Please read the following terms and conditions carefully before registering on, accessing, browsing, downloading or using the Paytm Wallet from PPBL from paytmbank.com, or the Paytm mobile application or any similar platform (hereinafter collectively, the Platform) on any device and/or before availing any e-wallet services that may be offered by PPBL on the Platform (hereinafter, individually Paytm Wallet Service and collectively, the Paytm Wallet Services).
The Paytm Wallet Services are not available to persons under the age of 10 or to anyone previously suspended or removed by PPBL from availing the Paytm Wallet Services or accessing the Platform. By accepting the T&Cs or by otherwise using the Paytm Wallet Services on the Platform, You represent that You are at least 10 years of age and have not been previously suspended or removed by PPBL, or disqualified for any other reason, from availing the Paytm Wallet Services or using the Platform. In addition, You represent and warrant that You have the right, authority and capacity to enter into this Agreement and to abide by all the T&Cs as part of this Agreement. Further, You declare that You were born in India and that You are an Indian Citizen, Indian Resident, and Tax Resident of India and of no other country. You agree to submit new details within 30 days if any of the information undergoes a change
Finally, You shall not impersonate any person or entity, or falsely state or otherwise misrepresent Your identity, age or affiliation with any person or entity. Finally, in the event of any violation of the T&Cs, PPBL reserves the right to suspend or permanently prevent You from availing Paytm Wallet Services or using the Platform.
A.2. Semi Closed Wallet Terms and Conditions
The terms and conditions in relation to the semi closed wallet set out below (hereinafter Wallet Terms) are applicable to and binding on You in conjunction with the SSOID terms and conditions already accepted by You. Each SSOID term or condition is applicable to and binding on You, or any of Your activities on the Platform, even if such term or condition is not specifically reproduced herein below. The terms “Agreement' or ‘T&Cs' mentioned herein below includes the terms and conditions in relation to the semi closed wallet set out below, the SSOID terms and conditions, and other service-specific terms and conditions in relation to Services or Platform.
PPBL may modify, terminate and/or suspend Paytm Wallet to the Customer anytime with or without prior notice, due to any changes in internal policies, rules, regulations and laws set by relevant authorities/regulators. PPBL reserves the right to change, modify, add, or remove portions of this Agreement (each, a change and collectively, changes) at any time by posting notification on the Platform or otherwise communicating the notification to You. The changes will become effective, and shall be deemed accepted by You, 24 hours after the initial posting and shall apply immediately on a going-forward basis with respect to Your use of the Platform, availing the Services, including the Paytm Wallet service, or for payment transactions initiated after the posting date. If You do not agree with any such change, Your sole and exclusive remedy is to terminate Your use of the Services/Platform. For certain changes, PPBL may be required under applicable law to give You advance notice, and PPBL will comply with such requirements. Your continued use of the Platform and the Paytm Wallet following the posting of changes will mean that You accept and agree to the changes.
Paytm Food Wallet is issued on the following terms for the employees of the entity (hereinafter "Entity") which has sought such facility for its employees and has accordingly entered into a written agreement with PPBL. Following are the terms on which the Food Wallet is issued.
These Terms apply to the issuance and usage of the NFC enabled Paytm Wallet Cards and shall be in addition to and not in derogation of the general terms and conditions of PPBL governing products and services and the terms and conditions governing the Semi closed wallet terms and conditions.
1.1. Unless indicated otherwise, the capitalized terms listed below shall have the following meanings:
"Paytm NFC Card" or "Card" shall mean the Paytm Contactless Wallet Card issued by PPBL in physical format which is Near Field Communication (NFC) enabled and is linked to the Paytm Wallet of the Cardholder for availing payment facilities without using the mobile phone.
Cardholder shall mean the wallet holder or the Customer to whom the Paytm NFC Card linked to his Paytm Wallet has been issued by PPBL.
"Merchant” means the merchant and/or the commercial establishment which has a specific agreement with PPBL or an agreement through a payment aggregator/payment gateway, to accept the NFC Card for accessing the funds in the wallet to enable payments by the Cardholder through the NFC enabled point of sale point of sale (POS) electronic terminals or NFC enabled devices towards the purchase of products and/or services therein.
"POS” means the point of sale (POS) electronic terminals in India, which amongst other things are capable of processing Card transactions and/or where the Cardholder can use his Card to access the funds from the Paytm Wallet linked with the Card to make purchases at various Merchants.
"Transaction Limit" shall mean the spend limit per transaction up to which the Cardholder is authorised by PPBL to spend on the Card. The spend limit per transaction in no case shall exceed the sum of Rs. 2000/ and/or any other limit so stipulated by PPBL from time to time.
2. Issuance of Card:
3. Usage of Card:
4. Fees and Charges:
5. Transaction Details:
6. Misuse / Compromise of Card Details
Treatment of Customer Balances exceeding INR 100,000 at the end of the day in Your Wallet, Current Account Savings Account combined
As per the RBI’s licensing and operative guidelines for Payments Bank, aggregate Customer balance limit for PPBL Customer at the end of the day cannot exceed INR 100,000. To comply with the said guideline, incase Your combined balance in Your Wallet, Saving and Current accounts with PPBL exceeds INR 100,000 at the end of the day (defined at <12 AM>), PPBL will, basis Your consent do the following activity with the Scheduled Commercial Bank with whom PPBL has a business correspondent arrangement ("Partner Bank"), currently IndusInd Bank.
1. For individuals:
The balances with Partner Bank will be prominently displayed in the PPBL Mobile Banking Application as per information provided by Partner Bank. All communications regarding your Fixed Deposit with the Partner Bank will be sent by PPBL on the contact details provided by you to PPBL. PPBL will facilitate for You from such account with the Partner bank, with Your consent:
Further, You provide consent to PPBL for sharing Your Know Your Customer (KYC) information for creation of Savings / FD / Current Account with the Partner Bank.
The Customer is expected to keep the cheque book, if issued, debit card in safe custody and follow all instructions issued by PPBL regarding the same from time to time. In case of loss/theft of the same, Customer shall immediately inform PPBL. Liability to PPBL will be as per the RBI guidelines on Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions, July 2017 (https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=11040)
Customer agrees to maintain minimum balance in his account as may be prescribed by PPBL from time to time. Penal charges may be charged for not maintaining minimum balance as per the RBI Master Circular on Customer Service
Customer shall be liable to pay all charges, fees, interest, late fee, return charges, any other costs wherever applicable, which PPBL may levy with respect to his account or any transaction or services rendered and the same may be recovered by PPBL by a debit to his account. It is further agreed and acknowledged that in case of non-availability of adequate funds in Customer's account the charges will be debited to the account over a period of time till the entire amount is recovered.
PPBL reserves the right to refuse Chequebooks, Adhoc Statements, PhoneBanking TINs, NetBanking IPINs, Debit Cards & PINs to Customer in case of any default by the Customer or under the direction of Statutory and regulatory authorities.
The cheque books, PhoneBanking TINs, NetBanking IPINs, Debit Cards & PINs (as applicable) will be dispatched by courier/messenger/mail or through any other mode by PPBL at its discretion to the address notified by Customer for correspondence. PPBL reserves the right to ask the Customer for physical presence as well.
Your Fixed Deposit will be opened with the Partner Bank, currently IndusInd Bank as per its terms:
All communications such as Fixed Deposit advice, Interest certificate, TDS certificate, etc. will be provided to you by PPBL as provided by Partner Bank. No communication (SMS/Email) will be otherwise sent to you by Partner Bank. The above terms and conditions should be read in conjunction to the detailed general Fixed Deposit terms and conditions outlined by the Partner Bank (currently IndusInd Bank). The detailed terms and conditions are available on Terms and Conditions https://www.indusind.com/content/dam/indusind/PDF/Deposit-Accounts-TnC-V31.pdf
Partner Bank shall not be liable to the Customer for any damages in connection with the PPBL Account or the Services of PPBL or for any loss or damage whatsoever suffered or incurred by the Customer solely due to PPBL.
This document sets out the Terms and Conditions ("Terms") which shall be applicable to all the accounts of any nature (Current/Wallet) or any other products and/or services offered by Paytm Payments Bank Limited ("PPBL") to its Customers from time to time.
These Terms may be read on a stand-alone basis or be read in conjunction with other such documents as may apply to a particular account/ service/ situation/ circumstance/ transaction. In the event of these Terms being in conflict with or contrary to the terms mentioned in other such documents pertaining to a particular Account/ Service/ situation/ circumstance/ transaction, the terms and conditions as specified in such other document(s) will prevail over the Terms contained herein. The Customer acknowledges and agrees that PPBL may at its sole discretion add to, modify or amend the Terms (including the Charges) from time to time and such changes shall be communicated to the Customer. The Terms shall be available at PPBL branches and on PPBL’s website/mobile app. PPBL may publish notices of general nature which are applicable to the Customers on its website or on its notice board, or sent to the Customer’s email address or in any other mode as may be decided by PPBL. Such notices would have the same effect as a notice served specifically to each Customer. The Customer shall be given a period of thirty (30) days from the issue of the notice, within which the Customer shall have to right to close the Account or discontinue availing of the Services, failing which he shall be deemed to have accepted the change from the effective date mentioned in the notice. The Customer understands and agrees that the opening and maintenance of the Account and availing of the Services are subject to the rules and regulations introduced or amended from time to time by the Reserve Bank of India. In the event that any provision of these Terms are held to be in violation of any applicable Law or if for any reason a court of competent jurisdiction finds any provision of these Terms or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of these Terms, and the remainder of these Terms shall continue in full force and effect.
By using the products and/or services of PPBL, the Customer agrees to be bound by these Terms and the various products/services offered by PPBL shall be governed by these Terms.
