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ABOUT AELDRA
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Aeldra is a digital banking* and investment platform serving students, professionals, and investors globally. Aeldra offers an FDIC-Insured* U.S. bank account* with a Mastercard^ for U.S. residents, through our banking* partner Blue Ridge Bank, N.A., and will soon offer a U.S. brokerage account, no-FICO credit card, and no-FICO mortgage (home loan). Aeldra’s mission is to drive global access to financial services in a safe and compliant way leveraging the latest technologies.

The Company is headquartered in Silicon Valley and founded by CXO-level executives from Goldman Sachs, McKinsey, Cargill, Accenture, and Infosys. Aeldra has launched in the U.S. and India in Q1 2021, with a U.S. bank account*. The Company will offer a brokerage account to existing Aeldra customers in Q4 2021, and will soon expand to other geographies.

U.S. residents or Indian citizens can download the Aeldra App and apply for an account digitally from anywhere in the world without the need to visit a branch or provide a physical document. In line with Aeldra’s mission to make it easy for customers with a legitimate need for a U.S. bank account, Indian citizens do not require a U.S. Social Security Number (SSN) to open an account* if they have an Indian passport. Account* opening is subject to Aeldra’s KYC and AML policies in line with U.S. government regulations. Through proprietary algorithms, processes, and technologies Aeldra has digitized the KYC process. However, a small portion of applicants may require manual review. Applicants with U.S. banking needs for employment, educational, investment, or other purposes can open a U.S. bank account* and fund it even from outside the U.S.

The founders of Aeldra come from a conservative banking background and, unlike many other FinTech’s, risk management and compliance are in the Company’s DNA. Aeldra is compliant with U.S. regulations and Government of India regulations. For instance, transfer of money from India to the Aeldra account will need to be done under the RBI’s Liberalized Remittance Scheme. Aeldra offers banking* services through a partnership with regulated financial institutions in the U.S. including Mastercard^ and Blue Ridge Bank, N.A.

Aeldra’s terms of service can be found on our website here: link

Aeldra’s privacy policy can be found on our website here: link

Your money with Aeldra is insured by the Federal Deposit Insurance Corporation, through Blue Ridge Bank N.A., Member FDIC, just as it would be for any large U.S. bank like JPMorgan Chase or Citibank. The FDIC – short for Federal Deposit Insurance Corporation – is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-Insured* bank fails. It is backed by the full faith and credit of the United States government. The FDIC-Insurance* is through Blue Ridge Bank, N.A., a nationally chartered U.S. bank.  Since the FDIC began in 1934, no depositor has ever lost a penny of FDIC-Insured* funds. FDIC insurance covers funds in deposit accounts up to $250,000 per depositor. This means that even in the unlikely event that Aeldra shuts down or Blue Ridge Bank shuts down, you can access and withdraw your funds. For more details click here: FDIC.

Aeldra uses industry best-practice on information security with 256-bit encryption and Secure Sockets Layer (SSL) to ensure security of the entire platform and protect your information. We require two-factor authentication and support biometric authentication. The Company also employs state-of-the-art login methods, automatic logouts, and ID verification to help prevent unauthorized access and fraud, and ensure that your money is safe.

Aeldra's registration process is a two-step process, which may seem a little more onerous than some other neo-banks, to ensure a secure set-up of the account and App. Customers first need to activate the Debit Card^ and then use the card number to register in the Mobile App. Please contact the Aeldra Concierge if you face any issues with the two step process.

Aeldra is launching an exclusive Singularity Account available only to existing Aeldra members in Q3 2021. This will be a single account comprising an FDIC-Insured* bank account with a Debit Card for U.S. residents through Blue Ridge Bank N.A., Member FDIC, and a linked SIPC-Insured brokerage account. Singularity Account holders will get access to free trades, fractional share investing, exclusive investment opportunities and more. Eligibility criteria includes having a funded Aeldra Quantum Account for a minimum of 4 weeks prior to the launch of the Singularity account.

regulation
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Aeldra is legal and compliant with Government of India regulations. All transfers from India to Aeldra are subject to the guidelines of the RBI’s Liberalized Remittance Scheme (LRS) (explained below). In addition, our Know-your-customer (KYC) and Anti-Money Laundering (AML) policies and procedures are consistent with U.S. Government regulations.

