Terms and Conditions

COSMO GALGAL APP TERMS AND CONDITIONS

Welcome to Cosmo 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 Cosmo Galgal app, products, and services. Thank you for choosing Cosmo Galgal!

 Last updated on 16/09/2025

TERMS AND CONDITIONS FOR SAVING BANK ACCOUNT OPEN THROUGH DIGITAL BANKING (GALGAL MOBILE APPLICATION, POWERED BY COSMOS BANK).

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 foreign 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 Cosmos Bank’s Terms and Conditions and the rules currently in force, as well as any future changes communicated and made available on Cosmos Bank’s website or (Galgal) app, relating to your account.
• By proceeding with the Digital Account Opening Process You Agree that the contents of this T & Cs 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 the Cosmos Bank.
• By proceeding with the account opening process, You acknowledge that bank 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 Cosmos Bank.
• You acknowledge that the account can be opened through the bank’s sales-assisted application, accessible via tablet, mobile.

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 :
  • Your PAN Card 
  • Your Aadhaar 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 / PAN through the online process to proceed with opening a Digital Account.
• You acknowledge that a live photo will be captured, to match it with your PAN/Aadhaar.
• You provide consent to capture your Live Location. (to confirm that you are physically present in India)

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 including Video based Customer Identification Process. You also acknowledge that the Cosmos 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, e-KYC. You consent to submit to the Cosmos 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 Agree to Cosmos 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. By authorising Cosmos Bank to collect, store and preserve Your Information, You Agree that the Cosmos 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 Agree not to hold the Cosmos 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.
• 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

• This account opening process is not available for existing Cosmos Bank customers.
• You consent and confirm the right of the Bank to hold the accounts in Debit Freeze or close the Digital Account even after account activation in case of any discrepancy found as part of regular monitoring and document verification activities.
• You consent and agree to the right of the Bank to take necessary action, legal or otherwise, if the Bank finds any wilful modification/ withholding of information or misrepresentation by the Customer.
• You understand and confirm that the Bank has every right to close, or debit freeze the account, if the details provided by you are found to be inaccurate, incorrect or false by the Bank or for any other reason whatsoever without assigning any reason thereof. The amount deposited will be returned to your communication address by way of a Demand Draft. In case of non-receives of demand draft for closed account you need to contact the designated branch or the customer care number. 
• you hereby give consent to the Bank to deduct the applicable charges/fees as per the requirement of the Bank.
• You agree and confirm that in case of rejection of application, Bank shall have right to retain your details & documents.

• 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 is mandatory.

• If you avail branch banking facility then you Agree that the minimum deposit amount if any, as applicable from time to time, must be remitted at the time of branch banking facility taken and maintained minimum balance throughout the account tenure. The minimum deposit amount may be changed as per the Cosmos Bank policy.

• You Agree to provide appropriate information/documents (including latest Identity Proof, Address Proof, profile details of Account Holder Signature, 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 Cosmos 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 Cosmos 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 Cosmos Bank to deduct any such amount from the Account without further notice or seeking additional consent/authorization.
• In compliance with RBI regulations, conducts a security check to detect if a user’s device is rooted or jailbroken before allowing access to the app. This process does not collect any personal information, nor does it store or transmit any data to external servers or local storage. If a rooted or jailbroken device is detected, access to the app is restricted, and the user is informed via a designated screen. Full app functionality can be accessed once the device is completely restored to a non-jailbroken state. This measure is implemented to ensure security and regulatory compliance.

CONDUCT OF ACCOUNT

• You Agree that the Cosmos 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 understand and acknowledge that if you avail branch banking facility then 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.

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.

TRANSACTION ALERTS

• All transaction alerts related to the account will be sent to your registered Mobile Number with Bank.

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 hereby authorise the Cosmos Bank to recover the service charges, as determined by the Cosmos Bank from time to time, by debiting your Account. 

STATEMENT OF ACCOUNT/ PASSBOOK

• 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 statement and to notify the Cosmos Bank of any errors or omissions discovered within one month from the date of statement issuance. The Cosmos 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 registered E-mail ID as per Cosmos Bank’s records provided by you. If You do not receive the Statement of Account, You agree to promptly contact the Cosmos 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 Bank shall not be liable for any statements received from fraudulent persons or impostors.
• You agree that the Cosmos Bank Partner shall not be liable for any defects or failures in your Computer System/Network resulting in delayed receipt of emails.

COMMUNICATION

• You acknowledge that the Bank may send alerts, messages, guidelines via SMS to your Registered Mobile Number from time to time. Also, Cheque book stationery, requested physical ATM card, welcome letter, etc., through courier or post to the Registered communication Address. The Cosmos 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. 

ACCOUNT CLOSURE CHARGES

The Account closure charges are applicable as per the following schedule (Excluding Taxes):-

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.

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 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. 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 Cosmos 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.

INDEMNITY

• The Customer agrees to indemnify Cosmos 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 Cosmos Bank against any negligence or misconduct, including sharing payment credentials, delaying notification of unauthorised electronic banking transactions, or exercising the Cosmos Bank’s rights.

DISCLAIMER ON THE INFORMATION TECHNOLOGY ACT 2000

• By using the Cosmos Bank’s services, you acknowledge that the 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 Cosmos 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 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.
• Exercise any of the aforementioned actions for purposes including credit appraisal, fraud detection, anti-money laundering obligations, regulatory compliance, legitimate interests.
• 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.

TECHNOLOGY RISKS

• You acknowledge and understand that App may require periodic maintenance, during which processing of customer requests may be delayed or disrupted. Cosmos Bank disclaims all liability, whether direct or indirect, for any failure or inability to fulfil customer instructions during such maintenance periods.
• Bank may periodically advise users to update their Internet software, such as browsers or mobile applications, to ensure compatibility with online banking services. The Cosmos 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 Cosmos Bank. While Cosmos Bank endeavours to protect customers’ interests, it cannot guarantee protection against such cybercrimes. You acknowledge these risks and agree that the Cosmos 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 wish to avail the following E-Banking Services: ATM/Debit Card (RuPay Card), Cosmos E-Statement with monthly frequency, and Cheque Book Facility.

Regarding my residential address, I 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 agree that the name in the account will be as per my name mentioned on my PAN Card provided by me, following the document sequence provided.
• Regarding my date of birth, I declare that My date of birth as mentioned on my PAN Card. I authorise Cosmos Bank to capture the date of birth field as per the PAN Card 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 hereby provide this declaration as a comprehensive undertaking to avail of the specified services and verify my 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. 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, 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.