FAQs

If you are 18 years of age or older and are a resident of India with an Indian address, you are eligible to apply for a Cosmos Bank Savings Account on the Galgal app. Make sure you have the following details handy when applying:

PAN Number
Aadhaar Number*

Cosmos Bank savings account on the Galgal app is available only to individuals who have a present address in the following seven states:

If you are from any other states then you can join the waitlist here.
We are expanding rapidly and you will be notified once we are available in your region.

To open a Cosmos Bank Savings Account, all you need to do is an online verification using Aadhaar OTP and undergo Video KYC, which includes PAN verification and a call with our agent for verification purposes. That’s it!

Note – You need to be an Indian resident who is at least 18 years old.

We pride ourselves on our competitive interest rates, among other exciting features. For more details on the interest rates, visit Rates & Interest

Your Cosmos Bank Savings Account can be funded using UPI from the ‘Add money’ option in the Galgal app or by transferring funds from another bank.

Enjoy the digital world of Cosmos zero balance by paying no charges at all!
This means –

• No minimum balance charges
• Free Virtual Debit Card
• Free online fund transfer
• If you select one of our additional services, such as a physical bank statement or a chequebook, there may be additional charges. For detailed features and charges, please check here.

With the Cosmos Bank Savings Account, customers can deposit and withdraw cash, transfer funds to other Cosmos Bank Savings Accounts customers and other bank accounts, recharge mobile and DTH, pay bills, book tickets, pay shops, make online payments, and much more.

No. The funds added to the Cosmos Bank Savings Account on the Galgal app can be transferred immediately to another bank account, except for transfers with a cool-off period of 30 minutes after adding a new beneficiary.

To close your account, please follow these steps:

• Fill and submit the Account Closure Form:
  • Obtain the account closure form from your Cosmos Bank branch or download it from the bank’s website here: Account Closure Form
  • Fill the form details carefully, sign it, and submit it to your home branch’s manager or officer-in-charge.
• Surrender Your Debit Card:
  • If you have ordered a debit card, you need to surrender it at the branch.
• Submit KYC Document:
  • The bank may ask you to submit any KYC document along with the closure form.
• Handle Remaining Balance:
  • If there is any remaining balance in your account, you may either take cash withdrawal, or the bank can issue a cheque/DD in your favour, or the amount can be transferred to another account to close your account.

Yes, there are charges based on how long your account has been active:

• Up to 14 days: Nil
• 15 days to less than 6 months: ₹250
• 6 months to 1 year: ₹150

If you do not use your Cosmos account for six months, your account will become inactive.

If you do not use your Cosmos account for 24 months, your account will become dormant.

Video KYC enables you to open a bank account instantly. After entering your details, you will have the option to get on a video call with our bank executive to complete your KYC process. The video call ensures that you will not need to visit the branch or have an in-person appointment to complete your KYC.

Providing location access helps us ascertain your location. According to RBI guidelines, you need to be in India to carry out the video KYC. This is for verification purposes only and will not be shared with anyone.

Here are some things to keep in mind before starting the video call for KYC:

• Ensure that you have uninterrupted data connectivity during the Video KYC process.
• Ensure that your background is blank and white in colour, and no other person should come into the frame during the Video KYC process.
• Keep your Aadhaar number and the hard copy of your PAN Card handy during the process.
• Have a blank white paper with a black/blue pen available during the Video KYC process to provide your signature.

The V-KYC process is available from 10 am to 6 pm on all days except for national holidays.

You will receive approval within 24-48 hours after completing your Video KYC. A confirmation SMS will also be sent if your KYC has been approved.

If more than 48 hours have passed since your Video KYC call, follow these steps:

If you don’t complete your Video KYC within 3 days of generating the link, you will need to go through the Aadhaar verification step again. This will allow you to generate a new Video KYC link and continue with the process.

All Cosmos Bank Savings Account come with a free Virtual Debit Card on the Galgal app. Since it is not a physical card, it is called a Virtual Debit Card. It can be used for all online shopping and payments, similar to how you use a physical debit card. It is completely safe and secure.

Follow the steps below to view a Virtual Debit Card in the Mobile Banking App:

• Log in to the Galgal App using your MPIN
• Once you’ve logged in, click on the Card tab
• Navigate to the Virtual Debit card tab to see the details
• Virtual Debit Cards cannot be used at ATMs or Point Of Sale (POS) machines. If you wish, you can apply for a physical debit card as well.

