Payment Terms- Withdrawls, Refunds & Cancellation

• • By inputting a payment method, the User hereby affirms that the User is the lawful owner of the payment method account used to make any deposit(s) on the Portal. It shall be a violation of these Terms and Conditions for any User to submit payment using any payment method that is not owned by the User.
  • In respect of any transactions entered into on the Nifty10 Portal, including making a payment to participate in the Paid Games, Users agree to be bound by the following payment terms:
    
    • The payment of pre-designated amount Users make to participate in the Paid Game(s) is inclusive of the pre-designated Portal fee for access to the Nifty10 Services charged by Nifty10 and pre-determined participant’s contribution towards prize money pool.
    • Subject to these Terms and Conditions, all amounts collected from the User are held in a separate non-interest earning bank accounts. The said accounts are operated by a third party appointed by Nifty10 in accordance with Clause 10 of these Terms and Conditions. From these bank accounts, the payouts can be made to (a) Users (towards their withdrawals), (b) Nifty10 (towards its Portal Fees) and to (c) Government (towards GST payable), and to (d) Government (towards TDS on winnings amount).
    • Nifty10 reserves the right to charge a Portal fee, which would be specified and notified by Nifty10 on the Contest page, being created on the Portal, prior to a User’s joining of such Contest. The Portal Fee will be debited from the User’s account balance.
    • From 01 Oct 2023, 28% GST is applicable on amount deposited by the User in its ‘Amount Unutilized’ account with Nifty10 platform. User can view the GST paid on each deposit through invoices on ‘My Transaction’ page.
    • The User may participate in Paid Game wherein the User has to contribute a pre-specified contribution towards the prize money pool of such Paid Game, which will be passed on to the winner(s) of the Game after the completion of the Contest as per the terms and conditions of such Contest. It is clarified that Nifty10 has no right or interest in this prize money pool, and only acts as an intermediary engaged in collecting and distributing the prize money pool in accordance with the terms and conditions of the Paid Game. The amount to be paid-in by the User towards the prize money pool would also be debited from the User’s account balance maintained with the third party..
    • Any User availing Nifty10 services are provided with two categories of accounts for the processing and reconciliation of payments: (i) ‘Amount Unutilized’ Account, (ii) Winnings Account. It is clarified that transfer of any amounts in the User’s accounts to any other category of account held by the user or any third party account, including a bank account held by a third party is not permitted:
      
      • User’s winnings in any Contest will reflect as credits to the User’s Winnings Account.
      • User’s remitting the amount through the designated payment gateway shall be credited to User’s Amount Unutilized’ Account.
    • Each time a User participates in any Paid Game on the Portal, the pre-designated amount shall be debited from the User’s account. In debiting amounts from the User’s accounts towards the pre-designated amount of such user shall be debited from the User’s ‘Amount Unutilized’ Account and thereafter, any remaining amount of participation fee shall be debited from the User’s Winning Account.
    • In case there is any amount remaining to be paid by the User in relation to such User’s participation in any Paid Game(s), the User will be taken to the designated payment gateway to give effect to such payment. At the time of making the deposit, the User agrees that Nifty10 will collect applicable Government Taxes (such as GST @ 28%) in addition to the amount to be deposited by the User in its ‘Amount Unutilized’ Account. This will be duly reflected by Nifty10 to the User at the time of making payment. In case any amount added by the User exclusive of applicable Government Taxes (such as GST @ 28%) through such payment gateway exceeds the remaining amount of the pre-designated amount, the amount in excess shall be transferred to the User’s ‘Amount Unutilized’ Account and will be available for use in participation in any Paid Game(s).
    • Debits from the ‘Amount Unutilized’ Account for the purpose of enabling a User’s participation in a Paid Game shall be made in order of the date of credit of amounts in the ‘Amount Unutilized’ Account, and accordingly amounts credited into ‘Amount Unutilized’ Account earlier in time shall be debited first.
    • All amounts credited into a User’s ‘Amount Unutilized’ Account must be utilized within 335 (three hundred and thirty five) days of credit. In case any unutilized amount lies in the ‘Amount Unutilized’ Account after the completion of 335 (three hundred and thirty five) days from the date of credit of such amount, Nifty10 reserves the right to forfeit such unutilized amount, without liability or obligation to pay any compensation to the User.
    • Withdrawal of any amount standing to the User’s credit in the Winnings Account may be made by way of a request to Nifty10. Nifty10 shall effect an online transfer to the User’s bank account on record with Nifty10 within a commercially reasonable period of time. Such transfer will reflect as a debit to the User’s Winnings Account. Nifty10 shall not charge any processing fee for the online transfer of such amount from the Winnings Account to the User’s bank account on record with Nifty10. Users are requested to note that they will be required to provide valid photo identification, PAN Card and address proof documents for proof of identity and address in order for Nifty10 to process the withdrawal request. The name mentioned on the User’s photo identification document should correspond with the name provided by the User at the time of registration on Nifty10, as well as the name and address existing in the records of the User’s bank account as provided to Nifty10. In the event that no bank account has been registered by the User against such User’s account with Nifty10, or the User has not verified his/her User account with Nifty10, to Nifty10’s satisfaction and in accordance with these Terms and Conditions, and in case the User fails to register a bank account with his/her User account and/or to verify his/her User account, Nifty10 shall not transfer any Winning amounts to the User.
    • Users agree that once they confirm a transaction on Nifty10, they shall be bound by and make payment for that transaction.
    • The User acknowledges that subject to time taken for bank reconciliations and such other external dependencies that Nifty10 has on third parties, any transactions on the Portal may take up to 24 hours to be processed. Any amount paid or transferred into the User’s ‘Amount Unutilized’ Account or Winnings Account may take up to 24 hours to reflect in the User’s ‘Amount Unutilized’ Account or Winnings Account balance. Similarly, the utilization of the discount points or discount bonus or money debited from ‘Amount Unutilized’ Account or Winnings Account may take up to 24 hours to reflect in the User’s ‘Amount Unutilized’ Account or Winnings Account balance. Users agree not to raise any complaint or claim against Nifty10 in respect of any delay, including any lost opportunity to join any Paid Game due to delay in crediting of transaction amount into any of the User’s accounts. A transaction, once confirmed, is final and no cancellation is permissible.
    • Nifty10 may, in certain exceptional circumstances and at its sole and absolute discretion, refund the amount to the User after deducting applicable cancellation charges and taxes. Any refunds issued by Nifty10 shall be processed within a period seven (7) to ten (10) working days from the date of initiation of such refund. At the time of the transaction, Users may also be required to take note of certain additional terms and conditions and such additional terms and conditions shall also govern the transaction. To the extent that the additional terms and conditions contain any clause that is conflicting with the present terms and conditions, the additional terms and conditions shall prevail.