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State Bank of India, Australia ARBN 082 610 008 AFSL 238340 SBI PRODUCT DISCLOSURE STATEMENT April 2020

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Page 1: SBI PRODUCT DISCLOSURE STATEMENT - Home - SBI · SBI PRODUCT DISCLOSURE STATEMENT April2020. ... State Bank of India Australia (SBIA) may use the services of another bank ('the Correspondent

State Bank of India, AustraliaARBN 082 610 008

AFSL 238340

SBIPRODUCTDISCLOSURESTATEMENT

April 2020

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SBI Australia 1

CONTENTS

1. Purpose of This PDS ..............................................................................................................2

2. Name and Contact Details.....................................................................................................2

3. Terms and Conditions............................................................................................................3

4. Using A Correspondent..........................................................................................................3

5. Correspondent Commissions, Fees or Other Charges..........................................................3

6. SBIA Fees and Other Charges................................................................................................4

A. Spread............................................................................................................................................. 4

B. Transactions fees............................................................................................................................ 4

C. Third party fees and charges-.........................................................................................................6

7. Delayed Payments ................................................................................................................6

8. Enquiries and Stopping or Cancelling A Payment................................................................ 7

9. Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) And Sanctions. 7

10. Return of The Payment by The Correspondent..................................................................8

11. Exchange Rate......................................................................................................................9

12. Privacy..................................................................................................................................9

13. Code of Banking Practice...................................................................................................11

14. Making a Complaint.......................................................................................................... 11

A) Internal Dispute Resolution.........................................................................................................11

B) External Dispute Resolution.........................................................................................................12

15. Glossary..............................................................................................................................12

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1. Purpose of This PDS

This PDS is an important legal document setting out information about International MoneyTransfer (IMT) services provides SBI Australia.

This PDS is designed to provide you with important information regarding IMT including thefollowing information:• Who we are• How you can contact us• Applicable fees and charges for these products• Any (potential) conflicts of interest we may have; and• Our internal and external dispute resolution process.

The information in this PDS should assist you to:• decide if the product meets your needs; and• compare the product with similar products.

If you intend to use any of the products described in this PDS, please read this PDS in full,then keep it, together with all other documentation which you receive from SBIA inconnection with International Money Transfer, for future reference. If you have anyquestions or need more information, please contact us. The purpose of this PDS is to assistyou in deciding whether the services offered by SBIA are appropriate for you.

2. Name and Contact Details

SBIA holds an Australian Financial Services Licence Number 238340 and is authorised toprovide foreign currency dealing and money transmission services to clients who need tobuy/sell currencies or make/receive international payments.

If you have any questions or wish to contact us, you can

a) Call +61 2 9241 5643 between 9:00am and 4:30 pm AEST (Except public holidays) orb) Email us on [email protected]) Visit us at:

Sydney Branch Melbourne Branch

Suite 2, Level 31, Australia square264 George StreetSydney, NSW-2000, AustraliaTel: +61 2 9241 5643

Victory Tower, Level 9,420 Collins Street,Melbourne 3000, Victoria.Tel: +61 3 8637 7930

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3. Terms and Conditions

International Money Transfers (IMTs) are electronic payments of cleared funds that arecredited directly to a nominated bank account almost anywhere in the world. They are afast and reliable way of making international payments.

Information provided to you in the FSG and this PDS is important and is binding on you. As apart of the registration process you are required to agree to SBIA’s Terms & Conditions. Byregistering you have stated that you have read and agree to the Terms & Conditions.

We recommend that you read all terms provided in this document relating to IMTs and thatyou ask us about any issues that concern you.

4. Using A Correspondent

a) State Bank of India Australia (SBIA) may use the services of another bank ('theCorrespondent Bank') or agency ('the Correspondent Agency') or another branch ofState Bank of India (SBI) (collectively the Correspondent) to give effect to theinstructions of the Applicant.

b) SBIA may terminate the use of a Correspondent to process any payment on behalf ofSBIA. Should SBIA terminate a correspondent, SBIA may not be able to process apayment instruction on your behalf. You acknowledge and agree that should this occurSBIA shall not be held liable for any cost, loss or liability incurred by you or thebeneficiary as a result of SBIA not being able to process your payments due to SBIAterminating a Correspondent. You also agree and acknowledge that SBIA shall not beliable for any cost, loss or liability incurred by you and/or your beneficiary as a result ofany delay in, or failure of processing your payment instructions by a Correspondent.

c) SBIA may receive a commission from, or enter into commission/revenue sharingarrangements with a Correspondent, the amount of which will depend on variousfactors.

