General Terms and Conditions for Airtel Payments Bank Limited

General Terms and Conditions for Airtel Payments Bank Limited 

(erstwhile known as Airtel MCommerce Services Ltd.)

As an Account holder of Airtel Payments Bank Ltd (hereinafter referred to as the “Bank”), the Customer is subject to the below Terms and Conditions (T&C). Any changes to the T&C will be available on the website www.airtel.in/bank the use of Bank services by the Customer is subject to the acceptance of the Terms and Conditions. By enrolling for the Bank services, the Customer acknowledges that the Customer has read, understood and agrees to be bound by these Terms and Conditions.

1. DEFINITIONS

“Account” refers to the Customer’s savings account or Airtel money wallet or any other type of account so designated by the Bank to be eligible account(s) for the operations

"Airtel Payments Bank Limited" is a company incorporated under the Companies Act, 2013 with its registered office at Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110070, India.

“Banking Points” shall mean and include business correspondent agents.

"Charge(s)" or "Service Charge" shall mean the charges which the Bank may levy upon the Customer in consideration for the Bank services.

"Customer" shall mean an individual person who has registered with the Bank for availing its services and has accepted all applicable terms and conditions of the Bank and owns a compatible mobile phone that supports Bank services.

“Customer ID”/ “Mobile number” shall be the ten digit mobile phone number of the Customer to be used for Account login.

"Enrollment Form" shall mean the form to be completed by the Customer along with necessary supporting documents, as required by the Bank.

"KYC" stands for Know Your Customer and refers to the various norms, rules, laws and statutes issued by RBI from time to time under which Bank is required to procure personal identification details and proof of address documents from the Customer as may be required from time to time for availing and / or continuation of the Bank services.

"mPIN" shall mean the 4 digit secret numeric password used to secure Bank Account, without knowledge of which the Bank Account may not be operable.

"“Instruction”/ “Instruction(s)” means any request or instruction that is received from the Customer by the Bank through any Banking access channel.

“SMS Password (OTP)” refers to one time 6 digit pass code that would be sent to a Customer’s mobile number registered with the Bank.

"USSD" means Unstructured Supplementary Services Data and refers to a method of accessing and using the Bank Account, i.e. by dialing a specified short code from the mobile number registered with the Bank.

2. INTERPRETATION

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

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 & Conditions.

3. DOCUMENTATION

The collection, verification, audit and maintenance of correct and updated Customer information is a continuous process and Bank reserves the right, at any time, to take steps necessary to ensure compliance with all relevant and applicable KYC requirements. Bank reserves the right to discontinue services/ reject applications for Bank services at any time if there are discrepancies in information and/or documentation provided by the Customer at the time of Bank Account opening.

Any information, provided to the Bank with the intention of taking its services, shall vest with the Bank, and may be used by the Bank, for any purpose consistent with any applicable law or regulation, at its discretion.

If the particulars provided by the Customer in the KYC documents do not match with details mentioned in the Enrollment Form, then Bank has the right to call for additional documents to the satisfaction of the Bank as per the extant KYC guidelines.

4. GENERAL CONDITIONS OF BANK SERVICE

For an Airtel customer his/her mobile number shall be his/her Bank account number. For non Airtel customers his/her account number shall be a ten digit sequential number provided by the Bank. Notwithstanding anything, once Bank allots a mobile number as an account number to a Customer it is not subject to change in any case including a customer availing mobile number portability services or changing his mobile number and the same shall not be reassigned to any other Customer even if he/she possess the same mobile number.

The Customer may avail Bank services by approaching Banking Points and through Internet Banking as well. The list of Banking Points, any limits pertaining to the Account and methods of crediting Bank Account are subject to change as per discretion of Bank without any prior intimation to the Customer.

The savings account balance shall not exceed INR 1,00,000/-(Rupees One Lakh) at any given time.

Bank reserves the right to take appropriate actions in relation to such Customers who maintain balance of more than Rs.1,00,000 for a continuous period as determined by the Bank from time to time. Bank shall endeavor to inform the Customer in case his/her Account balance exceeds Rs. 1,00,000. Any transaction leading to Account balance exceeding Rs. 1,00,000 shall fail in its entirety.

The Bank would consider acceding to the fund transfers requests of the Customer within or external to the Bank, preferably through immediate payment service (IMPS) and resort to other modes only when IMPS is unavailable on best efforts basis.

The Bank shall reserve the right to close / temporarily block the Account of any Customer if:

The Customer is violating the AML and PMLA guidelines

The Customer does not furnish necessary re-KYC documents when required to do so based on the risk assessment made by the Bank

The Customer fails to adhere to any of the terms & conditions of the Bank and / or any of the regulatory requirements.

The Bank Account is being used for any unlawful or suspicious activity which is inconsistent with any of the Banking practice.

Directions to the effect is received from the law enforcement authorities, regulatory authorities, etc.

Bank shall provide its services on best effort basis. Further Bank reserves the right to suspend/discontinue any of the Bank services at any time, for any cause, including, but not limited, to the following:

To combat potential fraud, sabotage, willful destruction, threat to national security or for any other force majeure reasons ;

For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of the Terms and Conditions mentioned herein.

The Customer is permitted to maintain and operate only one Bank Account.

Bank does not sponsor any particular product or any business unrelated to banking and any payment for purchase of goods and services by using the Bank’s services will be confined to payment arrangement with such entities or its subsidiaries/associates/principal.

5. BANK CHARGES

The Customer shall pay the Service Charges prescribed by the Bank that may be changed, amended, increased, modified or reduced at the Bank’s discretion, from time to time with prior intimation to the Customer in an upfront manner. For schedule of Service Charges please refer company website (www.airtel.in/bank).

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