Indian citizens are freely allowed to open and maintain a bank account in the U.S. under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (Q. 23 on LRS Website: link). Customers will, of course, need to meet the U.S. bank’s (in this case Aeldra’s) KYC and compliance requirements.  Investors from India are allowed to invest directly in U.S. stocks, bonds, Exchange Traded Funds (ETFs), real estate etc. by the Reserve Bank of India under the Liberalized Remittance Scheme (LRS). Investors from India will need to follow the LRS guidelines to move money to the Aeldra account.

The LRS is a policy of the Reserve Bank of India that governs the maximum amount and purposes of remittances from India to overseas. Under the Liberalized Remittance Scheme, all resident individuals of India, including minors, are allowed to remit up to USD 250,000 per financial year (April – March) without seeking approval from the RBI. The LRS was instituted to make it easier for residents of India for most purposes including travel overseas, financing studies overseas, investment in equity/debt, purchase of immovable property (e.g. real estate), gifts, funding of medical treatments abroad and maintaining bank deposits abroad for future needs. Please refer to the RBI’s Website (link) and the RBI’s LRS Notifications Site (link) for the most up-to-date regulations.  Aeldra customers can initiate LRS transfers from Authorized Dealers which include most private sector, public sector and MNC banks in India, by submitting an A2 form. Examples of the A2 form from three representative banks are below. The originating bank may also need a PAN card, address proof and a form of identification if they are not on file. 
Example A2 Forms:   HDFC Bank (link)             ICICI Bank (link)         Kotak Bank (link)

Starting October 1, 2020, foreign remittances of over Rs 7 lakh (in a financial year), will attract a withholding tax-collected at source (TCS) of 5% as announced in the Union Budget 2020. In case of education-related foreign remittances funded by loans, however, a withholding of only 0.5% will be levied for an amount above Rs 7 lakh. The objective of this regulation is to expand compliance with filing of income taxes in India. The TCS is not an additional cost but only paid upfront. The withholding TCS can be offset against tax paid in the year, and will be refunded if the tax liabilities are already met or are zero. The TCS will not apply if the remitter is subject to the Tax Deductible at Source (TDS), under the Income Tax Act, 1961. If tax has already been paid as TDS, and still the TCS is levied, you can claim a refund. For additional details about this, please confer with a tax advisor. 

Individuals in the following categories are currently eligible to apply for an Aeldra account*:
•  U.S. residents with a U.S. Social Security Number or an Indian Passport
•  Indian residents with an Indian passport and Aadhaar Number.
Aeldra accounts* are currently offered to customers who are in the U.S. or expect to visit the U.S. By applying for an Aeldra account*, you represent that you are physically present in the U.S. or have a valid U.S. visa or you expect to obtain a U.S. visa to travel to the U.S. You agree to provide documentation of your U.S. presence or U.S. visa within 18 months of opening the account*.

Aeldra needs to verify identity and perform other checks to comply with the U.S. Government’s KYC and AML regulations.  In line with Aeldra’s policies, one or more of the following information or documents may be needed to apply:
•  U.S. Social Security Number
•  Scanned copy of Indian Passport
•  Aadhaar Number  
The application is optimized to be completed on the mobile to enable selfie and facial matching (if required).

Mastercard Debit cards^ issued to customers will be restricted from usage until the customer is physically in the U.S. Customers will have to provide documentation by contacting Aeldra Concierge that establishes proof of U.S. entry or U.S. presence to remove the usage restriction.

