Terms & Conditions

General Terms & Conditions

This document describes the terms governing your use of the services provided to you on the Open platform, including content, updates and new releases, (collectively, the “Services”). It includes by reference.
• Privacy Policy provided to you in the Services available on the website or provided to you otherwise.
• Additional Terms and Conditions, which may include those from third parties.
• Any terms provided separately to you for the Services, including product or program terms, ordering, activation, payment terms, etc.

These Terms apply to the services provided by Open to its customers, which includes operation of the customer’s Open account and execution of any related payment transactions. Open shall also make available to its customers certain related value added services such as invoicing, reporting, payment collections, account reconciliation and certain credit and savings products, which may be provided by Open or through third party service providers. For the use of such value added services the customer may have to accept additional terms and conditions in line with the terms of use of the service provider as notified to the customer when ordering or using such services.

The customer and/or its representative shall accept these terms of service in connection with the registration to Open service, execution of a payment, or opening of an account for the customer, as applicable. Acceptance of these terms of service by the customer shall constitute the agreement between the parties relating to the subject matter set out herein.

For the purpose of these Terms, the following words and phrases shall have the meaning assigned to them under this Article.

2.1 Services

"Services" means the service provided by Open and Service Providers to Users.

2.2 User

Shall mean any person who is boarded on the Open platform for using this Website and/or who transacts or avails of the Services through this Website, to make or to receive payments to or from third parties. The term "User" shall also cover such personnel of any User who are authorized to avail of the Services on behalf of the User.

2.3 Nodal Account

Means such bank account maintained by Open as required by the RBI Guidelines.

2.4 Payee

Means any person to whom a payment is made, using the Services, (and the term includes a User who uses the Services to receive payment).


2.5 Payer

Means any person who makes a payment, using the Services (and the term includes a User who uses the Services to make payment).


2.6 Products

Means any services or products which are purchased/ offered for sale by a User to third parties from time to time, using these Services.


2.7 Service Provider

Means a bank, association, company, partnershipor any such facility provider whose facilities or services are utilized in the provision of these Services to Users through the Open platform.


2.8 Transaction

Means a payment instruction that results in the successful transfer of monies (a) from a User to a Payee; or (b) from a Payer to a User.


2.9 Escrow Account

Shall mean and include all accounts and/or sub-accounts of the escrow account opened by the Client with the partner bank for the purpose of availing the Online Escrow Facility and for enabling the Customers to maintain Online Escrow Accounts.


2.10 Open Business Account

A business account created by an Open customer for executing any kind of online payment transactions.The payment transactions shall be governed by the Payments Settlements Act 2007, and Open shall be an intermediary providing technology solutions for effective settlement flow.

Use of the service is available only to persons who can form legally binding contracts under Indian Contract Act, 1872. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents etc. are not eligible to use the service. You represent and warrant that you are at least 18 years old and all information you submit is true, accurate and complete while registering the account on service. If you are a minor i.e. under the age of 18 years, you shall not register as a user of the service and shall not transact on or use it.


In order to avail the Services, User must be registered with Open and the Service Providers. User shall provide Open with all such documents as may be required for complying with the KYC norms of the partner banks and as per the RBI mandate.

By registering with Open, User agrees to provide true, accurate, current and complete information failing which Open may at any time reject User's registration and terminate his right to use or access the Website and/or Services. When User registers with Open, a User Account will be created, that is associated with User's user name, password and other identifying information. User shall be responsible for anything that happens through his User Account.

Registration on the service is free for all users. However, a fee may be charged for subscribing to any new/additional Services offered by Open exclusively to registered users depending on the plan chosen and agreed from time to time. Open reserves the right to change the fee policy applicable to such paid registration. Changes to the fee policy will be posted on the Application and such changes shall become effective immediately after they are posted on the Application.

Settlement of payment amounts
Amount collected through the Open account shall be made available to the User net of prescribed fees and charges due to Open. It shall be construed that the intimation of completion of service to the end user is the point at which the User gives the instruction to withdraw the money to his designated account through the Open platform. Open shall settle the available balance, net of applicable fees to the User designated account within 2 days of such intimation as per the RBI guidelines.


