These terms and conditions (“Terms and Conditions”) govern the use of the E-Banking services offered by NBP Fund Management Limited (NBP Funds) under NBP Funds Digital and these are in addition to the Terms and Conditions of “Online Services” which the User or Unit Holder has already read and accepted.
Capitalized terms used in these Terms and Condition shall have the same meaning as defined in “Online Services” – Terms and Conditions unless otherwise stated. References to ‘I’, ‘you’, ‘your’ and ‘Yours’ are references to the User(s)accessing the E-Banking services / facility.
Under an arrangement between the 1Link and NBP Funds, DEBIT Card is specially designed and developed with the mutual consent of 1Link and NBP Funds for the purpose of redemption / encashment of electronic units of the Funds by individual Unit Holders through DEBIT Card Facility.
The Unit Holders of NBP Funds who have activated their DEBIT Card are also eligible for NBP Funds E-Banking services and below terms and conditions are applicable to the NBP Funds “Debit Card Unit Holder” or “Unit Holder” availed E-Banking facility. NBP Funds E-Banking facility is applicable to NBP Funds electronic units of the individual Unit Holders only. Through NBP Funds E-Banking Facility (via NBP Funds website), Unit Holder can perform the following transactions:
– Funds Transfer to Bank (IBFT)
– Utility Bill Payment (including post-paid mobile)
– Mobile recharge (prepaid mobile numbers only)
1. The Unit Holder being the customer of NBP Funds has accepted the above arrangement of automatic encashment of the Units of the Funds through E-Banking facility provided by NBP Funds based on the redemption price(s) of such Unit(s) of the pertinent Fund(s), prevailing on the date of any of the transactions mentioned above within the Cut-off timings by the Unit Holder.
2. The cutoff timings of the transaction will be the same as mentioned in the Offering Documents of respective Funds and/or available on NBP Funds website, if any transaction executed after the cut off time, the redemption rates shall be of the next day. In case of submission of Instruction in respect of Services, the NBP FUNDS system date and time stamp will solely be considered and given precedence to determine the cut-off time in which the application request is submitted and the applicability of the NAV on the transaction. NBP FUNDS will not be responsible for any network or system delays in submitting and receiving the application request.
3. Unit Holder(s) of NBP Funds is/are eligible for E-Banking transaction after activation of DEBIT Card.
4. The Unit Holder understands and agrees that he/she shall utilize the E-Banking facility to be provided by NBP Funds solely for the purpose of encashment of his/her Units of NBP Funds and for no other purpose.
5. The Unit Holder hereby grants an irrevocable and unconditional authorization to NBP Funds to debit the Unit Holder’s Account of respective Fund lying with NBP Funds against each drawing of cash / transfer or utilization of Funds by him/her through E-Banking facility and further hereby grants an irrevocable and unconditional authorization to NBP Funds and the Trustee to redeem the Units of the Funds lying to his / her credit in his / her account with NBP Funds, against any of the transactions mentioned above without the need to file a separate redemption form.
6. Tax on withdrawal may be deducted as per prevailing and applicable Tax Laws and as per the constitutive documents of the Funds / Plans.
7. The Unit Holder agrees that the NBP Funds may charge a transaction fee for each transaction to be deducted at the time of transaction executed through NBP Funds E-Banking portal. The transaction fee is subject to revision from time to time by NBP Funds as per Schedule of Charges and same will be notified / disseminated through NBP Funds website (www.nbpfunds.com).
8. The Unit Holder also agrees to pay charges for transaction carried through NBP Funds E-Banking portal to be deducted at the time of transaction. These rates are subject to revision by NBP Funds or any other relevant party at any time. However, any revision shall not be challenged by the Unit Holder and shall be paid as soon as NBP Funds notifies the same on its website (www.nbpfunds.com).
9. The Unit Holder agrees that each drawing of cash / transfer or utilization of Funds via his/her NBP Funds E-Banking facility shall be subject to an aggregate single day drawing limit as communicated to unit holder from time to time. Limit will be available for 24 hours of a single day, subject to there being sufficient number of Units to his/her credit. The unit holder agrees that the limits are subject to change as per discretion of NBP Funds.
10. In case there is insufficient number of Units or the drawing limit is exhausted, no transfer or utilization of Funds will be allowed. The Unit Holder therefore undertakes that he / she shall not make any activity via NBP Funds E-Banking facility amounting over and above the prescribed limit and such request shall not be honored by the NBP Funds.
11. Notwithstanding this condition, in case for any reasons, if the Unit Holder somehow transfers or utilizes Funds over and above his/her prescribed limit, then the Unit Holder agrees to authorize NBP Funds to redeem such number of units equal to the withdrawn amount from the balance of units lying with NBP Funds.
