Term and condition

Terms & Conditions for Aadhaar

I agree to submit my Aadhaar number and voluntarily provide my consent as under -

I understand that my information submitted to Truebalance (Balancehero India Pvt Ltd) here within shall not be used for any purpose other than mentioned below –

  1. I hereby authorize Truebalance to use my Aadhaar number/VID and fetch data from UIDAI for KYC verification
  2. I understand Truebalance will receive data through offline XML verification
  3. I understand Truebalance shall use the fetched data for KYC of PPI wallet & for loans provided by Truebalance’s financial partners.
  4. I authorize Truebalance to share my data with it’s financial partners (Loans) with my explicit consent while availing the product
  5. I understand that Truebalance shall use this data for submission of KYC details to CKYC & other regulatory agency as per regulations time to time
  6. I understand that Truebalance shall ensure security and confidentiality of my personal data provided for the purpose of Aadhaar offline XML based authentication
  7. I understand Truebalance will save masked aadhaar number as per regulatory guidelines

Terms & Conditions for KYC

By clicking “Agree” and accepting the Terms and Conditions you agree that you have read, understood, acknowledged and accepted these Terms and Conditions, to access and use the Truebalance app and Truebalance product and Services

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. For the purpose of these Terms of Use, wherever the context so requires-
  1. “You/Your”, “Customer” or “User” shall mean any natural or legal person who has registered with Truebalance and who has accepted these Terms of Use.
  2. “We”, “Us”, “Our”, “Truebalance” shall mean Balancehero India Private Limited.
  3. “Partner” shall mean Balancehero’s Financial Partner for Loans & other services.
  1. These terms and conditions (“T&C”) and all applicable T&C issued by Truebalance govern your rights and obligations as a Customer for the KYC of your wallet.
  2. KYC Documents (Aadhaar/Voter ID/DL/PAN) will be used by Truebalance for the purpose of Wallet KYC & financial services (Loans & any other product which require KYC as per regulatory guidelines)
  3. Your access to and use of the Truebalance mobile application and the Truebalance services are conditional upon your acceptance of and continuous compliance with these T&C at all times.
  4. The access to the Truebalance mobile application is only available to persons who are competent to enter into legally binding contracts under the Indian Contract Act, 1872. Any person who shall be considered as incompetent to contract as per the provisions of the Indian Contract Act, 1872, including minors, un-discharged insolvents, etc., are not eligible to use the Truebalance mobile application.
  5. In case you select you don’t have PAN, You certify that you do not hold PAN and your annual income is less than taxable income. You authorize Truebalance to consider this as Form 60/61
  6. You agree that the personal information such as name, address, contact number, ID, Address proof etc. (“Personal Information”) you provide to Truebalance upon registration and at all other times will be true, accurate, current and complete. You agree to maintain and update the Personal Information and to keep the Personal Information true, accurate and complete.
  7. Customer hereby agree and acknowledge that his/her Personal Information will be shared with financial partner with consent for any services availed via Truebalance application including loans & other services
  8. All the terms and conditions mentioned in the Terms and Conditions for Wallet issued by Truebalance shall be applicable.
  9. You agree to receive alerts through SMS, App notification, Emails and calls
  10. You agree that your Truebalance account will be blocked in case of any false information provided
  11. Customer can open only one wallet with Truebalance, Truebalance can block customer in case of any duplication is found
  12. Truebalance accepts below documents for KYC –
  1. PAN or Form 60 & Aadhaar
    And
  2. PAN or Form 60, Photo & Voter ID/Driving license
  1. Below Full KYC wallet features will be provided in accordance with RBI regulations & subject to change time to time
S. No. Feature Conditions
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 prepaid payment 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 INR 10,000/- (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 the prepaid 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.