FedMobile – Terms & Conditions - Wallet

GENERAL

These terms and conditions regulate the use of Semi‑Closed Prepaid Payment Instrument or such other services which may be added from time to time under the brand name “FedMobile Wallet” offered by The Federal Bank Ltd, a banking company within the meaning of Companies Act, 2013 and having its Registered Office at Federal Towers, Aluva‑683101, Kerala (“Federal Bank” / “the Bank”). Federal Bank has been authorised to provide Semi‑Closed Prepaid Payment Instrument Services by the Reserve Bank of India under the applicable authorisation number.

Usage of the FedMobile Wallet and related tools are governed by these Terms of Use. “You/Your” or “User” refers to any natural or legal person who registers for and accepts these terms. “We/Us/Our” refers to Federal Bank.

“Merchant” includes any establishment/entity accepting FedMobile Wallet for online payments. “Buyer” refers to persons purchasing goods/services from merchants using the Wallet.

The User acknowledges that KYC details provided will be valid for all associated financial products/services, and consents to sharing of KYC information with affiliates/partners for the purpose of providing such services.

These Terms govern all Wallet transactions on FedMobile. Usage of the Wallet constitutes a binding contract between User and Bank. Acceptance of these terms also means accepting the terms & conditions for use of the FedMobile App.

The Bank acts only as a payment facilitator, enabling payments to merchants or billers. Transactions are strictly between Merchant/Biller and User. The Bank disclaims liability for any goods/services purchased using the Wallet.

The Bank may provide value‑added features (bill presentment, reminders, loyalty points, cashbacks, discounts, etc.). Wallet Cashback may be redeemed only within FedMobile for merchant payments, bill payments or other supported transactions.

The Bank may modify these Terms of Use at its sole discretion without prior notice. Continued use constitutes acceptance of modified terms. Bank grants a limited, personal, non‑exclusive, non‑transferable right to use FedMobile Wallet as long as the User complies with the Terms.

Using the FedMobile Wallet implies full acceptance of these Terms. Read them carefully before proceeding.

By accepting these Terms, User agrees to be bound by all applicable Federal Bank Policies (including but not limited to the Privacy Policy).

Account and Registration

The User declares and undertakes that:

• User is 18 years or above.
• Is capable of entering into a legally binding contract.
• Is an Indian resident.
• Has not been previously suspended/removed from Prepaid Payment Account Services of the Bank.
• Has valid authority and capacity to enter into these Terms.
• Is not impersonating any person/entity or misrepresenting identity.

User may register for FedMobile Wallet by:

• Creating a FedMobile registration and activating the Wallet by providing required details and accepting Terms.
• Federal Bank account holders with “View + Transaction” access need not explicitly register separately.

As per RBI guidelines, KYC is mandatory. Only valid Indian KYC documents may be used. Incorrect/insufficient KYC may lead to cancellation, temporary suspension, or sharing of details with RBI per statutory rules.

Activation of FedMobile Wallet

• Wallet may be activated only with an Indian telecom provider mobile number.
• Federal Bank account holders opting for “View + Transaction” get automatic Wallet activation using existing KYC.
• Other Users must register using an Officially Valid Document (OVD) as defined under PML Rules.

Officially Valid Documents (OVD)

• Driving License
• Voter ID
• PAN Card

Activation requires OTP verification, OVD details, and acceptance of Terms. Users with basic KYC must complete full KYC within 18 months or Wallet moves to “Debit Only Mode”.

In case of disputes on Wallet ownership, Bank’s decision is final. If User information is found incorrect, Wallet access may be suspended/terminated.

Bank protects confidential data as per its Privacy Policy.

If minimum‑KYC details differ from full KYC details later, Bank may forfeit Wallet balance.

Wallet is non‑transferable. Only one Wallet may be operated per User. Violations may lead to suspension.

User must notify the Bank if he/she becomes or is related to a Politically Exposed Person (PEP). PEPs are subject to enhanced due diligence.

Types of Wallet Holders

Loading / Topping‑up FedMobile Wallet

• Wallet may be loaded via BHIM UPI, debit card, refunds, or cashback.
• Bank may restrict refunds into Wallet depending on payment mode.
• Wallet top‑ups NOT permitted for Users who linked at least one bank account via FedMobile/UPI.

KYC Wallet Limits

Purchases Through FedMobile Wallet

Wallet can be used for payments within the FedMobile app. If Wallet balance is insufficient or purchase exceeds allowed limits, User may pay via linked bank account.

Bank applies velocity checks to detect/prevent fraud. User must comply.

Withdrawals

• Withdrawals permitted only after Full KYC.
• Withdrawals allowed only to User’s own bank account.
• No cash withdrawal permitted.
• Requests processed on T+1 basis.
• User responsible for correct bank details.

Withdrawal Limits

Minimum‑KYC Wallets cannot withdraw funds until Full KYC is completed.

Cashback / Wallet Balance Limit

• Cashback is issued as gift vouchers.
• Bank may modify voucher validity and impose additional limits.
• Maximum Wallet balance permitted: ₹10,000.
• Cashback from cancelled transactions remains as voucher (non‑withdrawable).
• Cashback cannot be transferred or withdrawn.

FedMobile Rewards Programme

• Bank may provide reward points as per internal policies.
• Rewards may be revoked in case of fraud/suspicious activity.
• Rewards cannot be redeemed as cash.
• User consents to promotional use of personal information.
• Offer not valid in Tamil Nadu (as per Prize Scheme Prohibition Act 1979).

Usage & Charges

Membership is free. Bank may modify fee policy anytime. New or modified fees become effective immediately once posted on the website.

User must create a Wallet PIN (same as MPIN for Federal Bank account holders with full access). User is solely responsible for PIN confidentiality.

Validity & Forfeiture Policy

Bank may modify Wallet validity period with 45‑day prior notice. Bank may terminate Wallet for policy violation or legal/Regulatory reasons. Balance will be transferred to the designated bank account post‑full‑KYC.

Wallet may be placed in “Debit Only Mode” for suspicious/fraudulent activity. Bank may freeze transactions and report to RBI.

One‑Time Closure Option

Users may close Wallet and transfer withdrawable balance to their bank account. Minimum‑KYC users must complete full KYC before closure. Cashback balances are non‑withdrawable.

Inactive Wallet

Wallets with no transactions for 18 months become “Inactive”. Top‑ups, withdrawals disabled; pending refunds will still be credited. Wallet may be reactivated upon Full KYC.

Privacy Policy

Bank ensures confidentiality and uses data only for intended purposes. Data includes voluntary submissions and transaction behaviour. No personal data shared with third parties without consent except legal requirements.

External websites are not under Bank’s control. Policy may change, and Users must review periodically.

Governing Law & Dispute Resolution

Terms governed by laws of the Republic of India. Disputes first pursued through amicable settlement; failing which, arbitration under Arbitration and Conciliation Act, 1996.

Venue: Kochi. Jurisdiction: Courts at Ernakulam.

If any clause is invalid, remainder continues in effect. Bank’s failure to enforce rights is not a waiver.

Bank may assign rights; User cannot assign without prior written consent.