Applicability of Terms

The Customer is advised to carefully read and understand the Terms set out below prior to operating its Account offered by the Bank. By using the Bank’s Services, it shall be deemed that the Customer has accepted the Terms for availing this facility. These Terms form the contract between the Customer and the Bank and shall be construed to be in addition to and not in derogation of other terms and conditions of any other account/ service offered by the Bank and/or terms and conditions as may be specified by the Bank, subject to change from time to time as per the Applicable Law and the Bank’s internal policy review.

The Customer shall comply, in the manner set out in the Terms below, for operation of the Account and availing of the related Services. By applying for opening the Account, the Customer acknowledges and agrees that he / she has /have read, understood and accepted these Terms, as may be amended by the Bank from time to time.

Account Opening

The account opening formalities are governed by the internal policies of the Bank, and may be revised from time to time, subject to the Applicable Law. The Customer is required to submit the duly filled Account Opening Form along with the prescribed set of documents stipulated by the Bank, such as the Aadhaar number and Permanent Account Number (PAN), to the satisfaction of the Bank. The Bank reserves the right to seek additional information from the Customer, from time to time, to its satisfaction, for the purpose of undertaking KYC, or confirming eligibility for offering any product or Service. The Customer agrees that the Account shall be opened / activated, subject to submission of requisite documents and completion of the authentication and verification process and formalities as per the Bank's policy.

Please note that the mere acceptance of AOF/ initial deposit by the Bank cannot be construed as opening of the Account by the Bank. The Bank reserves the right to not open an Account if in its opinion, the supporting documentation is not satisfactory or inadequate as per the KYC guidelines of the Bank, the verification of Customer details has failed or for any other reason which the Bank may deem fit. In the event the Account is not opened, the Bank will not be liable to pay any interest on the amount of initial deposit and the initial deposit will be refunded to the Customer through electronic means only.

The account number allotted to the Account shall be in freeze status to avoid any unauthorized transactions till the activation of the Account. Please note that in case the Bank is unable to fulfil its KYC requirements, no Account shall be opened and the Customer shall not be permitted to commence any Service or initiate any transaction.

Please note that this Account shall not be opened for business purposes.

• The Customer understands that the information submitted to the Bank will not be used for any unlawful purpose or any purpose other than mentioned above, or as required by applicable law.
• The Customer agrees that the personal identity information shall not be shared, published, displayed or posted publicly by the Bank, except as may be required in terms of applicable Law.
• In terms of undertaking KYC for the purpose of opening the Account, the Customer expressly agrees and authorises the Bank to upload its KYC information onto the Central KYC Registry (CERSAI), in accordance with the Applicable Law. The Bank shall be responsible to ensure the confidentiality and security of such information in its possession. Please note that this Account shall not be opened for business purposes.

In terms of undertaking KYC for the purpose of opening the Account, the Customer expressly agrees and authorises the Bank to upload its KYC information onto the Central KYC Registry (CERSAI), in accordance with the Applicable Law. The Bank shall be responsible to ensure the confidentiality and security of such information in its possession.

Services

All Services available to the Customer are provided on the Website/ Mobile App or the NSDL Payments Bank Customer Care Centre. These Services will be provided to the Customer on a best effort basis, subject to verification of all documentation submitted by the Customer and specific terms and conditions for the Service availed.

Please note that the Bank shall not issue any credit card to the Customer.

Operating Accounts

All the Accounts maintained in the name of an individual shall be operated singly by the individual itself or through the Power of Attorney holder of such individual. The Bank may send statements of Account, balance confirmation certificate, and such other items relevant or pertaining to the Account, from time to time to the Customer. It is incumbent upon the Customer to intimate change in mailing address, if any, to the Bank immediately. The Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the above items arising out of non-intimation of change in mailing address.

The Customer shall be responsible for maintaining an Average Monthly Balance (“AMB”) for the month. Failure to maintain the prescribed AMB may attract service charges, provided the Account is not an inoperative account, and only after the Bank has provided one month's notice to the Customer for failure to maintain AMB. In such case, the Bank will inform the Customer by SMS/ email/ letter etc. that in the event the AMB is not restored in the Account within a month from the date of notice, penal charges will be levied on the Customer, in terms of the schedule of charges.

Further, any change in the prescribed AMB and/ or the service charges levied in case of non-maintenance of such AMB will be informed to the Customer one month prior to implementing the change.

The Customers are expected to provide PAN number or any other document as may be prescribed by tax authorities from time to time for opening the Account, etc. in accordance with the provisions of Rules 114B to 114D of the Income Tax Rules, 1962 and compliance thereof.

Foreign Inward and Remittance certificate

The Bank shall not accept any direct deposits from Non-Resident Indians, other than inward remittances into an Account in the ordinary course. On any remittance received from outside India in any Account, the Customer will, without any notice from the Bank, state the reason/purpose for the same to the Bank within 7 (seven) days of the remittance being credited into the Account, with such proof or evidence as may be required by the Bank, failing which the Bank is not obliged to issue the Foreign Inward remittance certificate (FIRC) or issue, at its sole discretion but without any obligation, the FIRC with such reason/purpose for remittance as deemed appropriate by the Bank.

Transactions

Any instructions to the Bank regarding the Account, (both of a financial/non-financial nature (eg: issuance of cards, updation of personal details etc.)) are required to be provided to the Bank or either through Customer Care Centre or any other authorized channel as prescribed by the bank from time. The Bank shall not execute any instructions received through unauthorised channels, but reserves the right to act upon its discretion for executing the Customer instructions. The Customer agrees that the records of the transactions maintained by the Bank shall be conclusive evidence and binding upon the Customer.

The Customer accepts that he shall be responsible for entering the correct Account details and beneficiary particulars for the transactions. The Bank shall not be liable for any erroneous transactions or loss incurred on account of the Customer's mistakes or incorrect/ incomplete details provided.

In the event of any unauthorized transaction, the Customer's entitlement on account for the loss incurred in any such unauthorized transaction will be as prescribed under the Applicable Law. In case zero or limited liability is accorded to the Customer as per Applicable Law, the Bank will credit the value as of the date of the unauthorized transaction into the Account within 10 working days from the date of notification by the Customer.

All limits applicable on transactions that may be initiated by the Customer shall be available on the Website, updated from time to time.

The Customer acknowledges that each type of transaction undertaken shall be subject to the terms and conditions available on the Website, updated from time to time.

Channel Facilities

The Customer understands and agrees that the Account will be accessible only through the digital channels as offered by the Bank and specified on the Website. All such Services and channel facilities are subject to the terms and conditions (including but not limited to the transactions and available amount limits) provided to the Customer and as stated and updated on the Website, from time to time. By availing such Services, it shall be deemed that the Customer has accepted the Terms for availing this facility.

The Customer understands the risks involved in dealing through such channels and agrees not to share any personal information (including Account ID, PIN or passwords) through any digital/ internet/ email/ phone medium. The Customer acknowledges and agrees that the Bank does not ask for any personal information over such mediums and shall not be liable for any unauthorised transactions or loss incurred on account of such disclosures by the Customer. The Customer shall be responsible to immediately notify the Bank in case of any such incident, through any authorised channel.

Digital Banking

The Customer acknowledges that NSDL Payments Bank defines Digital banking as a banking channel offered via NSDL Payments Bank mobile banking app. The Customer understands that in order to use the bank's services he/she/it will be required to download mobile banking app from Google Playstore. The Customer acknowledges all other terms and conditions as specified in the Bank's Mobile Banking terms and conditions

The Customer acknowledges that the usage of the Bank's digital banking Services is governed by the terms and conditions, in force from time to time, and as provided to the Customer and updated on the Website/mobile app. By availing these Services, it shall be deemed that the Customer has accepted the Terms for availing this facility.

The Customer acknowledges that the digital banking services offered by the Bank includes functionalities for bill payment and pre-paid recharges. The same shall however be bound by specific terms and conditions as indicated under the specific services

The Customer acknowledges and agrees not to share any personal information (including Account ID, PIN or passwords) through the digital channel. The Customer acknowledges and agrees that the Bank does not ask for any personal information over such mediums and shall not be liable for any loss due to negligence by the Customer, such as where he has shared the payment credentials. In such case, the Customer will bear the entire loss until he reports the unauthorised transaction to the Bank, within the timelines prescribed under the Applicable Law. The Customer shall be responsible to immediately notify the Bank in case of any such incident, through any digital channels prescribed by the Bank including the NSDL Payments Bank Customer Care Centre. Please note that the longer the time taken to notify the Bank, the higher will be the risk of loss to the Bank/ Customer.

It is advisable for the Customer to mandatorily register for SMS and email alerts, for digital banking transactions.

The Bank shall however not be liable to customer or any third party for losses, damages or expenses arising from

• Non-delivery, delayed delivery or wrong delivery of an Alert;
• Inaccurate or incomplete content of an Alert; or
• Use or reliance by the customer on the contents of an Alert for any purpose, including investment and business purposes.

Virtual Debit Cards

The customer agrees to the following Terms related to the Virtual Debit Card:

• The virtual debit card shall not be issued or dispatched to the Customer on an unsolicited basis, rather the Customer shall expressly opt for this Service.
• The debit card shall be used in accordance with the Applicable Law, specifically the Foreign Exchange Management Act, 1999 and the rules and regulations framed thereunder.
• The Customer shall immediately notify the Bank (through any authorized channel or the NSDL Payments Bank Customer Care Centre) in case of any loss or theft or copying of the card; or any unauthorized transaction and any error or irregularity in maintaining the Account by the Bank.
• The Bank shall not be held liable in case of any loss incurred on account of any loss, theft or unauthorized use of the debit card or technical breakdown of the payment system, other than in case of a system malfunction directly within the Bank’s control or on account of any breach of security or failure of the security mechanism on part of the Bank. The Bank shall not be liable for any loss caused by a technical breakdown of the payment system if the breakdown was otherwise known to the Customer.
• The fees and charges applicable for the debit card Services shall be subject to the type of the debit card (i.e. Classic or Platinum debit card) and shall be specified in the Most Important Terms and Conditions or schedule of charges available on the Website.
• Upon usage of the debit card, the Account shall be debited within [3] days from the date of transaction.
• The debit card availed by the Customer shall be valid for only 5 years, subsequent to which the Bank shall undertake a renewal process, including submission of KYC or additional documents, subject to consent of the Customer.
• The Bank does not seek or reach out to the Customer for any information related to his PIN, password, OTP or CVV details of the debit card. The Customer shall not disclose such details to any person, and shall take all appropriate steps to keep the debit card and its details safe. The Customer shall not record the PIN or CVV, in any form that may be accessible by any third party.
• The Bank shall notify the Customer in case of any changes to the Terms applicable to debit cards, 30 days prior to implementing any changes. Upon such notification, the Customer may surrender the debit card. In case no response is received from the Customer within 30 days, the amended Terms shall be applicable to the Customer and the Customer shall be deemed to have accepted the same.
• The Bank shall not share any information relating to the debit card or the Customer, without the specific consent of the Customer.

Safe Keep of Virtual Debit Card and Passwords

The Customer shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, balance confirmation certificate, Virtual debit card and CVV, user id and passwords relating to digital banking , and such other items relevant or pertaining to performance of transactions under the Account held at the Bank. The Customer shall not disclose such credentials to anyone under any circumstances. The Bank will not be held responsible in case of any fraudulent transaction occurring on account of misuse of the Account or credentials provided, subject to Applicable Law.

Inactive/ Dormant Account

The Bank may classify an Account as:

• Inactive: if there are no customer-induced transactions for 12 consecutive months in the Account;
• Inoperative/ dormant: if there are no customer-induced transactions for 24 consecutive months in the Account i.e. no customer-induced transactions for further period of 12 months after the account had become inactive.

Customer induced transactions shall mean any credit or debit transactions done at the instance of the customer in the Customer’s Account (other than crediting of periodic interest or debiting of service charges) through modes which include, but not limited to, the following:

• Transaction performed through digital banking
• Transaction performed by standing instruction, RTGS, NEFT, ECS and electronic funds transfer

The Bank may, at its sole discretion, inform the Customer in writing in case there has been no operations in its Account and ascertain the reason for the same. In the event, the Customer responds, the Bank shall continue classifying the Account as an operative account for one more year within which the Customer should operate the Account. In case the Customer does not operate during such additional period, it may then be classified as inoperative.

The Bank may in its sole discretion deny Services and/ or transaction in the Account of a Customer, which has been classified as inactive or dormant. Operation in such Account may be reactivated only after providing all required KYC documentation along with a written request to the Bank.

No charges shall be levied by the Bank for activation of such inactive/ dormant account.

Account Freezing

The Customer authorizes the Bank to freeze the Account in the following circumstances, subsequent to provision of an intimation to the Customer (except where specified otherwise):

• If it is suspected that transactions undertaken through the Account have not initiated by the Customer;
• If it is suspected that the Account is being misused as a money mule or as a channel for unauthorized money pooling or a conduit for any illegal or fraudulent activity; or
• Pursuant to any regulatory authority or enforcement agency’s request for freezing the Customer’s account (in such case, no prior intimation will be provided to the Customer).

In case the Account is frozen on account of orders by the regulatory or enforcement authorities, the Bank may continue to credit the interest to the Account on a regular basis.

Overdrawing

The Customer is responsible to ensure that sufficient balance is always available in its Account, prior to availing any product, Service or executing any banking transaction via any medium. The Bank will not be responsible if any customer induced transaction is not honoured by the Bank on account of insufficient balance. The Customer agrees that the transaction will not be executed, in case of insufficient balance in the Account.

Recovery

If no funds are available in the Account to pay the applicable fees/charges or penalties for the Account or Services availed, the Customer authorizes the Bank to set off any available credit, including amounts flowing into the Account from any collection proceeds or deposits lying in the Account.

Charges / Fees

Charges in connection with the operation of the Account and the Services would be levied at the rates as defined in the Most Important Terms and Conditions or the Schedule of Fees & Charges of the Bank, in accordance with the Applicable Law, and as updated on the Website from time to time. The applicable taxes will be levied over the charges and fees for the Account and Services availed by the Customer. These charges will be debited to the Account at defined intervals as may be deemed fit by the Bank.

The Customer agrees to avail the Services at the fees and charges specified in the Most Important Terms and Conditions or the Schedule of Fees & Charges of the Bank, as updated on the Website from time to time.

The Bank will also have the right to set-off the service charges, charges for failure to execute transactions, charges for non-maintenance of AQB or any wrong credit or late returns reported by the correspondent bank /counter party by debiting the Account, without requirement of providing further notice or seeking additional consent / authorisation. In case of any shortfall in the Account or in the event of closure of the Account, the Customer shall be liable to pay the amount outstanding on account of charges / interest or otherwise to the Bank, forthwith, without demur or protest. The Bank, at its sole discretion, may levy service charges for the facilities provided by the Bank, in parts subject to maximum limit/s as decided by the Bank from time to time.

The Customer agrees and confirms that in the event any of the Services in connection with the Account are or become liable to tax under the Applicable Law, the Customer shall bear all the taxes or duties (by whatever name called) in connection with such Services and the Bank is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent / authorisation.

In the event of occurrence of any of the above events, the Customer shall receive the balance amount, net of all deductions made as per the Terms hereof. The Customer shall be intimated at the last registered address provided by the Customer and required to collect all such amounts, from the Bank; in case the Customer does not collect the amounts within the time period stipulated by the Bank in the communication sent to him / her as above, then the Bank shall send the amounts at the last known registered address of the Customer and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Customer or any losses or damages incurred by the Customer as a consequence thereof.