You are responsible for maintaining the confidentiality of your account and password and for restricting and preventing unauthorized access to your account. You agree to accept responsibility for all activities that occur under your account or password.


You can access and update account details on the Service. You shall ensure that the account details provided are correct and complete at all times. Open reserves the right to refuse access to the service, terminate accounts, remove or edit content at any time without notice to you.


Open will endeavor to ensure that access to and availability of the service remains uninterrupted and error free. However, access to the Application may occasionally be suspended or restricted to allow for repairs, maintenance, or for the introduction of new facilities and services.


Obligations and Rights


The User shall not:

(i) carry out any activity, which is banned, illegal or immoral,

(ii) Use the Services in any manner or in furtherance of any activity, which constitutes a violation of any law or regulation or which may cause Open to be subject to investigation, prosecution or legal action, including trading in contraband items or providing services or activities online prohibited by applicable laws.

User shall act in compliance with all laws, rules and regulations and shall at all times comply with the guidelines set by Visa/Master Card/ acquiring banks/ Service Providers.

User shall not sell, provide, exchange, or otherwise disclose to third parties or use themselves (other than for the purpose of completing a Transaction, or as specifically required by law) any personal information about any third party, including the account details and mobile number, without obtaining the prior written consent of such third party.

User shall take all precautions as may be feasible or as may be directed by Open to ensure that there is no breach of security and that the integrity of the link between their systems/ site, the Website and the payment mechanism is maintained at all times. In the event of any loss being caused as a result of the link being breached or as a consequence of the link being improper or being in violation of the provisions of this clause, the loss shall be to the account of the User and the User shall indemnify and keep indemnified Open and the Service Providers from any loss as may be caused in this regard.

User shall bear and be responsible for the payment of all relevant taxes (including any applicable withholding taxes) as may be due.

A User shall use the information regarding a Payee/ Payer (including name, address, e-mail address, telephone numbers and other data) conveyed to him whist using the Services, only for the purpose of completing the Transaction for which it was furnished, and not to sell or otherwise furnish such information to others unless he has an independent source of such information or obtains the express consent of such Payee/ Payer.

A User shall inform Open of any change in his email address, mobile number, address, ownership or legal status or his cessation of business in writing 30 working days in advance of such change.

User agrees and undertakes that availing any third party Services on Open shall be at the sole discretion of the User and shall not hold Open responsible for any damages for shortage of service or quality of service.



Open shall comply with all provisions regarding protection of customer funds as set out by the Reserve Bank of India through its banking partnership agreements.

Open has the right to conduct inspections, audits and/or impose additional conditions or restrictions relating to the customer or the use of customer’s payment account, including establishing a reasonable reserve amount to cover potential chargebacks and related fees and sanctions, as well as limiting the right of the customer to claim monies from the payment account when required.

Open shall exercise reasonable caution and checks in onboarding third party service providers; However the User acknowledges and agrees that the specific transaction risks shall be governed by the terms conditions between the User and the Service Provider

Open shall be responsible for Services directly provided to the User and the terms of this agreement shall govern the service delivery and completion.

Open does not provide any banking services regulated by the Reserve Bank of India

In consideration of the Services rendered by Open to the User, the User shall pay to Open a fee as specified in the scheduled intimated and accepted from time to time.

Open shall deduct its transaction fees plus service tax per successful Transaction, and make available the remaining balance of the Transaction Amount to User for payments or for transfer to designated bank account. All other taxes, duties or charges shall be borne and paid by User, unless otherwise agreed between the Parties. Open reserves the right to alter / modify / change the discount / commission rate at its discretion. Open also reserves the right to forthwith revise the transaction fee payable in the event of any revision in the rates charges by the acquiring banks or card associations or guidelines issued by the RBI from time to time.

It is hereby agreed and acknowledged by the Parties that the transaction fees charged by Open in respect of a Transaction that has been confirmed shall not be returned or repaid by Open to the User or any other person irrespective of the Transaction being rejected, charged back, refunded or disputed.