Section 1: General Terms and Conditions
1.1. Unless indicated otherwise, the capitalized terms listed below shall have the following meanings:
"Account" shall mean all present and future account(s) of the Customer (including but not limited to any other variants and/or the semi-closed wallet), (held in any form whatsoever including but not limited to the Services and any kind of banking relationship), operated either singly or jointly at PBBL.
"Affiliate" means any company which is the holding company (as defined in the Companies Act, 2013), subsidiary company (as defined in the Companies Act, 2013) or associate company (as defined in the Companies Act, 2013) of PPBL; or (b) a person under the control of or under common control with PPBL; or (c) any company, who is an associate company (as defined in the Companies Act, 2013) of the first company, or if more than 50% of the share capital of such company (calculated on a fully diluted basis) is held by the same shareholders who own more than 50% of the share capital of One97 Communications Limited (calculated on a fully diluted basis).
For the purpose of this definition of an "affiliate", "control" together with its grammatical variations when used with respect to any person (including PPBL), means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of the voting securities, by contract or otherwise howsoever; and a "person" means a company, corporation, a partnership, trust or any other entity or organization or other body whatsoever.
"Authority" shall include the President of India, the Government of India, the Governor and the Government of any State in India, any Ministry or Department of the same, any municipal or local government authority, any authority or private body exercising powers conferred by Law and any court, tribunal or other judicial or quasi-judicial body, and shall include, without limitation, a stock exchange, RBI, NPCI, SEBI and/or any regulatory body.
"Business Day" shall mean a day other than: (i) any public holiday (ii) a day on which the concerned branch of the PBBL is closed and cannot conduct regular banking business for / with its Customers; (iii) a day on which regular business cannot be transacted due to a Force Majeure Event, and in case of Customers who have availed of facilities involving the NPCI mechanism, shall also exclude a day on which NPCI does not provide the relevant systems; or (iv) a day on which RBI/local clearing house does not provide clearing and settlement services including but not limited to RTGS, NEFT.
"Business Facilitators" ("BF") or "Business Correspondents" ("BC") shall mean such entities or persons appointed by PBBL to provide Services to the Customers on behalf of PBBL.
"Bank" or "PBBL" shall mean Paytm Payments Bank Ltd. (including its successors and assignees), a banking company incorporated in India under the Companies Act 2013 and having its registered office at 136, First Floor Devika Tower, Nehru Place, New Delhi – 110019.
"Card" shall mean the Debit and ATM card either in physical or electronic format issued by PPBL in association with various card associations such as VISA, Mastercard and/or Rupay.
"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 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.
"Charges" "or "Service Charge" shall mean the fees or the charges which PPBL may levy upon the Customer in consideration for the Account and/ or Services being provided by PBBL and/or the Customer’s usage of the Channels and/or Card.
"Customer" shall mean the person or person(s) in whose name the Accounts(s) with PBBL have been opened and/ or may be opened presently or in the future and/or to whom the Services have been offered by PBBL and thereafter provided to the Customer and/ or includes the Cardholder, wherever applicable. The word 'Customer" shall include proprietor, partnership firm, company, co-operative society, charitable society or trust having an Account with PBBL and/or having availed of Services from PBBL.
"Force Majeure Event" shall mean and include means and includes any act of god, action of any government or governmental agency, natural occurrences / calamities, law or regulation (or any change in the interpretation thereof), injunction, breach, or virus in the processes or payment or delivery mechanism, currency restriction, sanction, exchange control, industrial action / strike (whether involving PPBL’s staff or not), civil unrest, riots, fire, explosion, war, terrorist action, equipment failure, interruption to power supplies, accident, failure or malfunction of any banking, telecommunication and/or information technology systems employed at any location either by the Customer or PPBL or any other entity under the payment systems or computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures or power shut down or anything else unavoidable or beyond PPBL’s control.
"Instructions" means any information, instruction or communication sent, or purported to be sent, by the Customer to PPBL from time to time using the Channels and/or Card or otherwise through the Website and/or Mobile App under or in connection with these Terms.
"Law" shall mean applicable statutes, enactments or acts of any legislative body in India, laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, policies, directions, directives and orders of any Authority and any modifications or re-enactments thereof, from time to time.
"Mobile App" shall mean the mobile application of PPBL.
"NPCI" shall mean the National Payments Corporation of India.
"Relative" shall mean (a) any natural person falling within the meaning of ‘relative’ under the provisions of section 2 of the Companies Act, 2013.
RBI shall mean the Reserve Bank of India.
"Services" shall mean and include the facilities or services or the products or Channels offered by PBBL, 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.
"Website" shall mean the website of PPBL having the URL: www.paytmbank.com.
1.2 RULES OF INTERPRETATION:
Interpretation In these Terms, unless the context otherwise requires:
(i) The singular includes the plural, and vice versa and words of any gender are deemed to include the other genders;
(ii) For the sake of convenience "Customer" in these Terms is being referred to in the masculine gender. Reference to masculine shall include the feminine and third gender. The terms may be applicable to individual proprietor or entities/non individuals such as corporates, partnership firms etc. and the terms within these Terms need to be construed accordingly irrespective of the usage herein;
(iii) The terms "hereof", "herein", "hereby", "hereto" and derivatives or similar words refer to the Terms;
(iv) References to the word "include" or "including" shall be construed without limitation;
(v) Reference to any section, article, clause, annexure or schedule means an section of, article or clause of, or an annexure or schedule to, these terms;
(vi) Reference to any legislation or law or to any provision thereof shall include references to any such law as it may, after the date hereof, from time to time, be amended, supplemented or re-enacted, and any reference to a statutory provision shall include any subordinate legislation made, from time to time, under that provision;
(vii) Headings and bold typeface are used only for convenience and shall be ignored for the purposes of interpretation;
(viii) References to clauses, paragraphs and sections are to clauses, paragraphs and sections in these Terms unless otherwise stated;
(ix) Any other forms/letters if executed by the Customer or PPBL, as the case may be, shall be an integral part of these Terms and shall be read in conjunction with these Terms; and
(x) In these Terms, unless the context otherwise requires, PPBL and the Customer shall hereinafter be jointly referred to as the "Parties" and individually as the "Party".
2. RIGHTS AND OBLIGATIONS:
2.1 The Customer shall abide by the Terms as set out herein and any changes in the Terms thereto from time to time as communicated and/ or published on the Website/Mobile App from time to time. The Customer agrees that the opening and maintenance of the Account, availing of the Services and/or usage of the Channels and/or Card are subject to these Terms and Law.
2.2 The Customer agrees that PPBL before entering into any relationship including, account based relationship, will carry out due diligence as required under Know Your Customer ("KYC") guidelines pursuant to RBI directions. The Customer shall submit necessary documents or proofs, such as identity, address, photograph and any such information to comply with the KYC norms, Anti Money Laundering ("AML") or other statutory/regulatory requirements so prescribed from time to time. Further, after the opening of the Account, in compliance with Law, the Customer agrees to submit the above documents again at periodic intervals, as may be required by PPBL. PPBL will not be responsible or liable for any violation by the Customer of any applicable Law.
2.3 The Customer agrees that PPBL may, at its sole discretion, engage the services of BF and BC for extension of banking and financial services so as to ensure greater financial inclusion and increasing the outreach of the banking sector.
2.4 The Customer agrees that PPBL has the liberty to close the Account at any time without giving any reasons subject to prior issuance of 30 days’ notice to the Customer.
2.5 The Customer agrees that PPBL can at its sole discretion, amend any of the terms and conditions pertaining to the Account and/or Services and/or Channels and/or Card either wholly or partially at any time without prior notice. However PPBL shall endeavor to notify the changes by publishing it on the Website and/or Mobile App or any other manner as PBBL may deem suitable which will be binding on the Customer. The Customer understands and agrees that by continuing to use the Account and the Services, the Customer agrees to be bound by the Terms.
2.6 Any change in the details of the Account such as the account status or change of address or change in mobile number shall be immediately informed by the Customer to PPBL, failing which the Customer shall be responsible for any resultant consequences including but not limited to non-receipt of communication/deliverables or the same being delivered at the old address in the records of PBBL. The Customer agrees that the Services to the Customer may be restricted or stopped in case of invalid mobile number
2.7 The Customer agrees and confirms that PPBL shall not be liable for any consequences arising out of non-compliance and/ or non-processing by PPBL of Customer's Instructions due to inadequacy or insufficiency of funds in the Account. The Customer agrees and understands that in such case PPBL shall not process and/or reject/decline Instructions. PPBL shall accept and act on the Customer’s Instructions from time to time, in such form and transmitted through such media as agreed to by PPBL and subject to the necessary authorizations/resolutions as required by PPBL being received from the Customer in respect of the Account, Services and/or Channels and/or Card.
2.8 The Customer shall be bound by any Instruction executed by PPBL if PPBL has executed the Instruction in good faith and in compliance with the Instructions given by the Customer.
2.9 The Customer hereby authorizes PPBL to debit the Account(s) of the Customer for any liability incurred by PPBL on behalf of the Customer for execution of the Instruction issued by the Customer and/or Charges payable thereon. The Customer understands and agrees that such amounts once debited from the Account (s), the Instructions so issued cannot be reversed by the Customer and that once executed by PPBL, the Instructions become irrevocable.
2.10 The Customer acknowledges that PPBL may at its sole discretion and without the Customer’s prior written approval or intimation to the Customer and without any liability to the Customer, can stop processing of Instructions and/ or withhold processing of Instructions and/ or not initiate the processing of the Instructions where it appears to PPBL is in receipt of any court orders restraining processing of the Instructions or if PPBL is of the view that any Instructions appear or are suspicious of being fraudulent or malafide or unauthorized or unlawful or cannot be or ambiguous or not received properly.
2.11 The Customer agrees that PPBL shall not be liable for any delayed processing or non-processing of the Instruction due to any incompleteness or inaccuracy or incorrectness in the contents of the Instruction thereof or if the Instruction has not been agreed in the prescribed form.
