Paytm Payments Bank Limited - Terms and Conditions

Section 1: General Terms and Conditions
  • This document lays out the Terms and Conditions ("Terms") which shall be applicable to all the accounts of any nature (Current/Saving/Wallet or any other product launched by PPBL from time to time and all applicable features and services offered on the account) which are existing or may be maintained anytime in future with PPBL. The words, "I", "me", "my", "him", "his", "You" and "Customer" refer to the person(s) who open the account and shall include both singular and plural. Reference to masculine shall include the feminine and third gender. The terms may be accepted by individuals or entities/non individuals such as corporates, partnership firms etc. and the terms within the document need to be construed accordingly irrespective of the usage therein.
  • By registering for or using the site or the platform/network or downloading the app, You agree to be bound by these terms and the various products/services offered by PPBL shall be governed by these terms and conditions.
  • If You do not accept these terms, please do not use the site or the platform/network or app.
  • The "Bank" or "PPBL" refers to 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.
  • These Terms may be read as a stand-alone document or be read with other such documents as may apply to a particular account/ service/ situation/ circumstance/ transaction. 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/app. PPBL may publish notices of general nature which are applicable to the Customers on its website or on its notice board, or on 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 individually to each Customer. The Customer shall be given a period of 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 agrees that the opening and maintenance of the Account and availing of the Services is 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 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 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.
  • 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.
Terms:
  1. 1. The Customer shall abide by PPBL's Terms and Conditions and rules as set out below and the changes thereto in Terms and Conditions from time to time relating to the account as communicated and other terms and conditions made available on PPBL's website/mobile banking application ("App") from time to time. Customer agrees that the opening and maintenance of the account and availing of PPBL's products/services is subject to rules and regulations introduced or amended from time to time by the Reserve Bank of India ("RBI").
  2. 2. Any amendment of any of these Terms proposed by You shall not be effective unless it shall be reduced to writing through an amendment form and accepted by PPBL through its authorised signatory. Amendments made under this clause shall be deemed to be a part of Terms and, in case of any contradiction, the amendment form shall prevail. The Terms herein shall be subject to the notifications / guidelines issued by RBI from time to time.
  3. 3. 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 of the Bank pursuant to the directions issued by RBI. Customer shall submit necessary documents or proofs, such as identity, address, photograph and any such information to meet with KYC, Anti Money Laundering ("AML") or other statutory/regulatory requirements. Further, after the opening of account, in compliance with the extant regulatory guidelines, Customer agree 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 You of applicable law, regulation, or guideline. You hereby declare that Your name does not, at anytime, appear in the consolidated list of terrorist Individuals/ organizations as circulated by the Statutory, Regulatory and Government authorities from time to time.
  4. 4. Customer agrees that PPBL may, at its discretion, engage the services of Business Facilitators (hereinafter referred to as "BF") and Business Correspondents (hereinafter referred to as "BC") for extension of banking and financial services so as to ensure greater financial inclusion and increasing the outreach of the banking sector. PPBL, however, shall be responsible for the acts and omissions of such BC and BF.
  5. 5. Customer agrees that, under normal circumstances, PPBL has the liberty to close the account at any time by giving him 30 calendar days notice.
  6. 6. Customer agrees that PPBL can at its sole discretion, amend any of the services/facilities given in particular account either wholly or partially at any time by giving him notice and/or provide an option to him to switch to other products/services/facilities.
  7. 7. Any change in the account status or change of address or change in mobile number shall be immediately informed by the Customer to PPBL, failing which Customer shall be responsible for any non-receipt of communication/deliverables or the same being delivered at the old address in the records of Bank. Electronic transaction services to the Customer may be restricted in case of invalid mobile number.
  8. 8. PPBL shall not be liable for any consequences arising out of non-compliance by PPBL of Customer's instructions due to inadequacy of funds.
  9. 9. 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.
  10. 10. In case of the accounts being opened by PPBL for minors, the same shall be opened in the name of the minor and be subject to the completion of all the formalities by the guardian/parent of such minor as required by PPBL including but not limited to providing consent for the opening and maintenance of such minor accounts. The guardian/parent shall do, perform, execute documents and/or undertake all necessary actions which PPBL may require in this regard. Such accounts shall be self- operated by the minor account holder and all the Terms contained herein shall apply to such minor accounts. The guardian/parent shall be solely and exclusively bound by the Terms and the guardian/parent further agrees, confirms and undertakes that he is solely and exclusively liable and responsible for all transactions undertaken by the minor account holder in such account and/or towards any monies due and payable to PPBL and/or any other third party arising out of the maintenance and operations of such minor accounts. Upon the minor account holder attaining majority, the minor account shall be converted to a regular account upon completion of the requisite formalities as required by PPBL.
  11. 11. Consent to Electronic Communications and Transactions
    • 11.1 You consent to conduct Transactions and receive communications, notices and information from us electronically, whether sent by e-mail or other electronic means. Electronic communications shall be deemed to have been received by You when PPBL sends an electronic communication to Your e-mail address/mobile number as per our records, or when PPBL posts an electronic communication on the Platform.
    • 11.2 PPBL may send any communications/letters etc. through courier/registered post/messenger/email/SMS/in app notifications or through any other mode at its 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 You. The same shall be the sole responsibility of the Customer.
  12. 12. Disclosure:
    • 12.1 PPBL may disclose, in strict confidence, to other institutions, such Personal Information of the Customer as may be reasonably necessary for reasons inclusive of:
      • a. For participation in any telecommunication or electronic clearing network
      • b. In compliance with a legal directive
      • c. For fraud prevention purposes
      • d. Explicit consent shall be taken before sharing with its partners in pursuance of business interests.
    • 12.2 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.
  13. 13. Customer gives consent to PPBL to update his Aadhaar number in its records, basis information received by it through any external source/agencies, including government agencies. Customer also gives consent to PPBL to disclose its Aadhaar number, as well as other related information, not restricted to the linked account number, or other details of the Customer to regulatory body/bodies and/or statutory body/bodies. Sharing of information will be as per the Information Technology Act 2000, Aadhar Act 2016 and Ministry of Electronics and Information Technology (MeiTy) guidance for securing identity information and senstive 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.
  14. 14. Records of Transactions:
    The records of transactions of Bank shall be conclusive against and binding on You except in the case of computation and/or manifest error.
  15. 15. In case there are no transactions initiated by Customers in the account for a continuous period of two years (excludes system generated transactions like credit interest, debit interest), then the account would be treated as a 'Dormant' Account by PPBL as per RBI guidelines. Customer agrees that the account status would change to 'Active' only on Customer's instruction in this regard and after re-KYC formalities as deemed necessary by PPBL. Customer understand that until the account status is 'Dormant', transactions through Direct Banking Channels like ATM, Net Banking, Phone-banking. Debit Card may not be allowed by PPBL.
  16. 16. Bank shall be entitled at its discretion to engage/avail of, at the risk and cost of the Customer, services of any person/third party service provider/agent/agency, for anything required to be done for/in relation to/pursuant to any of the products/services offered, getting or verifying any information of the Customer/assets, and any necessary or incidental lawful acts/deeds/matters and things connected thereto, as PPBL may deem fit.
  17. 17. Intellectual Property Rights:
    • a. PPBL shall remain absolute owner of all intellectual property rights belonging to it and shall have the right to not return the application, the photographs, information and documents submitted by the Customer.
    • b. No part or parts of PPBL's website/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 Bank's prior written permission. You may view, print or use PPBL's content for personal, non-commercial use only, provided further that You do not modify the content and that You retain 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 App/website are registered or unregistered Trade Marks of PPBL/others (as applicable). Nothing in PPBL's 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 App/website, without Bank's written permission.
    • c. 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 Platform, Services, various products including Paytm Wallet, Food Wallet or usage data. You shall not reproduce, distribute, transmit, modify, create derivative works, display, perform or otherwise use the Platform, Services or products or any of the IP Rights, or attempt to reverse engineer, decompile, disassemble, or derive the source code for the Platform, 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 to use the brand of "Paytm" in all its forms and variations.
  18. 18. In case any personal information or sensitive information is collected by PPBL, the same shall be dealt with in accordance with the privacy policy of PPBL which is available on the website and mobile App of PPBL. PPBL shall, without notice to or without any consent of the Customer, be entitled to make disclosure of any information relating to Customer including personal information, details in relation to documents, products/services offered, defaults, security, obligations of Customer, to RBI, and any other Governmental/regulatory/statutory authorities. PPBL will take express consent of its customers before sharing personal information of customers to any third party, Bureau, other Banks/FIs, rating agencies, etc. Sharing of information will be as per the Information Technology Act 2000, Aadhar Act 2016 and Ministry of Electronics and Information Technology (MeiTy) guidance for securing identity information and sensitive personal data or information in compliance, May 2017.
  19. 19. PPBL reserves the right to record telephonic conversations with Customers for internal quality control purposes and as an evidence in case of any disputes.
  20. 20. Customer hereby gives consent to PPBL, to obtain Customer'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.
  21. 21. Customer shall submit his/her Aadhaar number and explicitly give consent to:
    • a. Seed Aadhaar/UID number issued by the UIDAI, Government of India in Customer's name with his account maintained with PPBL.
    • b. Map it at NPCI to enable Customer to receive Direct Benefit Transfer (DBT) from Government of India in such account. Customer understands that if more than one Benefit transfer is due, the Customer will receive all Benefit Transfers in this account.
    • c. Use Customer Aadhaar details to authenticate Customer from UIDAI.
    • d. Use Customer's mobile number registered in Bank records for sending SMS alerts to the Customer.
  22. 22. 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.
  23. 23. The banking products, may be made available through the internet/mobile banking platform 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 internet banking or any such other platform using Customer 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 internet/mobile banking account at any point of time or his mental or physical stability
  24. 24. Disclosure
    • 24.1. PPBL may disclose information provided in the account opening form, after explicit consent from the Customer, for the purpose of any other marketing agent/s and/or contractors with whom PPBL enters, or has entered into any arrangement, in connection with providing of services/products, including without limitation, cross selling of various financial products.
    • 24.2. PPBL or its partners may direct offers for specific bank accounts and financial products. Your acceptance of such offer(s) shall be communicated through acceptance of specific terms and conditions either physically or digitally.
    • 24.3. It may be necessary - by law, legal process, litigation, and/or requests from statutory and / or governmental authorities - for PPBL to disclose Your personal information. PPBL may also disclose information about You if PPBL determines that for purposes of national security, law enforcement, or other issues of public importance, disclosure is necessary or appropriate.
  25. 25. Compromise of Account:
    • a. Customer should contact PPBL immediately by raising a request through Contact Us' section in the mobile App or by visiting/writing to our Main Branch (Address - Ground Floor, B-121, Sector 5, Noida - 201301, Uttar Pradesh), if he/she believes that his/her account is compromised, or if someone else knows his/her PIN or other security information. Customer can also reach out to us at cybercell@paytm.com or on + 91 120 4621182/1187
    • b. Customer must report the misuse of his/her account to the police and lodge an FirstInformation Report ("FIR").
    • c. Customer will not be liable for any misuse of account after he/she has informed PPBL of the compromise and has received an acknowledgement from PPBL to that effect, unless he/she has acted with gross negligence or malicious intent. Customer shall be liable for all losses for any misuse that have happened with his/her consent or knowledge.
  26. 26. Right to suspend/close/convert/terminate by PPBL: 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 rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of the terms and conditions mentioned in these terms.
    • ii. For any suspected discrepancy in the particular(s), documentation or Enrollment Form provided by the Customer;
    • iii. To combat potential fraud, sabotage, willful destruction, threat to national security, 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 Bank product/service is related ceases to be operational or in the Customer's possession or control.
    • vii. If PPBL believes, in its reasonable opinion, that cessation/ suspension is necessary.
  27. 27. Warranty:
    • 27.1. 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 or any data/content. While bank may apply such technology as it deems fit to ensure the security of and prevent unauthorised access to its products/services, bank does not warrant that products/services or any content/data 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 or any data/content are free from any computer virus or other malicious, destructive or corrupting code, agent, program or macros. Bank provide the products/services an "as is", "where is", "with all faults" basis.
    • 27.2. Customer acknowledges that he/she has not solely relied on any representation/warranty made by PPBL, service providers, subcontractors or agents and has made independent assessment of bank's products/services. It is Your responsibility to evaluate the accuracy, completeness and usefulness of all opinions, advice, services, merchandise and other information provided through the Platform or on the Internet generally. Except for PPBL's 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.
  28. 28. For our Customer Grievance Redressal Policy, please click here
  29. 29. Indemnity: Customer shall indemnify and hold PPBL/other Customers harmless against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which PPBL/other Customers 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 hereunder or due to any negligence/mistake/misconduct on Customers' part or (ii) breach or non-compliance of any of the Terms relating to any of the products/services or (iii) by reason of PPBL in good faith taking or refusing to take action on any instruction given by the Customer or any breach of the representations, warranties, and covenants made by the Customer. Customer agree and undertakes to fully indemnify Bank, its service providers, subcontractors, and agents, and to hold each of the aforementioned parties harmless, from and against all liabilities (including settlement sums), losses, charges and expenses (including legal fees and disbursements), claims, demands, actions and proceedings which Bank, its service providers, subcontractors and agents 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 Bank's products/services, and will pay such monies to Bank upon its demand.
  30. 30. Right of Lien/Set off:
    • a) 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.
    • b) 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.
    • c) 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.
  31. 31. Damages & Limitation of liability:
    • 31.1. Notwithstanding anything to the contrary PPBL, its 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 and data/content or reliance on those, 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 Bank's products/services or incompatibility thereof with our systems;
      • iv. Additionally, Bank 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 Bank's products/services, unless the same is directly attributable to wilful default or gross negligence on the part of PPBL. 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 Bank's website/App except where such loss is solely and directly attributable to PPBL's gross negligence or wilful default.
    • 31.2. 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 app is installed;
      • e. The Customer's inability to effect or complete any transaction due to system maintenance or breakdown/non-availability of the 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.
    • 31.3 Notwithstanding anything to the contrary, in no event, shall PPBL or any of its directors, employees, agents and/or personnel, be liable to You for any damages, liabilities, losses, and causes of action arising out of or relating to: (i) this agreement, the platform or any reference site, app, products or services; or (ii) Your use or inability to use the reference site, 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 the rbi guidelines, whichever is less.
    • 31.4 You acknowledge and agree that PPBL has offered its products and services, set its prices, and entered into this Agreement 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 You and PPBL, and that the warranty disclaimers and the limitations of liability set forth herein form an essential basis of the bargain between You and PPBL.
    • 31.5 PPBL would not be able to provide the services to You on an economically reasonable basis without these limitations. This section shall survive the termination of this Agreement.
  32. 32. Force Majeure:
    • a. 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/facilities if performance is prevented, hindered or delayed by a Force Majeure event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure event continues.
    • b. "Force Majeure Event" means any event due to any cause beyond the reasonable control of PPBL, including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of god, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, 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, faults or failures in telecommunication etc.
  33. 33. Governing Law and Jurisdiction:
    • 33.1. All claims, matters and disputes are subject to the sole and exclusive jurisdiction of the competent courts in New Delhi only. These Terms and Conditions and/or the operations in the accounts of the Customer maintained by PPBL and/or the use of the services provided by PPBL shall be governed by the laws of the Republic of India and no other nation. PPBL accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India.
    • 33.2. The Paytm Wallet is governed by RBI direction on Issuance and Operation of Prepaid Payment Instruments in India (Reserve Bank) Directions, 2009 (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 You of any applicable law, regulation, or guideline. You hereby declare that Your name 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 the RBI or any government department or agency from time to time.
    • 33.3 In case of any complaint relating to the features of any of the products/services of PPBL, 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, under the Banking Ombudsman Scheme 2006, details of which are available at www.bankingombudsman.rbi.org.in.
  34. 34. Miscellaneous:
    • 34.1 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 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.
    • 34.2 The failure of PPBL to exercise or enforce any right or provision of the the T&Cs or this Agreement will not constitute a waiver of such right or provision. Any waiver of any provision of the T&Cs or this Agreement will be effective only if in writing and signed by PPBL. To the maximum extent permitted by law.
  35. 35. Assignment; Restrictions on Information Sharing; Privacy
    • 35.1. These Terms and any rights granted hereunder, may not be transferred or assigned by You 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 without any restriction.
    • 35.2. By accepting the T&Cs in general, You expressly and impliedly provide Your free and unconditional consent for the following:
      • (a) for transferring PPBL's rights and obligations in favour of any third party;
      • (b) for using the PPBL Platform and availing the products and services hereunder by You subject to any specific terms and conditions imposed by PPBL;
      • (c) for receiving communications, notices and information from PPBL;
    • 35.3. PPBL may also disclose information about You if PPBL determines that disclosure is reasonably necessary to enforce the Wallet Terms here or the T&Cs in general or protect PPBL's operations or users. Additionally, in the event of a reorganization, transfer, merger, or sale of all or any portion of PPBL's business or products or services offered through any Platform to any persons, PPBL may transfer any and all personal information that PPBL collects to the relevant transferee or enter into contractual agreements to share such information with such transferees, and transfer any contractual rights or benefits to such transferees., PPBL may transfer any and all personal information that PPBL collects to the relevant transferee or enter into contractual agreements to share such information with such third party transferee.
    • 35.4. PPBL's privacy policy applies to use of the Platform, and its terms are made a part of these T&Cs by this reference. Additionally, by using the Platform, You acknowledge and agree that Internet transmissions are never completely private or secure. You understand that any message or information You send to the Platform may be read or intercepted by others, even if there is a special notice that a particular transmission (for example, credit card information) is encrypted.
Section 2: Wallet
A. Semi Closed Wallet Terms and Conditions

