Terms and Conditions

GALGAL APP TERMS AND CONDITIONS

Welcome to Galgal! Before you begin using our mobile application and Services, please take a moment to review the following Terms and Conditions. By accepting these Terms and Conditions, you acknowledge that you have read, understood, and agreed to be bound by them. Additionally, you agree to abide by our Tariff of Schedule for accessing and utilising the Galgal app, products, and services. Thank you for choosing Galgal!

 

 Last updated on 01/07/2024

 

1) DISCLAIMER

Galgal serves as a platform in collaboration with banks to facilitate access to various banking services for customers. Galgal’s primary function is to assist in customer onboarding onto the platform.

Please be informed that Galgal’s role is strictly limited to the facilitation of customer access to banking services through its platform. Galgal does not have direct control over the operations or actions of the partnered banks.

For detailed information regarding specific banking services such as cheques, loans, UPI, credit cards, debit cards, fixed deposits, passbooks, or any other services offered by the Bank, customers are advised to refer to the terms and conditions provided by the respective Bank.

 

Customers should review and adhere to the terms and conditions outlined by the Bank on its official website www.cosmosbank.com for comprehensive details regarding the utilisation of banking services.

Kindly note that Galgal bears no responsibility for any actions or services provided by the Bank, and customers engage with the Bank’s services at their own discretion.

 

2) KEY DEFINITIONS

• “Account” refers to the individual or business entity’s designated record by the Cosmos Co-operative Bank Ltd. (hereinafter called as “Cosmos”) to be eligible for operations within the banking system, which stores information about their financial transactions, balances, and other related activities.
• “ATM” refers to an Automated Teller Machine located either in India or overseas, belonging to Cosmos Bank or any other bank participating in a shared network. The term encompasses devices where the Cardholder, by using his Debit Card, can access his funds held in account(s) with Cosmos Bank to perform various transactions including, but not limited to, cash withdrawals, balance inquiries, and fund transfers.
• “Annual Fee” refers to a fee charged at the end of each anniversary year since the issuance of the Debit Card.
• “Banking Partner/”Service Partner” refers to a Bank engaged by Galgal to provide banking services, including but not limited to opening of a savings account, e-commerce transactions, online payments etc.
• “Bank” refers to the Cosmos Co-operative Bank Ltd. having its Registered Office at: “Cosmos Tower”, Plot No.6, ICS Colony, University Road, Ganeshkhind, Pune-411007. And its CIN: U99999MH1933PTC002029.
• “Branch” refers to any affiliated branch of the Bank.
• “Business days‘ refers to Monday to Friday, excluding public holidays observed by the bank.
• “Cosmos” is a brand name for Cosmos Co-operative Bank Ltd under which all the Services related to savings account (“Cosmos Savings Account”), mentioned in this document are provided.
• “CIDR” refers to the Central Identities Data Repository, maintained by the UIDAI, which stores and manages Aadhaar-related data.
• ‘Customer(s)’/ “You”/ “Your(s)” refers to any Indian Resident who is a Citizen of India and is above 18 years of age. Such individuals provide their details for opening a Savings Bank Account with the Galgal and or/Bank, subject to the Terms and Conditions specified periodically. Additionally, customers are authorised to use other services such as Internet Banking Services, as applicable.
• “Debit Card” refers to a virtual Cosmos Rupay Debit Card or a physical Cosmos Rupay Debit Card issued upon opening the Savings account by the Cosmos Bank depending on the cardholder’s account type and eligibility. This includes any replacement or renewed card issued by us, whether at your request or otherwise, allowing you to make purchases, withdraw cash, and perform other banking transactions.
• “Rupay ATM Network” refers to ATMs that accept and display the Rupay symbols, indicating their compatibility with the Debit Card issued by Cosmos Bank.
• ‘Digital KYC’ refers to the process defined under Section 3(a)(viii) of the RBI Master Direction – Know Your Customer (KYC) 2016, as periodically updated (Master Directions). This process involves capturing a live photo of the customer along with Officially Valid Documents or Proof of Possession of Aadhaar. Additionally, the latitude and longitude of the location where the live photo is captured by an authorized officer of the Bank are recorded, as per the provisions contained in the Act.
• ‘Digital Account’ refers to a Savings Bank Account provided by the Galgal, which is opened or onboarded through an Online Mode. This account is subject to the Terms and Conditions outlined herein, as amended periodically.
• “EDC” or “Electronic Data Capture” refers to electronic Point-of-Sale swipe terminals, whether located in India or overseas. These terminals, whether operated by Cosmos Bank or any other bank on a shared network, allow for the debiting of account(s) for purchase transactions made at merchant establishments.
• “Galgal App” means a mobile application provided to you by Galgal, to access the services provided by Galgal in conjunction with its banking partners.
• “Galgal” is the brand name for Umunthu System Private Limited under which all the Services mentioned in this document are provided.
• “Merchant” or “Merchant Establishments” refer to establishments, regardless of their location, that accept or honour the Card. This includes but is not limited to, stores, shops, restaurants, airline organizations, and any other entities advertised by Cosmos Bank.
• Net Qualified Merchant Spends refers to the total Qualified Merchant Spends after adjusting for any reversals, refunds, or chargebacks.
• Qualified Merchant Spends refers to all eligible non-ATM transactions made using your Debit Card on Galgal, except for the following:
  • Credit card payments, loan repayments, or buy now pay later schemes.
  • Online gaming, betting, or lottery transactions.
  • Transfers to financial or political institutions.
  • Payments made to courts or for legal fees.
  • Transfers to digital wallets.
  • Transactions at merchants not offering genuine goods or services.
  • Payments relating to statutory dues (Income Tax, Stamp Duty, Notary etc.).

Galgal and or/ Bank reserves the right to amend this list of exemptions at any time without prior notice. Additionally, Galgal and or/ Bank may, at its discretion, determine whether a transaction qualifies as a Qualified Merchant Spend.

