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• The Bank may at its sole discretion provide a facility ("Fed-e-Remit") to its resident Customers holding individual Savings Bank account and Non Resident Individuals holding a NRE Savings Bank account [i.e. Customer(s)] who have availed FedNet Internet Banking services ("FedNet") of the Bank, for effecting foreign outward remittances subject to and in compliance with applicable law.The Customers shall be bound by these terms and conditions while availing the Facility.
• The Customer shall have an active KYC complied operative account wherein his/her PAN is updated and Fednet facility is active.
• As foreign outward remittance from India involves drawal of foreign exchange by the customer from Federal Bank, the same is subject to the provisions of Foreign Exchange Management Act (FEMA), 1999. The Customer understands that, as per the provisions of the said Act, it is his/her responsibility to ensure that the transaction is in compliance with the provisions of the said Act, and any rules, regulations, guidelines and notifications issued under the said Act. Any contravention of the same may invite penal action against the Customer by the competent authority under provisions of the said Act.
• The facility of foreign outward remittance through Fed-e-Remit is being offered by Federal Bank to only those Resident Customers who are eligible to draw foreign exchange underLiberalised Remittance Scheme of Reserve Bank of India, and for the limited purposes which are in the nature of Current Account transactions, within the provisions of Foreign Exchange Management Act, 1999.
• By accepting these terms and conditions, the Resident Customer / Non-Resident Customer (wherever applicable) confirms and declares that-
  1. the remitter (i.e. the Customer) is either an individual Resident in India as defined in Foreign Exchange Management Act (FEMA), 1999,) as notified by Reserve Bank of India, and any modifications thereof from time to time.
  2. the total amount of foreign exchange drawn by the Customer from all sources during the current financial year, including the present transaction, does not exceed USD 2,50,000 or equivalent or such other amount as may be specified by Reserve Bank of India from time to time.
  3. the beneficiary is a person Resident outside India as defined in Foreign Exchange Management Act (FEMA), 1999.
  4. the remittance is not intended and will not be used for any purpose that is in the nature of a Capital Account transaction i.e., the remittance will not alter the assets or liabilities of the remitter held abroad.
  5. the remittance does not constitute a transaction listed in Schedule I or Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
  6. the remittance does not constitute any of the following:
     1. Remittance out of lottery winnings
     2. Remittance of income from racing/riding etc. or any other hobby
     3. Remittance for purchase of lottery tickets, banned / proscribed magazines, football pools, sweepstakes, etc.
     4. Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies.
     5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable
     6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco
     7. Payment related to "Call Back Services" of telephones
     8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.
  7. the remitter (i.e. if Resident Customer) himself/herself is not a holder in the beneficiary account to which the remittance is being made.
  8. the remittance is not intended and will not be used for trading in foreign currency, or, dealing in Bitcoins or any other virtual currency.
  9. the remittance is not intended and will not be used for any purpose that is prohibited or restricted under the Foreign Exchange Management Act, 1999 or any rules, regulations or guidelines issued under the said Act.
  10. The details/documents uploaded via Fed-e Remit platform for conducting the transactions are the scanned copies/ images of the original documents and are genuine, accurate and authentic.
      

      
      
      If any of the above conditions is not being met, the Customer is strictly advised to desist from the transaction and to logout from the Federal Remit portal. If any of the declarations contained herein are made wrongly, the same will amount to willful contravention of the provisions of Foreign Exchange Management Act, 1999, and may invite penal action accordingly. Federal Bank may initiate closure of the Customers account held with the Bank without prior notice and report the matter to Reserve Bank of India (RBI), if the Bank finds at any point of time that the Customer has made a wrong declaration.

• The Customer shall, prior to submission of request for foreign outward remittances, ensure that he/she has complied with all the guidelines prescribed by Reserve Bank of India (RBI) in respect of the Liberalised Remittance Scheme.
• Customer agrees/ acknowledges that the Bank wholly relies upon the details / documents furnished by the Customer through the Fed-e-Remit platform, for permitting the Transactions based on the declaration on genuineness submitted by the Customer. Customer shall be solely responsible for any discrepant/ ingenuine document/ details and shall further indemnify the Bank against any losses/ damages/ claims incurred/ to be incurred by the Bank, in this regard. Customer shall furnish the documents in original as and when called upon by the Bank.
• The Customer shall follow the process flow provided below for effecting outward remittances.
  1. One time registration
  2. Beneficiary addition
  3. Transaction Creation
  4. Transaction Booking
• It is the responsibility of the Customer to double check and ensure correctness of the details of the Beneficiary Bank, Intermediary Bank and Transaction details. The Customers must note that it is not possible for Federal Bank to cross-check/verify these details and any error/mistake, inadvertent or otherwise, in the details provided by the Customer can lead to the funds getting credited to a wrong Bank / Account in foreign countries. It will not be possible for Federal Bank to recall / retrieve the funds in such a situation and may cause a financial loss to the Customer. Federal Bank will not be responsible for any loss that may be suffered by the Customer due to such errors/mistakes.
• The facility of Foreign Outward Remittance through Fed-e-Remit is currently subject to the following limits on the amount of remittance-
  1. USD 25,000 and equivalent per day
  2. USD 250,000 and equivalent per financial year
  