2.12 The Customer shall inform PPBL immediately of any inquiry, question or issue raised by any Authority and relating to PPBL, as well as expeditiously notify PPBL of any show causes, seizure or similar action and provide copies of any notices, memos, correspondences received from such Authority. The Customer shall not unilaterally file any response / reply to such an Authority without the prior written approval and vetting by PPBL.
2.13 Notwithstanding the documentation and account opening form (physical or digital) provided, PPBL reserves the right to accept / reject the Customer's application. PPBL's decision in this regard would be final.
3.1 The Customer is responsible for the accuracy, completeness and authenticity of the Instructions provided to PPBL and the same, if is in the form and manner prescribed by PPBL, shall be considered to be sufficient to provide Services.
3.2 PPBL states that it has no liability or obligation to keep a record of the Instructions to provide information to the Customer or for verifying the Instructions. PPBL shall refuse to comply with the Instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any Instruction.
3.3 All Instructions issued by the Customer are based upon the Customer’s decisions and are the sole responsibility of the Customer.
3.4 The Customer agrees and understands that the Instructions may be received from its authorised signatory on behalf of the Customer whose specimen signature(s) have been furnished to the Bank in accordance with the provisions of these Terms. In addition, the Customer may also issue Instructions in the following modes: (a) through Instructions on the internet; (b) facsimile; (c) email and (d) by any other method agreed upon in writing by PPBL and the Customer.
3.5 The Customer agrees and acknowledges that when any Instruction is received by PPBL by whatever means, such Instruction shall be deemed to have been given by its authorized signatory and PPBL is hereby authorized to rely on the same, and the Customer agrees that such Instructions shall be binding upon the Customer. PPBL shall be entitled to rely upon any Instruction duly received, and to act upon the same without being required or expected to carry out an independent verification as to the authenticity, validity or correctness of such Instruction.
3.6 The Customer understands that electronic means of communication may not be sufficiently encrypted and/ or may not be a secure means of transmission and agrees and acknowledges that communication through electronic means is subject to interference or modification by result of unauthorized access by third parties and/ or loss or modification of communication due to errors in transmission.
3.7 The Customer understands that electronic means of communication may not be sufficiently encrypted and/ or may not be a secure means of transmission. The Customer agrees and acknowledges that communication through electronic means is subject to interference or modification by result of unauthorized access by third parties and/ or loss or modification of communication due to errors in transmission. The Customer agrees and acknowledges that the Bank shall be entitled to rely upon any Instruction duly received, and to act upon the same without being required or expected to carry out an independent verification as to the authenticity, validity or correctness of such Instruction. The Customer agrees to exempt PPBL from any and all responsibility/ liability relating to any unauthorized misuse of any data transmitted through electronic means, and agrees not to hold PPBL responsible for any such misuse, and further agrees to indemnify PPBL and to keep PPBL indemnified, saved and held harmless, from time to time and at all times from and against any and all claims, losses, damages, costs, liabilities, charges, actions, suits, demands, penalties and expenses or other consequences incurred, suffered or paid by PPBL or required to be incurred, suffered or paid by PPBL and also against all demands, actions, suits, proceedings made, filed or instituted against PPBL, pursuant to, in connection with or arising out of or in relation to PPBL acting pursuant to, in accordance with or relying upon any such communication, or any errors, delays or problems in transmission or unauthorized/ illegal interception, alteration, manipulation of electronic data or otherwise caused by using electronic means as a means of transmission.
4. Consent to Communications by PPBL
4.1 The Customer hereby consents to receive communications, mailers, notices and information from PBBL electronically, whether sent by e-mail or other electronic means. The electronic communications shall be deemed to have been received by the Customer when PPBL sends an electronic communication to the Customer’s or its authorized signatory’s e-mail address/mobile number as per PPBL’s records, as the case may be, or when PPBL posts an electronic communication on the Paytm for business App ("Mobile App").
4.2 PPBL may send any communications/letters etc. through courier/registered post/messenger/email/SMS/by way of Mobile App notifications or through any other mode at its sole discretion and PPBL shall not be liable for any delay arising there from or for any errors or issues in the address/mobile number as provided by the Customer. The same shall be the sole responsibility of the Customer.
5.1 PPBL may disclose, in strict confidence, to other institutions, such personal information of the Customer as may be reasonably necessary for reasons inclusive of:
For participation in any telecommunication or electronic clearing network
In compliance with a legal directive
For fraud prevention purposes
To credit information bureaus.
Explicit consent shall be taken before sharing with its partners in pursuance of business interests.
5.2 PPBL or its partners may direct offers for specific banking and financial products. The Customer's acceptance of such offer(s) shall be communicated by him through acceptance of specific terms and conditions either physically or digitally.
5.3 The Customer also understands and agrees that PPBL shall be entitled to share the personal information, details in relation to documents, products/Services offered, defaults, security, obligations of Customer, to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, RBI, PPBL's other branches/affiliates/rating agencies, service providers, other banks/financial institutions, any third parties, any assignees/potential assignees or transferees, who may need the information and may process the information, publish in such manner and through such medium as may be deemed necessary by the publisher/Bank/RBI, including publishing the name as part of willful defaulter's list from time to time, as also use for KYC information verification, or for other related purposes. In this connection, the Customer waives the privilege of privacy of contract. PPBL shall have the right to approach, make enquiries, obtain information, from any person including other banks/finance entities/credit bureaus, Customer's employer/family members, any other person related to the Customer, to obtain any information for assessing track record, credit risk, or for establishing contact with the Customer or for the purpose of recovery of dues from the Customer.
5.4 The Customer gives its consent to PPBL to update his Aadhaar number in PPBL’s records and in the case of the updation of the Customer’s authorized signatory’s Aadhaar number in PPBL’s records, the Customer shall ensure that the authorized signatory is duly sensitized of the said requirement for consent and that the authorized signatory consents for the same. The Customer understand that the said updation of the Customer and/or of the authorized signatory in PPBL’s records shall be basis the information received by it through any external source/agencies, including government agencies. The Customer also gives its consent to PPBL to disclose its or the authorized signatory’s Aadhaar number, as well as other related information, not restricted to the linked account number, or other details of the Customer to the regulatory body/bodies and/or statutory body/bodies. Sharing of the information will be as per the Information Technology Act 2000, Aadhar Act 2016 and Ministry of Electronics and Information Technology (MeiTy) guidance issued for securing identity information and sensitive personal data or information. PPBL may use Aadhaar based transaction and/or authentication mechanism/system, either through biometric means or any other means deemed suitable by PPBL.
6. Records of Transactions:
6.1 PPBL’s records of transactions and the Customer’s Instructions (be it in electronic or documentary form) shall be conclusive evidence of such transactions and/or Instructions, as the case may be, shall be final and binding on the Customer.
7. Dormant Accounts:
7.1 In the event of there being no transactions initiated by Customers in the Account or if the Account has been inactive for a continuous period of two years (this excludes system generated transactions like credit interest, debit interest), then the said Account would be treated as a 'Dormant' Account by PPBL as per RBI guidelines. The Customer agrees that the Account status would be changed to 'Active' only on Customer's instruction in this regard and after re-KYC formalities as deemed necessary by PPBL. The Customer understands that until the Account status is 'Dormant', transactions through the Channels and/or Card shall not be allowed by PPBL.
8.1 Subject to the other provisions contained herein, all information and other material supplied to or received by PPBL from the Customer and any information concerning the arrangement contained in these Terms shall be kept confidential by PPBL unless or until (i) compelled to disclose the same by judicial or administrative process; or (ii) is a part of public domain; or (iii) is required to be furnished to any regulatory or other authority having jurisdiction; or (iv) If disclosed by a party other than PPBL; or is already obtained by some other party prior to its disclosure.
9. Intellectual Property Rights:
9.1 PPBL shall remain absolute owner of all intellectual property rights belonging to it and shall have the right to retain the application, the photographs, information and documents submitted by the Customer.
9.2 No part or parts of PPBL's Website or the Mobile App may be reproduced, distributed, republished, displayed, broadcast, hyperlinked, transmitted, adapted, modified to create derivative works or otherwise commercially exploited in any manner or by any means or stored in an information retrieval system without PPBL’s prior written permission. The Customer may view, print or use PPBL's content for personal, non-commercial use only, provided further that the Customer does not modify the content and that the Customer retains all copyright notices and other proprietary notices contained in the content. The trademarks, service marks, and logo ("Trade Marks") used and displayed in or through PPBL's Mobile App/Website are registered or unregistered Trade Marks of PPBL/others (as applicable). Nothing in PPBL's Mobile App/Website will be construed as granting, by implication, estoppels, or otherwise, any license or right to use any Trade Marks displayed in or through PPBL's Mobile App/Website, without PPBL's written permission.
9.3. PPBL, or its licensors, own all right, title and interest, including but not limited to all copyright, trademark, patent, trade secret or other proprietary rights (hereinafter IP Rights), in and to the Website and/or Mobile App, Services, various products including semi-closed wallet, food wallet or usage data. The Customer shall not reproduce, distribute, transmit, modify, create derivative works, display, perform or otherwise use the Website and/or Mobile App, Services or products or any of the IP Rights, or attempt to reverse engineer, decompile, disassemble, or derive the source code for the Website and/or Mobile App, its products/services to create a competing product. Unauthorized use of "Paytm" as a word, trademark, symbol, device mark or word mark, is strictly prohibited. All rights are expressly reserved by PPBL or its affiliates to use the brand of "Paytm" in all its forms and variations by virtue of One97 Communications Limited having authorized PPBL in this regard.
