TERMS AND CONDITIONS FOR BANKING SERVICES

To
Bank of Baroda
IFSC Banking Unit
Gift SEZ, Gift City, Gandhinagar Branch (the “Bank”)

I/ We agree that the Terms and Conditions for Banking Services (the “Terms”) of the Bank (which
comprise the General Terms and Conditions as provided on the website of the Bank and the Specific
Terms and Conditions contained herein) shall govern my/ our transactions and relationship with the Bank,
unless otherwise agreed between me/ us and the Bank.

A. General Terms and Conditions:

1. Application:

1.1 The General Terms and Conditions contained herein shall apply to all services and products provided
by the Bank to me/ us and all instructions given by me/ us to the Bank and all transactions entered into
by me/ us with the Bank from time to time.

1.2 Each service or product provided to me/ us is subject to the Specific Terms and Conditions applicable
to it. The Specific Terms and Conditions shall prevail, insofar as the Specific Terms and Conditions
apply to the service or product in question, in the event of a conflict between the General Terms and
Conditions and any Specific Terms and Conditions.

2. Products & Services:

2.1 I/We shall complete and submit to the Bank all the forms and documents required by the Bank for
opening account. Apart from documents listed above, the Bank may further request additional
documents or details, if considered necessary, for opening the account.

2.2 All documents shall be submitted in original for verification. Alternatively copies of all documents shall
be true copies certified by an authorized officials of bank located in a Financial Action Task Force
compliant jurisdiction with whom the Customer has banking relationship, court magistrate, judge,
certified public or professional accountant, lawyer, the Embassy/Consulate General of the country of
which the individual is a citizen or notary public. The certifier’s signature and official stamp shall be
placed on the first page of the copy document and the number of pages should be recorded.
Remaining pages should carry the official stamp of the certifier.

2.3 For companies, I/ we confirm that the company has not been or is not in the process of being
dissolved, struck off, wound up or terminated.

2.4 I/ We understand that the Bank reserves the right and absolute discretion to refuse opening request
and continuation without providing any reason.

2.5 Account will be operated by me/ us and balance payable to me/ us according to operating instructions
given above or from time to time in effect and revision thereof.

2.6 I/ We agree to maintain the minimum average quarterly balance as applicable from time to time and
agree to pay the charges as intimated by the Bank if minimum balance is not maintained.

2.7 I/ We may at any time apply for any of the Bank’s services or products, by giving an instruction to the
Bank in accordance with the General Terms and Conditions together with such documents or
information as may be requested by the Bank. My/ Our application for or use of any of the Bank’s

BANK-INTERNAL 25
 services or products will be subject to the General Terms and Conditions and the Specific Terms and
Conditions applicable to the relevant service or product. I/ We shall read and understand the Specific
Terms and Conditions applicable to the service or product before submitting my/our application.

2.8 The Bank may at any time at its absolute discretion refuse to accept my/ our application for service or
product without assigning any reason.

2.9 I/ We undertake to intimate the Bank, in writing, of any change in address and/ or status,
circumstances, etc. that may affect its eligibility to continue to avail of the products, services and
channels provided by the Bank. All taxes, duties, levies or other statutory dues and charges applicable
in connection with the benefits accruing as per these Terms will be recoverable from me/ us.

3. Modes for Giving Instruction

3.1 The Bank may at its discretion rely on any instruction to the Bank by me/ us given in writing, by email,
facsimile, telephone, through internet, by any other means (including electronic means) as may be
approved by the Bank from time to time, in each case in accordance with the General Terms and
Conditions and the applicable Specific Terms and Conditions.

