Please read the following terms and conditions carefully before registering on, accessing, browsing, downloading or using the Paytm Wallet from PPBL from paytmbank.com, or the Paytm mobile application or any similar platform (hereinafter collectively, the Platform) on any device and/or before availing any e-wallet services that may be offered by PPBL on the Platform (hereinafter, individually Paytm Wallet Service and collectively, the Paytm Wallet Services).
The Paytm Wallet Services are not available to persons under the age of 10 or to anyone previously suspended or removed by PPBL from availing the Paytm Wallet Services or accessing the Platform. By accepting the T&Cs or by otherwise using the Paytm Wallet Services on the Platform, You represent that You are at least 10 years of age and have not been previously suspended or removed by PPBL, or disqualified for any other reason, from availing the Paytm Wallet Services or using the Platform. In addition, You represent and warrant that You have the right, authority and capacity to enter into this Agreement and to abide by all the T&Cs as part of this Agreement. Further, You declare that You were born in India and that You are an Indian Citizen, Indian Resident, and Tax Resident of India and of no other country. You agree to submit new details within 30 days if any of the information undergoes a change
Finally, You shall not impersonate any person or entity, or falsely state or otherwise misrepresent Your identity, age or affiliation with any person or entity. Finally, in the event of any violation of the T&Cs, PPBL reserves the right to suspend or permanently prevent You from availing Paytm Wallet Services or using the Platform.
A.2. Semi Closed Wallet Terms and Conditions
The terms and conditions in relation to the semi closed wallet set out below (hereinafter Wallet Terms) are applicable to and binding on You in conjunction with the SSOID terms and conditions already accepted by You. Each SSOID term or condition is applicable to and binding on You, or any of Your activities on the Platform, even if such term or condition is not specifically reproduced herein below. The terms “Agreement' or ‘T&Cs' mentioned herein below includes the terms and conditions in relation to the semi closed wallet set out below, the SSOID terms and conditions, and other service-specific terms and conditions in relation to Services or Platform.
PPBL may modify, terminate and/or suspend Paytm Wallet to the Customer anytime with or without prior notice, due to any changes in internal policies, rules, regulations and laws set by relevant authorities/regulators. PPBL reserves the right to change, modify, add, or remove portions of this Agreement (each, a change and collectively, changes) at any time by posting notification on the Platform or otherwise communicating the notification to You. The changes will become effective, and shall be deemed accepted by You, 24 hours after the initial posting and shall apply immediately on a going-forward basis with respect to Your use of the Platform, availing the Services, including the Paytm Wallet service, or for payment transactions initiated after the posting date. If You do not agree with any such change, Your sole and exclusive remedy is to terminate Your use of the Services/Platform. For certain changes, PPBL may be required under applicable law to give You advance notice, and PPBL will comply with such requirements. Your continued use of the Platform and the Paytm Wallet following the posting of changes will mean that You accept and agree to the changes.
Paytm Food Wallet is issued on the following terms for the employees of the entity (hereinafter "Entity") which has sought such facility for its employees and has accordingly entered into a written agreement with PPBL. Following are the terms on which the Food Wallet is issued.
These Terms apply to the issuance and usage of the NFC enabled Paytm Wallet Cards and shall be in addition to and not in derogation of the general terms and conditions of PPBL governing products and services and the terms and conditions governing the Semi closed wallet terms and conditions.
1.1. Unless indicated otherwise, the capitalized terms listed below shall have the following meanings:
"Paytm NFC Card" or "Card" shall mean the Paytm Contactless Wallet Card issued by PPBL in physical format which is Near Field Communication (NFC) enabled and is linked to the Paytm Wallet of the Cardholder for availing payment facilities without using the mobile phone.
Cardholder shall mean the wallet holder or the Customer to whom the Paytm NFC Card linked to his Paytm Wallet has been issued by PPBL.
"Merchant” means the merchant and/or the commercial establishment which has a specific agreement with PPBL or an agreement through a payment aggregator/payment gateway, to accept the NFC Card for accessing the funds in the wallet to enable payments by the Cardholder through the NFC enabled point of sale point of sale (POS) electronic terminals or NFC enabled devices towards the purchase of products and/or services therein.
"POS” means the point of sale (POS) electronic terminals in India, which amongst other things are capable of processing Card transactions and/or where the Cardholder can use his Card to access the funds from the Paytm Wallet linked with the Card to make purchases at various Merchants.
"Transaction Limit" shall mean the spend limit per transaction up to which the Cardholder is authorised by PPBL to spend on the Card. The spend limit per transaction in no case shall exceed the sum of Rs. 2000/ and/or any other limit so stipulated by PPBL from time to time.
