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
“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
“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
“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
2.7 Customer hereby acknowledges and declares that it does not enjoy any
credit facility of any nature with any bank and in the event of any
subsequent availment of any credit facilities from any bank/ financial
institution/ banking system, the same shall be forthwith communicated to
PPBL and other bankers of the customer.
2.8 The Customer hereby agrees and declares that its Exposure from the
banking system is less than Rs.5 Crore and further undertakes to intimate
PPBL immediately, if the Exposure exceeds Rs.5 Crore. For the purposes of
these terms and conditions, the term “Exposure” means sum of sanctioned fund
based and non-fund based credit facilities availed by the customer from
Banking System ( All Scheduled Commercial Banks and Payments Banks)
2.9 The Customer understands that PPBL reserves the right to initiate such
appropriate action as it may deem fit including but not limited to closing
the current account being maintained with PPBL, if it is determined by PPBL
that the Customer Exposure is more than Rs.5 Crores and/or it comes to the
attention of PPBL that the false or incorrect or incomplete details in
regard to credit facilities availed by the Customer have been provided by
the Customer or if the Customer has failed to provide updated details.
2.10 The Customer undertakes to inform PPBL immediately of any changes with
respect to the status of the Customer (regulatory license/ nature of
business/ beneficial owners or authorized signatory or relevant legal
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.
4.2 During conversion of account from Savings Account to Current Account, the
transactions initiated with Savings Account, would reflect in the Current
Account’s statement from the date of conversion to Current Account. For
example, for a Savings Account getting upgraded to individual Current
Account at 2AM on 20th Oct, any transactions done between 12AM-2AM on 20th
Oct, would get captured under the individual current account in customer's
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
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
authorisations and PPBL shall act on such User modification requests within
amount of time, as communicated by PPBL from time to time. It is expressly
that such change will be binding on PPBL only after the expiry of the said
communicated by PPBL for processing of User modification request and that
shall be entitled to act on the basis of the old unchanged User
till the expiry of the aforesaid period from the receipt of such
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
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
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
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.