Details of the Fees and other charges will be available on our website www.bankopen.co. The Fees and any other charges will be subject to review and changes from time to time.


Specific Terms
User shall be responsible for any miscommunication or incorrect User/ third party/ other information that may be provided to Open at the time of enabling the Services for the User.

Open/ Service Provider reserve the right to impose limits on the number of Transactions which may be charged on an individual credit card or other account during any time period, and reserve the right to refuse to make payments in respect of Transactions exceeding such limit. Open/ Service Provider also reserve the right to refuse to make payments in respect of Transactions by Users with a prior history of questionable charges.


Subject to the provisions stated herein and as specified by Open from time to time, the User will not hold Open liable in case of any improper/ fraudulent/unauthorized/ duplicate/erroneous use of his mobile and/or the web based access. Open will also not be liable for any consequences connected with the use/ misuse of User's mobile/ e mail account by any third party. If any third parties gain access to the Services, the User will be responsible and shall indemnify Open against any liability, costs or damages arising out of such misuse / use by third parties based upon or relating to such access and use, or otherwise.

The User shall be fully liable for: (a) any un-authorized use of his mobile/ email account; and/or (b) all authorized Transactions on his mobile/email account.


Refunds/ Chargebacks
A Chargeback shall mean a Transaction that is uncollectible and returned to Service Provider/ Open by User/ Payee or acquiring bank for a refund to the concerned Payer / User due to any of the following reasons:

(a)Any payments by a User/ Payer using the Services, which is returned by the acquiring bank for any reason whatsoever.

(b)Any charge/debit arising out of any alleged hacking breach of security or encryption that may be utilized by Service Provider/ Open/ Payee from time to time.

(c)Any Transaction that is unsuccessful.


In the event that you breach these Terms of Use or in the event that any other user or a third party reports violation of any of its rights as a result of your use of the Services, Open reserves the right, to suspend or terminate such your access to the service with or without notice to you, and to exercise any other remedy available under the law.

Open shall have the right to indefinitely suspend or block access to your membership on the Application and/or refuse to provide you access to the Application if:

If you engage in or are suspected of engaging in any illegal, fraudulent or abusive activity; or
If you provide any information that is untrue, inaccurate, not current or incomplete in any respect or we have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the Terms of Use.

User shall keep Open indemnified from and against any and all liability (including but not limited to liabilities, judgments, damages, losses, claims, costs and expenses,) or any other loss that may occur, arising from or relating to any claim, suit or proceeding brought against Open by another User/ Service Provider/ third party for reasons including, but not limited (i) a breach, non-performance, non-compliance or inadequate performance by the User of any of the terms, conditions, representations, obligations or warranties made by him; (iii) any acts, errors, misrepresentations, willful misconduct or negligence of the User, or his employees, subcontractors and agents in performance of their obligations under these Terms.

The User shall comply with all such terms and conditions as Open or any Service Provider may prescribe from time to time with regard to the Services. All Transactions effected by or through this Website, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by Open or Seller/ Service Provider.


User agrees not to disclose or attempt to use or personally benefit from any non-public information that he may learn on the Website or through the Services. This obligation shall continue until such time as the non-public information has become publicly known through no action of your own. If you are compelled by order of a court or other governmental or legal body (or have notice that such an order is being sought) to divulge any such non-public information, you agree to promptly and diligently notify Open and cooperate fully with Open in protecting such information to the extent possible under applicable law.

Open may access, preserve and disclose any of your information if required to do so by law, or if we believe in good faith that it is reasonably necessary to (i) respond to claims asserted against Open or to comply with legal process, (ii) for fraud prevention, risk assessment, investigation, customer support, product development and de-bugging purposes, or (iii) protect the rights, property or safety of Open, its Users or members of the public.


Limitation of Liability
User acknowledges and agrees that, to the maximum extent permitted by law, the entire risk arising out of your access to and use of the website and services, remains with you. Neither Open nor any other party involved in providing or delivering the website or services will be liable for any incidental, special, exemplary or consequential damages, including lost profits, loss of data or loss of goodwill, service interruption, computer damage or system failure or the cost of substitute services, or in connection with these terms, as a result of your use of the website or services, whether based on warranty, contract, tort (including negligence), product liability or any other legal theory, and whether or not open has been informed of the possibility of such damage, even if a limited remedy set forth herein is found to have failed of its essential purpose.


