HDFC Bank has informed, via its website, that it has updated the Terms and Conditions for its Unified Interface Payment (UPI).
The bank is running a ticker running on its homepage stating: “We have updated our Terms & Conditions for UPI. Please click here to read our revised T&Cs.”
Bank customers who want to transfer payments using UPI can do so; there is daily transaction limit of Rs 1 lakh or ten transactions, determined on a 24-hour basis.
Also, the 10-transaction restriction applies exclusively to fund transfers and excludes bill pay and merchant transactions.
New UPI users or those who have changed their device/sim card/mobile number can only transact up to Rs 5,000 during the first 24 hours on an Android phone and 72 hours on an iPhone.
Here is a look at some of HDFC Bank’s UPI T&C according to its website.
HDFC BANK- UPI AND PSP BANK TERMS AND CONDITIONS
1. Users seeking registration on Bank’s App or TPAP’s App
1. Such Users who are desirous of availing the UPI Facility through the Bank’s App, shall by way of a one-time registration, in such form, manner and substance as Bank may prescribe, apply for UPI Facility and Bank shall be entitled, at its sole discretion, to accept or reject such applications.
2. The Users applying through TPAP’s App will be required to follow the steps on the TPAP’s App.
3. On the Bank’s App, the User will have an option to set a virtual payment address and initiate transaction via UPI.
4. User can link other bank accounts through a one-time registration process defined and standardized by NPCI and then start transacting on that.
5. By applying for and accessing the UPI Facility, the User accepts these Terms, which shall govern the provision of the Services by the Bank.
6. The Terms shall be in addition to and not in derogation of the Guidelines issued from time to time.
1. User’s act of directly or indirectly, accessing, using and/or taking benefit of the Services of the Bank or any part thereof under the UPI Framework, shall by itself (without any further act, deed or writing and without any signature required), amount to User’s irrevocable and unconditional acceptance of the Terms and such access, use or benefit shall by itself further act as the confirmation of the User having read and understood and irrevocably and unconditionally accepted the Terms.
2. The User has accordingly accepted the Terms as above.
1. Rights and Obligations of the User as a Payer
1. The User shall be entitled, subject to other terms and conditions of the Service, to issue Payment Orders.
2. The User shall be responsible for the accuracy of the particulars given in the Payment Order for UPI Facility and shall be liable to compensate Bank for any loss arising on account of any error in the Payment Order.
3. Bank disclaims all liability for execution of any Payment Order in good faith and in compliance with the instructions given by the User.
4. The User authorizes the Bank to act as a PSP, irrespective of whether the User is registered through the Bank or the TPAP, and initiate process for debiting relevant account(s) of the User as per instructions received by way of Payment Orders. The User understands that although multiple bank accounts can be linked with the UPI Facility, debit/credit transactions can be done from the default account. User may change the default account before initiating such debit/credit transactions.
5. Each Account that may be linked with the UPI facility can be opened with a separate username / Virtual Payment Address (“VPA”).
6. The User shall ensure availability of funds in his aforesaid account(s) towards the fulfillment of the Payment Order before/at the time of the execution of the Payment Order.
7. The User hereby irrevocably authorizes Bank to debit the account(s) of the User held with the Bank, for any liability incurred by the Bank on behalf of the User for execution of the instruction issued by the User. The User understands and agrees that once a fund collection request is accepted, the default account will automatically be credited with such amounts as may be mentioned in the fund collection request. The User understands and agrees that such amounts once credited to default account cannot be reversed by the User.
8. The User agrees that the Payment Order shall become irrevocable when it is issued.
9. The User agrees that he shall not be entitled to make any claim against RBI and/or NPCI in respect to the UPI Facility.
10. The User agrees that in the event of any delay or non- completion of the funds transfer or any resultant loss pursuant to a Payment Order, due to any down-times or technical glitches or errors, the Bank shall have no liability whatsoever with respect to the same.
11. The User shall provide correct beneficiary details to Bank at the time of availing the UPI Facility. The User shall be solely responsible for entering wrong or discrepant beneficiary details like incorrect Virtual Payment Address, incorrect Aadhar number or incorrect mobile number, due to which the fund are transferred to an incorrect beneficiary.
12. The User shall not hold Bank responsible for any damage, claim, issue arising out or in connection with any purchase of goods/services from Merchants through Payment Orders issued by UPI Facility. The User understands and agrees that all such losses, damages and issues shall constitute a claim against such Merchants.
13. The User agrees that the UPI Facility is offered in line with the RBI’s guidelines on mobile banking, UPI Guidelines and all other relevant guidelines / circulars issued by RBI / NPCI which are subject to change from time to time, and the User needs to keep himself updated.
14. User shall inform Bank immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority or official regarding and relating to Bank, as well as expeditiously notify Bank of any show causes, seizure or similar action and provide copies of any notices, memos, correspondences received from such authority. User shall not unilaterally file any response / reply to such an authority without the prior approval and vetting by Bank.
