Online Savings Account

Terms and Condition

Merchant Solutions

Terms and Condition Applicable to Term/Fixed Deposit and Recurring Deposits Accounts Only

TERMS AND CONDITIONS

These terms and conditions apply to and regulate the provisions of the specified products and services provided by IDFC Bank Limited (‘ IDFC Bank’) which shall be applicable to all transactions initiated by the Users vide the Unified Payment Interface, and such other terms and conditions as may be specified by the Bank from time to time (“Terms”).

 

  1. DEFINITIONS

     

    1. Account:  Savings or Current account held in individual capacity (other than NRIs) at a bank enabled on UPI.
    2. Bank: Any Bank including IDFC Bank which is enabled on UPI platform.
    3. Beneficiary: The person’s account details where in transfer amount is supposed to be credited.
    4. Eligibility: Any individual holding valid and operational KYC complaint account as defined above and  possessing a smart phone.
    5. Payment Service Provider (PSP) : Shall mean entities which are allowed to issue virtual addresses to the Users and provide payment  (credit/debit) services to individuals or entities in accordance with guidelines issued by the NPCI
    6. Unified Payment Interface (UPI)  :  NPCI  payment platform for the purpose of interbank transfer of funds i.e., pay someone (push) or collect from someone (pull) instantly pursuant to the rules, regulations and guidelines issued by NPCI, RBI and  Banks, from time to time
    7. UPI Application (UPI App): IDFC Bank’s Unified Payment Interface Application downloaded by the customer to his/her mobile phone
    8. UPI mPIN: Shall mean the Mobile Personal Identification Number  for authenticating the services provided under UPI.
    9. Users: Shall mean an individual/entity who is a holder of a Bank account who has downloaded IDFC Bank’s UPI Application, wishes to register with IDFC Bank’s UPI Application by accepting the terms and conditions and avails the UPI Facility.
    10. Virtual Payment address (VPA) : Virtual Payment address – is a payment identifier for sending/collecting money. VPAs are aliases to Account No. & IFSC Code. This enables the user to complete a transaction without having to enter the account credentials of the beneficiary
    11. Master Merchants: Master merchant shall mean and include an intermediary/aggregator between Merchants and IDFC Bank. Master Merchant is the entity that provides payments solution, along with other value added services to the Merchants. Master Merchant also facilitates payment settlement into the current account of the Merchants for the goods and services purchased by the Customers from the platform of Master merchant.
    12. Merchants: shall mean and include online, mobile-app based and offline merchants who provides goods and services in exchange for payment through UPI.
    13.  

  2.  

  3. APPLICABILITY OF TERMS
  4.  

    By using UPI Facility, the user thereby agrees to these Terms and Conditions form the contract between the User and IDFC Bank. UPI facility shall be governed by such terms & conditions as amended by IDFC Bank from time to time. These terms and conditions and shall be in addition to and not in derogation of the Terms and Conditions relating to any account of the User and / or the respective product or the service provided by IDFC  Bank unless otherwise specifically stated.

     

  5. TERMS OF USAGE

     

    1. The facility will be available to users having Savings/ Current/Overdraft account (at individual capacity) with the Bank.
    2. UPI Facility shall be available to users who have registered for the facility as per the discretion of Banks, NPCI and RBI.
    3. The daily upper ceiling per customer shall be Rs. 100,000/- for funds transfer.
    4. Entering the wrong login password thrice will block the application for a day
    5. Entering the wrong mPIN thrice will block the UPI facility where the linked account belongs to IDFC bank. However, linked  accounts pertaining to  other Banks will be guided by respective Bank’s UPI mPIN policy and IDFC Bank shall not be liable for any losses occur there in
    6. Any change of the processes will be notified on IDFC Bank's website which will be construed as sufficient notice to the customer. IDFC Bank shall not be liable for any losses occur there in.
    7. The IDFC Bank shall suspend the registration of any user if the facility has not been accessed by the user for 180 days or more.
    8. IDFC Bank reserves the right to decide the type of services, which category of user shall be offered, may also make additions /deletions to the services offered through UPI Application at its sole discretion.
    9. Once a Virtual address is deleted by the user, the user will not be allowed to create the same virtual address for the next 2 years.
    10. There will be no obligation on IDFC Bank to support all the versions of existing and new Mobile Phone operating systems.
    11. User agrees that he/she shall use only his/her Mobile Phone to access the UPI application offered by IDFC Bank. The access is restricted to him/her on the specific Mobile Phone Number only as registered with the Bank(s) for UPI service.
    12. The user is responsible for the correctness of information supplied to IDFC Bank through the use of or through any other means such as electronic mail or written communication. IDFC Bank does not accept any liability for the consequences arising out of erroneous information supplied by the user.
    13. The user agrees to use single handset for accessing the services under UPI. Change of handset shall be properly re-registered according to application requirement.
    14. User agrees that dispute resolution shall be as per the guidelines issued by NPCI from time to time.
  6.  