ACCOUNT* FUNDING FROM A U.S. BANK ACCOUNT OR A MOBILE WALLET
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Account to Account Transfer (ACH, Wire)
To move money to the Aeldra account*, use the online or mobile banking of the bank the money is being transferred from. After logging into the account*, initiate the transfer to Aeldra using the Routing Number and bank details below.
INSTRUCTIONS
Your Aeldra Account Number^^
Bank ABA / Routing number: 053112929
Recipient Bank Name: Blue Ridge Bank, N.A.
Bank Address: 1 East Market Street Martinsville, VA 24112, U.S.A.

^^Your Aeldra Account* Number can be viewed in-app on the home screen by clicking on "View All" to the right of "Recent Transactions".

ACCOUNT* FUNDING FROM AN INDIAN BANK ACCOUNT
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Some banks in India allow you to initiate an international transfer through online banking. For other banks, you may need to contact your branch or Relationship Manager.  There are three methods to transfer funds to your Aeldra  account* from your Indian bank account:
1)  An ABA / Routing Number Transfer (recommended – offered by most private sector banks)
2)  A SWIFT Transfer (for SBI customers or if ABA / Routing Number option is not available)
3)  Third-party remittance service

ABA / ROUTING NUMBER INSTRUCTIONS:
The ABA / Routing Number Transfer is the recommended route for a transfer to Aeldra. It is faster and more consistent. Therefore, if your bank provides an option of either ABA / Routing Number or SWIFT code for the transfer, choose the ABA / Routing Number option. Applicable for: ICICI Bank, Citibank, HSBC and a few other banks.  (For SBI, refer to SWIFT instructions below).


SWIFT TRANSFER INSTRUCTIONS:
A SWIFT Transfer can take longer than an ABA / Routing Number Transfer. However, if your bank provides only SWIFT code option for the transfer (e.g. SBI and a few other public sector banks), please provide the following SWIFT details:


THIRD-PARTY MONEY TRANSMITTER OR REMITTANCE PROVIDER TRANSFER:
For this option, you will need an account with a Third-party Money Transmitter or Remittance Provider.

ACCOUNt funding FROM AN INDIAN BANK ACCOUNT
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A.   INTERNATIONAL WIRE TRANSFER OR SWIFT TRANSFER

STEP 1: Initiate the Wire from your bank account in India

Bank SWIFT Code: COMHUS33XXX​
Bank Name: Community Bankers Bank (Please see Note 1 below)​
Bank Address: 2601 Promenade Parkway, Midlothian, VA 23113, U.S.A.​
Account number: 1194356 (Please see Note 2 below)​
Beneficiary Name: Your full name matching Aeldra account​
Beneficiary Address: Your address matching Aeldra account (Please see Note 3 below)​
Description/Additional Detail: Further Credit to <insert your Aeldra account number> (Please see Note 4 below)

​Note 1: Aeldra has partnered with Blue Ridge Bank, N.A. which uses Community Bankers Bank as its correspondent bank for international wires.​
Note 2: This is the Account Number of Blue Ridge Bank, N.A., which is an intermediate account number.​
Note 3: If the bank requires a U.S. address, and your Billing Address on the Aeldra app is an Indian address, please call the Aeldra concierge directly (U.S. toll-free number 1-844-333-3101 , available 24/7). You can find your Billing Address in the Personal Information menu on the App. ​
Note 4: You can find your Account Number in the Message Center sub-menu of the Contact US menu of the App. Your Aeldra Account Number needs to be entered as Description/Message/ Additional Detail. If this fields not provided by your bank, please take extra care to ensure that your name and U.S. address is the same as on Aeldra’s records.

STEP 2: Send a Secure Message through the App with the USD value of the wire and the date it was initiated. You can find the Secure Message sub-menu in the Contact Us menu on the App.

Learn About International Wire Transfers: Wire transfers from India to the U.S. come through the correspondent banking method using a SWIFT Code to all U.S. banks. Despite the name SWIFT, they take longer than in-country transfers - 3-5 U.S. business days (Monday-Friday, excluding U.S. bank holidays).

