slice mini Terms and Conditions


These terms and conditions ("Terms and Conditions") apply to and regulate the provisions of co-branded prepaid payment instruments namely ‘slice mini(s)’ issued by SBM Bank (India) Limited (“Bank”), along with Garagepreneurs Internet Private Limited (the “Company”) acting as its co-branding partner.


By completing the sign-up process for availing any of the slice mini, you are deemed to have expressly read, understood and accepted each and every Terms and Conditions mentioned herein. You agree to be bound by all the Terms and Conditions mentioned herein, as may be amended from time to time.


In these Terms and Conditions, “We”, “Us” or “Our” refers to the Bank, or the Company acting on behalf of Bank. “You” or “Your” refers to the individual purchasing or using the Prepaid Card.


DEFINITIONS


In these Terms and Conditions, unless the contrary intention appears and/or the context otherwise requires, capitalized terms defined by: (i) inclusion in quotations and/ or parenthesis have the meanings so ascribed; and (ii) the following terms shall have the meanings assigned to them herein below:

  1. “Account” refers to a prepaid account with an account balance equivalent to amount loaded on the slice mini, for the purpose of monitoring the limits available on such slice mini.
  2. “Business Day” means a day other than a Sunday, 2nd or 4th Saturday of a Month or Public Holiday as defined under Section 25 of Negotiable Instrument Act, 1881 on which banks are open to transact business of banking.
  3. “Charges” means such levy, costs and charges levied by Us/Company for usage of the slice mini, as amended from time to time.
  4. “Customer” or “Holder” or “You” shall mean any person to whom the slice mini is issued and who is authorised to hold and use the same against the value stored on such slice mini.
  5. “Customer Care Centre” refers to contact centre provided by Us for addressing all queries, complaints raised by the Customer or any details or information sought by the Customer in relation to his/her slice mini.
  6. “EDC” or “Electronic Data Capture” Machine means terminal, printer, other peripheral and accessory and necessary software on which the slice mini can be swiped or used to initiate a transaction.
  7. “Internet Payment Gateway” means the protocol stipulated/to be stipulated by Us authorizing the payments made using slice mini over the internet upon authentication of the Customer.
  8. “KYC” shall mean Know Your Customer guidelines adopted by Us for the purpose of identification and verification of the Customer, pursuant to the Regulations issued by Reserve Bank of India, from time to time.
  9. “Merchant Establishments” shall mean such physical establishments (including but not limited to stores, shops, restaurants, hotels, etc.) and virtual stores (in any type of electronic form including but not limited to e-commerce platforms, digital marketplaces, etc.) located inside or outside India, having a specific contract with Us (or a contract through a payment aggregator / payment gateway / card network) for accepting the slice mini.
  10. “Payment Channel” shall mean various modes of transactions including but not limited to EDC/POS terminals/kiosks/Internet Payment Gateway/Mobile based payment solutions and various other modes as intimated by Us from time to time.
  11. “Personal Identification Number (PIN)” is a numeric password provided to the Customer by us.
  12. “POS” or “Point of Sale” means electronic terminals maintained by Merchant Establishments at which the Customer can use the slice mini.
  13. “slice mini” shall mean the co-branded prepaid payment instrument (which may be a physical card or virtual card) issued by Bank in co-branding arrangement with the Company.
  14. “Regulations” shall mean the master directions, circulars, notifications, rules, guidelines, regulations, etc. issued by Reserve Bank of India or any other competent authority related to issuance and operation of prepaid payment instruments in India, as amended from time to time.
  15. "Schedule of Charges” shall mean the details of fees or Charges as may be prescribed by Us from time to time and displayed on our website.
  16. “Transaction” means any transaction initiated by the Customer using slice mini at any Merchant Establishment.
  17. “SBM Bank” or “Issuer” or “Bank” shall mean SBM Bank (India) Limited (CIN No. U65999MH2017FLC293229), a company incorporated in India under the provisions of Companies Act 2013 and a banking company under the Banking Regulations Act 1949 and who is licensed to carry on its business of banking by the Reserve Bank of India (“RBI”) and having its Registered Office at 101, Raheja Centre,1st Floor Free Press Journal Marg, Nariman Point Mumbai, Maharashtra 400021 (hereinafter called “SBM Bank” or “Bank” which expression shall, unless repugnant to the context thereof, mean and include its successors and assigns).
  18. “the Company” shall mean Garagepreneurs Internet Private Limited, a company within the meaning of the Companies Act, 2013, having its registered office at747, Pooja Building, 80ft Road, 4th Block, Koramangala, Bangalore - 560034


