Spice Money

Spice Money, a business unit of Spice Digital, uses unrivalled technology to enable next door kirana store to function as a 'MINI BANK' Branch. We are one of India’s largest tech-enabled Hyper Local Payments Network offering various services like Cash Deposit, Cash Withdrawal, Balance Inquiry, Bill Payments, Aadhaar Enabled Services, Air Time Recharge, POS Services, Railway Ticketing Services etc. through our authorized agents.

Our endeavour is to bridge the gap between the served and the un-served, providing banking services to customers at their doorstep. We are a one-stop solution for providing seamless financial services.

Our Focus is primarily on Financial Inclusion – with our Deep presence in “Bharat” with nearly 85% of the 70,000 Customer Service Points in semi-urban and rural India.

SPICE DIGITAL LIMITED

PPI EXPIRY & FORFEITURE POLICY

Spice Digital Limited
OBJECTIVE
  1. Spice Digital Limited (“Company”), a company incorporated under Companies Act, 1956, with its registered office at 622, 6th Floor, DLF Tower A, Jasola District Centre, New Delhi – 110025 and corporate office at Global Knowledge Park, Plot No. 19A & 19B, Sector 125, Noida-201301 (UP) has been authorized by RBI under Certificate of Authorization (COA) No. 81/2015 dated April 09, 2015 to issue and operate semi-closed prepaid payment instruments. In terms of the authorization and Master Directions on Issuance and Operation of Prepaid Payment Instruments, issued by RBI on October 11,2017 as updated from time to time, this policy on PPI Expiry and Forfeiture defines standard procedure & guidelines regarding expiry of the validity period of PPIs and forfeiture of outstanding balances in PPIs that have outlived their validity.
  2. The PPI issued by the Company is branded as “Spice Money Wallet” which shall be used for Domestic Money Transfer activities, in terms of authorization granted by RBI.
  3. In this Policy, the terms “Spice Money Wallet” and “PPI” have been used interchangeably.
VALIDITYAll PPIs shall have a validity period of five years from the date of following:

1. Date of issuance
2. Last upload or reload
3. Last utilization of PPI

Whichever is later.
EXPIRATION AND CLOSURE OF PPIs Before expiry of validity period of the PPI, the Company shall caution the PPI holder at reasonable intervals (as follows) by sending the caution notices by either through SMS or Email or phone call or by any other means.

1 st Notice: 45 days prior to expiry of validity period;
2 nd Notice:30 days prior to expiry of validity period;
3 rd Notice: one day prior to expiry of validity period;

PPI holder not reloading or utilizing the PPI until the date of expiry of the validity period will result in the expiry and closure of PPI and thereupon, expired PPI shall not be allowed for any further transactions.
REFUND CLAIM PPI holder can approach the Company for refund of outstanding balance amount, at any time after the expiry of validity period of PPI. PPI holder can claim refund by writing an email on customercare@spicemoney.com.

The Company’s Finance Team, after due diligence, will process such requests and transfer balance outstanding in the PPI wallet to the verified bank account of the PPI holder.
FORFEITURE & REACTIVATION Company’s CEO & CFO shall approve forfeiture of PPI amount as per RBI guidelines. Upon approval, outstanding balances in all such PPIs shall be forfeited. Expired PPI wallet reactivation will not be allowed.
Earn ₹ 20,000 to ₹ 50,000 every month