Terms and Conditions for Opening of Non-Resident Accounts

I/We hereby confirm, declare, and agree

• I/We have read, understood, and agree to be bound by the Terms and Conditions governing the various banking services offered by Shivalik Small Finance Bank Limited (“the Bank”), including all terms that limit or exclude the Bank’s liability.
• I/We acknowledge that the Bank reserves the right, at its sole discretion, to modify, suspend, or discontinue any of its services, in whole or in part, upon prior notice to me/us.
• I/We confirm that I/we am/are the sole holder(s) of the account(s) or possess the requisite authority/mandate to operate all the linked accounts in respect of which services are availed.
• I/We authorize the Bank to send any correspondence, documents, statements, and/or deliverables through courier, postal, or electronic means (including e-mail), and such service providers shall be deemed to act as my/our authorized agents for this purpose.
• I/We declare that my/our residential status is correctly stated as Non-Resident Indian (NRI) / Person of Indian Origin (PIO) / Overseas Citizen of India (OCI), as applicable, in accordance with the provisions of the Income Tax Act, 1961, Citizenship Act, 1955, Foreign Exchange Management Act, 1999 (FEMA), and relevant Reserve Bank of India (“RBI”) regulations.
• I/We confirm that I/we am/are not resident(s) of any jurisdiction where opening or maintaining the account would be prohibited under the laws or regulations of such jurisdiction, Indian law, or RBI directions.
• I/We undertake to promptly notify the Bank in writing of any change in my/our residential status, address, or other personal information, and to provide updated documentation evidencing such change without delay.
• I/We shall indemnify and hold the Bank harmless against any loss, damage, or claim arising as a result of my/our providing incorrect or outdated information, on the basis of which the Bank may act in good faith.
• I/We understand that the Bank will rely upon the declarations, representations, and information furnished by me/us while permitting the opening and operation of the account.
• If any representation or declaration made by me/us is found to be false, misleading, or incorrect, the Bank may, at its discretion, close the account and withdraw all related services without prior notice, without prejudice to its rights and remedies.
• I/We agree that the account shall be used solely for bona fide transactions permissible under FEMA and RBI guidelines and shall not be used for any prohibited or unlawful purpose.
• I/We shall provide such additional documents or information as the Bank may reasonably require from time to time to satisfy itself regarding the nature and purpose of transactions.
• I/We understand that premature withdrawal of deposits shall be permitted at my/our request in accordance with RBI guidelines. Deposits designated as “non-withdrawable” shall not be withdrawn prior to maturity. I/We agree that no claim will be made by me/us for any interest on the deposit(s) for any period after the date(s) of maturity of deposit(s).
• Interest on NRE and FCNR deposits is exempt from tax in India; hence, no TDS will be deducted. Interest on NRO accounts is taxable, and TDS will be applied as per the Income Tax Act, 1961 and applicable rules. No basic exemption limit shall apply.
• I/We understand that pursuant to Rules 114F to 114H of the Income Tax Rules, 1962, the Bank is required to collect and report specified personal, tax residency, and beneficial ownership details to the relevant authorities. I/We undertake to promptly (within 30 days) notify the Bank of any change in such information and provide requisite certifications or documentation.
• I/We understand that if we are US citizen or resident or green card holder, I/we shall include United States in the foreign country information field along with our 'US Tax Identification Number'. If no TIN is yet available or has not yet been issued, an explanation to be attached along with this form.
• I/We shall not make foreign currency available to any person resident in India against reimbursement in Indian Rupees or otherwise. All transactions relating to investments or sale proceeds shall comply with FEMA (Deposit) Regulations, 2016 and related RBI permissions.
• I/We acknowledge that joint accounts may be opened as permitted under RBI Master Direction No.14/2015-16 which specifies that Joint accounts can be opened by two or more NRIs and/or PIOs or by an NRI/PIO with a resident relative(s) on ‘former or survivor’ basis. However, during the lifetime of the NRI/PIO account holder, the resident relative can operate the account only as a Power of Attorney holder. I/We further undertake that any violation of Para 7 of Schedule 1 of FEMA Notification No. 5(R), as amended, shall constitute a default on my/our part.
• For Mandate Holder (If appointed):