General Terms
Open may, if required by law, change any fee or charge or institute new fees or charges. The User agrees to pay all fees and charges so levied provided there is an intimation of the fees prior to the charge.
Open shall not make any refunds of any amounts other than as agreed by these Terms.
Open reserves the right to vary any of the Terms contained herein by posting the revised terms on Open's Website without notice to the User.
The User hereby accepts that he may, from time to time, receive from Open or its associates, communications such as service announcements, advertisements or administrative communications.
All information provided by the User to Open shall be accurate, current and complete. User shall be solely responsible for the accuracy and correctness of all information provided by him. Open shall not be liable for any loss or costs incurred by any party due to any incorrect or mistaken information provided by User.
Open shall not be liable for any direct, indirect, punitive, incidental, exemplary, special or consequential damages or any loss of profit, business, revenue, goodwill or anticipated savings or any damages whatsoever arising out of or in any way connected with the use of the Website by User or otherwise.
Open or Service Provider shall in no event be liable to a User or any third party for any loss or damage whatsoever or howsoever caused arising directly or indirectly in connection with the Website and Services.
In no event shall Open or a Service Provider be liable to a User or any other third party for any applicable taxes and government levies.
Any link on the Open Website to a third party site is not an endorsement of that Website. The use or browsing by a User of any other Website shall be subject to the terms and conditions in each such Website.
Open does not endorse any advertiser or merchant linked to its Website. The User must verify all information provided by the merchants/ advertisers before arriving at his decision to purchase any Product.
Open shall not be liable for any unauthorised access to the User's data or any unauthorized transmissions sent through the Open Services.
The User shall not (whether on-line or otherwise):describe itself as agent or representative of Open or make any representations to any customer or any third party or give any warranties which may require Open or Service Provider to undertake to or be liable for, whether directly or indirectly, any obligation and/or responsibility to customer or any third party.
Open shall not be liable for any breach of these Terms due to any force-majeure event such as act of god, fire, lightning, explosion, flood, inclement weather conditions, power failures, failure in any communication systems, equipment breakdown, strikes, lock-out or any other cause beyond the control of Open.
If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.
Cookie Policy


A cookie is a small file which asks permission to be placed onto your computer's hard drive. Once you agree, the file is added and the cookie helps examine web traffic or lets you know when you visit a particular site.

Essentially, cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie does NOT give us access to your computer or any information about you, other than the data you choose to share with us.

You can choose to accept or decline cookies. Although most web browsers automatically accept cookies, you can usually modify your browser setting to decline cookies to your preference. However, this may prevent you from taking full advantage of our website.

We use cookies on our website and we assume you are ok with this otherwise please disable cookies in your browser or navigate away and clear cookies set by the website.

Cookies on this website are used for:

Analytical/performance purposes - this allows us to recognize and calculate the number of visitors and to see how visitors navigate around the website when they are using it. Therefore helping us improve the way our website functionality for example, by ensuring that users can find what they are looking for easily.
Functionality purposes - to help us recognize you when you return to our website. This allows us to personalize our content for you and remember your preferences and settings (e.g. your choice of language or region).
Sharing purposes – this allows you to share pages with social networks such as Facebook and Twitter.

Privacy Policy

This part sets our policy with regard to the personal information of a User of Open Financial Technologies’ (hereafter referred to as Open) services, obtained through its website or from any other means. By accepting this Privacy Policy and the Terms and Conditions, a User expressly consents to Open's collection, storage, use and disclosure of this personal information as described herein. We know that you care how information about you is used and shared and we appreciate your trust in us to do that carefully and sensibly. Please read the following statement to learn about our information gathering and dissemination practices.

By registering on our website, you are accepting this Privacy Policy. By mere use of the Website, you expressly consent to our use and disclosure of your personal information in accordance with this Privacy Policy. This Privacy Policy is incorporated into and subject to our Terms and Conditions.