     

  7. OBLIGATIONS OF THE CUSTOMER

     

    1. User agrees to use UPI Facility for financial and non-financial transactions offered by IDFC Bank and irrevocably authorizes the respective Bank to debit the Bank Accounts which have been registered for UPI Facility for all transactions/services undertaken.
    2. Authorizes IDFC Bank to map account number and mobile number for UPI facility offered by IDFC Bank and preserve this record in its server or a other third party server and to use such data at its discretion for enhancing further banking/ technology products offers.
    3. Agrees that he/ she is aware and accepts that facility offered by IDFC Bank will enable him/her to transact using mPIN authentication and will be deemed as bonafide  
    4. Agrees that the transactions originated using mobile phones are non-retractable as these are instantaneous/real time.
    5. Agrees to acquaint himself/herself with the process for using the facility and validly registered in his/her name only with the Mobile Service Provider and undertakes to use the facility only through mobile number which has been used to register for the Facility.
    6. Agrees that IDFC Bank is authenticating the User by using Mobile Number, Mobile Phone, Login PIN and mPIN. User is solely responsible for maintenance of the secrecy & confidentiality of the MPIN and unauthorized usage of his/her mobile phone, without any liability to IDFC Bank.
    7. Confirms in no event shall IDFC Bank be liable to the user or any other third party affected by the Transaction for loss of profits or revenues, indirect, consequential or similar damages arising out of or in connection with the Transaction, materials, information technology services or assistance provided under this Terms & Conditions.
    8. The User understands that the transaction may be rejected or cancelled in case the instructions and/or any Authentication Credentials or any details, documents or information provided by the User are false or not in accordance with the conditions stipulated by IDFC Bank, NPCI, the RBI, Beneficiary bank or the remitter Bank
    9. The User also understands that the transaction may also be cancelled/rejected due to any of the reasons by the Beneficiary bank and IDFC bank will not be liable for any losses herein
    10. The User ensures and confirms that IDFC Bank will be entitled to charge such fees, cost and charges, as specified by IDFC Bank/NPCI, from time to time.
    11. The User acknowledges and understands that the completion of shall involve various Counterparties The User confirms that IDFC Bank shall not be held liable or responsible for any delays/deficiencies in settlement of a transaction due to system constraints, actions of 3rd parties or any other circumstances outside the control of IDFC Bank.
    12. Without prejudice to the generality of the foregoing, the User agrees to indemnify and save, keep harmless and keep indemnified IDFC Bank against any improper/ fraudulent instructions purporting to be received from the User and/or for furnishing incomplete information.
    13. The User understands that the provision of UPI is subject to Indian laws and the guidelines and regulations issued from time to time by the NCPI or Reserve Bank of India in this behalf.
    14. The User agrees and confirms that IDFC Bank reserves the rights to call for logs, proofs, User details or documents at any time on account of audit, compliance, regulatory or legal requirements if necessary.
    15. The User agrees and confirms that the Minimum and Maximum amount Stipulated for UPI may be stipulated by IDFC Bank in accordance with the Guidelines set By NPCI or RBI, from time to time
    16. In a collect request transaction (PULL transaction), the User/merchant agrees and understands that it is subject to the approval and expiry period defined by the User/merchant at the time of making such requests to the remitter.
    17. The user shall be responsible for each transaction initiated under his/her registered UPI Application. User is liable for any losses arising out of unauthorized transactions occurring through his/her accounts.
    18. The user has to immediately bring it to the notice of IDFC Bank in case he/she suspects that his / her Mobile number is / has been allotted/ used by another person and/or notices unauthorized transactions in his / her accounts and make sure that the facility is deregistered for his / her mobile no.
    19. The user agrees that the access to IDFC Bank‟s UPI Application through his/her Mobile Phone and any transaction, which originates from the same shall be deemed to have originated from the respective user. The user understands that in the event of loss of his/her Mobile Phone / SIM Card or it falling in the wrong hands, it can be misused. The user indemnifies IDFC Bank for any such misuse arising out of the same. The user shall not hold IDFC Bank responsible for any loss that the user may suffer in these circumstances
  8.  

  9. OBLIGATIONS OF MASTER MERCHANT

     