Holiday Processing

Any transactions on any Sunday or any bank holiday applicable for the respective geographical jurisdiction, in terms of Section 25 of the Negotiable Instruments Act, 1881, may be shown in the Account, at the sole discretion of the Bank, as having taken place on the same or subsequent business day of the Bank. All deductions/accretions on such amount shall be deducted/accrued as of such day. The Bank shall not be responsible for any loss of interest or liability incurred/suffered by the Customer including but not limited, loss of interest arising due to such transaction being not shown on the day the same actually occurred.

Statement of Account

The Bank has provision for both email and physical statements of account. The Bank offers, free of cost, to the Customers who are individuals a monthly e-mail statement of Account sent to the Customer's registered email id as per Bank's records, and in case registered e-mail id is not available, a physical Quarterly statement of Account may be couriered to the Customer on specific customer request on at the registered communication address as per Bank's records at costs recoverable from the Customer. Unless disputed by the Customer within fourteen (14) days of mailing of the statement of Account of Customers, for any discrepancy/ error, the same shall be deemed to be accepted by the Customer and the Bank will not be liable for any loss to the Customer due to discrepancies/ errors pointed out/ communicated to the Bank after expiry of 14 days. The Bank reserves the right to rectify discrepancies in the statement of Account, if any, on its own at any point of time.

The Bank shall not be responsible for statements of Account lost in mail/post. The Customer shall be required to contact the Bank promptly if the statement of Account is not received and request for a duplicate statement of Account, if required. At the request of the Customer, the statement of Account may be sent to the Customer's e-mail address. Customers are required to verify the authenticity of the emails received by them and the Bank shall not be liable in the event any statement of Account is received by the Customer's from fraudulent persons / imposters. The Bank shall not be liable in the event of any defects or failure in the computer system / network of the Customer on account of receipt of email/s by the Customer from the Bank.

Duplicate statement of Account shall be issued at the request of the Customer for a fee, as intimated by the Bank, from time to time. Ordinarily, duplicate statement of Account shall be issued only for a period not exceeding 36 months prior to date of request.

The Bank shall not be responsible for statements of Account lost in mail/post. The Customer shall be required to contact the Bank promptly if the statement of Account is not received and request for a duplicate statement of Account, if required. At the request of the Customer, the statement of Account may be sent to the Customer’s e-mail address. Customers are required to verify the authenticity of the emails received by them and the Bank shall not be liable in the event any statement of Account is received by the Customer’s from fraudulent persons / imposters.

The Bank shall not be liable in the event of any defects or failure in the computer system / network of the Customer on account of receipt of email/s by the Customer from the Bank. Duplicate statement of Account shall be issued at the request of the Customer for a fee, as intimated by the Bank, from time to time. Ordinarily, duplicate statement of Account shall be issued only for a period not exceeding 36 months prior to date of request.

Payment of Interest

Interest is calculated on a daily basis on the daily closing balance in the Account at the rate in force in accordance with the Applicable Law and Bank interest rate applicable for savings account from time to time, as indicated in the Schedule of Fees, Charges & Services as updated on the website. The interest amount calculated is rounded off to the nearest rupee. The accrued interest will be paid on a Quarterly basis on the last date of the Quarter, subject to deduction of applicable taxes.

The Customer understands and agrees that the applicable interest payable on the Account and other Services are available on the Website, revised from time to time, and has been made aware of the same.

In case of any change/discontinuation of Fees, Charges & Services, the same will be intimated to the Customer at least 30 days in advance through letter/SMS/ email or the Website.

Death or Incompetency

In case where the sole Account holder dies or is declared incompetent, the balance in the Account will be processed only to the registered nominee. Where the nominee is not appointed /assigned, the Bank will consider it on a case to case basis and the balance lying in the Account will be processed only to the legal heir(s) or court nominated individual, as the case may be.

Nomination

Nomination facility is available for the Account in the name of individuals and cannot be obtained for accounts held in representative capacity. Only one nominee is permissible for an Account and the nomination is to be made by the Customer, in the manner prescribed under Applicable Law. In case the Customer does not wish to nominate any person at the time of Account opening, he/she is required to submit a letter to this effect, in the manner prescribed by the Bank.

The Customer is at liberty to change the nominee, through declaration in the appropriate form, in the manner prescribed by the Bank. The Customer should ensure that he receives an acknowledgement from the Bank for appointment/ change of nominee as per the nomination rules framed by the RBI.

The nominee has a right to receive any payment from the Bank only on the death of the sole Account holder. In case where the sole Account holder dies or is declared incompetent, the balance in the Account will be processed only to the registered nominee. Where the nominee is not appointed/assigned, the Bank will consider it on a case to case basis and the balance lying in the Account will be processed only to the legal heir(s) or court nominated individual, as the case may be.

Change of Terms

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time. The Customer understands and agrees that the Bank may amend the above Terms at any time and such amended Terms will thereupon apply and bind the Customer.

The Bank may communicate the amended Terms by hosting the same on the Website or in any other manner as decided by the Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.

Non-Transferability

The Account and the Services provided, and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer, its successors and permitted assigns are bound by these Terms.

The Bank reserves the right to transfer, assign or sell all its rights, benefits or obligations to any person or third party, in whole or part and in such manner and on such terms as the Bank may decide. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

Notices

Notices in respect of the Account, the Services and facilities in connection with the Account may be given to the Customer by the Bank either through email at the Customer’s registered e-mail address or posting a letter to the Customer’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.

All notices in connection with the Services or the Account addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Electronic Transactions

The Customer agrees to adhere to and comply with all such Terms as the Bank may prescribe in relation to digital banking , etc., from time to time, and hereby agrees and confirms that all transactions / Services effected by or through facilities for conducting remote transactions including the Website, NSDL Payments Bank Customer Care Centre, World Wide Web, electronic data interchange, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of the Bank, for and in respect of the Account, or the Bank's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the Bank's Terms for such facilities, as may be prescribed from time to time.

The Customer will be required to register for SMS and e-mail alerts, for electronic banking transactions, in the manner prescribed by the Bank.

In the event of any unauthorised transaction, the Customer’s entitlement to liability for the loss occurring on account of any such unauthorised transaction will be as prescribed under the Applicable Law. In case zero or limited liability is accorded to the Customer as per Applicable Law, the Bank will credit the value as of the date of the unauthorised transaction into the Account within 10 working days from the date of notification by the Customer.

Treatment of Customer Balances exceeding INR 100,000

As per the Applicable Law, the aggregate Customer balance across all deposit accounts including wallet, savings and or current account, cannot exceed INR 100,000 at the end of the day, or any such limit as may be prescribed by the RBI from time to time. This does not include any security/ earnest money deposit collected during the course of the banking relationship.

The Bank may enter into an arrangement with any other scheduled commercial bank/ small finance bank (“Partner Bank”) to sweep any excess amount, exceeding the prescribed threshold, into a savings account [or fixed deposit] maintained by the Customer at that Partner Bank. The Customer provides its consent for the Bank to enter into such an arrangement for sweeping its excess balance. The Customer also understands and acknowledges that the rate of interest/ return applicable on the excess amount will be as per the terms and conditions of the Partner Bank [or mutual fund].

The Customer understands that the Bank shall not have any right to operate or have real-time access to the funds lying in the Partner Bank. Accordingly, the Bank shall have no authorisation to initiate any debit transaction in the Partner Bank account, under a power of attorney or consent of the Customer.

CKYC

I agree and permit bank to upload or retrieve data to or from CERSAI (CKYC) on the basis of Identification numbers of KYC document provided at the time of on-boarding with the bank. I understand that NSDL Payments Bank shall ensure security and confidentiality of the data for the said process.

Non-Transferability:

The Account and the Services provided, and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer, its successors and permitted assigns are bound by these Terms.

Additional Information:

I hereby, consent to sharing the information as has been provided by me in this form. I also understand all relevant policies including Code of Commitments to Customers and Grievance redressal policy are available at the bank website or Mobile App. I am aware that the products and services of the bank shall be provided subject to the applicable rules and regulations. I have received a digital copy of the Rules & Regulations and an acknowledgment mail/SMS from the bank for the Application and Nomination Form submitted.

I also understand and in full knowledge of the following features of the Savings account product:

• The aggregate limit in all my deposits with NSDL Payments Bank shall not exceed Rs 1,00,000 as per End of Day balance
• A credit limit of Rs 1,00,000 per day shall be applied till revisions as per the Bank process
• My virtual card shall have a daily E-Commerce transaction limit of Rs 25,000

Waiver

No failure or delay by the Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of the Bank as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.

Indemnity

Subject to the other Terms contained herein, the Customer hereby agrees that the he shall, at his own expense, indemnify, defend and hold harmless the Bank from and against any and all liability or any other loss that may occur, arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by the Customer of any of these Terms or the acts, misuse representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations, other than in case of electronic transactions involving: (a) contributory fraud/ negligence/ deficiency on part of the Bank; or (b) third party breach where the deficiency lies in the system, subject to notification from the Customer within the timelines prescribed under the Applicable Law.

The Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage (including indirect, incidental, consequential, special or exemplary damages) whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to the operation of the Account and Services provided by the Bank, any dispute or any other matter or circumstances whatsoever, subject to the Applicable Law.

The Customer shall keep the Bank indemnified at all times against, and save the Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by the Bank in resolving any dispute relating to the Customer's Account with the Bank or in enforcing the Bank's rights under or in connection with these Terms contained herein, or which may have arisen either directly or indirectly out of or in connection with the Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.

If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this clause, the Customer may be liable to pay interest (both after as well as before any judgement) on such unpaid sum from the date of payment to the actual date on which it is paid at such rate or rates as the Bank or governmental authority may from time to time stipulate.

The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her Account with the Bank and shall indemnify and keep indemnified the Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs and client basis) which may be brought against or suffered or incurred by the Bank in connection with any failure to comply with any such Applicable Law.

The indemnities as aforesaid shall continue notwithstanding the closure of the Account.

Force Majeure

The Bank shall not be liable if: (i) any transaction fails; (ii) Bank’s Services are disrupted; or (iii) the Bank is not able to perform/ delay in performance of obligations as outlined in these Terms, due to an event of ‘Force Majeure’. In the happening of any such event, the Bank’s obligation will remain suspended till such ‘Force Majeure’ condition continues.

For the purpose of these Terms, ‘Force Majeure’ event refers to events caused beyond the reasonable control of the Bank which may include but may not be limited to acts of God, fire, flood, earthquake, riot, virus attack on the Bank’s systems, communication failure, unauthorised access of Bank’s assets.

No Encumbrances

The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account(s) maintained with the Bank or any monies lying therein without the Bank's express prior written consent.

Bank's Lien and Set-Off

The Customer confirms and grants the Bank with the paramount right of set off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreements with the Customer, at its sole discretion, utilize to appropriate any moneys belonging to such Customer and lying/deposited with the Bank or due to the Bank by the Customer, towards any of the dues owned to the Bank, including any charges/fees/taxes/dues payable under these Terms.

The abovementioned rights of the Bank are without prejudice to the obligation of the Customer to pay all the dues/ charges/ fees to the Bank, as and when due and without prejudice to any other rights that the Bank may have against the Customer for recovery of outstanding dues from the Customer to the Bank.

Dispute Resolution and Governing Law

In the event the Customer has any grievances or complaint or concerns, the Customer shall at the first instance, contact the Bank’s Grievance Redressal Officer. In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006.

Any legal action, claim, dispute or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai in India and the Customer irrevocably submits itself to the jurisdiction of such courts and tribunals. The laws of India shall govern these Terms.

The Bank may, however, in its absolute discretion, commence any legal action, claim, dispute or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to submit itself to that jurisdiction.

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 the Terms or affect such provision in any other jurisdiction.

Disclosure of Information

The Bank shall maintain the confidentiality of the personal information obtained from the Customer at the time of opening the Account and shall not divulge such information for cross-selling or any other purpose in breach of the customer confidentiality obligations, in accordance with its Privacy Policy. In case of any grievance, the Customer acknowledges and understands that all relevant Bank policies are available on the Website, including the Code of Commitments to Customers and the Grievance Redressal Policy of the Bank.

The Customer hereby irrevocably authorises the Bank to disclose or share any information relating to itself, the Account or other assets held on the Customer’s behalf, as available with the Bank, as and when the Bank is required to do so, and specifically in the following instances:

• where the disclosure is required under Applicable Law or by any governmental or regulatory authority, such as RBI;
• where there is duty to the public to disclose
  or
• where the disclosure is made with the express or implied consent of the Customer.

Such information may be shared or disclosed to any entity which has the right to access such information, on a need to know basis, which may include but may not be limited to:

• the head office, affiliates or any other branches or subsidiaries of the Bank;
• the Bank’s auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank; and
• vendors, installers, maintainers or servicers of the Bank’s computer systems;
• any exchange, market, credit information bureaus (eg. CIBIL), or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of the Bank or over any transactions effected by the Customer or for the Customer's account;
• any party entitled to make such demand or request;
• any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
• any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of Services in respect of the Customer's account(s) or in connection with the operation of the Bank's business;
• any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing Services to the customers or processing transactions pertaining to the Customers’ accounts or Services; and
• to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.

The Customer hereby agrees and consents that the Bank shall be entitled, in connection with the Customer’s application for any account, facilities or Services provided by the Bank, or during the course of the Customer’s relationship with the Bank, to seek additional information pertaining to the Customer or any of his/ her/ its accounts, legal or financial position from the Customer.

The Customer undertakes to notify the Bank within 14 days of any update or change in the personal information submitted to the Bank at the time of opening the Account or availing the Services, along with the documentation proof. The Customer agrees to indemnify the Bank for any fraud, loss or damage incurred on account of provision of wrong information or failure to update the Bank in case of any change and based on which the Bank may hold the existing information as true and correct.

The Customer understands that information provided to the Bank of any nature (including personal information other than Aadhaar number or core biometric information) may be used for provision of Services or facilities, facilitation of transactions, provision of value-added services, research and analytics, verification, participating in telecommunication or electronic clearing network, as may be required in terms of Applicable Law or customary practice by the Bank.

In case the Customer wishes to revoke its consent provided for sharing of information, the Customer understands and agrees that the Services availed may not be provided thereon or may hamper the performance or provision of the same.

Closure of the Account

The Customer agrees that the Bank reserves the right to close or freeze the Account(s), after due notice to the Customer (unless indicated otherwise) for reasons which may include, but not limited to, the following:

• In case any of the documents furnished towards fulfilment and verification of KYC are found to be insufficient/ fake / forged / defective;
• To combat potential fraud, sabotage, wilful destruction, or any other force majeure reasons, where a prior notice may not be provided where it is deemed necessary to protect customer moneys;
• Under orders from any governmental authority, including court of law where a prior notice may not be provided as per regulation or law.

The Customer may request for closure of its Account at any time by giving a prior written notice of at least 14 days to the Bank. The Customer will remain responsible for all the transactions initiated or made through its Account, until the time of such termination.

Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Customer shall take steps to collect any balance amount in the Account, if any, and till such time the Customer collects such amounts, the Bank reserves the right to keep such amounts in a special office account without any interest being payable on the same. In case of any shortfall in the Account, the Customer shall be liable to pay the outstanding amount on account of charges etc. or otherwise to the Bank, forthwith.

Deposit Insurance

Each depositor (i.e. the Customer) is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of Rs. 1 lakh, for both principal and interest amount held by the Customer in the same capacity and the same right, subject to Applicable Law.