2. Issuance of Card:
3. Usage of Card:
4. Fees and Charges:
5. Transaction Details:
6. Misuse / Compromise of Card Details
Treatment of Customer Balances exceeding INR 100,000 at the end of the day in Your Wallet, Current Account Savings Account combined
As per the RBI’s licensing and operative guidelines for Payments Bank, aggregate Customer balance limit for PPBL Customer at the end of the day cannot exceed INR 100,000. To comply with the said guideline, incase Your combined balance in Your Wallet, Saving and Current accounts with PPBL exceeds INR 100,000 at the end of the day (defined at <12 AM>), PPBL will, basis Your consent do the following activity with the Scheduled Commercial Bank with whom PPBL has a business correspondent arrangement ("Partner Bank"), currently IndusInd Bank.
1. For individuals:
The balances with Partner Bank will be prominently displayed in the PPBL Mobile Banking Application as per information provided by Partner Bank. All communications regarding your Fixed Deposit with the Partner Bank will be sent by PPBL on the contact details provided by you to PPBL. PPBL will facilitate for You from such account with the Partner bank, with Your consent:
Further, You provide consent to PPBL for sharing Your Know Your Customer (KYC) information for creation of Savings / FD / Current Account with the Partner Bank.
The Customer is expected to keep the cheque book, if issued, debit card in safe custody and follow all instructions issued by PPBL regarding the same from time to time. In case of loss/theft of the same, Customer shall immediately inform PPBL. Liability to PPBL will be as per the RBI guidelines on Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions, July 2017 (https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=11040)
Customer agrees to maintain minimum balance in his account as may be prescribed by PPBL from time to time. Penal charges may be charged for not maintaining minimum balance as per the RBI Master Circular on Customer Service
Customer shall be liable to pay all charges, fees, interest, late fee, return charges, any other costs wherever applicable, which PPBL may levy with respect to his account or any transaction or services rendered and the same may be recovered by PPBL by a debit to his account. It is further agreed and acknowledged that in case of non-availability of adequate funds in Customer's account the charges will be debited to the account over a period of time till the entire amount is recovered.
PPBL reserves the right to refuse Chequebooks, Adhoc Statements, PhoneBanking TINs, NetBanking IPINs, Debit Cards & PINs to Customer in case of any default by the Customer or under the direction of Statutory and regulatory authorities.
The cheque books, PhoneBanking TINs, NetBanking IPINs, Debit Cards & PINs (as applicable) will be dispatched by courier/messenger/mail or through any other mode by PPBL at its discretion to the address notified by Customer for correspondence. PPBL reserves the right to ask the Customer for physical presence as well.
Your Fixed Deposit will be opened with the Partner Bank, currently IndusInd Bank as per its terms:
All communications such as Fixed Deposit advice, Interest certificate, TDS certificate, etc. will be provided to you by PPBL as provided by Partner Bank. No communication (SMS/Email) will be otherwise sent to you by Partner Bank. The above terms and conditions should be read in conjunction to the detailed general Fixed Deposit terms and conditions outlined by the Partner Bank (currently IndusInd Bank). The detailed terms and conditions are available on Terms and Conditions https://www.indusind.com/content/dam/indusind/PDF/Deposit-Accounts-TnC-V31.pdf
Partner Bank shall not be liable to the Customer for any damages in connection with the PPBL Account or the Services of PPBL or for any loss or damage whatsoever suffered or incurred by the Customer solely due to PPBL.
These Terms apply to the issuance and usage of the RuPay Debit and ATM card and shall be in addition to and not in derogation of the general terms and conditions of PPBL
1. National Electronic Funds Transfer ("NEFT") and Real Time Gross Settlement ("RTGS"):
Reserve Bank of India has introduced two electronic funds transfer system (collectively referred to herein as "Fund Transfer Systems"), detailed as under:
2. Inward and Outward Remittances of funds through the NEFT and RTGS facility
3. Fees and Charges
4. Transaction Details
The NEFT and RTGS facility shall only exist during the existence of the Account Holder's account with PPBL. PPBL shall have the right to terminate the facility with immediate effect upon the occurrence of any of the following events:
f. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
These following terms and conditions (“Terms”) shall be applicable to the provision of the UPI fund transfer and fund collection facility provided / facilitated by Paytm Payments Bank Limited (“PPBL”). PPBL shall endeavor to provide to the Customer, UPI Facility in accordance with the UPI guidelines, circulars and/or regulations issued by the Reserve Bank of India (“RBI”) and/or National Payments Corporation of India (“NPCI”) from time to time (“Guidelines”) subject to the terms and conditions herein specified.