    1. The Master Merchant shall duly fulfill all Transactions in accordance with the instructions of the Customers and as mutually decided between the Master Merchant and its Customers/Merchants and shall not dispute or dishonor them for any reason whatsoever, other than reasons as mentioned herein or upon mutual agreement between the Customer/Merchant and the Master Merchant.
    2. IDFC Bank may at any time and without assigning any reasons thereof, disqualify/reject any Merchants, by sending a written notice or email to the Master Merchant. The Master Merchant agrees to not offer UPI services to Merchants, who are disqualified or rejected or not approved by IDFC Bank, from time to time. Further, IDFC Bank has the right to ask for additional details/documents on a case-to-case basis to approve a Merchant basis its internal policies, as amended from time to time.
    3. The Master Merchant shall ensure to keep confidential all information submitted by the Customers on the Master Merchant’s Platform. The Master Merchant shall ensure that there are proper encryption and robust security measures to prevent any hacking of the information of the Customers. The Customer shall not be required or asked to disclose any confidential or personal data, which may be prejudicial to the interests of the Customer. The Master Merchant shall use the Customer's data only for the purpose of completing the Transaction for which it was furnished, and shall not sell or otherwise furnish such information to any third party.
    4. The Master Merchant agrees to put up notices, disclaimers or warranties as may be requested by IDFC Bank or other relevant parties and shall comply with the aforesaid requests forthwith.
    5. The Master Merchant shall take all precautions as may be feasible or as may be directed by IDFC Bank, the NPCI and other relevant parties to ensure that there is no breach of security of the Master Merchant’s Platform, IDFC Bank UPI software and/or the link between both parties is maintained at all times during the term of the contractual arrangement between the Master Merchant and IDFC Bank.
    6. The Master Merchant shall permit the authorized representatives of IDFC Bank to carry out physical inspections of the place(s) of business and records to verify compliance during normal business hours of the Master Merchant by giving prior written notice of not more than 3 Business Days. The Master Merchant shall permit the authorized representatives of IDFC Bank to audit the Master Merchant’s Platform to verify compliance to security guidelines by giving prior written notice of not more than 2 Business Days.
    7. The Master Merchant shall submit a 3rd party security audit report of the Master Merchant’s Platform once every year unless specifically exempted in writing by IDFC Bank.
    8. The Master Merchant shall provide a reasonable level of service support to the Customers. Such support shall include appropriate notice to Customers of means of contacting the Master Merchant in the event the Customer has questions regarding the nature or quality of the products and/or services and the procedures for resolving disputes.
    9. The Master Merchant agrees and confirms that all risks associated with the delivery of the products and/or services by the Merchant shall be solely that of the Master Merchant. Any and all disputes regarding quality, merchantability, non- delivery and delay in delivery of the products and/or services or otherwise will be resolved directly between the Merchant, Master Merchant and the Customer without making the Bank, the Service Providers and the acquiring banks a party to such disputes.
    10. The Master Merchant shall keep the Bank informed of the claims it receives in relation to Transactions or any other matter in connection with the arrangement providing details as may be required by the Bank. However, the Bank shall not be under any obligation to provide any assistance to it in connection with any such claim. The Bank shall provide dispute resolution and other related activities including Chargeback, presentment, pre-compliance, compliance, pre-arbitration and arbitration etc. to the Master Merchant.
    11. The Master Merchant shall give prior written notice to the Bank prior to any change in its constitution or composition or ownership or business or commercial activity. The Master Merchant shall promptly report to the Bank a fault or suspected fault in UPI services or Software or Merchant’s own platform that can materially affect UPI Transaction(s) already executed or to be executed
    12. The Master Merchant shall integrate UPI Software provided by the Bank in a manner that it will not capture, access, and store or try to store, sensitive customer data like Card Details, PIN, Expiry Date, OTP etc. All these details shall be captured only by UPI software provided by the Bank, whereas the Master Merchant’s Platform shall only facilitate it, without any facility to store the sensitive Customer data.