Grievance Redressal

Subject to the clause on ‘Dispute Resolution and Governing Law’, in case of any complaint, grievance or issues, the Customer may contact the Bank’s Grievance Redressal Officer at the following details:

Grievance Redressal Officer,
NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Alternatively, the Customer may contact the Bank at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Customers can call +91-22-42022100
• Email: cspb@nsdl.co.in
• Website: www.nsdlbank.com

The Bank shall endeavour to redress the Customer’s grievances within 14 days of receipt. In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006, provided it falls under the permissible grounds of complaint alleging deficiency in banking services.

FATCA DECLARATION

The Central Board of Direct Taxes has notified Rules 114F to 114H on 7th August 2015, as part of the Income-tax Rules, 1962, which require Indian financial institutions such as the Bank to seek additional personal, tax and beneficial owner information and certain certifications and documentation from all our Account holders.

In relevant cases, information will have to be reported to tax authorities/ appointed agencies/ withholding agents for the purpose of ensuring appropriate withholding from the Account or any proceeds in relation thereto. Should there be any change in any information provided by you, please ensure that you advise us promptly, i.e. within 30 days. If you have any questions about your tax residency, please contact your tax advisor. If you are a US citizen or resident or Greencard holder, please include United States in the foreign country information field along with your US Tax $ Identification Number. It is mandatory to supply a TIN or functional equivalent if the country in which you are tax resident issues such identifiers. If no TIN is yet available or has not yet been issued, please provide an explanation and attach this to the form.

Definitions

In these Terms, the following words and phrases have the meaning stated hereunder unless indicated otherwise:

“Account Opening Form/ AOF” refers to the relationship form for opening a savings account with the Bank.

“Applicable Law” shall mean any statute, law, regulation, ordinance, rule, judgment, notification, order, decree, bye-law, government approval, directive, guideline, requirement or other governmental restriction, or any similar form of decision of, or determination by, or any interpretation thereof, policy or administration, having the force of law of any of the foregoing, by any governmental authority, including the RBI, having jurisdiction over the matter in question, whether in effect as of date or thereafter.

“Bank” refers to NSDL Payments Bank, a payments bank incorporated under the Companies Act, 2013 and having its registered office at 4th Floor, ‘A’ Wing, Trade World, Kamala Mills, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.

"Customer" refers to an Indian individual above 18 years of age, as permitted by the RBI, holding and maintaining an Account with NSDL Payments Bank and who has accepted these Terms.

“KYC” refers to Know Your Customer guidelines applicable to the Bank.

“Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.

“RBI” means the Reserve Bank of India.

"Services" shall mean the services provided by the Bank in connection with the Account and more particularly as described in these Terms.

“UIDAI” means the Unique Identification Authority of India.

"Website" refers to the website owned, established and maintained by the Bank at the URL www.nsdlbank.com

Interpretation

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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 and Conditions for Immediate Payments Services (IMPS)

This document lays out the ‘Terms and Conditions’ (“Terms”) applicable to all bank accounts (the “Account(s)”) maintained with NSDL Payments Bank (“the Bank”) for the purpose of accessing the Immediate Payment Service facility (“IMPS Facility”) provided by the Bank.

These terms and conditions (“Terms”) apply to and regulate the provision of IMPS fund transfer facility provided by NSDL Payments Bank (“the Bank”). The Bank shall endeavour to provide to the Customer, IMPS Facility in accordance with the applicable guidelines, circulars and/or regulations issued by the Reserve Bank of India and/or National Payments Corporation of India from time to time (“Framework”) subject to the terms and conditions herein specified.

1. Definitions

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

1.1 "Account(s)" refers to the resident Indian savings account(s) held and maintained with the Bank, to be used for operations through the IMPS Facility.

1.2 "Customer" means the applicant/remitter availing of the IMPS Facility through his Account with the Bank.

1.3 "Payment Order" means an unconditional instruction issued by the Customer in the form, and manner prescribed by the Bank or transmitted electronically to the Bank through the Bank’s mobile application, 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 the Account of the Customer.

1.4 "IMPS" refers to the Immediate Payment Service offered by NPCI in collaboration with its member banks.

1.5 "IMPS Facility" means the Immediate Payment Service based electronic fund transfer facility provided by the Bank to its Customers through the NPCI IMPS System as per the Framework.

1.6 "NPCI" means the National Payment Corporation of India.

1.7 “NPCI IMPS System” means the switch and related equipment and software owned by NPCI to provide the IMPS based fund transfer facility including the National Financial Switch;

Words or expressions used in this form, but not specifically defined herein shall have the respective meanings assigned to them by NPCI.

2. Applicability of Terms

2.1 By applying for and accessing the IMPS Facility, the Customer accepts these Terms, which shall govern the provision of the IMPS Facility by the Bank. The Terms shall be in addition to and not in derogation of the Framework or any additional terms that may be issued by the Bank for operating the Account(s) or availing any other service, from time to time.

2.2 The Customer hereby acknowledges that the Customer has read and understood the Framework 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 IMPS System. The Customer understands and agrees that nothing in terms of availing the IMPS Facility shall be construed as creating any contractual or other rights against NPCI or any participant in the NPCI IMPS System other than the Bank. Notwithstanding anything contained herein, all terms and conditions stipulated by the Bank in connection with the Account(s), including digital banking shall continue to apply.

2.3 To avail the IMPS Facility, the Customer shall mandatorily register for the digital banking service of the Bank, available through the Website and/ or mobile application.

3. Scope of the IMPS Facility

IMPS offers an instant, 24X7, interbank electronic fund transfer service to the customers of IMPS member banks on all days of the year. The Customers can put in request for fund transfers from the digital banking channel in a secure manner. This facility is provided by NPCI through its existing National Financial Switch.

4. Rights and Obligations of the Customer

(i) The Customer shall be entitled, subject to other terms and conditions of the IMPS Facility, to issue Payment Orders for execution by the Bank.

(ii) The Payment Order shall be issued by the Customer, in the form as prescribed by the Bank, which is complete in all respects. The Customer shall be responsible for the accuracy of the particulars given in the Payment Order for IMPS Facility and shall be liable for any loss arising on account of any error in the Payment Order.

(iii) The Customer shall be bound by any Payment Order executed by the Bank if the Bank has executed the Payment Order in good faith and in compliance with the instructions given by the Customer.

(iv) The Customer shall ensure availability of sufficient funds in his Account towards the fulfilment of the Payment Order before/at the time of the execution of the Payment Order by the Bank. The Customer hereby authorizes the Bank to debit the Account of the Customer for any liability incurred by the Bank on behalf of the Customer for execution of the IMPS instruction issued by the Customer.

(v) The Customer agrees that the Payment Order shall become irrevocable when it is executed by the Bank.

(vi) The Customer agrees that he shall not be entitled to make any claim against RBI and/or NPCI in respect to the IMPS Facility.

(vii) The Customer shall provide correct beneficiary details to the Bank at the time of availing the IMPS Facility. The Customer shall be solely responsible for entering wrong beneficiary details like incorrect mobile number, incorrect account number, incorrect amount and/or IFSC code etc., which leads to the funds being transferred to an incorrect beneficiary and/or incorrect amount transferred.

5. Rights and obligations of the Bank

(i) The Bank shall execute a Payment Order issued and duly authorised by the Customer, unless: (a) the funds available in the designated Account 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; (c) the Bank has reason to believe that the Payment Order is issued to carry out an unlawful transaction or (d) the Payment Order cannot be executed under the NPCI IMPS System.

(ii) No Payment Order issued by the Customer shall be binding on the Bank until the Bank has accepted it.

(iii) The Bank shall, for execution of every Payment Order, be entitled to debit the designated Account of the Customer, with the amount of the funds to be transferred together with any charges payable (including applicable taxes) thereon as well as such other charges which NPCI may impose. The Bank reserves the right to revise charges and notify the same on the Website from time to time.

(iv) The Bank shall, upon completion of funds transfer of a Payment Order, furnish to the Customer on request by him, a duly authenticated record of the transaction.

(v) The Bank for providing the IMPS 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.(vi) Upon effecting the funds transfer, the Bank shall send an acknowledgement message (through SMS and e-mail) with details of the sender and beneficiary, to the Customer.

(vii) The Bank shall initiate a chargeback in accordance with the Framework, only upon receiving a customer complaint that the funds have not been credited to the beneficiary’s account.

The transaction limits applicable in this IMPS Facility shall be as the limits prescribed by NPCI, from time to time.

6. Instructions

6.1 The Customer is responsible for the accuracy and authenticity of the instructions provided to the Bank and the same, if in the form and manner prescribed by the Bank, shall be considered to be sufficient to operate the IMPS Facility. The Bank shall not be required to independently verify the instructions. The Bank 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.

6.2 The Bank has the right to suspend the transactions with respect to the IMPS Facility if it has reason to believe that the Customer’s instructions will lead to or expose to direct or indirect loss to the Bank or may require an indemnity from the Customer before continuing to operate the IMPS Facility.

6.3 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.

7. Fees and/ or Charges

The applicable fees and charges for enabling funds transfer through the IMPS Facility are set out under the General Schedule on Fees and Charges on the Bank’s website. The said fees and/ or charges may be in addition to any additional charges levied by NPCI on each transaction. Any change in the fees and/ or charges will be notified to the Customer by updating the fee schedule on the Bank’s website, from time to time.

8. Sharing of Information

The Customer irrevocably and unconditionally authorises the Bank to access all the Customer’s Account(s) and records for the purpose of providing the IMPS Facility. The Customer agrees that the Bank may hold and process its personal information and all other information, of any nature, concerning its Account(s) on computer or otherwise in connection with the IMPS Facility as well as for analysis, credit scoring and for marketing, cross-selling / up-selling.

The Customer hereby irrevocably authorises the Bank to disclose or share any information, as available with the Bank, as and when the Bank is required to do so, and specifically in the following instances:

(i) where the disclosure is required under applicable law or by any governmental or regulatory authority, such as RBI;
(ii) where there is duty to the public to disclose;
(iii) where interest of the Bank requires disclosure (such as for the purpose of credit review or processing application); or
(iv) where the disclosure is made with the express or implied consent of the Customer.

Such information may be shared or disclosed to any entity which has the right to access such information, on a need to know basis, which may include but may not be limited to:

• the head office, affiliates or any other branches or subsidiaries of the Bank;
• the Bank’s auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank; and
• vendors, installers, maintainers or servicers of the Bank’s computer systems;
• any exchange, market, credit information bureaus (eg. CIBIL), or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of the Bank or over any transactions effected by the Customer or for the Customer's account;
• any party entitled to make such demand or request;
• any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
• any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of Services in respect of the Customer's account(s) or in connection with the operation of the Bank's business;
• any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing the IMPS Facility to the customers or processing transactions pertaining to the Customers’ accounts or the IMPS Facility; and
• to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.

The Customer undertakes to notify the Bank within [14 days] of any update or change in the personal information submitted to the Bank at the time of availing the IMPS Facility, along with the documentation proof. The Customer agrees to indemnify the Bank for any fraud, loss or damage incurred on account of provision of wrong information or failure to update the Bank in case of any change and based on which the Bank may hold the existing information as true and correct.

In case the Customer wishes to revoke its consent provided for sharing of information, the Customer understands and agrees that the IMPS Facility related service availed may not be provided thereon or may hamper the performance or provision of the same.

9. Disclaimer of Liability

The Bank does not hold out any warranty and makes no representation about the quality of the IMPS Facility. The Customer agrees and acknowledges that the Bank shall not be liable and shall in no way be held responsible for any damages whatsoever whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the Customer and processed by the Bank, information provided or disclosed by the Bank regarding Customer’s Account(s) or any loss of any character or nature whatsoever and whether sustained by the Customer or by any other person.

While the Bank shall endeavour to promptly execute and process the fund transfer(s) as proposed to be made by the Customer, the Bank shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to loss of network connectivity, failure of operational systems or any requirement of law. The Bank 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 an IMPS transaction on account of time out transaction i.e. where no response is received from NPCI or the beneficiary bank to the transaction request, loss of network connectivity and/or where mobile number or account number of the beneficiary is incorrect. Further, the Bank 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 the Bank nor its affiliates, directors, officers and/or agents shall be liable for any unauthorized persons accessing the records or Accounts or information through the use of IMPS Facility and the Customer hereby fully indemnifies and holds the Bank, its affiliates, 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. The Bank shall under no circumstance be held liable to the Customer if (i) any funds transfer fails; (ii) Bank’s IMPS Facility related services are disrupted or not available in the desired manner or the required equipment malfunctions; or (iii) the Bank is not able to perform/ delay in performance of obligations as outlined in these Terms; or (iv) in case of any unauthorised access to the IMPS network, 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 the Bank. In the happening of any such instance as indicated above, the Bank’s obligation will remain suspended till such condition continues. Illegal or improper use of the IMPS Facility by the Customer shall render him/her liable for payment of penal charges (to be decided by the Bank) or may result in suspension of the IMPS Facility to the Customer. The Customer also agrees to indemnify the Bank harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof.

All the records of the Bank generated by the transactions arising out of the use of the IMPS 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 the Bank, at its discretion, and without further prior notice to the Customer, to monitor and record any or all communications, whether telephonic or electronic between the Customer and the Bank and any of its employees or agents.

The Bank 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 IMPS Facility.

10. Indemnity

10.1 Subject to the other Terms contained herein, the Customer agrees that it shall at its own expense, indemnify, defend and hold harmless the Bank, its directors and employees, representatives, agents, and its affiliates from and against any and all liability, claim, suit, action or other proceeding brought against the Bank, its affiliates, directors and employees, representatives or agents by a third party, to the extent that such claim, suit, action of other proceeding brought against the Bank, its affiliates, directors and employees, representatives or agents is based on or arises in connection with the use of the IMPS Facility with reference to :

(i) a violation of the Terms by the Customer;

(ii) any alterations to, or any unauthorized use of, the IMPS Facility by the Customer;

(iii) any misrepresentation or breach of representation or warranty made by the Customer contained herein;

(iv) any breach of any covenant or obligation to be performed by the Customer hereunder;

(v) non-compliance with the Framework, by the Customer.

10.2 The Customer agrees to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys’ fees and costs awarded against it or otherwise incurred by or in connection with or arising from any such claim, suit, action or proceeding attributable to any such claim. The Customer hereby agrees that under no circumstances, shall the Bank’s aggregate liability for claims relating to the IMPS Facility, whether for breach or in tort including but not limited to negligence, exceed the applicable transaction charges/fees or consideration paid by the Customer within the previous twelve (12) months for availing the IMPS Facility, excluding any amount transferred using the IMPS Facility.

11. Assignment

NSDL PAYMENTS BANK reserves the right to sell, assign, or transfer the Bank’s right and obligations under the IMPS Facility to any person of the Bank’s choice in whole or in part and in such manner and on such terms and conditions as the Bank may decide. Any such sale, assignment or transfer shall conclusively bind the Customer and all other persons. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

The IMPS Facility and the services provided therein and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer and his/its successors shall be bound by these Terms.

12. Termination

The Bank may withdraw or terminate the IMPS Facility anytime without assigning any reasons whatsoever. The Bank may suspend or terminate the IMPS Facility without prior notice if the Customer has breached any of these Terms. In such case, the Customer shall continue to remain responsible for all the transactions undertaken through the IMPS Facility till the date of termination/ suspension or withdrawal of the IMPS Facility.

Please note that the closure of the Account(s) by the Customer will automatically terminate the IMPS Facility.