TIMELINE FOR REMITTANCE FROM INDIAN BANK ACCOUNT TO AELDRA ACCOUNT



B.   THROUGH A 3RD PARTY MONEY TRANSFER SERVICE

To use a 3rd Party Money Transfer Service, you will need to open an account with the Service. There may be limits to the amount you can transfer through these services, which is lower than what can be sent through an International Wire.

STEP 1: Initiate the Third Party Money Transfer

Account number*: <your Aeldra account number>
Bank ABA /Routing number:
053112929
Bank Address:
1 East Market Street Martinsville, VA 24112, U.S.A.
*Your Aeldra Account Number will be saved in the App in the Message Center sub-menu under the Contact Us menu.


STEP 2: Send a Secure Message through the App with the USD value of the wire and the date it was initiated. You can find the Secure Message sub-menu in the Contact Us menu on the App.

TRANSFERS (WITHIN / FROM THE U.S.)
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There are multiple ways to withdraw money from your account*:
•  Cash withdrawal through ATMs using your Global Mastercard Debit Card^
•  Transfer to another U.S. bank or brokerage through the App
•  Transfer to India or any other country using a Third Party service

Yes. Many Aeldra customers are successfully using several third-party services in the market. Typically, these services will offer you two ways to withdraw funds.

•  As a card^ transaction: This uses the number on your debit card^ and is not secure, so Aeldra does not allow access through this method at this time.

•  As an ACH transaction: Aeldra is fully integrated into the U.S. Automated Clearing House (ACH) system through our partner – Blue Ridge Bank N.A using ABA / Routing number: 053112929. Third-party services require that you authenticate your account through micro-deposits, and we recommend that you contact Aeldra Concierge at U.S. Toll-free Number: +1 844 333 3101 or concierge@aeldra.com to help you troubleshoot specific issues with the set up.

Aeldra does not have any partnerships with third party services and therefore does not recommend any service over another.

TRANSFER TO INDIA (FOR INDIAN RESIDENTS)
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Currently, Aeldra customers residing in India can transfer funds from their Aeldra account* to an Indian bank account using Wise (formerly TransferWise). This information is accurate as of May 21, 2021. Aeldra will update this section if there are any changes to the Wise transfer process, as well as if any alternative funding options become available for Indian residents to transfer to India.

For your convenience, you can download and refer to detailed step-wise screenshots of the Wise transfer process here DOWNLOAD FILE.

To begin, you will need to register on the Wise website or app by providing details including your India address and India mobile number. Next, you will have to set up your recipient account as your Indian bank account by providing details including your Indian bank account number and Indian bank IFSC code.

You can initiate a transfer on Wise by choosing the USD value you want to transfer to INR, as well as your INR recipient account. Choose the appropriate reason for your transfer, and Bank Debit (ACH) as the payment method.

•  On Wise, search for Blue Ridge Bank, N.A. - if you don’t see the bank listed, click on “All other banks”.
•  Enter your bank routing number 053112929.
•  Enter your 10 digit Aeldra account* number and select account type as “Checking”. You can find your Aeldra account* number in the Message Center sub-menu of the Contact Us menu.
•  You will receive two small deposits from “TransferWiseInc” in your Aeldra account* within 1-2 business days.
•  Return to Wise and verify the value of each of the two small deposits you received.
•  Your Aeldra account* will be debited by “TrnWise” for the USD transfer value you chose within 1 business day.
•  Wise will then transfer your funds to your INR account within 5 business days.

•  On Wise, select Pay by bank debit (ACH), then select your Aeldra Checking Account* number (partially masked).
•  Your Aeldra account* will be debited by “TrnWise” for the USD transfer value you chose within 1 business day.
•  Wise will then transfer your funds to your INR account within 6 business days.

•  Once you’ve initiated the Wise transfer, you will need to wait for 1-2 business days to receive the two small deposits from “TransferWiseInc” in your Aeldra account* (first time Wise transfer only).
•  Once you’ve verified the value of each of the two small deposits you received, you will need to wait for 1 business day for your Aeldra account* to be debited by “TrnWise” (first time Wise transfer only).
•  Once your Aeldra account* has been debited, Wise typically takes up to 6 business days to transfer your funds to India.
•  Should you still not receive your funds after 6 business days of debit from your Aeldra account*, you will have to contact Wise customer service directly to track your transfer.