• “RBI” means the Reserve Bank of India.
• “SEBI” means the Security and Exchange Board of India.
• “Services” or “Platform” means and include The services offered through our mobile application but are not limited to:
  • Online Savings Account.
  • Debit Card Services.
  • Online money transfers.
  • Any other product or service provided by the bank, as and when introduced.
• “Third-Party Provider” or “Third Party” refers to any bank, association, company, partnership, or similar entity whose resources are utilized by us to deliver services to users via the Platform.
• “OTP” stands for One-Time Password, a temporary numeric or alphanumeric code sent to the user’s mobile phone for authentication purposes.
• “Personal Information” refers to the information you provide to the Galgal.
• “PIN” stands for the Personal Identification Number (required to access ATMs) allocated to the Cardholder by Cosmos, chosen by him from time to time.
• “Transaction” refers to:
  • A payment request initiated by you to send or receive payments; or
  • A payment instruction initiated by you for a debit from your account;
  • Initiating a fixed deposit;
  • Initiating a recurring deposit;
  • Checking account balance; and
  • Any other relevant banking activities as provided by the service.
• “Payment Service Provider” refers to banks and other financial institutions, as defined in the Payments and Settlement Systems Act, 2007, to facilitate payment transactions.
• “User” refers to any individual (“You”) who registers on the Company’s app via the Platform, mobile application, and/or website. This definition also extends to individuals who conduct transactions or utilize our Services through the Platform.
• Know Your Customer (“KYC”) refers to the set of laws and regulations established by the RBI, which Galgal adheres to. To meet these KYC obligations, Galgal collects personal identification details from you before delivering any services.
• “Statement” refers to a periodic account statement sent by Cosmos Bank to a Cardholder, detailing the transactions conducted by the Cardholder(s) within a specified period and the resulting balance. Additionally, it may contain any other relevant information deemed necessary by the Bank.
• “Suspected Activity” refers to any action, whether intentional or unintentional, carried out by you that raises suspicion of:
  • Intent to commit fraud, forgery, cheating, criminal breach of trust, or any other offence against Galgal or any other individual.
  • Intent to violate any applicable law.
  • Intent to adversely affect the interests of
  • Appears to involve money laundering or financing of terrorism.
  • Raises concerns about the security or integrity of Galgal’s systems or data.
  • Indicates a breach of terms and conditions agreed upon with Galgal.
  • Raises doubts regarding the accuracy or authenticity of the identity information provided.
  • Indicates attempts to impersonate another individual or entity.
  • Raises concerns about the misuse or theft of personal or financial information.
  • Suggests unauthorized access to accounts or sensitive information.
  • Implies fraudulent use of identity documents or credentials.

3) INTERPRETATIONS

• All references to singular include the plural and vice versa, and the word “includes” should be construed as ‘without limitation’. Words importing any gender include the other gender.

4) UNDERTAKING

• By agreeing to the Terms and Conditions of Galgal and the Bank (Cosmos Co-operative Bank Ltd), You consent to undergo a background check as part of the registration process. This is to ensure adherence to regulations set by the Reserve Bank of India (RBI) and to prevent illegal activities such as money laundering.
• Upon agreeing to these Terms and Conditions as well as those of the Bank, You acknowledge that the process of opening and maintaining any bank accounts through our platform will be governed by the prevailing rules and regulations of the RBI or any other relevant regulatory authority. This includes but is not limited to, compliance with e-KYC authentication, background checks, and conducting due diligence related to risk on all users.

 

5) DATA PROTECTION AND PRIVACY RIGHTS

When you choose to use Galgal’s services, you will be required to provide additional personal information, such as your salary details, PAN card number, and credit score, and to grant permission to access other financial data. We assure You that all information provided by You will be safeguarded and used under our Privacy Policy and the prevailing legal regulations. The purpose of collecting this data is not only to provide the current services but also to facilitate additional offerings that we may introduce in the future. For a detailed understanding of how we handle your personal information, please review our Privacy Policy at https://galgal.money/privacy-policy/. This proactive approach ensures that we can tailor our services to better meet your evolving needs while maintaining the highest standards of data privacy and protection.

 

6) PRODUCT USAGE GUIDELINE – ATM USAGE

• The Card is accepted at Cosmos Bank ATMs and ATMs worldwide that are enabled for Rupay.
• Cash withdrawals and balance inquiries at Rupay-enabled ATMs outside India, and non-Cosmos Bank ATMs within India, will incur a fee according to the current tariff of charges. The specific fees are detailed on the Cosmos Bank website and are subject to change at the Cosmos Bank’s discretion.
• All transactions at non-Cosmos Bank ATMs will attract charges as determined by Cosmos Bank from time to time.
• Transactions at Cosmos Bank ATMs, including cash withdrawals and cash deposits, are immediately documented via an ATM statement/receipt. This receipt is considered accurate unless contested and verified by Cosmos Bank. The verified amount will be deemed final and binding.
• Galgal and or/Bank is not liable for interruptions or failures in service related to ATM or Card malfunctions, temporary insufficiency of funds, disputes, or other out-of-control circumstances.
• Galgal and or/Bank will not be responsible for indirect or consequential losses arising from the use or loss of the Card and PIN, regardless of the cause.
• Availability of ATM services in countries other than the issuing country is subject to local regulations. Galgal and or/ Bank is not liable for withdrawal of these services without prior notice.

7) DISCLOSURE AND RIGHTS OF CARDHOLDERS

• Upon request by Galgal and or/Bank, you must provide any necessary information, records, or certificates. Failure to do so may result in refusal to renew or cancellation of the Card.
• Galgal and or/Bank reserves the right to disclose customer information to courts, law enforcement agencies, and government bodies as required by law.
• The Bank may disclose information about the Cardholder’s account to other institutions as necessary for participation in any Electronic Fund Transfer network.
• Bank may report foreign currency expenditures of Cardholders to ensure compliance with RBI regulations.
• The Bank may impose restrictions on account operations if it finds inappropriate usage or if requested information/documents are not provided.
• Galgal and or/Bank reserves the right to suspend or deactivate your bank account or Debit Card with or without notice if suspected activity is detected or if the card is inactive for an extended period. Reactivation of the Debit Card is not possible after deactivation.
• The Bank reserves the right to levy an Annual Fee for the issuance and maintenance of the debit card, subject to its discretion. Users/You acknowledge and agree that the Bank may impose such charges based on its policies and terms. Users will be duly notified of any applicable annual fee through Galgal’s mobile application. It is advisable for users to regularly check the bank’s policy regarding debit card fees on the bank’s official website at Cosmosbank.com.

 

8) TERMS AND CONDITIONS FOR SAVINGS BANK ACCOUNT THROUGH GALGAL MOBILE APPLICATION.

These rules apply to you when you open a Savings Bank Account using the online process provided by the Bank through Galgal. By agreeing to these rules and opening your account online, you agree to follow these rules and any changes the bank may make in the future. You can find more information about these rules on the bank’s website at www.Cosmosbank.com.

·               ELIGIBILITY REQUIREMENTS

• By initiating the Digital Savings Account Opening Process, “You Agree” that:
  • You are an individual and You have attained at least 18 years of age.
  • You are mentally sound, solvent, and capable of entering into legally binding agreements.
  • You reside in India and are physically present here during the account opening.
  • You are not a US citizen or considered a tax resident in any country other than India.

 

YOU ABIDE BY GENERAL TERMS AND CONDITIONS

• By proceeding with the Digital Account Opening Process, you agree to abide by Galgal’s Terms and Conditions and the rules currently in force, as well as any future changes communicated and made available on Cosmos’s website or app, relating to your account.
• By proceeding with the Digital Account Opening Process You Agree that the contents of this T&Cs (and Your relationship with Galgal) would be governed as per the provisions of the Indian Contract Act 1872.
• By proceeding with the Digital Account Opening Process, You acknowledge that the opening and maintenance of the account are subject to rules and regulations introduced or amended from time to time by Galgal and/or the Bank.
• By proceeding with the account opening process, You acknowledge that Galgal will conduct due diligence as required under Know Your Customer (KYC) guidelines. You understand that You will need to submit necessary documents or proofs, including identity, address, photograph, and any other information required to meet KYC, Anti-Money Laundering (AML), or other statutory/regulatory requirements.
• You Agree that after the account is opened, You will comply with extant regulatory guidelines and submit the above-mentioned documents again at periodic intervals, as may be required by the Galgal and or/ the Bank.
• You acknowledge that the account can be opened through the bank’s sales-assisted application, accessible via tablet, mobile, branch user’s desktop, or Galgal’s mobile application.