3.2 The Bank may at its discretion refuse to accept any instruction on such grounds as it deems fit without
the need to assign any reason. In particular, the Bank shall be entitled to refuse to execute or delay the
execution of any instruction if there are insufficient funds, credit facilities or assets in the account(s) to
which the relevant instruction relates or in order to give effect to the instructions. Notwithstanding the
aforesaid, the Bank may, but is not obliged to, execute any instruction even though there are
insufficient funds, credit facilities or assets in the account(s) to which the relevant instruction relates or
in order to give effect to the instructions, but I/ we shall immediately repay the resulting overdraft,
advance, and all charges and interest at such rate as the Bank may determine at its discretion.

3.3 I/ We will indemnify and hold harmless the Bank and its director, employees, authorized
representatives and agent against all actions, proceedings, claims, demands, liabilities, damages,
losses, costs and expenses howsoever incurred by the Bank or its director, employees, authorised
representatives and agent, arising, directly or indirectly, out of any instruction given or purported to be
given by me/ us in accordance with these General Terms and Conditions or the applicable Specific
Terms and Conditions and any transactions effected or purported to be effected according to such
instructions. This indemnity shall continue notwithstanding any termination or closure of my/ our
account, these General Terms and Conditions or any Specific Terms and Conditions.

I/ We shall be liable for all losses and damages arising out of the loss, forgery or unauthorized use of
the Bank’s services.

3.4 Any instruction received by the Bank after its banking hours will only be processed on the next
following banking day of the Bank unless otherwise agreed to by the Bank.

4. Statements of Account

4.1 I/ We undertake to verify the correctness of each statement of account and transaction confirmation, or
advice received from the Bank and to identify and inform the Bank of any errors, discrepancies,
omissions or debits wrongly made to or inaccuracies or incorrect entries in the Bank’s record of
transaction, statement of account and transaction confirmation or advice as so stated within 30 days
from the receipt thereof. At the end of the 30-day period commencing from the date of receipt of the
relevant statement of account or transaction confirmation advice, the Bank’s record of transactions and
the details of the transactions as set out in such statement of account or transaction confirmation or
advice, shall be conclusive evidence as against me/ us without any further proof that the Bank’s record

BANK-INTERNAL 26
 of transaction and the details in such statements of account or transaction confirmation or advice are
correct except as to any alleged errors so notified.

4.2 The Bank shall be entitled to correct any mistake or incorrect entry contained in any statement of
account, transaction confirmation or advice provided by the Bank by giving notice to me/ us.

4.3 Duplicate statements shall be issued to the me/ us, only at my/ our request, for a fee.

5. Deposits

5.1 No cheque book facility shall be provided in the account. All other monetary instruments accepted for
deposit into any of my/ our accounts are credited subject to final payment and proceeds will not be
available to me/ us until they have been cleared. The Bank reserves the right to charge any of my/ our
accounts with items which are subsequently returned unpaid.

5.2 An inward remittance to an account may not be credited to the account on the same day if the related
payment advice is not received by the Bank before the cut-off time set by the Bank from time to time.
No interest will accrue on any inward remittance before the funds are actually credited into the
account.

5.3 Amounts received for any of my/ our accounts in a currency other than the currency of the relevant
account may be converted by the Bank at such rate of exchange as it determines into the currency of
such account for credit to such account and I/ we shall bear the cost of such conversion.

6. Withdrawals

6.1 Unless the Bank at its discretion agrees otherwise, funds standing in any of my/ our accounts opened
with the IFSC Banking Unit Branch of the Bank may only be withdrawn in IFSC GIFT SEZ, Gift City,
Gandhinagar in accordance and if permitted by applicable law.

6.2 Transfer and withdrawal of funds are made entirely at my/ our own risk. The Bank shall not be liable for
any mutilation, interruption, omission, error, neglect, default, mistake, delay, diminution or unavailability
of funds which may occur in the transmission of any message or from the misinterpretation of any
message by any person in the absence of gross negligence or willful default on the part of the Bank, its
officers or employees.

6.3 I/We understand and acknowledge that amounts placed with the Bank in IFSC Banking Unit shall be
payable only at the IFSC Banking Unit branch where the amount is placed and that there is no right of
recourse against the Head Office of Bank of Baroda or any other office of any Bank of Baroda entity
worldwide.