5. Correspondent Commissions, Fees or Other Charges

A Correspondent may charge commissions, fees or other charges in making payments to thebeneficiary account. Unless other arrangements are in place with a Correspondent thosecommissions, fees or charges will normally either be deducted by

a) Correspondent from the funds paid to the beneficiary's account or passed on to SBIA.

b) Where the deduction is made, the beneficiary will receive less than the paymentamount specified in your instructions.

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c) If the commissions, fees or charges are passed on to SBIA, then you will be required toreimburse SBIA for them.

6. SBIA Fees and Other Charges

A. Spread - SBIA derives a financial benefit by offering a rate to clients which applies aspread. The FX spread refers to the difference between the rate we obtain from our ownproviders on the wholesale foreign exchange market (e.g. the Interbank Spot Rate) andthe rate we quote you. The spread will vary time to time. SBIA will not usually be able totell you what the spread is, but you are always free to compare the exchange rate wequote you with other providers to ensure that we are offering you a good rate.

B. Transactions fees-SBIA fees and charges are as follows:

Service Fees (AUD)Cancelling the TT after it has been requested (in additionto the fee for initially providing the service.)

AUD 15.00 plus conversionat TT Buying rate of therequest date.

Making amendments to original payment details (inaddition to the fee for initially providing the service)

AUD 10.00

Making enquiries regarding a payment to the beneficiary(for example querying the non-receipt of funds)

AUD 15.00 each

Return of the payment by the Correspondent (inaddition to the fee for initially providing the service)

AUD 30.00 plus any outof pocket expensesincurred by SBIA

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Particulars Charges (in AU$)

Applications through e-remit Paper based remittanceapplication

INR Remittance1 Amount inAU$

BpayOption

PoliOption

Amount in AU$ Amount

$1 -$1000.99

$2.00 $2.00 Upto $25,000.00

$10.00

$1001.00 -10,000.99

$ 4.00 $4.00

$10,001.00 -24,000.99 $ 8.00 $8.00

Above $25,000.00

NIL

More than$25,000

NIL NIL

Remittance in other currencies(USD,GBP, EUR, CAD, NZD, SGD)

AU$10

Remittances AUD to AUD AU$30

Reprocessing of errorin each instance# AU$ 10.00 AU$10.00Dis-honour of Direct Debit AU$ 15.00 AU$15.00Request for return of fund AUD-INRand AUD-Any other multi-currency(if transaction is already processedby us)

AU$ 15.00 + Conversion@ TT Buying rate of request date

AU$ 15.00 + Conversion @ TTBuying rate of request date

Request for old record(more than 3 months)

Records available in e-remit andrequired on SBI letterhead

Active customers – NILInactive customers –AU$15.00

AU$ 15.00 each transaction

Verification of Loan DocumentsAU$ 25 per set

Life Certificate of Pensioner Nil

Attestationa. A. Account opening Documents for

SBI Branchesb. B. any other additional document C.

Life Certificates

AU$25.00 per application

AU$ 10.00 per page

Nil

1 Relaxation/ Waiver of charges are provided for the employees of certain OrganisationsCharges can be paid separately or can be adjusted in remittance amount as perinstruction of customer

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C. Third party fees and charges-Although SBIA aims to avoid having additional third-party fees deducted from your funds,in some cases it is unavoidable. Certain corresponding banks we use to processpayments may deduct transaction fees that we have not anticipated. This may result inan amount less than you transferred arriving at the Beneficiary Account. SBIA does notlevy or receive these fees and will not be liable of payment of such. If you have anyquestions regarding the likelihood of third-party fees being levied by intermediary banksor receiving banks, please contact us.

