FOREX CARD

Declaration Cum Undertaking: 

Issuance: 

I hereby apply for the issuance/membership of Federal Bank Lets Go Multi Currency Prepaid Card (“Forex Card”) to me based on the  personal and financial information furnished by me from time to time to the Bank vide various documents including the Account Opening Form, Customer Information Sheet etc. and I hereby confirm that such information holds good  as on date and further endorse the  correctness of  all such  information already furnished. I hereby confirm and declare that I am an Indian citizen, and that I am eligible to apply for the Forex Card which is an internationally valid Card usable in all countries except India, Nepal, Bhutan, and the Countries under US sanctions like North Korea, Cuba and Sudan etc. I accept that Federal Bank is entitled in its absolute discretion to accept or reject this application, without assigning any reason whatsoever. I hereby confirm that I have read and understood the detailed Terms and Conditions as applicable to Forex Card available in www.federalbank.co.in (“website”) If this application is accepted, I shall be bound by the Terms and Conditions governing the Forex Card, as may be in force from time to time and updated in Bank’s website, and use of the Card shall be deemed to be my acceptance of those Terms and Conditions. I am aware that by agreeing to this, I am stopped from taking a plea subsequently, that I have not been aware of the Terms and Conditions.

I authorize Federal Bank and/or its associates to verify any information in such manner as the Bank may deem fit   either  at my office/residence, or by directly  contacting me, my Employer / Banker / Credit Bureau / RBI or any other source, and to obtain or provide any information that may be required for conforming to the  requirements for issuing a Forex Card and continuance thereof, and/or for maintaining my account in good standing. I agree to an ongoing confirmation for the use of my name, address, e-mail and mobile number for marketing / merchandising offers by Federal Bank and other companies with whom the Bank may enter/ has entered into any business arrangements. I understand and acknowledge that applicable laws and Reserve Bank of India Rules and Regulations lay down norms and limits for the purchase and use of foreign exchange. I understand that the usage of Forex Card by me will be in accordance with the Exchange Control Regulations of the Reserve Bank of India, and the applicable laws in force from time to time, in particular, the Foreign Exchange Management Act, 1999 (“FEMA”). In the event of any failure on my part to comply with the Rules and Regulations or in the event of any information supplied by me being incorrect and inaccurate, I agree that I will be solely liable for any / all penalties and /or action under the local laws and / or regulations as may be in force, governing the purchase and use of the  Forex Card, and shall indemnify Federal Bank for any losses or damages caused to the Bank. I agree to pay all the fees/ charges applicable for the Forex Card and its use together with applicable taxes including the Goods & Services Tax (GST) and Forex GST; Interest and other expenses as per the RBI/ Government of lndia rules/ regulations and agree to pay the same.

I hereby agree that I will be required to visit a branch of Federal Bank, which I will choose during submitting my application using FedMobile, to facilitate bank officials to verify the original documents against copies/ digital images of which was submitted along with my application. I hereby agree to produce original documents to the bank officials and bank officials will evaluate the eligibility of me being issued with a Forex Card. I hereby agree that I will collect the Forex Card in person from the branch from where I am completing my original documents verification, after successful verification and approval by the bank officials.

In case an Additional Card (Add-on-Card) is availed for the use of close relative viz.  parent, spouse, brother, sister or child over 12 years of age or for myself, I understand and agree that the entire transactions   done using Add-on Card will be accounted along with the Primary Card. The facility of an Additional Card being an added facility, continuation of such added facility will be dependent on the continuation of my membership.

I agree and acknowledge that the Federal Bank may, at its sole and absolute discretion, act and rely on the instructions or communications given by me or any persons on my behalf claiming to represent me, in connection with reloading of Forex Card, refund demands, modification of the terms of Forex Card etc.  given directly or indirectly via cell phone, facsimile, untested telexes and faxes, telegraph, cable, e-mail  or any other forms of electric communication  and that  Federal Bank will act upon  such  requests without any obligation on its part to verify the genuineness or the authority of any person claiming to have issued the instructions/ communications on my behalf and I hereby agree that I shall not dispute/contest  such reloading or refund   or modification of terms effected by the Bank pursuant to such instructions. .