7. Fees and Charges

7.1 The Bank may impose such fees and charges in respect of any service and product provided by it
(including without limitation deposit charges on the credit balances in any account) from time to time as
the Bank may at its sole discretion think fit. The Bank is hereby authorized to debit any of my/ our
accounts for the fees and charges payable.

7.2 The Bank may at any time revise the rates of the fees and charges and inform/ advise the same.

8. Set-off and mutual suspense

8.1 In addition to any general lien, right of set-off or similar right to which the Bank as banker may be

BANK-INTERNAL 27
 entitled by law, the Bank may at any time without prior notice, combine or consolidate all or any of my/
our accounts, whether in single name or joint name(s), (wherever situate) with and my/ our liabilities to
the Bank and set off or transfer any sum or sums standing to the credit of any one or more of my/ our
accounts in or towards satisfaction of my/ our liabilities to the Bank (whether such liabilities be primary,
collateral, several, joint or in other currencies). Further, insofar as my/ our liabilities to the Bank are
contingent or future, the Bank’s liability to me/ us to make payment of any sum or sums standing to the
credit of any of my/ our accounts shall to the extent necessary to cover such liabilities be suspended
until the happening of the contingency or future event. For such purposes, the Bank may at its sole
discretion close the deposit(s) prematurely and apply a penal rate of interest in respect of the same.

8.2 The Bank’s and its group companies’ rights hereunder shall not be affected by my/ our bankruptcy,
death or winding-up. In addition to the above mentioned right or any other right which the Bank and its
group companies may at any time be entitled whether by operation of law, contract or otherwise, I/ we
authorise the Bank:

a. to combine or consolidate at any time all or any of my/ our accounts and liabilities with or to any
branch of the Bank and/ or its group companies;

b. to sell any of my/ our securities or properties held by the Bank by way of public or private sale
without having to institute any judicial proceeding whatsoever and retain/ appropriate from the
proceeds derived there from the total amounts outstanding to the Bank and/or it group
companies from me/ us, including costs and expenses in connection with such sale; and

c. in case of cross currency set-off, to convert an obligation in one currency to another currency at
a rate determined at the sole discretion of the Bank and/or its group companies.

8.3 At any time after I/ we have any outstanding liability, whether actual or contingent, present or future,
joint or several, direct or indirect, of whatever nature to the Bank, I/ we will not be entitled, without the
prior consent of the Bank, to withdraw any funds from my/ our account or any investment, asset and
property (including but not limited to all my/ our securities, unit trusts, mutual funds and other interest
in collective investment schemes) held by the Bank or its nominee for my/our account, including any
interest, dividend or other benefit derived from the aforesaid.

8.4 The Bank shall not be under any obligation to exercise any of its rights under this paragraph 8. The
abovementioned rights of Bank are without prejudice to my/ our obligations to pay to the Bank when
due all its indebtedness and without prejudice to any other rights that Bank may have against me/ us
for recovery of outstanding from me/ us to the Bank/ its group companies.

9. Customer Information

9.1 I/We have read and understood the general terms and conditions as available on the Bank’s website
and agree to the handling of my/ our data in accordance with the general terms of use as amended by
the Bank from time to time. In addition, the Bank may also use my/our data for providing bank
references, references for status enquiries, conducting matching procedures, maintaining a credit
history of me/ us (whether or not there exists any relationship with the Bank) for present and future
reference.

9.2 The Bank may disclose my/ our data to any financial institution or credit card issuing companies or
other entity of similar nature in any jurisdiction with which I/we have or propose to have dealings; any
party giving or proposing to give a guarantee or third-party security to guarantee or secure any of
my/our obligations; and any person making payment into my/ our account (which payment confirmation
slip may contain information about me/ us).