13. Notices

Notices in respect of the IMPS Facility may be given to the Customer by the Bank either through email at the Customer’s registered e-mail address or posting a letter to the Customer’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.

All notices in connection with the IMPS Facility addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

Grievance Redressal Officer,
NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Alternatively, the Customer may contact the Bank at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Customers can call +91-22-42022100
• Email: cspb@nsdl.co.in
• Website: www.nsdlbank.com

The Bank shall endeavour to redress the Customer’s grievances within 10 working days of receipt (except in specific cases involving third parties where TATs as per customer compensation policy will be followed). In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006, provided it falls under the permissible grounds of complaint alleging deficiency in banking services.

15. Dispute Resolution and Governing Law

The laws of India shall govern these Terms and/or the operations in the Account(s) maintained by the Bank and usage of the NEFT Facility.

Any legal action or proceedings arising out of these Terms in relation to the NEFT Facility shall be brought in the courts or tribunals at Mumbai in India. The Bank may, however, in their absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction.

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 the Terms or affect such provision in any other jurisdiction.

16. Change of Terms

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time. The Customer understands and agrees that the Bank may amend the above Terms at any time and such amended Terms will thereupon apply and bind the Customer.

The Bank may communicate the amended Terms by hosting the same on its website or in any other manner as decided by the Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the website.

17. Bank’s Lien and Set-off

The Customer confirms and grants the Bank with the paramount right of set-off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreement/ arrangement with the Customer, at its sole discretion, utilise to appropriate any moneys belonging to the Customer and deposited with the Bank or due to the Bank, towards any charges, fees or dues payable as a result of the IMPS Facility extended to and/or used by the Customer.

18. Interpretation

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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 and Conditions for National Electronic Funds Transfer (NEFT)

This document lays out the ‘Terms and Conditions’ (“Terms”) applicable to all bank accounts (the “Account(s)”) maintained with NSDL Payments Bank (“the Bank”) for the purpose of accessing the National Electronic Funds Transfer Service (“NEFT Facility”) provided by the Bank.

The Bank shall endeavour to provide to the Customer with the NEFT Facility in accordance with the applicable legal regime as stipulated by the Reserve Bank of India, subject to the terms and conditions herein specified:

1. Definitions

In these Terms, unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them:

"Account(s)" refers to the Customer's bank account(s) maintained with the Bank, to be used for payments through the NEFT Facility.

“Beneficiary” means the person designated as such, and to whose account payment is directed to be made in a payment instruction.

"Customer" means the applicant/remitter availing of the NEFT Facility.

“Funds Transfer” means the series of transactions beginning with the issue of the sender’s payment instruction to the sending/ originating bank and completed by acceptance of payment instruction by the Beneficiary’s bank for the purpose of making payment to the Beneficiary of the instruction.

“NSDL PAYMENTS BANK”, or “the Bank”, refer to NSDL Payments Bank Limited having its registered office at 4th Floor, A wing, Trade world, Kamala Mills Compound, Lower Parel, Mumbai – 400013

"Payment Order" means an unconditional instruction issued by the Customer in the form, and manner prescribed by the Bank or transmitted electronically to the Bank to effect a funds transfer for a certain sum of money expressed in Indian rupees, to the designated account of a designated Beneficiary in India, that shall be correspondingly debited from the Account of the Customer.

"NEFT Facility" means the electronic Funds Transfer facility to facilitate an efficient, secure and expeditious system of funds transfer and clearing, through the RBI NEFT system set up for carrying out inter-bank fund transfers within India (and from India to Nepal).

“RBI” means the Reserve Bank of India.

“Security Procedure” means the set of procedural guidelines prescribed by the RBI for the purpose of: (i) verifying that a payment instruction, a communication authorising a payment instruction is authorised by the person from whom it purports to be authorised; and (ii) detecting error in the transmission or the content of a payment instruction or communication.

Words or expressions used in these Terms, but not specifically defined herein shall have the respective meanings assigned to them by the Bank or the RBI from time to time.

2. Applicability of Terms

Each Customer desirous of availing the use of the NEFT Facility, shall submit to the Bank a duly completed and signed account opening form, in such form, manner and substance as the Bank may prescribe, and the Bank shall be entitled, at its sole discretion, to accept or reject such account opening applications.

By applying for accessing the NEFT Facility, the Customer accepts these Terms, which shall govern the provision of the NEFT Facility by the Bank. The Terms shall be in addition to and not in derogation of the applicable law and any other terms and conditions stipulated by the Bank from time to time. The Customer hereby acknowledges that he/she has read and understood the applicable law, including the National Electronic Funds Transfer (NEFT) System Procedural Guidelines, 2011, 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 him/it, with regard to every Payment Order issued by him/it . The Customer understands and agrees that availing the NEFT Facility shall not be construed as creating any contractual or other rights against the RBI or any participant in the NEFT System other than the Bank.

Notwithstanding anything contained herein, all terms and conditions stipulated by the Bank in connection with the Account and any other services availed by the Bank shall continue to apply.

3. Scope of the NEFT Facility

NEFT facilitates inter-bank electronic Fund Transfer between banks as indicated by the RBI. As per the RBI settlement cycles in NEFT system, there would be twenty three half-hourly settlements starting from 8:00 am to 7:00 pm IST on all working days of the week (except 2nd and 4th Saturday of the month). There are no settlement cycles undertaken on Sundays and 2nd and 4th Saturdays of the month, hence no transactions will be processed on these days.

The Bank will have its own cut -off time for accepting NEFT transactions on the website, from time to time.

4. Rights and Obligations of the Customer

4.1 The Customer shall be entitled, subject to applicable law and any other terms and conditions prescribed therein, to issue Payment Orders for the purpose of executing Funds Transfer by the Bank.

4.2 The Payment Order shall be issued by the Customer, in the form and manner as prescribed, which is complete in all respects. The Customer shall be responsible for the accuracy of the particulars given in the Payment Order for the Funds Transfer request and shall indemnify the Bank against any loss arising on account of any error in the Payment Order.

4.3 The Customer shall be bound by any Payment Order executed by the Bank if the Bank has executed the Payment Order in good faith and in compliance with the Security Procedures, unless the Customer proves to the satisfaction of the Bank that the Customer did not issue instructions for the Payment Order and that it may have been caused either by negligence or a fraudulent act of any employee of the Bank.

4.4 The Customer shall ensure availability of sufficient funds in his/her Account towards the execution of the Payment Order before/at the time of the execution of the Payment Order by the Bank. In case the Bank executes the Payment Order without sufficient funds being present in the Account of the Customer, the Customer shall be bound to pay the Bank the amount debited to his Account, pursuant to the Payment Order, together with any fees and/ or charges.

4.5 The Customer agrees that the Payment Order shall become irrevocable when it is executed by the Bank. Any revocation, after the Payment Order is executed by the Bank shall not be binding on any other party in the NEFT system.

4.7 The Customer agrees that in the event of any delay in the completion of the Funds Transfer or any loss on account of error, negligence or fraud on the part of an employee of the beneficiary bank in the completion of the Funds Transfer pursuant to the Payment Order , the beneficiary bank's liability shall be limited to the extent of payment of penal interest at the current RBI LAF Repo Rate plus two percent for the period of delay, without waiting for a specific claim to be lodged by the Customer in this regard. In the event of delay in return of funds, for any reason whatsoever, the beneficiary bank shall refund the amount together with interest (at current RBI LAF Repo Rate plus two percent) till the date of refund, without waiting for a specific claim to be lodged by the Customer in this regard.

4.8 The Customer agrees that the Bank shall not be entitled to bind any other participants in the NEFT System with any special circumstances attached to any Payment Order executed under the NEFT Facility and under no circumstances shall the Customer be entitled to claim any compensation in excess of that which is provided in clause above, for any breach of contract or otherwise.

4.9 The Bank shall have the sole discretion to decide on the cut-off time for transmitting the settlement instructions. Payment Orders received after cut-off time or on a day other than a working day shall be executed on the next working day during the settlement hours. The Bank or the RBI shall not be liable, in any manner whatsoever, to the Customer for such delay.

4.10 In the event of a holiday at the Beneficiary’s bank branch, the credit may be effected at commencement of business on the next working day. The Bank or the RBI shall not be liable, in any manner whatsoever, to the Customer for such delay.

4.11 In case of payments towards credit card dues, customers are required to furnish the credit card number as the Beneficiary’s account number and the IFSC of the branch responsible for handing these card bill payments.

5. Rights and obligations of the Bank

5.1 The Bank shall execute a Payment Order issued and duly authorized by the Customer, after due verification with reference to the Security Procedures for its authenticity, unless: (a) the funds available in the Account of the Customer are not adequate or funds are not properly applicable/available to comply with the Payment Order and the Customer has not made any other arrangement to meet the payment obligation, (b) the Payment Order is incomplete or it is not issued in the agreed form, (c) the Payment Order cannot be executed on account of court order/ attachment etc., (d) the Bank has reason to believe that the Payment Order is issued to carry out an unlawful transaction, (e) the Payment Order cannot be executed under the RBI NEFT System.

5.2 No Payment Order issued by the Customer shall be binding on the Bank until the Bank has accepted it.

5.3 The Bank shall, upon execution of every Payment Order executed by it, be entitled to debit the designated Account of the Customer, the amount of the funds transferred together with charges payable thereon, whether or not such Account has sufficient balance.

5.4 The Bank shall endeavour to put through the Payment Order, preferably in the next available batch, but in any case, not exceeding 2 hours from the time of receipt of the Payment Order. If the Funds Transfer is not complete before end of the particular NEFT batch timing, the Bank may advise the Customer.

5.5 The Bank shall, upon completion of Funds Transfer of a Payment Order, furnish to the Customer on request by him, a duly authenticated record of the transaction.

5.6 Upon effecting the Funds Transfer and successful credit to the Beneficiary’s account, the Bank shall send a credit acknowledgment message to the Customer (through SMS or e-mail) advising of the credit while also mentioning the date and time of the credit. In case the Beneficiary fails to receive payment for some valid reason, the Customer shall be immediately informed once the Bank received the returned NEFT followed by a credit of the Account.

5.7 If the Beneficiary specified in the Payment Order fails to get the payment through the NEFT system for some valid reason, the Bank shall inform the Customer. The Bank shall, thereafter, credit the Account of the Customer and reflect the same in the statement of account of the Customer.

5.8 The Bank shall not execute a Payment Order without complying with the Security Procedures, as prescribed by the RBI.

5.9 No Payment Order shall be accepted for execution in the NEFT system, if the Beneficiary’s bank is not a participating bank or institution in the NEFT system.

5.10 The Bank shall be responsible for the accuracy of the transaction as furnished / originated by the Customer.

5.11 In its capacity as a beneficiary bank, the Bank shall ensure:

(a) that the payment instruction for crediting the Customer’s Account, is executed within 2 hours of the batch settlement on working days, unless: (i) the Bank has no such account number as mentioned in the payment instruction; (ii) the Bank is bound by any Customer instructions to not give or receive any credit in the account; or (iii) no credit could be afforded to the Customer's Account for any other reasons. In such case, the Bank may reject a payment instruction based on one or more of the grounds mentioned above.

(b) in the above case, the Bank shall return the funds and the reasons for the return as per the NEFT procedure.

(c) that in case of any delay, the Bank is liable to pay penalty (at the rate of RBI LAF Repo rate plus two percent), wherein the penal interest shall be paid even if no claim is lodged by the customer to that effect.

(d) that after crediting the Account of the Customer, the Bank shall advise the Customer of the funds received along with indication of the source of funds in the Customer’s statement of account.

6. Instructions

The Customer is responsible for the accuracy and authenticity of the instructions provided to the Bank and the same shall be considered to be sufficient to operate the NEFT Facility. The Bank shall not be required to independently verify the instructions, including the Payment Order. The Bank has no liability if it does not or is unable to stop or prevent the implementation of any initial instruction subsequently revoked by the Customer. Where the Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the Customer before acting on any instruction of the Customer or act upon any such instruction as it thinks fit.

] The Bank has the right to suspend the operations through the NEFT Facility if it has reason to believe that the Customer’s instructions will lead to or expose to direct or indirect loss to the Bank or may require an indemnity from the Customer before continuing to operate the NEFT 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.

There is no limit (either minimum or maximum) on the amount of funds that can be transferred through the NEFT Facility. However, the maximum amount per Funds Transfer is limited to INR 50,000 for cash-based remittances within India.

7. Fees and Charges

The applicable fees and charges for enabling Funds Transfer through the NEFT Facility are set out under the General Schedule on Fees and Charges on the Bank’s website. The said fees and/ or charges may be in addition to any additional charges levied by the RBI on each transaction. Any change in the fees and/ or charges will be notified to the Customer by updating the fee schedule on the Bank’s website (www.nsdlbank.com), from time to time

8. Sharing of Information

The Customer irrevocably and unconditionally authorizes the Bank to access all the Customer’s Account(s) and records for the purpose of providing the NEFT Facility. The Customer agrees that the Bank may hold and process its personal information and all other information, of any nature, concerning its Payment Orders and/ or its Account(s) or the services availed by the Customer on computer or otherwise in connection with the NEFT Facility as well as for analysis, credit scoring and marketing/ cross-selling.

The Customer hereby irrevocably authorises the Bank to disclose or share any information, as available with the Bank, as and when the Bank is required to do so, and specifically in the following instances:

1. (i) where the disclosure is required under applicable law or by any governmental or regulatory authority, such as RBI;
2. (ii) where there is duty to the public to disclose;
3. (iii) where interest of the Bank requires disclosure (such as for the purpose of credit review or processing application); or
4. (iv) where the disclosure is made with the express or implied consent of the Customer.
5. Such information may be shared or disclosed to any entity which has the right to access such information, on a need to know basis, which may include but may not be limited to:

• the head office, affiliates or any other branches or subsidiaries of the Bank;
• the Bank’s auditors, professional advisers and any other person(s) under a duty of confidentiality to the Bank; and
• vendors, installers, maintainers or servicers of the Bank’s computer systems;
• any exchange, market, credit information bureaus (eg. CIBIL), or other authority or regulatory body having jurisdiction over the Bank, its head office or any other branch of the Bank or over any transactions effected by the Customer or for the Customer's account;
• any party entitled to make such demand or request;
• any person with whom the Bank contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
• any person (including any agent, contractor or third party service provider) with whom the Bank contracts or proposes to contract with regard to the provision of Services in respect of the Customer's account(s) or in connection with the operation of the Bank's business;
• any person employed with, or engaged as an agent by, the Bank or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Customers or providing the NEFT Facility to the customers or processing transactions pertaining to the Customers’ accounts or the NEFT Facility; and
• to enable the Bank to centralise or outsource its data processing and other administrative operations) to the Bank’s head office, its affiliates or third parties engaged by the Bank for any such services/operations.

The Customer undertakes to notify the Bank within 14 days of any update or change in the personal information submitted to the Bank at the time of availing the NEFT Facility, along with the documentation proof. The Customer agrees to indemnify the Bank for any fraud, loss or damage incurred on account of provision of wrong information or failure to update the Bank in case of any change and based on which the Bank may hold the existing information as true and correct.

In case the Customer wishes to revoke its consent provided for sharing of information, the Customer understands and agrees that the NEFT Facility related service availed may not be provided thereon or may hamper the performance or provision of the same.

9. Disclaimer of Liability

The Bank does not hold out any warranty and makes no representation about the quality of the NEFT Facility. The Customer agrees and acknowledges that the Bank shall not be liable and shall in no way be held responsible for any damages whatsoever, whether such damages are direct, indirect, incidental or consequential, and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the Customer and processed by the Bank, information provided or disclosed by the Bank regarding Customer’s Account(s) or any loss of any character or nature whatsoever and whether sustained by the Customer or by any other person.

