1.1 What is the customer consent process?
As part of this transaction, all products and services which have been availed of by customers of our private bank and wealth management business are in scope for transfer to Kotak Mahindra Bank, subject to receipt of consent (where required) from the relevant customers for inter alia such transfer.
Consequently, if you are a customer of our private bank and wealth management business and hold one or more products that require consent for transfer (as more particularly set out in response to FAQ 1.2 below), we will be seeking your consent for the transfer of your entire relationship with Deutsche Bank to Kotak Mahindra Bank which includes:
- Transfer of all products and services which you presently enjoy and those which you may avail from Deutsche Bank prior to the Effective Date; and
- Transfer of your data available with us (including, without limitation, your personal data, KYC data and Aadhaar details) to Kotak Mahindra Bank for their use in providing the products and services.
Please note that products that do not require consent for transfer (as more specifically outlined in response to FAQ 1.3) will transfer automatically on the Effective Date together with associated data, and you will be kept informed accordingly.
1.2 Which products require my consent for transfer as part of the consent process?
We will require customer consents for transfer of the following types of products which form part of the private bank/wealth management business of Deutsche Bank (“Consent Products”):
- Current Accounts
- Savings Accounts (Resident and Non-resident)
- Term Deposits (Resident and Non-resident)
- Mutual Funds, Portfolio Management Services (PMS), Alternate Investment Funds (AIFs), Structured Products, Bonds, which have been distributed to you by Deutsche Bank
- Demat Accounts in respect of which Deutsche Bank acts as a depository participant
- Lockers
- Undisbursed loans and partially disbursed loans, including overdraft facilities and other types of revolving facilities
- Loans against Fixed Deposits
- Trade products and foreign exchange services
- Services linked to deposit accounts such as debit cards, cash management and remittances
Please note that for demat accounts, mutual funds and PMS distributed by Deutsche Bank, consent will be procured in the form prescribed by the relevant depository, the Association of Mutual Funds in India and Association of Portfolio Managers in India respectively. Kindly refer to FAQs under Section 10 for further details.
1.3 Which products will transfer automatically without consent?
The following products (“Intimation Products”) which form part of the private bank/wealth management business of Deutsche Bank will transfer automatically on the Effective Date, as they do not require specific consent:
- Fully disbursed loans (other than as mentioned in FAQ 1.2 above)
- Counter guarantees and indemnities issued in respect of non-fund-based facilities.
1.4 Do I need to give consent separately for transfer of each product which requires consent?
No. Consent is obtained at the relationship level (as detailed in response to FAQ 1.1 above), not product-by-product.
If you hold multiple products under the same customer ID, a single consent covers all of such products, including any future products you may avail up to the Effective Date.
1.5 Whose consent is required in the case of joint accounts, minor accounts, or business banking relationships of body corporates?
- Joint accounts: Consent will be required from all account holders.
- Accounts of Body Corporates: Consent may be required depending on the entity type as mentioned below in line with the authorisations and documents available with Deutsche Bank in its records.
- Companies: Personnel authorised to sign as per constitutional documents and board resolutions of the relevant company.
- Partnership Firm or Limited Liability Partnership: Personnel authorised to sign as per the partnership deed or limited liability partnership agreement and the internal authorisation documents of the partnership firm/ limited liability partnership.
- Trust, Society or Association: Authorised personnel to sign as per the trust deed, byelaws, or resolutions passed by the governing body.
- Liaison, Branch or Project Office: Authorised personnel as per internal authorisation framework and/or holding valid power of attorney.
- Minor accounts: For accounts held in the name of a minor, consent will be required to be provided by the guardian(s) registered on the account.
1.6 Do I need to submit new account opening documentation to Deutsche Bank or Kotak Mahindra Bank for transfer of my customer relationship?
No. Kotak Mahindra Bank and Deutsche Bank are working together to ensure seamless migration and continuity of your banking and investment products and services. As part of the consent process, once we receive your consent, no new account opening documentation will be required for transfer of your customer relationship.
For customers who are body corporates, consent will need to be provided by execution of the prescribed consent form.