ISSUANCE AND USAGE OF slice mini

  1. The slice mini shall be the exclusive property of the Issuer.
  2. We reserve the right to reject or cancel any Transaction in absence of the signature or mismatch of the signature, without further notice or intimation to the Customer.
  3. The slice mini shall not be transferable to other individual or third party under any circumstances.
  4. We shall not be liable to pay any interest on any balance maintained in the slice mini at any point in time.
  5. The Customer agrees and confirms that the PIN shall, under no circumstances be revealed by the Customer to any relative or family members or third party. The Customer shall be solely responsible and liable for the consequences arising out of such unauthorized disclosure of PIN and/or unauthorized usage of the slice mini. We disclaim all responsibility and liability arising out of or in connection with the unauthorized usage of the slice mini and/or any loss or damage, whether direct or indirect, incurred by the Customer as a result of such misuse. If the Customer forgets or misplaces the PIN, the Customer should visit the website or mobile application or any other mode as may be made available by Us for re-generation of PIN.
  6. We will inform or intimate the Customer 45 days prior to the expiry of the slice mini through SMS on the registered mobile number of the Customer or as specified in the Regulations applicable from time to time. Customer needs to utilize the entire balance available on the slice mini prior to its expiry. In case the Customer does not utilize the balance available on the slice mini within the validity period, the Customer can approach Us for renewal of the slice mini. In case the Customer does not approach Us within a specified period, the outstanding balance available on the slice mini will be transferred to a fund in compliance with the Regulations.
  7. The Customer shall sign and retain all the charge slips generated for each of the Transaction consummated at a Merchant Establishment. We shall not be obliged to provide copies of the charge slips or transaction slips to the Customer. Any such request by the Customer will be at our sole discretion and provided such requests have been made by the Customer within forty-five (45) Business Days from the date of the Transaction. The Customer agrees that we shall be entitled to charge additional cost or charge for providing copies of the charge or transaction slips.
  8. Any charge or cost levied by the Merchant Establishment in relation to any Transaction shall be directly settled by the Customer with the Merchant Establishment. We shall not be liable or responsible, either directly or indirectly, for any act or omission on the part of the Merchant Establishment or the charges or cost levied by them in relation to the Transaction.
  9. All refunds and adjustments due to any Merchant Establishments on account of device error or communication link will be processed manually and the Account will be credited after due verification by Us pursuant to the applicable rules, Regulation and our internal policy. The Customer agrees that any subsequent Transactions will be accepted or honored only based on the available credit balance in the Account without taking into account any disputed amount under consideration by us. The Customer shall unconditionally keep Us indemnified against any loss or damage caused to Us on account of dishonoring the payment instructions as a result of insufficient funds in the Account. The Customer agrees that we shall be entitled to deduct the amount of such loss or damaged caused to Us directly from the Account.
  10. The Customer undertakes to act in good faith at all times in relation to all dealings of the slice mini. The Customer accepts full responsibility for any illegal or wrongful use of the slice mini in contravention to the Terms and Conditions contained herein.
  11. The Customer hereby agrees not to use the slice mini for making payment(s) of any goods and services, which is illegal under the laws. The slice mini cannot be used for making purchases of prohibited or contraband products or services like lottery tickets, banned or prohibited magazines, participation in sweepstakes, purchase of bitcoins, payment for call-back services, etc.
  12. We do not take any responsibility for any loss, damage or injuries suffered or caused to the Customer in connection with the service, quality of goods and services provided by the Merchant Establishment, refusal to accept (conditional acceptance) the slice mini by Merchant Establishment and inability (technical issues) to use the slice mini at Merchant Establishment.
  13. The Customer hereby acknowledges and agrees that if there is no Transaction for a consecutive period of one (1) year on the slice mini, subject to validity of the slice mini, the same shall be made inactive by Us after sending a notice to the Customer. The slice mini can only be reactivated by Us after validations and requisite due diligence, as stipulated from time to time.
  14. The Customer hereby agrees to receive SMS or email alerts from Us for all Transactions done using the slice mini. The SMS or email alerts from Us shall stipulate debit and credit Transactions, balance available or remaining on the slice mini or such other information or details as stipulated by Us, from time to time.
  15. The Customer agrees that We may, at our sole discretion, utilize the services of external service provider(s) or agent(s) on such terms as required or necessary, for provisioning of the services in relation to the slice mini.
  16. The Customer shall have access to Frequently Asked Questions (“FAQ”) as uploaded by Us on our website, from time to time.