While the Bank shall endeavour to execute and process the Funds Transfer as proposed to be made by the Customer promptly, the Bank 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 Bank shall not be liable for any unauthorized persons accessing the records and/or Account(s)/information through the use of NEFT Facility and the Customer hereby fully indemnifies and holds the Bank harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. The Bank shall under no circumstance be held liable to the Customer if (i) any Funds Transfer fails; (ii) Bank’s NEFT Facility related services are disrupted or not available in the desired manner; or (iii) the Bank is not able to perform/ delay in performance of obligations as outlined in these Terms, 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 the Bank. In the happening of any such instance as indicated above, the Bank’s obligation will remain suspended till such condition continues. Illegal or improper use of the NEFT Facility by the Customer shall render him/her liable for payment of penal charges (to be decided by the Bank) or may result in suspension of the NEFT Facility for the Customer. The Customer also agrees to indemnify the Bank harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof.

All the records of the Bank generated by the transactions arising out of the use of the NEFT Facility, including the time the transaction recorded shall be conclusive proof of the genuineness and accuracy of the Funds Transfer. For the protection of both the parties, and as a tool to correct misunderstandings, the Customer understands, agrees and authorizes the Bank, at its discretion, and without further prior notice to the Customer, to monitor and record any or all communications, whether telephonic or electronic, between the Customer and the Bank and any of its employees or agents.

The Bank 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 NEFT Facility.

10. Indemnity

Subject to the other Terms contained herein, the Customer agrees that it shall, at its own expense, indemnify, defend and hold harmless the Bank, its directors and employees, representatives and agents and its affiliates from and against any and all liability, claim, suit, action or other proceeding brought against the Bank, its directors and employees, representatives or agents by a third party, to the extent that such claim, suit, action of other proceeding brought against the Bank, its directors and employees, representatives or agents is based on or arises in connection with the use of the NEFT Facility with reference to:

10.1 a violation of the Terms by the Customer;

10.2 any alterations to, or any unauthorized use of the NEFT Facility by the Customer;

10.3 any misrepresentation or breach of representation or warranty made by the Customer contained herein;

10.4 any breach of any covenant or obligation to be performed by the Customer hereunder;

10.5 the Customer’s non-compliance with applicable law, including but not limited to the National Electronic Funds Transfer (NEFT) System Procedural Guidelines, 2011.

The Customer agrees to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys’ fees and costs awarded against it or otherwise incurred by or in connection with or arising from any such claim, suit, action or proceeding attributable to any such claim. [The Customer hereby agrees that under no circumstances, shall the Bank’s aggregate liability for claims relating to the NEFT Facility, whether for breach of in tort including but not limited to negligence, exceed the applicable transaction charges/fees or consideration paid by the client within the previous twelve (12) months for availing the NEFT Facility, excluding any amount transferred using the NEFT Facility.

11. Assignment

The Bank reserves the right to sell, assign, or transfer it’s rights and obligations under these Terms to any person of the Bank’s choice in whole or in part and in such manner and on such terms and conditions as the Bank may decide. Any such sale, assignment, or transfer shall conclusively bind the Customer and all other persons. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

The NEFT Facility and the services provided therein and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer and his/her/its successors shall be bound by these Terms.

12. Termination

The Bank may withdraw or terminate the NEFT Facility anytime without assigning any reasons whatsoever.

The Bank may suspend or terminate the NEFT Facility without prior notice if the Customer has breached these Terms. In such case, the Customer shall continue to remain responsible for all the transactions undertaken through the NEFT Facility till the date of termination/ suspension or withdrawal of the NEFT Facility.

Please note that the closure of the Account(s) by the Customer will automatically terminate the NEFT Facility.

13. Notices

Notices in respect of the NEFT Facility may be given to the Customer by the Bank either through email at the Customer’s registered e-mail address or posting a letter to the Customer’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.

All notices in connection with the NEFT Facility addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

14. Grievance Redressal

Subject to the clause on ‘Dispute Resolution and Governing Law’, in case of any complaint, grievance or issues, the Customer may contact the Bank’s Grievance Redressal Officer at the following details:

Grievance Redressal Officer,
NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Alternatively, the Customer may contact the Bank at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Customers can call +91-22-42022100
• Email: cspb@nsdl.co.in
• Website: www.nsdlbank.com

The Bank shall endeavour to redress the Customer’s grievances within 10 working days of receipt (except in specific cases involving third parties where TATs as per customer compensation policy will be followed). In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006, provided it falls under the permissible grounds of complaint alleging deficiency in banking services.

The Customer may also contact the NEFT Help Desk (or Customer Facilitation Centre of RBI) at:

General Manager,
National Clearing Cell,
Reserve Bank of India,
Mumbai Regional Office,
Fort, Mumbai.

15. Dispute Resolution and Governing Law

The laws of India shall govern these Terms and/or the operations in the Account(s) maintained by the Bank and usage of the NEFT Facility.

Any legal action or proceedings arising out of these Terms in relation to the NEFT Facility shall be brought in the courts or tribunals at Mumbai in India. The Bank may, however, in their absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction.

16. Change of Terms

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time. The Customer understands and agrees that the Bank may amend the above Terms at any time and such amended Terms will thereupon apply and bind the Customer.

The Bank may communicate the amended Terms by hosting the same on its website or in any other manner as decided by the Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the website.

17. Bank’s Lien and Set-off

The Customer confirms and grants the Bank with the paramount right of set-off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreement/ arrangement with the Customer, at its sole discretion, utilise to appropriate any moneys belonging to the Customer and deposited with the Bank or due to the Bank, towards any charges, fees or dues payable as a result of the NEFT Facility extended to and/or used by the Customer.

18. Interpretation

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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 and Conditions for Bill Payments

This document lays out the ‘Terms and Conditions’ (“Terms”) applicable to all bank accounts (the “Account(s)”) maintained with NSDL Payments Bank (“the Bank”) for the purpose of availing bill payment service (“Service”) provided by the Bank.

1. Definitions:

In these Terms, unless the context indicates otherwise, the following words and phrases have the meaning indicated against them:

"Account(s)" refers to the account(s) of the Customer maintained with the Bank and for which the Customer seeks to avail the Service of the Bank.

“Customer” means the Account(s) holder who proposes to avail the Service under these Terms.

“NSDL PAYMENTS BANK”, or “the Bank”, refer to NSDL Payments Bank Limited having its registered office at 4th Floor, A wing, Trade world, Kamala Mills Compound, Lower Parel, Mumbai – 400013.

“RBI” means the Reserve Bank of India.

“Service” means the facility through which the Customer instructs the Bank to directly make the payment to the service provider for any utility payments, including bills, mobile/ DTH/ datacard recharge, as may be provided by the Bank from time to time. [Words or expressions used in these Terms, but not specifically defined herein shall have the respective meanings assigned to them by the Bank or the RBI from time to time.

2. Applicability of the Terms

Each Customer desirous of availing the Service, shall submit to the Bank a duly completed and signed application form indicating the nature of bill payment, in such form, manner and substance as the Bank may prescribe, and the Bank shall be entitled, at its sole discretion, to accept or reject such applications.

By applying for the Service, the Customer accepts these Terms, which shall govern the provision of the Service by the Bank. The Terms shall be in addition to and not in derogation of the applicable law and any other terms and conditions stipulated by the Bank from time to time.

Notwithstanding anything contained herein, all terms and conditions stipulated by the Bank in connection with the Account, its mobile banking services and any other services availed from the Bank shall continue to apply.

3. Scope of the Service

By registering for the Facility, the Customer agrees to and authorises the Bank as follows:

• I/We agree and accept the Services provided by NSDL PAYMENTS Bank Limited at my/our request to carry out my bill payments on my/our Account, given by me/us from time to time.
• I/We agree that I/we will be responsible to provide my/our correct identification details as registered with the billing company, including the payment amount. In no case shall the Bank be held responsible for any erroneous transaction undertaken upon the Customer’s instructions. The Bank shall be entitled to rely upon all information/instructions given to the Bank from the Customer and Bank shall not be obliged to verify or make further inquiry into the identity of the sender, or the message or communication integrity or authenticity or correctness or accuracy of the information/instruction.
• I/We agree to indemnify and keep the Bank harmless from any and all action, loss and liability that the Bank may incur as a consequence of any payment undertaken due to incorrect information provided by the Customer in this regard.
• I/ We agree that any bill payment under the Service will be undertaken only upon the availability of sufficient funds in the Account. In the event sufficient funds are not available, the Bank shall not process the payment instructions and shall not make the bill payment. The Bank shall not be liable for loss, damage, whether direct or indirect, any costs, penal or otherwise, incurred by the Customer in this regard.
• I/We also agree to communicate any change in the billing company related details or identification details as registered with the billing company to the Bank within the time specified by the Bank.
• I/We have no objection whatsoever, to the billing company providing my/our billing details to the Bank.
• While the Bank will take all reasonable steps to ensure the accuracy of the billing details, the Bank shall not be liable for any error undertaken in good faith.
• I/We agree that we will make bill payments as required by the billing company. I/We will not hold the Bank responsible for the billing company rejecting the bill payment because of incorrect or incomplete entries. Refunds or rejected payments will be credited to the Account within 2 days and the Bank shall not be liable for any penalty or late charges incurred by the Customer in this regard. I/We agree that the record of the instructions given to the Bank and transactions undertaken through the mobile/ digital banking facility of the Bank shall be conclusive proof and binding for all purposes with respect to the accuracy and authenticity of the transaction.
• I/We agree that charges, if any, for the Services will be at the sole discretion of the Bank and the Bank is at liberty to vary the same from time to time, without giving any notice. The fees and charges applicable for availing this Service shall be available on the Website, and may be amended from time to time.
• The Bank shall, at its sole discretion, specify the transaction limits for each type of bill payment, from time to time and accordingly, shall not be responsible to accept any payment instructions above the stipulated transaction limits.

4. Limitation of Liability

• The Customer agrees he shall be liable in case of any breach of these Terms or non-compliance with the applicable law.
• The Bank shall not be liable for any loss incurred as a result of failure on part of the Customer:
• (a) to inform the Bank in case of any change in details of the billing company or the payment details including but not limited to the bill payment amount; or
• (b) in case of any incorrect or inaccurate details provided by the Customer and the instructions undertaken and executed by the Bank.
• The Customer acknowledges that any disputes related to the bill or its payment amount will be settled directly with the billing company and the Bank’s responsibility will be limited to the execution of the payment instruction. All activities subsequent to payment, including but not limited to processing of recharge etc, will be carried out by the billing company/ operators and the Bank shall not be held responsible for any deficiency or delay in such activity. Further, the Bank does not make any representation, warranty or undertaking in relation to any of these activities to be exclusively undertaken by the service provider/ billing company. The Customer will be responsible to confirm the usage limits of the service from the billing company directly.
• The Bank shall under no circumstance be held liable to the Customer if the Service is not available or there is any delay in the carrying out of the instructions for any reasons whatsoever 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 the Bank.
• Without limitation to the other provisions of these Terms, the Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of the Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Customer and the network of any cellular service provider and the Bank’s system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, the Bank’s system or the network of any cellular service provider and/or any third party who provides such services as is necessary to provide the Service.
• Illegal or improper use of the Service by the Customer shall render the Customer liable for payment of penal charges as decided by the Bank and / or will result in suspension of the Service to the Customer.
• Notwithstanding anything to the contrary stated herein, the Bank shall not be involved in or in any way be liable to the Customer for any dispute between the Customer and a cellular services provider or any third party service provider (whether appointed by the Bank in that behalf or otherwise).
• The Customer’s entitlement to zero liability for the loss incurred in case of unauthorised transaction undertaken through the Service shall arise only in case of:
• (a) contributory fraud/ negligence/ deficiency on the part of the Bank (irrespective whether such transaction is reported by the Customer); or
• (b) third party breach where the deficiency lies neither with the Bank nor with the Customer but lies elsewhere in the system. In this case, the Customer is required to notify the Bank within 3 working days of receiving the communication from the Bank regarding the unauthorised transaction.
• The Customer’s liability for the loss incurred in case of unauthorised transaction undertaken through the Service shall arise in case of:
• (a) negligence by Customer, such as in case where the Customer has shared payment credentials to any person. In any case of negligence, the Customer shall be responsible to bear the entire loss incurred till the time of reporting the transaction to the Bank. The Bank acknowledges that any loss incurred after reporting the transaction shall be borne by the Bank. In this regard, the Bank cautions the Customer to keep its authentication details confidential and secure to avoid any unauthorised use of the Service.
• (b) deficiency which lies neither with the Bank nor with the Customer but lies elsewhere in the system but where there has been delay (of 4 to 7 working days after receiving communication/ alert from the Bank) on part of the Customer in notifying the Bank of any such unauthorised transaction. Please note that the liability of the Customer shall be the transaction value or the amount as specified by the RBI from time to time, whichever is lower.
• However, please note that in case there is delay in reporting beyond 7 working days, the Customer shall be liable in the manner prescribed by the Bank in accordance with its policy, from time to time, and as available on the website.

5. Indemnity

Subject to these Terms, and in consideration of the Bank providing the Service, the Customer agrees to indemnify and keep the Bank safe and harmless from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or arising out in good faith for acting on or omitting or refusing to act on any instructions given by use of the Service.

The Customer holds the Bank, harmless against any loss incurred by the Customer due to failure in the network of the cellular service provider.

6. Fees

The Bank shall have the discretion to charge such fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Service. Such fees shall be notified on the Website and the Customer would be expected to apprise itself of the same and the same is binding on the Customer.

Any transactions conducted on behalf of the Customer, post such notification, shall imply the Customers acknowledgement and acceptance of the fees posted on the Website. The Customer shall be liable for payment of any additional or separate charges which may be levied by any cellular service provider in connection with the Service and the Bank shall in no way be concerned with the same.

The fees payable by the Customer is exclusive of the amount payable to any cellular service provider and the cumulative amount would be debited from the Account of the Customer. The Customer shall be required to refer to the schedule of fees put up on the Website from time to time.

7. Termination

The Bank may, at its discretion, suspend temporarily or terminate the Service, either wholly or in part, at any time without assigning any reasons whatsoever. Further, the Bank may, without prior notice, suspend or terminate the Service in case the Customer has breached these Terms. However, the Customer will remain responsible for any bill payments made through the Service until termination.

The Bank may, without prior notice, suspend the Service at any time for the purpose of carrying out any maintenance work or repair in case of any emergency or for security reasons.

Please note that the closure of the Account(s) by the Customer will automatically terminate the Service.

8. Notices

Notices in respect of the Service may be given to the Customer by the Bank either through email at the Customer’s registered e-mail address or posting a letter to the Customer’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.

All notices in connection with the Service addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

9. Grievance Redressal

Subject to the clause on ‘Dispute Resolution and Governing Law’, in case of any complaint, grievance or issues, the Customer may contact the Bank’s Grievance Redressal Officer at the following details:

Grievance Redressal Officer,
NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Alternatively, the Customer may contact the Bank at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Customers can call +91-22-42022100
• Email : cspb@nsdl.co.in
• Website : www.nsdlbank.com

The Bank shall endeavour to redress the Customer’s grievances within 14 working days of receipt (except in specific cases involving third parties where TATs as per customer compensation policy will be followed). In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006, provided it falls under the permissible grounds of complaint alleging deficiency in banking services.