Yes, you can! The steps to request a Physical Debit Card are as follows:

Login into the Galgal App
Navigate to the Card section
Click on Virtual Debit Card
Click on GET ONE NOW.

Note – The physical Debit Card is absolutely free!

To order a physical card through the Galgal app, your Cosmos Bank savings account must have a balance of at least ₹1000 at the time of placing the order. There are no charges for ordering the card, and this is not a minimum balance requirement for maintaining the account. The account remains a zero balance account.

To ensure the safety of your funds, currently, there is a deposit limit of 5,000rs using the ‘Deposit’ button within the Galgal app.
However, there is NO LIMIT on funds added through other apps or bank accounts off Galgal.

There is a limit of 2 lakhs per day for IMPS transfers. There is also an overall limit of 2 lakhs per day for all payment transfer methods combined – such as IMPS, RTGS, NEFT.

There is a daily limit of 25,000rs for ATM cash withdrawals.

Yes, once your account is opened and Video KYC is approved, you will receive a Virtual Debit Card in the app. You can use this card for e-commerce transactions and also link it to UPI apps like Google Pay or PhonePe for payments.

Apart from visiting any Cosmos Bank branch, you can also deposit cash using the following:
– Cosmos Bank ATM machines
– Union Bank ATM machines
– Kotak Mahindra bank ATM machines
– South Indian Bank ATM machines

When you order a Physical Debit Card, your e-commerce transactions using the Virtual Debit Card will be temporarily disabled. However, UPI transactions will still work. You won’t be able to use the Virtual Debit Card for online shopping until you receive the Physical Debit Card and set up its PIN.

It typically takes 7-10 days to receive the Physical Debit Card. Once you receive the card and set up the PIN, you can resume e-commerce transactions using the Physical Debit Card. Additionally, you can go to the “Card” section under “Card Settings” in the app to set or manage limits for e-commerce, contactless payments, ATM withdrawals, and POS transactions. You can also enable or disable these services as per your preference.

Yes, while waiting for your Physical Debit Card, you can continue to make UPI transactions using the linked Virtual Debit Card.

You can withdraw cash in two ways:

You can transfer upto 5,000 INR every day.

Yes, you can connect your bank account to third-party payment apps such as Google Pay, PhonePe, PayTm, etc.

You can link your RuPay debit card to third-party payment apps that support it. For instance, PhonePe supports RuPay debit cards but Google Pay doesn’t.

Please don’t worry. The total amount will be credited to your source bank account within 7 to 10 working days.

Generally, funds are credited instantaneously. In some cases, it may take up to 2 working days to credit money to your account. If funds are not reflected after two days, please contact us with the transaction reference number.

You should block your debit card immediately by accessing the Card menu within the Galgal app. Once you’ve done this, you can request a new debit card.

For detailed information regarding charges & fees, please visit our Rates & Charges page here.

An MPIN (Mobile Banking Personal Identification Number) is used to log in to the Mobile Banking App and manage your Cosmos Savings Bank Account. It is required for accessing the app and performing transactions.

A TPIN (Transaction Personal Identification Number) is used for authorizing banking transactions such as payments, fund transfers, and managing debit card settings. It adds an extra layer of security for transactions.Your TPIN has to be different/distinct from your MPIN.

An ATM PIN is a 4-digit Personal Identification Number associated with your ATM or Debit Card. It is needed for transactions at ATMs, withdrawing cash, and making purchases at POS terminals.

A UPI PIN is a 6-digit code you set within any UPI-enabled app when linking your Cosmos Bank Account using your Cosmos Bank Debit Card. This PIN is needed to authorize payments via the UPI app.

Yes, your data is completely secure. All customer data is stored in the bank’s data center and encrypted to ensure privacy. We never share customer data without consent. Sensitive information like card details (CVV, ATM PIN) is not stored and resides only with the card provider, adhering to RBI guidelines.

As per RBI guidelines, banks are required to maintain certain records even after account closure. Here’s how it works:

Master Circular – Maintenance of Records of Transactions (Under PMLA, 2002):

While your account will be closed and no further transactions will be possible, the bank will retain your data for the specified period to comply with these regulations. Rest assured, your data is secure and used only for regulatory and compliance purposes.

Guilt-free balance is the amount you can spend after your essentials are budgeted.