BREACH

  1. In the event of any breach of these Terms and conditions by the Customer, we shall have the sole right to forthwith cancel or terminate the slice mini without having any liability, claim, demand or dispute against us.
  2. The Customer undertakes and agrees to indemnify Us against any loss, damage, claim, penalty, cost, charges or expenses (including legal counsel fees) that we may incur and/or suffer, whether directly or indirectly, as a result of the Customer committing any breach of the Terms and Conditions contained herein.


TERM & TERMINATION

  1. The slice mini shall be valid until the expiry date printed on the face of the slice mini.
  2. The Customer agrees and undertakes to destroy the slice mini upon its expiry.
  3. The Customer agrees that the slice mini shall be defaced by cutting off the top right-hand corner, ensuring that both the hologram and the magnetic strip have been cut and has been destroyed or received by us. The Customer agrees that the Customer shall continue to be liable for any Charges incurred on the slice mini prior to its termination, irrespective of the fact whether the Customer has or claims to have destroyed the slice mini.
  4. We may at our sole discretion terminate the slice mini if:
    • the Customer is declared insolvent or in case of death of the Customer.
    • the Customer committing breach of any of the terms, conditions, stipulations or its obligations under these Terms and Conditions
    • any restriction imposed on the Customer by an Order of a competent Court or Order issued by any regulatory or statutory authority in India or any investigating agency.
    • the program becomes illegal under the applicable laws, and Regulations.
    • the program is terminated.
  5. We, at our sole discretion, reserve the right to, either temporarily or permanently, withdraw the privileges on the slice mini and/or terminate the slice mini at any time without giving any notice or assigning any reason thereof. In case of a temporary withdrawal, the privileges attached to the slice mini shall be reinstated by Us at our sole discretion. In case of a permanent withdrawal, we have a right to cancel the slice mini permanently. However, it is made distinctly clear that withdrawal (temporary or permanent) shall constitute automatic withdrawal of all benefits, privileges and services attached to the slice mini. The Customer agrees that in the event of temporary or permanent withdrawal of the slice mini, the Customer shall continue to be fully liable for all Charges incurred on the slice mini prior to such withdrawal, together with all other applicable Charges thereon, unless otherwise specified by us.
  6. If We temporarily or permanently, withdraw the privileges or terminates the slice mini, We will on best effort basis, promptly notify the Customer. We shall not be held liable or responsible for any such delays or laches in receipt of such notification.
  7. Upon termination of the slice mini as stated above, the balance amount, if any lying in the Account will be refunded back to the source.


CHARGES

  1. Charges shall include:
    • Any fees charged by Us in respect of the slice mini, including replacement, renewal, handling and other fees, if any.
    • Service Charges on specific types of Transactions. The method of computation of such Charges will be as notified by Us from time to time.
  2. Charges shall be non-refundable, non-transferrable and non-assignable in nature.
  3. All Charges, in the absence of manifest error, shall be final and binding on the Customer and shall be conclusive in nature.
  4. All statutory taxes including goods and service tax, imposts, duties (of any description whatsoever) as may be levied from time to time by Government of India or other competent authority in respect of or in connection with the slice mini, shall be borne by the Customer.
  5. All Charges related to the slice mini will be debited from the Account, as may be levied from time to time. The Customer shall become liable to pay as soon as a charge has been incurred by use of the slice mini.