  For any foreign outward remittances beyond the aforesaid limits, Customer needs to visit the nearest Federal Bank branch along with the necessary documents.
• The facility of Foreign Outward Remittance through Federal Remit is currently available in the following currencies: AED, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, QAR, SAR, SGD, USD
• The request for foreign outward remittance submitted through this facility will be checked and processed by Federal Bank at the earliest but may take upto the end of the next working day for effecting the foreign exchange transactions/remittances ('working day' as per FEDAI rules).
• The request for foreign outward remittance submitted through this Portal may be rejected by the Bank if the same is found to be non-compliant with extant RBI regulations issued under Foreign Exchange Management Act, 1999 (FEMA), international restrictions applicable to such remittances (if any), incomplete / incorrect beneficiary bank details, insufficient funds in the account or any other such reason.
• The exchange rates which can be seen by the customer in the Fed-e-Remit module at the time of submitting the request are indicative rates only and the same may change before the customer request is processed. If there are wide fluctuations in the exchange rates, Federal Bank reserves the right to cancel the transaction and the Customer is not entitled to make any objections in this regard. The decision of Federal Bank as to the wide fluctuations in the exchange rate and consequential cancellation of the transaction shall be final and binding on the Customer.
• Bank will not process any bookings submitted after closing of market hours or if it has reason to believe that the documents/ details submitted are discrepant/ ingenuine/ inadequate. The Bank shall not be responsible for any loss / damages caused to the Customer on account of any rejection of transactions due to receipt of booking request beyond market hours or because of insufficient/incorrect / invalid documents submitted by the Customer.
• Following charges will be levied by Federal Bank from the Customer for executing this foreign outward remittances through Fed-e-Remit-
  