DOCUMENTATION REQUIRED

• By proceeding with the account opening process, You Agree that the Bank will require you to provide the following documents to open a Digital Account :
  • A recent photograph.
  • Your PAN Card or Form 60, whichever is applicable.
  • One of the following for proof of identity: Aadhaar, Driving License, Passport, Voter ID, or NREGA card.
  • Your specimen signature must be recorded on a white sheet using a blue or black pen.
• By proceeding with the account opening process, You Agree to voluntarily submit your Aadhaar/Driving License/Passport/Voter ID/NREGA card/PAN through the online process to proceed with opening a Digital Account.
• You acknowledge that a live photo will be captured, or you may upload a photograph to match it with your PAN/Aadhaar.

KNOW YOUR CUSTOMER REQUIREMENTS

• By proceeding with the account opening process, You Agree to capture and upload KYC documents, sign on a white sheet of paper to capture your signature and upload the same for verification purposes.
• You understand that all accounts opened digitally will only be made operational after the due verification of KYC documents, adhering to AML and KYC guidelines. You also acknowledge that the Galgal and or/ the Bank shall not be liable for any issues related to connectivity, signal, or data that lead to the non-completion or provision of wrong, false, or incomplete information during the application process.

IDENTITY VERIFICATION/ KYC

• By proceeding with the account opening process, You voluntarily choose Aadhaar-based KYC, including Over-the-Counter (OVD KYC), e-KYC, or offline verification methods. You consent to submit to the Galgal and or/ Bank your Aadhaar number, Virtual ID, e-Aadhaar, Masked Aadhaar, Aadhaar details, demographic information, identity information, Aadhaar registered mobile number, face authentication details, and/or biometric information (collectively referred to as “Information”). You acknowledge that Your consent allows the bank to use this Information for identity verification purposes, as per regulatory requirements under prevailing law(s).
• By agreeing to our Terms and Conditions, You acknowledge that Galgal and or/ Bank has informed You that Submission of an Aadhaar is voluntary, not mandatory, and you may choose alternative methods for KYC and identity verification. These alternatives include physical KYC using officially valid documents other than Aadhaar.
• You acknowledge that Upon termination of your relationship with the Galgal and or/ Bank, the Galgal and or/ Bank will delete all stored Aadhaar information and authentication logs from its database to ensure your privacy and data protection.
• By agreeing to our Terms and Conditions, You Agree to the Galgal and or/ bank sharing your Aadhaar number and/or biometrics with the Central Identities Data Repository (CIDR)/Unique Identification Authority of India (UIDAI). In return, the CIDR/UIDAI will share with the Bank authentication data, Aadhaar data, demographic details, registered mobile number, and identity information. This information will be used exclusively for the purposes outlined below, which You have been informed of:
  • Conducting KYC and periodic KYC updates as required under the Prevention of Money Laundering Act, 2002 (“PML Act”), its rules, and relevant RBI guidelines.
  • Establishing and verifying your identity for all existing and future accounts, facilities, services, and relationships through the Bank via offline verification, e-KYC, Yes/No authentication, and other permissible methods under applicable law.
• “You Agree” to authorise Galgal and or/ Bank to collect, store, preserve, and use this information for:
  • The purposes mentioned in clause e(iv)(1)and(2) of these Terms and Conditions.
  • Regulatory reporting, legal reporting and filings and where required by applicable law(s).
• By authorising Galgal and or/ Bank to collect, store and preserve Your Information, You Agree that the Galgal and or/ Bank may produce records and logs of your consent, the shared information, or any authentication, identification, or verification processes for evidentiary purposes. This includes presenting them before a court of law, any relevant authority, or in arbitration as needed.
• By agreeing to our Terms and Conditions, You acknowledge and understand that your Aadhaar number and core biometrics will not be stored or shared, except as required by law and solely for submission to the Central Identities Data Repository (CIDR). You confirm that you have personally downloaded your e-Aadhaar using the OTP sent to Your Aadhaar-registered mobile number. You Agree not to hold the Galgal and or/ Bank or its officials liable if the document is found to be incorrect or not in order due to any incorrect information provided by You.
• By agreeing to our Terms and Conditions, You acknowledge that the purpose of collecting Your information and the above consent has been clearly explained to You in your local language, ensuring You fully understand the implications and the procedures involved.
• You acknowledge and understand that If you are a beneficiary of Direct Benefit Transfer (DBT), your linked account will be used to receive Government payments across schemes under Section 7 of the Aadhaar Act, 2016, for which you are eligible, and/or any other payment utilizing Aadhaar-based information.

ACCOUNT OPENING

• You acknowledge and understand that the opening, operating, or closing of any Account is subject to the extant Know Your Customer (KYC) guidelines of the Reserve Bank of India. Providing PAN or Form No. 60 (where PAN is not available) is mandatory.
• You Agree that the minimum deposit amount if any, as applicable from time to time, must be remitted at the time of Account Opening and maintained throughout the account tenure. The minimum deposit amount may be changed as per the Galgal and or/ Bank. Galgal and or/ Bank right not to open or activate the account until the initial minimum deposit amount is remitted.
• In compliance with RBI Guidelines, Galgal and or/ Bank may utilize various communication channels, including but not limited to letters, SMS, email, Bank Statements, ATM/Internet Banking, notice boards, website, email on your registered email address, and SMS on your registered mobile number, to communicate with you.
• You understand and acknowledge that You are expected to provide PAN or Form No. 60, or any other document prescribed by Tax Authorities from time to time for account opening, acceptance of cash deposits, etc., in accordance with the provisions of the Income Tax Rules, 1962, and its regulations, as amended from time to time, for compliance thereof.
• You Agree to provide appropriate information/documents (including latest/recent photographs, Identity Proof, Address Proof, profile details of Account Holder/s, Authorized Signatories, Mandate Holders, Beneficial Owners, etc.) in accordance with Reserve Bank of India guidelines on Know Your Customer/Anti Money Laundering (AML)/Combating of Financing Terrorism (CFT) issued under the Prevention of Money Laundering Act, 2002 (RBI Guidelines) to ensure that any changes/updates in the KYC/Profile Information of the Customers are duly updated in the records of the Galgal and or/ Bank.
• The obligations concerning the Account and its operations are subject to all Applicable Laws, including governmental acts, orders, decrees, guidelines, rules, and regulations. You Agree and confirm that the Galgal and or/Bank will act in accordance with applicable Laws without prior intimation. Any limits/constraints imposed by applicable Laws shall apply to the Account and its facilities. You Agree to comply with all applicable Laws at all times.
• You Agree that in the event any Services in connection with the Account are or become liable to tax under the Applicable Laws and Regulations, they shall bear all taxes or duties and authorise the Galgal and or/Bank to deduct any such amount from the Account without further notice or seeking additional consent/authorization.