Fees, Interest and Charges

  • Service Charges:
    • slice mini - No charges applicable for receiving a slice mini, with the inclusion of physical card and the delivery charges being covered by the Company
  • Additional Charges:
    • slice mini:
      • Surcharge- Fuel surcharge of 2% or Rs.10 (whichever is higher) is charged on fuel transactions undertaken through slice mini. Surcharge will be waived on each fuel transaction, where the value of such transaction does not exceed Rs. 4,000. Total surcharge waiver will be capped at Rs. 200 (in aggregate) per Statement Period. Fuel surcharge charged to the customer and the waiver are inclusive of GST.
      • Rewards Charges- In case the Customer has opted for slice ‘monies’ program, but then subsequently commits a breach of any of the conditions applicable to redemption of ‘monies’, slice will be entitled to compensation from the Customer to the extent of ‘monies’ redeemed by the Customer in breach of the conditions. Rewards Charges are inclusive of GST.
      • Rental convenience fee- For rent transactions on merchants such as Paytm, PhonePe, NoBroker, etc., a 1.5% fee on the entire transaction amount will be charged. slice users will get a fee waiver for transactions that are less than ₹15,000, with a maximum waiver cap of ₹300 per Statement Period. However, this waiver will not be applicable on rent transactions that are more than ₹15,000, and a fee of 1.5% will be charged on the entire transaction amount.
      • Minimum wallet balance charges: There are no Penalty Charges for not maintaining a minimum prepaid wallet balance.
      • Card replacement charges: Users will not be charged for replacement of their card. Request for card replacement will proceed post blocking of the current card and the same shall be raised with the Customer Support.


The Company will be entitled to independently levy Charges from time to time, details of such charges are specifically mentioned on the slice portal. In case of levy of such Charge, the Company will duly provide prior intimation to the Customer by, email (as registered with the Company)/ updating such charge on slice portal. In case the Customer uses the slice mini after being issued such email, the Customer is deemed to have accepted the levy of such Charge. Further the customer hereby agrees and acknowledges that the Bank and Company have a revenue sharing arrangement in respect of the slice mini.


LOST, STOLEN OR MISUSED slice mini:

  1. If the slice mini is lost or stolen, the Customer must immediately report such loss or theft to Customer Care Centre and request for immediate suspension of the slice mini.
  2. The Customer acknowledges that once the slice mini is reported lost, stolen or damaged, such slice mini cannot be used again, even if found subsequently.
  3. The Customer is responsible for the security of the slice mini and shall take all steps towards ensuring that the slice mini is not misused. In the event we determine or receive any information that the Customer has neglected or refused or failed to take steps as indicated above, in case of loss, theft or destruction of the slice mini, we reserve the sole right to cancel or terminate such slice mini.
  4. No liability shall accrue upon the Customer for any unauthorized transactions done on the slice mini, after such slice mini has been reported lost, stolen or damaged by the Customer. All liabilities accrued on the slice mini, post reporting by the Customer shall be borne by Us. However, in case of any dispute relating to the time of reporting and/ or transaction(s) made on the slice mini, post reporting of the slice mini being lost, stolen or misused, all Our decisions shall be final and binding on the Customer.


EXCLUSION OF LIABILITY

We shall be under no liability or responsibility to the Customer or any third party, in respect of any special, indirect, incidental, consequential, punitive or exemplary loss or damage including, but not limited to, lost profits in connection with this arrangement.


DISPUTED TRANSACTIONS

  1. Any charge or Transaction slip or other payment requisition received by Us for payment shall be conclusive proof of such Charge, unless the slice mini is lost, stolen or fraudulently misused and evidenced by the Customer.
  2. All disputed Transactions in relation to the slice mini shall be required to be raised with our Customer Care Centre, within fifteen (15) Business Days from the date of the disputed Transaction. The Customer acknowledges that any request, after fifteen (15) Business Days from the date of the disputed Transaction shall not be accepted by Us.


QUALITY OF GOODS AND SERVICES

Any dispute with or complaint against any Merchant Establishment regarding any goods purchased or services availed must be directly resolved by the Customer with the Merchant Establishment.


DISCLOSURES

  1. The Customer acknowledges and consents to sharing of information pertaining to the Customer and the usage of the slice mini with any other banks or financial or statutory or regulatory authorities only in case of any financial misuse/fraud/legal cases where RBI, any regulatory authority, Government of India or Court directs Us to disclose such information.
  2. The Customer acknowledges and agrees that We may report to any other banks or financial or statutory or regulatory authorities, any Customer delinquencies and/or the usage of the slice mini only in case of any financial misuse/fraud/legal cases where RBI, any regulatory authority, Government of India or Court directs Us to disclose such information. We shall not be obliged to disclose the details of such banks or financial or statutory or regulatory authorities to the Customer, including the extent of such disclosure unless RBI, any regulatory authority, Government of India or Court expressly permits Us to disclose the name of the said financial entity.
  3. The Customer hereby authorizes Us and Our agents to exchange, share or part with all the information relating to the Customer’s details and payment history with our group companies or Affiliates only in case of any financial misuse/fraud/legal cases where RBI, any regulatory authority, Government of India or Court directs Us to disclose such information.


