a default by the Customer and he/she will become liable to pay the amount together with an additional interest and late payment charges, as specified in the next month’s Account Statement. Such additional interest will be computed from the Payment Due Date, subject to revision from time to time.

• In the event of non-payment, ICICI Bank, in addition to levying additional interest and other charges, will block PayLater Facility till the full outstanding amounts are paid.

• The Customers will bear all applicable taxes including the Goods and Services Tax and any other statutory levies, as may be applicable from time to time.

V. Event of Default

The following acts will constitute an ‘event of default’ by the Customer:

• Payment Default: Failure in making payment of the Total Amount Due, as indicated in the Billing Statement.

• Breach of Terms: Breach of any terms and conditions, representations, warranties, covenants or occurrence of any fraud, misrepresentation or failure to submit any material information.

• Bankruptcy or Insolvency: When Customer becomes bankrupt or insolvent, or voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency laws.

• Illegality: It is/becomes unlawful for the Customers to perform any of their respective obligations.

• Death of the Customer.

• The existence of any other circumstances, which in the sole opinion of ICICI Bank jeopardises the interests of the Bank.

VI. Consequences/Rights & Remedies of ICICI Bank

• In any event of default, as specified above, ICICI Bank will be entitled to use rights and remedies available to it under the Terms and Conditions

• In any event of default, ICICI Bank may, by giving a notice to such Customers:

  • Terminate PayLater Facility and call upon the Customer to immediately pay the Total Amount Due
  • Suspend further access to PayLater Facility or freeze the same

• ICICI Bank reserves the right to:

  • Engage one or more persons to collect Customer’s outstanding dues. ICICI Bank may furnish to such person(s) such information, facts and figures pertaining to PayLater Facility of such Customer, as it may deem fit
  • Call upon the successors/legal heirs of the Customer to pay the Total Amount Due and any other charges in full to ICICI Bank, in the event of the Customer’s death.
  • Initiate legal/recovery proceedings against such Customers.

VII. Representations, Warranties and Covenants

• Customer, by applying for PayLater Facility, agrees to abide by the Terms and Conditions, as mentioned here.

• Customer agrees to have read, understood and accepted these Terms and Conditions and are aware that these Terms and Conditions are also available at PayLater Terms and Conditions

• Customer agrees to avail PayLater Facility on the precondition that they will not use PayLater Facility, or any part thereof, towards repayment of any credit card or for any other purpose, except as mentioned under the Terms and Conditions.

• The Customer agrees that he/she has understood the method of calculation of the additional interest and other charges, as levied in cases where the Total Amount Due has not been paid by the Payment Due Date.

• The Customer agrees and confirms that ICICI Bank will not be liable in any manner for failure or delay in providing PayLater Facility.

• All information provided by the Customer to ICICI Bank are true and correct and the Customer will promptly notify ICICI Bank about the occurrence of any event of default and/or of any information being untrue or incorrect.

• Customers will use PayLater Facility only for the purchases from such Merchants/Vendors who have been authorised by ICICI Bank to accept the payment through PayLater Facility.

• Customer will promptly notify ICICI Bank of any action or steps taken, or any legal, administrative or other proceedings against the Customer in any court of law.

• Customer will promptly and not later than 7 days from the occurrence of such event, notify ICICI Bank in writing with full details of all or any change/s of details or personal information.

