Terms and Conditions

1. Definitions

2. Eligibility

2.1 All Users

• You must be at least 18 years of age.
• You must be a resident of India with a valid Indian mobile number.
• You must have legal capacity to enter into a binding contract under the Indian Contract Act, 1872.
• You must not be barred from receiving services under any applicable law.
• You must not have a previously terminated Savnex account unless Savnex has expressly permitted re-registration.

2.2 Merchants (Additional)

• Your business must be a legally registered entity in India.
• You must be the authorised signatory with legal authority to bind the entity.
• Your business must not be engaged in any prohibited activity under Clause 12 or applicable Indian law.
• Your personal account must be in FULL_KYC state before creating a business account.

2.3 KYC Obligation

Access to transactional features is conditional upon successful completion of KYC/eKYC. Users in LIGHT state may browse the Platform but cannot initiate or receive payments.

3. Account Registration and Security

3.1 Registration Obligations

1. You must provide accurate, current, and complete information at registration and keep it updated.
2. One mobile number may be associated with one personal account.
3. One personal account may own multiple business accounts, each with its own KYB.
4. You must not register on behalf of another person without explicit written authorisation.
5. You are responsible for all activity occurring under your account.

3.2 OTP and Authentication Security

• Never share your OTP with any person, including anyone claiming to be Savnex. Savnex will never ask for your OTP outside the in-app flow.
• Notify Savnex immediately at [email protected] if you suspect unauthorised access.
• Savnex will never ask for your UPI PIN, bank password, card number, or CVV.

4. UPI Payment Services

• UPI payments are facilitated through 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 is not a bank and does not hold an independent PSP licence.
• Transaction limits set by NPCI, your bank, and Savnex fraud controls apply.
• Merchant UPI receipts follow a T+1 bank settlement cycle.
• Failed UPI payments are auto-reversed per NPCI rules (typically within 5 business days).

5. BBPS Bill Payment Services

• BBPS bill payments are facilitated through 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.
• Once an acknowledgment reference is received, the transaction is final and cannot be reversed by Savnex.
• BBPS payments may be made from PPI wallet or linked UPI account.

6. PPI Wallet

• The semi-closed PPI wallet is operated under the RBI PPI licence of Zwitch. Savnex is not the PPI issuer and does not hold an independent RBI PPI licence. Savnex acts as a programme manager and distribution layer on Zwitch's infrastructure.
• Funds can be used at enrolled merchants and for BBPS payments but cannot be withdrawn to a bank account.
• Maximum balance subject to RBI limits (currently ₹2,00,000 with full KYC).
• Wallet funds do not earn interest.

7. Savings Vault

• Merchant-only feature. Funds held in a dedicated virtual account.
• NOT bank deposits. NOT covered by DICGC deposit insurance.
• Vault funds do not earn interest in the current version.
• Withdrawals processed exclusively to the merchant's KYC-verified registered bank account.

8. Bilateral Merchant-Customer Digital Ledger

• The ledger is a consent-acknowledged digital record, NOT a promissory note or negotiable instrument.
• Auto-confirmation after 48 hours is a record-keeping event, not a legal admission of debt.
• Savnex is not a party to any transaction recorded in the ledger.
• Merchants extending credit via the ledger do so at their own commercial risk.

9. Merchant-Funded Rewards

• All rewards are funded by merchant reward pool escrow. Savnex does not subsidise rewards.
• Reward credits are real INR in the customer's PPI wallet.
• If the pool reaches zero, rules are paused automatically.
• Rewards may constitute taxable income; TDS may apply.

10. Merchant Offers

Merchants may publish offers on the Platform. Offer terms, pricing, and validity are set by the merchant. Savnex displays offers as provided and is not responsible for merchant offer fulfilment.

11. Group Fund Pool

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

12. Prohibited Activities

You must not use the Platform for money laundering, terrorist financing, fraud, identity theft, circumventing KYC requirements, operating illegal businesses, distributing malware, or any activity prohibited under Indian law. Savnex reserves the right to suspend or terminate accounts found engaging in prohibited activities and report them to the relevant authorities.

13. Merchant Obligations

Merchants must maintain valid business registration, comply with all applicable tax and regulatory requirements, ensure accurate pricing and product descriptions, and honour all transactions and offers published on the Platform.

14. Intellectual Property

All intellectual property in the Platform — including trademarks, logos, design, software, algorithms, and documentation — belongs to Savnex Private Limited. You are granted a limited, non-exclusive, non-transferable licence to use the Platform for its intended purpose.

15. Fees and Charges

Savnex may charge fees for certain services. Any applicable fees will be disclosed before the transaction. Savnex reserves the right to modify fees with 30 days prior notice via in-app notification.

16. Limitation of Liability

To the maximum extent permitted by Indian law, Savnex's aggregate liability for any claim arising from or relating to these Terms or the Platform shall not exceed the fees paid by you to Savnex in the 12 months preceding the claim, or INR 10,000, whichever is higher. Savnex is not liable for indirect, incidental, consequential, or punitive damages.

17. Indemnification

You agree to indemnify and hold harmless Savnex, its directors, employees, and partners from any claims, damages, or expenses arising from your breach of these Terms, your use of the Platform, or your violation of any applicable law.

18. Suspension and Termination

Savnex may suspend or terminate your account immediately for breach of these Terms, suspected fraud, regulatory requirement, or court order. You may terminate your account by contacting [email protected]. Upon termination, outstanding PPI wallet balances and vault funds will be resolved per applicable regulatory processes.

19. Prohibited Content

You must not upload, share, or transmit content that is illegal, defamatory, obscene, threatening, infringing on intellectual property rights, or otherwise objectionable. Savnex may remove prohibited content and suspend accounts without prior notice.

20. Grievance Redressal

Grievance Officer: Varinder Rajoria | [email protected] | Acknowledge within 48 hours, resolve within 30 days. If unresolved, escalate to the RBI Ombudsman for Digital Transactions or the appropriate Consumer Forum.

21. Governing Law

These Terms are governed by the laws of India. Any disputes shall be subject to the exclusive jurisdiction of the courts in Mohali, Punjab, India, subject to mandatory arbitration as prescribed under the Arbitration and Conciliation Act 1996.

22. General Provisions

• If any provision of these Terms is held unenforceable, the remaining provisions continue in full force.
• Savnex's failure to enforce any right does not constitute a waiver.
• These Terms constitute the entire agreement between you and Savnex regarding the Platform.
• Savnex may assign these Terms. You may not assign without written consent.