a.) I/We understand that the Mandate Holder appointed by me/us can: Make local payments, send money abroad from my/our current income earned in India (rent, dividends from investments, pension, interest from fixed deposits and bank accounts, etc.) Such remittances can be done solely to the NRI’s overseas account. Make investments, such as NRE/NRO fixed deposits from balances available, mutual funds, stocks, etc., use the issued ATM-cum-debit-card, request for cheque book for self, change address for self, request for reissue of mandate holder’s debit card and pin & Deposit and draw cheques

b.) I/We understand that the Mandate Holder appointed by me/us cannot: Open a new savings account on my/our behalf, Update signatures in the system without my/our attestation and verification transfer 'Know Your Customer' (KYC) details in the account, Re-issue a debit card or reset a pin for me/us, Prematurely liquidate or close a fixed or recurring deposit, Gift money to a resident on the me/our behalf, Transfer funds outside India other than to me/us, Transfer funds to another NRE/NRO account except to me/us & transfer foreign currency into the NRE/NRO account

• I/We authorize the designated account holder(s) to operate Internet Banking, Mobile Recharge, and Bill Payment facilities independently, and agree that all such operations shall be binding on me/us.
• I/We agree that the account shall not be used for business or commercial purposes. The Bank may, without prior notice, freeze or close the account if any transaction is deemed irregular, suspicious, or in contravention of applicable laws or exchange control regulations.
• I/We may authorize the Bank to close or restrict/close operations in the account with prior intimation if:

a.) The account remains inoperative or with nil balance for over three months;

b.) There are repeated instances of dishonoured payments; or

c.) Any regulatory or KYC deficiencies are identified.

• I/We shall not hold the Bank liable for such closure or restrictions.
• The Bank may freeze/restrict/close the account (with or without notice, as required by law) in cases including, but not limited to, suspected unauthorized use, money laundering, or upon a minor account holder attaining majority.
• I/We agree to use the Debit Card strictly in accordance with and not restricted to all the applicable RBI and FEMA guidelines. I/We shall be solely responsible for all transactions and indemnify the Bank against any misuse or violation.
• I/We shall be responsible for the registration of Mobile Banking with the Cell phone Number/s mentioned. In the event of availing additional / specialized facility through Mobile Banking I/we shall be fully responsible for the account being debited on instruction from the specified mobile Number/s. The fees, duties or other charges associated with these services will be as applicable. In case of mistake on part of me/us or that of the mobile service provider in respect of these services, the Bank will not be responsible, and the I/we agree that no claim will be made against the Bank.
• I/We shall maintain the confidentiality of login credentials and passwords. The Bank may, at its discretion, grant loans/advances against deposits or permit premature withdrawals as per the mandate and applicable regulations.
• I hereby give my consent to and agree and authorize the Bank to fetch my personal details from UIDAI. I hereby state that I have no objection in authenticating myself with Aadhar based authentication system and I voluntarily consent to provide my Aadhar number/VID number, biometric information and/or One Time Pin (OTP) as my personal data (and/or any similar authentication data) for the purpose of processing an application for opening an NRI account. I understand that the biometric and/or OTP and/or any other Aadhar authentication data I may provide shall be used only for authenticating my identity through the Aadhar authentication system for specific transactions or as per requirement under the law and for no other purposes. I confirm that I have been informed about the alternatives for submission of identity information, and I have agreed to authenticate myself through Aadhar based authentication system with full understanding of alternatives for submission of identity information. I understand that the Bank shall ensure security and confidentiality of my personal identity data provided for the purpose of Aadhar based authentication. I authorize the Bank to verify and authenticate my Aadhar during processing my NRI account application. I further authorize the Bank to share my Aadhar related details/information with regulatory/statutory bodies as and when required.