CONDUCT OF ACCOUNT

• By agreeing to our Terms and Conditions, You Agree to maintain a prescribed average quarterly balance in the account if any, as specified by the Galgal and or/ bank from time to time. Failure to maintain this balance will result in the Galgal and or/Bank automatically levying charges if any, for non-maintenance of the prescribed balance. These charges, if any, will be applied on a quarterly basis and on dates determined by the Bank.
• You acknowledge and understand that the Galgal and or/ Bank reserves the right to withdraw the Free/Concessional Services if any, offered and transfer the account to the regular account scheme if the required balance is not maintained in premium onward accounts.
• The Joint Account Holders agree that any modifications to Operational Instructions or other pertinent account information must be jointly authorised by all holders, irrespective of the operational mode of the account. By agreeing to these terms, the Joint Account Holders acknowledge and authorise the Primary Applicant to access and use the Galgal’s and or/Bank Internet Banking, Phone Banking, and Mobile banking services, including WhatsApp, on their behalf. The Joint Account Holders understand and accept that the Galgal and or/ Bank will not be liable for acting on the instructions of the Primary Holder or for any errors, liabilities, negligence, defaults, or omissions that may arise from this authorization.
• You Agree that the Galgal and or/ Bank has the authority to debit from Your Account to recover any funds that were credited erroneously. You acknowledge that You do not acquire ownership or any other rights over funds mistakenly or erroneously credited to Your Account, and You will have no rights or claims whatsoever over such funds.
• You Agree and understand that the Galgal and or/ Bank will cease operations of your account if you fail to submit an Officially Valid Document within 3 (three) months from the date of account opening.
• You understand and acknowledge that You should issue Cheques from your account only after ensuring that sufficient funds are available to cover the transaction, to prevent returns or dishonours. If a Cheque is returned due to insufficient balance or exceeding arranged funds, I understand that the Bank may levy a Penalty/Charge as applicable. Furthermore, in the event of a large number of returns or dishonours in my account, the Bank reserves the right to take appropriate corrective action as deemed necessary.
• You understand and acknowledge that if a cheque or instrument is honoured by raising an overdraft in Your account, You are responsible for repaying the resulting overdraft, advance, or credit along with the applicable interest, costs, and charges determined by the Bank. Additionally, the Bank may levy Penal Charges for non-maintenance of the minimum balance at its discretion.
• You understand that any alterations made on cheques must be authenticated by the drawer’s signature against each alteration. The Bank reserves the right to refuse payment of cheques that have been altered if they are deemed ambiguous or suspicious, unless the alteration is authenticated by the drawer under full signature as per the specimen on record with the Bank, or if received for payment more than three months after the date the cheque is drawn. Cheques should be drawn in a manner that prevents alteration after issuing, and the drawer’s signature should be consistent with that on record.
• You understand that the Bank will record and accept instructions from the drawer to stop payment requests against lost, stolen, or unnecessary cheques only if such instructions are received prior to presenting the cheques. For e-cheques, stop payment requests must be logged before payment is initiated. The Bank shall not be responsible for any losses or payments made if the cheques are presented for payment before receiving instructions from the drawer or for e-cheques if stop payment requests are logged after payment initiation. The Bank may charge a fee for such countermanding instructions.
• You acknowledge that local cheques must be tendered for collection early enough in the day to meet the Local Clearing House Timings. Withdrawals against clearing cheques will typically only be allowed against cleared balances in accordance with applicable Clearing House Rules.
• You acknowledge and understand that transactions conducted on any Sunday or Public Holiday may be reflected in the Account on the previous or subsequent business day, at the sole discretion of the Galgal and or/ Bank. Any deductions or accretions related to such transactions will be accounted for as of the respective day.
• You Agree and understand that Cheques, drafts, pay orders, or other instruments deposited on a Sunday or Public Holiday, or after the clearing cut-off time for the day, will be sent for clearing on the next business day of the Bank.

DORMANT ACCOUNTS

• You Agree that Savings Accounts with no customer-initiated transactions for over 1 year will be treated as Inoperative/Inactive Accounts as per RBI guidelines. Furthermore, you acknowledge that Savings Accounts with no customer-initiated transactions for over 2 years will be classified as Dormant Accounts. To activate a Dormant Account, you understand that you are required to submit the latest KYC documents and photographs, along with a letter providing reasons for the non-operation of the account.
• You understand that “Customer-induced transaction” refers to any credit or debit transactions initiated by you in the Account through various modes, including:
  • Transactions through Cheque
  • Cash or Cheque Deposit
  • Withdrawal or Deposit through an ATM
  • Transaction through Internet Banking
  • Inward/Outward Bill Remittance, etc.
• You acknowledge that the Galgal and or/Bank reserves the right, at its sole discretion, to deny Services and/or any transactions in the Account of a Customer classified as Inactive or Dormant, as described above.
• You agree that in accordance with the Depositor Education and Awareness Fund Scheme, 2014, under Section 26A of the Banking Regulation Act, 1949, any account in India with any bank that has not been operated upon for a period of ten (10) consecutive years, or any deposit or amount remaining unclaimed for more than ten (10) consecutive years, shall be credited to the Depositor Education and Awareness Fund (“DEAF”) on each calendar month following the expiry of the said ten (10) year period.

TRANSACTION ALERTS

• You acknowledge that the Mobile Number/Email ID of the first Account Holder mentioned in the Account Opening Form is considered the Primary Mobile Number/Email. All transaction alerts related to the account will be sent to that Mobile Number/Email ID exclusively.

SERVICE CHARGE

• You Agree that Service Charges will be applicable as amended from time to time. The Schedule of Service Charges is available within the mobile application. All out-of-pocket expenses, wherever applicable, will be borne by You. You and the other Account Holder(s) (in case of Joint Accounts) hereby authorise the Galgal and or/ Bank to recover the service charges, as determined by the Galgal and or/Bank from time to time, by debiting your Account or any of the Joint Account Holder’s Account(s).
• If the balance in the Account becomes overdrawn as a result of such set-off, the Bank will be entitled to charge interest at rates determined in its sole discretion for the period during which the Account remains overdrawn. In the event of any shortfall in the Account or upon closure of the Account, you shall be liable to pay the outstanding amount on account of charges/interest or otherwise to the Bank immediately, without objection. The Bank, at its sole discretion, may levy Service Charges for the facilities provided, in parts subject to maximum limits as decided from time to time.
• You acknowledge and understand that the Bank retains the right of set-off and lien, regardless of any other lien or charge, present or future, on the Account(s) held by the Customer(s)or in any other account, whether in single name or joint names, to the extent of all Outstanding Dues arising from the Services extended to and/or used by the Customer(s).

