Terms and Conditions

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.

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 Laws 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 the Customer has read, understood and accepted these Terms, as may be amended by the Bank from time to time.

Account Opening, Operations and Management

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 Laws. The Customer is required to submit the duly filled Account Opening Form along with the prescribed documents stipulated by the Bank, such OVD as Proof of Address and Permanent Account Number (PAN), to the satisfaction of the Bank. The Customer shall provide PAN 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. 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 any other product or Service offered by the Bank from time to time. 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 confirmation of 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 the Savings Account shall not be opened for business purposes.

In terms of undertaking KYC for the purpose of opening the Account, in accordance with the applicable law and the Bank's policy, the customer expressly agrees to the following authorisations:

  1. 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.
  2. The Customer agrees that the personal identity information of the Customer / its authorised signatories shall not be shared, published, displayed or posted publicly by the Bank, except as may be required in terms of applicable Law.
  3. 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.

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 requires 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 Green card 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.

Services

All Services available to the Customer shall be provided on the Website/ Mobile App or the Bank’s Customer Care Centre. These Services shall 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 provide any credit facilities (whether by way of credit card or otherwise), cheque book, demand draft and pay order to the Customer.

Operating Accounts

All Accounts maintained in the name of an individual shall be operated singly by the individual himself/herself or through the Power of Attorney holder of such individual (not applicable in case of Non-operative Current Account). 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. The Customer shall intimate any change in mailing address to the Bank immediately. The Bank shall not be responsible for any loss, damage or consequences for wrong delivery of the afore-mentioned documents 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 prior 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.

Foreign Inward and Remittance certificate (“FIRC”)

The Bank shall not accept any direct deposits from Non-Resident Indians (“NRIs’), 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 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.

Inactive/ Dormant Account

The Bank may classify an Account as:

  1. Inactive: if there are no customer-induced transactions for 12 consecutive months in the Account;
  2. 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 operation 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):

  1. If it is suspected that transactions undertaken through the Account have not been initiated by the Customer;
  2. 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
  3. 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.

Treatment of Customer Balances exceeding INR 200,000

As per the Applicable Law, the aggregate Customer balance across all deposit accounts including wallet, savings and or current account, cannot exceed INR 200,000 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 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. 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.The customer also understands that the account opening with partner bank is at the discretion of the bank itself and the bank has rights to reject the account opening. In such instances NSDL Bank will inform the customer about the rejection and deactivate the sweep services from their account. Incase of rejection Bank will not be liable to pay any interest on the funds in excess of Rs. 1,00,000. Funds available in excess to the threshold limit will have to be transferred to an alternate account. For getting the details of the alternate account, bank shall get in touch with the customer on their registered email ID & contact number.

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. Account closure request initiated by the customer after the freelook period of 15 days from account opening date within a year will attract account closure charges as updated in the Schedule of Fees and Charges of the Bank, as updated on the website from time to time.

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.

Transactions

Any instructions, whether of financial/non-financial nature, to the Bank regarding the Account shall 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 the Customer 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 due to 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.

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, 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.

Digital Banking

The Customer acknowledges that the Bank defines Digital banking as a banking channel offered via the Bank’s 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 app. 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 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 Banks 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 the Customer or any third party for losses, damages or expenses arising from:

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

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.

Debit Cards

Virtual/Physical Debit Cards

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

  1. The Virtual/Physical debit card shall not be issued or dispatched to the Customer on an unsolicited basis; rather the Customer shall expressly opt for this Service.
  2. 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.
  3. 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.
  4. 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.
  5. 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 schedule of charges available on the Website.
  6. Upon usage of the debit card, the Account shall be debited within [3] days from the date of transaction.
  7. 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.
  8. 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.
  9. 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.
  10. 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/Physical 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/Physical 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.

1.1. Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems

  • General Instructions covering the TAT:
    • The principle behind the TAT is based on the following: a. If the transaction is a ‘ credit-push’ funds transfer and the beneficiary account is not credited while the debit to originator has been effected, then credit is to be effected within the prescribed time period failing which the penalty has to be paid to the beneficiary; b. If there is delay in initiation of a transaction at the originator bank’ s end beyond the TAT, then penalty has to be paid to the originator.
    • A ‘ failed transaction’ is a transaction which has not been fully completed due to any reason not attributable to the customer such as failure in communication links, non-availability of cash in an ATM, time-out of sessions, etc. Failed transactions shall also include the credits which could not be effected to the beneficiary account on account of lack of full information or lack of proper information and delay in initiating a reversal transaction.
    • Terms like, Acquirer, Beneficiary, Issuer, Remitter, etc., have meanings as per common banking parlance.
    • T is the day of transaction and refers to the calendar date.
    • R is the day on which the reversal is concluded and the funds are received by the issuer / originator. Reversal should be effected at the issuer / originator end on the same day when the funds are received from the beneficiary end.
    • The term bank includes non-banks also and applies to them wherever they are authorised to operate.
    • Domestic transactions i.e., those where both the originator and beneficiary are within India are covered under this framework.
  • It may be noted that:

  • the prescribed TAT is the outer limit for resolution of failed transactions; and
  • the banks and other operators / system participants shall endeavour towards quicker resolution of such failed transactions.
  • Wherever financial compensation is involved, the same shall be effected to the customer’ s account, without waiting for a complaint or claim from the customer.
  • Customers who do not get the benefit of redress of the failure as defined in the TAT, can register a complaint to the Banking Ombudsman of RBI.
  • This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and has come into effect from October 15, 2019.
SI.
No.
Description of the incident Framework for auto-reversal and compensation
Timeline for auto-reversal Compensation payable
I II III IV
A Automated Teller Machines (ATMs) including Micro-ATMs
i. Customer’ s account debited but cash not dispensed Pro-active reversal (R) of failed transaction within a maximum of T + 5 days ₹ 100/- per day of delay beyond T + 5 days, to the credit of the account holder
B Card Transaction
i. Card to card transfer
Card account debited but the beneficiary card account not credited.
Transaction to be reversed (R) latest within T + 1 day, if credit is not effected to the beneficiary account ₹ 100/- per day of delay beyond T + 1 day
ii. Point of Sale (PoS) (Card Present) including Cash at PoS
Account debited but confirmation not received at merchant location i.e., charge-slip not generated.
Auto-reversal within T + 5 days. ₹ 100/- per day of delay beyond T + 5 days
iii. Card Not Present (CNP) (ecommerce) Account debited but confirmation not received at merchant’ s system

Interest / 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 AMB 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.

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. Death or Incompetency

In case where the Individual Current 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 only 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 accept the declaration and sign the same as mentioned in the account opening form. 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 / she / it 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 Individual Account holder.

Others

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.

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 at its sole discretion and such amended Terms will thereupon apply and bind the Customer. The Bank shall 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 there under, 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.

The customer agrees that the email provided by him during account opening shall be treated as the “registered email address” of the customer for communication by the Bank. The Customer affirms that the email address provided by him/her is his own, accurate and is a valid authorized email id useable by him/her. The customer is liable to keep his/her email id updated with the bank at all times and under all circumstances. The Bank does not take any liability for the accuracy or any inaccuracies in the veracity of the email address/id so provided and the customer agrees to completely indemnify the Bank in this regard.

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

CKYC

The Customer agrees and permits the 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. The Customer understands that the Bank shall ensure security and confidentiality of the data for the said process.

Additional Information:

The Customer hereby consents to sharing the information as has been provided by the Customer in the account opening form. The Customer also understand all relevant policies including Code of Commitments to Customers and Grievance Redressal policy as available at the bank website or Mobile App. The Customer is aware that the products and services of the Bank shall be provided subject to the applicable rules and regulations. The Customer has received a digital copy of the Rules & Regulations and an acknowledgment mail/SMS from the Bank for the Application and Nomination Form submitted.

The Customer also understands and in full knowledge of the following features that:

  1. The aggregate limit in all its deposits with the Bank shall not exceed Rs 2,00,000 as per End of Day balance.
  2. The 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 Customer shall, at his/her/its 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:

  1. Where the disclosure is required under Applicable Law or by any governmental or regulatory authority, such as RBI;
  2. Where there is duty to the public to disclose;

Or

  1. iii. 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.

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. 5 lakh, for principal 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 (West), Mumbai – 400 013.

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

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.

Terms & Conditions for Unified Payments Interface (UPI) Application

These terms and conditions form the contract between the User and the NSDL Payments Bank and shall be in addition to and not in derogation of other terms and conditions of any account or any other facility/services offered by the Bank and/or such other terms and conditions as may be specified by the Bank.

Definitions:

The following words and phrases shall have the meanings set out herein below in this document unless repugnant to the context:

“Application” or “Mobile Payment Application” refers to ‘NSDL Jiffy App’ mobile application by NSDL Payments Bank which can be downloaded from Google Play store or Apple Store to avail products and services offered by NSDL Payments Bank through this mobile application or any other UPI application available on Google Playstore or Apple Store where NSDL Payments Bank has powered / offered the UPI services.

“Account(s)” shall mean an operative bank account maintained by the User with NSDL Payments Bank or any other Bank Account which User provide at the time of authentication process of Application, for availing the facility which is being offered.

“Account Holder” shall mean a User holding an Account, excluding Non-Resident Indians, Corporate Account Holders and Foreign Account Holders.

"Bank" and " NSDL Payments Bank" shall mean NSDL Payments Bank Limited, a company incorporated under the Companies Act 1956 and licensed as a bank under Banking Regulation Act, 1949 having its registered office at 4th floor, A wing, Trade world, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013 and corporate office at 7th floor, D wing, Trade world, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. This term shall be inclusive of any 'affiliates' of the Bank which shall mean and include any company which a holding company or a subsidiary of; a person under the control of the Bank or any person in which the bank has a direct/ beneficial interest in more than 26% of the voting securities of such person. For the purpose of this definition "control" when used with respect to any person would mean the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever; and "person" would mean a company, corporation, a partnership, trust or any other entity or organization or other body whatsoever.