10. Consent for usage of the Customer’s details:
10.1 PPBL shall after the explicit consent of the Customer, obtain Customer's or the authorized signatory’s Aadhaar number, Name, Fingerprint/Iris and other personal information for authentication with UIDAI. The identity information of the Customer would only be used for KYC or as required under law and the biometrics except as required under law will not be stored / shared and will be submitted to CIDR only for the purpose of authentication. For the purposes of KYC, PPBL shall be entitled to call from and/or share with its associate companies/affiliates, any relevant KYC information so available with it or its associate companies/affiliates, for the purposes of communicating offers/details about various financial and/or other value added products and/or services, after obtaining the Customer’s explicit consent for the same.
10.2. The products or Services or Channels, may be made available through the Website/Mobile App or any similar platform of PPBL (platforms through which the Customer can access/monitor the Account) and PPBL may use such platform for providing the Customer the facility to complete online application as well. Every usage and operation of the Website and/ or Mobile App or any such other platform using Customer’s mobile device, should be deemed to be usage and operation personally by the Customer himself and in physically and mentally stable state notwithstanding any loss, theft, hacking etc. of the password; and that PPBL shall not be required to check the identity of the person operating the Website/Mobile App at any point of time or his mental or physical stability.
10.3 PPBL reserves the right to record telephonic conversations with Customers for internal quality control or monitoring purposes and/or as an evidence in case of any disputes and/or to record consent of the Customer in respect of the products and/or services so offered by PPBL.
11. Compromise of Account:
11.1 The Customer should contact PPBL immediately by raising a request through Contact Us section in the Website and/or Mobile App or by visiting/writing to Noida branch (Address – Ground Floor, B-121, Sector 5, Noida – 201301, Uttar Pradesh) and/or any other bank branches as intimated by PPBL for the said purposes, if the Customer or its Authorized Signatory believes that the Account has been compromised, or if someone else knows his/her PIN or other security information. Customer can also reach out to us at firstname.lastname@example.org or on + 91 120 4621182/1187.
11.2. The Customer must report the misuse of the Account to the police authorities and lodge a First Information Report ("FIR").
11.3. The Customer will not be liable for any misuse of the Account after the Customer has informed PPBL of the compromise and has received an acknowledgement from PPBL to that effect, unless the Customer itself has acted with gross negligence or malicious intent. Customer shall be liable for all losses for any misuse that have happened with his/its consent or knowledge or on account of his negligence.
12. Right to suspend/close/convert/terminate the Account/Services/Channels/Card
12.1 PPBL reserves the right to suspend/discontinue its products/Services to the Customer at any time, for any cause, including, but not limited, to the following-
i. For any suspected violation of the Law or for any violation of the terms and conditions mentioned in these Terms.
ii. For any suspected discrepancy in the details filled in by the Customer in the documentation or application form of PPBL submitted by the Customer to PPBL for availing products/Services;
iii. To combat or avoid potential fraud, sabotage, willful destruction, threat to national security or for any other Force Majeure reasons etc;
iv. If the same is due to technical failure, modification, upgradation, variation, relocation, repair, and/or maintenance due to any emergency or for any technical reasons.
v. If the same is due to any transmission deficiencies caused by topographical and geographical constraints/limitations;
vi. If the mobile connection with which the Customer's products/Services/Channels are related cease to be operational or in the Customer's possession or control.
vii. If PPBL believes, in its reasonable opinion, that cessation/ suspension is necessary.
12.2 Notwithstanding the foregoing clause, PPBL may at its absolute discretion, close any Account or terminate any of the Services or Channels or Card by giving such days’ notice to the Customer as it may deem fit with / without assigning any reason. The Customer acknowledges and agrees that PPBL may at any time without notice as the circumstances in PPBL’s absolute discretion may require, discontinue /modify/cancel/terminate the Services, if PPBL is of the opinion that continuation of Services / Channels/Card are prejudicial to PPB’s interests. PPBL shall not be made liable for any resultant consequences arising out of such closure of Account or termination of Services.
12.3 The Customer may close the Account or discontinue availing of and/ or using any Service at any time upon due notification to PPBL in this regard. PPBL shall be entitled to refuse the closing of the Account till such time that all Charges payable by the Customer to PPBL have been paid in full and there are no other obligations pending on the part of the Customer. PPBL may notify the Customer the date on which his Account would be closed and the Service would be discontinued. Upon closure of any Account, the Services associated with such an Account would be automatically terminated.
13.1. No warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third party rights, title, merchantability, satisfactory quality or fitness for a particular purpose, is given in conjunction with PPBL's products/Services/Channels or any data/content on the Website and/ or Mobile App or otherwise. While PPBL may apply such technology as it deems fit to ensure the security of and prevent unauthorised access to its products/Services/Channels, PPBL does not warrant that the products/Services or any content/data or the Website and/or the Mobile App will be provided uninterrupted or free from errors or that any identified defect will be immediately corrected. Further, no warranty is given that products/Services/Channels or any data/content on the Website and/or Mobile App are free from any computer virus or other malicious, destructive or corrupting code, agent, program or macros. PPBL provides the products/Services/Channels on "as is", "where is" basis with no representation, guarantee or warranty of any kind, either express or implied, as to its functionality.
13.2 Downloading or using the Mobile App and/or Website does not automatically entitle the Customer to receive hard-copy documentation, technical support, telephone assistance, or updates to the Mobile App and/or Website from PPBL. No warranty is provided that the Mobile App and/or Website will be free from defects or virus or that operation of the Mobile App and/or Website will be uninterrupted. Use of the Mobile App and/or Website by the Customer is at the Customer’s own discretion and risk and the Customer is solely responsible for any damage resulting from the use of the Mobile App and/or Website.
13.3. Customer acknowledges that the Customer has not solely relied on any representation/warranty made by PPBL or any of its employees, affiliates, service providers, subcontractors or agents and has made independent assessment of PPBL's products/Services/Channels. It is the Customer’s responsibility to evaluate the accuracy, completeness and usefulness of all opinions, advice, services, merchandise and other information provided through the Website and/or the Mobile App generally. Except for PPBL's affiliates, service providers, subcontractors and agents, no person or entity who is not a party to these Terms will have any right to enforce these Terms, regardless of whether such person or entity has been identified by name, as a member of a class or as answering a particular description. For the avoidance of doubt, this will not affect the rights of any permitted assignee or transferee of these Terms.
14. Customer Service
14.1 Level 1
If the Customer has any grievances/complaints, please raise it via one of the below available options:
- Approach PPBL’s Branch Official
- Estimated timelines at various levels of queries/escalations*
- First response to a Customer's query/concern - 2 Business days
- Follow-up queries - 4 Business days
- Escalated cases - 7 Business days
- Customer grievances raised to Nodal officer - 15 Business days
14.2 Level 2
If the Customer issue is unresolved even after contacting various complaint resolution channels or if the Customer is not satisfied with the response, the Customer can reach out to the Nodal Officer of PPBL at:
Shri Rohan Lakhaiyar
Paytm Payments Bank Limited,
B-121, Sector 5, Noida, Uttar Pradesh-201301
Phone No: 0120-4770439
*If any case needs additional time, PPBL will inform the Customer and/or the regulator the reasons for the delay and provide expected timelines for resolution of the issue. In case PPBL is liable to pay any compensation, the same will be paid to the Customer as per the provisions of the ‘Customer Compensation Policy of PPBL.
14.3 Level 3
If the complaint is not resolved at the bank level within a month or if the Customer is not satisfied with the grievance redressal, the Customer may approach the Banking Ombusdman at:
C/o Reserve Bank of India, Sansad Marg,
Phone No.: 011-23724856
Fax No.: 23725218-19
Email : email@example.com
15.1 The Customer hereby indemnifies and hold harmless PPBL, its affiliates, successors, agents, assigns, and each of its directors, officers, employees, associates, agents, and representatives and/or other Customers ("Indemnified Party") harmless against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which Indemnified Party may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of (i) providing any of the Services/Channels/Card herein or due to any negligence/mistake/misconduct/fraud on Customers' or its authorized signatories or its representatives’ part or (ii) breach or non-compliance of any of the Terms relating to any of the products/Services/Channels/Card or (iii) by reason of PPBL in good faith taking or refusing to take action on any Instruction given by the Customer and/or any breach of the representations, warranties, and covenants made by the Customer. The Customer hereby agrees to fully indemnify the Indemnified Party harmless, from and against all liabilities (including settlement sums), losses, charges and expenses (including legal fees and disbursements), claims, demands, actions and proceedings which the Indemnified Party may incur, suffer or sustain directly or indirectly from or by reason of or in relation to the use, misuse or purported use or misuse of PPBL's products/Services/Channels/Card, and will pay such monies to PPBL without any protest and/or demur upon PPBL’s first demand.
15.2 PPBL reserves the right, at the Customer’s expense, to assume the exclusive defense and control of any matter for which the Customer hereby indemnifies PPBL, including but not limited to rights to settle the matter, and the Customer unequivocally agrees to cooperate with PPBL's defense and settlement of these claims. PPBL will use reasonable efforts to notify the Customer of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it.
15.3 Notwithstanding anything contained to the contrary anywhere, this clause 15 and all the indemnification obligations contained in the product specific sections hereinbelow shall survive termination of the banker–Customer relationship and/ or termination/discontinuance of the provision of the products/Services/Channels/Card by PPBL to the Customer and/or closure of the Account(s).
16. Right of Lien/Set off:
16.1 Customer hereby grants and confirms the existence of the right of lien and set-off with PPBL, which PPBL may at any time without prejudice to any of its specific rights under any other agreements with the Customer, at its sole discretion and without notice to Customer utilize to appropriate any monies belonging to such Customer and lying/deposited with PPBL or due by PPBL to the Customer, towards any of PPBL's dues, overdrawings/overdrafts and outstandings, including any charges/fees/dues payable under these Terms and Conditions.