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).

A.1. Eligibility
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.

  1. A.2.1. Definitions
    • a) "Basic Account" means Customer Paytm Wallet classified as Semi-closed system payment instruments issued by accepting minimum Customer details being Customer name, e-mail address, mobile number, which permit payment and domestic money remittance as per RBI Directions on Issuance and Operation of Pre-paid Payment Instruments in India (Reserve Bank) Directions, 2009 as amended and supplemented by the RBI from time to time.
    • b) "Charge(s)" or "Service Charge" shall mean the charges which PPBL may levy upon You in consideration for subscribing to the Paytm Wallet.
    • c) "Customer" "or" "You" mean a person who has registered with Platform for availing the Paytm Wallet and who has accepted the T&Cs, including the SSOID terms and the Wallet Terms, and a person who owns, operates, or has access to an internet compatible device that supports the Paytm Wallet and the Platform.
    • d) “CSD” shall mean Customer Service Desk
    • e) "Enrollment Form" shall mean the Paytm Wallet Enrollment Form, as is required by PPBL from the Customer at the time of registration for availing and/or continuation of the Paytm Wallet.
    • f) "KYC" stands for Know Your Customer and refers to the various norms, rules, laws and statutes issued by RBI from time to time under which PPBL is required to procure personal identification details from You before any services can be delivered. Know Your Customer (KYC) documents may be required by PPBL from the Customer at the time of registration and/or on a later date, for availing and/or continuation of the Paytm Wallet.
    • g) "Merchant Establishment" shall mean and include physical Merchants, remote Merchants and any other outlet that has been authorized by PPBL to accept payment using Paytm Wallet.
    • h) "Password" means the secret password used to secure Paytm Wallet applications, without knowledge of which Your Paytm Wallet will not be operable (i.e., the password for Your SSOID).
    • i) "Paytm Wallet" or "Wallet" means the pre-paid payment instrument issued by PPBL including Basic Account and Prime Account.
    • j) "Person-to-bank transfer" refers to a facility to transfer funds from a Paytm Wallet to any bank account.
    • k) "Person-to-Person Transfer" refers to a facility to transfer funds from a Paytm Wallet to any other Paytm Wallet issued by PPBL or to any savings or current bank account.
    • l) "Prime Account" means Customer Paytm Wallet which is KYC compliant and classified as Semi-closed system payment instruments which permit Person-to-Person transfer and payment to all identified Merchant as per RBI Direction on Issuance and Operation of Pre-paid Payment Instruments in India (Reserve Bank) Directions, 2009 as amended and supplemented by the RBI from time to time.
    • m) "RBI" means the Reserve Bank of India.
    • n) "Transaction" means Person-to-person transfer or purchase of goods or services at Merchant Establishments or transfer of money to Paytm Wallet or Person-to-bank transfer.
    • o) “SSOID terms and conditions” means the terms and conditions as available on PPBL website.
  2. A.2.2. Documentation
    • a. The collection, verification, audit and maintenance of correct and updated Customer information is a continuous process and PPBL reserves the right, at any time, to take steps necessary to ensure compliance with all relevant and applicable KYC requirements. PPBL reserves the right to discontinue services or reject applications for Paytm Wallet at any time if there are discrepancies in information and/or documentation provided by You.
    • b. Any information provided to PPBL with the intention of securing Paytm Wallet services shall vest with PPBL, and may be used by PPBL, for any purpose that is not inconsistent with any applicable law or regulation, at its discretion.
    • c. If the particulars provided by You in the KYC documents do not match with the details mentioned in the Enrollment Form, then PPBL has the right to forfeit the balance amount in Your Wallet.
  3. A.2.3. General Conditions of Paytm Wallet
    • a. Subject to being permissible under regulations, You will be issued, Basic Account immediately after successful registration. Your account will be upgraded to a Prime Account after You submit Your KYC documents at the time of registration itself or on a later date and the same are verified and approved by PPBL. Paytm Prime Account services shall ordinarily be activated within twenty one (21) working days of receipt and verification of the associated documentation. For detailed features, registration process, documentation processes, KYC requirements, permitted Transactions, service discontinuation procedure and other related details relating to the above mentioned services, please refer https://paytm.com/bank.
    • b. You may recharge Your Paytm Wallet through any of the methods mentioned at www.secure.paytm.in. The list of recharge outlets and methods of recharging Paytm Wallet are subject to change at the discretion of PPBL without prior intimation to the Customer.
    • c. You may note that withdrawing money from Paytm Wallet is not allowed. Any outstanding credit in the Paytm Wallet must be utilized only to make payments for bona fide Transactions at Merchant Establishments and Person-to-person transfers or Person-to-bank transfers.
    • d. Paytm Wallets are available only to resident Indians who have attained the age of 10 years and are competent to contract.
    • e. Paytm Wallets are not transferable.
    • f. The maximum monetary value that can be stored at any point of time in a Paytm Wallet Prime Account is INR 1,00,000/-(INR One lakh only). The maximum permitted value of Transactions at any point of time in Paytm Wallet Prime Account is INR 1,00,000/- (INR One lakh only). The maximum monetary value that can be stored and utilized in a month in a Paytm Wallet Basic Account is INR 10,000/- (INR Twenty Thousand Only).
    • g. PPBL reserves the right to suspend/discontinue Paytm Wallet services to You at any time, for any cause, including, but not limited, to the following-
      • • For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of the T&Cs, including the Wallet Terms mentioned in this document;
      • • For any suspected discrepancy in the particular(s), documentation or Enrollment Form provided by You;
      • To combat potential fraud, sabotage, wilful destruction, threat to national security or for any other force majeure event;
      • • 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;
      • • If the same is due to any transmission deficiencies caused by topographical and geographical constraints/limitations;
      • • If the mobile connection with which Your Paytm Wallet is related ceases to be operational or in Your possession or control;
      • • If PPBL believes, in its reasonable opinion, that cessation/suspension is necessary for any other legitimate purpose.
    • h. The value stored on Your Paytm Wallet shall NOT be refunded under ANY circumstances and may only be utilized to make payments for bona fide Transactions. No interest will be payable by PPBL on the available balance reflected on the Paytm Wallet;
    • i. You are permitted to maintain and operate only one Paytm Wallet. Any suspected non-conformity with this requirement shall constitute grounds for the suspension/discontinuation by PPBL of any or all Wallets associated with You on the Platform. Any operation of or continued availability of any facility respect to the Paytm Wallets from time to time shall be subject to any requirements under applicable laws, and any new regulations or directions from any regulatory authorities in India.
  4. A.2.4. Wallet Charges & Validity
    • a. You shall pay the Service Charges prescribed by PPBL in the form and manner prescribed for such payment. PPBL may at its discretion, change, amend, increase, or reduce the Service Charges without prior intimation to the Customer.
    • b. Any value in Your Paytm Wallet that is utilized towards making payments for any Transaction shall be automatically debited from Your Paytm Wallet. PPBL's responsibility is limited to the debiting of Your Paytm Wallet and the subsequent payment to any Merchant Establishment that You might transact with. PPBL does not endorse, promote, champion or warrant any goods and/or services that might be bought/availed or proposed to be bought/availed using Paytm Wallet.
    • c. PPBL reserves the right to levy charges or charge a commission upon any amounts loaded upon Your Paytm Wallet or any amounts spent/utilized by You using Paytm Wallet. The current charges (which may be changed in future at our sole discretion and after giving due notice) can be viewed by you at http://www.paytmbank.com/ratesCharges.html.
    • d. PPBL reserves the right to set off any balance in Your Wallet in order to recover funds for transactions processed as per Your request.
    • e. Wallet Expiry and Balance Forfeiture
      1. • At present, PPBL does not expire the Wallet or forfeits the balance amount in Paytm Wallet
      2. • PPBL reserves the right to introduce a policy as per the applicable RBI guidelines for Wallet expiration and balance forfeiture in future. The terms and conditions related to any such policy that we may introduce in the future will come into effect from the date that will be clearly indicated under the T&Cs, including under the Wallet Terms.
  5. A.2.5. Customer Obligations
    • a. Paytm Wallet availability is subject to the maintenance of an active mobile phone or internet connection with an associated telecom provider. Paytm Wallet availability is subject to the maintenance of a mobile phone handset and other application on which Services/Platform can run and the Customer is solely responsible for all liability arising from the unavailability of the Services/Platform due to a deficient or defective mobile handset or the internet service provider not being able to support any Paytm Wallet channel or application.
    • b. You must ensure the availability of sufficient funds in Your Paytm Wallet before executing any Transaction from Your Paytm Wallet.
    • c. You shall be solely responsible for the confidentiality, safety and security of the Password. You shall be the sole owner of the Password and shall be responsible for the consequences arising out of disclosure of the Password and/or the unauthorized use of Paytm Wallet. In case the Password is lost or misplaced, You shall promptly inform PPBL by calling at the Customer care numbers where after the existing Password will be barred and a new Password will be issued to You after necessary validation. In case the mobile phone/SIM card/mobile number associated with Your Paytm Wallet is lost/stolen/misplaced/no longer in Your control, You shall promptly inform PPBL. PPBL will upon receipt of such information block the relevant account.
    • d. You shall only use Paytm Wallet for any Transactions with the specific Merchant Establishment for the products/services available therein. The list of Merchant Establishments is available at www.paytm.com and is subject to change at PPBL's discretion without prior intimation.
    • e. You shall intimate PPBL about change in Your address, if any, in writing along with such proof of address as per the KYC documents.
    • f. You shall not use Paytm Wallet for any purpose that might be construed as contrary or repugnant to any applicable law, regulation, guideline, judicial dicta, PPBL policy or public policy or for any purpose that might negatively prejudice the goodwill of PPBL or violate the T&Cs, including the Wallet Terms set out here.
    • g. You acknowledge and understand that Paytm Wallet is linked to Your mobile phone number and You shall be solely responsible for any liability arising out of the loss/theft/misuse of the mobile phone number or deactivation of mobile connection by the concerned telecom service provider.
    • h. You shall ensure that the Wallet services are not used for Transactions in foreign currency. Paytm Wallet is issued in India and shall be valid only in India and shall be used at Merchant Establishments only in India.
    • i. Without limiting the foregoing, You agree that You will not use the Platform to undertake any of the following actions or to display, upload, modify, publish, distribute, disseminate, transmit, update or share any information that:
      • • is grossly harmful, harassing, blasphemous defamatory, obscene, pornographic, paedophilic, libellous, invasive of another's privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatsoever;
      • • infringes any patent, trademark, copyright or other proprietary rights;
      • • contains viruses, corrupted files, or any other similar software or programs that is designed to interrupt, destroy or that may limit the functionality of any computer source or that may damage or adversely affect the operation of another person's computer, its web-sites, any software or hardware, or telecommunications equipment;
      • • Advertises or offers to sell any goods or services for any commercial purpose;
      • • is in the nature of promotional services, products, surveys, contests, pyramid schemes, spam, unsolicited advertising or promotional materials, or chain letters;
      • • falsifies or deletes any author attributions, legal or other proper notices or proprietary designations or labels of the origin or the source of software or other material;
      • • violates any law for the time being in force;
      • • belongs to another person to which You do not have any right to;
      • • interferes with or disrupts the Platform or other PPBL websites, servers, or networks;
      • • impersonate any other person;
      • • harms minors in any way;
      • • forges headers or manipulates identifiers or other data in order to disguise the origin of any content transmitted through its websites or to manipulate Your presence on its websites;
      • • engages in any illegal activities;
      • • threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order, or causes incitement to the commission of any cognizable offence, or prevents the investigation of any offence or insults any other nation.
  6. A.2.6. Additional T&Cs
    • a. When You acquire goods, software or any other services from a Merchant Establishment through any of PPBL's Services, including the Wallet service, You understand and agree that PPBL is not a party to the contract between You and the Merchant Establishment. PPBL does not endorse any advertiser or Merchant linked to its website. Furthermore, PPBL is under no obligation to monitor the Merchant Establishment's service/products used by You. The Merchant Establishment alone will be responsible for all obligations under the contract including (without limitation) warranties or guarantees. Any dispute with or complaint against any Merchant Establishment must be directly resolved by the Customer with the Merchant Establishment. It is clarified that PPBL shall not be responsible or liable for any deficiency in goods and/or services purchased using Paytm Wallet. This exclusion of liability shall apply even for goods and/or services made available by PPBL under promotional schemes. You are instructed to satisfy Yourself regarding the quality, quantity and fitness of any good and/or service before purchasing the same.
    • b. Any amount transferred erroneously by the Customer to any Merchant Establishment shall not be refunded to the Customer by PPBL in any circumstances.
    • c. Any web-link on the Platform to a third party site is not an endorsement of that web-link. By using or browsing any such other web-link, You shall be subject to the terms and conditions in relation to that web-link.
    • d. In the event of any Dispute (defined below), PPBL records shall be binding as the conclusive evidence of the Transactions carried out through use of Paytm Wallet.
    • e. PPBL shall send all Customer communications by SMS and/or e-mail and such SMS shall be deemed to have been received by You after they have been submitted for delivery to the mobile phone operator. PPBL shall not be liable for any errors or issues in the communication address/number as provided by You. The same shall be Your sole responsibility and liability.
    • f. You agree to receive all commercial messages including transactional messages from PPBL.
    • g. The parties are independent contractors and nothing in these Wallet Terms shall be deemed to create an agency or employment relationship, a franchisor-franchisee relationship, joint venture or partnership.
  7. A.2.7. Eligibility and Registration to Use the Services
    You must be 10 years old to use Paytm. You must be an authorized representative with the authority to bind that company or entity to the Wallet Terms. You agree to provide accurate, current and complete information about Yourself or Your company as prompted by our registration form (including Your e-mail address and mobile number) and maintain and update Your information (including Your e-mail address and mobile number) to keep it accurate, current and complete. We reserve the right to terminate any account or Your use of the Platform/Services, including the Wallet service, if any information provided by You is false, fictitious, inaccurate, not current or incomplete, with or without notice to You.