BANK-INTERNAL 28
 9.3 I/ We hereby represent and warrant that I/ we will obtain the prior consent of my/ our referees before
giving their names and other personal data to the Bank.

9.4 I/ We hereby represent and warrant that all information provided by me/ us to the Bank is provided
voluntarily and that such information is true, correct and complete in all respects.

9.5 My/ Our data may be processed, stored and transferred or disclosed in and to another jurisdiction
outside India as the Bank or any recipient of my/ our data considers appropriate. Such data may also
be released or disclosed in accordance with the laws, rules and regulations in such jurisdiction.

9.6 I/ We acknowledge and agree that the Bank may from time to time outsource services, operations and
processing procedures relating to any of my/ our transactions and data to its regional or global
processing centers, branches, subsidiaries, parent companies, affiliates, agents and other third parties,
wherever situated, and these service providers may from time to time be given access to information
and data relating to my/ our transactions for the purpose of or in relation to the services and
procedures they perform.

9.7 I/ We acknowledge that the Bank remains entitled to and accordingly provide our explicit consent for
the Bank to receive documents and other related information to my/ our account from any other third-
party agencies/ service providers, whether located in India or overseas for the purpose of availing
support services of any nature in relation to my/ our account by the Bank, without the requirement of
any further specific consent or authorization from me/ us. The use of the term ‘related information”
here would be including but not limited to account opening KYC/ customer due diligence, data
processing, welcome pack, issue & dispatch of statements and data analysis.

9.8 I/ We hereby irrevocably authorize the Bank to disclose, as and when the Bank is required to do so in
order to comply with the applicable laws or when the Bank regards such disclosure as necessary or
expedient, (including but not limited to disclosures for the purpose of credit review of any account,
service/s or credit facilities received by me/ us from the Bank whether singly or jointly with others or
otherwise), any information relating to me/ us, my/ our account(s) or other assets or credit facilities
whatsoever held on my/ our behalf.

9.9 I/We hereby represent and warrant that I/we are not a national/resident of a sanctioned country.

10. Payments and Repayments

10.1 All payments by me/ us to the Bank shall be made in full, without set-off or counterclaim and free and
clear of any deductions or withholdings on account of any tax or otherwise. If I am/ we are obliged by
law to deduct or withhold any sum from any payment due to the Bank, I/ we shall increase the amount
of the payment so that the net amount received by the Bank shall equal the amount due.

10.2 Payments received in a currency different from the currency of the amount payable may be converted
by the Bank at such rate of exchange as it determines into the currency of the amount payable for. I/
We shall bear the risk and cost of such conversion.

10.3 A certificate issued by the Bank stating the amount due and payable by me/ us to the Bank, interest
rates and exchange rates in a particular transaction or at any particular time shall, in the absence of
manifest error, be final and conclusive for all purposes including for the purposes of legal proceedings.

11. Accounts

11.1 Where we consist of more than one person, or where we are a partnership firm, all the persons
comprising us or all the partners (as the case may be) shall be jointly and severally liable for all

BANK-INTERNAL 29
 agreements, obligations, liabilities, powers, authorities provided in or in connection with the General
Terms and Conditions and all Specific Terms and Conditions.

11.2 In the event of the death of any person comprising a joint account holder, the credit balance of the
relevant account(s) and all investments, assets and properties of any description standing to the credit
of such account(s) or held in their joint names shall, subject to applicable laws, belong to the
survivor(s) thereof.

11.3 Remittance in favour of any one of the joint account holders may be credited to the joint account
without reference to the payee of the remittance.

11.4 The Bank’s obligation to give notice to joint account holders shall be discharged by giving the notice to
any one of the joint account holders.