PHYSICAL DEBIT CARD^
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Debit cards^ issued to customers will be restricted from usage until the customer is physically in the U.S. Customers will have to provide documentation by contacting Aeldra Concierge that establishes proof of U.S. entry or U.S. presence to remove the usage restriction. Mastercard debit cards^ are currently available to U.S. resident customers with a U.S. mailing address by calling Aeldra Concierge at U.S. Toll-free Number: +1 844 333 3101. Cards^ ship the next business day by US Postal Service First Class Mail.

The Aeldra Debit Mastercard^ can be used at all ATMs that accept Mastercard, Cirrus or Maestro worldwide (over 30,000 ATMs in the U.S.). Note that ATM machine operators may apply a surcharge to the transaction.

You can use your App to temporarily suspend (block) your card^. When you find your card^, you can then unblock it. If you do not find your card^ or know that it was lost, use your App to immediately suspend (block) your card^. You can then call the Aeldra concierge to have your card^ closed and replaced. Note that the first card^ replacement is free, after that there is a card^ replacement fee.

The Aeldra Debit Card^ is domiciled in the U.S., this means that some merchants outside the U.S. that block internationally issued cards, may not accept the Aeldra card^ as part of their blanket restriction.

MOBILE WALLETS, DEBIT CARD^ & GENERAL ACCOUNT* MANAGEMENT
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If your Aeldra debit card^ is lost or stolen:
1)  Lock the debit card^ in the App from the Security menu
2)  Please contact the Aeldra Concierge at +1 844 333 3101 (toll-free within the U.S.) for guidance

No, you are not responsible for fraudulent transactions. If you find an unauthorized transaction on your account* activity, please contact our Aeldra Concierge at +1 844 333 3101 (toll-free within the U.S.) to file a dispute. Aeldra's fraud team will investigate the transaction.

To report fraud on your account*, please contact the Aeldra Concierge at +1 844 333 3101 (toll-free within the U.S.).

The most convenient way to access your account* information in seconds is via the Aeldra App. If you have any issues with finding the information that you need on the App, as you familiarize yourself with the App menus, you can contact the Aeldra Concierge at+1 844 333 3101 (toll-free within the U.S.) for guidance.

For non time-sensitive queries, please email concierge@aeldra.com. You can also reach the Aeldra Concierge 24X7 at +1 844 333 3101 (toll-free within the U.S.). For general information regarding Aeldra and our other products and services, please visit www.aeldra.com.

Yes, you can use your global debit card^ anywhere it is accepted. For updated information on foreign transaction fees, please refer to the Terms & Conditions of your account* through the App or on the Website (link).

 You cannot change your address through the App for security reasons – please call the Aeldra Concierge. To change your phone number, log in to your account* on the Aeldra App and follow the instructions under the Profile menu – Change my Phone Number or by calling the Aeldra Concierge at +1 844 333 3101 (toll-free within the U.S.). To keep you safe, we have certain security processes and procedures to ensure that this is not an unauthorized attempt.

Aeldra mobile banking* is free. Our intuitive App is designed so that you do not need a website to manage your account* but can easily do it on the mobile.

When you try to log in to the Aeldra App, please click on “Forgot Your Password?” or “Forgot Your User ID?” to receive an e-mail to the email ID associated with your account with instructions. If you have any trouble or urgently need information on your account*, you can contact the Aeldra Concierge at +1 844 333 3101 (toll-free within the U.S.) of course!

Aeldra’s Product Agreement can be found on our website at this link.

Aeldra endeavors to charge minimal fees in a completely transparent structure to enable low-cost banking* for customers while make the business model sustainable. There are no monthly fees, account* maintenance fees, minimum balance requirements or fund transfer (including inbound Wire) fees. Aeldra’s fee structure can be found in Section 6.6 of our Product Agreement.