    You may access Your Basic Account or Prime Account using the SSOID. You must keep the Password to You Basic Account or Prime Account, as the case may be, confidential and not share it with any other person. You are responsible for all activity on Your Basic Account or Prime Account, as the case may be, whether or not You authorized it. However, if You become aware of any unauthorized use of Your Basic Account or Prime Account, as the case may be, or Your user id and Password, please contact us immediately.


B. FOOD WALLET

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.

  1. B.1. General Terms and Conditions to Be Complied By Food Wallet Holder
    • a. Paytm Food wallet shall be issued to employees of the Entity who avails food and non-alcoholic beverage facility by their employers as a part of their employment compensation.
    • b. The employee of the Entity who wishes to avail Food wallet shall be required to have a standard Paytm wallet within which a sub wallet (i.e. Food wallet) shall be created. Such wallets (main wallet and the Food wallet) shall have pre-defined monetary limits and shall be re-loadable.
    • c. Portion of the Food Wallet Holder's salary received as food allowance would be transferred by the employer to the respective Food Wallet Holder's Food wallet.
    • d. Wallet Holder may also get access to the Food Wallet which will be a part of the Paytm Wallet and the maximum monetary limit as specified in RBI guideline and amendment from time to time shall apply to the combined limit of the Paytm Wallet and Food Wallet, in the event the Paytm Wallet also has a Food Wallet Section which shall be applicable to Wallet Holder.
    • e. If Entity, as per its discretion, charge any charges from Food Wallet Holder for providing the service of Food wallet, PPBL shall not be responsible for any such charges.
    • f. Any charge levied by the Establishment on the purchase made by the Food Wallet Holder using the Paytm Food Wallet shall be settled by such Food Wallet Holder with the Establishment directly and PPBL shall not be responsible for the same.
    • g. Any transfers from Entity's Account to Food Wallet Holder's Wallet shall be responsibility of Entity. Also, any applicable taxes on said transfers and deduction of taxes at source shall be responsibility of Food Wallet Holder and Entity respectively. PPBL shall be only responsible for transferring amounts paid by Entity to Entity's Account.
    • h. All spends by Wallet Holder from the Food Wallet should be in compliance with the Income Tax Act. Wallet Holder agree that Food Wallet shall be used by Food Wallet Holder solely for the purpose of purchase of food & non-alcoholic beverages from relevant Establishments who have agreed to redeem the amount from the Food Wallet section and have an arrangement with PPBL in this regard.
    • i. Food Wallet Holder agree and confirm that No P2B (Personal to Bank transfer), P2P (Peer to Peer) and no cash out are permitted from Food Wallet balances.
    • j. Food Wallet Holder shall, prior to availing the Food Wallet services from PPBL, obtain appropriate advice and shall familiarize himself with the associated risks and all the terms and conditions pertaining to the Food Wallet Service. Food Wallet Holder will further verify all facts and statutory provisions and seek appropriate professional advice including the relevant tax implications.
    • k. Paytm Food Wallet shall not be assignable or transferable by the Entity or the Food Wallet Holder.
    • l. The Food Wallet Holder agrees that he/she will not use the Paytm Food Wallet for payment of any illegal/unlawful purchase/purposes.
    • m. In case of termination/cancellation of Food Wallet Services, the existing balance in the wallet can be used by Food Wallet Holder.
    • n. The Food Wallet Holder shall agree to submit all the documents with the PPBL as directed from time to time, to meet KYC norms in compliance with the relevant extant guidelines of the Reserve Bank of India.
    • o. The Food Wallet Holder and Entity shall forthwith notify PPBL of any change in his/her address for communication as submitted with PPBL at the time of activating Paytm Food Wallet. The responsibility shall be solely of the Food Wallet Holder to ensure that PPBL has been informed of the correct address for communication
    • p. The Food Wallet Holder shall act in good faith at all times in relation to all dealings with the Paytm Food Wallet and PPBL
    • q. The Food Wallet Holder shall be fully responsible for wrongful use of the Paytm Food Wallet.
    • r. The Food Wallet Holder shall indemnify PPBL to make good any loss, damage, interest, or any other financial charge that PPBL may incur and/or suffer, whether directly or indirectly, as a result of Food Wallet Holder is committing violations of these Terms and Conditions.
    • s. The Food Wallet Holder will indemnify and hold PPBL harmless for any / all actions, proceedings, claims, liabilities (including statutory liability), penalties, demands and costs, awards, damages and losses arising out of wrongful use or cancellation (wrongful or otherwise) of a Paytm Food Wallet Service.
  2. B.2. Term and Termination:
    • a. Paytm Food Wallet becomes effective on the Effective Date and shall be valid unless terminated by either Party as per the provisions of this Agreement.
    • b. Termination and Consequences of Termination
      • i. In the event of any breach of this Agreement by either Party, the other Party may terminate Paytm Food Wallet, by giving the other Party seven (7) days' prior written notice of termination thereof, only after providing a 15 day period for cure of the breach.
      • ii. Either Party may terminate Paytm Food Wallet forthwith in the event of fraud, breach of applicable laws by the other Party or the other Party passes a resolution for a voluntary liquidation, or is adjudged insolvent etc.
      • iii. Either Party can terminate Paytm Food Wallet by tendering a 30 day's written notice to other Party without assigning any reason thereof.

C. Paytm Contactless Wallet Cards*

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. Definitions:

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:

  1. 2.1 The Card shall be issued by PPBL in the name of Cardholder to transact at the Merchants and provides access to the Paytm Wallet.
  2. 2.2 The Card shall be issued by PPBL to the Cardholder in physical format (only upon the specific request of the Cardholder).
  3. 2.3 PPBL may at its sole discretion issue a Card in physical format to the Cardholder and the application of the Cardholder in this regard may be rejected by PPBL without assigning any reasons whatsoever.
  4. 2.4 The Paytm NFC Card can be applied for by the Cardholder through the Paytm App/Website or through Paytm designated agents on the payment of requisite fee/ charges and necessarily needs to be linked to the Cardholder’s Paytm Wallet.
  5. 2.5 The Card issued by PPBL shall be issued on a non-personalised basis containing the Card Number therein.
  6. 2.6 The Cardholder, prior to applying for the Card from PPBL, shall obtain independent appropriate advice and shall familiarize himself with the associated risks and all the terms and conditions pertaining to the Card.

3. Usage of Card:

  1. 3.1 No separate balance shall be available on the Card and the usage of the Card shall be linked to the balance available on the Card. If the Cardholder has existing balance in his Paytm Wallet, the same would be accessible when the Cardholder utilises the Card.
  2. 3.2 The Cardholder can use the Card as per the Transaction Limit assigned by PPBL from time to time. However PPBL shall not be responsible for any other limits or transactional caps placed by the Merchant.
  3. 3.4 Payment can be made through Paytm NFC Card only where the Merchants have the requisite card acceptance infrastructure such as the NFC enabled terminals issued by PPBL to the Merchant or any other NFC enabled devices. PPBL shall not be responsible for any inability/ failure of payment at the terminal.
  4. 3.5 The Cardholder agrees that he shall not use the Card for payment of any illegal/unlawful purchase/purposes.
  5. 3.6 The issue and use of the Card shall be subject to the rules and regulations in force from time to time, as issued by Reserve Bank of India or any other applicable law in force and that of PPBL.
  6. 3.7 The Card shall be valid for transactions, as permitted by PPBL from time to time in India, at the Merchants accepting the Cards.
  7. 3.8 PPBL shall not in any way be responsible for the quality of the products and/or services purchased or availed of by the Cardholder from the 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 Merchants for the resolution of any dispute or claim that he may have regarding the products and/or services.
  8. 3.9 The Cardholder's Paytm Wallet will be debited immediately with the amount of transactions effected by the use of the Card. The Cardholder should maintain sufficient funds in the Paytm Wallet to meet any such transactions.
  9. 3.10 PPBL shall not be responsible in any manner whatsoever for any loss and/or theft of or damage to the Card once the Card has been dispatched to and/or delivered to the Cardholder at the address communicated by him.