In this document the following words and phrases have the meanings set opposite them unless the context indicates otherwise:
Each Customer desirous of availing the UPI Facility, shall by way of a one-time registration, in such form, manner and substance as PPBL may prescribe, apply for UPI Facility and PPBL shall be entitled, at its sole discretion, to accept or reject such applications. The Customer may apply for UPI Facility by downloading the Paytm application (“the App”). The Customer will have an option to set a virtual payment address and start transactions using the UPI Facility. Customer can link other bank accounts through a one-time registration process defined and standardized by NPCI and then start transacting on that. By applying for and accessing the UPI Facility, the Customer accepts these Terms, which shall govern the provision of the UPI Facility by PPBL. The Terms shall be in addition to and not in derogation of the Guidelines issued from time to time.
The Customer hereby acknowledges that the Customer has read and understood the Guidelines and agrees that the rights and obligations provided therein and in these Terms in so far as it relates to the Customer shall be binding on the Customer with regard to every Payment Order issued by him/it for execution in the NPCI UPI System. The Customer understands and agrees that nothing in terms of availing the UPI Facility shall be construed as creating any contractual or other rights against NPCI or any participant in the NPCI UPI System other than PPBL. Notwithstanding anything contained herein, all terms and conditions stipulated by PPBL in connection with the Accounts shall continue to apply.
The transaction limits using the UPI Facility shall be as per the Guidelines, an updated.
UPI Facility offers an instant, interbank electronic fund transfer or fund collection service to the customers of UPI member banks. The Customers can put in request for fund transfers or funds collection or respond to funds collection from the App application in a secure manner for any of their linked bank Accounts using their unique VPA handle.
The Customer is responsible for the accuracy and authenticity of the instructions provided to PPBL and the same, if is in the form and manner prescribed by PPBL, shall be considered to be sufficient to operate the UPI Facility. PPBL shall not be required to independently verify the instructions. PPBL has no liability if it does not or is unable to stop or prevent the implementation of any Payment Order issued by the Customer. Once a Payment Order is issued by the Customer the same cannot be subsequently revoked by the Customer.
PPBL states that it has no liability or obligation to keep a record of the instructions to provide information to the Customer or for verifying the instructions. PPBL shall refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction. PPBL has the right to suspend the transactions with respect to the UPI Facility if it has reason to believe that the Customer’s instructions will lead to or expose to direct or indirect loss to PPBL or may require an indemnity from the Customer before continuing to operate the UPI Facility.
All instructions, requests, directives, orders, directions, entered by the Customer, are based upon the Customer’s decisions and are the sole responsibility of the Customer.
The Customer irrevocably and unconditionally authorises PPBL to access all the Customer’s Account(s) and records for the purpose of providing the UPI Facility. The Customer agrees that may hold and process its personal information and all other information concerning its Account(s) on computer or otherwise in connection with the UPI Facility.
PPBL does not hold out any warranty and makes no representation about the quality of the UPI Facility. While PPBL shall endeavor to promptly execute and process the transactions as proposed to be made by the Customer, PPBL shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law. The App is provided on an "as is" basis with no representation, guarantee or warranty of any kind, either express or implied, as to its functionality. Downloading or using the App does not automatically entitle the Customer to receive hard-copy documentation, technical support, telephone assistance, or updates to the App from PPBL. No warranty is provided that the App will be free from defects or virus or that operation of the App will be uninterrupted. Use of the App by the Customer is at the Customer’s own discretion and risk and the Customer is solely responsible for any damage resulting from the use of the App. PPBL shall not be liable for any loss, claim or damage suffered by the Customer and/or any other third party arising out of or resulting from failure of a UPI transaction on account of time-out transaction i.e. where no response is received from NPCI or the beneficiary bank to the transaction request and/or where mobile number or account number of the beneficiary does not exist. Further, PPBL shall also not be liable for any loss, damage and/or claim arising out of or resulting from wrong beneficiary details, mobile number and/or account details being provided by the Customer. Neither PPBL nor its directors, officers and/or agents shall be liable for any unauthorized persons accessing the records or Account(s) or information through the use of UPI Facility and the Customer hereby fully indemnifies and holds PPBL, its directors and officers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. PPBL shall under, no circumstance, be held liable to the Customer if UPI Facility access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of PPBL. Illegal or improper use of the UPI Facility shall render the Customer liable for payment of financial charges (to be decided by PPBL) or may result in suspension of the UPI Facility to the Customer. All the records of PPBL generated by the transactions arising out of the use of the UPI Facility, including the time the transaction is recorded shall be conclusive proof of the genuineness and accuracy of the transaction. For the protection of both the parties, and as a tool to correct misunderstandings, the Customer understands, agrees and authorises PPBL, at its discretion, and without further prior notice to the Customer, to monitor and record any or all telephone conversations between the Customer and PPBL and any of its employees or agents. PPBL expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the UPI Facility.