“Debit Card” shall means and includes the debit card issued to the User in respect of an operative bank account maintained by the User with NSDL Payments Bank or any other Bank Account.

"Facility" shall mean NSDL Jiffy Mobile Banking Application offered by NSDL Payments Bank to facilitate User to send or receive money via UPI platform, through said Mobile Payment Application or any other UPI application available on Google Playstore or Apple Store where NSDL Payments Bank has powered / offered the UPI services.

“Issuing Bank” shall mean member banks participating in UPI network to identify the bank account basis Mobile No in case of customer is registering through any PSP App.

"Mobile Phone Number" shall mean the mobile number of the User used during registration for Mobile/ SMS Banking via secured channel with NSDL Payments Bank or for Mobile Payment Application , for the purpose of availing the facility.

UPI : shall mean unified payments interface is a service provided by NPCI that allows transfer of money using a virtual address that is mapped to an account of the User after complete validation.

NPCI : shall mean National Payment Corporation of India. The funds transfer feature ( send and ask) is provided using UPI service of NPCI.

Virtual Address : shall mean an identifier that can be uniquely mapped to an individual account using a translation service.

"Mobile Phone" shall mean a valid SIM card enabled smartphone, which is owned by the User.

"Personal information" shall mean any information about the User provided by the User to and obtained by NSDL Payments Bank in relation to the facility.

“Services” shall mean all the products and services offered by NSDL Payments Bank under the said facility on Mobile Payment Application.

“Transaction” shall mean the fund transfer service to send or receive money; offered under the said facility on Mobile Payment Application;

"User" shall mean an Account Holder of NSDL Payments Bank as well as any other person (not necessary having any relationship with Bank) who has downloaded the Mobile Payment Application and who is eligible for availing fund transfer facility to send or receive money offered thereunder.

For the purposes of this document all reference to the User in masculine gender shall be deemed to include feminine gender also.

Eligibility and Usage:

This facility shall be available to the Users in India, subject to the condition that he downloads the Application, successfully installs it and thereafter authenticate himself with the applicable credentials and sets his UPI PIN.

The User should have his/her Mobile Phone Number registered with his/her Bank for SMS/Mobile Banking and should have existing relationship with his/her Bank for availing this Facility and services thereunder, using this Mobile Payment Application.

This facility shall be made available only to the Users satisfying the eligibility criteria and shall be provided at the sole discretion of NSDL Payments Bank and may be discontinued by NSDL Payments Bank at any time, with or without prior intimation to the Users.

The User understands and accepts that any other condition that is a pre-requisite to access and avail benefits under the facility, including, but not limited to a Mobile Phone, Data Connection, etc. will be the sole responsibility of the User.

Authorization: The User irrevocably and unconditionally authorizes NSDL Payments Bank to access his Account and the Personal details registered while authentication of Application for availing the service including effecting Banking or other transactions of the user through the facility.

The User expressly authorizes NSDL Payments Bank to disclose to the service provider or any other third party, all user information in its possession, as may be required by them to provide the services offered under the said facility to the User.

The authority to record the User’s details and transaction details is hereby expressly granted by the User to NSDL Payments Bank. All records generated by the transactions arising out of use of the facility, including the time of the transaction, beneficiary details, etc; recorded shall be conclusive proof of the genuineness and accuracy of the transactions.

The User authorizes NSDL Payments Bank to send any message or make calls to his mobile phone Number or display banners or any other communication on NSDL Jiffy Mobile Application to inform him about any promotional offers including information regarding Banks' new products either now available or which NSDL Payments Bank may come up with in the future, greetings, banners or any other promotional massages or any other message that NSDL Payments Bank may consider appropriate to the User.

The User irrevocably and unconditionally agrees that such calls or messages made by the NSDL Payments Bank and/or its Agents shall not be construed as a breach of the privacy of the User and shall not be proceeded against accordingly.

The User authorizes NSDL Payments Bank to send any rejection message or to reject any transaction/request, if it finds that the request sent by the User is not as per the requirements stipulated by NSDL Payments Bank for availing the facility.

The User authorizes NSDL Payments Bank to do a bureau scrub or extract his credit report from the bureau for offering various products or services.

The User expressly authorizes NSDL Payments Bank to carry out all request(s) or transaction(s) for and/or at the request of the User as are available to the User through Mobile Payment Application without the Bank having to verify the authenticity of any request or transaction purporting to have been received from the User through Application.

NSDL Payments Bank shall have the option to introduce any new services through this facility at any time in future and the User shall be deemed to have expressly authorized NSDL Payments Bank to register the User for such new services.