10. Dispute Resolution and Governing Law

The laws of India shall govern these Terms and the operations in the Account(s) maintained by the Bank including the Service.

Any legal action or proceedings arising out of these Terms in relation to the Service shall be brought in the courts or tribunals at Mumbai in India. The Bank may, however, in their absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction.

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 the Terms or affect such provision in any other jurisdiction.

11. Assignment

The Bank reserves the right to sell, assign, or transfer it’s rights and obligations under these Terms to any person of the Bank’s choice in whole or in part and in such manner and on such terms and conditions as the Bank may decide. Any such sale, assignment, or transfer shall conclusively bind the Customer and all other persons. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

The Service and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer and his/her/its successors shall be bound by these Terms.

12. Change of Terms

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time. The Customer understands and agrees that the Bank may amend the above Terms at any time and such amended Terms will thereupon apply and bind the Customer.

The Bank may communicate the amended Terms by hosting the same on its website or in any other manner as decided by the Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the website.

13. Bank’s Lien and Set-off

The Customer confirms and grants the Bank with the paramount right of set-off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreement/ arrangement with the Customer, at its sole discretion, utilise to appropriate any moneys belonging to the Customer and deposited with the Bank or due to the Bank, towards any charges, fees or dues payable as a result of the Service extended to and/or used by the Customer.

14. Interpretation

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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.

MOST IMPORTANT TERMS AND CONDITIONS OF DEBIT CARD

This document lays out the ‘Terms and Conditions’ (“Terms”) applicable to the issuance and usage of debit cards of savings bank accounts (the “Account(s)”) maintained with NSDL Payments Bank (“NSDL Payments Bank” or “the Bank”).

Important: Please make sure you have read these Debit Card Terms and Conditions carefully, before using the NSDL Payments Bank Debit Card (“Debit Card”). By using the Debit Card you are unconditionally accepting the terms and conditions listed hereunder, and will be bound by them, and you accept the onus of ensuring compliance with the relevant guidelines and legal framework, as amended / modified / applicable from time to time and any other corresponding enactment in force from time to time. You will also continue to remain bound by the Terms and Conditions of operation of your Savings Bank Account with NSDL Payments Bank.

DEFINITIONS

1. “Account(s)”, refers to the Cardholder's savings bank account that has been designated by NSDL Payments Bank to be the eligible account(s) for the valid operation of the Debit Card.
2. “ATM” refers to Automated Teller Machine, whether in India or overseas, whether of NSDL Payments Bank, or of any other bank on a shared network, at which amongst other things, the Cardholder can use his Debit Card to access the funds in his Account(s) held with NSDL Payments Bank
3. “Card” or “Debit Card”, refers to the MasterCard / Visa / Rupay Debit Card issued by NSDL Payments Bank to a Cardholder and shall also include a “Virtual Debit Card” being an online debit card issued by NSDL Payments Bank to a Cardholder, which can only be used for online transactions like shopping, travel, recharge, transferring funds, etc.
4. “Cardholder” refers to a customer of NSDL Payments Bank to whom an NSDL Payments Bank Debit Card has been issued by NSDL Payments Bank to operate on a nominated Account(s).
5. “Transaction” means instructions given, by a Cardholder by using his Card directly or indirectly, to NSDL Payments Bank, to effect action on the Account. (Examples of transactions can be retail purchases, cash withdrawals, cash / cheque deposits, etc.).
6. “Statement” means a periodic statement of account sent by NSDL Payments Bank to a Cardholder, setting out the transactions carried out by the Cardholder(s) during the given period, and the balance in that Account. It may also include any other information that NSDL Payments Bank may deem fit to include.
7. “Merchant” or “Merchant Establishment(s)”, shall mean establishments wherever located which accept / honour the Card and shall include amongst others, stores, shops, restaurants, airline organizations etc.
8. ”POS” or “Point of Sale” terminal , refers to payment terminals whether in India or overseas, whether of NSDL Payments Bank or any other bank on the shared network, that permit the debiting of the Account(s) for purchase transactions from merchant establishments.
9. “MasterCard / Visa / Rupay” means a trademark owned by and normally associated with MasterCard / Visa / Rupay
10. “MasterCard / Visa / Rupay ATM Network” means ATMs that honour the Debit Card and that display the MasterCard / Visa / Rupay symbols.
11. “NPCI” means the National Payment Corporation of India.
12. “PIN” means the Personal Identification Number generated by the Cardholder on the mobile app of NSDL Payment Bank from time to time, in relation to the Card.
13. “RBI” refers to Reserve Bank of India.

APPLICABILITY OF TERMS

1. Each Cardholder desirous to avail the debit card services of the Bank, shall submit to the Bank a duly completed and signed application form in such form, manner and substance as the Bank may prescribe, and the Bank shall be entitled, at its sole discretion, to accept or reject such application. Please note that the Card shall not be issued or dispatched to the Cardholder on an unsolicited basis, rather the Cardholder shall expressly opt for this service.
2. Upon acceptance of the application form and provision of the Card, the Cardholder shall be deemed to have unconditionally accepted these Terms either by acknowledging receipt of the Card, or by signing the reverse side of the Card or by undertaking any transaction using the Card or by using the Card at any point of sale (“POS”) terminal or if [10 days] have elapsed since the dispatch of the Card to the registered mailing address of the Cardholder.
3. The Terms are in addition to and not in derogation of the applicable law, and any terms and conditions applicable to the Account or any other services availed by the Cardholder in relation to his Account. Notwithstanding anything contained herein, all terms and conditions stipulated by the Bank in connection with the Account, and any other services availed from the Bank shall continue to apply.

CARD VALIDITY AND CARDHOLDER OBLIGATIONS

1. The issue and use of the Card shall be subject to the rules and regulations in force from time to time, including but not limited to, the guidelines, circulars, notifications, etc. as issued by the Reserve Bank of India.
2. The Card shall be valid only for transaction options, as permitted by the Bank from time to time in India and abroad, ATMs of other banks, which are members of the MasterCard / Visa / Rupay ATM network and MasterCard / Visa / Rupay Point-of-Sale swipe terminals at Merchant Establishments.
3. The Card shall have a daily e-commerce transaction limit of Rs. 25,000 which may be revised by the Bank, at its sole discretion, from time to time.
4. The Card is and will be at all times the property of NSDL Payments Bank, and shall be returned to NSDL Payments Bank unconditionally and immediately upon NSDL Payments Bank’s request. The Cardholder is requested to ensure that the identity of the Bank officer is established before handing over the Card.
5. The Debit Card is not transferrable or assignable by the Cardholder under any circumstance.
6. The Cardholder must sign the Card immediately upon receipt. The Cardholder must not permit any other person to use it and should safeguard the Card from misuse by retaining the Card under his/her personal control at all times.
7. The Cardholder's account will be debited immediately with the amount of any withdrawal, transfer, and other transactions effected by the use of the Card. The Cardholder should maintain sufficient funds in the Account to meet any such transactions.
8. The Bank does not seek or reach out to the Customer for any information related to his PIN, password, OTP, MPIN or CVV details of the debit card. The Customer shall not disclose such details to any person, and shall take all appropriate steps to keep the debit card and its details safe. The Customer shall not record the PIN or CVV, in any form that may be accessible by any third party.
9. The Cardholder shall not be entitled to overdraw the Account(s) with NSDL Payments Bank, or withdraw funds by use of the Debit Card in excess of any agreed overdraft limit.
10. The Cardholder will be responsible for transactions effected by use of the Card, whether authorised by the Cardholder or not, and shall indemnify NSDL Payments Bank against any loss or damage caused by any unauthorised use of the Card or related PIN, where liability would lie on the customer in terms of the applicable guidelines of RBI and the Bank’s Customer Compensation policy (available on the website; link: www.rbi.org.in), including any penal action arising therefrom on account of any violation of RBI guidelines or rules framed under the Foreign Exchange Management Act 1999 or any other law being in force in India and / or any other country / state / continent / territory wherever located in the world at the time, notwithstanding the termination of this agreement. Debit Card usage is also prohibited for overseas forex trading through electronic / Internet trading portals.
11. The Debit Card shall be valid for a period of 5 years. NSDL Payment Bank reserves the right to renew the Debit Card up to 1 month before the expiry of the Card, at its sole discretion and upon evaluation of the conduct of your account. NSDL Payments Bank also reserves the sole right to debit any renewal charges to your account.
12. The Cardholder will inform NSDL Payments Bank in writing within 15 days from the Statement date, of any irregularities or discrepancies that exist in relation to the Transaction details mentioned in the Statement sent by NSDL Payments Bank. If no such notice is received during this time, NSDL Payments Bank will assume the correctness of both the transaction and the Statement of Account.

FEATURES OF THE DEBIT CARD

The Bank may, from time to time, at its discretion, tie-up with various agencies to offer various features on the Debit Card. The Bank does not guarantee or warrant the efficacy, efficiency, usefulness of any of the products or services offered, by any service providers / Merchants / outlets / agencies. Disputes (if any) would have to be taken up with the Merchant / agency, etc. directly, without involving the Bank.

INTERNATIONAL USAGE OF DEBIT CARD

In case the Cardholder wishes to avail international usage of the Card, it shall be mindful of the following factors:

1. The Card can only be used for permissible current account transactions as per the regulations prescribed under the Foreign Exchange Management Act, 1999 (FEMA) and up to the limits permitted under the liberalised remittance scheme of the RBI.
2. The Card shall not be used for undertaking: (a) foreign currency transactions in Nepal and Bhutan or any other country as may be specified by the Bank or RBI, from time to time, or (b) transactions prohibited under the FEMA.
3. The Bank shall not be responsible with respect to any loss or damage incurred by the Cardholder, directly or indirectly, on account of decline of any transaction undertaken through the Card caused due to the Cardholder having exceeded the foreign exchange limits or entitlements prescribed by the RBI, from time to time.
4. The Cardholder agrees that the international usage of the Card may attract certain service fee stipulated by the Bank from time to time. The applicable service fee may be deducted along with the transaction amount from the Cardholder’s Account.

USAGE OF THE CARD AT ATM

1. The Card may be used at the ATM locations [of any bank] using the PIN
2. The Card shall have a daily cash withdrawal limit of Rs. 20,000.
3. The Cardholder agrees that all transactions conducted using the PIN shall be the sole responsibility of the Cardholder.
4. The Cardholder also agrees that he will be permitted to withdraw only a certain amount of cash per day, as may be determined by the Bank in accordance with applicable law. The Cardholder shall not be permitted to withdraw any cash in case of insufficient funds in his Account.

USAGE OF THE CARD AT MERCHANT ESTABLISHMENTS AND E – COMMERCE WEBSITES

1. The Card is acceptable at all Merchant Establishments in India which display the logos of the Bank / MasterCard/ Visa/ RuPay and which has a POS terminal [and all e – commerce websites which accept MasterCard/ Visa/ RuPay.]
2. For transactions at Merchant Establishments, The Cardholder must key in its PIN whenever the Card is used at a Merchant Establishment and should retain a copy of the intimation confirming the Transaction, received via email and/or sms. For transactions on e – commerce websites, the Cardholder should provide the OTP, CVV and/or grid values printed on the back of the Card, as may be required, to complete the Transaction.
3. The Bank shall not accept any responsibility for any dealings that the Cardholder may have with the Merchant or e – commerce website, including but not limited to the supply of goods and services. Such transactions should be resolved by the Cardholder with the Merchant Establishment or e – commerce website, as the case maybe, and failure to do so will not relieve him from any obligations to the Bank. However, the Cardholder should notify the Bank immediately.
4. The Bank accepts no responsibility for any surcharge levied by any Merchant Establishment or e – commerce website and debited to the Cardholder's Account along with the Transaction amount.
5. Any charge or other payment requisition received from a Merchant Establishment or e – commerce website, by the Bank for payment, shall be conclusive proof that the charge recorded was authenticated by the Cardholder using the Card, except where the Card has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Cardholder.

PERSONAL IDENTIFICATION NUMBER (PIN)

1. The Cardholder grants express irrevocable authority to the Bank to undertake transactions and payment instructions authenticated by the PIN. The Bank has no obligation to verify the authenticity of the transaction instruction sent or purported to be sent through the Card using the Cardholder’s PIN.
2. The Cardholder accepts, represents and warrants that it is solely responsible to take all appropriate steps to keep the Card and the means (such as, PIN, OTP, etc.) safe and secure.
3. The Cardholder accepts, represents and warrants that it is shall not record the PIN in any form that would be intelligible or otherwise accessible to any third party if access is gained to such information, either honestly or dishonestly.
4. The PIN is for the personal use of the Cardholder, and is non-transferable and strictly confidential. The Cardholder shall be responsible to notify the Bank immediately after becoming aware of the following instances:

   (a) loss or theft or copying of the Card; or

   (b) recording any unauthorised/incorrect transaction on the Card.

5. The Cardholder may notify the Bank through any authorised channel such as, call centre, Websites or mobile application at the details set out below .The liability of the Bank in such cases shall be as per the terms set out in herein below.
6. The PIN should not be disclosed to any third party, either to staff of the Bank or to Merchant Establishments, under any circumstance, or by any means whether voluntary or otherwise. The Bank shall not be held liable in case of any fraudulent transactions undertaken due to any misuse of the Card by any third party. The Cardholder shall be responsible for all transactions undertaken using the Card.

FEES AND CHARGES

The annual fees for the Card will be debited to the Account linked with the Card on application/renewal at the Bank's prevailing rate. The fees are not refundable. The Cardholder shall maintain at all times such minimum balance in the Account, as NSDL Payments Bank may stipulate from time to time. NSDL Payments Bank may, at its discretion levy penal charges for non-maintenance of the minimum balance in the Account. NSDL Payments Bank 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. Any government charges, duty or debits, or tax payable as a result of the use of the Card shall be the Cardholder's responsibility and if imposed upon NSDL Payments Bank (either directly or indirectly), NSDL Payments Bank shall debit such charges, duty or tax against the Account. In addition, operators of shared networks may impose an additional charge for each use of their ATM/ POS Terminal/ other device, and any such charge along with other applicable fees/charges will be deducted from the Cardholder's Account. 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 Cardholder's Account. In the situation that the Account does not have sufficient funds to deduct such fees, the Bank reserves the right to deny any further Transactions. The Cardholder also authorizes NSDL Payments Bank to deduct from his Account, and indemnifies NSDL Payments Bank against any expenses it may incur in collecting money owed to it by the Cardholder in connection with the Card, including without limitation reasonable legal fees. In addition to the minimum balance stipulation NSDL Payments Bank may levy service and other charges for use of the Card, which will be notified to the Cardholder from time to time. In the case of transactions entered into by the Cardholder through his internationally valid Debit Card, the equivalent in the currency in which the Cardholder's Account is held, along with processing charges, conversion charges, fees if any charged as per VISA/MASTERCARD regulations, any other service charges for such transactions shall be debited to the Account linked with the Card held at NSDL Payments Bank in India. Details of the applicable fees and charges as stipulated by NSDL Payments Bank will be displayed on the website and / or at the branches. Please refer Annexure for details on the tariff applicable as on date.

