Comprehensive Deposit Policy

Introduction and Objectives

This policy outlines the guiding principles in respect of deposit products offered by the Bank. While adopting this policy, the Bank reiterates its commitments to customers outlined in Bankers' Fair Practice Code of Indian Banks' Association and applicable regulatory requirements. The bank will be transparent in providing services and will address grievances/concerns of customers using technology and wide network of physical touchpoints using banking correspondents and branches.


Types of deposit accounts offered to customers

Savings Account • An interest bearing deposit account which may be accompanied with debit card and a cheque book

• There may be certain service charges/restrictions on the savings accounts as decided by the Bank from time to time

• The minimum/average account balance and the end of day account balance to be maintained will be as decided by the Bank from time to time subject to regulatory guidelines and will be displayed to the customers on the branch notice boards

Current account • A non-interest bearing deposit account which may be accompanied with debit card and a cheque book

• There may be certain service charges/restrictions on the current accounts as decided by the Bank from time to time

• The minimum/average account balance and the end of day account balance to be maintained will be as decided by the Bank from time to time subject to regulatory guidelines and will be displayed to the customers on the branch notice boards

Minor Accounts • The Bank may allow minors (above the age of 10 years and up to the age of 18 years) to open and operate savings bank accounts independently

• The Bank will follow the procedure mandated by RBI at the time when such account holders (erstwhile minors) attain majority

Joint Account • Joint accounts may be opened by more than one individual and be operated singly/jointly, as specified by all the account holders

• The operating rules in a joint account may be modified only with the consent of all account holders

• The Bank may allow the deposit accounts to be opened jointly as 'Either or Survivor' / ‘Anyone or Survivors’ / ‘Former or Survivor’ / ‘Joint Signatories’

Accounts for persons with disabilities / illiterate • For our customers with special needs, the Bank may facilitate banking with all due care, as permitted by regulations, provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank

• The Bank may also facilitate the opening of deposit accounts, post review and due diligence on a case-by-case basis, for disabled persons

• In general, the withdrawal/repayment of deposit amount and/or interest in such accounts may be done in the assisted mode in the branch in the presence of the authorized officer who will assist and verify the identity of the person

Services provided to the customers

Interest on accounts • The Bank will pay interest on savings account at the rates as decided by the Bank from time to time and published on its website/mobile application/branches/access points

• The Bank will offer simple interest which will be calculated daily (based on the number of calendar days in the year) and paid out monthly, and this offering may be subject to changes based on the discretion of the board members of the Bank

Account opening and KYC • Customers will be able to open accounts and fulfill the KYC requirements through any of the Branches or authorized agents of the Bank by confirming their identity, address and providing the required documentation

• Within branch, the branch official will explain the procedural formalities in account opening and provide necessary clarifications sought by the prospective depositor

• The customers may also be able to reach the Bank over customer helpline/mobile application to clarify their queries outside the branch
Nomination facility • The Bank will provide the nomination facility to its customers opening a deposit account

• A nominee cannot be an Association, Trust, Society or any other Organization or any office-bearer thereof in his official capacity. In view thereof any nomination other than in favour of an individual will not be valid

• Customer will be allowed to view/add/edit nominee through the mobile application/branches if the customer decides to change the nominee later

• The Bank will acknowledge the receipt of the duly completed nomination, cancellation and/or variation of nomination

Standing Instructions / Direct Debit • The Bank may provide Standing Instructions/Direct Debit facility on deposit accounts

• The details of these facilities will be available at the branches

Account statement • Soft copy of statement through digital medium may be provided on an 'on request' basis without any cost

• Physical statement within branch premises/via courier will be provided subject to charges as per Schedule of Charges

Financial products of partner institutions • The Bank may distribute certain financial products of our partner banks and other financial institutions

Insurance cover • The Bank deposits are covered under DICGC insurance scheme.