• I/We hereby authorize the Bank to act upon instructions received from my/our registered email address as available in the Bank’s records, which shall be deemed to be valid, authentic, and binding on me/us.
  The Bank shall be entitled, at its sole discretion, to reject or not act upon any instructions received from any email address not registered with the Bank.
  I/We understand and agree that communication over email may be subject to risks including, but not limited to, unauthorized access, interception, fraud, delay, or corruption of data, and I/we agree to bear all such risks.

- I/We shall be solely responsible for:

a.) maintaining the confidentiality and security of my/our email account(s);

b.) ensuring that instructions sent are accurate, complete, and not misleading;

c.) any misuse, unauthorized access, or fraudulent instructions originating from my/our registered email address.

- The Bank reserves the right to:

a.) seek additional authentication, confirmation, or documentation before acting on any instruction;

b.) refuse or delay execution of any instruction if the Bank, in its discretion, believes that the same is unclear, suspicious, or inconsistent.

- The Bank shall not be liable for any loss, damage, or claim arising out of or in connection with:

a.) any delay, error, non-receipt, or non-execution of instructions due to transmission failures or technical issues;

b.) any unauthorized, fraudulent, or erroneous instructions received from the registered email address;

c.) reliance placed by the Bank in good faith on such instructions.

The instructions that may be processed through this facility shall be limited to such services as may be specified and updated by the Bank on its website from time to time.

Declarations

a.) I/We declare that all information furnished herein is true, correct, and complete to the best of my/our knowledge and undertake to inform the Bank of any changes immediately.

b.) I/We consent to my/our KYC information being shared with the Central KYC Registry (CKYCR) and to receiving related communications via SMS/e-mail.

c.) I/We enclose self-attested copies of valid KYC documents and recent photographs.

GDPR Consent for NRI Account Opening

1.) Purpose of Consent

By providing your consent, you authorize Shivalik Small Finance Bank Ltd. (“the Bank”) to process your personal data in accordance with applicable data protection laws, including the EU General Data Protection Regulation 2016/679 (“GDPR”). The purposes for which we seek your consent include:

a.) Processing Sensitive Personal Data: To process information classified as ‘special categories of personal data’ under GDPR (including information about racial or ethnic origin, religious or philosophical beliefs, biometric data for identification purposes, or criminal offences) solely for the purposes of opening and maintaining your NRI account.

b.) Automated Decision-Making and Profiling: To use automated processing techniques for assessing your suitability for banking products or services, creating customer profiles, and performing risk assessments. You have the right under GDPR to object to such automated processing.

c.) Marketing Communications: To send you promotional information, updates, and special offers regarding our products and services via email, SMS, or telephone.

2.) Types of Data Processed

3.) Refusal of Consent

If you do not provide consent:

a.) We will not process your personal data for the purposes listed above.

b.) Refusal to provide sensitive personal data may affect our ability to open your NRI account.

c.) Refusal to allow automated processing will require manual review by Bank personnel, which may affect risk assessment and product recommendations.

d.) Refusal to receive marketing communications will mean you will not receive promotional messages, but it will not affect your ability to open or maintain your account.

4.) Withdrawal of Consent

You may withdraw your consent at any time. Withdrawal of consent will not affect the lawfulness of processing based on prior consent. Contact Us if you wish to withdraw your consent.

5.) Further Information

For details on how we process your personal data, including data retention, sharing, and your rights, please refer to our Customer Privacy Notice: https://shivalik.bank.in/regulatory-section/privacy-policy.

6.) Consent Declaration

I/We hereby provide my/our consent for the following purposes:

a.) To develop and carry out sourcing activities through online account opening channels

b.) To process data analytics for product usage, service improvements, and customized offerings

c.) To process data in accordance with the Bank’s privacy Policy for digital channels

d.) I/We consent to receive marketing communications from the Bank and/or its affiliates/subsidiaries via:

→ Email

→ SMS

→ Telephone