Deposit Policy

Airtel Payments Bank
Deposit Policy
July, 2016
Contents
1.1 Introduction 1
1.2 Interest payments 2
1.3 Settlement of dues in deceased deposit account 2
1.4 Insurance cover for deposits 2
1.5 Dormant accounts 3
1.6 Remittance Service 3
1.7 Redressal of complaints and grievances 3
Comprehensive Deposit Policy 1

1.1 Introduction
One of the important functions of the Payment Bank is to accept deposits from the public for the
purpose of financial inclusion and to enable the account holders to participate in the banking
services for which the Payment Bank licence has been issued to Airtel Payments Bank Ltd. . The
depositors and their interests form the key area of the regulatory framework for banking in India
and this has been enshrined in the Banking Regulation Act, 1949.
This policy document on deposits outlines the guiding principles in respect of formulation of
various deposit products offered by the Bank and terms and conditions governing the conduct of
the account. The document recognises the rights of depositors and aims at dissemination of
information with regard to various aspects of acceptance of deposits from the members of the
public, conduct and operations of various deposits accounts, etc., for the benefit of customers.
This document is a broad framework under which the rights of common depositors are
recognized. While adopting this policy the Bank re-iterates its commitments to the individual
customers.
Types of Deposit Accounts: -

While various deposit products offered by the Bank are assigned different names, the deposit
products can be categorized broadly into the following types. Definition of major deposits schemes
are as under: -
1) "Savings Deposits" means a form of Demand Deposit which is subject to restrictions as to the
number of withdrawals as also the amounts of withdrawals permitted by the Bank during any
specified period;
2) "Current Account" means a form of demand deposit wherefrom withdrawals are allowed any
number of times depending upon the balance in the account or up to a particular agreed amount
and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit;
As per the Licensing Guidelines on Payments Banks, Bank is not permitted to accept Term
Deposits. Further payments bank are restricted to holding a maximum balance of Rs. 100,000
per individual customer. However, payments bank can accept a large pool of money to be remitted
to a number of accounts provided at the end of the day the balance does not exceed Rs. 100,
000.
The Bank before opening any deposit account will carry out due diligence as required under
prevailing "Know Your Customer" (KYC) guidelines issued by RBI and the Bank’s internal policy
on the same. The decision of the Bank shall be final, in the event the account opening application
is not found suitable as per the relvant guidelines pertaining to KYC.
The account opening forms and relevant material would be provided to the prospective depositor
by the Bank touch-point. The same will contain details of information to be furnished and
documents to be produced for verification and or for record. The Bank’s representative opening
the account will explain the procedure/formalities and provide necessary clarifications sought by
the prospective depositor when he/she approaches for opening a deposit account.
For deposit products like Savings Bank Account and Current Deposit Account, the Bank may
stipulate certain minimum/ average balances to be maintained as part of terms and conditions
governing operation of such accounts.
Failure to maintain stipulated minimum/ average balance in the account may attract levy of
charges as specified by the Bank from time to time. Further, if the customer maintains end of day
balance exceeding Rs. 100,000/- the Bank may chose to levy a charge for the excess amount
maintained and also not pay interest for balance exceeding Rs. 100,000/-.

For Saving Bank Account the Bank may also place restrictions on number of transactions, cash
withdrawals, etc., for a given period. Similarly, the Bank may specify charges for various services
offered to the customers. Such information shall be upfront dissemitated to the customer.
The terms and conditions for operation of the accounts and schedule of charges for various
services provided are made available on the website of the bank.
Savings Bank Accounts can be opened for eligible person / persons and certain organizations /
agencies (as advised by Reserve Bank of India (RBI) from time to time).
The amounts can be deposited/withdrawn from these accounts electronically by the customer
and/or through the bank touch-point.
The customers will be onboarded as per the bank’s KYC policy in line with master direction on
KYC issued by RBI.
The Bank is committed to providing basic banking services to unbanked / disadvantaged sections
of the society. Banking services would be offered to them through the financial inclusion initiatives.
Deposit accounts can be opened by an individual in his/her own name (status known as account
in single name).
Statements of the account can be generated by the customer through mobile app and internet
banking. This is also made available at bank’s touch points and a nominal charge may be levied
for the service.
Nomination facility is available on all deposit accounts opened by the individuals.Nomination can
be modified by the consent of account holder/s..
The Bank recommends that all depositors avail nomination facility. The nominee, in the event of
death of the depositor/s, would receive the balance outstanding in the account as a trustee of
legal heirs. The depositor will be informed of the advantages of the nomination facility while
opening a deposit account.
Any changes in charges will be made available to all depositors well in advance through the
Bank’s web-site /registered e-mail /SMS on the registered mobile number of the account holder.
1.2 Interest payments
The bank disseminate interest rates on deposits to the customer through various channels
(Website/email/SMS).Interest shall be paid on saving account at the rate specified by the bank
on daily product basis.
1.3 Settlement of dues in deceased deposit account

If the depositor has registered nomination with the Bank; - the balance outstanding in the account
of the deceased depositor will be settled to the nominne after the Bank satisfies about the identity
of the nominee.
In the absence of the nomination the bank follow the legally accepted procedure for settlement of
claims.
1.4 Insurance cover for deposits

Our bank deposits are covered under the scheme of Deposit Insurance scheme offered by
Deposit Insurance and Credit Guarantee Corporation of India (DICGC).
Each depositor in a bank is insured up to a maximum of Rs.100,000 (Rupees One Lakh) for both
principal and interest amount held by him in the same right and same capacity.

1.5 Dormant accounts
Accounts which are not operated for a continuous period of more than 2 years will be treated as
a Dormant Account in the interest of the depositor as well as the Bank. The depositor will be
notified of charges, if any, which the bank will levy on dormant / inoperative accounts. The bank
may consider reactivating of such accounts on the request of the depositor after carrying out
necessary due diligence.
1.6 Remittance Service
Airtel Payments Bank would offer Fund Transfer Services to its customers which will allow them
to transfer funds from their accounts to other customer’s Airtel Payments Bank Account and to
customers holding accounts with other banks within India. In addition, Airtel Payments Bank
would look into the service needs of the migrant population by providing them Money Transfer
services under Domestic Money Transfer guidelines issued by Reserve Bank of India.
Airtel Payments Bank would primarily rely on electronic methods of funds transfer. This would
happen through NEFT,IMPS & RTGS. As newer and improved services become available, the
customers would be notified of the same.
1.7 Redressal of complaints and grievances

Depositors having any complaint / grievance with regard to services rendered by the Bank has a
right to approach authority (ies) designated by the Bank for handling customer complaint /
grievances. The details of customer grievance redressal mechanism put in place by the bank are
made available on the website of the bank.

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Airtel Payments Bank

Comprehensive Deposit Policy 1

Types of Deposit Accounts: -

Comprehensive Deposit Policy 1

1.2 Interest payments

1.3 Settlement of dues in deceased deposit account

1.4 Insurance cover for deposits

Comprehensive Deposit Policy 2

1.6 Remittance Service

1.7 Redressal of complaints and grievances

Comprehensive Deposit Policy 3

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