Liabilities and Responsibilities of the User:

  1. The User shall be responsible for the accuracy of any information provided by the user for availing the facility.
  2. The USER shall be solely responsible for fund transfer through Mobile Application to the correct Beneficiary/ virtual address.
  3. The USER shall also be responsible to comply with the applicable Anti-Money Laundering (AML) norms governing such funds transfers as stipulated by Reserve Bank of India (“RBI”), from time to time.
  4. The USER shall be liable and responsible in case of any discrepancy found in the information provided by him for availing fund transfer service offered through the Application.
  5. If, the USER suspects that, there is an error in the information supplied by NSDL Payments Bank, he shall inform the Bank immediately. NSDL Payments Bank will endeavor to correct the error promptly wherever possible on a best effort basis.
  6. NSDL Payments Bank shall not be held liable for any loss suffered by the User due to disclosure of the Personal information to any service provider or third party by the Bank, for reasons including but not limited to participation in any telecommunication or electronic clearing network, in compliance with any legal or regulatory directives, for statistical analysis or for credit rating or for any legal or regulatory compliance.
  7. The User shall be solely responsible for protecting his Mobile Phone and UPI PIN for the use of the said facility.
  8. The User shall be liable to the Bank for any kind of unauthorized or unlawful use of any of the above mentioned UPI PIN/passwords or of the said Application or any fraudulent or erroneous instruction given and any financial charges thus incurred shall be payable by the User only.
  9. The User accepts that for the purposes of the said facility any transaction emanating from the Mobile Phone Number registered by User shall be assumed to have initiated by the User at his sole discretion.
  10. It is the sole responsibility of the User to request the Bank, to suspend the said facility due to change of his registered Mobile Phone Number or if his Mobile Phone has been lost or has been allotted to some other person. The User shall also be obliged to inform the Bank, if any, unauthorized transaction in his account, of which he has knowledge.
  11. It shall be the responsibility of the User to update him with regard to any information relating to the services as NSDL Payments Bank may decide to provide certain other additional services under the said facility. NSDL Payments Bank shall not be responsible for any disregard on the part of the User.
  12. The User shall be liable for all loss if he has breached the Terms and conditions contained herein and other applicable terms & conditions or contributed or caused the loss by negligent actions or a failure on his part to advise NSDL Payments Bank within a reasonable time about any unauthorized access made on his behalf in the Mobile Payment Application.
  13. The User shall agree that by use of this facility, he shall be deemed to have agreed to all the above terms and conditions and such terms and conditions shall be binding on me/us in the same manner as if he has agreed to the same in writing.

Terms of Service:

These terms & conditions are in addition to the general terms & conditions of any account or any other facility provided by NSDL Payments Bank to its Customers.

