Idea Money Customer Acceptance Form - Terms and Conditions
Idea Money is a semi-closed pre-paid payment Instrument offered by IMCSL. The terms and conditions subject to which Idea Money Services are provided are mentioned herein and the use of Idea Money Services by Customers is subject to Customer’s acceptance of the following terms and conditions.
The Customer on opening an Idea Money Account through USSD, Web, App or any other channel shall be deemed to have read, understood and accepted these terms and conditions as stated below (and as amended from time to time). IMSCL reserves the absolute right to withdraw/change/modify/suspend/cancel and/or alter any of the terms and conditions of Idea Money Account and the Customer agrees to be bound by the amended/ altered terms and conditions of Idea Money account.
- “Idea Mobile Commerce Services Limited” or “IMCSL” is a company incorporated under the Companies Act 1956, with its registered office at 7th floor, Konnectus Building, Bhavbhuti Marg, Near Minto Bridge, Connaught Place, New Delhi.
- “Idea Money Wallet or Account” refers to the semi-closed prepaid payment instrument issued by IMCSL as authorized and licensed by RBI under the RBI Guidelines.
- Minimum KYC wallet refers to a variant of the semi-closed prepaid payment instrument that a customer can register instantly by providing basic information and no documentation. Velocity/ Monthly limits on balance and transactions will be applicable as per regulatory guidelines issued by the RBI and/ or business rules set by IMCSL
- A Full KYC wallet refers to a variant of the semi-closed prepaid payment instrument that a customer can register for by providing documentary proof of identity and address. The Full KYC wallet will allow higher balance and transaction limits than the Minimum KYC wallet. Velocity/ monthly limits on balance and transactions will be applicable as per regulatory guidelines issued by the RBI and/or business rules set by IMCSL
- “Idea Money Services” refers to the services offered by IMCSL by operation of the Idea Money Wallet or Account.
- “Customer” means an Indian resident individual, who is 18 years of age and above, who owns a valid mobile number issued by Idea Cellular Ltd. “ICL”, and has registered with IMCSL for availing Idea Money Services and is competent to contract under the Indian laws.
- “Charges” or “Service Charge” shall mean the charges which IMCSL may levy upon the customer in consideration for delivering Idea Money Services.
- “Merchant” or “Merchant Establishment” shall mean and include physical merchants, online merchants and any other outlet which has been authorized by IMCSL to accept payment using Idea Money Wallet.
- “Know Your Customer” or “KYC” refers to the various norms, rules and laws issued by Reserve Bank of India and under Prevention of Money Laundering Act, 2002 (as amended) from time to time under which IMCSL is required to verify personal identification details obtained from the customer before providing any service to the customer. “Mobile PIN” or “mPIN” means the 4 digit numeric password known only to the customer and used to secure Idea Money application.
- “Transaction/s” means cash-in, purchase or payment for goods or services from merchant establishments, funds transfer and any other service added from time to time as permissible under semi closed prepaid payment instrument.
- IMCSL reserves the right to ensure that all applicable KYC requirements are complied with respect to collection, verification, audit and maintenance of correct and updated customer information.
- Minimum KYC Idea Money Wallet shall ordinarily be activated instantly and upon receipt and successful verification of the KYC documentation shall be upgraded to full KYC Idea Money Wallet
- IMCSL reserves the right to discontinue service or reject applications for Idea Money Services at any time if there are discrepancies in the information and/or documentation provided by the Customer.
- Any information provided to IMCSL for securing an Idea Money Service shall vest with IMCSL, and may be used by IMCSL, for any purpose consistent with any applicable law or regulation, at its discretion. IMCSL may further request the Customers / beneficiaries of the Services to submit additional KYC documents as part of ongoing monitoring and Customer due diligence.
3. General Conditions
- One Customer is permitted to maintain only one Idea Money Wallet and these Wallet Services are not transferrable. Any suspected non-compliance with this requirement could cause suspension /discontinuation of any/ all Idea Money services with IMCSL.