Aeldra does not have an overdraft fee.

Aeldra currently offers a Quantum Account*. For details and for comparing, please refer to Section 6.6 of our Product Agreement.

Aeldra offers a Global Mastercard Debit Card^ linked to your account*. The Aeldra Mastercard Debit Card^ is issued by Blue Ridge Bank, N.A. pursuant to a license from Mastercard Inc. and may be used anywhere Mastercard debit cards are accepted. Debit cards^ issued to customers will be restricted from usage until the customer is physically in the U.S. Customers will have to provide documentation by contacting Aeldra Concierge that establishes proof of U.S. entry or U.S. presence to remove the usage restriction. U.S. residents can benefit from a Virtual Debit Card^ available immediately after opening an Aeldra account*. The Virtual Card^ can be used for online purchases. Beginning March 2021, Aeldra has started mailing physical debit cards^ to U.S. resident customers who request a physical card^ and have a valid U.S. mailing address on file with Aeldra.

U.S. residents can add their Virtual Card^ to Google Pay for online purchases by Q4 2021. For in-store purchases, U.S. residents will be able to use their card^ in Google Pay starting Q4 2021. Aeldra will be offering Samsung Pay and Apple Pay to U.S. residents soon.

Aeldra currently does not support Zelle, but we are working on it.

Yes, you can send money to family and friends easily through the App.
To A U.S. Bank Account: You can send money to friends and family through the Aeldra App using the “Move Money to a Bank Account” function within the “Move Money” menu. This is an ACH account* to account transfer. You will need the target recipient’s bank account number and bank routing number.
To An Indian Bank Account: You can transfer money to an account in India using a Third Party payment service.
Through Aeldra Pay: You can send money instantly to family and friends who have an Aeldra account* using Aeldra Pay. You can add friends and family accounts in the Aeldra App by searching for their accounts using their name, email, debit card^ number or phone number.

In partnership with Mastercard^, Aeldra provides access to ATMs in the Mastercard network all over the world. You can locate the nearest ATM using Mastercard ATM Locator at this link.

Currently, Aeldra does not offer a check book or ability to send paper checks. You can however find third-party services that offer the ability to link your Aeldra account* to send a paper check.

Aeldra currently does not offer an in-App mobile check deposit feature. However, you can deposit checks into Aeldra by using other services such as Ingo Money. Customers will have to register with Ingo Money to be able to use the service subject to limits and fees.

You can pay bills using the Bill Pay feature in the Aeldra App.

Yes, Aeldra is a High-yield Account* offering an attractive interest rate. For more information please refer to Section 6.6 of our Product Agreement link.

If you need to replace the Debit Card for any reason except at card expiration (when it will be replaced automatically), the Aeldra App is the fastest way to request a replacement through the “Lock/Unlock Card” functionality in the Security menu. Through the Concierge, for your security, Aeldra will need to validate your identity for which you will need to provide personal information which may include one or more of your Checking Account number, 16-digit Card number, full name, transaction history, copies of acceptable documentation, etc.

To reduce our carbon footprint, Aeldra does not provide paper statements. You can easily access your statements from the Aeldra App in a few clicks and have the option to download and print it.

Your Checking Account comes with certain transaction limits. Please refer to our Product Agreement Section 6.6 link for details of various limits applicable to your account*.

TAXATION
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There are no taxes to be paid for moving funds into your Aeldra Account* up to Rs. 700,000 in a financial year (April-March). If the amount of remittance (in aggregate)  exceeds Rs. 700,000  in a financial year, you will be liable for the TCS at the rate of 5% (provided PAN/Aadhaar is available; otherwise TCS will be 10%) only on the amount in excess of Rs. 700,000 and not the entire amount.