STATEMENT OF ACCOUNT/ PASSBOOK

• You agree that a passbook will be provided to all Savings Account Holders on request. If you request a hard copy Statement of Account, it will be issued upon specific request and payment of the necessary charges.
• You acknowledge that you may register Your email ID to receive the Statement of Account via email at specific intervals.
• You agree that it is your responsibility to verify the entries made in the Passbook or statement and to notify the Galgal and or/ Bank of any errors or omissions discovered within one month from the date of Passbook updation or statement issuance. The Galgal and or/Bank disclaim any responsibility for losses arising from your failure to verify the entries and report errors or omissions within the specified timeframe.
• You acknowledge that all statements of Account will be sent to your communication address or registered E-mail ID as per Galgal and or/Bank’s records provided by you. The Galgal and or/Bank shall not be liable for any statements lost in mail, post, or undelivered. If You do not receive the Statement of Account, You agree to promptly contact the Galgal and or/ Bank and request a duplicate statement if necessary. Upon Your request, the Statement of Account may be sent to Your Email Address. You are responsible for verifying the authenticity of the E-mails, and the Galgal and or/Bank shall not be liable for any statements received from fraudulent persons or impostors.
• You agree that the Galgal and or/ Ban Partner shall not be liable for any defects or failures in your Computer System/Network resulting in delayed receipt of Emails.
• You agree that duplicate copies of the Statement of Account may be issued upon your request, subject to a fee as prescribed by the Galgal and or/ Bank from time to time.

COMMUNICATION

• You Agree and acknowledge that communications between the Galgal and or/Bank and you may be conducted through electronic means as follows:
  • You acknowledge that communications between the Galgal and or/ Bank and you may be conducted through electronic means as follows:
  • Documents sent electronically will contain all the information as printed hard copy versions, with the possible exception of graphic insertions such as photographs or logos.
  • Electronic delivery may include SMS, email, an attachment to an email, or provision of a link for document upload/download.
  • The Galgal and or/ Bank will be considered to have fulfilled its legal obligation to deliver any document if sent via electronic means.
  • If you fail to advise the Galgal and or/ Bank of any difficulty in opening the document within 24 hours of receiving it, the Bank will consider this as acceptance of the document.
  • With your consent, the Galgal and or/Bank may communicate with you via telephone to service existing products or offer new products, not in breach of do not call guidelines.
  • General communication of information from the Bank to all customers or sub-groups may be conducted via notices on Galgal’s mobile application, Email and any other medium.
  • Unless otherwise agreed, any notice or communication shall be deemed to be delivered to You personally.
  • Any writ, summons, or other process may be served upon you by posting the same to your address, which shall be deemed as good service. However, the Galgal and or / Bank reserves the right to effect service of process in any other manner permitted by law.
• You acknowledge that the Bank may send alerts, messages, guidelines, stationery, kits, etc., through courier or post to the Registered Address or any specified address (if requested by you), or to your Registered Email Address, or via SMS alerts to your Registered Mobile Number from time to time. It is your responsibility to promptly inform the Galgal and or/ Bank of any changes in your demographic information, including but not limited to your email address and mobile number. The Galgal and or/ Bank shall not be liable for any loss, damage, or consequences resulting from the wrong delivery of the aforementioned items due to your failure to update your mailing or communication address.

NON-TRANSFERABILITY

You acknowledge that the Account and the Services provided to you are not transferable under any circumstances and shall be used only by you. However, the Bank Partner shall have the right to transfer, assign, or sell all its rights, benefits, or obligations to any person, and these Terms and Conditions shall continue to be in force and effect for the benefit of the successors and assigns of the Bank.

CLOSURE OF THE ACCOUNT

You agree that the Galgal or Bank reserves the right to close or freeze your Account(s) or terminate the banking relationship, after giving you due notice at your last known/updated email address without any liability.

• The Galgal or Bank may, without any liability, close or freeze your Account upon giving you due notice or no notice at all (if the Galgal and or/Bank considers such abridgement of notice necessary or reasonable) for reasons including, but not limited to, the following:
  • Your failure to comply with any Terms and Conditions or to pay any sum lawfully due to the Galgal and or/or Bank.
  • The Galgal or Bank becoming aware of your death, insanity, or incapacity, or that of any signatory.
  • The Galgal or Bank becoming aware of any documents furnished towards identity and address proof are found to be fake, forged, or defective.
  • Your Account opening cheque being returned unpaid for financial reasons or signature not matching.
  • Fraudulent, forged, or fake cheques, bank drafts, or any such instruments being attempted to be cleared or cleared through your Account.
  • Frequent returns of inward or outward cheques in your Account.
  • Improper conduct of Your Account in terms of volume or type of transactions.
  • Unsatisfactory conduct of Your Account, including failure to update KYC or using the Account for unlawful or unethical purposes.
  • Notices from statutory authorities, regulatory authorities, or orders from any court, tribunals, governmental authorities, etc.
  • Any other reasons deemed fit by the Galgal and or /Bank with prior notice to You.
  • You shall be solely liable for the return of cheques or dishonouring of any instruments consequent to such closure, and all costs and charges arising from such closure or freezing of the Account(s).
  • Upon closure of the Account(s) for any of the reasons specified above or otherwise, you shall take steps to collect any balance amount in the Account, if any. Until such time, the Bank reserves the right to keep such amounts in a special office account without paying any interest on the same. To the extent that there is a debit balance, you shall remain liable to pay the amount to the Bank together with interest and service charges by the Bank’s prevailing standard procedures.
  • The Galgal and or/Bank also reserves the right to close the Account with or without further notice in the following circumstances:
  • The Account has been in debit balance for more than 12 months due to various reasons.
  • The Account is in an inoperative or dormant status.
  • In accordance with RBI guidelines on DEAF.
  • If you are found to undertake or deal in any type of virtual currency.

ACCOUNT CLOSURE CHARGES

The Account closure charges are applicable as per the following schedule:

Within 14 days of opening of the Account	Within 6 months of opening the Account	Within 1 year of opening of the Account
NIL	INR 250	INR 150

1. These charges are subject to change at the discretion of the Bank without prior notice.
2. The Account closure charges will be debited from the account balance at the time of closure.
3. Any outstanding dues or fees owed to the Bank must be settled before the closure of the Account.
4. The Bank reserves the right to waive off or reduce the closure charges under special circumstances as deemed appropriate.

 

DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC COVER)

You acknowledge that each depositor is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of Rs. 5 (five) lakhs for both the principal and interest amount held by them in the same right and same capacity, subject to the Bank’s terms and conditions.

BANKER’S LIEN AND SET-OFF

The Bank maintains the paramount right of set-off and lien on all deposits and balances held in any Account of the Customer, regardless of whether it’s in single or joint name(s). This right extends to cover all amounts owed by the Customer arising from any services provided by the Bank or any other facilities granted to the Customer. Without prior notice to the Customer, the Bank reserves the right to settle any indebtedness owed by the Customer by adjusting, setting off any deposit(s), and transferring funds from any Account(s) held by the Customer with the Bank. This applies to all forms of indebtedness, whether actual or contingent, primary or collateral, and whether joint and/or several.

Furthermore, the Bank retains these rights irrespective of the Customer’s bankruptcy, insolvency, death, or winding-up.

SERVICES AND FACILITIES OFFERED

• The Bank retains the authority, at its discretion, to cancel, withdraw, suspend, modify, amend, add, or enhance any of the services and facilities offered to Customers hereunder, at any time and without prior notice. In the event of introducing new services or facilities, additional terms and conditions may apply, which will be communicated to Customers in writing. Unless specified otherwise, Customers are deemed to accept and agree to abide by such terms and conditions upon utilising such services or facilities.