    13. The Master Merchant shall provide all reasonable assistance, and shall ensure that Merchants do the same, to the Bank and for the prevention and detection of fraud in respect of usage of UPI Services and software provided by the Service Providers.
    14. The Master Merchant shall enter into Transactions only in Indian Rupees, unless otherwise permitted by the Bank in writing in advance.
    15. The Master Merchant acknowledges that the UPI Services may not be uninterrupted, error free or malicious code free and the Bank disclaims all warranties, including but not limited to, merchantability and fitness of the services for a particular purpose.
    16. The Master Merchant also acknowledges that the arrangement between NPCI and the Bank may terminate at any time, and UPI services may be withdrawn, without any prior notice or reason, whatsoever.
    17. The Master Merchant agrees and confirms that the Bank shall not be liable to the Master Merchant or the Merchant for any loss or damage whatsoever or howsoever caused or arising, directly or indirectly, including without limitation, as a result of loss of data; interruption or stoppage of the Customer's access to and/or use of the Payment Gateway Services; interruption or stoppage of Service Providers or acquiring bank website; non-availability of connectivity between the Master Merchant’s Platform and the Bank’s software, etc. The Bank does not warrant that the Service Providers facilities and the acquiring bank's payment mechanism will be provided uninterrupted or free from errors or it is free from any virus or other malicious, destructive or corrupting code, program or macro.
    18. The Master Merchant agrees and confirms that the Bank’s sole obligation in the event of interruption in the UPI Services shall be to use all reasonable endeavors to restore the said services as soon as reasonably possibly.
    19. The Master Merchant shall follow any and all additional guidelines that are released from NPCI, RBI or any other competent authority or by the Bank in connection with UPI services from time to time, and as communicated by IDFC Bank in writing. The Master Merchant agrees and undertakes to ensure compliance of all the aforesaid guidelines by the respective Merchants.
    20. The Master Merchant agrees that the Bank reserves its right to suspend the UPI Services provided herein in event the Master Merchant fails to observe the aforesaid covenants.
    21. The Master Merchant agrees and confirms that any Transaction entered by the Master Merchant, or any of the Merchants, in any of the following circumstances shall be the final responsibility of Master Merchant. The Master Merchant agrees and confirms to IDFC Bank Charging back the Transaction without any demur or protest in the following circumstances for transactions: (a) which are fraudulent, collusive, illegal, misrepresented or otherwise irregular in any manner whatsoever; or (b) in relation to a customer’s complaint or request for an adjustment, which has not been resolved;which are recorded or submitted otherwise than in accordance with the terms and conditions stipulated by IDFC Bank.
    22. The Master Merchant agrees and confirms that IDFC Bank reserves the following right (in accordance with the Regulatory Guidelines): (i) Deduct and set off from settlement of funds due to the Master Merchant; or (ii) Raise an invoice or raise a debit note to recover the amounts outstanding from the Master Merchant separately; or (iii)Debit the Master Merchant Current Account, for any of the following amounts:
      1. the amount of any refunds issued/due to the customer;
      2. invalid transactions (including Chargeback and our related losses);
      3. any fees or charges;
      4. fees or penalties or fines imposed by and any other regulatory / competent authority/compliances/agencies/ banks etc. for violation of applicable Rules and Regulations or acts or omissions or Chargeback;
      5. government charges or tax claims;
      6. Over payment by IDFC Bank due to errors or otherwise;
      7. Extra costs incurred for the Master Merchant or Merchant transactions related to UPI services, incurred after termination of this agreement; and
      8. any other amounts due from the Master Merchant to IDFC Bank.
      9. The Master Merchant shall ensure that the Transaction information (e.g. Merchant Category Code (MCC), transaction type, payment identifiers, etc.) sent through the APIs or any other mode to the Bank is correct and any claims, demands, disputes, fines or losses incurred due to or arising in connection with supply of any incorrect information sent by Master Merchant shall be the sole responsibility and liability of the Master Merchant.
      10. The Master Merchant shall not be entitled to, transfer or assign any of its rights or obligations under the contractual arrangement contemplated herein.
    23.  