VIII. Right of Set-Off & Lien

• ICICI Bank and its group companies will have the paramount right of set-off and lien, irrespective of any other lien or charges, present as well as future, on deposits of any kind and nature held/balances lying in any other account(s) of the Customers maintained with ICICI Bank and/or its group companies, whether in a single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/under the control of ICICI Bank and/or its group companies (whether by way of security or otherwise according to any contract entered/to be entered into by the Customers in any capacity), towards the satisfaction of the Customers’ liability. ICICI Bank and/or its group companies are entitled without any notice to the Customers, to settle any indebtedness whatsoever owed by the Customers to ICICI Bank and/or its group companies (whether actual or contingent or whether primary or collateral or whether joint and/or several) here or under any other document/agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying in the balance of any account(s), held by the Customers with ICICI Bank and/or its group companies, notwithstanding that the deposit(s)/balances lying in such account(s) may not be expressed in the same currency as such indebtedness. ICICI Bank and its group companies' rights will not be affected by the Customers’ bankruptcy, death or winding-up. It will be the Customer’s sole responsibility and liability to settle all disputes/objections with any such joint account holders

• In addition to the mentioned right or any other right which ICICI Bank and its group companies may at any time be entitled to, whether by operation of law, contract or otherwise, ICICI Bank is authorised/will be entitled:

•  to combine or consolidate at any time all or any of the accounts and liabilities of the Customers with or to any ICICI Bank branch and/or its group companies;
• To institute any judicial proceedings in case of non-payment of outstanding dues from the Customers.

IX. Repayment

• Customers can avail an auto-debit facility or e-NACH or UPI mandates for repaying the Total Amount Due, under PayLater Facility. On availing the auto-debit facility, the Savings Account of such Customers will be debited for the Total Amount Due, as mentioned in the Billing Statement, on the Payment Due Date. In case the Payment Due Date is not a business day, the Savings Account will be debited on the next business day. Customer can also pay through UPI, BBPS, NEFT, RTGS and linked Savings Account through bank channels such as iMobile and Retail Internet Banking under the ‘Pay Dues’ section. In the event the Savings Account does not have sufficient funds on the Payment Due Date, the Customer will be liable to pay all the charges applicable, in addition to the Total Amount Due as generated in the next month’s Billing Statement. The Customer agrees and confirms that all the particulars submitted to ICICI Bank by them for availing the auto-debit facility will be correct and complete. ICICI Bank will not be liable if the auto-debit transaction is delayed or not effected at all, for reasons of incomplete or incorrect information, or for any reason whatsoever.

X. Cancelled Transactions

• In the event of a cancellation of goods/services purchased through PayLater Facility, the Customer will pay for the purchases made as it appears in the Billing Statement.

• In the event of a cancellation request being made by the Customer/Merchant/ICICI Bank, the amount will only be credited to the Customer’s PayLater Account, as and when received by ICICI Bank from the Merchants.

XI. Indemnity

• The Customer agrees to indemnify and hold ICICI Bank and its affiliates harmless, from and against all losses, damages, costs, claims and expenses whatsoever, which ICICI Bank may, at any time incur, sustain, suffer, or is likely to suffer in connection with or as a consequence of or by reason of providing PayLater Facility to the Customer. The Customer will pay ICICI Bank and/or the Affiliates such amount, as may be determined by ICICI Bank and/or the Affiliates to be sufficient to indemnify it, against any such loss or expenses.

• The Customer agrees to indemnify, defend and hold harmless ICICI Bank and its Affiliates against any claim, suit, action or other proceedings brought against ICICI Bank or its Affiliates by a third party, to the extent that such claim, suit, action or other proceedings brought against ICICI Bank and its Affiliates, is based on or arises in connection with: a violation of the terms contained here; any alterations or any unauthorised use of PayLater Facility; any misrepresentation or breach of representation, warranty or covenant made by the Customer.

XII. Exclusion of Liability

• In no event will ICICI Bank be liable to the Customer for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damage, loss of goods or services, loss of business profits, business interruption, loss of information or any other financial loss) arising out of the use of, or inability to use or access PayLater Facility or for any security breach or a virus, bug, unauthorised intervention, defect or technical malfunctioning of the ICICI Bank Platform and/or ICICI Bank systems, whether or not foreseeable and whether or not ICICI Bank has been advised of the possibility of such damages or based on any theory of liability, including breach of contract or warranty, negligence or other wrongful action and any other claim arising out of or in connection with your use of or access to PayLater Facility. Further, ICICI Bank will not be liable to the Customers for any temporary disablement, permanent discontinuance of the services by ICICI Bank or for any consequences resulting from such actions.