4. Fees and Charges:

  1. 4.1 PPBL reserves the right at any time to charge the Cardholder for the issue or reissue of a Card and/or any fees/charges for the transactions carried out by the Cardholder on the Card after due intimation to the Cardholder.
  2. 4.2 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 Paytm Wallet.

5. Transaction Details:

5.1 Statement

  1. a. The Cardholder's Paytm passbook would reflect all the transactions performed through the Card.
  2. b. SMS alerts would be sent to the Cardholder for every transaction done in the Paytm Wallet in accordance with the prevailing laws/regulations.
  3. c. Transaction Disputes
    If there is a dispute regarding transactions listed in the Statement, the Customer must inform PPBL within 90 days of the transaction reflecting in the passbook. PPBL will conduct investigation and revert on such transactions.

6. Misuse / Compromise of Card Details

  1. 6.1 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 Paytm Wallet on account of usage of the Card. The Cardholder may also contact PPBL for reporting Card loss by visiting its 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 or over the telephone at the numbers of PPBL's 24-Hour toll-free helplines or Customer Care Service Centre listed under the section- “Contact Us” of PPBL’s website.
  2. 6.2 The Cardholder must also report the misuse or loss of his Card to the police and lodge a First Information Report ("FIR").
  3. 6.3 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 Paytm Wallet on account of usage of the Card and PPBL 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 Paytm Wallet on account of usage of the Card. This clause shall survive the cessation of the relationship of the Customer with PPBL and/or closure of the Paytm Wallet.
  4. 6.4 The Cardholder accepts that it is the complete and sole responsibility of the Cardholder to use the Card in a safe and secure manner and/or to ensure the protection of the Card and/or be liable for all the transactions entered in to and/or routed through the Patym Wallet. The Cardholder shall keep the Card in safe custody and shall ensure that the same is not accessible to or could not be accessed by any third party. PPBL is under no obligation to verify the authenticity of the transaction or instruction sent or purported to have been sent from the Cardholder on account of the usage of the Card.
  5. 6.5 The Cardholder hereby agrees and understands that no cash withdrawal transactions at Merchants by way of the usage of the Card are permitted.

7. Termination

  1. 7.1 PPBL shall be entitled to terminate the Card (and close the Paytm Wallet) 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.
  2. 7.2 If the Cardholder decides to close his Paytm Wallet with PPBL or upon PPBL’s receipt of information of demise of the Cardholder, the Card(s) issued with his Paytm Wallet would automatically stand cancelled.
*Disclaimer:
PPBL is currently offering the Paytm Contactless Wallet Card ("NFC Card") on a "pilot basis" to selected customers. Participation in the said pilot is strictly at PPBL’s sole discretion. Sections one and two of the general terms and conditions governing PPBL’s products and services apply to the customers who have participated or are presently participating in the pilot. PPBL further reserves the right to modify or change the terms pertaining to NFC Card, upon due study/receipt of feedback during the tenure of the pilot, prior to scaling up for the launch of the NFC Card to be offered to all its customers, if found feasible by PPBL.
Section 3: Savings Account
  1. 1. Savings Account:
    1. • Savings Account is an interest bearing deposit account for Individuals, and certain Non-Individuals as permitted by the Reserve Bank of India ("RBI").
    2. • Savings Accounts PPBL are subject to a restriction of end-of-day balance not exceeding Rs.100,000 per individual Customer, as per Operating Guidelines for Payments Banks issued by Reserve Bank of India ("RBI")
  2. 2. Account Opening
    1. • Savings Accounts in PPBL can currently be opened only for eligible resident individuals, as advised by Reserve Bank of India from time to time.
    2. • Bank, before opening a Savings 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 KYC policy of PPBL.
    3. • For Savings Account other than a Basic Savings Bank Deposit Account, Customer shall provide:
      1. • Permanent Account Number (PAN) or Form 60 in case the Customer does not have PAN
      2. • Aadhaar number issued by Unique Identification Authority of India (UIDAI). Incase Aadhaar number is not assigned to the Customer, he / she shall furnish proof of application of enrolment for Aadhaar
  3. 3. Nomination Facility
    Nomination facility is available on all Savings Account opened by individuals. Nomination can be made in favor of one individual only.
  4. 4. Interest Payment
    Interest shall be calculated on end-of-day balance at the specified rate and credited to Customer's account periodically, as defined by PPBL.
  5. 5. Fees and Charges
    All fees and charges levied by PPBL are present on the PPBL website
  6. 6. Transaction Details
    • a. Passbook
      Passbook Details of payments and transactions will be available to the Customer on PPBL's mobile app. Physical statement may be requested at the branch.
    • b. Transaction Disputes
      If there is a dispute regarding transactions listed in the Passbook, You must inform PPBL within 30 days of the transaction. PPBL will conduct investigation and confirm the liability of such transactions.
  7. 7. Insurance Cover for Savings Bank Deposit
    Savings Bank Deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. For further details on the deposit insurance provided by DICGC, please visit / log on to www.dicgc.org.in.
  8. 8. Dormant Accounts
    Savings Accounts which are not operated (no Customer induced debit or credit transaction) for a period of two (2) years will be transferred to a separate dormant / inoperative account status in the interest of the depositor as well as PPBL. Further action on the account will be as per Bank's policy on the same
  9. 9. Termination / Closure of Account
    • • You may close your Savings Account with PPBL at any time by visiting our nearest branch or our Noida Branch (Address - Ground floor, B-121, sector 5, Noida, Uttar Pradesh) or our Customer Care Service Centre, the details of which are listed under the section - "Contact Us" of PPBL’s website. We will thereafter guide you on the next steps appropriately.
    • • PPBL shall close your Savings Account post deducting all fees and/or charges payable by You to PPBL in respect thereof. PPBL may notify You of the date on which your Savings Account shall be closed. Upon closure of your Savings Account, the RuPay Debit and ATM card and other deliverables/services in relation with your Savings Account shall stand automatically terminated.
    • • Your inability as an existing Customer to furnish details required by PPBL to fulfill statutory obligations could result in closure of the Savings Account after due notice(s) to You.
    • • PPBL may also close the Savings Account under certain conditions for improper conduct of the Savings Account, without giving any prior notice to You. PPBL shall not be liable for any consequences arising out of such closure of the Savings Account. PPBL may at any time at its sole discretion, without liability, refuse to accept any deposit or limit the amount that may be deposited and return all or part of the deposit and discharge all liability. In the event of closure of the Savings Account, PPBL will refund the monies (including balance) lying to the credit of - Savings Account to the Customer subject to payment of applicable standard service/processing charges.
    • • In such scenarios of Your failing to furnish necessary details for fulfilment of PPBL’s statutory obligations and/or improper conduct of the Savings Account, Your Paytm Wallet will also be closed in the event of closure of Your Savings Account with PPBL.
Account Operational Terms

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:

  1. a. Facilitate creation of Fixed Deposit with Partner Bank
  2. b. Sweep out the excess balance to your Fixed Deposit created with the Partner Bank

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:

  1. • Withdrawal at PPBL access points
  2. • Transfer into your PPBL account.

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.

Terms of Fixed Deposit

Your Fixed Deposit will be opened with the Partner Bank, currently IndusInd Bank as per its terms:

  1. 1. As a reinvestment fixed deposit, with interest compounded quarterly and reinvested with principal amount
  2. 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. 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. 4. In the event of the Fixed Deposit being closed 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. 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. 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. 7. Nominee for such account(s) opened with Partner Bank will be the same as one registered with PPBL by you

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.

Section 4: Current Account

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

I. DEFINITIONS:

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. Instructions

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. Disclosure:

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. Confidentiality:

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 cybercell@paytm.com 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. Warranty:

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:

Nodal Officer
Shri Rohan Lakhaiyar
Paytm Payments Bank Limited,
B-121, Sector 5, Noida, Uttar Pradesh-201301
Phone No: 0120-4770439

Email: nodalofficer@paytmbank.com

*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:

Banking Ombudsman
C/o Reserve Bank of India, Sansad Marg,
New Delhi

Phone No.: 011-23724856

Fax No.: 23725218-19

Email : bonewdelhi2@rbi.org.in

15. Indemnity:

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. Miscellaneous:

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.

Section 2: Current Account

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:

I. DEFINITIONS:

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

4.1 Passbook

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.

Section 3: RuPay Debit and ATM Card:

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:

4.1 Statement

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. Termination

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

Section 4: NEFT and RTGS

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"):

1.1. Unless indicated otherwise, the capitalized terms listed below shall have the following meanings:

"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

3.1 Statement:

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.

Section 5: IMPS

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

3.1 Statement:

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.

Section 5: Account Operational Terms

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.