    24. The Master Merchant shall be responsible and accountable for proper and prudent maintenance of authorization letters/required necessary documents with regard to Transactions and provide in such form and manner as may be required by the Bank from time to time, information and related documentation in respect of Transactions;
    25. The Master Merchant hereby undertakes and agrees to indemnify the Bank, Service Providers and acquiring banks, including their officers, directors and agents hold them harmless and keep the Bank, Service Providers and acquiring banks including their officers, directors and agents at all times fully indemnified and held harmless and keep them fully indemnified from and against all actions, proceedings, claims, liabilities (including statutory liability), penalties, Charge backs, demands and costs (including without limitation, legal costs), awards, damages, losses and/or expenses however arising directly or indirectly, including but not limited to, as a result of: (i)Breach or violation or non-performance by the Master Merchant or its merchants or their agents or employees, of any of its undertakings, warranties, covenants, declarations, provisions or obligations here under; or (ii) Any claim, penalty, fine, levy or proceeding brought by the Customer or any other person against the Bank, the NPCI, beneficiary and Remitter Banks on account of any act, deed, omission, non-performance in respect of deficiency in the provision of products and service to its Customers; or (iii)Any act of omission or misconduct or fraud of the Master Merchant or its Merchants or its agents or Customers; or (iv)Any hacking or lapse in security in the website/software or the Customer data; or (v)Any act, deed, omission or non-performance on the part of the Master Merchant or its merchants or its customers; or (vi)Failure by the Master Merchant or any of its Merchant (or any of Master Merchant’s or its merchants’ officers, employee or agent) to comply with the provision of the terms and conditions including any act, commission or omission, negligence, fraud, forgery, dishonesty, money laundering, misconduct or violation of any of the terms and conditions; the breach of contract or duty by the Master Merchant or any of its merchant (or any of Master Merchant’s or its merchants’ officers, employee or agent) to a Customer or any third party; any of Merchant’s representations and warranties being or becoming false or untrue; and any claim from any statutory authority or Customer. Any claim, penalties, fines, assessments, levies etc from NPCI/Banks/schemes pertaining to Master Merchant or its merchants’ activity under this Agreement.
    26. The Master Merchant agrees and confirms that, notwithstanding any other terms and conditions mentioned herein, in no event shall the Bank be liable to the Master Merchant or its Merchants or the Customer or any other third party affected by the Transaction for loss of profits or revenues, indirect, consequential or similar damages arising out of or in connection with the Transaction, materials, information technology services or assistance provided under this Agreement.
    27. The Master Merchant agrees that in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time without notice to the Master Merchant combine or consolidate all or any of the Master Merchant’s Accounts and any other account held by the Master Merchant and liabilities to the Bank and set off or transfer any sum standing to the credit of any one or more of such accounts in or towards satisfaction of any of the Master Merchant’s liabilities to the Bank of any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.
    28. The Master Merchant hereby grants to the Bank a non-exclusive, royalty-free, limited license to use, display and reproduce the trademarks, service marks and logos of the Master Merchant and its merchants solely in connection with the marketing of the UPI Services to the public. The Master Merchant and its corresponding merchants shall retain all intellectual property rights in such marks.
    29. The Master Merchant shall prominently display, on the Website, Mobile App, Platform and in other online marketing materials, a statement/logo/image provided and approved by the Bank, without obtaining intellectual property rights to such elements, relating to the UPI Services. Nothing contained herein shall authorize the Master Merchant or any of its merchants to use, display and reproduce the trademarks, service marks and logos of the Bank without prior written consent.
    30. The Master Merchant agrees that it shall use the software application only for the purposes of availing the UPI Services. In particular, but without limitation, the Master Merchant undertakes, not to allow or attempt unauthorized use of or access to the software application and not to disassemble, reverse engineer, decompile, decode or to in any way override or break down any protection system integrated into the software application.
    31. The Master Merchant fully understands that due to access of the Customers to the UPI Software, the Bank may create or generate database in respect of such Customers for which the Bank shall be bound by confidentiality obligations.
  10.  