16.2 Further, Customer hereby also grants and confirms the existence of the right of lien and set-off with PPBL, which PPBL may at any time without prejudice to any of its specific rights under any other agreements with the Customer, at its sole discretion and without notice to Customer utilize and/ or appropriate any monies belonging to such Customer and lying/deposited with PPBL or due by PPBL to the Customer and/ or any balance monies lying and/or any monies deposited and/ or any future receivables by way of deposit of the monies in Customer account/Wallet in order to recover funds for transactions which are incorrectly or erroneously processed.
16.3 PPBL shall also be entitled to freeze operations in the account of a customer and/or to the right of lien and set-off with or without notice, if PPBL is of the view and/or suspects any omission and/or commission including but not limited to any malafides / fraud / mischief / impersonation / phishing / hacking / unauthorized access etc., for such period as it may deemed fit until it has received to its satisfaction the necessary clarifications as sought from the Customer and/or until it is convinced that operations in the account can recommence. The Customer shall forthwith furnish all clarifications/information sought by PPBL and PPBL shall not be held responsible or liable for any losses, expenses, costs etc. suffered or incurred by the Customer by reason of freezing of the account and/or on account of the exercise of the right of lien and set-off by PPBL. PPBL shall also be entitled to free the account or remit the amount standing to the credit of the account(s) whether jointly or singly, as the case may be, to the concerned authority without any notice to the Customer pursuant to the receipt of any notice or direction to that effect from any statutory/regulatory/legal/investigative authorities.
17. Damages & Limitation of liability:
17.1. Notwithstanding anything to the contrary PPBL, its affiliates, successors, agents, assigns, and each of their directors, officers, employees, associates, agents, and representatives shall in no event be liable to the Customer or any other person for:
i. Any indirect, incidental, special, consequential, punitive or economic loss, expense or damage arising from or in connection with any access, use or the inability to access or use PPBL's products/Services/Channels/Card and data/content or reliance on those or the Website and/or Mobile App, howsoever caused and regardless of the form of action (including tort or strict liability);
ii. any downtime costs, loss of revenue or business opportunities, loss of profit, loss of anticipated savings or business, loss of data, loss of goodwill or loss of value of any equipment including software; and/or
iii. any loss or damage arising as a result of improper usage or malfunction of any computer or mobile phone or other telecommunications equipment used to access PPBL's products/services or incompatibility thereof with our systems;
iv. Additionally, PPBL shall be under no liability for any damage, loss or expense, or for any obligation to pay or reimburse interest for unsuccessful crediting or debiting of money through the use of PPBL's products/Services/Channels/Card, unless the same is directly and solely attributable to wilful default or gross negligence on the part of PPBL its affiliates, successors, agents, assigns, and each of their directors, officers, employees, associates, agents, and representatives. Further PPBL shall not be liable for any loss suffered by the Customer or any third party arising from and in connection with the Customer's registration of, access to and use of PPBL's website/App except where such loss is solely and directly attributable to PPBL's gross negligence or willful default.
17.2. PPBL shall not be liable for any inconvenience, loss, cost, damage or injury suffered by the Customer or any third party arising from or caused by:
a. Act or omission of any third party including but not limited to any equipment or software providers, any service providers, any network providers (including but not limited to telecommunications providers, internet browser providers and internet access providers), or any agent or subcontractor of any of the foregoing;
b. Use of PPBL's by third persons/parties, whether authorised or unauthorised by the Customer;
c. transfer of funds to the wrong mobile number/recipient/account by the Customer;
d. Theft or loss of the Customer's mobile phone/device, hardware and/or equipment on which the Mobile App is installed;
e. The Customer's inability to effect or complete any transaction due to system maintenance or breakdown/non-availability of the Mobile App/Website or any network;
f. The Customer being deprived of the use of the App/website as a consequence of any act or omission by PPBL for any reason including but not limited to compliance with any applicable laws and/or regulations, including those governing personal data protection, and any instructions and/or directions given by any local or foreign regulatory body, government agency, statutory board, ministry, departments or other government bodies and/or its officials.
17.3 Notwithstanding anything to the contrary, in no event, shall PPBL or any of its affiliates, successors, agents, assigns, and each of their directors, officers, employees, associates, agents, and representatives, be liable to the Customer for any damages, liabilities, losses, and causes of action arising out of or relating to: (i) this agreement, the Website or any reference site, Mobile App, app, products or services; or (ii) the Customer’s use or inability to use the Website, reference site, Mobile App, app, products or services or any reference site; or (iii) any other interactions with PPBL; however caused and whether arising in contract, tort including negligence, warranty or otherwise, beyond or in excess Rs. 5,000, or the amount as mentioned under RBI guidelines, whichever is less.
17.4 The Customer acknowledges and agrees that PPBL has offered its products and Services/Channels/Card, set its prices, and entered into these Terms in reliance upon the warranty disclaimers and the limitations of liability set forth herein, that the warranty disclaimers and the limitations of liability set forth herein reflect a reasonable and fair allocation of risk between the Customer and PPBL, and that the warranty disclaimers and the limitations of liability set forth herein form an essential basis of the bargain and the agreement between the Customer and PPBL.
17.5 PPBL would not be able to provide the Services/Channels/Card to the Customer on an economically reasonable basis without these limitations.
17.6 This section 17 shall survive the termination of the banker –Customer relationship and/ or termination/discontinuance of the provision of the products/Services/Channels by PPBL to the Customer and/or closure of the Account(s).
18. Death, Insolvency or Incompetence:
The Customer hereby agrees and understands that if the Customer or any of the authorized signatory(s)/Users of the Account die or have been declared incompetent by a court, then in such event, PPBL may at its discretion place a freeze on the Account and/or stop all operations till further notice and/or may continue to retain the freeze on the Account until PPBL establishes the identity and credentials of the successor/beneficiary to its satisfaction and/or the Customer identifies new authorized signatory(s)/Users and informs PPBL accordingly with the necessary supporting corporate authorisations.
19. Force Majeure:
19.1 PPBL shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of PPBL to perform any of its obligations under these Terms, or those applicable specifically to its Services/Channels/Card if performance is prevented, hindered or delayed by a Force Majeure Event and in such case its obligations shall be suspended for so long as the Force Majeure event continues.
19.2 PPBL shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non-availability of any of services/facilities due to technical fault/error or any failure in telecommunication network or any error in any software or hardware systems beyond the control of PPBL. Incorporate from master services agreement.
20. Governing Law and Jurisdiction:
20.1. All claims, matters and disputes are subject to the sole and exclusive jurisdiction of the competent courts in New Delhi only. These Terms and/or the operations in the Accounts of the Customer maintained by PPBL and/or the use of the Services/Channels/Card provided by PPBL shall be governed by the laws of the Republic of India only. PPBL accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India.
20.2. The semi-closed wallet is governed by Master Direction on Issuance and Operation of Prepaid Payment Instruments, 2017 (as amended and supplemented from time to time) and is also subject to directions / instructions issued by the RBI from time to time in respect of redemption, repayment, usage, etc. PPBL will not be responsible or liable for any violation by the Customer of any applicable Law. The Customer hereby declares that the name of the Customer does not, at any time, appear in the consolidated list of terrorist individuals/organizations or on any such list of persons engaging in unlawful activities as circulated by RBI or any government department or agency from time to time.
20.3 In case of any complaint relating to the features of any of the products/Services/Channels of PPBL, the Customer can approach the Grievance Redressal Cell within PPBL for a resolution and if they do not get a satisfactory response within 30 days of lodging the complaint, then, the Customer has recourse under the Banking Ombudsman Scheme 2006, details of which are available at www.bankingombudsman.rbi.org.in.
21.1 In the event that any provision of these Terms is held to be in violation of any applicable Law or if for any reason a court of competent jurisdiction finds any provision of these Terms or any portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of these Terms, and the remainder of these Terms shall continue in full force and effect.
21.2 The failure of PPBL to exercise or enforce any right or provision of these Terms will not constitute a waiver of such right or provision. Any waiver of any provision of these Terms will be effective only if in writing and signed off by PPBL to the maximum extent permitted by law.
21.3 Notwithstanding anything contained elsewhere in these Terms, PPBL shall have the sole right, to decide the mode and manner of providing the said Services and / or to decide which of the said Services shall be offered to the Customer and/or to modify the Services and /or to amend or supplement any of the terms and conditions of these Terms at any time and all such changes/ modifications shall take effect forthwith. PPBL shall inform the Customer of all such changes / modifications. By his/her continuous use of the Services, the Customer shall be deemed to have accepted the updated terms and conditions.
22. Assignment and Sub-Contracting:
22.1. This agreement between the Customer and PPBL and any rights granted hereunder, may not be transferred or assigned by the Customer without PPBL's prior written consent which may be withheld in PPBL's sole discretion, but these Terms and any rights granted hereunder, may be assigned by PPBL freely (including but not limited to its affiliates) and without any restriction. Any such assignment shall conclusively bind the Customer and its successors. Any assignment attempted to be made by the Customer in violation of this provision shall be null, void and of no effect.
22.2 PPBL shall itself perform its services, obligations and duties under these Terms. Provided that in case PPBL requires the assistance of some other specialised agency or of any other bank, to provide the products/Services/Channels required of PPBL, under these Terms, PPBL shall be entitled to make such appointments. The Customer shall then be bound by the terms of such agency / bank, and the agency / bank shall be absolutely accountable to the Customer for all acts done in pursuance of these Terms. The Customer, its successors and assigns shall be bound by these Terms.
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:
"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 and shall include Transacting Users and Non-Transacting Users.
"Non-Transacting Users" shall mean the Users who shall be authorized 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 shall have 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.
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 will 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
- Beneficiary code (Alphanumeric in nature)
- Account number
- IFSC code
- Beneficiary e-mail ID
- Beneficiary mobile number
6.3 The beneficiary code so entered by the User can also be used as a code for bulk payments in case of bulk transfers.
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 Business Day.
7.3 The Customer agrees and understands that in case of the Customer being an individual/sole proprietor, the combined limit on 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.