Section 5: Rupay Card

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. I. Definitions
    • I.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 (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.
      • “Account Holder” shall mean the Account holder above the age of 18 years.
      • "ATM" means any Automated Teller Machine in India, whether of PPBL or a shared network, at which the Cardholder can use his Card to access his funds in his Account.
      • "Card" shall mean the Debit and ATM card in electronic or physical format issued by PPBL in association with Rupay.
      • “Cardholder” shall mean the Account Holder to whom the Card linked to the Account has been issued by PPBL.
      • "PIN" means the Personal Identification Number allocated in relation to the Card to the Cardholder by PPBL or as chosen by the Cardholder and/or PPBL from time to time.
      • "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 Account linked with the Card to make purchases at various merchant establishments.
  1. 1. Issuance of Card
    • 1.1 The Card shall be issued by PPBL in the name of Cardholder to transact online and provides access to the Account.
    • 1.2 The Card shall be issued by PPBL to the Cardholder in electronic format upon the opening of the Account or in physical format (only upon the specific request of the Card Holder).
    • 1.3 The Card in physical format may be issued to the Cardholder in two variants for domestic usage only:
      • a. Personalized Card with the photo of the Cardholder.
      • b. Personalized Card without the photo of the Cardholder.
    • 1.4 The Card can be personalized with the photo of the Cardholder only.
    • 1.5 PPBL may at its sole discretion issue a Card in physical format to the Cardholder and the application of the Account Holder 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 Cardholder, Card Number, CVV, Expiry Date, QR Code therein.
  2. 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 the Cards in physical format 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. 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. PPBL reserves the discretion to not deliver the Card to any person acting on behalf of the Cardholder if the above mentioned documents are not made available to the courier agency at the time of delivery of the Card and the Cardholder shall not hold PPBL responsible on this account.
    • 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 and the Cardholder shall not be entitled to any return or refund of any charges and/or fees collected by PPBL towards the issuance and/or the dispatch of the Card. 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. 4. Transaction Details
    • 4.1 Statement
      • a. The Customer's Paytm passbook would reflect all the transactions performed through the Card.
      • b. SMS alerts would be sent to the Cardholder for every transaction done in the bank account.
      • c. Transaction Disputes
        If there is a dispute regarding transactions listed in the Statement, the Customer must inform PPBL within 90 days of the transaction reflecting in the passbook. PPBL will conduct investigation and revert on such transactions. For certain disputes the Bank reserves the right to give a temporary credit to the bank account during the period of investigation. However in case the dispute is settled against the Customer, the Bank may accordingly debit the amount from the bank account.
  5. 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. 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.
    • 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. 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 for reporting Card loss by visiting its 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 or over the telephone at the numbers of PPBL's 24-Hour toll-free helplines or Customer Care Service Centre listed under the section- “Contact Us” of PPBL’s website. 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.
    • 7.2 The Cardholder must also report the misuse or loss of his Card to the police and lodge a First Information Report ("FIR").
    • 7.3 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.
    • 7.4 The Cardholder shall be entitled to apply for re-issue of the Card post completion of the necessary formalities as required by PPBL.
    • 7.5 The Cardholder agrees and understands that the PIN issued in respect of the Account by PPBL to it provides access to the Account and/or enables the Customer to undertake purchases at various merchant establishments. The Cardholder accepts that it is the complete and sole responsibility of the Cardholder to use the Card in a safe and secure manner and/or to ensure the confidentiality and protection of the PIN and/or be liable for all the transactions entered in to and/or routed through the Account using such PIN. The Cardholder shall under no circumstances record the PIN in any form, be it intelligible or unintelligible or in physical writing or in electronic form or otherwise, which is accessible to or could be accessed by any third party, either honestly or dishonestly or act in any manner that would facilitate the PIN coming to knowledge of a third party. The Cardholder grants express authority to PPBL for carrying out transactions or instructions authenticated on the basis of the PIN and shall not revoke or dispute the same. PPBL is under no obligation to verify the authenticity of the transaction or instruction sent or purported to have been sent from the Cardholder other than by means of verification of the Cardholder's PIN.
    • 7.6 PPBL shall exercise due care when issuing PIN in respect of the Card and shall not disclose the PIN pertaining to the Card to anybody else except the Cardholder.
    • 7.7 The Cardholder hereby agrees and understands that the Customer cannot undertake any cash withdrawal transactions at PoS by way of the usage of the Card.
  8. 8. Termination
    • 8.1 PPBL shall be entitled to terminate the Card (and close the bank 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 Cardholder decides to close his bank account with PPBL or upon the Bank’s receipt of information of demise of the Cardholder, the Card(s) issued with this account as the primary account, would automatically stand cancelled. In case any outstanding Card transactions that have not yet been debited from the bank account or any outstanding credits that have not been transferred to the bank account, the same will be netted out from the balance prior to PPBL returning the funds to the Customer.
Section 6: NEFT and RTGS

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:

  1. • "National Electronic Funds Transfer" System (hereinafter referred to as "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;
  2. • "Real Time Gross Settlement" System (hereinafter referred to as "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).

2. Inward and Outward Remittances of funds through the NEFT and RTGS facility

  1. • The savings account holder ("Account Holder") of PPBL hereby agrees to have the inward and outward NEFT and RTGS transactions activated using the facility
  2. •These terms will be in addition to and not in derogation of the terms and conditions relating to the Saving Account of the Account Holder
  3. •Remittance of funds through the Fund Transfer System shall be subject to the rules and regulations in force from time to time, as issued by the Reserve Bank of India or any other applicable law in force and that of the Bank.
  4. •Upon the happening of a successful transaction, the Account Holder's account will be debited or credited, as the case may be, as immediately with the amount of the transaction effected by the Fund Transfer System.

3. Fees and Charges

  1. • No fees and charges would currently be levied by PPBL for availing the NEFT and RTGS facility. However, PPBL reserves the right at any time to charge the account holder for offering the facility and/or any fees/charges for the transactions carried out by the account holder using the NEFT and RTGS facility, after due intimation to the Customer.
  2. • Any government charges, duty or debits, or tax payable as a result of outward or inward remittances of funds through the NEFT and RTGS facility shall be the Account Holder's responsibility and if imposed PPBL shall debit such charges, duty or tax against the Account Holder.

4. Transaction Details

  1. a. Statement
    1. • The Customer's Paytm passbook would reflect all the transactions performed through the NEFT and RTGS facility
    2. • SMS alerts would be sent to the cardholder for every transaction done
  2. b. Transaction Disputes
    If there is a dispute regarding transactions listed in the statement, You must inform PPBL within 30 days of the transaction reflecting in the passbook. PPBL will conduct investigation and revert on such transactions. In case dispute is settled against the Account Holder, Bank may accordingly debit the amount. For certain disputes Bank reserves the right to give a temporary credit during the period of investigation.
  3. c. Contact Details
    You can contact PPBL as per the details provided in the General terms section

5. Termination
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:

  1. • Failure to adhere to or comply with the terms and conditions herein set forth, or
  2. • If the Account Holder decides to close his/her account with PPBL;
  3. • On receipt of information of demise of the Account Holder

    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.

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.

Section 7: IMPS
  1. 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).
  2. 2. Inward and Outward Remittances of funds through the Fund Transfer System
    • • The savings or wallet account holder (“Account Holder”) of PPBL hereby agrees to have the inward and outward fund transfer facility.
    • • These terms will be in addition to and not in derogation of the terms and conditions relating to the Saving Account and wallets of the Account Holder.
    • • Remittance of funds through the Fund Transfer System shall be subject to the rules and regulations in force from time to time, as issued by the Reserve Bank of India or any other applicable law in force and that of PPBL.
    • • Upon the completion of a successful transaction, the Account Holder’s account will be debited or credited, as the case may be, as immediately with the amount of the transaction effected by the Fund Transfer System.
  3. 3. Fees and Charges
    • • The fees and charges applicable for availing the Fund Transfer System facility shall be as per the rates displayed on PPBL’s website and on PPBL App before initiating the fund transfer. PPBL may at its sole discretion update such fees and charges without providing any prior intimation to the Account Holder.
    • • Any government charges, duty or debits, or tax payable as a result of outward or inward remittances of funds through the Fund Transfer System shall be the Account Holder’s responsibility and if imposed PPBL shall debit such charges, duty or tax against the Account Holder.
    • • Bank 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.
  4. 4. Transaction Details
    • • The Account Holder’s passbook/statement would reflect all the transactions through the Fund Transfer System.
    • • SMS alerts may be sent to the Account Holder for an IMPS transaction done, as per PPBL’s terms.
  5. 5. Transaction Disputes
    • • If there is a dispute regarding transactions listed in the statement, You must inform PPBL within 60 days of the transaction reflecting in the passbook/statement. PPBL will conduct investigation and revert on such transactions.
    • • In case dispute is settled against the Account Holder, Bank may accordingly debit the amount. PPBL also can mark lien on the Customer’s account if the account-holder does not have sufficient balance. In case the dispute is settled in favour of the account holder, bank will credit the amount accordingly.
    • • PPBL will not be responsible for recovering the money in case the account holder initiates fund transfer to an unintended or incorrect account.
  6. 6. Contact Details
    You can contact PPBL as per the details provided in the General terms section
  7. 7. Termination
    The Fund Transfer System shall only exist during the existence of the Account Holder’s account with PPBL. PPBL shall have the right to terminate the Fund Transfer System facility with immediate effect upon the occurrence of any of the following events:
    • • Failure to adhere to or comply with the terms and conditions herein set forth, or
    • • If the Account Holder decides to close his/her account with PPBL;
    • • On receipt of information of demise of the Account Holder.
    • • As provided under PPBL’s General Terms and Conditions
Section 8: UPI

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.

  1. 1. Definitions

    In this document the following words and phrases have the meanings set opposite them unless the context indicates otherwise:

    • • "Account(s)" refers to the savings and /or current bank account(s) held and maintained with PPBL or savings and/or current account held with any bank in India, to be used for operations through the UPI Facility.
    • • "Customer" means the applicant/remitter availing of the UPI Facility through his Account(s).
    • • "PPBL" means Paytm Payments Bank Limited a payments bank licensed under the provisions of Banking Regulation Act, 1949 (as amended from time to time) and incorporated as a Company under the provisions of the Companies Act, 2013 (as amended from time to time) having its registered office at 136, First Floor, Devika Tower, Nehru Place, New Delhi-110019 (which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns).
    • • “NPCI UPI System” means the switch and related equipment and software owned by NPCI to provide the UPI based fund transfer and funds collection facility including the National Financial Switch;
    • • "Payment Order" means an unconditional instruction issued by the Customer using the UPI Facility, to effect a fund transfer for a certain sum of money expressed in Indian rupees, to the designated account of a designated beneficiary by debiting Account(s) of the Customer.
    • • “UPI” refers to the Unified Payments Interface Service offered by NPCI in collaboration with its member banks.
    • • "UPI Facility" means the Unified Payments Interface Service based electronic fund transfer and fund collection facility provided / facilitated by PPBL to its Customers through the NPCI UPI System as per the Guidelines.
      Words or expressions used in this form, but not specifically defined herein shall have the respective meanings assigned to them by NPCI.
  2. 2. Terms of engagement

    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.