7. Delayed Payments

a) The transfer of funds will normally be received within 48 hours by the branch of SBI /Correspondent Banks (The Expected Time). If the branch / Correspondent is not thebeneficiary's branch / bank, it may take additional time to on forward funds to thebeneficiary's branch / bank. Further delay may occur in cases if the beneficiary's branch /bank is not a branch of SBI.

b) The transfer of funds may be delayed past the Expected Time due to circumstancesbeyond SBIA' control (which include but are not limited to) cut off times for transmissionsimposed by a Correspondent Closure of payment window; technical fault at RITS, APCA,SBIA etc., delays or complications in post or otherwise delays, errors or omissions in transitor transmission; acts or omissions of a Correspondent or any other third party; or delays andcomplications in overseas banking systems. To the maximum extent permissible by law,SBIA and its employees and agents accept no responsibility and will not be liable for any lossor damage resulting from delays that arise as a result of the circumstances specified aboveor any act or thing done or omitted to be done by SBIA while acting in good faith on theApplicant's instructions.

c) Where the funds are not available for payment to the beneficiary by the Expected Time,the Applicant may request that SBIA generate on behalf of the applicant, an enquiry in tothe delay ('the Enquiry'). Where the delay is not caused by SBIA, the applicant will indemnifySBIA for all or any costs or expenses incurred by SBIA as a result of generating, carrying outand completing the enquiry including, without limitation, legal costs on a solicitor and clientbasis.

d) SBIA may contact you to confirm your instructions or your identity and may ask you toundertake further actions (such as an identification check.) Without limitation to Clause 6, ifSBIA is unable to confirm your instructions or your identity to its satisfaction, then SBIA maydecide in its absolute discretion to refund, delay, block or refuse to make payments and indoing so will not be held liable to you for any costs, losses or damages caused or suffered asa result.

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8. Enquiries and Stopping or Cancelling A Payment

In some limited circumstances SBIA may be able to stop or cancel a transfer of funds.

You acknowledge that if SBIA agrees to stop or cancel a payment, SBIA will not return thefunds to you until they are received by SBIA from the Correspondent.

SBIA fee for requesting stopping or cancelling of a payment is set out in the table in Section6 (B) above.

Where you request SBIA to stop or cancel a payment or transfer of funds, SBIA will chargeyou fees in accordance with clause 5 (c) and the following terms and conditions. The feesare applicable regardless of whether or not SBIA is successful in stopping or cancelling thepayment. You acknowledge that any Correspondent may also charge a fee and that this willbe deducted from the returned funds. You agree to indemnify SBIA for any loss that occursas a result of SBIA agreeing to stop or cancel a payment, which includes any loss as a resultof any foreign exchange movement between and including the date of the originalconversion of your funds and the date you are notified by SBIA of the return of the payment.SBIA will convert the value of the returned payment into Australian dollars using SBIA'sapplicable prevailing rate on the day you are notified by SBIA of the return of the payment.

You agree to indemnify SBIA for any loss, cost, expense or other liability (including anycharge) sustained or incurred by SBIA as a result of SBIA acting in good faith on anyinstructions provided; both written and verbal.

You acknowledge that SBIA will rely on identification information when provided withinstructions either verbally or in writing. You also acknowledge that making identificationinformation available to other people increases the risk of fraud.

9. Anti-Money Laundering and Counter-Terrorism Financing(AML/CTF) And Sanctions

a) You agree that SBIA may delay, block or refuse to process any transaction withoutincurring any liability and without informing you of the reasons, if SBIA suspects thetransaction:

may breach any laws or regulations in Australia or in any other country.

involves any person (natural, corporate or governmental) that is itself sanctioned oris connected, directly or indirectly, to any person that is sanctioned under economicand trade sanctions imposed by the United States, the European Union or anycountry.

or

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may directly or indirectly involve the proceeds of or be applied for the purpose ofconduct which is unlawful in Australia or in any other country.

b) You must provide all information to SBIA which SBIA reasonably requires in order tomanage Anti -Money Laundering and Counter Terrorism Financing and economic andtrade sanction risk or to comply with any laws or regulations in Australia or in any othercountry.