These Terms apply to the issuance and usage of the RuPay Debit and ATM card in electronic or physical format ("Card") and shall be in addition to and not in derogation of the general terms and conditions relating to the bank account of the Cardholder.
1. Issuance of Card:
1.1 The Card shall be issued by PPBL to the relevant Users mapped to the profile of ‘authorisers only’ as per the instructions of the authorized signatory of the Customer on its behalf and/or as per the instructions of the Customer from time to time. The instructions of the authorized signatory and/or the Customer shall be supported with the necessary supporting authorizations.
1.2 The Card shall be issued by PPBL upon the opening of the current account to the Users in electronic format or in physical format only upon receipt of the specific request of the Customer.
1.3 The Card in physical format may be issued to the User in two variants for domestic usage only:
a. Personalized Card with the photo of the User.
b. Personalized Card without the photo of the User.
1.4 The Card can be personalized with the photo of the User only.
1.5 PPBL may at its sole discretion issue a Card in physical format to the Customer and the application of the Customer in this regard may be rejected by PPBL without assigning any reasons whatsoever.
1.6 The Card issued by PPBL shall contain information such as the name of the Card Holder, Card Number, CVV, Expiry Date, QR Code therein.
2. Fees and Charges:
2.1 No issuance or transaction-based fee or charges would currently be levied by PPBL for the Card issued in electronic format. However, PPBL reserves the right at any time to charge the Cardholder for the issue or reissue of a Card in electronic format and/or any fees/charges for the transactions carried out by the Cardholder on the Card after due intimation to the Cardholder.
2.2 The Customer can view the schedule of fees and/or charges applicable for physical Cards at http://www.paytmbank.com/ratesCharges.html.
2.3 Any government charges, duty or debits, or tax payable as a result of the use of the Card shall be solely the Cardholder's responsibility and if imposed PPBL shall debit such charges, duty or tax against the bank account.
3. Dispatch of Card:
3.1 The Card shall be dispatched by PPBL to the Cardholder at the address indicated in his Card application form. PPBL shall not be responsible in any manner whatsoever for any loss and/or theft of or damage to the Card in transit and/or the quality of the courier services once the Card has been dispatched to the Cardholder at the address communicated by him.
3.2 The Cardholder shall ensure that the necessary documents/proofs evidencing the actual identity of the Cardholder and/or any person collecting on behalf of the Cardholder are kept ready for due verification by the courier agency at the time of actual delivery of the Card in physical format at the address communicated by the Customer to PPBL at the time of applying for the Card.
3.3 In the event of three failed attempts for the delivery of the Card to the Cardholder and/or if the Cardholder or any person acting on behalf of the Cardholder refuses to accept the Card at the address communicated by him to PPBL and/or if the Cardholder is not present at the address informed by him to PPBL, the Card in physical format shall be destroyed by PPBL. In such case, the Cardholder shall have to reinitiate the entire Card application process. PPBL shall not be liable for any negligence, mis-use, fraud, loss in respect of the Card by the third party who has collected the Card on behalf of the Cardholder.
4. Transaction Details:
The Customer's passbook would reflect all the transactions performed through the Card and SMS alerts would be sent to the authorized User for every transaction done in the Current Account.
5. Insurance Cover for the RuPay Card
5.1 A cover of INR 2 lakhs is available for the Cardholders under RuPay Insurance Scheme at no additional cost to the Cardholder. The policy covers death or permanent disability occurring only due to accidents.
5.2 The Cardholder should have performed a successful financial or non-financial transaction within 45 days prior to the date of accident of the Cardholder including accident date. However, transactions done by the Cardholder using the PPBL Wallet will not be considered for assessing eligibility for this purpose.
5.3 For the purposes of this section, the term "transaction" includes Customer induced transaction at bank branch or by any payment instrument whether on-us (Customer / Cardholder transactions at channels owned by PPBL) and / or off-us (Customer / Cardholder transactions at channels owned by other entities).
5.4 The insurance cover is open to all the Cardholders subject to fulfillment of the terms and conditions of the insurance policy.
5.5 Claim intimation should be made by the Cardholder to PPBL within a period of 90 days from the date of accident of the Cardholder.
5.6 All supporting documents relating to the claim must be submitted within a period of 30 days from the date of intimation.
5.7 The eligible claims will be settled in 10 working days from the date of receiving the complete documents set from the Cardholder at the sole discretion and assessment of the insurer.
5.8 The terms and conditions of the RuPay Insurance Scheme are subject to changes by NPCI and/or the insurer.
6. Operation of the Card
6.1 The issue and use of the Card shall be subject to the rules and regulations in force from time to time, as issued by the Reserve Bank of India, NPCI, FEMA or any other applicable law in force and that of PPBL.
6.2 The Card shall be valid for transactions, as permitted by PPBL and Rupay from time to time in India, at online Merchants accepting RuPay cards. RuPay cards are accepted at 80,000+ online merchants. The Cardholder has been informed and put to knowledge by the Bank that in order to facilitate the online transactions, his Card details (in masked/encrypted form) shall be collected and shared by the Bank with One97 Communications Limited. The Cardholder expressly consents to the Bank sharing his Card details with One97 Communications Limited for the said purposes and shall not hold the Bank liable in this regard.
6.3 The Bank shall not in any way be responsible for the quality of goods and/or services purchased or availed of by the Cardholder from the online merchants, including but not limited to due to deficiency of services, delay in delivery, non-delivery, non-receipt of goods or receipt of defective goods by the Cardholder. The Cardholder must directly take up with or directly contact the online merchants for the resolution of any dispute or claim that he may have regarding the goods and/or services.
6.4 The Cardholder's bank account will be debited immediately with the amount of transactions effected by the use of the Card. The Cardholder should maintain sufficient funds in the bank account to meet any such transactions.
7. Misuse / Compromise of Card Details
7.1 The Cardholder should block his Card temporarily and immediately through the Paytm app if the Cardholder believes or if it comes to his knowledge that his Card details are stolen and/ or if his Card details have been compromised or if there have been unauthorized transactions in the bank account on account of usage of the Card. The Cardholder may also contact PPBL by visiting its Noida Branch (Address - Ground Floor, B-121, Sector 5, Noida - 201301, Uttar Pradesh) for the said purposes.
7.2 The Customer understands that any request for permanent blocking of the Card shall result in the blocking of the Card in electronic format as well.
7.3 The Cardholder must also report the misuse or loss of his Card to the police and lodge a First Information Report ("FIR").
7.4 The Cardholder will be liable for all losses for any misuse of the Card that has happened with his consent or knowledge or in the event of any delay or failure on the part of the Customer to report any unauthorized transactions in the bank account on account of usage of the Card and the Bank shall not be responsible in any manner whatsoever. The Cardholder shall indemnify PPBL against any liability, costs or damages arising out of the loss or theft or compromise of the Card details or if there have been unauthorized transactions in the bank account on account of usage of the Card. This clause shall survive the cessation of the banking relationship of the Customer with PPBL and/or closure of the bank account.
7.5 The Cardholder shall be entitled to apply for re-issue of the Card post completion of the necessary formalities as required by PPBL.
8.1 PPBL shall be entitled to terminate the Card (and close the Current Account) with immediate effect upon the failure to adhere to or comply with the terms and conditions herein set forth or upon receipt of any legal and/ or regulatory directions to that effect.
8.2 If the Customer decides to close the Current Account with PPBL or upon PPBL’s receipt of information of demise of and/or termination of the employment of the authorized User with the Customer, the Card(s) issued on the Current Account, would automatically stand cancelled. In case any outstanding Card transactions that have not yet been debited from the Current Account or any outstanding credits that have not been transferred to the Current Account, the same will be netted out from the balance prior to PPBL returning the funds to the Customer
These Terms shall be read in conjunction to the General Terms and Conditions governing the Accounts and Services of PPBL ("General Terms") and the Current Account Terms and Conditions as set out above and shall be applicable to NEFT and RTGS unless the General Terms and Current Account Terms and Conditions conflict with the terms stated herein below:
1. National Electronic Funds Transfer ("NEFT") and Real Time Gross Settlement ("RTGS"):
"National Electronic Funds Transfer" System ("NEFT") -the objective of the NEFT system is to establish an electronic funds transfer system to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India, and to relieve the stress on the existing paper based funds transfer and clearing system;
"Real Time Gross Settlement" System ("RTGS")-, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).
The Customer hereby agrees and understands that the Customer needs to ensure the following
a) all Instructions relating to NEFT/RTGS would be authorised by the authorized Users strictly as per the authorization granted to each of them to operate the Current Account;
b) the destination bank / branch specified by a beneficiary participates in NEFT/RTGS and it shall not be the responsibility of PPBL to check the same;
c) Customer has available in the Current Account, sufficient clear funds in order to carry out the Instructions given by it (including service charges, govt. taxes and out of pocket expenses etc.) and Instructions are received by PPBL prior to the cut-off time (as communicated by PPBL from time to time), failing which, then transfer of funds shall be effected on the next Business Day;
d) the details like MICR / IFSC code of the Customer’s bank branch and account number of the beneficiary are correctly provided to PPBL;
e) the transaction being conducted through NEFT/ RTGS is genuine and that no illegal transactions are conducted through NEFT / RTGS.
f) The Customer shall keep itself aware of all the NEFT / RTGS rules set by RBI from time to time and it understands that the transactions relating to NEFT / RTGS shall always be subject to any rules, terms, conditions and administrative guidelines issued by RBI or any other regulatory authorities that may be issued from time to time in respect of operations of NEFT / RTGS or such rules as communicated by PPBL to be applicable to the transactions relating to NEFT / RTGS.
g) The remitting bank as well as the receiving bank will get the valid discharge if the amount is credited to account number requested in NEFT / RTGS Instructions even if the name of the beneficiary account holder differs in terms of spelling etc. PPBL shall not assume any liability arising out of incorrect MICR / IFSC code etc.
h) Once the Current Account is debited, the remitter cannot revoke the remittance Instructions unless agreed upon by PPBL. The Bank may accept such a revocation request on best efforts basis and try to put through the payment cancellation request. If that becomes successful the Bank shall credit the Current Account accordingly.
i) If there is a holiday where the recipient branch is situated / or remittee branch is closed then it is understood that the credit will be passed on to the beneficiary on the next working day.
j) PPBL shall not be liable for delay/ non-payments to the beneficiary, if incorrect and insufficient details of beneficiary are provided by the Customer, dislocation of work due to circumstances beyond the control of remitting / destination banks like non-functioning of computer system or a disruption of work due to a Force Majeure Event resulting in disruption of communication occurs. There shall be delay in remittance on account of this clause will be rectified only when the disruption is set right and PPBL shall endeavor to inform the Clients of any of these circumstances.