I hereby agree that I will be solely liable for all acts done or requests made by me or any other person acting on my behalf with respect to reloading / seeking refund / modification of terms in respect of  Forex Card  issued to me and shall indemnify Federal Bank for any/ all losses or damages caused to Federal Bank due to acting / relying on any/ all such requests made by me or on my behalf by any other person.

I understand and acknowledge that there are inherent risks involved in giving or sending the instructions/communications/documents to the Bank via facsimile, untested telexes and faxes, telegraph, cable or emails and hereby agree and confirm that all risks shall be fully borne by me /  and I  assume full responsibility for the same, and I will not hold the Bank liable for any losses or damages including legal fees arising upon your performing or your non performing or any delay /default in performing any act , wholly or in part in accordance with the instructions so received which could be a result of any miscommunication, or technological error beyond the control of the Bank considering the mode in which the same was conveyed.

In case   Forex Card is issued to me at the requests of my Employer, I hereby authorize Federal Bank to act on the requests made by my employer for reload, cancellation and refund or the Federal Bank Lets Go Multi Currency Prepaid Card. I understand that ATMs/Electronic Data Capture (EDC) terminals are machines, and errors could occur during its operation. I agree to indemnify the Bank for any such machine/ mechanical errors/ failure and shall not hold the Bank liable for any failure and / or errors in operation of the Cards at the ATMs/ EDC terminals. I hereby agree that the Forex Card will not be funded by the Bank in the event there is any breach of the limits as prescribed under FEMA, and as applicable to me or if there is any discrepancy / breach of the KYC requirements, and I shall not hold the Bank liable for non-funding due to the reasons mentioned aforesaid.

RELOAD

(Declaration under FEMA 1999, this constitutes Form A2)

I hereby declare that:

  • The total amount of foreign exchange purchased from or remitted through, all source in India, during this financial year, including this application, is within USD 2,50,000 (USD Two lakh Fifty thousand only), the annual limit prescribed by Reserve Bank of India for the said purposes.
  • Foreign exchange purchased by me is for the purpose indicated in my application.

Declaration cum undertaking, under Sec 10(5), Chapter III of FEMA 1999:

  • I hereby declare that the transaction details of which are mentioned above does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the aforesaid Act, or of any rule, regulation notification, direction or order made there under.
  • I also understand that if I refuse to comply with any such requirement or make only unsatisfactory compliance therewith, the Bank shall refuse in writing to understand the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report the matter to RBI.
  • I also hereby agree and undertake to give such information/documents as will reasonably satisfy you about this transaction, in terms of the above description.

Declaration under Liberalized Remittance Scheme for Resident Individuals:

  • I hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year including this application is within the overall limit of the Liberalised Remittanœ Scheme prescribed by the Reserve Bank of India and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes.
  • I am a person resident in India, I am not a Foreign National/NRI/PIO.
  • The remittance would be utilized for permitted Capital & Current Account transactions only.
  • I have not availed any loan /Credit /borrowings for remitting under Liberalised Remittances Scheme for Capital Account transactions.
  • The remittance is not being requested for any transaction not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges/ overseas counter party are not allowed under the Scheme.
  • The Scheme is not available for capital account remittance to countries identified by Financial Action Task Force(FATF) as non-cooperative countries and territories as available on FATF’s website (www.fatf-gafi.org) or as notified by the Reserve Bank of India.
  • The remittance is not being sent for purchase of FCCRS issued by Indian companies in the overseas secondary market.
  • The remittance is not being sent for trading in foreign exchange abroad.
  • I/We undertake to make all Capital Account transactions under LRS from Federal Bank only.

Declaration from tour operators: 

I confirm that the remittance is being made for travel arrangements of:

Resident Individual as per enclosed list. The remittanœ made is within the limits prescribed by the Reserve bank of India for the resident individuals under the Liberalised Remittance Scheme.

Foreign tourists as per enclosed list. The amount of remittance does not exceed the amount of foreign exchange remitted to India by the foreign tourists.