  3. 3. Scope of the UPI Facility

    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.

  4. 4. Fees and Charges
    • • The fees and charges applicable for availing the UPI Facility shall be as per the rates fixed by PPBL. PPBL may at its sole discretion update such fees and charges without providing any prior intimation to the Customer.
    • • Any government charges, duty or debits, or tax payable as a result of payments made using the UPI Facility shall be the Customer’s responsibility and if imposed PPBL shall debit such charges, duty or tax against the Customer.
  5. 5. Rights and Obligations of the Customer
    1. a. The Customer shall be entitled, subject to other terms and conditions of the service, to issue Payment Orders for execution by PPBL.
    2. b. The Payment Order shall be issued by the Customer, in the form as prescribed by PPBL, which is complete in all particulars. The Customer shall be responsible for the accuracy of the particulars given in the Payment Order for UPI Facility and shall be liable to compensate PPBL for any loss arising on account of any error in the Payment Order.
    3. c. The Customer shall be bound by any Payment Order executed by PPBL if PPBL has executed the Payment Order in good faith and in compliance with the instructions given by the Customer.
    4. d. The Customer authorizes PPBL to debit Account(s) as per instructions received by way of Payment Orders. The Customer understands that although multiple bank accounts can be linked with the UPI Facility, debit/credit transactions can be done from the default account. Customer may change the default account before initiating such debit/credit transactions. Each Account that may be linked with the UPI facility can be opened with a separate username.
    5. e. The Customer shall ensure availability of funds in his Account(s) towards the fulfillment of the Payment Order before/at the time of the execution of the Payment Order by PPBL. 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. The Customer understands and agrees that once a fund collection request is accepted, the default account will automatically be credited with such amounts as may be mentioned in the fund collection request. The Customer understands and agrees that such amounts once credited to default account cannot be reversed by the Customer.
    6. f. The Customer agrees that the Payment Order shall become irrevocable when it is executed by PPBL.
    7. g. The Customer agrees that he shall not be entitled to make any claim against RBI and/or NPCI in respect to the UPI Facility.
    8. h. The Customer agrees that PPBL shall not be liable for any delay in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer.
    9. i. The Customer shall provide correct beneficiary details to PPBL at the time of availing the UPI Facility. The Customer shall be solely responsible for entering wrong beneficiary details like incorrect Virtual Payment Address, incorrect Aadhar number or incorrect mobile number, due to which the fund are transferred to an incorrect beneficiary.
    10. j. The Customer agrees that the UPI Facility are offered in line with the RBI’s guidelines on mobile banking which are subject to change from time to time.
    11. k. Customer shall inform PPBL immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority or official regarding 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. Customer shall not unilaterally file any response / reply to such an authority without the prior approval and vetting by PPBL.
    12. l. The Customer shall be solely liable for ensuring availability of sufficient funds in the Account(s) at all times for the purpose of availing the Facility. The Customer agrees that in the event there are insufficient funds in the Account, PPBL shall decline the transaction instruction.
  6. 6. Rights and obligations of PPBL
    1. a. PPBL shall execute a Payment Order issued and duly authorised by the Customer , unless: (a) the funds available in the Account(s) of the Customer are not adequate or funds are not properly applicable/available to comply with the Payment Order (b) the Payment Order is incomplete or it is not issued in the agreed form, (d) PPBL has reason to believe that the Payment Order is issued to carry out an unlawful transaction or (e) the Payment Order cannot be executed under the NPCI UPI System.
    2. b. No Payment Order issued by the Customer shall be binding on PPBL until PPBL has accepted it.
    3. c. PPBL shall, for execution of every Payment Order, be entitled to debit the designated Account(s) of the Customer, with the amount of the funds to be transferred together with charges payable thereon.
    4. d. A duly authenticated record of the transaction after completion of the funds transfer or funds collection or response to a funds collection request will be recorded in the statement of account in the mobile application of PPBL. The transaction will also be recorded in the statement of account given to the Customer by the Customer’s bank. The Customer shall, within a period of ten (10) days from the date of receipt of the monthly statement, report to PPBL any discrepancy in the execution of the Payment Order. The Customer agrees that he shall not be entitled to dispute the correctness of the execution of the Payment Order or the amount debited to his Account(s) if he fails to report the discrepancy within the said period.
    5. e. PPBL for providing the UPI Facility to the Customer shall follow the process prescribed by NPCI in this regard including but not limited to process for settling of timed out transactions within the time limit prescribed by NPCI.
    6. f. While PPBL endeavors to provide the Customer the VPA handle of his/her choice, the decision of PPBL to allocate or not to allocate a requested VPA shall be final and binding. PPBL also reserves the right to withdraw a VPA at any time if it is found to be not as per the requirements of any statutory, regulatory authority or NPCI. In addition, PPBL reserves the right to hold, stop, delete, reset any VPA used for any wrong doings, mis-use or under any unforeseen circumstance that may so warrant.
  7. 7. Instructions

    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.

  8. 8. Sharing of Information

    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.

  9. 9. Disclaimer

    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.

  10. 10. Indemnity and Liability

    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:

    1. i. Any breach of any applicable law, rules and regulations, Guidelines or fraud;
    2. ii. violations of the Terms by the Customer or unauthorized use of the UPI facility;
    3. iii. any misrepresentation or breach of representation or warranty made by the Customer contained herein;
    4. iv. any act, neglect or default on the part of the Customer.

    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.

  11. 11. Termination

    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.

  12. 12. Governing Law and Jurisdiction

    The Terms shall be governed by laws of India and any dispute regarding the Terms shall referred to the exclusive courts of New Delhi.

  13. 13. Headings

    The clause headings in this Terms are only for convenience and do not affect the meaning of the relative clause.

  14. 14. Sub-contracting and Assignment

    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.

  15. 15. Notice

    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:
    The Nodal Officer,
    Paytm Payments Bank Limited
    B-121, Sector 5
    Noida – 201301
    Uttar Pradesh

    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.

  16. 16. Miscellaneous

    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.

Section 9: FASTag Issuance

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”).

