OneCard Terms and Conditions - Balance Transfer

Issued by Federal Bank
  1. This “Balance Transfer” (BT) offer from Federal Bank Limited (Bank) is open to all residents of India holding a valid and current primary OneCard (Cardholders/Cardmembers), excluding ineligible OneCard credit card holders determined as per the internal policy of Bank and FPL.

  2. This facility can be availed by a Cardholder in As-Is form with respect to the O/S held and the pending EMI tenure with the BT beneficiary bank, if any, at the time of migration. By booking a BT through OneCard mobile app, a Cardholder expressly consents to meet all his obligations thereto. Wherever EMI can be transferred to the beneficiary bank, it will continue with the pending EMI schedule.

  3. Disbursement will be done through one of the payment modes available and will be subject to successful processing at the beneficiary bank.

  4. The Cardholder agrees to comply with the OneCard Terms and Conditions as captured on the OneCard/Bank website. Bank/OneCard will not be responsible for any loss incurred by the Cardholder as a result of any incorrect or incomplete information provided by the Cardholder with respect to the transfer of payment. A request for BT shall be deemed as an absolute consent of/by the Cardholder to accept all the terms of BT including but not limited to acceptance of these Terms and Conditions as may be updated from time to time and the Cardholder agrees to always be bound by it. The Cardholder hereby agrees that upon the amounts being credited to the account details shared by the Cardholder, he/she shall be required to repay the BT amount in the next billing cycle in the new credit card.

  5. BT amounts would be directly transferred to the customer’s other bank Account within 48 to 72 hours (excluding Bank Holidays) of the request.

  6. A BT request from the same bank account which has an overdue status or when the credit limit has been exceeded or is for an amount more than the outstanding balance on the other card will not be accepted by Bank/OneCard.

  7. It is stipulated herein that for availing benefits under the BT offer and availing of this facility resulting in advance of ordered sums of money, Cardholder shall remain liable to Bank/OneCard till such time that the Cardholder has not paid back all the ordered sums of money along with all applicable interest and charges including any penal interest that may be imposed in accordance with terms of this offer and applicable regulations in this regard. All financial liabilities of the Cardholder under BT for the offer period as per respective plans that may be made available and implemented from time to time, shall be reflected in the monthly statement of accounts issued to the Cardholder and shall be conclusive evidence of benefits being successfully processed under such plans.

  8. Bank/OneCard shall not be liable for any additional charges, overdue payments, interest or other related charges on such beneficiary Credit Cards.

  9. Bank/OneCard reserves the sole and absolute right to refuse any BT requests at its discretion without providing any reason whatsoever.

  10. These terms and conditions shall be deemed to be part of the Bank/OneCard Cardholder Agreement and are incorporated therein by reference.

  11. All BT transfers will be in favour of the beneficiary credit card company/bank and will be done via different modes such as NEFT or IMPS. BT transfers through cheques may be made available in future as per the sole discretion of the Bank. The cheques/transfers will be sent directly to the bank/customer at their current address as per Bank/OneCard records as the case warrants. In the event of the cheque being undelivered at the customer’s current address as per Bank/OneCard records, the cheque will be sent directly to the beneficiary credit card company/bank as the case might be.

  12. The cardholder would generally receive the cheque within 3 working days (for Metro locations) or 5 working days (for all other locations) of the booking. This may, however, vary in case of unforeseen circumstances like bad weather conditions / flight delays / location or pin code being non-serviceable by the courier. Delays in delivery of the cheque may also occur in the event the customer has not updated his current address in the records of Bank/OneCard or in circumstances where the customer is not available at his current address. Bank/OneCard shall not be held liable in the event of non-delivery of the instrument within the specified timeline for the foregoing set of reasons.

  13. BT booking for a Third Party will not be accepted and the liability for the same will lie solely with the primary Cardholder.

  14. Bank/OneCard will not be responsible and/or liable for any delay in clearance of the payment made to the beneficiary credit card company/bank and the subsequent interest and/or penal charges.

  15. Bank/OneCard shall not be liable for any outstation charges levied by the beneficiary credit card company/bank towards clearance of the BT cheque.

  16. During the Balance Transfer term, the balance transferred will also be included for computing the Minimum Amount Due (MAD or Minimum Amount Due is currently 5% of the total amount outstanding), as mentioned in the credit card statement of Bank/OneCard Card made available to the Cardholder.

  17. Bank/OneCard shall not be responsible for any actions, claims, demands, losses, damages, costs, charges and expenses, which the cardholder may suffer or incur by availing this offer and accordingly Bank/OneCard stands indemnified by the Cardholders availing benefits under this Offer.

  18. Cardholders are not bound in any way to participate in this offer and such participation is totally voluntary and the offer is being made on a best effort basis.

  19. Cardholder shall not be entitled to cancel Balance Transfer request or refuse to accept disbursement of funds after the request for Balance Transfer has been made.

  20. The BT facility is not applicable and specifically excludes all add-on cardholders and this facility and all benefits accruing thereof is made open to only the primary Cardholders as detailed above.

  21. Bank/OneCard reserves the right to modify or change all or any of the terms and conditions applicable to the offer at any time by providing sufficient prior intimation to the Cardholder.

  22. All disputes and/or differences arising out of this Offer shall be subject to arbitration by a sole arbitrator mutually appointed by Bank/OneCard and other party to the dispute. The proceeding shall be governed by the Arbitration and conciliation Act, 1996 and amendment thereof. The place of arbitration shall be at Mumbai and language shall be English. The award of the arbitrator shall be final and binding on the parties. Existence of a dispute or difference does not constitute a claim against Bank/OneCard.

  23. In case of any payments delay due to third party processing, the third party will be responsible for any customer dispute arising out of such delay. Accordingly, Bank/OneCard will not be responsible and liable for any/all matters/claims/defects connected therewith with respect to the third-party payment processing.

  24. In all matters relating to this offer, the decision of Bank shall be final and binding in all respects. This offer is subject to applicable Indian laws and such other terms and conditions as may be stipulated by Bank, OneCard or RBI.

  25. OneCard Revolvers with Outstanding(O/S) balance would be auto converted to EMI in the new bank based on the below slabs :

<=Rs.5000 No EMI
Rs.5000 < O/S Balance <=Rs.15,000 3 Month EMI
O/S Balance > Rs.15000 6 Month EMI