11.5 The following provisions in this Clause 11 shall apply where we are a partnership firm:

a) the General Terms and Conditions and all Specific Terms and Conditions shall continue to bind
us notwithstanding any change in our constitution, name or membership by reason of death,
bankruptcy, retirement, mental incapacity, disability, or admission of new partners or the
occurrence of any other event which may dissolve the partnership or otherwise affect our
obligations thereunder;

b) upon any partner ceasing to be a member of our partnership by death or otherwise, the Bank
may treat the surviving or continuing partners or partner or other partners for the time being as
having full power to carry on the business of our partnership in the absence of written instruction
to the contrary from us or any of us or the personal representatives or trustees of any of us;

c) in the event of any of our partners ceasing to be a member of our partnership by death or
otherwise and irrespective of whether or not notice of such cessation shall have been given to
the Bank, insofar as the liability of the outgoing partner and/or his estate is concerned, a new or
separate account shall be deemed to have been opened by our partnership with the Bank
immediately and as from the cessation and after such time all payments in any account made by
our partnership to the Bank shall (notwithstanding any legal or equitable rule of presumption to
the contrary) be placed to the credit of the new of separate account and shall not apply towards
reduction of the amount due by our partnership to the Bank.

11.6 Where I am /we are applying for any service or product or I/ we become the holder of any account in
the capacity as a trustee, I/ we represent and warrant that I/ we have full authority and power under the
trust to apply for and utilize the relevant service or product and operate the account involved without
restrictions or qualifications.

12. Encumbrance

I/ We shall not create or permit to subsist, any encumbrance or third-party interest over or against any
account(s) or term deposit(s) with the or any monies lying therein without the prior written consent of
the Bank. I/ We shall not associate my/ our name/s with the Bank without the prior written approval of
the Bank.

13. Nomination

Nomination facility shall be available for accounts in the names of proprietorship firms only. Only 1
(one) nominee is permissible for an account and the nomination is to be made by us duly witnessed by
a third person. We are at liberty to change the nominee, through declaration in the appropriate form to

BANK-INTERNAL 30
 revise the nomination during the currency of deposit with the Bank. Generally, a nomination is valid for
all the accounts under same customer identification number. However, we may request for different
persons to be nominees for different accounts under the same customer identification number.

14. Termination

14.1 The Bank may terminate any Specific Terms and Conditions or these General Term and Conditions or
close any of my/ our accounts by giving reasonable prior notice to me/ us. However, if, in the opinion of
the Bank, any of my/ our accounts is not being maintained or any service is not being utilized by me/
us in a manner satisfactory to the Bank, the Bank may close all or any of my/ our accounts, terminate
any service or terminate any Specific Terms and Conditions or these General Terms and Conditions
immediately by giving notice to me/ us. The Bank may also terminate any of my/ our accounts without
prior notice to me/ us under exceptional circumstances, for example, where the account is suspected
of being used for criminal or improper activities.

14.2 Upon termination of the General Terms and Conditions, all Specific Terms and Conditions shall be
deemed to have been terminated.

15. Closure/Freeze of the Account

15.1 I/We understand that the Bank reserves the right to terminate/ close or freeze the account(s) or
withdraw any services relating to the same for any reason whatsoever, including without limitation:

a. Any false/misleading information given or suppression of any material fact;

b. In case fraudulent/forged/fake instruments are attempted to be cleared / cleared through the

c. Unsatisfactory conduct of the account in terms of volume/type of transactions;

d. Non-intimation of change in communication address leading to my whereabouts being unknown;

e. Any other breach or default by me/ us of these Terms or any other terms and conditions relating
to the account and/or any services provided to, or availed of by, me/ us.

16. Amendments

16.1 The Bank shall have the absolute discretion to amend or supplement any of the Terms at any time
relating to the account/ deposit and/or the services provided for/ in connection with the same. The
Bank may communicate the amended Terms by hosting the same on its website.

16.2 Notice of amendment of these General Terms and Conditions or any Specific Terms and Conditions
may be given in any one of the following manners, which will be deemed to have been received by
me/ us at the time of publication by the Bank:

a) by way of a press advertisement;

17. Notice

17.1 Any notice required to be given by the Bank to me/ us shall be deemed to have been so given if
addressed to me or any one of us at the last known address of the recipient.

