Citizen’s Charter

Introduction and Objectives

This policy document provides a broad framework and information with respect to various products and services offered by the Bank. This charter not only explains our commitment and responsibilities along with redressal methods but also the obligations on part of customers for healthy practices


Paytm Payments Bank (hereinafter referred to as “the Bank”) emphasizes on inculcating a culture of providing responsible finance and building an institution which is best in class in customer service, innovation, transparency and efficiency amongst other aspects. Customer Service is a key focus area of the Bank. We believe that the customers should be clearly apprised of the assurances of the Bank on the offered products and services at the time of establishment of the initial relationship


The Bank aims at relevant and transparent dissemination of product information to the customers for their benefit. Through this document, the Bank expects to impart greater transparency in dealing with the individual customers and create awareness among customers of their rights. The ultimate objective is that the customers receive the services they are rightfully entitled to receive


Information given in this booklet is subject to change/revision. This booklet should not be considered as a legal document creating rights and obligations. It is for promoting better understanding between Customer and Banker. Only key information on various services/facilities is given in this booklet. Each service has its own detailed terms and conditions; which can be made available on request. For further details/information, visit or write to our branch offices, or Head Office, or visit our website:

Client / Customer Details

• Paytm Payments Bank account can be opened only by a Resident Indian

• The Bank will offer accounts to both individual as well as corporate customers

Offered Deposit Accounts

1. Savings Account

• It is an interest bearing deposit account which may be accompanied with debit card and cheque book

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

2. Current Account

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

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

3. 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

4. Joint Accounts

• 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'

5. 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

Account Opening

1. Channels to Clarify Queries

• Within branch, the branch official will explain the procedural formalities in account opening

• The customers may also be able to reach the Bank over customer helpline/mobile application to clarify their queries outside the branch

2. KYC

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

3. Account Opening Notification

• The Bank will send a notification via SMS as soon as a customer’s account is opened with the Bank

Interest on deposits

1. Offered Interest

• 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

2. Interest Calculation

• 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

Nomination Facility
The Bank will provide the nomination facility to its customers opening a deposit account

1. Addition/Modification/Cancellation of Nomination

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

2. Valid Nominee

• 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

3. Nomination Acknowledgement

• 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 financial institutions

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

Deposit Insurance

1. Insurance Scheme

• The Bank deposits are covered under DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance scheme

However, please note that the insurance will be available only on the amount in the account and not the wallet. As wallet is not a deposit product, wallet balances will not qualify for DICGC cover

2. Coverage Limit

• Maximum limit of Rs.1 lakh is offered as the insurance coverage on deposits

• This insurance coverage limit is inclusive of both the principal and the accrued interest on deposits

Account Closure

1. Account Closure Request

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

2. Turn Around Time

• 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

3. Account Closure/Freeze without Customer Request

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

Grievances / Complaints / Suggestions

1. Channels to Register Grievances

• Complaint / suggestion portal in a digital format at the Branches

• Customer care numbers / Interactive voice response (IVR)

• Online grievances through complaint / suggestion portal on the Bank website (

• Mobile Application or over Email

2. Acknowledgement

• The customer will be given an acknowledgement/ticket number of his/her complaint within 1 working day

• All customer complaints received through digital channels will be acknowledged through email/SMS

3. Redressal Channels outside the Bank

• The first point for redressal of complaints is the bank itself

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

• If the complaint is not resolved at the bank level within a month, the customer can approach the banking ombudsman, the details of whom will be displayed within our branch premises/website

• Please read our 'Grievance Redressal Policy’ available on our website/branch for further information

Dormant / Inoperative Accounts / Unclaimed Deposits

• 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

1. 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

• However, the Bank will credit the interest on savings bank accounts on regular basis whether the account is operative or not

• The Bank will also display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on its website

2. Reactivation 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’ Accounts

1. Settlement of 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

2. Settlement of 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

3. 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"

4. Time limit for settlement of claims

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

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

Cheque Deposit / Acceptance Norms

1. Cheque deposit procedure

• The customer will be able to either deposit the cheque over the counter within the branch or drop the original physical cheque in the cheque drop box available within the branch

2.Cheque deposit timing

• The cheque deposit facility (including the deposit of original physical cheque in the drop box) will be available to customer only during the working hours of the respective branch

3. Guidelines on acceptance of cheques

• The Bank will only issue CTS compliant cheques, will honour cheques written in Hindi, English or in concerned regional language, and will acknowledge cheques via digital medium

• The Bank will accept the cheque for payment even if the date mentioned on it is a date in Hindi or the date is as per the National Calendar (Saka Samvat), if the cheque is otherwise in order

• The Bank will not collect account payee cheque for any person other than the payee mentioned in cheque

• The Bank will offer the facility for acknowledgement of cheques via digital medium

Cheque Validity

• The Bank will not make payment of a cheque bearing that date or any subsequent date, if it is presented beyond the period of three months from the date of the cheque

Time frame for collection of local / outstation cheques

1. Local Cheques

• All cheques payable locally would be presented through the clearing system prevailing at the centres

• All centres covered under the same Cheque Truncation System (CTS) grid will be treated as a single clearing zone and cheques drawn on these centres and presented at any of the grid centres are treated as locally drawn cheques

• Outstation cheques drawn on banks participating in speed clearing will be collected and treated at par with local cheques if the Drawee bank has a branch presence at the local centre