  11. OBLIGATIONS OF THE MERCHANT
  12.  

    1. The Merchant shall duly fulfill all Transactions in accordance with the instructions of the Customers and as mutually decided between the Merchant and its Customers and shall not dispute or dishonour them for any reason whatsoever, other than reasons as mentioned herein or upon mutual agreement between the Customer and the Merchant.
    2. The Merchant shall ensure to keep confidential all information submitted by the Customers on the Merchant’s Platform. The Merchant shall ensure that there are proper encryption and robust security measures to prevent any hacking of the information of the Customers. The Customer shall not be required or asked to disclose any confidential or personal data, which may be prejudicial to the interests of the Customer. The Merchant shall use the Customer's data only for the purpose of completing the Transaction for which it was furnished, and shall not sell or otherwise furnish such information to any third party.
    3. The Merchant agrees to put up notices, disclaimers or warranties as may be requested by IDFC Bank or other relevant parties and shall comply with the aforesaid requests forthwith.
    4. The Merchant shall take all precautions as may be feasible or as may be directed by IDFC Bank, the NPCI and other relevant parties to ensure that there is no breach of security of the Merchant’s Platform, IDFC Bank UPI software and/or the link between both parties is maintained at all times during the term of the contractual arrangement between the Merchant and IDFC Bank.
    5. The Merchant shall permit the authorized representatives of IDFC Bank to carry out physical inspections of the place(s) of business and records to verify compliance during normal business hours of the Merchant by giving prior written notice of not more than 3 Business Days. The Merchant shall permit the authorized representatives of IDFC Bank to audit the Merchant’s Platform to verify compliance to security guidelines by giving prior written notice of not more than 2 Business Days.
    6. The Merchant shall submit a 3rd party security audit report of the Merchant’s Platform once every year unless specifically exempted in writing by IDFC Bank.
    7. The Merchant shall provide a reasonable level of service support to the Customers. Such support shall include appropriate notice to Customers of means of contacting the Merchant in the event the Customer has questions regarding the nature or quality of the products and/or services and the procedures for resolving disputes.
    8. The Merchant agrees and confirms that all risks associated with the delivery of the products and/or services by the Merchant shall be solely that of the Merchant. Any and all disputes regarding quality, merchantability, non- delivery and delay in delivery of the products and/or services or otherwise will be resolved directly between the Merchant and the Customer without making the Bank, the Service Providers and the acquiring banks a party to such disputes.
    9. The Merchant shall keep the Bank informed of the claims it receives in relation to Transactions or any other matter in connection with the arrangement providing details as may be required by the Bank. However, the Bank shall not be under any obligation to provide any assistance to it in connection with any such claim. The Bank shall provide dispute resolution and other related activities including Chargeback, presentment, pre-compliance, compliance, pre-arbitration and arbitration etc. to the Merchant.
    10. The Merchant shall give prior written notice to the Bank prior to any change in its constitution or composition or ownership or business or commercial activity. The Merchant shall promptly report to the Bank a fault or suspected fault in UPI services or Software or Merchant’s own platform that can materially affect UPI Transaction(s) already executed or to be executed
    11. The Merchant shall integrate UPI Software provided by the Bank in a manner that it will not capture, access, and store or try to store, sensitive customer data like Card Details, PIN, Expiry Date, OTP etc. All these details shall be captured only by UPI software provided by the Bank, whereas the Merchant’s Platform shall only facilitate it, without any facility to store the sensitive Customer data.
    12. The Merchant shall provide all reasonable assistance, and shall ensure that Merchants do the same, to the Bank and for the prevention and detection of fraud in respect of usage of UPI Services and software provided by the Service Providers.
    13. The Merchant shall enter into Transactions only in Indian Rupees, unless otherwise permitted by the Bank in writing in advance.
    14. The Merchant acknowledges that the UPI Services may not be uninterrupted, error free or malicious code free and the Bank disclaims all warranties, including but not limited to, merchantability and fitness of the services for a particular purpose. The Merchant also acknowledges that the arrangement between NPCI and the Bank may terminate at any time, and UPI services may be withdrawn, without any prior notice or reason, whatsoever.
    15. The Merchant agrees and confirms that the Bank shall not be liable to the Merchant or the Merchant for any loss or damage whatsoever or howsoever caused or arising, directly or indirectly, including without limitation, as a result of loss of data; interruption or stoppage of the Customer's access to and/or use of the Payment Gateway Services; interruption or stoppage of Service Providers or acquiring bank website; non-availability of connectivity between the Merchant’s Platform and the Bank’s software, etc. The Bank does not warrant that the Service Providers facilities and the acquiring bank's payment mechanism will be provided uninterrupted or free from errors or it is free from any virus or other malicious, destructive or corrupting code, program or macro.
    16. The Merchant agrees and confirms that the Bank’s sole obligation in the event of interruption in the UPI Services shall be to use all reasonable endeavors to restore the said services as soon as reasonably possibly.
    17. The Merchant shall follow any and all additional guidelines that are released from NPCI, RBI or any other competent authority or by the Bank in connection with UPI services from time to time, and as communicated by IDFC Bank in writing. The Merchant agrees and undertakes to ensure compliance of all the aforesaid guidelines by the respective Merchants.
    18. The Merchant agrees that the Bank reserves its right to suspend the UPI Services provided herein in event the Merchant fails to observe the aforesaid covenants.
    19. The Merchant agrees and confirms that any Transaction entered by the Merchant, or any of the Merchants, in any of the following circumstances shall be the final responsibility of Merchant. The Merchant agree and confirm to IDFC Bank Charging back the Transaction without any demur or protest in the following circumstances for transactions: (a) which are fraudulent, collusive, illegal, misrepresented or oth erwise irregular in any manner whatsoever; or (b) in relation to a customer’s complaint or request for an adjustment, which has not been resolved; (iii) which are recorded or submitted otherwise than in accordance with the terms and conditions stipulated by IDFC Bank.
    20. The Merchant agrees and confirms that IDFC Bank reserves the following rights (in accordance with the Regulatory guidelines): (i) Deduct and set off from settlement of funds due to the Merchant; or (ii) Raise an invoice or raise a debit note to recover the amounts outstanding from the Merchant separately; or (iii)Debit the Merchant Current Account, for any of the following amounts:
      1. the amount of any refunds issued/due to the customer;
      2. invalid transactions (including Chargeback and our related losses);
      3. any fees or charges;
      4. fees or penalties or fines imposed by and any other regulatory / competent authority/compliances/agencies/ banks etc. for violation of applicable Rules and Regulations or acts or omissions or Chargeback;
      5. government charges or tax claims;
      6. Over payment by IDFC Bank due to errors or otherwise;
      7. Extra costs incurred for the Merchant or Merchant transactions related to UPI services, incurred after termination of this agreement; and
      8. any other amounts due from the Merchant to IDFC Bank.
      9. The Merchant shall ensure that the Transaction information (e.g. Merchant Category Code (MCC), transaction type, payment identifiers, etc.) sent through the APIs or any other mode to the Bank is correct and any claims, demands, disputes, fines or losses incurred due to or arising in connection with supply of any incorrect information sent by Merchant shall be the sole responsibility and liability of the Merchant.
      10. The Merchant shall not be entitled to, transfer or assign any of its rights or obligations under the contractual arrangement contemplated herein.
      11.  