GOVERNING LAW AND JURISDICTION

All disputes arising in relation to these Terms and Conditions shall be governed by and construed in accordance with the laws of India and shall be subject to the exclusive jurisdiction of the Courts of Mumbai.


AMENDMENT OF THE TERMS AND CONDITIONS

  1. We reserve the sole right to change these Terms and conditions, features and benefits offered on the slice mini, including but not limited to Charges.
  2. We shall communicate the amended Terms and Conditions by hosting them on Our website or in any other manner as decided by Us.
  3. The Customer shall be responsible for regularly reviewing these Terms and Conditions, including amendments thereto as may be posted on Our website and shall be deemed to have accepted the amended Terms and Conditions by continuing to use the slice mini.


CUSTOMER GRIEVANCE REDRESSAL

  1. In the event of any dispute or grievance in relation to the slice mini and/or these Terms and Conditions, the Customer may contact the Customer Care Centre on details available on the slice website.
  2. In the event the dispute or grievance in relation to the slice mini and/or these Terms and Conditions is not adequately addressed or resolved by the Customer Care Centre, the Customer may approach the Nodal Officer, details of which can be found on Our website.
  3. We agree that all complaints, disputes or grievance raised by the Customer shall be addressed and/or resolved in a time bound manner.
  4. The Customer may at any time approach the Banking Ombudsman for the grievance redressal. The list of Banking Ombudsman is available on the website of Reserve Bank of India i.e. www.rbi.org.in.
  5. The Grievance Officer:
    1. Name: Vikram Krishnan
    2. Email: customergrievance@sliceit.com
    3. Name of the Company: GaragePreneurs Internet Private Limited
    4. Address: 747, Pooja Building, 80 ft Road, 4th Block, Koramangala, Bangalore, Karnataka, 560034
    5. Phone: 080 470 96430
  6. Any grievance, with respect to this Policy shall be addressed to the above mentioned details. Complaints will be acknowledged and disposed of, within the stipulated statutory timeframe as prescribed in accordance with applicable law.


TERMS AND CONDITIONS FOR RELOADABLE CARD


This section lays out the Terms and Conditions which shall be applicable only to the Reloadable Card(s) issued by Us.