2. Fees and Charges
2.1 No issuance or transaction-based fee or charges would currently be levied by PPBL for NEFT/RTGS transactions. However, PPBL reserves the right at any time to charge the Customer for the issue or reissue of a Card and/or any fees/charges for the transactions carried out by the Users on behalf of the Customer through NEFT/RTGS after due intimation to the Customer. The schedule of fees and/or charges applicable shall be listed at https://www.paytmbank.com/ratesCharges.html.
2.2 Any government charges, duty or debits, or tax payable as a result of the use of NEFT/RTGS shall be solely the Customer's responsibility and if imposed PPBL shall debit such charges, duty or tax against the linked Current Account.
3. Transaction Details
The Customer's passbook would reflect all the transactions performed through RTGS/NEFT and SMS alerts would be sent to the authorized User for every transaction done in the Current Account.
These Terms shall be read in conjunction to the General Terms and Conditions governing the Accounts and Services of PPBL ("General Terms") and the Current Account Terms and Conditions as set out above and shall be applicable to IMPS unless the General Terms and Current Account Terms and Conditions conflict with the terms stated herein below:
1. Immediate Payment Service ("IMPS"):
"Immediate Payment Service" (hereinafter referred to as "IMPS" / "Fund Transfer System"), is an instant, 24*7, interbank, electronic fund transfer service provided by National Payments Corporation of India (NPCI).
The Customer hereby agrees and understands that the Customer needs to ensure the following
a) all Instructions relating to IMPS would be authorised by the authorized Users strictly as per the authorization granted to each of them to operate the Current Account;
b) the destination bank / branch specified by a beneficiary participates in NEFT / RTGS, and it shall not be the responsibility of PPBL to check the same;
c) Customer has available in the Current Account, sufficient clear funds in order to carry out the Instructions given by it (including service charges, govt. taxes and out of pocket expenses etc.);
d) the details like the mobile number, MMID, IFSC code and account number of the beneficiary etc. are correctly provided to PPBL;
e) The transaction being conducted through IMPS is genuine and that no illegal transactions are conducted through IMPS.
f) The Customer shall keep itself aware of all the IMPS rules set by RBI from time to time and it understands that the transactions relating to IMPS shall always be subject to any rules, terms, conditions and administrative guidelines issued by RBI or any other regulatory authorities that may be issued from time to time in respect of operations of IMPS or such rules as communicated by PPBL to be applicable to the transactions relating to IMPS.
g) PPBL shall not be liable for delay/ non-payments to the beneficiary, if incorrect and insufficient details of beneficiary are provided by the Customer, dislocation of work due to circumstances beyond the control of remitting / destination banks like non-functioning of computer system or a disruption of work due to a Force Majeure Event resulting in disruption of communication occurs. There shall be delay in remittance on account of this clause will be rectified only when the disruption is set right and PPBL shall endeavor to inform the Clients of any of these circumstances.
2. Fees and Charges
2.1 The fees and charges applicable for availing the IMPS facility shall be as per the rates displayed and/ or informed by PPBL on the Website and/or the Mobile App from time to time.
2.2 Any government charges, duty or debits, or tax payable as a result of outward or inward remittances of funds through IMPS shall be the Customer’s responsibility and if imposed PPBL shall debit such charges, duty or tax against the Customer.
2.3 PPBL will not be responsible in case any fee is levied by the beneficiary bank in case of outward fund transfer and by remitter bank in case of inwards fund transfer.
3. Transaction Details
The Customer's passbook would reflect all the transactions performed through IMPS and SMS alerts would be sent to the authorized User for every transaction done in the Current Account.
Treatment of Customer Balances exceeding INR 100,000 at the end of the day in the Wallet, Current Account and the Savings Account of the Customer combined
5.1 As per the RBI’s licensing and operative guidelines for payments banks, the aggregate Customer balance limit for PPBL Customers who are individuals/sole proprietors at the end of the day cannot exceed the sum of Rupees one lac only (INR 100,000/-). To comply with the said guidelines, incase the Customer’s combined balance in his Wallet, Saving and Current accounts with PPBL exceeds INR 100,000 at the end of the day (defined at <12 AM>) and generally also for other categories of Customers irrespective of their Account balances, PPBL will, basis the Customers’ general consent carry out the following actions.
5.2. For all Customers:
a. Facilitate creation of a Fixed Deposit with Partner Bank (being a Scheduled Commercial Bank with whom PPBL has a business correspondent arrangement, currently IndusInd Bank Limited.)
b. Sweep out the excess balance to a Fixed Deposit created with the Partner Bank.
The chronological order of priority for sweeping out the excess balances from the Accounts of the Customer shall be as under:
i. Firstly, the balance in the Wallet shall be swept out.
ii. Secondly, the balance in the Current account shall be swept out.
iii. Thirdly, the balance in the individual savings account shall be swept out.
The balances with Partner Bank will be prominently displayed in the Mobile Banking App/Website as per information provided by Partner Bank. All communications regarding the Fixed Deposit with the Partner Bank will be sent by PPBL on the contact details provided by the Customer to PPBL. PPBL will facilitate for the Customer from such account with the Partner bank, with the consent of the Customer:
• Withdrawal at PPBL access points
• Transfer into the Customer’s PPBL account.
5.3 Further the Customer hereby provides general consent to PPBL for sharing Your Know Your Customer (KYC) information for creation of Savings / FD / Current Account with the Partner Bank to comply with said guideline.
5.4 The Customer is expected to keep the cheque book, if issued, debit card in safe custody and follow all instructions issued by PPBL regarding the same from time to time. In case of loss/theft of the same, Customer shall immediately inform PPBL. Liability to PPBL will be as per the RBI guidelines on Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions, July 2017 (https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=11040).
5.5 Customer agrees to maintain minimum balance in his bank account as may be prescribed by PPBL from time to time. Penal charges as mentioned in the schedule of charges may be charged for not maintaining minimum balance as per the RBI Master Circular on Customer Service.
a) Customer shall be liable to pay all charges, fees, interest, late fee, return charges, any other costs wherever applicable, which PPBL may levy with respect to his bank account or any transaction or services rendered and the same may be recovered by PPBL by a debit to his bank account. It is further agreed and acknowledged that in case of non-availability of adequate funds in Customer's account the charges will be debited to the account over a period of time till the entire amount is recovered.
b) PPBL reserves the right to refuse chequebooks, Statements, PhoneBanking TINs, NetBanking IPINs, Debit Cards and PINs to Customer in case of any default by the Customer or under the direction of statutory and regulatory authorities. The cheque books, PhoneBanking TINs, NetBanking IPINs, Debit Cards & PINs (as applicable) will be dispatched by courier/messenger/mail or through any other mode by PPBL at its discretion to the address notified by Customer for correspondence. PPBL shall not be liable any loss in transit or any fraud in relation to the Card once the same has been dispatched to the mailing address of the Customer as registered in PPBL’s records. PPBL reserves the right to ask the Customer for physical presence as well.
5.A-Terms of Fixed Deposit
The Fixed Deposit/term deposit will be opened with the Partner Bank, currently IndusInd Bank as per its terms:
1. As a reinvestment fixed deposit, with interest compounded quarterly and reinvested with principal amount.
2. The Fixed Deposit will be automatically renewed on maturity. The rates and term used will be as intimated to PPBL by the Partner Bank to be shared with the Customer and at the time of auto-renewal.
3. The effective date of Fixed Deposit shall be the date on which the amounts of deposit placed are realized by / credited to the Partner Bank.
4. In the event of the Fixed Deposit being closed and/or liquidated before completing the original term of such deposit, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with the Partner Bank.
5. In case the term deposit is closed prematurely, before completion of the minimum period of 7 days, no interest shall be paid for the said term deposit.
6. In order to redeem/withdraw the fixed deposit, the Customer will put up a request to PPBL and not directly to Partner Bank. Where the customer is deceased, PPBL on the basis of claims from the successors and the details made available to PPBL will complete the due diligence and initiate the closure of the account for settlement.
7. Nominee for such account(s) opened with Partner Bank will be the same as one registered with PPBL by the Customer.
8. All communications such as Fixed Deposit advice, Interest certificate, TDS certificate, etc. will be provided to the Customer by PPBL as provided by Partner Bank. No communication (SMS/Email) will be otherwise sent to the Customer by Partner Bank. The above terms and conditions should be read in conjunction to the detailed general Fixed Deposit terms and conditions outlined by the Partner Bank (currently IndusInd Bank). The detailed terms and conditions are available on Terms and Conditions https://www.indusind.com/content/dam/indusind/PDF/Deposit-Accounts-TnC-V31.pdf.
9. Partner Bank shall not be liable to the Customer for any damages in connection with the PPBL Account or the Services of PPBL or for any loss or damage whatsoever suffered or incurred by the Customer solely due to PPBL.