    21. The Merchant shall be responsible and accountable for proper and prudent maintenance of authorization letters/required necessary documents with regard to Transactions and provide in such form and manner as may be required by the Bank from time to time, information and related documentation in respect of Transactions.
    22. The Merchant hereby undertakes and agrees to indemnify the Bank, Service Providers and acquiring banks, including their officers, directors and agents hold them harmless and keep the Bank, Service Providers and acquiring banks including their officers, directors and agents at all times fully indemnified and held harmless and keep them fully indemnified from and against all actions, proceedings, claims, liabilities (statutory liability), penalties, Charge backs, demands and costs (including without limitation, legal costs), awards, damages, losses and/or expenses however arising directly or indirectly, including but not limited to, as a result of: (i)Breach or violation or non-performance by the Merchant or its merchants or their agents or employees, of any of its undertakings, warranties, covenants, declarations, provisions or obligations here under; or (ii) Any claim, penalty, fine, levy or proceeding brought by the Customer or any other person against the Bank, the NPCI, beneficiary and Remitter Banks on account of any act, deed, omission, non -performance in respect of deficiency in the provision of products and service to its Customers; or (iii)Any act of omission or misconduct or fraud of the Merchant or its agents or Customers; or (iv)Any hacking or lapse in security in the website/software or the Customer data; or (v)Any act, deed, omission or non-performance on the part of the Merchant or its merchants or its customers; or (vi)Failure by the Merchant or any of its Merchant (or any of Merchant’s or its merchants’ officers, employee or agent) to comply with the provision of the terms and conditions including any act, commission or omission, negligence, fraud, forgery, dishonesty, money laundering, misconduct or violation of any of the terms and conditions; the breach of contract or duty by the Merchant or any of its merchant (or any of Merchant’s or its merchants’ officers, employee or agent) to a Customer or any third party; any of Merchant’s representations and warranties being or becoming false or untrue; and any claim from any statutory authority or Customer. Any claim, penalties, fines, assessments, levies etc from NPCI/Banks/schemes pertaining to Merchants’ activity under this Agreement.
    23. The Merchant agrees and confirms that, notwithstanding any other terms and conditions mentioned herein, in no event shall the Bank be liable to the Merchant or its Merchants or the Customer or any other third party affected by the Transaction for loss of profits or revenues, indirect, consequential or similar damages arising out of or in connection with the Transaction, materials, information technology services or assistance provided under this Agreement.
    24. The Merchant agrees that in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time without notice to the Merchant combine or consolidate all or any of the Merchant’s Accounts and any other account held by the Merchant and liabilities to the Bank and set off or transfer any sum standing to the credit of any one or more of such accounts in or towards satisfaction of any of the Merchant’s liabilities to the Bank of any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.
    25. The Merchant hereby grants to the Bank a non-exclusive, royalty-free, limited license to use, display and reproduce the trademarks, service marks and logos of the Merchant and its merchants solely in connection with the marketing of the UPI Services to the public. The Merchant and its corresponding merchants shall retain all intellectual property rights in such marks.
    26. The Merchant shall prominently display, on the Website, Mobile App, Platform and in other online marketing materials, a statement/logo/image provided and approved by the Bank, without obtaining intellectual property rights to such elements, relating to the UPI Services. Nothing contained herein shall authorize the Merchant or any of its Merchants to use, display and reproduce the trademarks, service marks and logos of the Bank without prior written consent.
    27. The Merchant agrees that it shall use the software application only for the purposes of availing the UPI Services. In particular, but without limitation, the Merchant undertakes, not to allow or attempt unauthorized use of or access to the software application and not to disassemble, reverse engineer, decompile, decode or to in any way override or break down any protection system integrated into the software application.
    28. The Merchant fully understands that due to access of the Customers to the UPI Software, the Bank may create or generate database in respect of such Customers for which the Bank shall be bound by confidentiality obligations.

     

  13. INDEMNITY
  14.  

    The User will indemnify IDFC Bank and its Affiliates from and against any and all claims, costs, losses, damages, judgments, and other expenses arising out of (a) Violation of the Terms contained herein by the User; (b) Any deletions, additions, insertions or alterations to, or any unauthorized use of/access to UPI App /Service(s), by the User; (c) Any misrepresentation or breach of representation or warranty made by the User contained herein; or (d) Any breach of any covenant or obligation to be performed by the User here under

     

  15. TERMINATION
  16.  

    The User may terminate this agreement and close the UPI App by contacting the Help Centre. The User shall remain responsible for any transactions made through the UPI App until such termination. The IDFC Bank may suspend or terminate access to the UPI App and/or discontinue provision of the Services anytime either entirely or with reference to a specific Service or User; for any reason or no reason upon notice to the User. Upon termination, the IDFC Bank may, but is not obligated to, delete the User’s Personal Information and other information relating to her/him or her/his account.

     

  17. AUTHORITY TO THE BANK
  18.  

    The IDFC Bank reserves the right to remove/modify/condition the Services, or any part thereof, or to introduce any new product or services under intimation to the User. The User irrevocably and unconditionally authorises IDFC Bank to access its UPI App for effecting financial or other transactions performed by the User. The instructions of the User shall be effected only when such instructions are in accordance with the prescribed procedure and applicable laws. Any instruction and/or request made through the UPI App which is accessed post successful authentication of the User shall be deemed to be an instruction or request received from the User. The User understands that entering an instruction or request with IDFC Bank, either electronically or otherwise, is the sole responsibility of the User and does not guarantee execution of such instruction or request. The read-out, the email output or the printed output, if any, that is received by the User at the time of availing the Service/s shall be deemed to be a proof of the availment of the Services by the User and shall be accepted as conclusive and binding for all purpose. All records of the transactions, generated by the IDFC Bank and arising out of the availment and use of the Service/s through the UPI App, including the time the transaction was recorded shall be conclusive proof of the genuineness and accuracy of the transaction. The IDFC Bank has no liability or obligation to keep a record of the instructions given by a User. The IDFC  Bank may refuse to comply with the instructions without assigning any reasons and shall not be under any duty to assess the prudence or otherwise of any instruction and have the right to suspend the operations through the UPI App.

