Terms & Conditions for EKYC
Terms & Conditions for EKYC
This document is published in compliance of and shall be governed by Indian law, including but not limited to (i) The Indian Contract Act, 1872; (ii) The Information Technology Act, 2000, the rules, regulations, guidelines and clarifications framed thereunder including the Information Technology (Reasonable Security Practices And Procedures And Sensitive Personal Information) Rules, 2011, and the provisions of rule 3 (1) of the Information Technology (Intermediaries Guidelines) Rules, 2011; (iii) The Payment And Settlement Systems Act, 2007 and applicable rules, regulations and guidelines made thereunder; and (iv) Reserve Bank of India Act, 1934 and the applicable rules, regulations and guidelines made thereunder. This document is an electronic record in the form of an electronic contract formed under Information Technology Act, 2000 and rules made thereunder and the amended provisions pertaining to electronic documents / records in various statutes as amended by the Information Technology Act, 2000. This agreement does not require any physical, electronic or digital signature.
This agreement is a legally binding document between you and Balancehero India Private Limited (both terms defined below). The terms of this document will be effective upon your acceptance of the same (in electronic form or by means of an electronic record or other means) and will govern the relationship between you and Truebalance for the use of Truebalance services.
|1||Currency of Issue||Indian Rupees|
|2||Maximum outstanding Balance||The maximum outstanding balance must not exceed INR 1,00,000/- (Indian Rupees One Lac Only) at any point in time|
|3||Loading or Reloading of Funds||There is no limit of loading or reloading in the Full KYC prepaidpayment account but at any point of time balance shall not exceed INR 100,000/- (Indian Rupees One Lac Only)|
|4||Fund Transfer from Prepaid Account||a) In case of pre-registered beneficiaries, the fund transfer limit shall not exceed INR 1,00,000/- (Indian Rupees One Lac Only) per month per beneficiary.
(b) for all other cases, fund transfer limit shall not exceed INR10,000/- (Indian Rupees Ten Thousand Only) per month
|5||Cash Withdrawal||Cash withdrawal of any amount from prepaid payment account is prohibited under RBI regulations.|
|6||Expiry Period||Truebalance wallet do not carry any expiry date|
|7||Making theprepaid payment account inactive||In case of no financial transaction for a consecutive period of 1 (one) year in the Prepaid Payment Account, True Balance shall make the Prepaid Payment Account inactive|
|8||Usage of the instrument||The instrument can be used only for money transfer and purchase of goods and services|
*Note: KYC documentation shall be in line with the prevailing RBI guidelines on (KYC) Know your Customer.
Above parameters and limit capping is applicable as per the Master direction on issuance and operation of prepaid card instruments dated 11th Oct 2017, and subject to change as when new guidelines is issued by RBI.