• Without prejudice to the remedies available to ICICI Bank under the Terms and Conditions, ICICI Bank will be under no liability whatsoever to the Customers regarding any loss or damage arising, directly or indirectly, out of:

  •  any defect in any goods or services supplied
  • delay in the delivery or non-receipt of goods or services purchased
  • refusal of any Merchant to honour or accept PayLater Facility as a mode of payment
  • malfunction of any computer terminal
  • acts done by ICICI Bank on the instruction by any person impersonating as a customer
  • exercise by ICICI Bank of its right to terminate the PayLater Facility.
  • injury to the credit character and reputation of the Customers, alleged to have been caused by the closure of PayLater Facility and/or the refusal of any Merchant/Vendor to honour or accept PayLater Facility.

• ICICI Bank holds out no warranty or makes no representation about the quality, delivery or otherwise of the goods or services.

• Any dispute or claim arising in relation to the goods or services purchased by the Customer must be resolved between the Customer and Merchant/Vendor. The existence of the claim or dispute will not relieve the Customer of their obligation to pay the dues to ICICI Bank.

• In the event, a demand or claim for settlement of the Total Amount Due from the Customers is made, either by ICICI Bank or any person acting on behalf of ICICI Bank, the Customers agree and acknowledge that such demand or claim will not amount to an act of defamation or an act prejudicial to or reflecting upon the character of the Customers in any manner.

XIII. Termination

• Customers may discontinue/terminate PayLater Facility by raising a request on the ICICI Bank Platform. On raising the request, the Customers will be liable to pay the Total Amount Due and all such other charges, whether or not already reflected in the Account Statement.

• ICICI Bank may at any time, with or without notice, withdraw, terminate and/or suspend PayLater Facility, or in the case of an event of default.

XIV. Notices and Complaints

• All notices, requests, demands, waivers, complaints, queries and other communications, required or permitted to be given here, in relation to PayLater Facility, under the Terms and Conditions, will be submitted to ICICI Bank, as per the grievance redressal mechanism accessible at https://www.icicibank.com/complaints/complaints.page . Any other notices, requests, demands, waivers, complaints, queries and other communications arising out of any acts or omissions of the Merchants/Vendors to whom the payment was made using PayLater by ICICI Bank, will be resolved between the Customers and such Merchant only and ICICI Bank will have no responsibility or liability whatsoever in this regard. ICICI Bank will be responsible for all service-related issues of PayLater Facility. The PayLater customer care will be accessible to all PayLater Customers in case of any issues/disputes arising. The dispute resolution policy of ICICI Bank in such matters will be final and binding.

• Contact details of Customer Care Centres: All PayLater Facility queries and grievances will be routed to Phone Banking on 1800 1080. E-mail address for level 1: customer.care@icicibank.com

• Grievances Redressal/Complaints/Escalations: In the event that you are not satisfied with our services, register your grievance:

• Go to “Complaint Form” at www.icicibank.com

• Call our Customer Care on 1800 1080

• If you are unsatisfied with the responses received through the first two levels of complaint mechanism, write to Ms. Sharlet Malvankar, Principal Nodal Officer. Mail a physical ‘Complaint Form’ or send an e-mail to Ms. Sharlet Malvankar, Nodal Officer, ICICI Bank Limited, Bandra Kurla Complex, Mumbai, 400051, India. Email: pno@icicibank.com. Contact No: +91-22-39337979.In all your communications with us, indicate your registered mobile number.

