KYC Related

In view of the latest guidelines on issuance and operation of PPIs (Prepaid instruments) issued by RBI vide Master Direction PSS.CO.PD.No.1164/02.14.006/2017-18 dated 11th October, 2017, all Buddy wallet users will now be classified under 2 categories, depending upon submission of their KYC details:

1. Minimum KYC – Wallet

2. Full KYC – Wallet

1. Minimum KYC wallet:


Definition: "Minimum KYC Wallet" shall mean mobile Wallet services availed by submitting minimum KYC details to the bank. 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’(OVD) (such as Aadhaar Card, PAN Card, Voter ID Card, Indian Passport, Driving License, etc.) defined under Rule 2(d) of the PML Rules 2005 of RBI

Features:

  • Can be used for merchant payments (Bill Payment/Recharges/Purchase of goods and services)
  • Fund transfer to Bank account or any other wallets/PPIs is not allowed
  • To be converted into a full KYC wallet within a period of 12 months from the date of registration, failing which no further credit shall be allowed in such wallets. However, the wallet holder shall be allowed to use the balance available in the wallet only for purchase of goods and services.
  • At the time of wallet closure, the user is allowed to transfer the outstanding balance to his/her own account (only after the wallet is upgraded to Full KYC) or transfer the funds back to the source (from where the wallet is loaded).

Note for Existing Users: The wallets where users have not submitted the minimum KYC details to the bank will be automatically converted to "Minimum Details Wallet". No credit transactions will be allowed for such wallets. The outstanding balance if any, can be used for purchase of goods and services.

2. Full KYC wallet:


Definition: "Full KYC Wallet" shall mean mobile Wallet services availed by submitting full KYC details to the bank. The process to update to a Full KYC wallet is as mentioned below:

  • First, the user registers as per the process mentioned above for Minimum KYC wallet
  • Post registration, the customer logs into the wallet, chooses to upgrade to Full KYC wallet and follows the procedure to complete the e-KYC on-boarding process.

Features:

  • Can be used for merchant payments (Bill Payment/Recharges/Purchase of goods and services)
  • Fund transfer to other KYC compliant accounts or any other Buddy wallet is allowed
  • Add/Manage beneficiaries, set pre-defined limits for fund transfer to these beneficiaries
  • At the time of wallet closure, the user is allowed to transfer the outstanding balance to his/her own Bank account, other PPIs or transfer the funds back to the source (from where the wallet is loaded).

Transaction Limits


Limits per wallet (on platform) Minimum Details KYC Full KYC
Maximum balance at any point of time 10,000/- 50,000/-
Top up through any channel per transaction 10,000/- 10,000/-
-Through Debit Cards 5,000/- (Visa / MasterCard)
2,000 (RuPay Card)
10,000/-
Total reload in a month 10,000/- 1,00,000/-
Total transactions (merchant transactions and fund transfers)
- Daily limit
- Monthly limit
10,000/-
10,000/-
50,000/-
1,50,000/-
Fund transfer (Transfer to Account/ Other Buddy Wallet)
Registered Beneficiary: Monthly limit
-
25,000/-
Unregistered Beneficiary: Monthly limit - 10,000/-
Total Fund Transfer Limits: Monthly limit - 50,000/-
Cash out at ATM/BC per transaction Not allowed 2,000/-

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