  1. DEFINITION
    • For the purposes of this section “Reloadable Card” shall mean physical or virtual Reloadable cards issued by the Issuer and provided by Us, which can be used for purchasing goods and services.
    • The Reloadable card can be loaded by the user from their bank account through modes such as UPI, IMPS, Debit Card etc.
    • The Reloadable card shall be used by the user for making transactions across both online and offline merchants through the physical card, virtual card, or UPI
  2. CHARACTERISTICS OF RELOADABLE CARD
    • Reloadable Card cannot, under any circumstances, be exchanged for cash.
    • Reloadable Card is reloadable in nature.
  3. KYC Procedure
    • In compliance with the Master Direction - Know Your Customer (KYC) Direction, 2016 (‘Directions’) issued by the Reserve Bank of India (RBI), undergoing KYC verification is mandatory in order to become a registered & approved user on our platform.
    • At the time of registration, it is critical to ensure that the slice user is the person who he/she claims to be. This is to prevent fraudsters from using the name, address and forged signature of others for doing fraudulent transactions, etc. For this purpose, the slice user has to submit documents/details according to his/her profile. It is hereby clarified that, the ultimate responsibility for (a) customer identification procedure/ undertaking enhanced due diligence measures/ KYC verification; and (b) final decision-making function of determining whether a customer is in compliance with KYC regulation, shall remain with SBM Bank.
    • The procedure of the Registration starts by verifying the number of the user via sending an OTP at his/her mobile number shared. Further, below is the list of acceptable documents collected from You by SBM Bank during the time of initial application:
      • Proofs which are mandatorily required from all users:
        • Proof of Identity:
          1. Proof of possession of Aadhaar
          2. PAN Card/ Form 60; PAN Card in case of salaried / self-employed is mandatorily required
        • Proof of Address:
          1. For Permanent Address: Driving License/ VoterId / Passport / Aadhar Card
          2. Other identification Proofs: Includes College ID/ Employee ID. In case Employee ID is not available then employee’s official email ID verification process is available.
    • Users are also required to click a selfie and the same will be uploaded in his/her application. The user is required to digitally sign the Term & Conditions as well as the uploaded documents, using valid electronic modes of signature, after which the initial KYC document submission procedure is completed. Lastly, the user is also requested to deposit INR 1 from their own bank account to complete the verification process, the same would be debited back to the user post completion of KYC.
    • Post the submission, SBM Bank shall make an initial verification of the documents. Notwithstanding anything contained, SBM Bank may undertake the said verification in such other manner as it deems fit provided it is in accordance with the RBI regulations issued from time to time. The KYC documents will be used for undertaking KYC by SBM Bank in compliance with the guidelines issued by the Reserve Bank of India and for no other purpose.
    • You hereby authorize the SBM Bank to verify/check/obtain/download your KYC details from the CKYC Registry; (i) by verifying such details through CKYC number (i.e KYC identifier number-KIN) provided by You or (ii) by obtaining such CKYC number/KIN, through details made available by you.
    • You hereby authorize the SBM Bank to verify/check/obtain/download your Aadhar XML with masked Aadhar details from the UIDAI; by verifying such details through the 12 digit Aadhar number provided along with the designated One Time Password (OTP) verification done by You at the UIDAI portal.
  4. ACCEPTANCE AND USAGE OF RELOADABLE CARD
    • Upon completion of KYC formalities Customer will be able to use the Reloadable Card for the maximum limit as prescribed under the Regulations from time to time.
    • At present, the KYC formalities and maximum limit prescribed is as follows:
      • Upto Rs. 10,000/- by accepting minimum details of the Customer:
        • The minimum details shall include mobile number verified with One Time Pin (OTP) and self-declaration of name and unique identification number of any of the ‘officially valid document’ defined under Rule 2(d) of the PML Rules 2005, as amended from time to time.
        • The amount loaded in such Reloadable Cards during any month shall not exceed Rs.10,000/- and the total amount loaded during the financial year shall not exceed Rs. 1,20,000/-.
        • The amount outstanding at any point of time in such Reloadable Cards shall not exceed Rs.10,000/-.
        • The Reloadable Cards issued under this type shall be converted into KYC compliant Reloadable Cards within a period of 12 months from the date of issue of the Reloadable Cards. If not done, no further reload shall be allowed in such Reloadable Cards. However, the Customer shall be allowed to use the balance available in the Reloadable Card.
      • Upto Rs. 2,00,000/- after completing KYC of the Customer:
        • KYC requirements are specified under the Regulations issued by Reserve Bank of India and/or any other competent authority constituted by Government of India and/or Ministry of Finance, Ministry of Electronics & Information Technology or such other competent Ministry working under the instructions of Government of India from time to time.
        • After completion of the KYC formalities, the amount outstanding on the Reloadable Cards shall not exceed Rs. 2,00,000/- at any point of time.
        • The limit on number of transactions through slice mini in a given financial year will be Rs. 30,00,000 (Rupees Thirty Lakhs). In such circumstance, SBM Bank in compliance with its internal policies and guidelines issued by the Reserve Bank of India reserves the right to block your slice mini and carry out enhanced KYC checks. Post such a check, You may continue to use Your slice mini up to such limit as may be permitted by SBM Bank and communicated to You
    • We shall not be held responsible with regards to the quality of goods and services provided to the Customer by the Merchant Establishment.
    • The Reloadable Card shall be used only for bonafide personal / official purposes. It is clarified that Charges incurred at certain Merchant Establishments, include a charge for availing certain additional services or other facilities by such Merchant Establishments.
    • The Customer acknowledges that all refunds in case of failed, returned, rejected or cancelled Transactions done by the Customer using any other slice mini cannot be credited in the Reloadable Card.
    • The Customer hereby acknowledges and agrees that the Reloadable Card can be reloaded as per the request placed by the corporate.