These Terms shall be read in conjunction to the General Terms and Conditions governing the Accounts and Services of PPBL (“General Terms”) as set out above and shall be applicable to the Current Account unless the General Terms conflict with the terms stated herein below:
1.1. Unless indicated otherwise, the capitalized terms listed below shall have the following meanings:
“Channels” shall mean the various facilities including but not limited to NEFT, IMPS, net-banking, mobile banking, UPI, being offered by PPBL to the Customer in respect of the Current Account for use through the Website and/ or the Mobile App or otherwise and/or availed of and used by the Customer for processing of the transactions through the Website and/or the Mobile App.
“Current Account” shall mean a non-interest bearing deposit account for Individuals and Non-Individuals opened and maintained with PPBL and subject to a restriction of end-of-day balances not exceeding Rs.100,000 per individual Customer and/or as per the monetary limits prescribed in Law as permitted by RBI from to time.
“Users” shall mean the authorized representatives of the Customer who have the rights to access the Current Account of the Customer through the Website or the Mobile App and shall include Transacting Users and Non-Transacting Users.
“Mobile App” shall mean the mobile application of PPBL.
“Non-Transacting Users” shall mean the Users who shall be authorized from time to time to undertake certain actions on behalf of the Customer including but not limited to actions to create or raise beneficiary addition/ deletion request, requests for online funds transfer, approve release of online transfer of funds, receive notifications in respect of the Current Account, create view and/or download statements of the accounts in respect of the Current Account through the Website or the Mobile App and who accordingly shall be mapped to the profiles of ‘viewer’, ‘create only’, ‘verify only’, ‘release only’, ‘notification’ and ‘POC’, as per the scope of the authority granted by the authorized signatory of the Customer and /or who are authorized to carry out the various functionalities as allowed by the Bank from time to time.
“Transacting Users” shall mean the relevant Users who are authorized from time to time to undertake certain actions on behalf of the Customer including but not limited to having the power to approve and/or authorise any requests for editing and/or addition and/ or deletion of Non Transacting Users and/or similarly that of the transacting users and/or that of the beneficiaries in the Current Account, to verify and/or authorize online transfers, to designate authorized signatories for obtention and usage of the Debit Card (DC) and/or to authorize and /or designate authorized signatories for viewing statements of the accounts in respect of the Current Account through the Website or the Mobile App and for such other matters for which the authorisations are required pursuant to the services shall be rendered on a joint basis and who accordingly shall be mapped to the profiles of ‘authorize only’, ‘admin’ and ‘authorised signatory’, as per the scope of the authority granted by the authorized signatory of the Customer. Where such authorisations are given by the Customers on a joint basis, then this term shall mean such joint Users as the context or meaning may require.
“Website” shall mean the website of PPBL having the URL: www.paytmbank.com and offering various services therein including but not limited to PPBL providing the net-banking panel having URL: netbanking.paytmbank.com to its Customers.
"Services” shall mean and include the facilities or services or the products or Channels offered by PPBL, at its sole discretion, through the Website and/ or the Mobile App or any other services/facilities/products/channels as may be offered by the Bank, from time to time, at its sole discretion, to all or some of its Customers in entirety or part thereof.
2. Account Opening
2.1 Current Accounts at PPBL can currently be opened only for eligible resident individuals and non-individuals, as advised by RBI and PPBL from time to time.
2.2 PPBL shall open the Current Account and shall carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by RBI, Anti Money laundering rules and regulations and/or such other norms or procedures as per the internal policies of PPBL.
2.3 Current Accounts shall be non-interest bearing accounts.
2.4 The Customer is aware and understands that the account maintenance formalities is subject to change from time to time and the Customer hereby agrees to comply with the same.
2.5 The Customer shall at the time of opening the Current Account also disclose the details of the nature of any other banking relationship that it has with PPBL.
3. Fees and Charges
All fees and charges levied by PPBL in respect of the Current Account shall be updated on the Website from time to time.