12. In case the transaction is completed and the Unit Holder’s units are redeemed or transfer or utilization of Funds is either not disbursed or disbursed / transferred short or in excess by using NBP Funds E-Banking portal, the Unit Holder is required to lodge a claim/complaint form with the NBP Funds for respective transaction amount. The matter shall be resolved by NBP Funds after calling satisfactory evidence and proper verification.
13. The Unit Holder undertakes to indemnify and hold the NBP Funds and the Trustee harmless from and against all losses, costs and damages that may be suffered or sustained in the performance of E-Banking transaction.
14. Unit Holder will be liable for any loss of funds arising from any unauthorized transactions on your account if the loss occurs before you notify NBP Funds that your log-in credentials have been misused, lost or stolen or become known to someone else and if you contribute to the loss because of your failure to look after and keep your log-in credentials secure or your carelessness in failing to protect their security is the dominant cause of your loss; Or your unreasonable delay in notifying NBP Funds of the misuse, loss or theft of your log-in credentials becoming known to someone else and the loss occurs between the time you did, or should reasonably have, become aware of these matters and the time you officially notify NBP Funds.
15. You will not be liable for losses which are incurred before you have received your log-in credentials; if the transactions occurs after you notify NBP Funds that your Online Credentials have been misused or become known to someone else.
16. NBP Funds shall have the right to disable any or all funds for NBP Funds E-Banking facility access with prior notice to NBP Funds DEBIT Card holders (linked with E-Banking Facility). This shall however have no impact on the Unit Holders/ DEBIT Card Holders usual right to redeem their units as per the redemption procedures mentioned in the Offering Documents.
17. These terms and conditions shall be subject to changes from time to time under intimation to NBP Funds DEBIT Card Holders including those who have activated NBP Funds E-Banking facility and are also posted on the website of NBP Funds; www.nbpfunds.com.
18. These terms and conditions shall remain valid and binding on the Unit Holder unless cancelled/terminated by the NBP Funds. Unit Holder agrees not to challenge any such cancellation/termination and will not contest this in anyway.
19. Each person performing transactions through NBP Funds E-Banking facility will be considered as an authorized user. The NBP Funds is authorized to accept such transactions and debit / redeem the units from the relevant Accounts, irrespective of the fact that the transaction is carried out by the original authorized person or any other person, whether on his/her behalf or not. The risk arising from the use and the misuse of the NBP Funds E-Banking Facility is thus solely assumed by the Unit Holder directly and NBP Funds will not be liable in respect of the same.
20. In the event that the NBP Funds E-Banking transaction cannot be performed or the obligations cannot be fulfilled for any reason beyond the reasonable control of NBP Funds including communication malfunctions, power outage at any level, war, strike, act of any civil or military or governmental authority or industrial action, terrorism, suicide bombing, pandemic or Acts of God, internet failures / cyber-attack/ mass theft in electronic verification details, then such non-performance or failure or non-fulfillment of obligations shall be deemed not to be breach of these terms.
21. NBP Funds E-Banking (pass through only) transaction charges and any government taxes, duties and levies etc shall apply and shall be deducted/ recovered by NBP Funds by redeeming equivalent number of units from the Unit Holder’s account based on the redemption price applicable on the redemption proceeds for onward remittance to revenue authorities.
22. I hereby confirm that the Unit Holder shall solely be responsible for conducting all activities by using the E-banking Facility and the same will be deemed to have emanated from such Unit Holder. The Unit Holder agrees that all instructions transmitted by using the E-banking Facility, shall be deemed to be written instructions and agrees not to dispute or challenge the validity or enforceability of any such instruction on the grounds that such instructions were not written documents and hereby waives any such right the Unit Holder may have at law. In addition, such instructions are considered original documents and the Unit Holder agrees not to challenge the admissibility of any such instruction on the grounds that it is made in electronic form.
23. I agree, accept and acknowledge that NBP Funds shall have no obligation to verify the authenticity of any transaction made by using the E-banking facility, other than by means of verification of the login/password details / PIN code.
24. I understand that NBP Funds disclaim all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by NBP Funds to honour any instruction from the Unit Holder or as a result of making or not making the DEBIT Card Facility/E-banking Facility available to any Unit Holder, for whatsoever reason, even if NBP Funds have been advised of the same. The Unit Holder understands and accepts that NBP Funds shall not be responsible for any of the risks. The Unit Holder also accepts that NBP Funds have disclaimed all liability in respect of the said risks. Circumstances where NBP Funds will not be liable will include (but not be limited to):
a. acting on instructions received by NBP Funds through the use of the E-banking Facility;
b. any reliance on financial information provided as part, or by means of, E-banking Facility; and
c. loss or distortion of data during transmission or other faults in the telecommunication network or a network failure.
25. I represent to NBP Funds that I have full power to perform my obligations in accordance with these Terms and Conditions and availing the E-banking Facility.