• Complete Postal Address of the Bank: ICICI Bank Limited, Bandra Kurla Complex, Mumbai, 400051, India

• Toll-free Number for Grievance Redressal: If you are not satisfied with our services, register your grievance through our toll-free number 1800 1080 between 09:00 a.m. to 06:00 p.m. from Monday to Friday press 1 and then enter the Service Request Number (numeric digits only), which should not be more than 2 months old

• PayLater Customers can go through the following link which describes the compensation policy of PayLater: Compensation Policy (ICICIBank.com)

XV. Dispute Resolution

• Any claim or dispute whatsoever (whether in contract, tort or otherwise) arising out of or in connection under the terms of facility, including any question regarding its construction, meaning, existence, validity, breach, recall, recovery or termination, shall be resolved and settled by mediation or conciliation (if the Customer and ICICI Bank agree to such mediation or conciliation), administered in accordance with the applicable mediation or conciliation rules of an independent online dispute resolution institution listed on ICICI Bank Limited website (“ODR Institutions”). Any party may appoint any listed ODR Institutions to facilitate mediation or conciliation. If one Party appoints an ODR institution before the other, the ODR institution appointed by the first Party shall be binding on other party. If the Customers and ICICI Bank do not agree to mediation or conciliation , or if the mediation or conciliation fails to resolve the claim or dispute within the period stipulated in such rules or within a period of 21 days from the date of notice of appointment of mediator or conciliator (whichever is earlier), then the claim or dispute shall be taken forward for adjudication by arbitration in terms of the applicable rules of said ODR Institution, and in accordance with the Arbitration and Conciliation Act, 1996, which shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by ODR Institution through its website/platform or mobile application. The arbitral tribunal shall consist of an independent sole arbitrator appointed in accordance with the applicable arbitration rules of the ODR Institution. The seat of arbitration proceedings shall be Mumbai. The law governing the arbitration proceedings shall be Indian law. The procedural law of arbitration shall be rules of ODR Institution.

XVI. Disclaimer

• The products, services and offers, referred to here, are subject to the terms and conditions governing them as specified by ICICI Bank from time to time and are offered at the sole discretion of ICICI Bank/third party. Nothing contained here, will constitute or be deemed to constitute an advice, invitation or solicitation to purchase products/services of ICICI Bank/third party. ICICI Bank makes no representation about the quality, delivery, usefulness or otherwise of the goods/services offered by the Merchant/third party.

• ICICI Bank may, at its sole discretion, utilise the services of external service provider/s or agent/s. Misuse of any intellectual property or any other content, displayed here, is strictly prohibited.

XVII. Disclosure

• ICICI Bank will be absolutely entitled to disclose any information relating to the Customer (including personal information), details in relation to loans, defaults, obligations, to any governmental/regulatory/statutory body or private agency/entity, Credit Bureau(s), ICICI Bank’s other branches/subsidiaries/affiliates/group companies, service providers, other banks/financial institutions and/or any third parties, through a written or oral communication, including paper publication (with or without photographs) or as required under the Applicable Law for KYC information verification, credit risk analysis and/or for continuing to provide various products and services to the Customer. CIBIL and/or any other agency so authorised, may use and/or process the above information and data disclosed by ICICI Bank, in any manner as deemed fit by them

• The Customer gives specific consent to ICICI Bank for submitting/disclosing the ‘financial information’ as defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (IBC) with respect to the PayLater facility by ICICI Bank availed by the PayLater Customer from time to time, to “Information Utilities” as defined in Section 3(21) of the IBC. The Customer agrees and undertakes that they will promptly authenticate ‘financial information’ submitted by ICICI Bank, as and when requested by the Information Utilities

• In case the Customer commits any default in payment or repayment of the principal amount of PayLater Facility or interest/charges due, ICICI Bank and/or the RBI will have an unqualified right to disclose or publish the details of such default, along with the name of the Customer as defaulter, in such manner and through such media as ICICI Bank and/or the RBI may, in their absolute discretion, think fit