c) You agree that SBIA may disclose any information concerning you, it, or any personnamed in the payment instruction to:

any law enforcement, regulatory agency or court where required by any such law orregulation in Australia or elsewhere; and

any Correspondent SBIA uses to make payment for the purpose of compliance withany such law or regulation.

d) You declare and undertake to SBIA that the processing of any transaction by SBIA inaccordance with your instructions will not

10. Return of The Payment by The Correspondent

a) In the event that a payment cannot be applied by a Correspondent, the Correspondentwill either request additional information or return the payment to SBIA, less any fees.Where additional information is requested, SBIA will attempt to contact you via mail orphone to obtain the required information.

b) Where the payment is returned SBIA will credit your account with the Australian Dollarequivalent of the amount received (less SBIA and/or Correspondent 's Charges), at SBIA'prevailing buying rate of exchange for the currency on the date that SBIA credit youraccount. Please note that this rate of exchange is likely to be different from the rateswhich applied when you requested your payment. This may mean the credit to youraccount is of greater or lesser value than the original transaction.

c) Where funds are to be recalled from India to Australia, we have to advise that we shalltake up the case with our correspondent bank. However, please be advised that forrequest for cancellation and recall, SBI Sydney will charge you cancellation fees andexchange losses in addition to any fees that may be charged by the correspondents.Please be advised that the recall of funds is done on best effort basis and SBI Sydneywould be able to refund the funds only when the Beneficiary bank returns the fundsback to us.

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11. Exchange Rate

Where you purchase an International Money Transfer in a currency other than Australiandollars, the exchange rate that applies to the purchase of the currency is either the SBIApublished exchange rate on[SBIAyd.com.au/forex_rates.html] or a market based rate ofexchange, depending on the value of the transaction or the method you use to request theInternational Money Transfer, at the time your request is submitted or accepted by SBIA.

12. Privacy

a) When you deal with SBIA, SBIA is likely to collect and use of some of your personalinformation. Collection of your information is essential for SBIA to service both yourrelationship with SBIA and SBIA" business operations. Without your information thatSBIA request you to provide to SBIA, SBIA would not be able to provide you with SBIA'products and services.

b) SBIA may collect and use your personal information (subject to SBIA' banking licenseissued by APRA or any other relevant authorities) including but not limited to:

provide you with information about a product or service consider your request for a product or service; provide you with a product or service. tell you about other products or services; assist in arrangements with other organizations (such as loyalty partners) in relation

to the promotion and provision of a product or service; to perform other administrative and operational tasks (including risk management,

debt collection, systems development and testing, credit scoring, staff training andmarket or customer satisfaction search.

to prevent or investigate any fraud or crime (or a suspected fraud or crime); and as required by relevant laws, regulations, codes and external payments systems.

c) Subject to SBIA' general duties of confidentiality towards our customers, SBIA may needto disclose your personal information to:

an organisation that is in an arrangement or alliance with SBIA, including but notlimited to SBIA agents, contractors and external advisers who SBIA engage to carryout SBIA functions and activities from time to time or who assist SBIA to carry outSBIA functions and activities for the purpose of promoting or using their respectiveproducts or services (and any agents used by the organization in administering suchan agreement or alliance.)

any service provider SBIA engages to carry out or assist its functions and activities. your authorised agents or your executor, administrator, trustee, guardian or

attorney/legal representative; regulatory bodies, government agencies and law enforcement bodies;

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other parties SBIA are authorized or required by law to disclose information to; other financial institutions (such as banks); mortgage insurers and any reinsurer of any such mortgage insurer; your guarantors (and intending guarantors); and any person who introduces you to SBIA.

For the avoidance of doubt, you understand that by application of this clause, you willnot be afforded any other rights to any other products other than for IMTs. This clause isfor the purpose of privacy and information.

d) Subject to any restrictions imposed on SBIA by the Privacy Act 1988 and any obligationsimposed on any SBIA' banking license in accordance with APRA or any other relevantauthority, you agree and consent to any disclosures by SBIA of your information to anorganization of these types for any of our purposes listed above.

e) Subject to the provisions of the Privacy Act 1988, you may access your personalinformation at any time by requesting to do so at any SBIA branch. SBIA may charge areasonable fee for access.