  1. This facility is available only to the User having a bank account with any bank in India providing Immediate Payment Service (IMPS), Unified Payment Interface (UPI), including the fund transfer service.
  2. User shall register him for using the Application in such manner and through such modes as may be specified and made available by NSDL Payments Bank from time to time for availment and use of the facility.
  3. NSDL Payments Bank reserves right to charge the User for the services offered under the said facility.
  4. This facility will be provided by NSDL Payments Bank at the request of the User to enable them to Send or receive the funds through Application to the accounts/virtual addresses added in the application based on the instructions received from User.
  5. The User irrevocably and unconditionally authorizes NSDL Payments Bank to debit or Credit his account/s with the Bank registered for availing the facility.
  6. User agree and confirm that, for the purpose of availing said facility :
    1. User has to add his existing account maintained with NSDL Payments Bank or any other Bank, to the Mobile Payment application.
    2. User has to select the appropriate bank details where his account is maintained, for the purpose of adding his account to the Application. The account details will be fetched by the NSDL Payments Bank through the application via NPCI and the Issuing bank, basis the mobile number registered by User. The account details which will be fetched by the Bank will be displayed to the User on his mobile phone/device in the message format. The User has to validate such account details by entering the last six digits of his Debit Card and the expiry date of Debit Card, OTP which will be sent to the User on his registered mobile number. This will be followed by setting up a UPI PIN for the account in the application, to complete the account addition process by the User. All these details will be entered by the User on the NPCI Library that would be fetched in the application from NPCI Library in encrypted form.
    3. After the successful account addition in the NSDL Jiffy application, the User has to only authorize the transaction by entering the UPI PIN set-up by said User. This UPI PIN will be set-up by the User directly on the NPCI library and NSDL Payments bank would not be able to read or copy such UPI PIN, thus NSDL Payments Bank will not be responsible to maintain the confidentiality of such UPI PIN
    4. The User should act in good faith, exercise reasonable care and diligence and shall be solely responsible for the confidentiality of his account details, debit card details, OTP or UPI PIN and any personal information (“credentials”). User acknowledges, represents and confirms that his credentials are personal to the him and the User shall ensure at all times to keep the same confidential and NSDL Payments Bank shall not be held liable or responsible if the User discloses his credentials to any third party in any manner whatsoever or authorizes any third party to operate account or hands over his application or if third party changes/modifies the credentials in the application due to disclosure of such credentials by the User or misuse the application permitted by User to use by third party. Therefore, Bank shall not be held liable or responsible in case of any details including UPI PIN are compromised by User and/or any misuse of Application by third party, in such case the User shall be solely liable and responsible and shall keep NSDL Payments Bank indemnified, harmless and absolved from any liability in this regard including from any loss, cost, penalty, charges, including legal fees/charge, etc; which may cause to NSDL Payments Bank due to User’s disclosure of his credentials/UPIPIN to any third party/person or any misused thereof in any manner whatsoever including the misuse of Application by third party. The User shall be solely liable and responsible, in case if the said details are compromised by the Customer knowingly or unknowingly, in any manner whatsoever.
    5. NSDL Payments Bank account and Non NSDL Payments Bank account details of the User would be stored at NSDL Payments Bank server database to the extant details provided by NPCI as per NPCI guidelines.
    6. User shall adhere to the limit set NSDL Payments Bank for making any fund transfer under said facility.
    7. For the purpose of availing this facility, User shall take all necessary precautions to prevent unauthorized and illegal use of Application and services offered through the facility.
    8. The User will be required to register his details including bank account details after downloading the Application to Send and Receive the funds through said facility.
  7. For the purpose of availing this facility, User shall take all necessary precautions to prevent unauthorized and illegal use of Application and services offered through the facility.
  8. The User will be required to register his details including bank account details after downloading the Application to Send and Receive the funds through said facility.
  9. The User shall be responsible for maintaining the confidentiality of UPI PIN/OTP/Code/password and for all the consequences which may arise due to use or misuse of such UPIPIN/OTP/Passcode/password.
  10. The User shall be responsible for any and all the fund transferred to beneficiaries at their request or received by using the Application.
  11. The User shall be liable for all loss caused due to negligent actions or a failure on his part to immediately notify NSDL Payments Bank within a reasonable time, about any unauthorized use/access made on his behalf in the Application or misuse of MPIN/OTP/Passcode/password or any other breach of security regarding the facility, of which he has knowledge.
  12. The User irrevocably and unconditionally authorise NSDL Payments Bank to access all the necessary information for effecting transactions executed by him under the facility and to share his necessary information with any third parties for the purpose of accepting/ executing such requests.
  13. NSDL Payments Bank may keep records of the transactions in any form it wishes. In the event of any dispute, Bank's records shall be binding as the conclusive evidence of the transactions carried out through the said Application.
  14. The User shall not to use/access the Application and/or services offered through the same in any manner other than as authorized by NSDL Payments Bank. In case the User uses the Application for any purpose which is illegal, improper or which is not authorised under these terms /other specified terms & conditions then NSDL Payments Bank has a right to take all reasonable measures in order to prevent such unauthorised access by the User.
  15. The User confirms that, any instructions given by him shall be effected only after validation of authentic UPIPIN// OTP/Passcode/Password used by him for availing such facility.
  16. The User agrees and confirms that, once the transaction is materialized, any stop-payment instructions given by him cannot be accepted and acted upon by NSDL Payments Bank.
  17. The User shall while utilizing the facility ensure that :
    1. he has authority to access and avail the services obtained and shall duly comply with the applicable laws and regulations prevailing in India.
    2. he shall provide NSDL Payments Bank with such information and/or assistance as is required by NSDL Payments Bank for the performance of the service and /or any other obligations of NSDL Payments Bank under this facility.
    3. he shall be responsible for providing the accurate and authentic information/instructions to NSDL Payments Bank for availing such facility.
    4. he shall not at any time provide to any person, with any details of accounts held by him with NSDL Payments Bank or any other Bank including the passwords, account number which are allotted, from time to time.
  18. The User acknowledges that, the services offered by NSDL Payments Bank under the said facility shall be availed by him at his own risk and these risks shall include the following risks:
    1. any technical error, failure, glitch, network failure, legal restraints and other reasons which is beyond control of NSDL Payments Bank and for which NSDL Payments Bank shall not hold in any manner
    2. any loss, damages, etc. that may be incurred/suffered by User, for the reason that the information provided by him turns out to be wrong/incorrect/inaccurate, for which NSDL Payments Bank shall not be held responsible.
    3. for the performance of any service provider/other third party/entity involved in the process; and for any loss or damage incurred or suffered by User for any error, defect, failure or interruption of the service or consequences arising out of delayed fund transfer.
    4. any loss of damage arising or resulting from delay in transmission delivery or non-delivery of online/electronic instructions or any mistake, omission or error in transmission or delivery thereof or in decrypting the instructions from any cause whatsoever or from its misinterpretation received or any act or even beyond control of NSDL Payments Bank.
    5. The technology for enabling the transfer of funds and the other services offered by NSDL Payments Bank under the said facility over the Mobile Payment Application could be affected by virus or other malicious, destructive or corrupting code, program or macro. It may be possible that the said Application/ server of NSDL Payments Bank may require maintenance and during such time it may not be possible to process the request/transaction of the Users. This could result in delays in the processing of instructions or failure in the processing of instructions and other such failures and inability. User understand that NSDL Payments Bank disclaims all and any liability, whether direct or indirect, whether arising out of loss or otherwise arising out of any failure or inability by the Bank to honour any User instruction for whatsoever reason.
    6. The User shall be entering all his sensitive information including such as account details, debit card details, OTP or UPIPIN and any personal information in NPCI library for authorizing any transaction initiated by the User and the final authorisation of any such transaction which will be done by the Issuing bank only after confirmation received from the Issuing bank from the User. User agrees and confirms that, he shall be alone responsible for use/disclosure of his details as mentioned herein, for initiating/authorizing any transaction through Application via NPCI and the Issuing bank and shall keep NSDL Payments Bank indemnified, harmless and absolved from any liability in this regard including from any loss, cost, penalty, charges, including legal fees/charge, etc; which may cause to NSDL Payments Bank due to use/disclosure of User’s details mentioned herein by User, over NPCI Library and to the Issuing bank for seeking their confirmations, in respect of any transaction initiated/authorized by the User. Therefore, the User shall be solely liable and responsible, in such case if any loss, cost, penalty, charges, including legal fees/charge, etc; incurred to the User, in any manner whatsoever in this regard.
  19. The User agree that NSDL Payments Bank shall assume no responsibility in respect of:
    1. Transactions carried out under the service in good faith relying on User’s instructions.
    2. Not carrying out transactions where NSDL Payments Bank has reason to believe in its sole discretion that the instructions are not genuine or are otherwise unclear, improper, vague or doubtful.
    3. For any loss or damage incurred or suffered by User for any error, defect, failure or interruption of the service or consequences arising out of delayed transfer/remittance and for any reason which is beyond control of NSDL Payments Bank.
    4. User acknowledge and agree that NSDL Payments Bank remains a mere facilitator for this service and that NSDL Payments Bank does not warrant or claim any responsibility for this facility nor does NSDL Payments Bank endorse any such service and/or its standing or reputation whatsoever and NSDL Payments Bank shall not liable for any deficient or bad services in any manner whatsoever and for any loss, whatsoever that User may suffer. The risk in this regard is entirely on the User.
    5. Unauthorized access of any third party to the information/instructions given by user to third party using said facility.
    6. For any direct, indirect or consequential damages occurred to User while availing this facility, arising out of any error in the facility and which are beyond control of NSDL Payments Bank.
    7. When NSDL Payments Bank acted in good faith.
    8. any loss, damage, liability caused or suffered by User due to disclosure of all information of confidential nature
    9. in respect of UPI System, as the connectivity to UPI System is extended to the NSDL Payments Bank only and any/all secure credentials that are required to process the transaction shall be provided by the User which will be captured and encrypted as per the construct and requirement of UPI only, by NPCI. Therefore, the secure mechanism or interface will be extended by NPCI through UPI system to NSDL Payments Bank including but not limited to secured credentials or sensitive information such as User’s UPIPIN, Account details, Debit card Number, Expiry date, OTP, etc in encrypted manner.
  20. User agree that, charges if any for the facility offered by NSDL Payments Bank will be at the sole discretion of NSDL Payments Bank and NSDL Payments Bank is at the liberty to withdraw/modify/vary the same from time to time, without giving any notice to me/us.
  21. The Bank at its sole discretion reserves the exclusive right to block, temporarily or permanently, virtual payment address(es) of the User, if it identifies that the user-name or words used in the virtual payment address(es), as misleading, offensive, prohibited, promotional or brand-names, trademark or copyright pertaining to any third party, with or without prior intimation to the User, for which the Bank shall not be held liable or responsible in any manner whatsoever.
  22. The User agree that, if his bank account is closed/ blocked pursuant using the facility, for any reason whatsoever, user shall settle the issue directly with his Bank and shall not hold NSDL Payments Bank any way responsible for the same.
  23. The User shall remain responsible for any and all the transactions made through the facility. NSDL Payments Bank may withdraw or terminate the facility anytime or in case of breach of terms by me/us without a prior notice; or if NSDL Payments Bank learns of demise, bankruptcy or lack of legal capacity of the User or for any reason whatsoever.
  24. The User agree that, User is not entitled to consolidate amounts available in his different bank accounts maintained with a his bank(s) for making payments using said Application. Therefore, at one given point of time User is entitled to use funds available in particular bank account which he has chosen for making payment using the said Application.
  25. The User agree to indemnify, defend and hold harmless NSDL Payments Bank and its directors, officers, owners, agents, co-branders or other partners, employees, information providers, licensors, licensees, consultants, contractors and other applicable third parties (collectively "Indemnified Parties") from and against any and all claims, demands, causes of action, debt or liability, including reasonable attorney's fees, and costs incurred by the Indemnified Parties arising out of, related to, or which may arise from :
    1. any breach or non-compliance by User of any term of these Terms of Service or any other additional terms & conditions and policies of NSDL Payments Bank;
    2. any dispute or litigation caused by Users actions or omissions;
    3. any negligence or violation or alleged violation of any law or rights of a third party
  26. NSDL Payments Bank may provide any services through this Application, directly or through its associates or contracted service providers on its behalf.

