Comprehensive Deposit PolicyEffective date: 2nd November 2018

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
  • There may be certain service charges/restrictions on the savings accounts as decided by the Bank from time to time
  • There is no minimum balance requirement for savings account
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

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
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 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 customer care helpline 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 Rights & obligations The bank may:
  • Subject dormant/inactive bank accounts to enhanced monitoring and place business rules, which may be updated from time to time, on activity from these accounts
  • 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 inoperative for ten years or more on its website

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 approve all charges. Please refer to 'Rates and Charges' on bank website for the current schedule of charges


  • 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
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© Copyright , Paytm Payments Bank