NO ENCUMBRANCES

The Customer is prohibited from creating or allowing any encumbrance or third-party interest to exist over or against any account(s), including but not limited to the Account with the Bank, or any funds therein without the Bank’s explicit prior written consent.

FORCE MAJEURE

• You acknowledge that Galgal and or/Bank shall not be liable for any delay in performing or failure to perform any of its obligations under these Terms & Conditions due to circumstances beyond its reasonable control, including but not limited to the failure, malfunction, or unavailability of telecommunications, data communications, and computer systems and services, natural calamities, war, civil unrest, government action, strikes, lock-outs, or other industrial actions or trade disputes, whether involving the Bank’s employees or those of a third party. Any such delay or failure shall not be deemed a breach of the Terms & Conditions, and the time for performance of the affected obligation shall be extended by a period that is reasonable under the circumstances.
• You acknowledge that the Galgal and or/Bank shall not be liable for any losses caused by its inability or delay in providing all or any Service or fulfilling any of the Galgal’s and or Bank’s obligations hereunder, either wholly or in part, caused by or in connection with any force majeure events including, but not limited to, restrictions on convertibility, transferability, requisitions, hacking, involuntary transfers, riot, disturbance, strikes, lock-outs, other industrial action or trade disputes (whether involving the Galgal’s and Bank’s employees or those of a third party), bandhs, war, civil strife, burglary, theft, dacoity, accident, hacking, technical fault including problems related to computers, accessories, software, printers, fax machines, internet, telephone system and such related hardware and software beyond the control of the Galgal and or/Bank’s, breach of trust by any authorized persons, flood, fire, earthquake, act of God, act of any government, change in regulation or law and other allied acts of regulatory or statutory nature or if the performance of such obligation or provision of such service would result in the breach of any law, regulation, or other requirement of any governmental or other authority or on account of any other restriction or requisition or other circumstances or events whatsoever beyond the control of the Bank. The Galgal/Bank shall not be obliged to provide any service or facility or perform any of its obligations hereunder during the period while the Galgal and or/Bank’s performance is affected by force majeure conditions. Furthermore, the Galgal/Bank shall not be responsible for any loss or damage caused to the Customer by reason of any failure to comply with the Customer’s instructions, when such failure is caused due to reasons beyond the control of the Bank, the opinion of the Bank being final in this regard.

INDEMNITY

• The Customer agrees to indemnify, defend, and hold the Galgal and or/Bank harmless from any liability, loss, or damages arising from or related to the operation or use of the Account or the Services, or any breach, non-performance, or inadequate performance by the Customer of these Terms and Conditions. This includes any acts, errors, representations, misrepresentations, misconduct, or negligence of the Customer in fulfilling their obligations.
• The Customer agrees to indemnify Galgal and or/Bank against any fraud, loss, or damage resulting from providing incorrect information or failing to communicate changes in such information, or providing outdated documents. The Customer also agrees to indemnify the Galgal and or/Bank against any negligence or misconduct, including sharing payment credentials, delaying notification of unauthorised electronic banking transactions, or exercising the Galgal/ Bank’s rights.
• Under no circumstances shall the Galgal and or/Bank be liable to the Customer for any indirect, incidental, consequential, special, or exemplary damages arising from the Account, the Services, or other related services.
• The Customer shall indemnify the Galgal and or/Bank as the collecting banker for any loss or damage incurred by guaranteeing any endorsement or discharge on a cheque, bill, or other instrument presented for collection, as requested by the Customer.
• The Customer shall also indemnify and hold harmless the Galgal and or/Bank from all actions, proceedings, claims, losses, damages, costs, interest, and expenses incurred by the Galgal and or/Bank in resolving disputes related to the Account or enforcing its rights under these Terms and Conditions. This includes legal costs incurred in connection with instructions received from the Customer.
• If any sum due from the Customer is not paid by the due date, including any amounts claimed under this clause, the Customer shall be liable to pay interest on such unpaid sum at the rate stipulated by the Galgal and or/ Bank.
• The Customer is solely responsible for ensuring compliance with all applicable laws and regulations in connection with their Account with the Galgal and or/ Bank. The Customer agrees to indemnify the Galgal and or/Bank for any actions, proceedings, claims, losses, damages, costs, and expenses incurred due to any failure to comply with such laws and regulations.
• Indemnities shall survive the termination or closure of the Account.

DISCLAIMER ON THE INFORMATION TECHNOLOGY ACT 2000

• By using the Galgal’s and or/Bank’s services, you acknowledge that the Galgal and or/Bank has adopted the mode of authentication of the Customer by means of verification of the Customer ID and/or through verification of password or through any other mode of verification as may be stipulated at the discretion of the Galgal and or/Bank. You hereby agree and consent to the mode of verification adopted by the Bank. You agree that the transactions carried out or put through by the aforesaid mode shall be valid, binding, and enforceable against You, and You shall not be entitled to raise any dispute questioning the transactions.

DISCLAIMER  ON ANTI-VIRUS UPDATE

• By using the Bank’s online banking services, you acknowledge and agree that it is your responsibility to regularly scan your PCs, laptops, and mobile phones and ensure they are updated with the latest antivirus software available. The Bank shall not be held responsible for any data loss or theft resulting from viruses transmitted through the usage of online banking services.

PRIVACY POLICY OF THE BANK

You hereby acknowledge that You have read and accept the Privacy Policy of the Bank, available at the Bank’s website www.cosmosbank.com. Furthermore, I/We expressly consent to and authorise the Bank (whether acting independently or through any service providers, and whether in an automated manner or otherwise) to undertake the following actions in relation to my application details, personal data, sensitive information, know your customer (KYC) details, credit information, and any other relevant information (collectively, “Information”):

• Collect the Information from various sources, including credit information companies, information utilities, websites, databases, and online platforms.
• Verify the authenticity, correctness, and adequacy of the Information from any sources and persons, including online databases.
• Process the Information, including storing, organising, reproducing, copying, using, and profiling it as deemed fit by the Bank.
• Store the Information for the required period, as per contract, legal requirements, or for the Bank’s evidential and claims purposes, whichever is longer.
• Share and disclose the Information with service providers, consultants, credit information companies, information utilities, other banks and financial institutions, affiliates, subsidiaries, regulators, investigating agencies, judicial, quasi-judicial and statutory authorities, or other necessary parties, in connection with contractual or legal requirements, or in the legitimate interests of the Bank, or as per consent.
• Exercise any of the aforementioned actions for purposes including credit appraisal, fraud detection, anti-money laundering obligations, regulatory compliance, legitimate interests, or with consent.

You understand and agree that the Bank may utilise the Information for the aforementioned purposes, ensuring compliance with legal and regulatory requirements and safeguarding the legitimate interests of the Bank.

JOINT AND SEVERAL LIABILITY

In the event that there are multiple individuals constituting the Customer, all obligations and liabilities of the Customer under these Terms shall be joint and several for all parties involved. Any instructions, authorizations, representations, and warranties given or made by the Customer when it consists of more than one person shall be deemed to be jointly and severally given or made and shall be binding on all such individuals.