BANK-INTERNAL 31
 17.2 Any notice or communication delivered by the Bank personally shall be deemed to have been given
and received by me/ us at the time of delivery.

17.3 Any notice dispatched by the Bank by letter postage prepaid shall be deemed to have been given
and received by me/ us 3 (three) days (in case of an address in India) or 7 (seven) days (in case of
an address outside India) after posting.

17.4 Any notice or communication sent by the Bank by facsimile, by e-mail or otherwise via the Internet
shall be deemed to have been given and received by me/ us at the time of transmission.

17.5 Any notice or communication given by the Bank through press advertisement, banks website or
display in the banking halls shall be deemed given and received by me/ us 3 (three) banking days in
Indian after publication or posting.

18. AML and other matters

18.1 I/ We agree to the Bank’s disclosure of any information and documents which the Bank considers
reasonably necessary for the purpose of compliance with any anti-money laundering (AML)
legislation applicable to the Bank and I/ we further undertake to make disclosure of any information
and/ or documents and grant to the Bank access to any corporate and other documents for such
purpose.

18.2 I/ We agree and undertakes that I/ we will not make any claim of any kind in any jurisdiction against
the Bank or its successors, agents or correspondents in respect of any delay, loss, damages, costs
or expense which I/ we or any third party on my/ our behalf may suffer, incur or sustain directly or
indirectly as a consequence the failure of the Bank or its successors, agents or correspondents to
carry out instructions or obligations,

a. if the Bank, its successors, agents or correspondents reasonably believe that there may be
fraudulent activity or other crime affecting the transaction; or

b. if the Bank, its successors, agents or correspondents or any of them are required not to comply
with the instructions or obligations by any law, regulation, regulatory directives or court order;
or

c. due to circumstances (directly or indirectly) beyond the reasonable control of them or any of
them preventing them or any of them from offering a normal service (such as the failure of any
machine, data processing system or transmission link or due to industrial dispute, strikes,
terrorist threat or force majeure) for so long as any such cause or the effect thereof persists
and during a reasonable period thereafter within which any such obligations are not capable of
being fulfilled.

18.3 I/ We agree to indemnify and to keep indemnified the Bank and its successors, agents or
correspondents against all actions, proceedings, liabilities, demands, claims, damages, costs and
expenses which the Bank and its successors, agents or correspondents may suffer incur or sustain
directly or indirectly as a consequence of the said fraudulent activity or other crime affecting the
transaction or the said circumstances or beyond the reasonable control of the Bank, its successors,
agents or correspondents.

BANK-INTERNAL 32
 19. Compliance with law
I/ We shall solely be responsible for ensuring full compliance with Foreign Exchange Management Act
of 1999, rules, regulations or notifications thereunder, applicable laws and regulations in any relevant
jurisdiction in connection with establishment of my/ our relationship with the Bank and for any/ all the
transactions undertaken by the me/ us.

20. Governing Law & Jurisdiction

20.1 The laws of India shall govern these Terms. I/ We hereby agree that any legal action or proceedings
arising out of the Terms shall be brought in the courts or tribunals at Ahmedabad in India and
irrevocably submit themselves to the jurisdiction of such courts and tribunals. The Bank may, however,
in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any
other court, tribunal or other appropriate forum, and I/ we hereby consent to that jurisdiction. Any
provision of the Terms that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the
remaining provisions of the Terms or affect such provision in any other jurisdiction.

21. Waiver

No failure or delay by the Bank in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise of any other right, power or privilege constitute as
a waiver. The rights and remedies of the Bank as stated herein shall be cumulative and not exclusive
of any rights or remedies provided by law.

