The RBI (Reserve Bank of India) made some changes to the PPI (Prepaid Payment Instruments) guidelines recently that will affect all mobile wallet users in India. We’re bringing you all the facts so you’re not caught unawares.
The most important thing in the PPI guidelines that you need to know about — to keep your wallet in top shape — is a process called KYC. Know your customer (KYC) is a way through which businesses verify the identity of their customers. When it comes to a prepaid wallet like Zeta among many others, the RBI cares about how this information is collected and handled.
How do the new PPI guidelines affect me?
If you’ve already fulfilled the full KYC for your Zeta wallet, then don’t worry. Your usage won’t be affected in any way. You can go on using your wallet as you’ve always done.
- Full KYC is the way to go to enjoy complete functionality of your e-wallet. It lets you initiate fund transfers to bank accounts and other peer wallets. Besides that, it boosts your monthly wallet balance limit from Rs 10,000 to Rs 1,00,000.
If you haven’t done full KYC, you can choose minimum KYC for the time being.
- This lets you hold a maximum of Rs 10,000 in your wallet. However, you won’t be able to make any bank account transfers or P2P wallet transfers. You can still carry out merchant transactions, but once your wallet turns a year old from the date of your minimum KYC update, you won’t be able to get any further credits on your wallet. At that point, you will need to upgrade to full KYC.
Which are the Officially valid documents?
- Aadhaar Card
- Voter’s ID
- Passport Number
- Permanent Account Number (PAN)
- Driver’s License
- NREGA-issued job card
What are the new wallet balance limits?
- Minimum KYC wallet: The permissible balance is Rs 10,000.
- Full KYC wallet: Rs 1,00,000 per month
How will I know when my KYC has been completed?
- Once your verification has been successfully completed, you will receive an sms, in-app and email notification confirming that your KYC has been completed.
What else should I know about the new guidelines?
- Registering beneficiaries for bank account transfers is a prerequisite. There’s a cooling off period (a wait) after registration and before you make a fund transfer, which varies from bank to bank.
- If you don’t use your wallet for any transactions for 12 months successively, your wallet will become inactive. But don’t worry, we’ll check on you with a reminder before that happens.
How do I complete my KYC verification ?
Minimum KYC has 2 steps:
- Verify your mobile number and
- Self-declare your name and unique ID of one of your Officially valid documents.
Tap and Click on UPDATE on the Zeta app or Zeta on web respectively to complete minimum KYC requirements:
Full KYC — Verification through one of 3 ways:
- Physical KYC: Fill out a KYC form and submit it along with requisite documents to an authorised Zeta representative. Get in touch with your HR to move this along.
- Aadhaar OTP verification: Verify your Aadhaar number through an OTP sent to your mobile phone. Don’t remember your Aadhaar number? Go here. (This method of KYC verification has a validity of one year)
- Aadhaar bio-metric verification: Your fingerprint will be run against the Aadhaar registry to verify your identity. Get in touch with your HR for this.
If you have any further questions, you can log on to ‘I need help!’ section on the Zeta app and a support executive will get back to you.
PS. Don’t miss out on these 8 benefits of using the Zeta app.