15. The User shall be solely liable for ensuring availability of sufficient funds in the Account(s) at all times for the purpose of availing the Facility. The User agrees that in the event there are insufficient funds in the Account, Bank shall decline the transaction instruction.
1. The User is responsible for the accuracy and authenticity of the instructions provided to Bank and the same, if is in the form and manner prescribed by Bank, shall be considered to be sufficient to operate the UPI Facility. Bank shall not be required to independently verify the instructions. Bank has no liability if it does not or is unable to stop or prevent the implementation of any Payment Order issued by the User.
2. Once a Payment Order is issued by the User the same cannot be subsequently revoked by the User.
3. Bank shall refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction. Bank has the right to suspend the transactions with respect to the UPI Facility if it has reason to believe that the User’s instructions will lead to or expose to direct or indirect loss to Bank or may require an indemnity from the User before continuing to operate the UPI Facility.
4. All instructions, requests, directives, orders, directions, entered by the User, are based upon the User’s decisions and are the sole responsibility of the User.
5. The Bank shall have the right to not execute a Payment Order issued and duly authorised by the User: (a) if the funds available in the account(s) of the User are not adequate or funds are not properly applicable/available to comply with the Payment Order (b) the Payment Order is incomplete or it is not issued in the agreed form, (c) Bank has reason to believe that the Payment Order is issued to carry out an unlawful transaction or (d) the Payment Order cannot be executed under the NPCI UPI System.
6. No Payment Order issued by the User shall be binding on Bank until Bank has accepted it.
7. Bank shall, for execution of every Payment Order, be entitled to debit the designated account(s) of the User, with the amount of the funds to be transferred together with charges payable thereon.
8. A duly authenticated record of the transaction after completion of the funds transfer or funds collection or response to a funds collect request will be recorded in the statement of account in the mobile application of Bank. The transaction will also be recorded in the statement of account of given to the User by the User’s bank. The User shall, within a period of ten days from the date of receipt of the monthly statement report to Bank any discrepancy in the execution of the Payment Order. The User agrees that he shall not be entitled to dispute the correctness of the execution of the Payment Order or the amount debited to his account(s) if he fails to report the discrepancy within the said period.
9. Bank for providing the UPI Facility to the User shall follow the process prescribed by NPCI in this regard including but not limited to process for settling of timed out transactions within the time limit prescribed by NPCI.
10. Bank may review your transactions for identifying high risk transactions and reserves the right to not process the transaction if it believes it to be suspicious, fraudulent or unusual and report the transaction and your account details to legal enforcement agencies or other regulatory authorities as applicable or notified by law.
1. Sharing and Processing of Information and User Data and Other Consents
1. This Clause shall override any terms and conditions, contracts, agreements which the User has entered into with any of the TPAPs or Business Associates, which are to the contrary or inconsistent with any part of this Clause or which restricts the rights of the Bank to process or use or share or store any data or information as per this Clause.
4. Additionally, the User further:
1. authorises the Bank and the Business Associates, to access, receive or collect, the User Data from records, systems or logs, of or operated/held/maintained for the Bank or it’s Business Associates, as may be or become available with/to it/any of them from time to time, for or during or pursuant to the Services/UPI Facility or thereafter, and to use, share, store, profile or process, all such data either by itself or by mixing it with other data, for any of the Purposes,
2. authorises the Bank to access, receive or collect the User Data from any TPAPs or their Business Associates or any other participant in the UPI Framework, and to use, share, store, profile or process, all such data either by itself or by mixing it with other data, for any of the Purposes,
3. through the Bank, further authorises such TPAPs, the Business Associates or any other participants in the UPI Framework, to so share the User Data any other information related to users available with them, with the Bank and/or the Business Associates, for the Bank to use, share, store, profile or process, all such data or information either by itself or by mixing it with other data, for any of the Purposes,
4. hereby expresses interest in the Interested Products and requests the Bank to assess the User for the same including by obtaining credit information reports or other information from the credit information companies or persons engaged in generating scores or reports in relation to creditworthiness or fraud prevention or detection,
5. authorises the Bank and Business Associates to collect, obtain, receive, request for, seek, any Personal Data or other information or reports of or related to the User from any person or other sources, whether public or private, online or offline, including as required as the agent of the User, including from any credit information companies, and for this purpose, to share any User Data or other information related to the User with any such sources or persons, and to further process any of the aforesaid so obtained, for any of the Purposes,
6. authorises the Bank and Business Associates to undertake any such processing or sharing of data or information as mentioned in this Clause, by such means as the Bank may deem fit whether manual or automated or otherwise, whether by running or deploying analytics, algorithms or logics with artificial intelligence techniques or not,
7. authorises the Bank and Business Associates to store, preserve and retain any of the aforesaid data or information mentioned in (a) to (e) above including the User Data, or any part thereof, for such period of time as the Bank may need to do so for assessing or making offers or marketing the User for the Interest Products or as per Applicable Law, whichever is later.
