These terms are for OTP based e-KYC as per RBI issued circular “Master Direction - Know Your User (KYC) Direction, 2016”, click here to read the circular.
These terms shall apply to Oxigen Wallet Users who opt for OTP based e-KYC.
An OTP based e-KYC shall be valid for a term of one year from the date of completion of OTP based e-KYC of the User.
The OTP based e-KYC service of Unique Identification Authority of India (UIDAI) shall be accepted as a valid process for KYC verification.
User can hold up to Rs.1,00,000 at any point of time for 1 year from the date of OTP e-KYC and can load in wallet only for Rs.2,00,000 in a financial year.
In the event User fails to complete his full KYC after expiry of one year as above said, the User will not be eligible to load the Oxigen wallet any further and user's Oxigen Wallet will be reverted back to semi KYC and applicable transaction limits as prescribed by RBI will apply.
User declares that he/she has not opened any other Oxigen Wallet or will not open another Oxigen wallet using OTP based KYC with Oxigen or any other wallet entity.
The above rules are subject to amendments as per applicable RBI Master Directions, guidelines.