• Maximum limit of Rs.1 lakh is offered as the insurance coverage, which is inclusive of both the principal and accrued interest

The insurance will be available on the amount in the account and not the wallet
Customer service while maintaining confidentiality • Details of the nodal officer and banking ombudsman will be displayed in the branch premises as well as the Bank’s website

• The branch officials and controlling officers will help the customers in resolving the grievance/escalating the grievance to relevant escalation level

• The Bank will collect, use and disclose/share the customers’ information in accordance with the 'Privacy Policy' of the Bank

• Further information on redressal of complaints is provided on the Bank’s website under 'Customer Grievance Redressal Policy'

Account closure • The customer may raise a request to close his/her account through the Bank’s mobile application or by visiting any of the branches

• The Bank may close the account of the customer within 3 working days (post redemption of partner products) of receiving instructions, subject to the customer completing all formalities and submitting all required documents

• The Bank may close/freeze the customer account Suo-Moto, where necessary, in line with the KYC/AML Policy of the Bank

Dormant / Inoperative Accounts / Unclaimed Deposits

Dormant accounts • A savings account with no customer induced debit or credit for 24 months will be treated as a dormant/inoperative account

• Unclaimed deposit accounts mean accounts which have not been operated upon the last ten years

Bank obligations The bank may:

• Block transactions of dormant/inoperative bank accounts on channels such as mobile banking, internet banking and ATM, and flag these accounts for greater monitoring

• Credit the interest on savings bank accounts on regular basis whether the account is operative or not

• Display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on its website

Reactivati on of dormant accounts • The customer can request the Bank to activate the dormant account for operating it. However, the customer may be required to undergo the KYC process again

Deceased Depositors and settlements

Deceased Depositors’ accounts • The bank will ensure quick and efficient settlement of funds irrespective the account has specified a nominee or not

Settlement Deposit accounts with survivor/nominee clause
• The Bank will make the payment of the balance in the deposit account to the survivor/nominee of the deceased deposit account holder on collecting minimum documentation: Death Certificate, PoI & PoA of nominee, Bank statement/Cancelled Cheque

• The survivor/nominee will receive the balance outstanding in the account as a trustee of legal heirs and such payment to him/her will not affect the right/claim which any person may have against the survivor/nominee

Deposit accounts without the survivor/nominee clause
• The Bank will release the balances of the deceased depositor to his/her legal heirs on submission of Death Certificate & Legal documents: Succession certificate\Probate, Letter of Indemnity, PoI & PoA of legal heir, Letter of Disclaimer & Bank statement/Cancelled Cheque

Treatment of flows in the name of the deceased depositor
• The Bank may obtain appropriate agreement/authorization from the survivor/nominee to return the pipeline flows to the remitter with the remark "Account holder deceased"

Time limit for settlement of claims
• The Bank will settle the claims in respect of deceased depositors and release payments to survivor/nominee within a period not exceeding 15 days from the date of receipt of the claim subject to the receipt of necessary documentation

• The Bank may provide the claim facility within branch premises or Agent outlets

Service Charges

The bank will ensure that CEO and Board approve all charges. Please refer to 'Rates and Charges' for the current schedule of charges

Disclaimer

• The policy will be reviewed by the Board as and when required or at least annually to incorporate regulatory updates/changes, if any

• The Bank has the right to decline the opening of account if a customer is unable/unwilling to provide requisite information

• Wallet is not a deposit product and hence, wallet balances will not qualify for DICGC cover

• The Bank (as a Payments Bank) is not permitted to offer overdraft/advances against deposits

• For cash deposit exceeding Rs.50,000/- in a day, PAN number of respective account holder will be required


Regulatory References

• RBI Master Direction - Interest Rate on Deposits

• RBI Master Circular on Interest Rates on Domestic, NRO and NRE Accounts dated July 1, 2015

• RBI Master Circular on Customer Service in Banks dated July 1, 2015

• RBI Guidelines on Payment Banks dated November 27, 2014

• RBI Operating Guidelines for Payments Banks dated October 6, 2016

• IBA Model Deposit Policy

• IBA Model Customer Rights Policy

• IBA Code of Banking Practice

© Copyright 2017, Paytm Payments Bank
© Copyright 2017, Paytm Payments Bank