• Cheques deposited within the branch premises before the specified cut-off time will be presented for clearing on the same day and the cheques deposited after the cut-off time will be presented for clearing in the next clearing cycle

• The cut off timings may vary from branch to branch and will be displayed at respective bank branches

• We would give credit to the customer account on the same day or maximum by the subsequent working day, from the time clearing settlement takes place

• Withdrawal of amounts so credited will be permitted as per the cheque return schedule of the clearing house

2.Outstation Cheques

• Cheques which are drawn on other banks at outstation centres and which cannot be treated at par with local cheques will normally be collected through the Bank's branches at those centres

• Where the Bank does not have a branch of its own, the cheque would be directly sent for collection to the drawee bank

• Collection of other Bank cheques between Main metros (Mumbai, Chennai, Kolkata, New Delhi) and state capitals (other than those of North Eastern states and Sikkim ): 7 working days

• Major cities: 10 working days

• In all other centres in India: 14 working days

• Working days shall not include Sundays, Bank Holidays and days when clearinghouse is not operational. Working days will be considered only if it is working day at both the ends/centers

• Charges may be applicable on the above as defined from time to time in the Schedule of Charges for each of the products

Compensation for delay in credit to customers’ accounts

• Interest for delayed credit will be paid at the prevailing Savings Bank rate on the cheque amount for the period of delay from the date when the amount is due for credit

Cheques lost in transit / in clearing process

1. Bank obligations

The Bank will immediately notify the accountholder so that:

• He/she can inform the drawer to record stop payment

• He/she can take care that other cheques, if any, issued by him/her are not dishonoured due to non-credit of the amount of the lost cheque(s)

2. Compensation

• The Bank will compensate the accountholder for the interest at the prevailing Savings Bank rate on the cheque amount from the date when the amount was due for credit till the date of notice of loss of cheque to the customer

Dishonour of cheques

1. Norms

• The Bank may reject cheques on account of technical reasons such as stale cheques, incorrect date, signature not matching with the account holder's sign and such other reasons or on account of insufficient funds

• In any proceeding relating to dishonoured cheque before a court, consumer forum or any other competent authority, the Bank will extend full co-operation, and will furnish the complainant documentary proof of the fact of dishonour of cheques

2. Return/dispatch of dishonoured cheques

• The Bank will return dishonoured cheques presented through clearing houses strictly as per return discipline prescribed for respective clearing houses in Uniform Regulations and Rules for Bankers' Clearing Houses

Delays / levy of charges in respect of re-presentation of technical return cheques

1. Customer is at fault

• The Bank will levy cheque return charges only in cases where the customer is at fault and is responsible for such returns; Charges will be communicated to the customer in the Schedule of Charges

2. Customer is not at fault

• In cases where the cheques need to be re-presented without any recourse to the payee, such representation will be made in the immediate next presentation clearing not later than 24 hours (excluding holidays) with due notification to the customers of such representation through SMS alert, email etc.

Service Charges

• The Bank provides various services to customers for which service charges are levied

• These charges are reviewed/revised as decided by the Bank from time to time

• The list of service charges is displayed in the branches and may also be made available on request

Time-Norms for Various Banking Transactions

The following time norms (in minutes/days) etc. are indicative only:

S.No Transaction Name Time Taken
1. Cash withdrawals at teller/cashier 5 to 8 mins
2. Cash deposits at teller/cashier 5 to 8 mins
3. Issuance of Demand Draft/banker's cheque 10 to 15 mins
4. Payment of Demand Draft/banker's cheque 10 to 15 mins
5. Opening of an account 3 to 5 mins
6. Account statement via printout at branch 3 to 5 mins
7. Account statement via courier Within 7 days
8. Collection of cheques  
  - Local Same day or maximum by the subsequent working day
  - Outstation drawn on:  
  Main Metros and State Capitals 7 Working days
  Major Cities 10 Working days
  In all other centres in India 14 Working days

Some “Dos and Don’ts” for the customer

  • Dos
  • Don’ts
  • • Protect the mobile phone via password
  • • Set a maximum incorrect password input limit
  • • Never transfer funds without validation of recipient
  • • Look for https while logging in the Bank website
  • • Never share the Login details/PIN/OTP/Transaction IDs/Passcode/confidential information over phone/internet
  • • Employ a strong password for Paytm login, e.g. use special characters, numbers etc. in the password
  • • Do not store any sensitive information such as Paytm passcode, password, debit card details, etc. in a folder on phone/computer or on paper etc.
  • • Update/change Paytm password and Paytm passcode at regular intervals
  • • Never forget to intimate us for change in address/mobile number to avoid misdelivery of transaction communication
  • • Verify transactions in account statements regularly
  • • Never click on embedded links from unknown sources on social networking sites/emails
  • • Verify transaction communication received via SMS
  • • Employ caution on using Bluetooth in public places
  • • Use nomination facility
  • • Immediately intimate the Bank/Branch for:
        - Change in address/mobile number
        - Erroneous/unauthorised transaction
        - Loss of Debit Card/Demand Draft etc.
  • • Report lost/stolen phone to service provider/police


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

• 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

• The bank will not be liable to compensate customers for delayed credit if some unforeseen event beyond the control of the bank prevents it from performing its obligations

Regulatory References

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

• RBI circular on 'Operating guidelines on Payments Bank' dated October 6, 2016

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