f) If you are able to establish that your information held by us is not accurate, completeand up to date, SBIA must take reasonable steps to ensure that the information isaccurate, complete and up to date.

g) SBIA will not collect sensitive information about you, such as health information,without your information.

h) If you give SBIA personal information about someone else or direct someone else to givetheir personal information to SBIA you will show that person a copy of this clause so thatthey may understand the manner in which their personal information may be used ordisclosed by SBIA.

i) If you are a company, then by applying for this service ('the service'), you agree andconsent to the matters following:

A. If you supply SBIA with personal information about an individual, you agree to tellthat person that:

SBIA are holding personal information about him/her and he/she can contactSBIA at any SBIA' branches;

personal information collected about that person will be used for the primarypurpose of assessing your application for the requested service and, if yourapplication is approved, for the initial establishment of the service and then forthe subsequent administration and eventual finalization of your service and thatwithout that personal information, this purpose cannot be fulfilled.

B. Personal information collected about that person will usually be disclosed to SBIAand to the following types of organizations

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regulatory bodies, government agencies and law enforcement bodies; and other parties SBIA are authorized or required by law to disclose information to.

C. That person has the right to access and correct information SBIA hold about him orher.

j) If you are not a company then by applying for this service ('the service'),you agree and consent to the matters following:

SBIA will collect your information primarily for the purpose of theinitial establishment of the service and then for the subsequentadministration and eventual finalization of the service.

k) Subject to SBI' banking license issued by APRA or any other relevant authority, whetheryou are a company or an individual, SBIA may use or disclose your information for eachof the following additional purposes:

A. performing our internal administration and operations including accounting, riskmanagement, record -keeping, archiving, systems development and testing and stafftraining;

B. compliance with legislative and regulatory requirements; and

C. prevention and investigation of crime or fraud to protect your interest and theinterest of SBIA.

13. Code of Banking Practice

If you are an individual or a small business (as defined in the Code of Banking Practice), theCode of Banking Practice applies to this transaction. SBIA is required to abide by the Code ofBanking Practice.

14. Making a Complaint

A) Internal Dispute Resolution

SBIA wants to know if you have any issues. Please contact SBIA through the followingmethods:

a) Internal Dispute Resolution can occur if you contact SBIA via one of the followingmethods:• via telephone on (02)92415643;• via post at Suite 2,Level 31,264 George Street, Sydney, NSW 2000 to the attentionof 'CEO, State Bank of India Sydney branch'; or• email at [email protected]

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b) You are able to call on SBIA in person on weekdays between 9.00am to 4.00 pm;

c) If SBIA is unable to solve your problem promptly then SBIA will take responsibility to workwith you to resolve the matter within twenty-one (21) working days.

d) If it is not possible for SBIA to solve the problem in accordance with clause 11(c) SBIAwill keep you informed of SBIA' progress and how long SBIA expects it will take toresolve your complaint.

B) External Dispute Resolution

a) If you are not satisfied with the steps taken by SBIA to resolve the complaint, or with theresult of our investigation, you may wish to contact an alternative financial services disputeresolution scheme at:

Australian Financial Complaints AuthorityG P O Box 3 Melbourne VIC 3001Tel: 180 931 678 or (03) 9613 7366Fax: +61 39613 6399Internet: http://www.afca.org.au/Email: [email protected]

[email protected] website for this service is: http://www.bfso.org.au

15. Glossary

In this document, the following words have the following meanings:

a. 'You’: the person or persons named as Applicant in this document. If details of more thanone person are given, then "you" means all of those named together and each of themindividually.

b. 'Correspondent' : another bank or agency chosen by SBIA to convey the IMT fundsdirectly or indirectly to the beneficiary and includes any intermediary correspondent inrelation to the IMT transaction only.

c. 'Delayed Payment' occurs when a transfer of funds occurs, for some reasons outside ofSBIA' control, more than 48 hour.

State Bank of India, Australia Suite 2, Level 31, www.sbisyd.com.auARBN 082 610 008 264 George Street [email protected](Incorporated in India with limited Sydney, NSW - 2000 Tel: 61 2 9241 5643liability of our Company’s members). Australia Fax: 61 2 9241 6972