The Essentials pitcher is a virtual pool within your account balance defined to set aside money to cater to your essential expenses. This includes expenditures on spending categories such as home, food and groceries, bills and utilities, health, insurance, and children. The available amount in the Essentials pitcher is reduced with every spend categorised into one of the above mentioned categories. At the end of a budget period (one month based on the date you defined), the Essentials pitcher’s amount is reset and recomputed for the new budget period.

Rainy Day Pitcher is a virtual savings pool within your account balance used to build up an emergency fund. With every inflow, the Dynamic Budget split rule allocates a certain percentage to the Rainy Day pitcher, as you defined. This amount remains within your savings account and can be used anytime. Maintaining this amount in the Rainy Day pitcher Galgal will inform you of your accumulated savings.

A custom pitcher is a user-defined pitcher available to save money for a specific life goal, such as a bike, a phone, or a holiday.
While defining a custom pitcher, you can specify a target amount and date to meet your goal.
Money can be allocated to the Custom Pitcher using the Dynamic Budget Split or any other Savings Rules.

Galgal’s Dynamic Budget Split feature lets you break up your Income into different Pitchers as soon as your Money hits your account. You can tell Galgal to automatically divide your money into three pitchers: Essentials, Rainy Day and Guilt Free Balance. But you can create your custom Pitcher, too, and ask Galgal to split your deposit into that. Just set aside a percentage and let Galgal divide it up for you. The next time money lands in your Galgal account, your lemony friend will take care of your Essential expenses first. Because that’s important, it will set aside money in your Rainy Day pitcher, and the rest will go into your Guilt-free balance.
Your Home Page feed will show you exactly how your money was split and organised, so you always catch every beat but always dance to the cha-ching tune.

Galgal automatically tries to categorise your transactions. However, you can manually type uncategorised transactions or re-categorise a transaction to one of the pre-defined spend categories. Don’t worry if you haven’t activated our dynamic budget split rule. You can manually top up and withdraw from our pitchers to manage your money.

Transaction stories are a unique way for you to interact with your transactions. Using stories, you can categorise and indicate recurring transactions, enabling Galgal to provide insightful analytics.

If you are encountering a network error message, please follow these steps:
Ensure that you are using the latest version of the Galgal app.
Clear the app cache data, close the app, and restart it.
If the issue persists, please contact us at cosmos.support@galgal.money.

Don’t worry! All entered information is backed up. Simply reopen the app, and you can continue from where you left off.

You can lodge an online complaint on the Bank website: Complaint Link

Alternatively, you can reach the Cosmos Bank customer support via their 24*7 toll-free number, 1800 233 0234 or email us at cosmos.support@galgal.money.

If your bank debited the amount but it hasn’t reflected in the app, the funds will be credited back to your account within 7-10 working days.

The Cosmos Co-operative Bank, based in Pune, has been serving local communities since 1906. As one of India’s oldest banks, it has over 20 lakh satisfied customers and operates 170 branches across seven states: Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Tamil Nadu, and Telangana.

Galgal is the brand name of the digital mobile banking app created by Umunthu Systems for Cosmos Bank. While Galgal itself is not a bank, it serves as a digital platform through which Cosmos Bank provides secure and convenient banking services. When you use Galgal, the savings account, bank deposits, and the debit card are issued and managed by Cosmos Bank, adhering to all security standards prescribed by the Reserve Bank of India (RBI).

Yes, The Cosmos Co-operative Bank implements advanced security protocols, including encryption, multi-factor authentication, and regular audits, to ensure that your financial information is always safe.

They are fully compliant with RBI regulations for data protection, offering the same level of security as any other bank. With 118 years of trusted service, Cosmos Bank has a proven track record of financial reliability. Additionally, your deposits in Cosmos Bank accounts are insured up to the approved limits by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Cosmos Bank combines the personalized service of a community bank with advanced digital capabilities through platforms like Galgal. As a customer, you receive tailored financial support and the convenience of digital banking, along with the option to visit any Cosmos Bank branch for additional services or in-person assistance. With over a century of reliable service, Cosmos Bank offers security, accessibility, and the unique advantage of being closely connected to its communities.

Cosmos Bank, through the Galgal app, provides tools specifically designed for students and young professionals, such as budgeting features, expense tracking, and easy fund transfers. This allows younger users to develop good financial habits while managing their money conveniently.