Please read this Privacy Policy before using Website or submitting any personal or sensitive information or data.

Who and what this policy applies to

The policy applies to all forms of information, physical and digital, whether collected or stored electronically or in hardcopy.
We handle data in our own right and also for and on behalf of our customers and users.
If, at any time, an individual provides data or other information about someone other than himself or herself, the individual warrants that they have that person’s consent to provide such information for the purpose specified.
Open is not available to children (persons under the age of 18 years).
Collection of User Information

When you use our Website, we collect and store your personal information which is provided by you from time to time. This allows us to provide services and features that most likely meet your needs, and to customize our Website to make your experience safer and easier. We collect personal information from you that we consider necessary for achieving this purpose.

Open respects the privacy of its Users and is committed to protect such privacy as detailed herein. In addition, a User may encounter "cookies" or other similar devices on a web page. These are data collection devices to help analyze our web flow and measure promotional effectiveness. "Cookies" are small files placed on a User's hard drive that assist Open in providing services to its Users and giving a User information targeted to his interests. Most cookies are session cookies, meaning that they are automatically deleted from a User's hard drive at the end of a session. A User is always free to decline a cookie if his browser permits.
Once you create account (register) on Website and give us your personal information, you are not anonymous to us. Where possible, we indicate which fields are required and which fields are optional. If you are unable to provide the information, we need, we may not be able to provide you with the product or service you have requested.

The information that we collect from you would include:

Personal identity information such as name, date of birth, residential status, postal address, e-mail address, mobile number, PAN details etc.
Information which would help determine your eligibility to avail the services offered by Open.
Information which would help Open process applications made by you for the use of services offered by Open
Any other information that Open is required to collect as per specific mandate from any bank/NBFC or as a requirement applicable as per the legal rules in India
Sharing of Information

Disclosure of your information may be required by us to provide you access to our services, to comply with our legal obligations, to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to our services. We do not disclose your personal information to third parties except in accordance with the terms contained herein.

We may disclose personal information if required to do so by law or in the good faith belief that such disclosure is reasonably necessary to respond to subpoenas, court orders, or other legal process. We may disclose personal information to law enforcement offices, third party rights owners, or others in the good faith belief that such disclosure is reasonably necessary to: enforce our Terms and Conditions or this Privacy Policy; respond to claims that an advertisement, posting or other content violates the rights of a third party; or protect the rights, property or personal safety of our users or the general public.

Data Retention

We will retain your information for as long as your account is active or as needed to provide our services. We shall retain and use the information collected by us as necessary to comply with our legal obligations, resolve disputes or for other business purposes. If you cancel/ deactivate/ unsubscribe your account with us, we are not under any obligation to retain your information. However, we may retain your information for Nine (12) months after you cancel/ deactivate/ unsubscribe your account with us, as our business practice.

Information security

The User is aware of all security risks, including possible third party interception of any of his transactions and statements of account on the internet and the content of his transactions or statements of account becoming known to third parties. The User agrees and undertakes that he shall not hold Open/ Open Associates liable therefore in any way. The use and storage of any information, including without limitation, the credit card number, PIN, password, account information, transaction activity, account balances and any other information available on the User's internet access device or computer or mobile phone is at his own risk and responsibility. The User furthermore acknowledges and accepts that Open may not encrypt all content or communications from and to their website.


The User hereby agrees that the application and copies of all documents submitted by a User are and shall remain the sole and exclusive property of Open, and Open shall not be obliged to return the same to him upon his request. Any unauthorized access to the Open web-site is a breach of these terms and a violation of the law. A User agrees not to access Open web-sites by any means other than through the interface that is provided by Open for use in accessing the same.

Additions to this policy

We reserve the right to modify this policy at any time, so please review it frequently. Changes and clarifications will take effect immediately upon their posting on the Platform. If we make material changes to this policy, we will notify you here that it has been updated, so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we use and/or disclose it.

If a User has any questions he may write to Open Customer Support at letstalk@bankopen.co