Most Important Terms and Conditions (MITC)

ICICI PayLater Facility can be only used to make online INR denominated purchases on Paytm Platform and on select Merchant categories where the availability of Paytm ICICI Bank Postpaid would be indicated by Paytm. Cash withdrawal option against ICICI PayLater Facility is currently unavailable.

The Transaction Limit shall be communicated at the time of sanctioning ICICI PayLater Facility and shall also be indicated subsequently in the account statements. Available Transaction Limit is calculated by deducting the utilized limit from the Transaction Limit. The PayLater Paytm Customers shall be entitled to apply for a review / enhancement / reduction of the Transaction Limit provided by ICICI Bank, upon completion of 12 months of Tenure. Change upon such review, if any, of the Transaction Limit shall be at the sole discretion of ICICI Bank. ICICI Bank shall at its sole discretion be entitled to review (including enhancement or reduction) the Transaction Limit assigned on Paytm ICICI Bank Postpaid to the PayLater Paytm Customer at any time. Enhancements, if any, to the Transaction Limit, shall be effected by ICICI Bank only after obtaining prior written consent of the PayLater Paytm Customer.

1. Billing Statements – periodicity and mode of communication: All PayLater Paytm Customers will be billed on a monthly basis for all purchases made by using ICICI PayLater Facility. However, there may be no statement generated for the period in which there has been no outstanding dues and no transaction on the account in the past month. The account statement will be available on the Paytm Platform on a monthly basis. The same account statement shall also be communicated on email, if the email is updated on Paytm Platform.
2. Total Amount Due: Without prejudice to the liability of the PayLater Paytm Customers to immediately pay all charges incurred. Default interest will be charged if the Total Amount Due is not paid by the Payment Due Date. In addition to this ICICI Bank may also temporarily block or suspend ICICI PayLater Facility of such PayLater Paytm customers.
   
   If PayLater Paytm Customer has registered for auto debit facility for repayment of dues under Paytm ICICI Bank Postpaid, then the amount due will be debited on the Payment Due Date.
3. Time Period for Payment:
   The time period granted to a PayLater Paytm Customer to pay the Total Amount Due on the purchases made may vary from 15- 45 days.
   
   Illustration: The due date for payment being 15th of every month, in case of purchase made on 1st of the previous month, the PayLater Paytm Customer will have a time period of 45 days to pay the Total Amount Due by the Payment Due Date and incase the purchase has been made on the 30th of the previous month the PayLater Paytm Customer will have a time period of only 15 days to pay the Total Amount Due.
4. Method of payment: Payments towards the Total Amount Due under ICICI PayLater Facility can be made through Paytm Platform only.
5. Billing Disputes Resolution: In the event the PayLater Paytm Customers using ICICI PayLater Facility disagrees with the charges indicated in the account statement, it should be communicated in writing to the correspondence address of ICICI Bank or filing complaints online at www.icicibank.com within 60 (sixty) days from the date of receipt of such account statement, failing which it would be deemed that the PayLater Paytm Customer has no dispute on the charges indicated in the account statement.

Paytm will be the point of contact for all customer enquiries and any query received by ICICI will be routed to Paytm for resolution. Customer can raise a query on the Paytm platform directly. On the Paytm App, customer can reach out to Paytm through 'Help & Support' and 'My Orders' section under Profile. On Paytm web, customer can reach out through 'Help Center' & 'Your Orders' section under My Account.

In the event that you are not satisfied with our services, you may register your grievance by (i) visiting “Complaint Form” at www.icicibank.com or (ii) calling at our Customer Care number or (iii) writing to Mr. Vinayak More, Nodal Officer, ICICI Bank Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India. In all your communications with us, please indicate your registered mobile number.

ICICI Bank Limited, ICICI Phone Banking Center, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India.

In the event you are not satisfied with our services, you may register your grievance by dialing our toll-free number 1800 102 4242 between 9 a.m. to 6 p.m. from Monday to Friday, press 1 and then enter the Service Request Number (numeric digits only) which should not be more than 2 months old.

1. If the PayLater Paytm Customers fails to pay the Total Amount Due by the Payment Due Date it shall be treated as a default. In case of default, ICICI Bank can forward the default report to the Credit Information Bureaus or to such other agencies. The time period between the Payment Due Date and the next account statement generation date is considered as the period within which PayLater Paytm Customer may cure the default and avoid reporting of his name as a defaulter.

   *ICICI Bank submits the PayLater Paytm Customers data to CIBIL - Credit Information Bureau (India) Limited every month in the format prescribed by CIBIL. This data includes the repayment status of all PayLater Paytm Customers, both defaulters and current, for the previous month. CIBIL uploads the submitted data onto their server within thirty days.

2. Recovery of dues in case of death/permanent in capacitance of the PayLater Paytm Customers shall be in accordance with the Applicable Laws after giving sufficient notice for re- payment of the Total Amount Due and any other information to the successors/nominees /legal heirs of the PayLater Paytm Customers.

PayLater Paytm Customers may at any time choose to terminate ICICI PayLater Facility by giving a prior notice. The termination shall only be effective once ICICI Bank receives the Total Amount Due in respect of ICICI PayLater Facility. In the event of closure or at the time of renewal of ICICI PayLater Facility, ICICI Bank at its sole discretion reserves the right to provide a PayLater type that is different from the existing Paytm ICICI Bank Postpaid as held by the PayLater Paytm Customers

In case of loss/theft/misuse of the Phone/ICICI PayLater Facility, it must be reported immediately to Paytm through the Paytm customer care upon which ICICI Bank shall suspend the ICICI PayLater Facility. The PayLater Paytm Customers is advised to file an FIR with the local police station so that the PayLater Paytm Customers can produce its copy whenever requested by the customer care executive. The PayLater Paytm Customers shall be primarily responsible for the security of the Paytm ICICI Bank Postpaid including theft and for the transactions using the PayLater Paytm Customers phone, whether authorized or unauthorized. In case of any dispute relating to the time of reporting such loss/ theft/damage and/or transactions made through Paytm ICICI Bank Postpaid post reporting of the loss/theft/damage/misuse, ICICI Bank reserves the right to ascertain such time and/or the authenticity of the disputed transactions. ICICI Bank reserves the right to block the ICICI PayLater Facility on suspected risk of compromise in order to protect the interest of the PayLater Paytm Customers. To avoid misuse in any manner on Paytm ICICI Bank Postpaid, the Paytm Customers shall not be able to use the blocked ICICI PayLater Facility for any transaction/s. In the event, the PayLater Paytm Customers, after being informed by ICICI Bank of the probable fraud risk, still requests to unblock ICICI PayLater Facility, ICICI Bank shall not stand liable or responsible in any manner for any fraudulent transactions reported to it thereafter on account of fraudulent usage of the ICICI PayLater Facility or otherwise.