Terms & Conditions - NRO/NRE Account

Welcome to Bizeneed India Private Limited. These Terms & Conditions govern the engagement between you ("Client", 'you', or 'your') and Bizeneed India Private Limited ("Company", 'we', 'us', or 'our') for services related to the opening and management of Non-Resident Ordinary (NRO), Non-Resident External (NRE), and Foreign Currency Non-Resident (FCNR) bank accounts in India. These terms are framed in strict accordance with the Foreign Exchange Management Act, 1999 (FEMA), regulations issued by the Reserve Bank of India (RBI), the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, the Prevention of Money Laundering Act, 2002, and all other applicable laws and regulations. Please read these Terms carefully before engaging our services. By initiating an engagement, providing documents, or making any payment, you agree to be bound by these Terms in their entirety.

• These Terms govern all engagements for NRO, NRE, and FCNR account opening services facilitated by Bizeneed
• Bizeneed acts as a technology-enabled intermediary connecting clients with authorized banking partners and compliance professionals
• By initiating a service engagement, you confirm you have read, understood, and agree to these Terms
• If you act on behalf of another individual or entity, you represent that you have the authority to bind them to these Terms
• All services are subject to RBI regulations, FEMA provisions, and the policies of the respective banking partners
• Questions regarding these Terms should be directed to legal@bizeneed.in

Bizeneed facilitates the opening of NRO (Non-Resident Ordinary), NRE (Non-Resident External), and FCNR (Foreign Currency Non-Resident) accounts with scheduled commercial banks in India authorized by the Reserve Bank of India. Our services include advisory on eligibility criteria, documentation requirements, and account features; preparation and submission of account opening applications and supporting documents; coordination with the designated bank branch for account processing; guidance on fund repatriation, tax implications, and reporting requirements under FEMA; and post-opening assistance for operational queries. We do not guarantee account approval as the final decision rests solely with the respective bank. NRO accounts are held in Indian Rupees and are subject to tax on interest earned. NRE accounts allow full repatriation of both principal and interest. FCNR accounts are maintained in foreign currencies.

• Opening of NRO accounts for non-resident Indians (NRIs) requiring an Indian rupee account
• Opening of NRE accounts providing full repatriation of both principal and interest
• Opening of FCNR (Foreign Currency Non-Resident) accounts held in designated foreign currencies
• Guidance on choosing the appropriate account type based on individual financial circumstances
• Coordination with authorized banking partners for account opening processing
• Advisory on FEMA regulations, tax implications, and RBI reporting requirements applicable to each account type
• Post-opening assistance including operational guidance and compliance reminders

You are required to provide all necessary documents and information accurately and promptly to facilitate the account opening process. This includes a valid passport with a minimum validity of six months; a valid visa, PR card, OCI card, or PIO card as applicable; overseas residential address proof; Indian address proof (if applicable); PAN card; passport-sized photographs; and any other documents requested by the bank. You must complete KYC procedures as required by the respective bank, which may include in-person verification or video-based KYC. You agree to disclose all material financial information and source of funds. You must promptly notify Bizeneed and the respective bank of any changes in residential status, visa status, or contact information. All documents provided must be genuine and authentic.

• Provide a valid passport with a minimum validity of six months at the time of application
• Submit valid visa, PR (Permanent Residency) card, OCI (Overseas Citizen of India) card, or PIO card as applicable
• Provide overseas residential address proof (utility bills, bank statements, or government-issued documents)
• Provide Indian address proof where applicable (utility bills, rental agreements, or property documents)
• Submit PAN card and passport-sized photographs as required by the respective bank
• Complete KYC procedures including in-person verification or video-based KYC as mandated by the bank
• Disclose all material financial information and legitimate source of funds
• Promptly notify Bizeneed and the respective bank of any change in residential status, visa, or contact information
• Ensure all documents provided are genuine, authentic, and not altered in any manner

Service fees for account opening assistance are as communicated during the engagement and become binding upon your acceptance. Government fees, bank processing charges, courier charges, attestation fees, courier charges for physical document submission, and any third-party charges are billed separately and are payable in addition to our service fees. Payments must be made through the official payment channels integrated with our platform. We reserve the right to suspend services for accounts with overdue payments exceeding 30 days. Late payments may attract interest at 18% per annum calculated from the due date until the date of actual payment. All fees are subject to applicable taxes unless otherwise specified. Service fees are non-refundable once the account opening application has been submitted to the bank.

• Service fees are as communicated during engagement and are binding upon your acceptance
• Government fees, bank processing charges, courier charges, and third-party charges are billed separately
• Late payments attract interest at 18% per annum calculated from the due date to the date of actual payment
• All payments must be made through official payment channels integrated with the Platform
• Services may be suspended for accounts with overdue payments exceeding 30 days
• Service fees are non-refundable once the account opening application has been submitted to the bank
• Refunds, if applicable, are governed by our Refund Policy available at /refund-policy

The typical timeline for completing the NRO/NRE/FCNR account opening process is 10-20 working days from the date of receipt of all required documents and payments. The timeline may vary based on the respective bank's internal processing schedules, the completeness of documentation, KYC verification requirements, and any additional compliance checks mandated by RBI regulations. We will provide an estimated timeline at the time of engagement, but we do not guarantee specific completion dates. Delays caused by incomplete or inaccurate documentation, bank processing backlogs, or regulatory requirements are beyond our control. We will make reasonable efforts to keep you informed of progress throughout the account opening process.