22. Holiday Processing

Any instruction received by the Bank after its banking hours will only be processed on the next
following banking day of the Bank unless otherwise agreed to by the Bank. The Bank shall not be
responsible for any loss of interest or liability incurred/ suffered by me/ us arising due to such
transaction being not shown on the day the same actually occurred.

23. Authority

The Bank shall have the authority to debit any accounts to recover any amount credited by the Bank
erroneously.

24. Transferability

The account(s) and the services provided to me/ us are not transferable under any circumstance and
shall be used only by me/ us. However, the Bank shall have the right to transfer, assign or sell all its
rights, benefits or obligations to any person and these Terms, shall continue to be in force and effect
for the benefit of the successors and assigns of the Bank.

25. Force Majeure

Obligations of the Bank contained herein will be subject to any occurrence resulting in prevention from
or delay or interruption in performing its obligations if such prevention, delay or interruption is due to a
force majeure event, which would include any event beyond the reasonable control of Bank, then Bank
shall not be deemed to be in default so long as any such cause or the effect thereof persists and
during a reasonable period thereafter within which any such obligations are not capable of being
fulfilled. Bank shall not be liable for any action or claim, from any party, arising out of its inability to
perform the obligations for the reasons stated herein.

BANK-INTERNAL 33
 26. Banker’s right of lien and set-off

Bank shall have the irrevocable and continuing right of set-off and lien on all accounts/deposits of the
Customer with Bank, whether in single name or joint name(s), to the extent of all outstanding dues to
the Bank until repayment of all such moneys due. For such purposes, Bank may at its sole discretion
close the deposit(s) prematurely and apply a penal rate of interest in respect of the same. The Bank
and its group companies’ rights hereunder shall not be affected by the Customer/s’ bankruptcy, death
or winding-up. In addition to the above mentioned right or any other right which Bank and its group
companies may at any time be entitled whether by operation of law, contract or otherwise, the
Customer authorizes the Bank: (a) to combine or consolidate at any time all or any of the accounts and
liabilities of the Customer with or to any branch of the Bank and/or its group companies; (b) to sell any
of the Customer/s’ securities or properties held by the Bank by way of public or private sale without
having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds
derived there from the total amounts outstanding to the Bank and/or it group companies from the
Customer/s, including costs and expenses in connection with such sale; and (c) in case of cross
currency set-off, to convert an obligation in one currency to another currency at a rate determined at
the sole discretion of the Bank and/or its group companies. The Bank shall not be under any obligation
to exercise any of its rights under this Paragraph. The above-mentioned rights of the Bank are without
prejudice to the obligations of the Customer to pay to the Bank when due all its indebtedness and
without prejudice to any other rights that Bank may have against the Customer for recovery of
outstanding from Customer to Bank/its group companies.

B. Specific Terms and Conditions:

The following terms and conditions are sets of Specific Terms and Conditions which I/we have agreed
with the Bank to be bound by. I/We may from time to time apply to the Bank to open one or more
Current Account & Term Deposits. Such Current Account & Term Deposits (as the case may be) shall
be subject to the General Terms and Conditions as provided in the website of the IFSC Baking Unit,
these Specific Terms and Conditions (as applicable) and such other terms as may be agreed between
me/us and the Bank in relation thereto.

a) Any person, other than a natural person, located in International Financial Service Center notified
Special Economic Zone, or companies/corporations outside India (subject to the laws,
regulations, etc, of their respective jurisdictions), or any other entity(ies) approved by Reserve
Bank of India in this regard shall be eligible to avail of current account & deposit facilities
provided by the Bank.

b) The date in case of a Fixed Deposit shall be the later of the following:

i) The date of credit of funds in the Bank’s Nostro account; or

ii) The receipt of complete documentation that must be free from any discrepancy.

c) The initial deposit must be for at least [USD 1000] (or equivalent). This requirement may be
modified at any time in the future, subject to regulatory limits applicable at the time.