- As per the present guidelines, the Wallet can be used only for fund transfers, bill payments, recharges and merchant payments; cash withdrawal is not permitted & funds can be transferred only to other Idea Money Wallets or bank accounts or any other transactions as permitted by the regulators from time to time.
- There are two variants of the Idea Money Wallet:
- A minimum KYC Idea Money Wallet which can be opened instantaneously. The monthly transaction limit for the minimum KYC wallet is Rs. 10,000/-
- A full KYC Idea Money Wallet for which the maximum permissible balance at any point in time is Rs. 100,000/. Customer has to provide valid Proof of Identity and Proof of Address documents in order to apply for a full KYC wallet. The maximum permissible funds transfer from a full KYC Wallet is Rs. 25,000/- per month.
- Stored value in Idea Money Wallet and transaction limits will be reviewed at the discretion of IMCSL without prior intimation & would be applicable for all Customers.
- Any dispute with or complaint against any merchant establishment, for which payment has been made through Idea Money Wallet, must be directly resolved by the customer with the concerned merchant establishment. IMCSL is only a instrument for processing the payment and shall not be responsible or liable for any deficiency in goods and /or services purchased using Idea Money services.
- IMCSL maintain an escrow account with Kotak Mahindra Bank in accordance with RBI guidelines for maintaining the outstanding balance and creation of necessary charge on such balance in the escrow account.
- IMCSL shall send appropriate customer communication by SMS/ USSD and these shall be deemed to have been received by the customer after they have been submitted for delivery to the mobile phone operator of the customer.
4. Customer Obligations
- In case the mobile number which has been provided for opening of Idea Money Account has been lost or stolen, the customer will intimate the call center at the number 55400 or any other number as communicated by IMSCL at the earliest and the same should be done within reasonable time. IMSCL reserves the right to restrict transaction on this account, in case the mobile number changes or is lost as intimated by the Customer. IMCSL cannot be held liable for any transactions occurred prior to intimation to the call center about the change in mobile number or the loss of mobile.
- For any change in address the customer is required to inform Idea Money outlet along with address proof.
- Under no circumstances should the customer share his/her 4 digit Mobile PIN with anyone, including any Idea Money official or Customer Service point of Idea. The disclosure of the PIN to a third party shall be at the sole risk and consequences of the customer, and IMCSL shall not be liable in any way for any loss suffered by the customer.
- The Customer shall not use Idea Money Services for any purpose that might be construed as contrary or repugnant to any applicable law or for any purpose that is contrary to IMCSL policy.
5. Fees and Charges
- The charges for opening Idea Money Account and other Transaction charges will be communicated to the customer through Idea Money website or various collaterals or by any other means before each transaction and on initiating a transaction, it will be deemed that he/she agrees with the same.
6. Forfeiture, Suspension/ Discontinuation and Closure of Idea Money Services account
- The value in the Idea Money Account must be utilized (i) within 365 days from the date of the last Customer initiated transaction or (ii) Within 365 days from the date of the activation of the Idea Money account, which is later. The outstanding balances in the PPI wallet shall be forfeited at the discretion of IMCSL, after the customer has been cautioned at reasonable intervals, during the 30 days period prior to expiry of the period as mentioned above.
- Idea Money Services will be discontinued/ suspended or closed in cases of:
- Potential fraud, sabotage, willful destruction, threat to national security or any other force majeure reasons etc;
- If the scheme is being wound-up or is directed by the RBI or any other Regulatory/Statutory Authority to be discontinued
- If the mobile connection related to the wallet ceases to be operational or in customer’s possession or control
- In case of occurrence of transactions which may be construed as dubious or undesirable IMCSL reserves the right to freeze the operations of such accounts, and/or close the accounts and /or report them to regulatory services or police etc.
- Prior to such suspension/discontinuation of the Idea Money services, the customer, at the sole discretion of IMCSL shall be provided with the ability to utilize and / or transfer the balance funds in the Idea Money account.
