Legal · Draft for launch · Last updated 16 Sep 2026

Terms of service

Plain-English terms for using LockerPe. Where they say "we", they mean LockerPe; "you" means a buyer or seller using the service.

1. What LockerPe is

LockerPe is a digital escrow workflow. Buyers pay into an escrow account held at a scheduled commercial bank; the money is released to the seller only when the buyer approves, or as the outcome of the dispute process below. LockerPe is not a bank, an NBFC, a wallet or a payment aggregator. Customer funds are never held on LockerPe's own books.

2. Who can use it

You must be 18 or older and resident in India. Sellers complete verification (PAN, government ID via DigiLocker, and a bank account in their own name) before receiving payouts. Buyers verify a mobile number by OTP for deals up to ₹25,000; above that the buyer's PAN is required, and above ₹2 lakh full KYC. These thresholds apply both to a single deal and to the running total across an account. We may cap or refuse deals for accounts without a transaction history.

3. The contract between buyer and seller

Every deal has a contract: the description, the amount, the deliver-by date, a "done when" checklist, and each side's written conditions. Both sides accept it before payment. The contract is the only basis on which a deal is settled or a dispute decided. LockerPe is not a party to the contract and does not guarantee the goods or services.

4. How money moves

• In: the buyer pays the deal amount into the escrow account by UPI or bank transfer, against a reference unique to that deal. The balance is ring-fenced to that deal in the escrow ledger.
• Out to the seller: when the buyer approves with a one-time code, or when the agreed approval window ends without a dispute.
• Back to the buyer: on mutual cancellation, or as the outcome of a dispute. Refunds are sent only to the account the payment came from.
• Split: when both sides accept a split offer, or as the outcome of a dispute.
• The fee: a separate, declared leg for the LockerPe fee and the GST on it, settled at the same time as the payout and disclosed before the deal is created. No fee leg is drawn on a refund or a cancellation.

Those are the only ways funds leave an escrow account. LockerPe cannot move money on its own initiative, and cannot direct a payment to any account other than the ones set out above.

5. Fees

A flat fee per deal as shown in the app before the deal is created, plus 18% GST on the fee. The seller pays it out of the payout unless the seller chose "buyer pays" when creating the deal, in which case it is shown to the buyer before payment. No fee is charged on a refunded or cancelled deal.

6. Disputes

Either side may raise a dispute before the approval window ends. The money is frozen. A mediator proposes a settlement based on the contract; either side may ask for a human decision at any time, which is given within 72 hours. That decision is final between the parties as regards the escrowed funds. It does not prevent either side from pursuing other legal remedies for matters outside the escrowed amount.

7. What you may not do

Use LockerPe for anything unlawful; for goods or services that are prohibited or regulated (including weapons, drugs, gambling, securities, cryptocurrency, adult services); to move money between your own accounts or on behalf of a third party; to disguise the source of funds; or to circumvent verification. We report suspicious activity to the relevant authorities as required by law and may freeze funds pending their instructions.

8. Our responsibility and its limits

We are responsible for running the workflow honestly and keeping your money in the escrow account until it is due to move. We are not responsible for the quality, legality or delivery of what is bought and sold, or for losses arising from your own breach of the contract. Our total liability to you in respect of any deal is limited to the fee we charged on that deal.

9. Records

We keep deal records (contract, messages, proof of delivery, decisions) for five years from completion, as required by law and to resolve later disputes.

10. Changes and law

We may update these terms; material changes are notified in the app 15 days in advance. These terms are governed by Indian law; courts in Dehradun, Uttarakhand have jurisdiction, subject to the dispute process above.

11. Contact

Help: help@lockerpe.com · Grievances: see the grievance redressal policy.