General declaration: 

  • The purpose and transaction details as mentioned above are true to the best of my knowledge.
  • I shall be responsible and liable for any incorrect detail provided by me/ us.
  • The Forex Card funding is not being requested for any purpose specifically prohibited under Schedule I or any item restricted under Schedule 2 of Foreign Exchange Management (Current Account Transaction) rules, 2000.
  • Forex Card is availed not for the direct or indirect use in Nepal and Bhutan.
  • Forex Card funding is not for the direct/ indirect benefit / use   for those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the RBI to the banks.
  • The Transaction mentioned above does not involve, and is not designated for any purpose for which the drawal of foreign exchange is prohibited under Rule 3 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, read with schedule I thereof viz:
  • Remittance out of lottery winnings.
  • Remittance of income from racing/ riding etc. or any other hobby.
  • Remittanœ for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, schemes involving money circulation, securing prize money/awards, etc.
  • Payment of commission on exports made towards equity investment in Joint Ventures/Wholly owned/Subsidiaries abroad of lndian Companies.
  • Remittanœ of dividends by any company, to which the requirement of dividend balancing is applicable.
  • Payment of commission on exports under the rupee State Credit Route, except commission up to 10% of invoice value of exports of Tea and tobacco.
  • Payment related to “Callback services” of telephones.
  • Remittanœ of interest income on funds held in the Non-Resident special Rupees Account Scheme.
  • Travel to Nepal and/ or Bhutan.
  • A transaction with a person residing in Nepal or Bhutan.
  • I agree that submission of application does not necessarily imply processing of the transaction. Federal Bank has full rights to reject the application based on regulatory and/ or internal guidelines or for any reasons whatsoever.
  • I agree that in the event the transaction could not be executed/debited to my account, after submitting the request for processing to the bank on account of insufficient/unclear balance at the time of execution of the transaction in my/our account, Federal Bank shall not be responsible for not being able to process the transaction. Federal bank shall not be responsible for not being able to process any transaction in my account. Any exchange losses incurred in this connection, due to reversal of the forex deal, can be charged to any of my accounts with any branch of Federal Bank.
  • I agree that in the event the transaction is cancelled or revoked by me/us after submitting the request for processing to the bank, any exchange losses incurred in this connection can be charged to my/our Federal Bank Account.
  • I further agree that once the funds remitted by me/us have been transmitted by Federal Bank to the correspondent and/or beneficiary banks, Federal bank shall not be responsible for any delays in the disbursement of such funds including the withholding of such funds by the correspondent and/or beneficiary banks.
  • I agree that once the funds remitted by me in the Forex Card have been transferred by Federal Bank, intermediary bank charges may be levied by correspondent and/or beneficiary banks, which may vary from bank to bank.
  • I agree that in the event the transaction being rejected by the beneficiary bank, because of incorrect information submitted by me, any changes levied by the beneficiary bank or exchange losses incurred in this connection can be charged to my Federal Bank Account(s) with any branch of the Bank.
  • I agree that the exchange rate displayed in FedMobile during the submitting the application for new forex card is only indicative & not final. Final & exact exchange rate will be on the day/ time of currency loaded by the bank on my/ our behalf. I agree that the exchange rate displayed in FedMobile during reloading foreign currency to my existing card will be deemed final.
  • I agree that exchange rates are subjected to fluctuation and exchange rate will vary from day to day basis.
  • I agree that bank will offer the verification of my original documents in select branches.
  • I agree that taxes / charges applicable in India and/ or the places where the Forex Card is being used may be levied on all the transactions/ services availed by me.
  • For detailed terms and conditions regarding the program, please visit https://www.federalbank.co.in/forex-card
  • As per Govt. of Kerala’s order vide G.O.(P)No.80/2019/TD, dated 25-05-2019, Kerala Flood cess of 1% is levied over and above applicable GST on the taxable value of the transactions in the state of Kerala for customers having no GSTIN. This information is displayed on reasonable efforts basis and the Bank is not having any obligation to update the customers about any changes in the law.