DISCLOSURE OF INFORMATION

1. When requested by NSDL Payments Bank, the Cardholder shall provide any information, records or certificates relating to any matter that NSDL Payments Bank may deem necessary. The Cardholder authorises NSDL Payments Bank to verify the veracity of the information furnished by the Cardholder by whatever means or from whichever source deemed necessary. If the data is not provided, or if the same is found incorrect, NSDL Payments Bank may, at its discretion, refuse the renewal of the Card or cancel the Card forthwith.
2. The Cardholder hereby irrevocably authorises the Bank to disclose or share any information, as available with the Bank, as and when the Bank is required to do so, where the disclosure is required under applicable law or by any governmental, quasi – judicial or regulatory authority, such as RBI, or court or judicial authority of competent jurisdiction.
3. NSDL Payments Bank reserves the right to disclose, in strict confidence, to other institutions, such information concerning the Cardholder's Account or Card, as may be necessary or appropriate, in connection to its participation in any payment network to facilitate payment of transactions undertaken using the Card.
4. The Cardholder undertakes to promptly notify the Bank of any update or change in the personal information submitted to the Bank at the time of availing the Card related services, along with the documentation proof. The Cardholder agrees to indemnify the Bank for any fraud, loss or damage incurred on account of provision of wrong information or failure to update the Bank in case of any change and based on which the Bank may hold the existing information as true and correct.

LOST OR STOLEN CARD

1. In the event that the Card is lost or stolen, the occurrence must be reported to NSDL Payments Bank through any authorised channel or its Call Centre Under no circumstance should the Cardholder disclose the PIN number to any person.
2. Further, the Cardholder shall also be required to file a report with the local police and send a copy of the acknowledged police complaint to the Bank along with a written notice of the loss or theft of the Card.
3. The Cardholder shall indemnify NSDL Payments Bank fully against any liability (civil or criminal), loss, cost, expenses, or damages that may arise due to loss or misuse of the Card, in the event that it is lost and not reported to NSDL Payments Bank, or lost and misused before NSDL Payments Bank is informed as applicable under applicable guidelines of RBI
4. It must be noted that once a Card is reported to be lost or stolen, and is subsequently found, the Cardholder shall not re-use the Card but promptly block the Card. The Cardholder may apply for a replacement of the Card, which may be issued by the Bank, at its sole discretion and at applicable rates/ fees.

SURRENDER OF CARD

In the event that the Cardholder wishes to surrender its Card or terminate the Card related services, the Cardholder should immediately block the Card through Mobile app.The Cardholder shall continue to be liable for all charges incurred, up to the surrender of the Card notwithstanding the date of notice to the Bank. Further, the Cardholder will be responsible for all the Card facilities and related charges incurred on the Debit Card, after the Cardholder claims to have blocked the Card, notwithstanding the termination of the applicability of these Terms. The Cardholder will be responsible for all the charges incurred on the Debit Card, whether or not the same are a result of misuse / fraudulent use, and whether or not the Bank has been intimated of the blocking of the Card.

INSURANCE

1. The Cardholder acknowledges that the insurance benefit provided on the Card will be available as per the terms of the relevant insurance policy in force, and only in case of any misuse/ unauthorised transactions undertaken through the Card. This insurance benefit will be applicable so long as the Cardholder remains an active cardholder of NSDL Payments Bank, with the conduct of the Account being deemed satisfactory. In event the Card and / or Account facility is terminated for whatever reason, the benefit of such insurance cover shall automatically and ipso facto cease to be available, from the date of cessation of banking relationship.
2. NSDL Payments Bank does not hold any warranty and / or make representation about quality, delivery of the cover, claims processing or settlement of the claim, by NPCI in any manner whatsoever and shall not be liable in relation to any deficiency in insurance service or defect in insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise.
3. The Cardholder may be asked to submit additional documents, as per the requirements of the case.
4. For Rupay cards, the Personal Accident Insurance claims have to be intimated within 30 days, and Debit Card to be used once within 90 days (45 days for RuPay Platinum) for a valid financial / non financial transaction.
5. Further queries or assistance regarding the policy, exclusions and claim settlements, can be directed to the insurance company/NPCI.
6. The Bank reserves the right to suspend, withdraw or cancel the insurance benefit on its cards at any point in time and without assigning any reason whatsoever.

STATEMENT AND RECORDS

1. The records of Card transactions will be available on the periodic statement of Account sent by NSDL Payments Bank in connection with the Account(s) maintained with the Bank.
2. The Cardholder shall be provided with a written record of the transaction after its completion, either immediately in the form of a receipt by the Merchant and by way of an email or sms, or within a reasonable time through the Statement.
3. NSDL Payments Bank record of transactions processed by the use of the Card shall be conclusive and binding for all purposes.

LIMITATION OF LIABILITY

1. In case of any transactions undertaken at Merchant Establishments, a sales slip with the Card number noted thereon, shall be conclusive evidence between NSDL Payments Bank and the Cardholder as to the extent of the liability incurred by the Cardholder, and NSDL Payments Bank shall not be required to ensure that the Cardholder has received the goods purchased / availed of the service from the Merchant to the Cardholder's satisfaction.
2. Any disputes relating to chargeback, refund, etc. will be handled in terms of the guidelines of the relevant payment network.
3. NSDL Payments Bank accepts no responsibility for the refusal of any Merchant Establishment to honour the Card or any defect in the quality of the goods or services supplied.
4. The Bank shall be responsible for direct losses incurred by a Cardholder due to a system malfunction directly within the Bank’s control. However, the Bank shall not be held liable for any loss caused by a technical breakdown of the payment system which is beyond its reasonable control. Further, the Bank shall not be liable in case the breakdown of the payment system was recognisable for the Cardholder, by a message on the display of the device or otherwise known. The responsibility of the Bank for the non-execution or defective execution of the transaction is limited to the principal sum, and the loss of interest subject to the provisions of the law governing the Terms
5. The Bank shall not be liable for any loss incurred as a result of failure on part of the Cardholder:
• (a) to inform the Bank in case of any change in details maintained with the Bank or the payment details; or
• (b) in case of any incorrect or inaccurate details provided by the Cardholder and the instructions undertaken and executed by the Bank.
6. The Bank shall under no circumstance be held liable to the Cardholder if the service in connection with transactions undertaken through the Card is not available or there is any delay in the carrying out of the instructions for any reasons whatsoever 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 the Bank.
7. Subject to these Terms, the Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Cardholder or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of the Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Cardholder and the network of any Merchant and the Bank’s system or any breakdown, interruption, suspension or failure of the equipment of the Merchant, the Bank’s system or the network of the Bank, Merchant or/ and any third party who provides such services as is necessary to provide the services in connection with the Card.
8. Illegal or improper use of the Card by the Cardholder may result in suspension of the Card related service to the Cardholder.
9. The Cardholder agrees he shall be liable in case of any breach of these Terms or non-compliance with the applicable law.
10. The Cardholder’s entitlement to zero liability for the loss incurred in case of unauthorised transaction undertaken through the Card shall arise only in case of:
• contributory fraud/ negligence/ deficiency on the part of the Bank (irrespective whether such transaction is reported by the Cardholder); or
• third party breach where the deficiency lies neither with the Bank nor with the Cardholder but lies elsewhere in the system. In this case, the Cardholder is required to notify the Bank within 3 working days of receiving the communication from the Bank regarding the unauthorised transaction.
11. The Cardholder’s liability for the loss incurred in case of unauthorised transaction undertaken through the Card shall arise in case of:

    (a) negligence by Cardholder, such as in case where the Cardholder has shared payment credentials to any person. In any case of negligence, the Cardholder shall be responsible to bear the entire loss incurred till the time of reporting the transaction to the Bank. The Bank acknowledges that any loss incurred after reporting the transaction shall be borne by the Bank. In this regard, the Bank cautions the Cardholder to keep its authentication details confidential and secure to avoid any unauthorised use of the Card.

    (b) deficiency which lies neither with the Bank nor with the Cardholder but lies elsewhere in the system but where there has been delay (of 4 to 7 working days after receiving communication/ alert from the Bank) on part of the Cardholder in notifying the Bank of any such unauthorised transaction. Please note that the liability of the Cardholder shall be the transaction value or the amount as specified by the RBI from time to time, whichever is lower.

12. However, please note that in case there is delay in reporting beyond 7 working days, the Cardholder shall be liable in the manner prescribed by the Bank in accordance with its policy, from time to time, and as available on the website.
13. The Cardholder acknowledges and agrees that it shall be responsible to immediately notify the Bank in case of any loss/ theft/ unauthorised use of the Card. In such cases, the Cardholder shall bear the loss sustained by it up to the time of notification to the Bank in case of any loss, theft or copying of the Card but subject to any limits stipulated by the Bank, except in cases where the Cardholder has acted fraudulently, knowingly or with negligence.

INDEMNITY

The Cardholder will be liable for all the costs associated with the collection of dues, legal expenses (should it become necessary to refer the matter to any agent), or where legal resources have been utilised in the resolution of a dispute.

Subject to these Terms, and in consideration of the Bank providing the Card related service, the Cardholder agrees to indemnify and keep the Bank safe and harmless from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or arising out in good faith for acting on or omitting or refusing to act on any instructions given by use of the Card related service.

The Cardholder holds the Bank, harmless against any loss incurred by the Cardholder due to failure in the network of the cellular service provider.

GENERAL

1. The Cardholder is responsible to promptly notify NSDL Payments Bank in writing, of any change in his/her employment and / or office and / or residential address and telephone numbers.
2. NSDL Payments Bank makes no representations about the quality of the goods and services of third parties providing benefits, such as discounts to Cardholders. NSDL Payments Bank will not be responsible if the service is in any way deficient or otherwise unsatisfactory.
3. In all matters relating to the Debit Card, the decision of the Bank shall be final and binding in all respects.
4. Any person taking advantage of the Debit Card in good standing, shall be deemed to have read, understood and accepted these Terms and Conditions.

TERMINATION

1. NSDL Payments Bank may, at its discretion, cancel / withdraw the Card or suspend/ terminate the service, either wholly or in part, at any time, without prior notice and without assigning any reason. Further, the Bank may, without prior notice, cancel/ withdraw the Card or suspend / terminate the Card related service in case the Cardholder has breached these Terms or the Cardholder dies or becomes insolvent. The Bank may, without prior notice, suspend the Card related service at any time for the purpose of carrying out any maintenance work or repair in case of any emergency or for security reasons. However, in all the above cases, the Cardholder will remain responsible for all transactions undertaken through the Card until termination.
2. In the event that the Cardholder decides to close his Account with NSDL Payments Bank, the Card(s) issued with such Account, would automatically stand cancelled.
3. In case of termination of the service by the Bank for the above mentioned reasons, the Cardholder(s) must immediately cease to use his Card, and destroy and return all his / additional Cards that are linked to such Account. In case of any outstanding Card transactions that have not yet been debited from the Account, the same will be netted off from the balance prior to NSDL Payments Bank returning funds to him.

Notices in respect of the Card related service may be given to the Cardholder by the Bank either through email at the Cardholder’s registered e-mail address or posting a letter to the Cardholder’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Cardholder upon its publication on the Website.

All notices in connection with the Card related service addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

GRIEVANCE REDRESSAL

Subject to the clause on ‘Dispute Resolution and Governing Law’, in case of any complaint, grievance or issues, the Cardholder may contact the Bank’s Call Centre at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Cardholders can call the number __________
• The Grievance Redressal Officer may be contacted at:
• Name: ___________________
• Email: ___________________
• Website: ________________

The Bank shall endeavour to redress the Cardholder’s grievances within 14days of receipt. In the event the Cardholder does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Cardholder is not satisfied with the response received from the Bank, the Cardholder may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006.

DISPUTE RESOLUTION AND GOVERNING LAW

The laws of India shall govern these Terms and the operations in the Account(s) maintained by the Bank including the Card related service.

Any legal action or proceedings arising out of these Terms in relation to the Card related service shall be brought in the courts or tribunals at Mumbai in India. The Bank may, however, in their absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the Cardholder hereby consents to that jurisdiction.

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 the Terms or affect such provision in any other jurisdiction.

ASSIGNMENT

The Bank reserves the right to sell, assign, or transfer its rights and obligations under these Terms to any person of the Bank’s choice in whole or in part and in such manner and on such terms and conditions as the Bank may decide. Any such sale, assignment, or transfer shall conclusively bind the Cardholder and all other persons. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

The Card related service and all rights and obligations thereunder, are not transferable or assignable by the Cardholder under any circumstance and shall be used only by the Cardholder. The Cardholder and his/her/its successors shall be bound by these Terms.

CHANGE OF TERMS

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time, after providing sufficient notice of such change to the Cardholder. Use of the Debit Card after the date upon which any of these alterations are to take effect will be taken to be evidence of the acceptance, without reservations by the Cardholder of such changes.

The Bank may communicate the amended Terms by hosting the same on its website or in any other manner as decided by the Bank. The Cardholder shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the website or communicated to the Cardholder, as the case may be.

BANK’S LIEN AND SET-OFF

The Cardholder confirms and grants the Bank with the paramount right of set-off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreement/ arrangement with the Cardholder, at its sole discretion, utilise to appropriate any moneys belonging to the Cardholder and deposited with the Bank or due to the Bank, towards any charges, fees or dues payable as a result of the Card related service extended to and/or used by the Cardholder.

INTERPRETATION

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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 & Conditions for Mobile Banking

This document lays out the ‘Terms and Conditions’ (“Terms”) applicable to all bank accounts (the “Account(s)”) maintained with NSDL Payments Bank (“the Bank”) for the purpose of availing mobile banking service (“Mobile Banking Facility”) provided by the Bank.

1. Definitions:

In these Terms, unless the context indicates otherwise, the following words and phrases have the meaning indicated against them:

"Account(s)" refers to the account(s) of the Customer maintained with the Bank and for which the Customer seeks to avail the Mobile Banking Facility of the Bank;

“Customer” means the Account(s) holder, aged 18 years and above, who proposes to avail the Mobile Banking Facility under these Terms.

“MPIN” shall mean the personal identification number generated by the Customer for availing the Mobile Banking Facility.

"Mobile Banking Facility" shall mean undertaking banking transactions using mobile phones by the Customers that involve accessing / credit/ debit to their Account(s).

"Mobile Phone Number"

shall mean the registered mobile number specified by the Customer or on behalf of the Customer at the time of opening or operating the Account for the purpose of availing the Mobile Banking Facility.

“NSDL PAYMENTS BANK”, or “the Bank”, refer to NSDL Payments Bank Limited having its registered office at 4th Floor, A wing, Trade world, Kamala Mills Compound, Lower Parel, Mumbai – 400013

“RBI” means the Reserve Bank of India.

Words or expressions used in these Terms, but not specifically defined herein shall have the respective meanings assigned to them by the Bank or the RBI from time to time.

2. Applicability of Terms

Each Customer desirous of availing the Mobile Banking Facility, shall submit to the Bank a duly completed and signed application form, in such form, manner and substance as the Bank may prescribe, and the Bank shall be entitled, at its sole discretion, to accept or reject such applications.

By applying for the Mobile Banking Facility, the Customer accepts these Terms, which shall govern the provision of the Mobile Banking Facility by the Bank. The Terms shall be in addition to and not in derogation of the applicable law and any other terms and conditions stipulated by the Bank from time to time.

Notwithstanding anything contained herein, all terms and conditions stipulated by the Bank in connection with the Account and any other services availed from the Bank shall continue to apply.

3. Application

The Customer may avail of the Mobile Banking Facility (and/or for any changes to the options available under the Mobile Banking Facility) by applying in the prescribed form and manner. The Mobile Banking Facility shall be provided only after authentication of the Customer through any mode of verification as may be prescribed by the Bank from time to time, in accordance with the applicable law.

