Financial Disclaimer

Regulatory disclosures, risk notices, and financial service limitations

Effective Date: 1 April 2026

READ THIS DISCLAIMER BEFORE USING ANY FINANCIAL FEATURE. THIS DISCLAIMER FORMS PART OF THE LEGAL AGREEMENT BETWEEN YOU AND SAVNEX PRIVATE LIMITED.

1. Regulatory Status of Savnex

Regulatory Matter	Position
Savnex's nature	Savnex Private Limited (CIN: U62090PB2026PTC066988) is a fintech product company and payment facilitation intermediary operating as a programme manager. Not a bank, NBFC, or any other independently licensed regulated financial entity.
UPI payments and PPI Wallet	Provided by Zwitch, an RBI-regulated payment infrastructure provider holding requisite licences under the Payment and Settlement Systems Act 2007. Savnex operates as a programme manager on Zwitch's infrastructure. Savnex does not hold an independent PSP or PPI licence.
BBPS bill settlement	Provided by Setu, an RBI-authorised BBPS aggregator operating under NPCI's BBPS framework. Savnex is not the BOU. All BBPS transactions are processed and settled through Setu.
Savings Vault	Virtual accounts maintained by Zwitch under its licensed infrastructure. NOT bank deposits. NOT covered by DICGC deposit insurance.
Technology and operational support	Knotsync Private Limited (CIN: U62090PB2026PTC066988) is an IT services company that provides development support, technical infrastructure, and operational assistance to Savnex during its startup phase. The directors of Savnex and Knotsync are the same individuals. Knotsync does not hold any payment licence and all regulated activity flows exclusively through Zwitch and Setu.

1A. Entity and Developer Account Structure

This section provides transparency on the corporate and developer account structure behind the Savnex application.

Savnex Private Limited

Savnex Private Limited is the fintech product company and the entity legally responsible for the Savnex application, its terms, and all user relationships. All financial services within Savnex are delivered exclusively through Zwitch (UPI and PPI) and Setu (BBPS) as the regulated providers.

Knotsync Private Limited

Knotsync Private Limited is an IT services and technology company based in Mohali, Punjab, India. It provides development support, technical infrastructure, and operational assistance to early-stage products during their growth phase — including Savnex. The directors of Savnex Private Limited and Knotsync Private Limited are the same individuals. Knotsync does not independently conduct or license any financial services.

TifunBox — separate product, no connection to Savnex

TifunBox is an entirely separate product developed under Knotsync Private Limited. It has no connection whatsoever to Savnex — no shared codebase, no shared financials, and no shared operations. TifunBox operates in a completely different market vertical. The majority shareholder and director of TifunBox is Mrs. Krishana Devi Rajoria. Mr. Varinder Rajoria and Mr. Suraj Rajoria are directors in both Knotsync Private Limited and Savnex Private Limited. Knotsync provides the same development support model to TifunBox as it does to Savnex. The two products share only the Knotsync developer umbrella for administrative convenience during their respective early stages. Any appearance of TifunBox in submission metadata is solely a result of this shared developer account and carries no implication of any product-level or financial relationship between TifunBox and Savnex.

2. Payment and Transaction Risk Disclosures

2.1 UPI Risks

Transaction failure risk: UPI payments may fail due to insufficient funds, bank downtime, network issues, or NPCI maintenance. Debited amounts are auto-reversed per NPCI rules (typically within 5 business days).
Settlement timeline risk: T+1 merchant settlement subject to banking and PSP processing.
QR code fraud: Always verify the merchant name before confirming payment.
OTP fraud: Savnex will never request your UPI PIN, OTP, or bank password outside the in-app flow.
Transaction limits: NPCI limits (currently ₹1,00,000 per transaction) and bank daily limits apply.

2.2 BBPS Risks

Biller accuracy: Bill amounts fetched from BBPS infrastructure. Savnex is not responsible for incorrect bill data.
Payment finality: Once acknowledged, BBPS payments are irreversible by Savnex.
Biller downtime: Payments may be unavailable for specific billers during maintenance.

3. Savings Vault Disclosures

Not a bank deposit: NOT deposits under the Banking Regulation Act 1949. NOT covered by DICGC deposit insurance.
No interest: Vault funds do not earn interest.
Virtual account risk:In the event of the provider's insolvency or licence revocation, the applicable regulatory protection regime applies.
Withdrawal:Processed to the merchant's verified bank account only. Subject to IMPS/NEFT timelines.

4. PPI Wallet Disclosures

Semi-closed PPI: Can be used at enrolled merchants and for BBPS payments. Cannot be withdrawn to a bank account.
Balance limits: Subject to RBI limits (currently ₹2,00,000 with full KYC).
No interest: PPI wallet funds do not earn interest.
Inactivity: Wallets inactive for 12 months with zero balance may be deactivated with notice.

5. Merchant-Funded Reward Disclosures

Merchant-funded:All rewards are funded by the merchant's reward pool. Savnex does not subsidise any reward.
Real cash, restricted use: Credits are real INR in the PPI wallet.
Tax: May constitute taxable income. TDS may apply. You are responsible for your tax filings.
Escrow security: Funds are ringfenced and cannot be accessed by the merchant for other purposes.

6. Bilateral Ledger — Critical Legal Disclosure

The bilateral ledger is a platform record — NOT a legal instrument of debt. It is NOT a promissory note, bill of exchange, cheque, or negotiable instrument.

Auto-confirmation after 48 hours is NOT a legal admission of debt.
Savnex is not a debt collection agency, arbitrator, or mediator for ledger disputes.
The credit limit per pair (default ₹5,000) is a platform setting, not a guarantee of creditworthiness.
Merchants extending credit do so at their own risk.

7. Group Fund Pool Disclosures

NOT a chit fund, Nidhi company, deposit-taking activity, or collective investment scheme.
Contributions are irreversible through the standard flow.
Intra-group disputes are the sole responsibility of group members.

8. Applicable Regulatory Framework

Regulation / Act	Relevance
Payment & Settlement Systems Act 2007	Governs UPI and BBPS facilitation through licensed partners.
RBI KYC Master Directions 2016	Mandates KYC/eKYC for all payment account holders.
RBI Master Directions on PPIs 2021	Governs the PPI wallet operated by licensed partner.
PMLA 2002	Anti-money laundering and CTF obligations.
DPDPA 2023	Personal data protection. See Privacy Policy.
IT Act 2000 + CERT-In Directions 2022	Cybersecurity, breach notification within 6 hours.
Consumer Protection Act 2019	Consumer rights and grievance redressal.
NPCI UPI Procedural Guidelines	Transaction limits, QR standards, dispute resolution.

9. No Financial, Investment, or Legal Advice

Nothing on the Platform constitutes financial advice, investment advice, tax advice, or legal advice. All data is for informational purposes only. Savnex is not a SEBI-registered investment adviser or licensed financial planner.

You should not make significant financial decisions based solely on information displayed on the Platform without obtaining independent professional advice.

10. Infrastructure Dependency and Force Majeure

Savnex depends on third-party regulated infrastructure (NPCI, PSP, PPI providers, UIDAI, banking partners, cloud infrastructure). Service availability is contingent on these third parties.

Savnex is not liable for service interruptions caused by NPCI/PSP outages, RBI regulatory action on partners, UIDAI infrastructure issues, natural disasters, government action, cyberattacks on third-party infrastructure, or any other event beyond Savnex's reasonable control. In prolonged events, Savnex will communicate via in-app notification and SMS and ensure user funds are safeguarded to the extent within its control.

Last updated: 1 April 2026 | Version 2.0

Savnex Private Limited | CIN: U62090PB2026PTC066988