Section 1: A person shall be deemed to be a relative of another if, and only if: (a) they are members of a Hindu undivided family: or (b) they are husband and wife, or (c) the one is related to the other in the manner indicated below:

  • Father (including Stepfather)
  • Mother (including Stepmother)
  • Son (including Stepson)
  • Son’s wife
  • Daughter
  • Daughter’s husband
  • Brother (including Stepbrother)
  • Sister (including Stepsister)

I/ We hereby authorize you to debit my account number that is chosen by me during the reload process in FedMobile and/or any other accounts with any branch of the Bank and effect the travel card funding, as detailed in my application with your applicable charges/ fees/ commissions, GST, Forex GST.

ANALYTICS

By registering for FedMobile Facility, it will be deemed that you have accorded your consent to Federal Bank for:

  • Using information related to your activities and transactions carried out through FedMobile, for providing personalized services and product enhancements.
  • Share pre-identified information related to your activities and transactions, to affiliates and partners of the Bank for providing personalized services and improved customer support.

Letter of Authority

The Letter of Authority made IN FAVOUR OF  The Federal Bank Limited, a banking company  within the meaning of Companies Act,  2013,  having its registered office at Federal Towers, Aluva -683101, Kerala  (hereinafter referred to as “[Federal Bank]”, which expression shall, unless repugnant to the meeting or context thereof be deemed to mean and include its successors and assigns).

WHEREAS the Deponent/s is desirous of availing of the ‘[investment]’ services offered by [Federal bank] which shall inter alia enable him/her to place investment request or deal in any other manner in various investment products / services of  mutual funds, , that are distributed by [Federal bank] in its capacity as an Intermediary / Referrer/ Distributor/ Corporate Agent of such Mutual Funds / Asset Management Companies / Insurance Companies / Any other Third Party Companies / entity. In consideration of [Federal bank] providing [investment] services and in accordance with the “Terms & Conditions governing [investment] Services”, I/We hereby appoint [Federal bank] as my/ our Mandate Holder/Authority Holder and confer upon it the powers hereinafter stated.

THEREFORE, THIS LETTER OF AUTHORITY WITNESSETH that I/We hereby nominate, appoint and constitute [Federal Bank] as my/our true and lawful Mandate Holder/Authority Holder to do, execute and perform or cause to be done, executed and performed, the following acts, deeds and things or any of them for and on my/our behalf namely:

  • To submit applications / other relevant documents for the various investment products / services, as instructed by me/us, including but not limited to, mutual fund issued by any Mutual Funds/ Asset Management Companies (“AMC”)/ or such other relevant entity.
  • To do all such things that are incidental to the Purpose.
  • To have first and paramount lien on Bank Account or any Bank Account(s) as may be instructed by me/us and to exercise such lien in the event of any loss suffered/costs incurred on account of any transaction done/executed by [Federal bank] on my/our behalf for the Purpose.
  • To share the details of my/our Bank Account(s) to a third party service provider or to any of the affiliates/subsidiaries of [Federal bank] by virtue of I/We using/subscribing to any of the facilities/services provided either by [Federal bank], or through a third Party service provider or to any of the affiliates/subsidiaries of [Federal bank].
  • To do all such acts, deeds and things as may be necessary for or incidental to provision of services and facilities to me/us including giving intimations, confirmation, undertaking etc on my /our behalf.
  • To appoint or remove any agents or substitute or substitutes with all or any of the powers herein contained in order to enable such agent of substitute(s) to exercise all or any of the powers given by me/us to [Federal bank].
  • To retain all originals of documents executed by me/us.
  • AND GENERALLY to do or cause to be done every other acts, deeds, matter or things as [Federal Bank] may deem necessary or expedient for the purpose of or in relation to these presents.
  • I/We hereby ratify and confirm and agree to ratify and confirm all that [ Federal Bank] or any of its officer or officers shall do or cause to be done in or concerning the premises by virtue of these presents.
  • I/We hereby agree and confirm that this Letter of Authority shall be cancelled or revoked only upon furnishing an advance written notice of 30(thirty) days to [Federal bank]. These documents shall be subject to the jurisdiction of the Courts in [Ernakulam].