Indemnity:

In consideration of NSDL Payments bank agreeing to provide the Facility and access to the Application and/or services to the User, the User shall, at his own expense, hereby irrevocably agrees, to indemnify and keep NSDL Payments bank its directors and employees, representatives, agents and/or affiliates (hereinafter referred to as “the related parties”), as the case may be, indemnified and harmless, at all times hereafter, from all losses, damages, costs, legal fees, charges and expenses and consequences whatsoever, on full indemnity basis, suffered or incurred or likely to suffer by NSDL Payments bank or the related parties on account of any claims, actions, suits or otherwise instituted by the User, or any third party whatsoever, arising out of or in connection with the use of the Facility and any and all transactions initiated by the use of the Facility and/or Application, whether with or without the knowledge of the User, or whether the same have been initiated bona fide or otherwise which transactions, the User hereby acknowledges, NSDL Payments bank or the related parties has processed on the User’s transaction instructions and authority of the User in accordance with these terms and conditions and other applicable specific terms and conditions, as the case may be. The User further agrees and confirms that this indemnity shall remain valid and subsisting and binding upon the User notwithstanding partial withdrawal of the Facility.

The User will pay NSDL Payments Bank and /or the related parties such amount as may be determined by NSDL Payments Bank and/or the related parties to be sufficient to indemnify it against any such loss or expenses even though they may not have arisen or are contingent in nature.

The User 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.

Confidentiality and Disclosure:

To the extent not prohibited by applicable law, the NSDL Payments bank shall be entitled to transfer any information relating to the User and/or any other information given by the User for utilization of the Facility to and between its branches, representative offices, affiliates, representatives, auditors and third parties selected by NSDL Payments bank, wherever situated, for confidential use in and in connection with the Facility. Further, NSDL Payments bank shall be entitled at any time to disclose any and all information concerning the User within the knowledge and possession of NSDL Payments bank to any other bank/association/financial institution or any other body. This clause will survive the termination of this agreement.

Accuracy of Information:

The User takes the responsibility for the correctness of the information supplied by him to the Bank through the use of the said facility or through use of the Application or by any other means.

The User herein accepts that in case of any discrepancy in the information provided by him with regard to this facility the onus shall lie upon the User only and thus agrees to furnish accurate information at all times to NSDL Payments Bank. If the User suspects that there is an error in the information supplied by NSDL Payments Bank to him, he shall inform the Bank immediately. NSDL Payments Bank will endeavor to correct the error promptly wherever possible on a best effort basis.

NSDL Payments Bank shall also not be responsible for any incidental error which occurs inspite of necessary steps being taken by the Bank to ensure the accuracy of the information provided to the User and the User shall not have any claim against NSDL Payments bank in an event of any loss/damage suffered by the User as a consequence of the inaccurate information provided by the Bank.

Termination:

NSDL Payments Bank may, at its discretion, withdraw temporarily or terminate the Facility, either wholly or in part, at any time without giving prior notice to the User. NSDL Payments Bank may, without prior notice, suspend the Facility at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Facility. The closure of the account of the User will automatically terminate the Facility. NSDL Payments Bank may suspend or terminate Facility without prior notice if the User has breached these terms and conditions or NSDL Payments Bank learns of the death, bankruptcy or lack of legal capacity of the User. Except as otherwise provided by the applicable law or regulation, NSDL Payments bank reserves the right to terminate the Facility and/or expand, reduce or suspend the transactions allowed using this Facility, change the process and transaction limits associated with this Facility based on security issues, at any time, without any prior notice to the User.

Disclaimers:

NSDL Payments bank shall be absolved of any liability in case:

The User fails to avail the facility due to force majeure conditions including but not limited to not being in the required geographical range or any other reason including natural calamities; legal restraints any technical lapses in the telecommunication network or any other reasons beyond the actual control of NSDL Payments Bank, the Bank shall not be accountable. Also the Bank is herein absolved of any kind of liability arising due to a loss; direct or indirect incurred by the User or any other person due to any lapse in the facility owing to the above-mentioned reasons.

The User is acting in good faith on any transaction instructions received by NSDL Payments bank; There is any unauthorized use of the User's UPIPIN, Password, Passcode, OTP or Mobile Phone or Mobile Phone Number for any fraudulent, duplicate or erroneous transaction instructions given by use of the User's UPIPIN, Password, Passcode, OTP or Mobile Phone or Mobile Phone Number;

There is loss of any information during processing or transmission or any unauthorized access by any other person or breach of confidentiality. There is any lapse or failure on the part of the service providers or any third party affecting the said facility and that NSDL Payments bank makes no warranty as to the quality of the service provided by any such service provider or any third party.