  1. Commission Amount - Rs 1,000/- (Excluding GST)
  2. Tax - 18% of commission amount
  3. Swift Charge - 590
  4. Forex Conversion Tax
     1. Below Rs 1,00,000 = INR Amount X .0018
     2. Rs 1,00,000 to Rs 9,99,999 = [(Amount - 1,00,000) X .0009] + 180
     3. Rs 10,00,000 and above = [(Amount - 10,00,000) X .00018] + 990
• The Customer acknowledges and agrees that the rates of Tax Collected at Source (TCS), as chargeable by the Bank, for every outward remittance through Fed-e-Remit shall be basis the purpose code selected by the Customer and the applicable guidelines of the Reserve Bank of India issued in this regard from time to time.
• The Customer further acknowledges and agrees that the TCS indicated to the Customer prior to making every outward remittance is only indicative/tentative and is based on the transaction records available with the Bank and may vary basis the actual total outward remittance undertaken by the Customer with any other bank under the specified purpose code during the financial year.
• The decision of the Bank's Back Office Team regarding approval/rejection of the transaction request, shall be final and binding on the Customer.
• By accepting these terms & conditions, the Customer hereby irrevocably authorizes Federal Bank to debit his/her account with the amount of remittance converted into Indian Rupees at the exchange rate as detailed above and with the amount of charges as detailed above.
• Customers should ensure to maintain adequate clear balance in his/her account to enable the Bank to make the required debits. The transaction will be rejected in case of non-availability of sufficient clear funds in the account.
• Customers should note that the foreign bank(s) involved in routing of the transaction, may deduct their charges from the amount of remittance, as per applicable rules and regulations of the respective country/bank. In such a situation, the beneficiary may not get the full amount remitted from India. Federal Bank does not have any control on such deductions. The Customer is advised to check with the beneficiary in advance of applicable charges in the destination/routing country(ies)/bank(s) and keep adequate margin in the amount of remittance to ensure that the required amount reaches the beneficiary.
• In certain instances, the foreign bank(s) may claim their charges from Federal Bank, subsequently, as per applicable rules and regulations of the respective country. By accepting these terms and conditions, the Customer hereby irrevocably authorizes Federal Bank to debit the amount of such charges to his/her account as and when such claim is received.
• Customer agrees that, in the event of the remittance getting delayed or withheld at the foreign bank(s), for any reason whatsoever, they shall have no claim against Federal Bank for such delay or withholding of funds.
• The Bank reserves the right to cancel or refuse to execute any FX Rate Deal at any stage if there is suspicion of fraud, non-compliance with AML/KYC norms, adverse compliance alerts, or any restrictions under applicable law or regulatory guidelines.
• The Bank shall not be liable for any inability to process a remittance request through Fed-E-Remit, due to system unavailability, connectivity failures, technical errors, or any other circumstances beyond the Bank's reasonable control.
• The Customer further indemnifies the Bank against any claims, losses, damages or penalties that may be incurred, sustained or levied by the Bank on account of carrying out the transactions including non- compliance of Foreign Exchange Management Act (FEMA), 1999 and allied Rules. The Customer alone shall be liable for claims of any nature, loss and any damages that may be caused to the Bank or the Customer due to misuse or otherwise of the Facility either by the Customer, its staff, agents, authorized signatories, by any person making an unauthorized access to the Customer's accounts or on account of any error, mistake or omission in the request submitted by the Customer. Customer also agrees that Federal Bank is undertaking this transaction in good faith based on their declarations and they indemnify the Bank for against any claims or damages that may arise in case of any violation.
• Customer will be solely and absolutely responsible for the confidentiality of the account credentials which includes, but not limited to, customer id, password etc. and will be fully responsible for all transactions processed through the customer's credentials, including any unauthorized use or misuse of such account credentials by entities other than the customer. Customer agrees absolutely that Federal Bank will not be held responsible for any loss and also undertakes to indemnify Federal Bank against any liability, claims, damages etc. on account of such unauthorized use or misuse of customer's account.
• FX- Retail Deal :
  (i) If the customer has taken any pre-approved rate ("FX-Retail Deal") either directly from the Bank or through Bharat Connect platform, it is the sole responsibility of the Customer to upload the correct and genuine supporting documents/Data and other details via the Fed-e-Remit platform before the closure of market hours of the expiry date stipulated for such FX-Retail Deal.
  (ii) FX Retail Deal shall be available to the Customer only upon successful submission and acceptance of all required details/ documents within the time.
  (iii) Bank will not be responsible for any expiry of FX- Retail Deal and resultant loss/ damage to the Customer due to rejection of booking requests for the reasons stated in this Terms and Conditions which includes without limitation, submission of booking requests after closing of market hours, furnishing of insufficient/incorrect documents, suspected frauds, delay caused by beneficiary/ foreign banks, Bank's inability to process the booking requests due to technical failure etc.
• THE FACILITY IS PROVIDED BY THE BANK ON A BEST EFFORTS BASIS AND THE BANK DOES NOT WARRANT THAT FACILITY SHALL BE UNINTERRUPTED OR ERROR FREE. TO THE EXTENT PERMITTED BY LAW, THE BANK DISCLAIMS WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE RELATING TO THE FACILITY PROVIDED TO THE CUSTOMER INCLUDING FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.
• Federal Bank shall endeavour to provide tracking of the status of the transaction through Federal Remit portal. However, customer agrees that Federal Bank will not be held responsible or liable for any delay, costs, loss, damage etc. due to non-availability of such tracking details for whatsoever reason.
• The Customer also agrees that, the Bank may at its sole discretion discontinue the Facility provided to the Customer without any prior notice.
• These Terms are supplemental to and are to be read in conjunction with FedNet Terms and Conditions - https://www.fednetbank.com/Terms_and_Conditions.pdf
• The Customer(s) understands and acknowledges that if they have any complaints/grievances relating to the Fed-e-remit facility, they can resort to the Bank's grievance redressal mechanism which is detailed below:

Step 1	Customer(s) may contact Customer Care of the Bank on its Toll Free numbers: 1800-425-1199 / 1800-420-1199; e-mail: contact@federalbank.co.in OR Customer(s) may contact the branch address mentioned in the Schedule hereunder. OR Customer(s) may submit complaint using the Customer Grievance form, which is available in the Bank's website at https://www.federalbank.co.in/grievance-redressal .
Step 2	If the Customer(s) is/are not satisfied with the resolution of the complaint through any of the above modes, the Customer(s) may contact the Nodal Officer of the Bank at Email id: grievancesescalations@federalbank.co.in ; Tel: 0484-2866511; OR at the address of Nodal Officer which is available in the Bank's website at https://www.federalbank.co.in/grievance-redressal .
Step 3	If the complaint is still not resolved to the Customer(s) satisfaction, the Customer(s) can escalate the same to the Principal Nodal Officer at e-mail: support@federalbank.co.in; Tel: 0484-2626366. OR at the address of the Principal Nodal Officer which is available in the Bank's website at https://www.federalbank.co.in/grievance-redressal .
Step 4	If the complaint is still not resolved or if a satisfactory response is not received within 30 days of lodging the complaint with the Bank through any of the above avenues, then under the Banking Ombudsman Scheme 2021, the Customer(s) can approach the Integrated Banking Ombudsman appointed by the Reserve Bank of India, through the link available in the Bank's website at https://www.federalbank.co.in/grievance-redressal . OR Write to CRPC, RBI in the address available in the Bank's Website mentioned herein.

• The Customer(s) understands that any changes in the above grievance redressal matrix, including changes in the contact details, will be updated by the Bank in the Bank's website mentioned above.