• The Customer authorises ICICI Bank, its group companies and their agents to exchange, share or part with all the information and details relating to my/our existing loans and/or repayment history to other ICICI group companies, banks, financial institutions, Credit Bureaus, agencies, statutory bodies etc. as may be required or as they may deem fit and will not hold ICICI Bank (or any of its group companies or its/their agents/representatives) liable for using/sharing this information

• I, unconditionally and irrevocably, authorise (i) ICICI Bank, (ii) its group companies, (iii) its agents and/or (iv) its representatives, to: collect, access, store, use, share, exchange and process all information and records (including personal information) received (from me and/or external sources) while facilitating PayLater Facility, for (i) providing PayLater Facility, (ii) analysis, (iii) credit scoring, verification and fraud detection

XVIII. KYC

• The Customers agree to submit all documents including KYC documents as requested by ICICI Bank.

• The Customers understand that ICICI Bank may rely on the documents previously collected from them as a part of their previous on-boarding process. However, this does not limit ICICI Bank from collecting such other documents as may be required by ICICI Bank under Applicable Law.

• In compliance with the rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you are required to intimate us if there is any change in your KYC details along with updated documents (i.e. address, contact details, profile, etc.) within a period of 30 days from the date the change was made. Once you intimate us, we will make necessary changes in our records. Any update can be intimated to the Bank by Internet banking/Branch. 

XIX. Miscellaneous

• ICICI Bank may, at its sole discretion, amend or supplement the Terms and Conditions (due to regulatory/statutory reasons or otherwise) and/or features or benefits offered on the Facility, at any time and may notify the Customer of any such revisions/changes in any manner, digital or otherwise, as it may deem appropriate. The Customer agrees to be bound by such revisions/changes unless the Facility is repaid/cancelled before the date on which the revisions/changes are made.

• ICICI Bank may assign, in whole or in part, the benefits or obligations of these Terms and Conditions to its Affiliates or any other company, for the reasons, including but not limited to, restructuring or re-organisation or demerger of its organisation or operations causing a change in management or any other reason whatsoever.

• The Customers will not assign, in whole or in part, the benefits or obligations of this PayLater Facility by ICICI Bank, if issued to her/him.

• No delay or omission by ICICI Bank in exercising any of its rights, powers or remedies, under the transaction documents, will impair the rights, powers or remedies or be considered as its waiver or consent by ICICI Bank

• Notwithstanding any suspension or termination of PayLater Facility, all rights and remedies of ICICI Bank as per the Terms and Conditions, will continue to survive until the receipt of the Total Amount Due and any other charges in full, to the satisfaction of ICICI Bank.

• Any provision here, which is prohibited or unenforceable in any jurisdiction, will be ineffective to the extent of the prohibition or unenforceability, but that will not invalidate the remaining provisions of the Terms and Conditions or affect such provisions in any other jurisdiction.

• Details of the additional interest, late payment charges, Goods and Services Tax and other statutory levies applicable on PayLater Facility, will be as per the Billing Statement generated by ICICI Bank. Details of all other charges will be as per the MITC

• The competent courts in Mumbai will have exclusive jurisdiction to deal with any dispute that may arise out of the Terms and Conditions or with respect to PayLater Facility. The existence of a dispute, if any, will not constitute a claim against ICICI Bank

• The Terms and Conditions will be in addition to and not in substitution or derogation of the MITC.

• In the event of any disagreement or dispute between ICICI Bank and the Customer regarding the materiality of any matter, the opinion of ICICI Bank will be final and binding on the Customer.

XX. Acceptance

• The Customer expressly acknowledges and confirms that the Customer has read, verified, understood and accepted the Terms and Conditions online by ticking/clicking the "I Agree"/“Agree”/“Agree and Proceed” or "I Agree and Accept" or any similar icon/tab/option online. A One-Time Password ("OTP") will be sent on the Customer’s registered mobile number, which will be used to verify the acceptance of the Terms and Conditions, for Customers activated through ICICI Bank Platform.