4. Transaction Details
Passbook details of payments and transactions in the Account will be available to the Customer on the Mobile App/Website. Physical statement may be requested at the PPBL branch subject to the charges as mentioned in the Website.
5. User Management:
The Customer hereby agrees and confirms that the Customer has carefully read and understood the features of the User Management so communicated by the Bank. Any change in the framework of the User Management shall be communicated by the Bank to the Customer from time to time.
6. Beneficiary Management:
6.1 The Customer can create beneficiaries who are the fund receivers from the Current Account along with their relevant bank account details.
6.2 The beneficiaries can be registered along with the following details and/or additional information as required by PPBL from time to time:
- Beneficiary name (mandatory)
- Account number (mandatory)
- IFSC code (mandatory)
- Beneficiary e-mail ID (optional)
- Beneficiary mobile number (optional)
- Beneficiary Nickname (optional)
7. Transaction processing:
7.1 PPBL shall provide to the Customer the Services in respect of the Current Account through the Website and/or Mobile App only in accordance with the list of Users provided to PPBL. The mode and manner of providing the Services shall be mutually decided by the Customer and PPBL at the discretion of PPBL.
7.2 PPBL shall process the Instructions of the Users only on a working day.
7.3 The Customer agrees and understands that in case of the Customer being an individual/sole proprietor, the combined limit of the balances held in the savings account, Wallet and Current Account shall upto a limit of Rs. 1 lakh only.
7.4 The Customer undertakes and agrees to keep the password/s provided / chosen by the Customer and its Users, absolutely confidential and is bound by any transaction which is authenticated by PPBL on the usage of the correct passwords/Identities. All the passwords chosen by the Customer would require to have such number of minimum characters or strings as PPBL may from time to time specify.
7.5 PPBL shall implement an Instruction only after verifying the customer identification and/or passwords. The Customer hereby expressly authorizes PPBL to implement such Instructions without being required to carry out any additional checks or any other authentications.
7.6 PPBL shall rely on the authority of each of the Users designated by the Customer to send Instructions on its behalf and to do any other act within the limitations set and/ or scope of the authority given by the Customer. Any change of the details of the authorised signatories of the Customer must be notified to the Bank along with the revised supporting/corporate authorisations at least seven (7) Business Days prior to the date on which such change is to take effect. It is expressly clarified that such change will be binding on PPBL only after the expiry of the said period and that PPBL shall be entitled to act on the basis of the old unchanged User information/authorisation till the expiry of the aforesaid period from the receipt of such notification.
7.7 The Customer shall install at its own costs, such hardware and/or software including such encryption and security technology as may be required by PPBL from time to time to enable the Customer access to the Services. The Customer will develop and maintain adequate internal security procedures to prevent unauthorised utilisation of the Services. In particular, the Customer will ensure that access to the Website and/or Mobile App is strictly controlled and the Customer will be solely responsible for its use and PPBL shall in no way be responsible and / or liable in respect thereof.
7.8 The Customer hereby instructs PPBL to comply with any Instructions given through the Website and/or Mobile App. PPBL shall be entitled to assume that any instructions given to PPBL by using the login and password details and authentication method are given by the relevant User and PPBL will not be liable for any fraudulent, duplicate or erroneous instructions given to PPBL using the abovementioned method and the Customer hereby indemnifies PPBL in respect thereof.
7.9 The Customer hereby irrevocably agrees and consents to the transmission of the Instructions through the internet, and acknowledges that the internet is not necessarily a secure mode of communication and delivery system, and understands the confidentiality and other risks associated with it. The Customer agrees to be bound by any Instruction processed and validated by PPBL providing the Services. The Instructions shall be issued by the relevant User in accordance with the security procedures of PPBL (as updated from time to time) applicable to such Instructions. Customer's use of the Services through the Website and/or Mobile App, after receipt of updated security procedures constitutes acceptance of such updated security procedures and such updated security procedures shall replace the prior agreed upon security procedures.