NSDL Payments Bank does not warrant the confidentiality or security of the messages or notifications whether personal or otherwise transmitted through the Application in respect of the said Facility. NSDL Payments Bank makes no warranty or representation of any kind in relation to the system and the network or their function or performance or for any loss or damage whenever and howsoever suffered or incurred by the User or by any person resulting from or in connection with the Facility. NSDL Payments Bank, its directors and 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 User 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 User and the network of any service provider and the Bank's system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the User, the Bank's system or the network of any service provider and/or any third party who provides such services as is necessary to provide the Facility.

Notwithstanding anything in the contrary provided in this terms and conditions, NSDL Payments Bank shall not be involved in or in any way liable to the User for any dispute between the User and a cellular services provider or any third party service provider (whether appointed by the Bank in that behalf or otherwise).

Any loss incurred by the user due to use of the facility by any other person with an express or implied permission of the User. NSDL Payments bank shall not be held responsible for the confidentiality, secrecy and security of the personal or account information being sent through the facility for effecting the User's instructions.

NSDL Payments bank shall not be held liable for any loss suffered by the user due to disclosure of the personal information to a third party by the Bank, for reasons inclusive but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for statistical analysis or for credit rating.

Modification / Alterations To The Facility:

NSDL Payments Bank reserves the absolute discretionary right to make any amendments in the given terms and condition at any time as it may deem fit without any prior notice to the User. Any such amendment shall be communicated to the User by displaying on the website https://www.nsdlbank.com and the User shall be bound by such amended terms and conditions.

Communication:

NSDL Payments Bank and the User may give notice under these terms and conditions electronically to the mailbox of the User (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the User and in case of NSDL Payments Bank at its office at 4th floor, A wing, Trade world, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. In addition, NSDL Payments Bank shall also provide notice of general nature regarding the facility and terms and conditions, which are applicable to all Users of the Facility, on the website http://www.nsdlbank.com and/ or also by means the customized messages and notifications sent to the User over his Mobile Phone Number as short messaging service ("SMS"). In addition NSDL Payments bank may also publish notices of general nature, which are applicable to all users of the facility. Such notices will be deemed to have been served individually to each User.

Governing law and jurisdiction:

The construction, validity and performance of these terms and conditions shall be governed in all respects by the laws of India. The parties hereby submit to the exclusive jurisdiction of the competent Courts at Mumbai, India which courts shall have jurisdiction in the matter to the exclusion of any other courts, irrespective of whether such other courts have similar jurisdiction in the matter. NSDL Payments Bank is absolved of any liability arising, direct or indirect, for non-compliance with the laws of any country other than India where the facility is accessible.

Roles & Responsibilities of NPCI

  1. NPCI owns and operates the Unified Payments Interface (UPI) platform
  2. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement
  3. NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI
  4. NPCI provides a safe, secure and efficient UPI system and network
  5. NPCI provides online transaction routing, processing and settlement services to members participating in UPI
  6. NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI
  7. NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.

Roles & responsibilities of PSP Bank

  1. PSP Bank is a member of UPI and connects to the UPI platform for availing UPI payment facility and providing the same to the TPAP which in turn enables the end-user customers / merchants to make and accept UPI payments
  2. PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID.
  3. PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app
  4. PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers
  5. PSP Bank has to ensure that TPAP and its systems are adequately secure to function on UPI platform
  6. PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security
  7. PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India
  8. PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID.
  9. PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer

Roles & responsibilities of TPAP

  1. TPAP is a service provider and participates in UPI through PSP Bank
  2. TPAP is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI
  3. TPAP is responsible to ensure that its systems are adequately secure to function on the UPI platform
  4. TPAP is responsible to comply with all applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard
  5. TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India
  6. TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of TPAP related to UPI and carry out audits of TPAP, as and when required by RBI and NPCI
  7. TPAP shall facilitate the end-user customer with an option to raise grievance through the TPAP’s grievance redressal facility made available through TPAP’s UPI app or website and such other channels as may be deemed appropriate by the TPAP like email, messaging platform, IVR etc.

Dispute Redressal Mechanism

  1. Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app.
  2. End-user customer can select the relevant UPI transaction and raise a complaint in relation thereto
  3. A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank / TPAP (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the end-user customer maintains its account) and NPCI, in the same order. After exercising these options, the end-user customer can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
  4. The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions.
  5. The end-user customer shall be kept communicated by the PSP / TPAP by means of updating the status of such end-user customer’s complaint on the relevant app itself.

Change of Terms:

The User understands that these Terms may be amended or supplemented at any time by hosting the same on its website i.e. www.nsdlbank.com (“Website”) or in any other manner as decided by NSDL Payments Bank. The User shall be responsible for regularly reviewing these Terms and the amendments thereto as may be posted on the Website.

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