Super Pot Terms
These Terms and Conditions govern the access and use of the ‘Super Pot Account’ (“Service”) provided on the Jupiter app (“Super Pot Terms”). Please read these Super Pot Terms carefully before accepting. By accepting the Super Pot Terms you agree that you have read, understood, acknowledged and accepted these Super Pot Terms. You also acknowledge that you have read, understood, acknowledged and accepted the Jupiter Terms and Conditions available at https://jupiter.money/terms-and-conditions/ (“Jupiter Terms”) along with the terms of Federal Bank (“Bank”) available at https://www.federalbank.co.in/web/guest/deposit-rate (“Federal Terms”).
You understand you are eligible to avail the Services under these Super Pot Terms (a) only if you are a person resident in India under the Income Tax Act, 1961 and (b) full KYC has been completed. In the event you cease to be a resident in India at any time the provision of services under these Super Pot Terms, you shall immediately inform Jupiter and the Bank and your account (“Super Pot Account”) shall then stand deactivated and the amounts lying in the Super Pot Account shall be transferred to the your savings account maintained with Jupiter immediately, subject to any prepayment charges under the Federal Terms.
In the event you fail to adhere to the above undertaking, Jupiter or the Bank shall be entitled to suspend your Super Pot Account with immediate effect and the Super Pot Account Services shall stand terminated immediately without notice, and neither Jupiter, the Bank or its agents, affiliates, employees, directors or representatives, shall be liable for any (a) lost profits, loss of goodwill or opportunity, or special, indirect, incidental, punitive, or consequential damages of any kind whatsoever; (b) matter beyond its or their reasonable control, even if Jupiter or the Bank has been advised of the possibility of any of the aforementioned damages.
2. Super Pot Account
- By availing the Service, you will have the option to open a Super Pot Account that is provided by Jupiter in partnership with the Bank, subject to the following conditions:
- The minimum amount that can be deposited is INR 100 and the maximum amount is INR 1,00,000 per month.
- The deposit can be made in multiples of INR 1 and such deposit must be made either through your savings account or through UPI/NEFT/RTGS/IMPS.
- Tenure: Jupiter and the Bank offers a variety of terms for which the Super Pot Account can be maintained. The minimum tenure for the Super Pot deposit is 28 days and the maximum tenure is 12 months. You must choose the tenure of the Super Pot deposit at the time of opening of the Super Pot Account. Please note that there is no auto-renewal facility available for the Super Pot Account. On the maturity of the Super Pot deposit, the Super Pot Account shall be closed by the Bank, and the amounts lying in the Super Pot Account (along with the applicable interest and subject to any pre-payment charges and tax payable, in accordance with the Federal Terms and applicable law) shall be transferred to your savings account that you maintain with Jupiter. The details of the interest rate are available on the Federal Terms.
- Interest: There shall be no interest payable on the Super Pot Account, in the event the Super Pot Account is closed within a period of 7 days from opening of the same. The interest on the Super Pot Account is applied on a daily basis. The accrued interest amount shall be paid to you at the time of maturity of the Super Pot deposit. Senior citizens (that is persons who have completed the age of 60 years at the time of opening of the Super Pot Account) are eligible for an additional interest of up to 0.5% from as per Federal Terms. The details of the interest rate are available on the Federal Terms.
- Pre-Payment Charges: As this is a term deposit, in the event you wish to withdraw the amounts deposited in the Super Pot Account before the maturity date, the Bank shall transfer the amounts lying in the Super Pot Account (along with the accrued interest) to your savings account that you maintain with Jupiter, subject to any pre-payment charges and tax payable, in accordance with the Federal Terms and applicable law.
- The interest that is payable by the Bank to you on your Super Pot deposit, shall be subject to tax deducted at source by the Bank in accordance with the provisions of the Income Tax Act, 1961. In the event tax is required to be deducted at source, the Bank shall deduct the tax and deposit the same with the income tax authorities in accordance with the Income Tax Act, 1961. Form 15G/ 15H can be submitted by you if you wish to be exempt from the tax deduction in accordance with the Income Tax Act, 1961.
- You understand that the Service provided by Jupiter and the Bank shall be in accordance with their own respective internal processes and policies and Jupiter and/ or the Bank (as applicable) shall have the right at its sole discretion to deny the provision of such Service to you.
- By availing the Service, you understand and acknowledge that you shall also abide by the Federal Terms, and shall provide all information as requested by the Bank in order to provide you the Service, including any information required for know your customer purposes.
- In the event if you are an individual, you shall have the option to nominate one person as your nominee (“Nominee”), who shall be entitled to receive the amounts lying in your Super Pot Account in the event of your death during the tenure of the Super Pot Account. You must communicate to both Jupiter and the Bank of the details of your Nominee in writing. Jupiter and/ or the Bank shall not be liable in the event you fail to notify Jupiter and the Bank of your Nominee. You shall also have the option to change your Nominee, provided you inform both Jupiter and the Bank of the details of your new Nominee in writing, through declaration in the form as set out in the Federal Terms.
- Jupiter may, to the maximum extent permitted by law and in its sole discretion, change, modify any of the Super Pot Terms without intimating the user.
- All taxes, duties, levies or other statutory dues and charges applicable in connection with the benefits accruing as per the Federal Terms shall be recoverable from you. The deposits with the Bank are insured with Deposit Insurance and Credit Guarantee Corporation (“DICGC”) and in the event of liquidation of the Bank, DICGC shall be liable to pay you through the liquidator, the amount of your Super Pot deposit up to INR 1,00,000 only within a period of two months from the date of receipt of claim list from the liquidator.
- You undertake that you shall be solely responsible to examine the entries made in the statement of accounts or passbook in respect of the Super Pot Account and shall notify the Bank at the earliest from date of the relevant entry, failing which the Bank shall not be liable to correct such errors/omissions/discrepancies and such errors/omissions/discrepancies shall be deemed to be correct and accepted by you.
- The Bank and/ or Jupiter (as applicable) may disclose the information of your Super Pot Account if required or permitted by any applicable law, rule or regulations or at the request of any public or regulatory authority or if such disclosure is required for the purposes of preventing fraud, without requiring your specific consent.
- These Super Pot Terms shall be governed by and construed in accordance with the laws of India.
- The Federal Terms are subject to change/modification at the sole discretion of the Bank. The Bank may give notice of any changes to the customers through Jupiter App or other communication channel as may be deemed fit.
- Change in Terms: The Bank reserves the right to revise the Federal Terms and shall notify you of such revised terms and conditions through Jupiter App prior to its implementation. Such revised Federal Terms shall then be binding on you. Disclaimer: The Bank may, at its sole discretion, utilizes the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to the Super Pot deposit Service as provided to you.