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 the Customer or the authorized representatives of the Customer, as the case may be 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.
"Customer" shall mean a person or sole proprietor/ partnership/ LLP/ non-individuals/ trusts/ societies/ private limited companies/ public limited companies who have opened and maintain the Current Account with PPBL.
“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, 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, 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, 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.
2.6 Customer hereby agrees and understands that the Customer is entitled to maintain only one Current Account with PPBL. If the Customer has any other existing second and/or duplicate Current Account already with PPBL, he shall report the same to PPBL and raise a request for closure of such second/duplicate wallet within 30 days of opening of such second/duplicate wallet. The Customer hereby agrees and understands that PPBL reserves right to forthwith close such second/duplicate Current Account with intimation to the Customer in case the same comes to the attention and/or knowledge of 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 or as may be communicated to such Customer form time to time. Customer hereby accepts and acknowledges levy of charges as may be deemed appropriate by PPBL (The charges if any shall be directly debited from the Current Account of the Customer).
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 may be updated from time to time on 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.
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 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 be upto a limit of Rs. 2,00,000 (Rupees two lakh) only and in case of Customer being a non-individual in that case the balance in the Current Account shall be upto a limit of Rs. 2,00,000 (Rupees two lakh) Lakh only
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 be upto a limit of Rs. 2,00,000 (Rupees two 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 Users of
the Customer must be notified to the Bank along with the revised supporting/corporate
authorisations and PPBL shall act on such User modification requests within reasonable
amount of time, as communicated by PPBL from time to time. It is expressly clarified
that such change will be binding on PPBL only after the expiry of the said period as
communicated by PPBL for processing of User modification request 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.
8. Additional Terms applicable to Current Account for non-individuals:
8.1 The Customer agrees and understands that the Customer shall be offered additional banking solutions and/or services in relation to the Current Account to cater to the Customer’s business related purposes. These banking solutions and/or services, amongst others, involve access to and/or usage of various panels / MISes / systems / dash-boards / formats etc. so provided or as may be provided in future to the Customer at PPBL’s sole discretion. The Customer further understands that PPBL reserves right to withdraw and/or revoke and/or disable and/or stop access or usage to these banking solutions at any point of time, with prior notice to the Customer on account of any reasons as PPBL deems fit. Customer acknowledges that it shall not hold PPBL liable for any such withdrawal/revocation/disablement.
8.2 The Customer agrees and acknowledges that the additional banking solutions and /or services being provided by PPBL may not be uninterrupted or error free or free from any virus or other malicious destructive or corrupting code, program or macro. The Customer also understands and acknowledges that there may be downtime, network congestion, outages, scheduled maintenance, or such other events beyond the reasonable control of PBBL and PPBL shall not be responsible for the same. PPBL hereby specifically disclaims any representations, endorsements, guaranties, or warranties, express or implied, including, but not limited to, the implied warranty of sale-ability or fitness for a particular purpose and non-infringement of intellectual property rights.
8.3 The Customer hereby agrees and understand that the facility of availing multiple debit cards’ ( in virtual and physical form factor) shall be provided by PPBL at the request of the Customer basis the necessary documents evidencing authorization structure so provided by the Customer to PPBL. The Customer shall ensure that the requisite instructions shall be forthwith issued for the hot-listing/blocking of the debit card upon the termination of and/or resignation of and/or death of the authorized representative via the banking channels or by contacting the customer support services. The Customer undertakes all such liability arising out of any damage, loss of card, compromise of debit card credentials, misuse and/or fraud on account of usage of such debit cards issued to its authorized representatives at the Customer’s request. The Customer unconditionally assumes complete liability for all acts of omissions or commissions, fraud, negligence, misconduct of its authorized representatives.
8.4 Customer acknowledges that the authorized signatory by way of usage of the debit card issued to him, can access or withdraw only the funds held in the Customer’s Current Account with PPBL.
8.5 Customer acknowledges that PPBL shall be entitled to levy transactional limits (per day) imposed/reduced /enhanced from time to time and the said limits shall be communicated by PPBL to the Customer from time to time. The Customer hereby agrees and understands that PPBL shall not be held liable in any manner whatsoever for any rejection or non-processing of the transaction or transaction failure due to the aforesaid reason.
8.6 Customer acknowledges that it shall be provided a functionality of processing transactions through API banking, wherein for every transaction along with the transaction amount, the Customer may at its discretion stipulate a financial limit towards amounts to be swept in from the bank account maintained with the Partner Bank. This financial limit will be only applicable if the balance in Current Account held with PPBL is insufficient and the Customer gives explicit consent to sweep in funds from the bank account maintained with the Partner Bank (by way of instruction to this effect through API banking). The Customer understands that on such limit setting by the Customer, PPBL shall, sweep in such amounts as per the financial limits set by the Customer or such fund as available in the bank account maintained with the Partner bank, not exceeding the aforesaid financial limits in the event of the occurrence of the aforesaid scenario.