d) I/ We may from time to time establish and maintain Term Deposits with the Bank with such
interest rate, tenor and currency as may be agreed between me/ us and the Bank before its
establishment.

e) The interest rate applicable to each Term Deposit may be changed by the Bank without prior

BANK-INTERNAL 34
 notice.

f) A Term Deposit may be withdrawn at any time before its maturity with prior agreement of the
Bank and on such terms and conditions as may be imposed by the Bank.

g) If no instruction is received by the Bank from me/ us on the withdrawal of any Term Deposit
before its maturity, the Bank may (but is under no obligation to) renew the relevant deposit (so
far as the Bank considers appropriate) on terms similar to the matured deposit at the Bank’s
prevailing interest rate at the time of renewal. Upon the renewal of a Term Deposit, the Bank will
place the principal and interest on the Term Deposit on the renewal deposit.

h) Subject to the Bank’s agreement, I/ we may also swap my/ our Term Deposits in any currency
into another currency upon its establishment and to swap it back into the original currency of the
relevant deposit upon its maturity at such exchange rate as may be agreed between the Bank
and me/ us prior to the establishment of the deposit.

i) I/ We understand that the Bank reserves the right to reject a deposit altogether for any reason
whatsoever.

a) All remittances shall be effected through wire transfers and/or electronic payment systems,
based on written instructions provided by me/ us.

j) The term deposit confirmation advice shall be sent to me/ us on registered email address/
communication address upon booking of the deposit account and/ or renewal of the term deposit.

k) No cheque book facility shall be provided.

l) I/ We shall provide maturity instructions in writing to the Bank at least 15 (fifteen) days prior to
the maturity date for deposit accepted for more than 3 (three) months. For deposits less than 3
(three) months, 5 (five) days’ notice is required. In the absence of prior instructions, the term
deposits along with the interest amount would be renewed automatically for the same tenure and
at the prevailing rate of interest on maturity date and on the same or varying terms and
conditions as may be stipulated by the Bank. If the Customer approaches the Bank to change
the tenure and/ or interest amount thereafter, then the automatic renewal shall be treated as a
premature withdrawal leading to the closure of the term deposit. A new term deposit shall be
opened from the date of such closure. In cases where the client issues a standing instruction to
renew the deposit, the maturity date of the deposit shall be changed to the new date on a daily
basis.

m) Interest shall be computed as follows:

i) On a floating basis basis;

Interest shall accrue on a daily basis. Interest would be paid out either upon maturity or upon
withdrawal of the term deposit. If the maturity date falls on a holiday, Sunday, or non-business
working day, interest shall be computed for such intervening day/s at the original rate till the next
working day.

n) The term deposits placed with the Bank are not covered by deposit insurance by the Deposit
Insurance and Credit Guarantee Corporation of India. It shall be the sole discretion of the Bank
to determine whether or not to provide any kind of insurance cover for the deposits. The nature

BANK-INTERNAL 35
 of the insurance, if any shall also be at the sole discretion of the Bank.
o) Tax at source, if applicable, may be deducted from the interest on fixed deposit, as per Income
Tax Act, 1961 or any other applicable taxation laws, rules, regulations, etc.

p) At the discretion of IBU, loan against the term deposit maybe given to me/ us.

Agreement:

a) I/ We agree to your above Terms (which comprise the General Terms as provided on the website of
Bank of Baroda, IFSC Banking Unit and Conditions and the Specific Terms and Conditions therein
referred to) as set out and provided in this account opening form.

b) I/ We covenant to comply with the Indian laws applicable to them or their business, at all times,
including rules and regulations of the International Financial Services Centres Authority and rules and
regulations of the Reserve Bank of India to the extent applicable or any other regulatory/statutory
authority, [and all applicable laws and regulations of my/ours home country, as may be prescribed and
as may be amended from time to time].

Signature of all Authorized Signatories (With Stamp)

Date: _____________

Place: _____________

BANK-INTERNAL 36