These Terms apply to the issuance and usage of the RuPay Debit and ATM card and shall be in addition to and not in derogation of the general terms and conditions of PPBL
1. National Electronic Funds Transfer ("NEFT") and Real Time Gross Settlement ("RTGS"):
Reserve Bank of India has introduced two electronic funds transfer system (collectively referred to herein as "Fund Transfer Systems"), detailed as under:
2. Inward and Outward Remittances of funds through the NEFT and RTGS facility
3. Fees and Charges
4. Transaction Details
The NEFT and RTGS facility shall only exist during the existence of the Account Holder's account with PPBL. PPBL shall have the right to terminate the facility with immediate effect upon the occurrence of any of the following events:
f. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force. All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
These following terms and conditions (“Terms”) shall be applicable to the provision of the UPI fund transfer and fund collection facility provided / facilitated by Paytm Payments Bank Limited (“PPBL”). PPBL shall endeavor to provide to the Customer, UPI Facility in accordance with the UPI guidelines, circulars and/or regulations issued by the Reserve Bank of India (“RBI”) and/or National Payments Corporation of India (“NPCI”) from time to time (“Guidelines”) subject to the terms and conditions herein specified.
In this document the following words and phrases have the meanings set opposite them unless the context indicates otherwise:
Each Customer desirous of availing the UPI Facility, shall by way of a one-time registration, in such form, manner and substance as PPBL may prescribe, apply for UPI Facility and PPBL shall be entitled, at its sole discretion, to accept or reject such applications. The Customer may apply for UPI Facility by downloading the Paytm application (“the App”). The Customer will have an option to set a virtual payment address and start transactions using the UPI Facility. Customer can link other bank accounts through a one-time registration process defined and standardized by NPCI and then start transacting on that. By applying for and accessing the UPI Facility, the Customer accepts these Terms, which shall govern the provision of the UPI Facility by PPBL. The Terms shall be in addition to and not in derogation of the Guidelines issued from time to time.
The Customer hereby acknowledges that the Customer has read and understood the Guidelines and agrees that the rights and obligations provided therein and in these Terms in so far as it relates to the Customer shall be binding on the Customer with regard to every Payment Order issued by him/it for execution in the NPCI UPI System. The Customer understands and agrees that nothing in terms of availing the UPI Facility shall be construed as creating any contractual or other rights against NPCI or any participant in the NPCI UPI System other than PPBL. Notwithstanding anything contained herein, all terms and conditions stipulated by PPBL in connection with the Accounts shall continue to apply.
The transaction limits using the UPI Facility shall be as per the Guidelines, an updated.
UPI Facility offers an instant, interbank electronic fund transfer or fund collection service to the customers of UPI member banks. The Customers can put in request for fund transfers or funds collection or respond to funds collection from the App application in a secure manner for any of their linked bank Accounts using their unique VPA handle.
The Customer is responsible for the accuracy and authenticity of the instructions provided to PPBL and the same, if is in the form and manner prescribed by PPBL, shall be considered to be sufficient to operate the UPI Facility. PPBL shall not be required to independently verify the instructions. PPBL has no liability if it does not or is unable to stop or prevent the implementation of any Payment Order issued by the Customer. Once a Payment Order is issued by the Customer the same cannot be subsequently revoked by the Customer.
PPBL states that it has no liability or obligation to keep a record of the instructions to provide information to the Customer or for verifying the instructions. PPBL shall refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction. PPBL has the right to suspend the transactions with respect to the UPI Facility if it has reason to believe that the Customer’s instructions will lead to or expose to direct or indirect loss to PPBL or may require an indemnity from the Customer before continuing to operate the UPI Facility.
All instructions, requests, directives, orders, directions, entered by the Customer, are based upon the Customer’s decisions and are the sole responsibility of the Customer.
The Customer irrevocably and unconditionally authorises PPBL to access all the Customer’s Account(s) and records for the purpose of providing the UPI Facility. The Customer agrees that may hold and process its personal information and all other information concerning its Account(s) on computer or otherwise in connection with the UPI Facility.
PPBL does not hold out any warranty and makes no representation about the quality of the UPI Facility. While PPBL shall endeavor to promptly execute and process the transactions as proposed to be made by the Customer, PPBL shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law. The App is provided on an "as is" basis with no representation, guarantee or warranty of any kind, either express or implied, as to its functionality. Downloading or using the App does not automatically entitle the Customer to receive hard-copy documentation, technical support, telephone assistance, or updates to the App from PPBL. No warranty is provided that the App will be free from defects or virus or that operation of the App will be uninterrupted. Use of the App by the Customer is at the Customer’s own discretion and risk and the Customer is solely responsible for any damage resulting from the use of the App. PPBL shall not be liable for any loss, claim or damage suffered by the Customer and/or any other third party arising out of or resulting from failure of a UPI transaction on account of time-out transaction i.e. where no response is received from NPCI or the beneficiary bank to the transaction request and/or where mobile number or account number of the beneficiary does not exist. Further, PPBL shall also not be liable for any loss, damage and/or claim arising out of or resulting from wrong beneficiary details, mobile number and/or account details being provided by the Customer. Neither PPBL nor its directors, officers and/or agents shall be liable for any unauthorized persons accessing the records or Account(s) or information through the use of UPI Facility and the Customer hereby fully indemnifies and holds PPBL, its directors and officers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. PPBL shall under, no circumstance, be held liable to the Customer if UPI Facility access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of PPBL. Illegal or improper use of the UPI Facility shall render the Customer liable for payment of financial charges (to be decided by PPBL) or may result in suspension of the UPI Facility to the Customer. All the records of PPBL generated by the transactions arising out of the use of the UPI Facility, including the time the transaction is recorded shall be conclusive proof of the genuineness and accuracy of the transaction. For the protection of both the parties, and as a tool to correct misunderstandings, the Customer understands, agrees and authorises PPBL, at its discretion, and without further prior notice to the Customer, to monitor and record any or all telephone conversations between the Customer and PPBL and any of its employees or agents. PPBL expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the UPI Facility.
The Customer hereby undertakes and agrees to indemnify at all times and hold harmless PPBL, NPCI and such other third party as PPBL or NPCI deems appropriate against all actions, proceedings, claims, liabilities (including statutory liability), penalties, demands and costs, awards, damages, losses and/or expenses however arising as a result of:
Customer shall also fully indemnify and hold harmless PPBL and NPCI against any loss, costs, expenses, demands or liability, whether direct or indirect, arising out of a claim by a third party pertaining to the use of UPI Facility by the Customer.
The Customer hereby agrees that under no circumstances, PPBL’s aggregate liability for claims relating to the UPI Facility, whether for breach or in tort including but not limited to negligence shall be limited to the transaction charges/fees or consideration received by PPBL in the preceding one (1) month from the date of first occurrence of such liability. Notwithstanding the foregoing and except for any liability which cannot by law be excluded or limited, PPBL’s liability for indirect, incidental, special, punitive or consequential damages, including without limitation, damages for loss of profits, business interruption, Interruption or stoppage to the Customer’s access to and/or use of the App, loss of goodwill or unauthorized access to information incurred by the Customer howsoever arising, whether framed as a breach of warranty, in tort, contract, or otherwise even if PPBL has been advised of the possibility of such damages.
The Customer may request for termination of the UPI Facility at any time by giving a prior written notice of at least 30 (thirty) days to PPBL. The Customer will remain responsible for all the transactions made through the UPI Facility until the time of such termination. PPBL may withdraw or terminate the UPI Facility anytime either entirely or with reference to a specific UPI Facility without assigning any reasons whatsoever. PPBL may suspend or terminate the UPI Facility without prior notice if the Customer has breached any of these Terms.
The Terms shall be governed by laws of India and any dispute regarding the Terms shall referred to the exclusive courts of New Delhi.
The clause headings in this Terms are only for convenience and do not affect the meaning of the relative clause.
PPBL may sub-contract and employ agents to carry out any of its obligations hereunder. PPBL may, at its sole discretion, transfer or assign its rights and obligations stated herein, without providing any notice to the Customers, or to any third parties.
You can contact Paytm Payments Bank Limited in any of the following ways:
Visit our Branch (Address – Ground Floor, B-121, Sector 5, Noida – 201301, Uttar Pradesh)Write to us at the below address:
Notices under these Terms may be given in writing by delivering them by hand or by sending them by post to the last address given by the Customer and in the case of PPBL to its address given above. In addition, PPBL may also publish notices of general nature, which are applicable to all Customers in a newspaper or on its website at www.paytm.com. Such notices will have the same effect as a notice served individually to each Customer. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.
PPBL has the absolute discretion to amend or supplement any of the Terms as stated herein at any time and will endeavor to give prior notice of fifteen days for such changes wherever feasible. By his/her continuous use of the UPI Facility, the Customer shall be deemed to have accepted the updated terms and conditions. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of these Terms or affect such provision in any other jurisdiction. PPBL shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Account(s) to the extent of all outstanding dues, whatsoever, arising as a result of the UPI Facility extended to and/or used by the Customer.
Paytm FASTag is a simple and reusable tag based on radio-frequency identification technology (RFID) that will be affixed on a vehicle’s windscreen. Each FASTag is linked to a registered Paytm Payments Bank wallet / account to facilitate instant automatic deduction of toll charges. This program is part of the National Electronic Toll Collection (NETC) initiative rolled out by NPCI under the guidelines of NHAI & IHMCL.
Only one FASTag can be issued against any particular vehicle at any given point of time, in case customer reaches to PPBL for new FASTag issuance, customer has to ensure that earlier issued FASTag against same vehicle are destroyed and demolished. In case the customer fails to destroy the FASTag, he will be charged from both the FASTags/accounts until one of them is destroyed/deactivated and inform the earlier bank that issued the FASTag. The below Terms and Conditions apply to the RFID enabled prepaid FASTag (“FASTag”) facility made available to you (“Customer”) by Paytm Payments Bank Limited (“PPBL”).