Terms & Conditions:
As per point 10.3 of the RBI Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India dated July 1, 2016, “PPI issuers shall caution the PPI holder at reasonable intervals, during the 30 days' period prior to expiry of validity period of PPI, before forfeiting outstanding balances in the PPI, if any. The caution advice shall be sent by SMS/e-mail/post or by any other means in the language preferred by the holder indicated at the time of on-boarding the customer (sale of PPI). Further, the information about expiry period as well as forfeiture policy should be made known to the customer at the time of sale/reload of the PPI, and should be clearly enunciated in the Terms and Conditions (T&Cs) of sale of PPI. Where applicable, it should also be clearly outlined on the website of the issuer.