In case the Galgal and or/Bank receives conflicting instructions or authorizations from multiple individuals who make up the Customer,

• Act on the first set of instructions or authorizations received.
• Act on the instructions of all account holders.
• Refrain from acting until any differences in instructions or authorizations between the individuals constituting the Customer are resolved to the satisfaction of the Bank.

TECHNOLOGY RISKS

• You acknowledge and understand that the Galgal’s App may require periodic maintenance, during which processing of customer requests may be delayed or disrupted. The Galgal/Bank disclaims all liability, whether direct or indirect, for any failure or inability to fulfil customer instructions during such maintenance periods.
• Galgal may periodically advise users to update their Internet software, such as browsers or mobile applications, to ensure compatibility with online banking services. The Galgal and or/Bank is not obligated to support all versions of such Internet software.
• The Internet is vulnerable to cybercrimes such as phishing, vishing, and compromise of system security, which may affect payment instructions and other transactions with Galgal/Bank. While the Galgal and or/Bank endeavours to protect customers’ interests, it cannot guarantee protection against such cybercrimes. You acknowledge these risks and agree that the Galgal and or/ Bank shall not be held liable for losses arising from such cybercrimes.
• You understand the risks associated with conducting banking transactions at a cyber cafe or shared computer terminal and agree to avoid using such facilities for banking transactions.

DECLARATION FOR OPENING DIGITAL SAVINGS ACCOUNT

• I/We wish to avail the following E-Banking Services: ATM/Debit Card (RuPay Card), Internet Banking (View & Transaction), Cosmos E-Statement with monthly frequency, and Cheque Book Facility.

Regarding my/our residential address, I/we declare that one of the following is true: My residential address is the same as the address on my Aadhaar Card, or my residential address differs from the address mentioned on my Aadhaar Card, and I have provided another Officially Valid Document (OVD) as address proof. Please consider the address mentioned in this other OVD for correspondence purposes.

• Concerning my name, I hereby declare that one of the following scenarios is true: My name on my Aadhaar Card and PAN Card is the same; or my name is spelled differently on my identity proof/address proof. I confirm that all the said names belong to me. I/We agree that the name in the account will be as per my name mentioned on my PAN Card/Aadhaar Card/any other OVD provided by me, following the document sequence provided.
• Regarding my date of birth, I declare that one of the following is true: My date of birth as mentioned on my PAN Card and Aadhaar Card is the same; or the date of birth mentioned on my PAN Card/Aadhaar Card/any other OVD provided by me is accurate. In cases where the date of birth received from UIDAI during eKYC mentions only the month and year, I/We authorise Cosmos Bank to capture the date of birth field as per the PAN Card/other OVD provided by me.
• Lastly, regarding my signature, I declare that one of the following is true: My signature matches with the signature on my PAN Card; or my signature varies between my PAN Card and bank records. I confirm that all mentioned signatures are mine.
• I/We hereby provide this declaration as a comprehensive undertaking to avail of the specified services and verify my/our details as per the bank’s requirements.

MISCELLANEOUS

• The usage of Debit Cards issued to special categories of customers will be governed by the rules and regulations. The Bank reserves the right to unilaterally suspend the services of ATM/Debit Card without prior notice or assigning any reason.
• You agree and understand that the nomination facility is available for the Account in your name as an Individual. Only one nominee is allowed per Account, and minors are not permitted to be nominated. You have the freedom to change the nominee by submitting a declaration in the appropriate form or following the procedure stipulated by the Bank to revise the nomination during the tenure of your Account with the Bank. This shall be directly processed by the Bank.
• You agree that You shall be solely responsible for the safekeeping and confidentiality of the Statements of Account, Cheque Books, Debit Card and its PIN, User ID and Passwords relating to Internet Banking, and any other items relevant or pertaining to the Account.
• You agree that interest, as decided from time to time, shall be paid on the balances in Savings Bank Accounts. You acknowledge that interest will be credited to your account on a quarterly basis, specifically during financial quarters, calculated on a daily product basis.
• You agree that Savings Bank Accounts cannot be opened for business purposes as per RBI directives. Therefore, You acknowledge that savings bank accounts should only be used to route transactions of a non-business or non-commercial nature.
• You acknowledge that Annual Maintenance Charges for the Debit Card will be applicable as per Bank’s Policy from the Second Year onwards. You understand that it is provided free of cost for the First Year.
• You agree that in the event of a change in your residential status, you are required to update the bank within a period of 30 (thirty) days from the date of the change. You understand that failure to do so may result in the bank taking appropriate action, including closure or freezing of the Account.
• By opening the Savings Bank Account, you acknowledge the deemed acceptance of the aforementioned rules and regulations. You understand that this includes being informed about the various Service Charges levied by the Galgal and or/Bank and the Terms and Conditions guiding related Products and Services.
• You acknowledge that the Bank reserves the right to alter, delete, or add any of these rules at any time without prior intimation to Individual Customers. You further understand that the Galgal and or/ Bank may refuse to open an account or close any account at its discretion.

GOVERNING LAW

These Terms and Conditions for Cosmos Savings Account are governed by the laws of India. The Customer and the Bank agree that any legal action or proceedings arising from these Terms and Conditions shall be initiated in the courts or tribunals located in Pune, India, and both parties irrevocably submit to the jurisdiction of such courts and tribunals. However, the Bank reserves the right, at its absolute discretion, to initiate legal action or proceedings in any other court, tribunal, or appropriate forum, and the user consents to such jurisdiction. If any provision of these Terms and Conditions is prohibited or unenforceable in any jurisdiction, it shall be ineffective only to the extent of such prohibition or unenforceability in that jurisdiction, but it shall not invalidate the remaining provisions of these Terms and Conditions or affect such provision in any other jurisdiction.

GRIEVANCE REDRESSAL

In the event of any complaints, customers can contact our grievance redressal officer, also known as the nodal officer. The contact details of the nodal officer are available on the Bank’s website www.cosmosbank.com  as well as at branch locations.

If You encounter issues or downtime while using the platform, You are encouraged to promptly notify the platform’s designated support team via cosmos.support@galgal.money. The platform is committed to addressing and resolving grievances in a timely manner to ensure an optimal user experience. Upon receiving a notification, the support team will diligently investigate the matter and take appropriate actions to mitigate the issue, keeping You informed of the progress until resolution is achieved.”

 

9)   GALGAL’s REFER AND EARN PROGRAM TERMS AND CONDITIONS

Welcome to the Referral Program offered by Umuthu System Private Limited (“Galgal” or “Us” or “We”). By participating in this Referral Program, you agree to these terms and conditions, which complement and are subject to the general Terms of Use and Privacy Policy available at https://galgal.money/ or through our mobile app.

DEFINITIONS

• “Referrer” refers to an existing Galgal’s user undertaking the Galgal’s services and making the reference under this Referral Program.
• “Qualified Referral” refers to a deposit made by a person (a “Referee”) for the Galgal Referral Program by using the referral link.
• “Referee” is any person who enrols in the Galgal Account services through the Enrolled Referrer’s reference, using the referral link.