The Customer would need to authenticate the mobile application through use of the passwords/ MPIN provided to the Customer for accessing the Account through the Mobile Banking Facility. The Mobile Banking Facility shall be activated after a minimum of 3 working days from the date of receipt of the application on the mobile banking app.

4. Availability of the Mobile Banking Facility

• The Bank shall endeavour to provide to the Customer through the Mobile Banking Facility, such services as the Bank may decide from time to time. In this regard, the Customer agrees to the use the Mobile Banking Facility for lawful financial and non-financial transactions, in the manner prescribed by the Bank. The Customer also authorises the Bank to automatically debit the Account which has been enabled for the purpose of Mobile Banking Facility for all banking transactions undertaken using the Mobile Banking Facility.
• The Bank, at its sole discretion, may modify the nature of services offered through the Mobile Banking Facility to the Customer.
• The Customer agrees to use the Mobile Banking Facility on a mobile phone and through a mobile number validly registered in his/ her name and provided to the Bank at the time of opening and operating the Account. The Customer agrees that access to the Mobile Banking Facility shall be permitted only through the Mobile Phone Number and any transaction which originates from the same, whether initiated by the Customer or not, shall be deemed to have been originated from such Customer and shall be binding upon the Customer.
• The instructions received by the Bank from a Mobile Phone Number (or purporting to have originated from a Mobile Phone Number) shall be effected only after such authentication as may be required by the Bank, generally or specifically, for any particular type of instruction, from time to time, including though verification of password or MPIN allotted by the Bank to the Customer against whose name the Mobile Phone Number is registered.
• Any payment transaction undertaken through the Mobile Banking Facility is irrevocable and non-retractable as it is instantaneous and undertaken in real-time.
• Only Indian rupee based domestic banking services shall be provided through the Mobile Banking Facility. The Mobile Banking Facility shall not be available for cross border inward and outward transfers.
• The Customer is responsible to immediately inform the Bank in case of any change in the Mobile Phone Number or loss/ theft of his/ her mobile.

5. Authority to the Bank

• The Customer irrevocably and unconditionally authorizes the Bank to access the Accounts and the personal information for effecting the instructions and providing the Mobile Banking Facility to the Customer, as well as for analysis, credit scoring and marketing.
• The Customer agrees that the Bank may disclose, to other institutions, such information in relation to the Customer as may be necessary for any reason inclusive of but not limited to providing the Mobile Banking Facility to the Customer, the participation in any telecommunication or electronic clearing network, in compliance with legal directive.

6. Records

• All records of the Bank relating to the Account and / or arising out of the use of the Mobile Banking Facility, including the recorded time of the transaction and the Customer originating the transaction, shall be conclusive proof of the genuineness and accuracy of the transactions in the Account. The authority to record the transaction details is hereby expressly granted by the Customer to the Bank.

7. Instructions

• The Mobile Banking Facility shall be availed through the Mobile Phone Number in the manner indicated by the Bank. The Customer availing the Mobile Banking Facility is solely responsible and liable for the accuracy and authenticity of the instructions provided to the Bank.
• All the instructions for availing services under the Mobile Banking Facility shall be provide through the Mobile Phone Number. Where the Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the Customer from whom the instructions have originated before acting on such instructions. The Bank may however, in its discretion, act upon any such instruction as it may deem fit and the Customer agrees to be bound to such actions of the Bank. The Bank shall have the right to suspend the Mobile Banking Facility, whether generally or specifically in relation to a Customer, if the Bank has reason to believe that the operation of the Mobile Banking Facility or acting upon any instructions of a Customer may lead to direct or indirect loss or may require an indemnity from Customer(s) before continuing to operate the Mobile Banking Facility.
• The Customer accepts that all information / instructions will be transmitted to and / or stored at various locations and be accessed by personnel of the Bank (and its Affiliates). The Bank is also authorised to provide any information or details relating to the Customer to a third party to facilitate the Bank in the providing the Mobile Banking Facility and so far as is necessary to give effect to any instructions.
• The Customer hereby expressly authorises the Bank to carry out all requests/ transactions purporting to have been received from the Mobile Phone Number and authenticated in the manner prescribed by the Bank.
• The Customer shall also be required to register for alerts on its Mobile Phone Number, through SMS or otherwise, while availing this Mobile Banking Facility.
• The Customer is permitted to undertake banking transactions up to a limit of INR 5,00,000 per day or as prescribed on the Website, from time to time. The Bank shall, at its sole discretion, modify the transaction limits in accordance with applicable law.
• Customers using the Mobile Banking Facility shall be subject to the following security principles and practices adopted by the Bank:

• a) All banking transactions causing a debit to the Account shall be permitted only by validation through a two factor authentication; and
• b) One of the factors of authentication shall be MPIN.

8. Accuracy of Information

• The Customer undertakes to provide accurate information and disclosures wherever required and shall be responsible for the correctness of the information provided by him to the Bank at all times including for the purposes of availing of the Mobile Banking Facility.
• The Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. The Customer shall indemnify and hold the Bank harmless against any loss, damage or costs suffered/ incurred by the Bank as a result erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by the Bank to them, they shall advise the Bank as soon as possible. The Bank, without any liability of any kind, will endeavor to correct the error wherever possible on a best effort basis.
• The Customer shall be responsible to inform the Bank of any unauthorised mobile banking transaction at the earliest after the occurrence of such transaction. The Customer may contact the Bank through its 24x7 Call Centre or reply to the SMS or e-mail alerts for notifying any such incident. A direct web link for notifying any such incident is available on the Bank’s website.
• While the Bank and its Affiliates will take all reasonable steps to ensure the accuracy of the information supplied to the Customer, the Bank and its Affiliates shall not be liable for any inadvertent error, which results in the providing of inaccurate information. The Customer shall not hold the Bank liable for any loss, damages etc. that may be incurred / suffered by the Customer, if the information supplied to the Customer turns out be inaccurate / incorrect, due to an inadvertent error.
• If the Customer has reason to believe that the Mobile Phone Number is / has been allotted to another person and / or there has been an unauthorised transaction in the Account and / or the Mobile Phone Number is lost, the Customer shall immediately inform the Bank under acknowledgment about the same.

9. Disclaimer of Liability

• The Bank shall not be responsible to the Customer for any failure of the Customer to utilize the Mobile Banking Facility due to the Customer not being within the geographical range within which the Mobile Banking Facility is offered;
• The Customer agrees that the Bank shall not be liable if :
  • (a) The Customer has breached any of the terms and conditions herein;

  or

  • (b) The Customer has contributed to or caused the loss or the loss is a result of failure on part of the Customer to advise NSDL PAYMENTS Bank within the prescribed time about unauthorised access of or erroneous transactions in the Account

  or

  • (c) Any loss is caused as a result of failure on part of the Customer to advise NSDL PAYMENTS Bank of a change in or termination of the Mobile Phone Numbers / SIM Card.
• NSDL PAYMENTS Bank is in no way liable for any error or omission in the services provided by any cellular or any third party service provider (whether appointed by NSDL PAYMENTS Bank in that behalf or otherwise) to the Customer, which may affect the Mobile Banking Facility.
• NSDL PAYMENTS Bank shall under no circumstance be held liable to the Customer if the Mobile Banking Facility is not available or there is any delay in the carrying out of the instructions for any reasons whatsoever 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 NSDL PAYMENTS Bank. Without limitation to the other provisions of these Terms, NSDL PAYMENTS Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of NSDL PAYMENTS Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Customer and the network of any cellular service provider and NSDL PAYMENTS Bank’s system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, NSDL PAYMENTS Bank’s system or the network of any cellular service provider and/or any third party who provides such services as is necessary to provide the Mobile Banking Facility. Illegal or improper use of the Mobile Banking Facility by the Customer or any other person shall render the Customer liable for payment of penal charges as decided by NSDL PAYMENTS Bank and / or will result in suspension of the Mobile Banking Facility to the Customer.
• Notwithstanding anything to the contrary stated herein, the Bank shall not be involved in or in any way be liable to the Customer for any dispute between the Customer and a cellular services provider or any third party service provider (whether appointed by NSDL PAYMENTS Bank in that behalf or otherwise).
• The Customer is solely responsible for protecting any password/ MPIN given by NSDL PAYMENTS Bank for the use of the Mobile Banking Facility. The Bank will not be liable for:
• 1. any unauthorised use of any password(s)/ MPIN given to any Customer or Mobile Phone Number or for any fraudulent, duplicate or erroneous instructions given by use of the Customer’s password/ authentication details including MPIN or Mobile Phone Number;
  2. acting in good faith on any instructions received by it;
  3. error, default, delay or inability of the Bank to act on all or any of the instructions; and
  4. loss of any information / instructions in transmission.
• The Bank shall not be liable for the oversight on part of the Customer to update itself with the products which are provided through the Mobile Banking Facility or the revision in fees and charges applicable for the use of Mobile Banking Facility.
• The Customer’s entitlement to zero liability for the loss incurred in case of unauthorised transaction undertaken through the Mobile Banking Facility shall arise only in case of:
• 1. (a) contributory fraud/ negligence/ deficiency on the part of the Bank (irrespective whether such transaction is reported by the Customer);

  or

  2. (b) third party breach where the deficiency lies neither with the Bank nor with the Customer but lies elsewhere in the system. In this case, the Customer is required to notify the Bank within 3 working days of receiving the communication from the Bank regarding the unauthorised transaction.
• The Customer’s liability for the loss incurred in case of unauthorised transaction undertaken through the Mobile Banking Facility shall arise in case of:
• • (a) negligence by Customer, such as in case where the Customer has shared any password or MPIN or payment credentials to any person. In any case of negligence, the Customer shall be responsible to bear the entire loss incurred till the time of reporting the transaction to the Bank. The Bank acknowledges that any loss incurred after reporting the transaction shall be borne by the Bank. In this regard, the Bank cautions the Customer to keep its password/ MPIN and any other authentication details confidential and secure to avoid any unauthorised use of the Mobile Banking Facility.
  • (b) deficiency which lies neither with the Bank nor with the Customer but lies elsewhere in the system but where there has been delay (of 4 to 7 working days after receiving communication/ alert from the Bank) on part of the Customer in notifying the Bank of any such unauthorised transaction. Please note that the liability of the Customer shall be the transaction value or the amount as specified by the RBI from time to time, whichever is lower.
  • However, please note that in case there is delay in reporting beyond 7 working days, the Customer shall be liable in the manner prescribed by the Bank in accordance with its policy, from time to time, and as available on the website.

11. Indemnity

• Subject to these Terms, and in consideration of the Bank providing the Mobile Banking Facility, the Customer agrees to indemnify and keep the Bank safe and harmless from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or arising out in good faith for acting on or omitting or refusing to act on any instructions given by use of the Mobile Banking Facility.
• The Customer holds the Bank / its Affiliates, harmless against any loss incurred by the Customer due to failure in the network of the cellular service provider. The Customer agrees to indemnify and hold NSDL PAYMENTS Bank harmless for any losses occurring as a result of any transaction undertaken by any other person permitted by the Customer to use the Mobile Banking Facility.

12. Fees

NSDL PAYMENTS Bank shall have the discretion to charge such fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Mobile Banking Facility. Such fees shall be notified on the Website and the Customer would be expected to apprise itself of the same and the same is binding on the Customer. Any transactions conducted on behalf of the Customer, post such notification, shall imply the Customers acknowledgement and acceptance of the fees posted on the Website. The Customer shall be liable for payment of any charges which may be levied by any cellular service provider in connection with the Mobile Banking Facility and the Bank shall in no way be concerned with the same.

The fees payable by the Customer is exclusive of the amount payable to any cellular service provider and would be debited from the account of the Customer on a monthly basis. The Customer shall be required to refer to the schedule of fees put up on the Website from time to time.

13. Termination

• NSDL PAYMENTS Bank may, at its discretion, suspend temporarily or terminate the Mobile Banking Facility, either wholly or in part, at any time without assigning any reasons whatsoever. The Bank may, without prior notice, suspend or terminate the Mobile Banking Facility in case the Customer has breached these Terms or NSDL PAYMENTS Bank learns of the existence of any circumstance which in its opinion would result in the Customer being unable to carry on its obligations herein to the fullest extent possible. The Customer will remain responsible for any transactions originating from a Mobile Phone Number through the Mobile Banking Facility until termination.
  NSDL PAYMENTS Bank may, without prior notice, suspend the Mobile Banking Facility at any time for the purpose of carrying out any maintenance work or repair in case of any emergency or for security reasons.
• Please note that the closure of the Account(s) by the Customer will automatically terminate the Mobile Banking Facility.

14. Notices

Notices in respect of the Mobile Banking Facility may be given to the Customer by the Bank either through email at the Customer’s registered e-mail address or posting a letter to the Customer’s registered postal address. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website.

All notices in connection with the Mobile Banking Facility addressed to the Bank shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank.

NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

15. Grievance Redressal

Subject to the clause on ‘Dispute Resolution and Governing Law’, in case of any complaint, grievance or issues, the Customer may contact the Bank’s Grievance Redressal Officer at the following details:

Grievance Redressal Officer,
NSDL Payments Bank Limited
4th Floor, ‘A’ Wing, Trade World,
Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

Alternatively, the Customer may contact the Bank at the following details:

• Call Centre: Call Centre/IVR would be available in Hindi and English. Customers can call +91-22-42022100
• Email: cspb@nsdl.co.in
• Website: www.nsdlbank.com

The Bank shall endeavour to redress the Customer’s grievances within 14 working days of receipt (except in specific cases involving third parties where TATs as per customer compensation policy will be followed). In the event the Customer does not receive a response from the Bank within a period of one month from the date of receipt of complaint/ grievance, or the Bank has rejected the complaint/ grievance or the Customer is not satisfied with the response received from the Bank, the Customer may approach the Banking Ombudsman for the relevant jurisdiction in terms of the Banking Ombudsman Scheme 2006, provided it falls under the permissible grounds of complaint alleging deficiency in banking services.

16. Dispute Resolution and Governing Law

The laws of India shall govern these Terms and the operations in the Account(s) maintained by the Bank including the Mobile Banking Facility.

Any legal action or proceedings arising out of these Terms in relation to the Mobile Banking Facility shall be brought in the courts or tribunals at Mumbai in India. The Bank may, however, in their absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction.

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 the Terms or affect such provision in any other jurisdiction.

17. Assignment

The Bank reserves the right to sell, assign, or transfer it’s rights and obligations under these Terms to any person of the Bank’s choice in whole or in part and in such manner and on such terms and conditions as the Bank may decide. Any such sale, assignment, or transfer shall conclusively bind the Customer and all other persons. These Terms shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

The Mobile Banking Facility and the services provided therein and all rights and obligations thereunder, are not transferable or assignable by the Customer under any circumstance and shall be used only by the Customer. The Customer and his/her/its successors shall be bound by these Terms.

18. Change of Terms

The Bank shall have the absolute discretion to review, amend or supplement any of the Terms at any time. The Customer understands and agrees that the Bank may amend the above Terms at any time and such amended Terms will thereupon apply and bind the Customer.

The Bank may communicate the amended Terms by hosting the same on its website or in any other manner as decided by the Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the website.

19. Bank’s Lien and Set-off

The Customer confirms and grants the Bank with the paramount right of set-off and lien, which the Bank may, at any time without prejudice to any of its specific rights under any other agreement/ arrangement with the Customer, at its sole discretion, utilise to appropriate any moneys belonging to the Customer and deposited with the Bank or due to the Bank, towards any charges, fees or dues payable as a result of the Mobile Banking Facility extended to and/or used by the Customer.

20. Interpretation

All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender.

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.