  1. 1. By submitting the application, the Customer shall be deemed to have agreed and accepted the Terms and Conditions. PPBL may issue the Paytm FASTag only to Customers who are making this application for the FASTag and agreeing to the applicable terms and conditions in the form and manner prescribed by PPBL from time to time.
  2. 2. The FASTag shall be solely used for the purpose of making applicable toll payments at designated Toll plazas on the highway through the electronic toll collection (“ETC”) enabled lane. The list of designated toll plazas is made available at https://paytm.com/fastag.
  3. 3. The Customer who wishes to avail the FASTag shall be required to have standard Paytm Wallet, within which a sub wallet (i.e. FASTag Wallet) shall be created. Such wallet (FASTag Wallet) shall have predefined monetary limits.
  4. 4. Wallet holder may also get access to the FASTag Wallet which will be a part of the Paytm Wallet and the maximum monetary limit as specified in the RBI guidelines and amendment from time to time shall apply to the combined limit of the Paytm Wallet and FASTag Wallet.
  5. 5. Any charge levied by the establishment on the purchase made by the FASTag wallet holder using the Paytm FASTag wallet shall be settled by such Paytm FASTag Wallet holder with the establishment directly and PPBL shall not be responsible for the same.
  6. 6. All spends by Wallet holder from the FASTag Wallet should be in compliance with the applicable laws. Wallet holder agree that FASTag Wallet shall be used by FASTag Wallet holder solely for the purpose of purchase of ETC enabled toll tickets from relevant establishments who have agreed to redeem the amount from the FASTag Wallet section and have an arrangement with PPBL in this regard.
  7. 7. FASTag Wallet holder agree and confirm that no P2B (Personal to Bank transfer), P2P (Peer to Peer) and no cash out are permitted from FASTag Wallet balances.
  8. 8. Paytm FASTag can also be purchased through E-commerce channel. Once customer provide the details, FASTag to be sent to Customer through courier services at the address provided by the Customer.
  9. 9. Based on the information provided by the customer through the online form, customer’s Paytm FASTag will be allocated to Vehicle detail provided.
  10. 10. Customer has to provide the original vehicle registration copy for tag issuance activity.
  11. 11. PPBL may ask for other necessary details as in vehicle details, photograph of vehicle with FASTag affixed on it, as part of mandatory documents for Paytm FASTag activation in order to validate the documents.
  12. 12. It is customer’s responsibility to make sure that Paytm FASTag ordered against vehicle is affixed on same vehicle.
  13. 13. FASTag Wallet holder shall prior to availing the FASTag Wallet services from PPBL obtain appropriate advice and shall familiarize himself with the associated risks and all the terms and conditions pertaining to the FASTag Wallet Service. FASTag Wallet holder further verify all facts and statutory provisions and seek appropriate professional advice including the relevant tax implications.
  14. 14. The FASTag Wallet holder agrees that he/she will not use the Paytm FASTag Wallet for payment of any illegal/unlawful purchase/purposes.
  15. 15. In case of termination/cancellation of single FASTag mapped under wallet having multiple FASTag issued, FASTag wallet service will continue.
  16. 16. The FASTag Wallet holder shall agree to submit all the documents with the PPBL as directed from time to time, to meet KYC / KYV / KYB norms in compliance with the relevant extant guidelines of the Reserve Bank of India.
  17. 17. The FASTag Wallet holder shall forthwith notify the PPBL of any change in his/her address for communication as submitted with PPBL at the time of activating Paytm FASTag Wallet. The responsibility shall be solely of the FASTag Wallet holder to ensure that PPBL has been informed of the correct address for communication.
  18. 18. The FASTag Wallet holder shall act in good faith at all times in relation to all dealings with the PPBL.
  19. 19. The FASTag Wallet holder shall be fully responsible for wrongful use of the Paytm FASTag Wallet.
  20. 20. The FASTag Wallet holder shall indemnify PPBL to make good any loss, damage, interest, or any other financial charge that PPBL may incur and/or suffer, whether directly or indirectly, as a result of FASTag Wallet holder committing violations of these Terms and Conditions.
  21. 21. The FASTag Wallet holder will indemnify and hold PPBL harmless for any / all actions, proceedings, claims, liabilities (including statutory liability), penalties, demands and costs, awards, damages and losses arising out of wrongful use or cancellation (wrongful or otherwise) of a Paytm FASTag Wallet Service.
  22. 22. The Customer need to inform PPBL of any loss or theft of PPBL FASTag. In case the Customer finds a lost or stolen FASTag, please inform PPBL immediately. Any loss or theft of the FASTag shall be immediately reported to a PPBL, also same shall be reported to police station and an FIR shall be registered, if required
  23. 23. The PPBL shall at no time be responsible for any liability arising out of or in relation to the lost or stolen FASTag or any misuse of the FASTag by any of the Customers or its representative. FASTag issued to the Customer shall at all times remain the property of PPBL and shall be surrendered to PPBL, on request. In case of replacement of FASTag, Customer will be charged with the replacement fee. FASTag is non-transferable but can be cancelled as per the policies of PPBL. For any charges related concern please visit our web page www.paytm.com/FASTag
  24. 24. In case the FASTag remains unused or wallet is not refilled for a period of 6 months with a due balance amount, the FASTag Wallet will be closed with prior intimation to the Customer and such FASTag shall not be accepted at any Toll Plazas for the purpose of payment of toll.
  25. 25. At any stage Customer’s FASTag wallet threshold balance gets exhausted due to transactions done at the toll plazas and wallet reaches to a due balance state, due balance will be adjusted from the Customer’s security amount deposited at the time of FASTag issuance. Customer has the rights to suspend / terminate the FASTag services for the desired period / permanently respectively either by Paytm Customer Support or by web portal.
  26. 26. On termination of the FASTag any outstanding amount, whether or not already reflected in the statement and, the amount / charges incurred after termination, shall become forthwith due and payable by the Customer as though they had been so reflected, and interest will accrue thereon as may be applicable as per PPBL policy/process from time to time.
  27. 27. The Customer shall continue to be fully liable for PPBL for all charges incurred on the FASTag prior to termination.
  28. 28. Notice of termination or request to surrender of the FASTag shall be deemed given when a notice posted to the mailing address/email ID of the Customer, as per the records Of PPBL is received by the Customer through ordinary post/email. The Customer agrees to surrender the FASTag of PPBL, or its representative, upon being requested to do so. The Customer may not use the FASTag notice of termination has been received by him/her.
  29. 29. PPBL FASTag is valid in India only.
  30. 30. The FASTag issued by PPBL to the Customer shall be mandatorily affixed by the authorized representative of the PPBL on the vehicle of Customer with the license plate number specified by the Customer in the application. The FASTag is not transferable and only be used for the specific vehicle on which the FASTag has been affixed by the authorized representative of the Bank.
  31. 31. At the time of making the application for issuance of the FASTag, The Customer shall be required to pay a minimum amount (please see web page for information on FASTag charges – www.paytm.com/FASTag) as FASTag fee plus applicable taxes, threshold amount and also the security deposit as per the type of the vehicle with a maximum limit of Rs.1, 00,000 (Rupees One Lakh only) at any given point of time or such other limit as may be specified by the PPBL subject to Internal and Applicable regulatory and statutory guidelines.
  32. 32. The FASTag shall be activated subject to approval of application by the PPBL and a minimum amount being loaded on the FASTag by the Customer such funds shall be loaded on the FASTag after deduction of applicable charges/fees etc., payable by the Customer to PPBL for availing the FASTag.
  33. 33. Customer shall ensure to keep the FASTag safe. The Customer shall be bound to comply with these terms and conditions and all the policies stipulated by PPBL from time to time in relation to the FASTag. PPBL may, at its sole discretion, refuse to accept the application and to issue the FASTag to the Member.
  34. 34. The PPBL shall at no time be responsible for any surcharge levied and debits made at the Tolls.
  35. 35. All transaction undertaken at a participating Toll plaza shall be conclusive proof that the charge is recorded or such requisition was properly incurred for the amount by Customer using the Paytm FASTag except where the FASTag has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Customer.
  36. 36. Customer shall at no time exceed the expenditure at the toll plaza than the amount available in his wallet.
  37. 37. PPBL reserves the right to bill the Customer for any due balance in its sole discretion.
  38. 38. The Customer agrees to pay PPBL promptly for the due balance.
  39. 39. PPBL also reserves the right in its sole discretion to cancel/terminate the FASTag should the Customer create one or more due balance with the FASTag.
  40. 40. FASTag activation takes 24-48 business hours post issuance.
  41. 41. PPBL reserves unto itself the absolute discretion to decline to honor the transaction requests on the FASTag, without assigning reason thereof.
  42. 42. Customer reserves the right to cancel his/her account / wallet at any time after submitting such documents and information as may be required by the PPBL and also return the FASTags. The balance amount (if any) remaining in the related to FASTag would be returned to Customer in his Paytm Wallet
  43. 43. PPBL Customer care can be reached for any enquiries pertaining to the FASTag. Customers shall immediately inform the PPBL in case they find any irregularities or discrepancies in any transaction undertaken with the FASTag.
  44. 44. The Customer will be liable to pay PPBL, upon demand, all amounts outstanding from the Customer to PPBL.
  45. 45. The holding and use of the FASTag will incur fees which will be debited to the balance available in the Paytm Wallet Account.
  46. 46. FASTag issuance fee is non-refundable.
  47. 47. Any Government charges, duty on debits, or tax payable as a result of the FASTag shall be the Customers responsibility and if imposed upon PPBL (Either directly or indirectly), PPBL shall debit such charges, duty on tax against the balance available on the FASTag there will be separate service charges levied for such facilities as may be announced by the bank from time to time and deducted from the balance available on the FASTag. In the situation that the balance available on the FASTag is not sufficient to deduct such fees, the Bank reserves the right to deny in further transactions. The Customer also authorizes PPBL to deduct from the balance available on his Paytm Wallet to balance out the FASTag minimum threshold balance, and indemnifies the PPBL against any expenses it may occur in collecting money owed to it by the Customer in connection with the FASTag. (Including without limitation reasonable legal fees). PPBL may levy services and other charges for use of the FASTag, which will be notified by the Customer from time to time by updating this terms and conditions. The Customer authorizes to recover all charges related to the FASTag as determined by PPBL from time to time by debiting the balance available on the Paytm Wallet. Details of the applicable fees and charges as stipulated by PPBL shall be displayed on the website.
  48. 48. The Customer agrees to indemnify and keep indemnified PPBL against all and any claims, suits, liability , damages, losses , costs charges, proceedings, expenses, and actions of any nature whatsoever made or instituted against PPBL or incurred by PPBL on account of usage of the FASTag. “PPBL may, at its sole discretion, utilize the services of external service provider/’s or agent/’s and on such terms as required or necessary, in relation to its products/services
  49. 49. PPBL shall be providing copies of the Transaction slips to the Customer also transactional alerts through short messaging system message on the registered mobile number for that FASTag with the Bank.
  50. 50. The Customer hereby agrees to indemnify and hold PPBL indemnified from and against and all actions, claims, demands ,proceeding ,losses ,damages costs, charges and expenses whatsoever which the Bank may at any time incur or be put to as consequence of or by reason of or arising out of providing the FASTag to the Customer or by reason of PPBL’s act of taking / refusing / omitting to take action on the Customer instructions, and in particular arising directly or indirectly out of negligence, mistake, misconduct or dishonesty relating to any Transaction by the Customer. The Customer shall also indemnify PPBL fully without prejudice to the foregoing, PPBL shall be liability whatsoever to the Customer in respect of any loss or damage arising directly or indirectly out of any act of any third party including but not limited to the Toll plaza’s deduction of amounts from the FASTag. PPBL’s liability for any and all causes whatever exceed INR5,000/-
  51. 51. Notwithstanding anything stated under this Agreement, the aggregate liability of PPBL from any and all causes whatsoever shall not in any and all events in the aggregate exceed the sum equivalent to the preceding INR5,000/-
  52. 52. Jurisdiction – These terms shall be interpreted, construed and enforced in all respects in accordance with the laws of India without regard to any principles of conflicts of laws thereof. Both the Parties agree that the competent courts at New Delhi shall have the exclusive jurisdiction.
  53. 53. PPBL reserves the right in its absolute discretion to amend or supplement any of the terms and conditions, features and benefits offered on the FASTag including, without any limitation to changes affect interest charges or rates and methods of calculation at any time. The balance available on the FASTag shall be liable to be utilized for all charges incurred and other obligations under the revised terms and conditions. PPBL shall notify/communicate the amended terms and conditions by hosting the same on the FASTag website or any other manner decided by PPBL. The Customer shall be responsible for regularly viewing the terms and conditions, including amendments thereto as may be posted on the FASTag website and shall be deemed to have accepted the amended terms and conditions by continuing to use the FASTag.
  54. 54. Terms and Condition may change as per PPBL’s and Governments policy, for changes please refer to our webpage – https://paytm.com/fastag.
© Copyright 2017, Paytm Payments Bank
© Copyright 2017, Paytm Payments Bank