25-08-2017, 09:32 PM
LETTER / FAX AGREEMENT FOR FUNDS TRANSFER
I/We, the applicants/account holder(s), acknowledge that State Bank of India, New York Branch (the "Bank") has made available a variety of procedures for the transmission
of instructions to the Bank. I/We are fully aware of the risks associated with transmitting instructions via letter or facsimile machine ("fax") and hereby authorize the Bank to
act upon each written payment order (funds transfer instruction or communication) sent to it by me/us by mail or fax if the signature(s) on such payment order match, in the
Bank’s judgment, with my/our signature(s) provided on this form, or provided subsequently, and to debit or credit, as the case may be, accounts which I/we may hold with the same customer number. The Bank's understanding of any oral notice, instruction or other communication in regard to the payment order sent by person(s) mentioned above or their representatives shall be final and binding. This authorization applies to all accounts opened with the same customer number as for the current application. Prior to the executing of the instruction, the Bank may, at its discretion and only if it considers it necessary, reasonable and practicable, verify the payment order by
telephone call to a person and telephone number given in this application or recorded later by me/us with the Bank, following which the Bank shall have no further duty to
verify the identity or authority of the person giving or confirming the contents of any payment order or instruction. Notwithstanding any provision hereof, the Bank shall have
the right in its sole discretion to refuse to execute any payment order or instruction.
I/We understand that the Bank may not act upon a payment order or instruction on the same business day if the order or instruction is received by it after 2 p.m. EST.
I/We agree to be bound by a payment order or instruction, whether or not authorized, issued in its name and accepted by the Bank in compliance with these procedures and
further agree to indemnify and hold the Bank harmless for any loss, liability, claim, damage, or expenses (including legal fees), collectively referred to herein as “claims”,
attributable to executing and accepting the payment order or instructions in accordance with these procedures or action omitted to be taken, whether such claims are brought
by me/us or our representative or by a third party. I/We shall notify the Bank if a payment order or instruction was not authorized by me us, within a reasonable time not
exceeding 90 days after the date I/we received the notification from the Bank that the order was accepted or my/our account was debited with respect to the order.
The procedure established by this agreement may be varied only by a written agreement signed by both parties, and supersedes all prior agreements or practices, if any, in
respect to instructions and may not be changed by an oral agreement or by a course of dealing or custom. This agreement shall be governed by the laws of the State of New
York and any dispute in connection herewith shall be adjudicated in a federal or New York State Court located in the City of New York.