- Both IMCSL and the Customer shall keep in confidence any information received by either of them irrespective of the business or the matters concerning the other and shall not disclose the same to any third party, save and except to any State or Central Government or to any of their agencies and / or any other concerned legal and other competent authorities on specific demand or under a general obligation.
- Privacy of communication is subject to the terms of the certificate of authorization granted by the RBI and RBI notifications/directives etc. The Customer specifically agree that in order to facilitate the provision of Idea money Services, Idea may be required to disclose any information or particulars pertaining to the Customer to any regulatory and statutory authority.
8. Additional Terms and Conditions
- The customer understands that Idea Mobile Commerce Services Limited (IMCSL) is in the process of transferring its existing business to a Payments Bank called Aditya Birla IDEA Payments Bank Limited (ABIPBL, which is part of same group, subject to regulatory approvals) by way of any legally permissible mode of transfer, which may involve an amalgamation, demerger, business transfer agreement / arrangement or any other mode that IMCSL may decide and the customer hereby agrees to and consents to IMCSL to transfer or migrate, his or her “Idea Money Wallet or Account” to ABIPBL
- The Customer shall not use the Services for any illegal, unlawful, unauthorized, immoral or fraudulent purpose.
- The Customer shall not assign or transfer in any other manner the use of the Services to any other person/entity, even temporarily, except with prior written permission of IMCSL.
- IMCSL or any of its agents shall not be held responsible or liable for loss of the Customer Application form and/or instruments of payments or any delay in the receipt when sent by mail or courier or by any other means.
- IMCSL shall not be responsible for any civil, criminal or any other liabilities incurred by the Customers due to the misuse of the Idea Money Wallet Services provided by it.
- In case any charges levied by IMCSL are disputed, customer shall intimate IMCSL within two working days of the transaction date. In case of non receipt of such information the charges shall be deemed to have been accepted. Customer shall also pay full amount of disputed charges for availing the services. The customer shall be liable for all charges for the services availed by him/ her.
- IMCSL reserves the right to seek / verify Contact Verifications (CPV) the particulars provided by the customer to IMCSL in any manner without notice or intimation. To combat potential fraud, sabotage, willful destruction IMCSL reserves the right to collect the payment of bills / statement for services by itself directly and indirectly where the address of the customer and the defaulted customer is same.
a. The Customer shall be solely responsible for any errors or omissions in the details provided for provisioning/de-provisioning of the User address for availing of the Services.
- This Agreement is subject to the Pre-paid Payment Instruments in India (Reserve Bank) Directions, 2009, and rules framed there under and any statutory modification on re-enactment for the time being in force and any Government/RBI regulations issued from time to time
- In the event of any of these terms and conditions becoming invalid, illegal or unenforceable in any respect under the law, such invalidity, illegality or un-enforceability shall not, in any manner, affect or impair other Terms and Conditions but this Agreement shall be construed as if such an invalid or illegal or unenforceable Terms and Conditions had never been contained herein.
- These Terms and Conditions are the complete and exclusive statements of the Agreement between the customer and IMCSL. It supersedes all the understandings or other prior agreements, whether oral or written, and all representations or other communications between the customer and IMCSL.
- Any dispute, difference and legal proceeding arising or initiated in connection with provision of service/s shall be subject to the exclusive jurisdiction of the Arbitrator, appointed by IMCSL.
- These terms and conditions shall be governed by and construed in accordance with the laws of India. Any dispute relating to the Services or the terms and conditions related to the Services shall be subject to the jurisdiction of the courts in Mumbai only.
10. Contact Information
- For any information on the transactions or any queries regarding the Idea Money account the customer can call the call center at 55400 or any other number as communicated or visit the website www.ideamoney.in
- For detailed features, registration process, documentation process, KYC requirements, permitted transactions, service discontinuation procedure and method of reload and outlets of reloads and other related details relating to the above mentioned services, please refer to the ideamoney.in website