8. authorises the Bank, TPAP and/or the Business Associates, any credit information companies, to use, store, profile or process any of the aforesaid data or information mentioned in (a) to (e) above including the User Data, or any part thereof, and to share any of that with any of their service providers, for or towards any of the following purposes (collectively, “Purposes”), and to undertake any of the activities or steps or communications, either by themselves or through any service providers or Business Associates, towards or for fulfilling or performing any of the Purposes:
1. for assessing, examining, determining and/or conveying from time to time, the eligibility, suitability or credit worthiness of the User and/or for profiling the User for any of the products or services of the Bank or Business Associates including any credit facilities, credit cards, prepaid cards, loans, any other credit transactions or products or services, insurance products, investments, wealth products, credit assessment, financial products, advisory services, accounts, deposits, transfers, referrals etc (all such products and services, collectively, “Interested Products”).
2. for conveying to, displaying or communicating with, marketing to, cross-selling to, the User, through or on the Bank’s App, TPAP App, any other channel(s) of the Bank, TPAP or Business Associate, or otherwise through notifications, emails or other means of communications, whether online or offline or telecommunications, the availability or eligibility or offer, whether in principle or otherwise, of any of the Interested products or the facility for availability of facility to place request/applications for Interest Product(s), or for checking or enquiring from the Customer if the Customer wants to apply for or avail of any of the Interested Products or offers,
3. for detection or prevention of frauds or malpractices or discrepant documents or information,
4. for profiling the User for various Interested Products, generally or specifically,
5. for analysis, credit scoring and marketing or making offers of various financial or other products and/or services that provide an opportunity to the User to acquire, insure, invest, save or otherwise undertake a financial or other transactions,
6. for any incidental or connected purposes as mentioned above.
1. Disclaimer of Liability
1. Bank does not hold out any warranty and makes no representation about the quality of the UPI Facility. The User agrees and acknowledges that Bank shall not be liable and shall in no way be held responsible for any damages whatsoever whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the User and processed by Bank, information provided or disclosed by Bank regarding User’s account(s) or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. While Bank shall endeavour to promptly execute and process the transactions as proposed to be made by the User, Bank shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law. Bank shall not be liable for any loss, claim or damage suffered by the User and/or any other third party arising out of or resulting from failure of an UPI transaction on account of time out transaction i.e. where no response is received from NPCI or the beneficiary bank to the transaction request and/or where mobile number or account number of the beneficiary does not exist. Neither Bank nor its affiliates, directors, officers and/or agents shall be liable for any unauthorized persons accessing the UPI Facility or the apps therefor, or the records or account(s) or information through the use of UPI Facility and the User hereby fully indemnifies and holds Bank, its affiliates, directors and officers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. Bank shall under, no circumstance, be held liable to the User if UPI Facility access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of Bank. Illegal or improper use of the UPI Facility shall render the User liable for payment of financial charges (to be decided by Bank) or may result in suspension of the UPI Facility to the User. Bank states that it shall have no liability or obligation towards any erroneous transactions getting triggered due to a system bug on the app or system breakdown at TPAP’s end or for any other reasons solely attributable to the TPAP.
2. All the records of Bank generated by the transactions arising out of the use of the UPI Facility, including the time the transaction is recorded shall be conclusive proof of the genuineness and accuracy of the transaction. For the protection of both the parties, and as a tool to correct misunderstandings, the User understands, agrees and authorises Bank, at its discretion, and without further prior notice to the User, to monitor and record any or all telephone conversations between the User/users and Bank and any of its employees or agents. Bank expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the UPI Facility.
1. The User hereby gives consent to the Bank to assign, securitise or transfer Bank’s right and obligations under these Terms to any person in future. The User, its successors, legal heirs, administrators, as the case may be, shall be bound by these Terms. However, the User shall not be entitled to transfer or assign any of its rights and obligations under these Terms.
1. The User may request for termination of the UPI Facility any time by giving a prior written notice of at least 30 days to Bank. The User will remain responsible for all the transactions made through the UPI Facility until the time of such termination. Bank may withdraw or terminate the UPI Facility anytime either entirely or with reference to a specific UPI Facility without assigning any reasons whatsoever. Bank may suspend or terminate the UPI Facility without prior notice if the User has breached any of these Terms. However, these Terms shall continue to survive and bind the User any termination of the UPI Facility.
1. Dispute Redressal Mechanism
1. UPI app customers being the end-Users (“End-Users”) can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app.
2. End-User can select the relevant UPI transaction and raise a complaint in relation thereto.
3. A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the End-Users on-boarded by the PSP Bank / TPAP (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the End-User maintains its account) and NPCI, in the same order. After exercising these options, the end-User can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
4. The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions.
5. The End-User shall be kept communicated by the PSP / TPAP by means of updating the status of such End-User’s complaint on the relevant app itself.
1. The User understands that UPI Facility may become unavailable due support or technical upgradation, maintenance work, in order to update the content or for any other reason.
For more details visit HDFC Bank website- https://www.hdfcbank.com/personal/pay/money-transfer/unified-payment-interface