26. NBP Funds shall accept electronic transactions and requests for and encashment of Units by Unit Holders through NBP Funds E-Banking Facility subject to these Term and Conditions. These Terms and Conditions are in addition to and not in derogation of the Constitutive Documents for the relevant Fund(s) of which the Unit Holder is a Unit Holder and shall be construed in accordance with the applicable law and regulations from time to time. The login/password details/pin code selected by the Unit Holder is confidential in nature and the Unit Holder confirms that he/she will keep the login/password details/pin code confidential and will not divulge it to anybody else except for the purpose of using it himself/herself for availing of any facilities as may be offered by NBP Funds under the E-banking Facility from time to time. The Unit Holder also agrees to take all possible care to prevent discovery of the login/password details/pin code by any other person. The responsibility for misuse of the login/password details/pin code of the Unit Holder is solely of the Unit Holder and NBP Funds shall not be responsible for the use/misuse of the login/password details/pin code or for any fraudulent transactions made through using the E-Banking Facility in any manner whatsoever. Accordingly, the Unit Holder agrees to accept the activities conducted through the use/misuse of or fraudulent use of the login / password details / pin code of the Unit Holder in the same manner as if such activities were duly authorized by the Unit Holder. The Unit Holder shall inform NBP Funds immediately in case his login/password details/pin code becomes known to any other person or is lost. NBP Funds may in its absolute discretion, issue to the Unit Holder a new login/password details/pin code on similar terms and conditions or under such terms and conditions as it may deem fit. The Unit Holder accepts that the use of the E-banking Facility is not the most secure method of accepting and transmitting information and that it involves security hazards and the risk of obtaining of information by any third party will be to its account and NBP Funds shall, in no way, be held responsible for the same and this shall not be considered as a breach of its or its constituent company. The Unit Holder shall accept a copy of the transaction / notification from NBP Funds as conclusive evidence of the transaction made by the Unit Holder by using the E-banking Facility. NBP Funds reserve the right to take legal action against those Unit Holders committing or attempting to commit frauds.
27. If the Unit Holder fails to schedule the Unit Holder’s payment according to the recommended time frame, NBP Funds will not be responsible for the late fees or finance charges. NBP Funds shall not be responsible for any charges imposed or any other action taken by a payee resulting from a payment that the Unit Holder has not scheduled properly, including any applicable finance charges or late fees.
28. NBP Funds will not be liable if a payment transaction cannot be processed as a result of (i) legal order prohibiting withdrawals from the Unit Holder’s / recipient bank account, (ii) due to blocking / freezing of Unit Holder / recipient account on the order of any competent authority, (iii) the Unit Holder / recipient bank account is closed or has been frozen, (iv) NBP Funds are otherwise not authorized to debit the Unit Holder’s bank account for whatsoever reason including regulatory restrictions, (v) the transaction would cause the Unit Holder’s balance to go over the credit limit for any credit arrangement set up to cover overdrafts, or (v) the Unit Holder providing an incorrect account number or other incorrect details whether personal or otherwise.
29. Making transfers to other financial institutions: For funds transfers between financial institutions, those transfers will be processed, completed and posted by the other institution in accordance with its own rules.
30. Waiver: No forbearance, delay or indulgence by NBP Funds in enforcing the provision of these Terms and Conditions between NBP Funds and the Unit Holder shall prejudice or restrict the rights of NBP Funds nor shall any waiver of its rights in relation to a breach of these Terms and Conditions operate as a waiver of any subsequent breach and no right, power or remedy given to or reserved to NBP Funds under the agreement is exclusive of any other right, power or remedy available to NBP Funds, and each such right, power or remedy shall be cumulative.
31. Severability: If any provision of these Terms and conditions is held to be ineffective, unenforceable or illegal for any reason, such decision shall not affect the validity or enforceability of any or all of the remaining provisions of these Terms and Conditions.
32. Fee/Charges: I authorize NBP Funds to redeem the E-Banking charges (if any) as defined in NBP Funds schedule of charges through redeeming equivalent number of units against E-Banking charges including any other applicable taxes / charges. Details of applicable charges is mentioned / updated from time to time in the schedule of charges (SOC) available on NBP Funds website (www.nbpfunds.com).
33. Unit Holder may stop use of the NBP Funds E-Banking Facility in its entirety at any time by giving written notice to NBP Funds. NBP Funds may terminate the service at any time by giving a written notice to the Unit Holders.
34. The validity, construction and performance of these Terms and Conditions shall be governed by and be interpreted in accordance with the laws of the Pakistan. Any dispute arising in connection with these Terms and Conditions shall be decided by a sole arbitrator appointed by the Chairman of the Pakistan Stock Exchange in accordance with the Arbitration Act, 1940, whose decision shall be final and binding. The place of arbitration shall be Karachi and the language of the arbitration shall be English.
35. Apart from the above Terms & Conditions, the Unit Holder also agrees to abide by the Term & Conditions mentioned in Debit Card & E-Banking Application Form including the Terms & Condition of NBP Funds Digital and Offering Documents.