ELIGIBILITY AND PARTICIPATION

• This Referral Program is open to all registered users (“You” or “Referrer”).
• To participate, You must agree to these Terms, which govern all aspects of participation in the Referral Program.

PROGRAM OVERVIEW

• The Referral Program allows You to earn rewards by referring new users to Galgal’s services.
• Each successful referral who meets the qualifying criteria as specified by Galgal will result in a reward for you, as outlined in the program details.

AGREEMENT TO TERMS

• By participating in the Referral Program, You Agree and affirm your acceptance of these terms and agree to be legally bound by them.
• If You do not agree to these terms, please do not participate in the Referral Program.

CHANGES AND TERMINATION

• Galgal reserves the right, at its sole discretion, to modify, suspend, or terminate the Referral Program or update these terms at any time without prior notice.
• Changes to the program or terms will be effective immediately upon posting unless otherwise specified by Galgal.

REFERRAL PROGRAM GUIDELINES

• Eligibility: Both the Referrer and the Referee must be at least 18 years of age at the time of participation in the Referral Program.
• Referral Link Sharing: The Referrer must share their unique referral link with potential Referees.
• Enrollment Deadline: The Referee must click on the Referrer’s referral link and successfully complete the enrollment process for the Referral Program within 30 days from the date the referral link was generated.
• Deposit Requirement: To qualify for the reward, the Referee must deposit a minimum of INR 500 into their Galgal account wallet using the referral link provided by the Referrer.
• Reward Distribution: Both the Referrer and Referee will receive a reward of INR 50, credited to their respective Galgal’s account wallets upon successful completion of the deposit requirement by the Referee.
• Timing of Reward: The referral reward will be reflected in the Galgal account wallets of both parties within 24-48 hours of the successful deposit by the Referee.
• New User Criterion: The Referee must be a new user (not a returning or existing user) to the Galgal’s platform. The determination of whether a Referee is considered new is at the sole discretion of Galgal.

SOCIAL MEDIA GUIDELINES

• Compliance with Laws: Referrers must ensure that their social media promotions comply with all applicable laws and regulations. They must refrain from making any false or misleading claims about the Referral Program or the products/services offered by Galgal.
• Personal Responsibility: Referrers bear sole responsibility for the content and consequences of their social media promotions. They agree to indemnify and hold Galgal harmless from any claims or liabilities arising from their promotional activities.
• Content Endorsement: Galgal does not endorse or control the content shared by Referrers on social media platforms. Galgal is not liable for any inaccuracies or misrepresentations contained in such content.
• Platform Guidelines: Referrers must adhere to the guidelines and limitations set by each social media platform regarding promotional content. This includes but is not limited to Facebook, Instagram, X, LinkedIn, and others.

MISCELLANEOUS

• Non-Transferability of Rewards: Referral rewards, including gift cards and program account credits, are non-transferable and cannot be redeemed or exchanged for cash, credit, or any other merchandise. All referral rewards mentioned are exclusive of applicable taxes.
• Program Modification and Termination: Galgal reserves the right, at its sole discretion and to the maximum extent permitted under applicable laws, to cancel, modify, terminate, or suspend the Referral Program at any time.
• Limitation of Liability: Galgal and or/ Banking Partner/ Affiliates/ Third-Parties shall not be responsible for:
  • Lost, misdirected, late, incomplete, or unintelligible entries.
  • Any printing or typographical errors in program materials.
  • Errors in the operation or transmission of entries.
  • Technical malfunctions, network issues, or software malfunctions.
  • Injury or damage resulting from downloading program materials.
• Disqualification of Participants: Galgal may disqualify any participant at it own discretion if any participant found to be:
  • Tampering with the entry process or program operation.
  • Acting in violation of the Referral Program Terms and Conditions.
  • Acting in a disruptive manner or with intent to harm others.
• The referral and associated rewards may be revoked by Galgal without warning or notice to the Referrer or Referee if any or both of them are found to be involved in fraudulent use of the program.
• This Referral Program is part of the broader offerings by Galgal and is governed by Galgal’s overarching policies, which include the Terms of Use and Privacy Policy.
• In case of any discrepancies between the Referral Program terms and the general Terms of Use, the latter will prevail.
• By joining and continuing to use the Referral Program, you consent to abide by these Terms and all applicable laws and regulations. If you have any questions about the program or these terms, please contact us at support@galgal.money for clarification before participating.

PRIVACY AND DATA PROTECTION FOR REFER AND EARN PROGRAM.

• Participation in the Referral Program may necessitate the submission of personal information about You and the Customers You refer, including names, email addresses, and social media account details (if required). By participating, you consent to receiving communications from us regarding the Referral Program.
• All information collected as part of this Referral Program will be treated as confidential and subject to Galgal’s Terms of Use and Privacy Policy. We are committed to safeguarding your privacy and ensuring the security of your personal data.

ACCOUNT TERMINATION

Galgal reserves the right to terminate your account without prior notice and take appropriate action under the following circumstances:

• Multiple Accounts: for creating multiple accounts with different email addresses for the same individual with the intention of generating additional referral income or rewards.
• Spam or Unsolicited Emails: for referring customers through spam or unsolicited emails, which is strictly prohibited.
• False Information: for providing false names, impersonating others, or submitting misleading information to Galgal for the purpose of generating referrals or referral rewards.
• Offering Incentives: for offering incentives to others to register as new user accounts, which violates the terms of the Referral Program.
• Violation of Terms: for violating any terms of the Referral Program or any other terms and conditions of Galgal.

FORCE MAJEURE

This Referral Program is subject to force majeure circumstances, including but not limited to floods, natural disasters, war, acts of terror, political unrest, technical snags, acts of God, or any circumstance beyond the reasonable control of Galgal or its affiliates (“Force Majeure Event”).

In the event of a Force Majeure Event, Galgal and its affiliates shall not be held liable for any delay, failure, or interruption in the Referral Program. Any obligations affected by the Force Majeure Event shall be suspended for the duration of such event, and Galgal shall make reasonable efforts to mitigate the impact of the event on the Referral Program.

Participants in the Referral Program agree to waive any claims or demands against Galgal or its affiliates arising from or related to the occurrence of a Force Majeure Event affecting the Referral Program.

GOVERNING LAW AND JURISDICTION

The Referral Program is governed by the laws of India. By participating in the Referral Program, you agree that all decisions related to this program are binding on you. The Referral Program terms and conditions are subject to Indian laws, and any disputes or matters arising related to this Referral Program shall be exclusively governed by the courts of Pune, India.

DISCLAIMER

We reserve the right, at our sole discretion and without prior notice, to add, remove, or modify the terms and conditions of the Referral Program Policy. If any changes are made to this Referral Program, we will update the terms and conditions accordingly. By continuing to use the Galgal account or participate in the Referral Program after the updated terms are posted, You will be deemed to have accepted the changes.

GRIEVANCE REDRESSAL

In case of any grievances, questions or complaints related to this Referral Program, request you to write at cosmos.support@galgal.money.