     

  19. DISCLOSURE OF INFORMATION
  20.  

    The User agrees that IDFC Bank and/or Affiliates or their contractors may hold and process its personal information and all other information concerning his Account(s)/UPI App in connection with the use of/access to UPI App/availing Service(s) as well as for analysis, credit scoring and marketing. The User also agrees that IDFC Bank may disclose, in strict confidence, to other institutions located in India or outside India, such personal information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognised credit scoring agencies, or for fraud prevention purposes or for providing services.

     

  21. APPLICABILITY TO FUTURE ACCOUNTS
  22.  

    The Bank and the User agree that if the User opens further Accounts with/subscribes to any of the products/services of the Bank or any of the Affiliates and the Bank extends the access to the UPI App/ Services to such Accounts or products or services and the User opts for the use thereof, then the Terms shall automatically apply to such further use/access by the User.

     

  23. ASSIGNMENT
  24.  

    IDFC  Bank shall be entitled to sell, assign, securitise or transfer its right and obligations under the Terms and any security being in favour of the IDFC Bank (including all guarantee/s) to any person of the its choice in whole or in part and in such manner and on such terms and conditions as IDFC Bank may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the User and all other persons.

     

  25. SET-OFF AND LIEN
  26.  

    IDFC Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits/scripts held in the Account(s) or UPI App or in any other account, whether in singly or jointly, to the extent of all outstanding dues, whatsoever, arising as a result of the provision of Services to the User.

     

  27. DISCLAIMER OF WARRANTIES
  28.  

    IDFC Bank does not warrant that access to the Website and UPI App and/or Services shall be uninterrupted, timely, secure, or error free nor does it make any warranty as to the results that may be obtained from the use of the Website/ UPI App, accuracy or reliability of the UPI App and/or Services, privacy and security of your data. IDFC Bank does not warrant and shall not be responsible, including due to failure of operational systems, technical issues or due to any requirement of law. IDFC Bank shall under no circumstance be held liable to the User if the access to the UPI App and/or Services is not made available in the desired manner or for any delay in carrying on the instructions due to any reason whatsoever. Under no circumstances shall IDFC Bank be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. IDFC Bank will not be liable for any malware/virus that may enter the User’s system as a result of the User using/accessing the Application and/or during availability of the Services. IDFC Bank does not guarantee to the User or any other third party that the Application would be virus/malware free.

     

  29. CHANGE OF TERMS
  30.  

    IDFC Bank shall have the absolute discretion to amend or supplement any of the Terms, Service Terms, Primary Terms or Guidelines at any time and shall give a notice of amendment or supplement or other change whatsoever by hosting the same on the Website or in any other manner as decided by IDFC Bank. The User shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website which will thereupon apply to and be binding on the User immediately.

     

  31. GOVERNING LAW
  32.  

    These Terms shall be governed by the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. IDFC  Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the User hereby consents to this right of IDFC Bank.

     

  33. GENERAL
  34.  

    IDFC Bank may sub-contract and employ agents to carry out any of its obligations under this contract. All costs incurred by the User including telecommunication costs to access the UPI App/avail the Services shall be borne by the User. As a tool to correct misunderstandings, the User understands, agrees and authorises IDFC  Bank, at its discretion, and without prior notice to the User, to monitor and record any or all telephone conversations or electronic communications between the User and IDFC Bank and any of IDFC  Bank’s employees or agents. The User acknowledges that it has not relied on any representation made by IDFC  Bank or any of its employees or agents and has made its own independent assessment for availing Service/s and/or accessing UPI App. No third party will have any rights or claims under these Terms.

     

  35. PROPRIETARY RIGHTS
  36.  

    The User acknowledges that the underlying software as well as web-browsers or mobile software required for accessing the UPI App/availing the Service/s are the legal property of the respective vendors and/or IDFC Bank. The permission given by the Bank to access the UPI App/avail the Service/s will not convey any proprietary or ownership rights in such software. The User shall not attempt to modify, translate, disassemble, decompile or reverse engineer the underlying software or create any derivative product based on the software.

     

    Disclaimer:

    "The products and services referred to herein are subject to the terms and conditions governing them as specified by the IDFC Bank from time to time at the website of IDFC Bank www.idfcbank.com. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/services of IDFC Bank. Our relationship is governed exclusively by these terms & conditions and no presumption of any relation other than that contemplated by this document shall be presumed or exist. IDFC Bank is not acting in a fiduciary capacity when making available any of the products and services referred to in this document, and accepts no liability nor responsibility Whatsoever with respect to the use of this document or its contents. IDFC Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such Terms as required or necessary, in relation to its products/services."

See More

Related

    © 2017 IDFC Bank.

    all rights reserved

     

Connect PCI DSS
Security Compliant