• Standard processing timeline: 10-20 working days from receipt of complete documentation and payment
• Timelines may vary based on individual bank processing schedules and internal verification requirements
• Delays caused by incomplete documentation, KYC issues, or regulatory checks are beyond our control
• Estimated timelines are provided for planning purposes but are not guaranteed completion dates
• We will provide regular updates on the status of your application
• Any changes to timelines will be communicated to you promptly

Both parties agree to maintain the confidentiality of all proprietary and confidential information disclosed during the course of this engagement. Bizeneed commits to protecting your personal data, financial information, and documents in accordance with applicable data protection laws including the Information Technology Act, 2000, and the Digital Personal Data Protection Act, 2023. We implement appropriate technical and organizational security measures to safeguard your information. Your data will be processed solely for the purpose of providing our services and will not be shared with third parties except as required for service delivery or as mandated by law. We will not disclose your confidential information to unauthorized parties without your prior written consent, except where required by RBI regulations, FEMA provisions, or any other applicable law or regulatory requirement.

• Bizeneed commits to protecting personal data and financial information per applicable data protection laws
• Information will be processed solely for the purpose of providing account opening services
• Data will not be shared with third parties except as required for service delivery or as mandated by law
• Appropriate technical and organizational security measures are implemented to safeguard your information
• No disclosure of confidential information without prior written consent, except where required by RBI or FEMA regulations
• You may request details of our data handling practices by contacting privacy@bizeneed.in

To the maximum extent permitted under applicable Indian law, including the Information Technology Act, 2000 and the Consumer Protection Act, 2019, Bizeneed India Private Limited's aggregate liability under any service engagement or claim arising from these Terms shall not exceed the service fees paid by you for the specific NRO/NRE/FCNR account opening service. We shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, loss of data, loss of goodwill, or any other financial loss arising from the use or inability to use our services. We are not liable for account rejection, delayed processing, or adverse decisions made by the respective bank or regulatory authorities. We are not liable for losses arising from inaccurate or incomplete information provided by you. Nothing in these Terms excludes liability for death or personal injury caused by our negligence or for fraud.

• Aggregate liability limited to service fees paid for the specific account opening service
• No liability for indirect, incidental, special, consequential, or punitive damages
• Not liable for account rejection, delayed processing, or adverse decisions by the bank or RBI
• Not liable for losses arising from inaccurate, incomplete, or delayed information provided by you
• Not liable for losses due to changes in RBI regulations, FEMA provisions, or banking policies after service initiation
• No liability for service interruptions due to force majeure events beyond our reasonable control
• Nothing in these Terms excludes liability for death or personal injury caused by our negligence or for fraud

Either party may terminate the service engagement by providing not less than 7 days' prior written notice to the other party. In the event of termination after the account opening application has been submitted to the bank, the service fees paid shall not be refundable. Bizeneed may terminate the engagement immediately if you provide false or misleading information, fail to provide required documents within 30 days of request, or breach these Terms in any material manner. Upon termination, we will provide a status update on the ongoing account opening process. Provisions of these Terms that by their nature should survive termination, including confidentiality, limitation of liability, and dispute resolution, shall remain in full force and effect.

• Either party may terminate with not less than 7 days' prior written notice
• Service fees are non-refundable once the account opening application has been submitted to the bank
• We may terminate immediately for provision of false information, failure to provide documents within 30 days, or material breach
• Upon termination, a status update on the ongoing account opening process will be provided
• Access to all related services and support will cease upon termination
• Provisions relating to confidentiality, liability, dispute resolution, and intellectual property survive termination

Any dispute arising from or in connection with these Terms & Conditions or the NRO/NRE/FCNR account opening services shall first be attempted to be resolved through good-faith negotiations for a period of 30 days. If the dispute cannot be resolved through negotiation, it shall be referred to arbitration under the Arbitration and Conciliation Act, 1996 before a sole arbitrator appointed by mutual consent. The seat of arbitration shall be New Delhi, Delhi, India, and the language of arbitration shall be English. These Terms shall be governed by and construed in accordance with the laws of India, without regard to its conflict of law provisions. The courts in New Delhi, Delhi, India shall have exclusive jurisdiction over any dispute.

• Disputes shall first be attempted to be resolved through good-faith negotiations for 30 days
• Unresolved disputes are referred to arbitration under the Arbitration and Conciliation Act, 1996
• Arbitrator appointed by mutual consent of both parties
• Seat of arbitration: New Delhi, Delhi, India; Language: English
• The arbitration award shall be final and binding on all parties
• Either party may seek urgent interim or injunctive relief from a court of competent jurisdiction
• These Terms are governed by the laws of India without regard to conflict of law provisions

If you have any questions, concerns, or feedback regarding these Terms & Conditions for NRO/NRE/FCNR account opening services, please do not hesitate to contact us. Our team is available to address any queries or clarifications you may need regarding the terms, documentation requirements, timelines, or any other aspect of our services. For general inquiries, service-related questions, or technical support, please reach out through our contact channels. For legal and compliance-related matters, please use the dedicated email address below. We strive to respond to all inquiries within a reasonable timeframe.

• Email: legal@bizeneed.in - for legal, compliance, and terms-related inquiries
• Email: support@bizeneed.in - for general support, technical issues, and service queries
• Registered Office: Bizeneed India Private Limited, New Delhi, Delhi, India
• Grievance Officer: grievance@bizeneed.in - for complaints and dispute resolution
• Response time: We aim to respond to all inquiries within 2-3 business days