8.7 Customer acknowledges that the setting of financial limits being communicated by the Customer to PPBL by way of API banking i.e. at the stage of processing transaction shall be the explicit consent of the Customer to sweep in such amounts from the bank account maintained with the Partner Bank in accordance with the said pre-stipulated financial limits in the event of insufficiency of funds in the Current Account held with PPBL and the Customer shall not dispute such transaction processing.
8.8 Customer agrees and acknowledges that for transaction requests received by PPBL from Customer’s API banking, Current Account held with PPBL will be debited first and PPBL shall sweep in funds from the bank account maintained with the Partner Bank only in case of insufficiency of funds.
8.9 Customer acknowledges that for the transaction requests received by PPBL through the net-banking panel, PPBL shall basis the consent of the Customer, debit funds from the bank account maintained with the Partner Bank first and thereafter if any balance is outstanding for processing of the transaction then, PPBL shall in such a case, debit funds from the Current Account held with PPBL. On a request for sweep in being raised to the Partner Bank, the amount shall be debited from the account maintained with the Partner Bank and thereafter the same shall be credited to the Customer’s PPBL Current Account. The settlement of monies to beneficiary as instructed by the Customer shall happen from the monies transferred to the Current account held with PPBL i.e. upon successful processing of transaction request received by PPBL by way of debit of the funds from the bank account maintained with the Partner Bank and credit in the Current Account of the Customer held with PPBL.
8.10 Customer acknowledges that in case of any technical failure in processing transaction request, the balance so pulled in from the account maintained with the Partner Bank shall lie in the Current Account held with PPBL and shall be swept out to the bank account maintained with the Partner Bank in case the same exceeds the regulatory limit.
8.11 Customer acknowledges that the transaction requests raised through the banking channels of PPBL shall fail and/or not be processed in case there are insufficient funds held in the bank account maintained with the Partner Bank and the Current Account held with PPBL.
8.12 Customer understand that in the event Customer does not opt or select a specific transfer mode or specifically select the “auto- mode” for transfer of funds from the Current Account, PPBL shall at its discretion determine the channel for processing of the transactions and initiate transfers from the Current Account basis such determination by PPBL. Customer shall not in any manner dispute such mode so selected by PPBL and PPBL shall not be liable for any resultant consequences in this regard.
8.13 Customer acknowledges that the Virtual Account Number (“VAN”) creation facility provided to the Customer is a banking service being provided for the purposes of ease of banking and to effect automated and real-time reconciliation of transactions and in conjunction with the VAN to avail such other functionalities as communicated by PPBL from time to time and/or as availed by the Customer from time to time that ease banking for business.
8.14 Customer understands that any breach of the terms and conditions while using or accessing the said VAN facility shall result in immediate termination of the services for VAN creation including but not limited to recall and/or disabling of the API suite/net-banking panel provided to the Customer. PPBL reserves the right to take such further/other action as may be deemed appropriate by PPBL.
8.15 Customer acknowledges that the availment of VAN facility is subject to charges as may be notified by PPBL from time to time on a prior written notice in regard to the same.
8.16 Customer acknowledges that it can request for VAN creation through a single or bulk upload by providing details in the format as prescribed by PPBL through the net-banking panel. PPBL reserves the right to reject VAN creation request raised via net-banking panel or via API if the same is not found to be as per the prescribed format of PPBL. Customer acknowledges that if the file for bulk uploading is not as per the format provided by PPBL then the same shall be rejected. PPBL also reserves the right to reject and/or approve VAN requests raised in the bulk upload of file basis its internal checks.
8.17 Customer acknowledges that PPBL reserves the right to reject or not allow the creation of VAN prefix and/or VAN(s) at any point of time and/or recall such already issued/created VAN prefix or VAN(s) created by PPBL if the same is found in violation of PPBL’s internal polices and/or internal procedures without any prior intimation to the Customer.
8.18 Customer acknowledges that the creation of VAN and providing the same to the ultimate beneficiary is the ultimate responsibility of the Customer and the Customer shall at all times be solely liable in case the wrong VAN details are shared with the wrong beneficiary and shall at all times keep PPBL indemnified against any losses,, damages, penalties, costs, third party claims that may arise and/or so incurred or suffered by PPBL due to usage of the VAN facility by the Customer.
8.19 Customer is solely responsible for intimating the correct VAN to the correct party / intended persons and PPBL shall not be liable for any delay in and/or wrongful processing of transactions due to any wrong or erroneous details being shared by the Customer with such third party. All incoming transfers received by PPBL using an active VAN shall be treated as valid transactions and Customer shall have the sole responsibility to verify if the same has been initiated from the correct party.
8.20 Customer acknowledges that it can receive payments from the beneficiary to whom the VAN has been shared through the payment channels of NEFT/RTGS/IMPS internal transfers within PPBL and via such other modes/channels as may be made available by PPBL from time to time.
8.21 Customer acknowledges that the VAN number already created by the Customer cannot be reassigned or transferred or edited in any manner and a single VAN shall not be assigned by the Customer to more than one person at the same point of time for receiving amounts therein. The VAN created specifically for a third party shall be assigned and used only for collection of amounts from that party itself and shall not be in any manner exploited for illegal or unlawful or suspicious transfers.