The Customer hereby undertakes and agrees to indemnify at all times and hold harmless PPBL, NPCI and such other third party as PPBL or NPCI deems appropriate against all actions, proceedings, claims, liabilities (including statutory liability), penalties, demands and costs, awards, damages, losses and/or expenses however arising as a result of:
Customer shall also fully indemnify and hold harmless PPBL and NPCI against any loss, costs, expenses, demands or liability, whether direct or indirect, arising out of a claim by a third party pertaining to the use of UPI Facility by the Customer.
The Customer hereby agrees that under no circumstances, PPBL’s aggregate liability for claims relating to the UPI Facility, whether for breach or in tort including but not limited to negligence shall be limited to the transaction charges/fees or consideration received by PPBL in the preceding one (1) month from the date of first occurrence of such liability. Notwithstanding the foregoing and except for any liability which cannot by law be excluded or limited, PPBL’s liability for indirect, incidental, special, punitive or consequential damages, including without limitation, damages for loss of profits, business interruption, Interruption or stoppage to the Customer’s access to and/or use of the App, loss of goodwill or unauthorized access to information incurred by the Customer howsoever arising, whether framed as a breach of warranty, in tort, contract, or otherwise even if PPBL has been advised of the possibility of such damages.
The Customer may request for termination of the UPI Facility at any time by giving a prior written notice of at least 30 (thirty) days to PPBL. The Customer will remain responsible for all the transactions made through the UPI Facility until the time of such termination. PPBL may withdraw or terminate the UPI Facility anytime either entirely or with reference to a specific UPI Facility without assigning any reasons whatsoever. PPBL may suspend or terminate the UPI Facility without prior notice if the Customer has breached any of these Terms.
The Terms shall be governed by laws of India and any dispute regarding the Terms shall referred to the exclusive courts of New Delhi.
The clause headings in this Terms are only for convenience and do not affect the meaning of the relative clause.
PPBL may sub-contract and employ agents to carry out any of its obligations hereunder. PPBL may, at its sole discretion, transfer or assign its rights and obligations stated herein, without providing any notice to the Customers, or to any third parties.
You can contact Paytm Payments Bank Limited in any of the following ways:
Visit our Branch (Address – Ground Floor, B-121, Sector 5, Noida – 201301, Uttar Pradesh)Write to us at the below address:
Notices under these Terms may be given in writing by delivering them by hand or by sending them by post to the last address given by the Customer and in the case of PPBL to its address given above. In addition, PPBL may also publish notices of general nature, which are applicable to all Customers in a newspaper or on its website at www.paytm.com. Such notices will have the same effect as a notice served individually to each Customer. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.
PPBL has the absolute discretion to amend or supplement any of the Terms as stated herein at any time and will endeavor to give prior notice of fifteen days for such changes wherever feasible. By his/her continuous use of the UPI Facility, the Customer shall be deemed to have accepted the updated terms and conditions. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of these Terms or affect such provision in any other jurisdiction. PPBL shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Account(s) to the extent of all outstanding dues, whatsoever, arising as a result of the UPI Facility extended to and/or used by the Customer.
Paytm FASTag is a simple and reusable tag based on radio-frequency identification technology (RFID) that will be affixed on a vehicle’s windscreen. Each FASTag is linked to a registered Paytm Payments Bank wallet / account to facilitate instant automatic deduction of toll charges. This program is part of the National Electronic Toll Collection (NETC) initiative rolled out by NPCI under the guidelines of NHAI & IHMCL.
Only one FASTag can be issued against any particular vehicle at any given point of time, in case customer reaches to PPBL for new FASTag issuance, customer has to ensure that earlier issued FASTag against same vehicle are destroyed and demolished. In case the customer fails to destroy the FASTag, he will be charged from both the FASTags/accounts until one of them is destroyed/deactivated and inform the earlier bank that issued the FASTag. The below Terms and Conditions apply to the RFID enabled prepaid FASTag (“FASTag”) facility made available to you (“Customer”) by Paytm Payments Bank Limited (“PPBL”).