Note that TCS is not an additional cost. TCS is just an upfront payment of tax and can be adjusted against  your overall income tax liability while filing income tax. Similar to tax deducted at source (TDS), the tax paid under TCS can be claimed back fully or partially as a refund while filing income tax return if the total income is below the tax threshold limit for the year.

If you have taken a student loan, please see Question #2.

The TCS on remittance for education funded by a student loan is at a lower rate of 0.5% instead of 5% on the amount in excess of Rs.700,000 in a financial year (April-March).

Note that TCS is not an additional cost. TCS is just an upfront payment of tax and can be adjusted against you or your parents’ (if one or both parents are co-signers on your education loan) overall income tax liability while filing income tax. Similar to tax deducted at source(TDS), the tax paid under TCS can be claimed back fully or partially as a refund while filing income tax return if the total income is below the tax threshold limit for the year.

It depends on the company policy. The amount will not be taxed if it is shown as reimbursement but the same maybe taxed if treated as Per-diem. If you are an employee on a long-term work visa (H1-B/L-1) where your US salary is paid into the Aeldra account* by your employer, standard US income tax deductions should be made by your employer before crediting your salary to your Aeldra account*. Please check with company policy or the tax consultant.

If your stay in the U.S. exceeds 6 months in a calendar year, you maybe treated as a resident in U.S. and so liable for applicable taxes as per resident in the U.S. For India, you may be treated as a resident or non-resident depending on circumstances. Please consult your tax consultant.

You would get annual/quarterly account* statements from Aeldra, which can be used for filing of IT returns. TCS, if any, deducted at the time of remittance will be reflecting in your Form 26AS which would be available for download from Income tax portal login.
When Aeldra launches the Singularity account*, which includes a U.S. brokerage account, you will be asked for your PAN.

If you are taxed in the U.S. as per U.S. laws, you are required to have a U.S. Tax ID Number (TIN) to avail of DTAA benefits in India. This would have no impact on your Aeldra account*. Please check with your tax consultant on the details to avail DTAA benefits.

You are allowed to remit the proceeds from U.S. to India. The Capital gains/losses  are  subject   to  tax  laws  in  India  as  per DTAA.  Please consult tax consultant.

You would get annual/quarterly account statements from Aeldra, which can be used for filing of IT returns. TCS, if any, deducted will be reflecting in your Form 26AS which would be available for download from Income tax portal login.

Based on the usage of your account*, Aeldra may ask for a PAN card to be submitted as per its KYC/AML policy.

If you are taxed in the U.S. as per U.S. laws, you are required to have a U.S. Tax ID Number (TIN) to avail DTAA benefits in India. This would have no impact on your Aeldra account*.  Please check with your tax consultant on the details to avail DTAA benefits.

Indian Resident having the U.S bank accounts need to disclose the below aspects w.r.t to U.S. bank account in ITR-2 Form.
(i)   Name of the Institution in which account is held
(ii)   Address of the institution along with county name, state and zip code
(iii)   Name of the Account holder and account number
(iv)   Peak Balance (in Rupees) during the Financial year
(v)   Whether Income is accrued is taxable in your hands? if yes, amount of Income accrued in the account and out of which Income offered in Income tax return

You would get annual/quarterly account* statements from Aeldra, which can be used for filing of IT returns.

Income received in the U.S. and taxes paid, if any, in the U.S. has to be disclosed during tax returns filing in India. You would get annual/quarterly account* statement from Aeldra, which can be used for filing of IT returns.

Depending on tax limits and applicability in US, appropriate disclosures have to be made (for example W8 BEN form for non-U.S. residents). Please consult a tax advisor to find out your requirements.

If the remittance is covered under LRS, then applicable TCS compliances need  to be  taken  care  of. Further, if any income  is generated  out of investment like rental income or interest income, then that income should be disclosed in the Indian Income Tax Return (ITR). Further any Investment in U.S. real estate has to be disclosed in India tax returns as a foreign asset irrespective of whether any income is generated or not.

The Salary and ESOPs needs to be disclosed during tax returns filing in India in ITR2 form. Once the ESOPS are converted as shares, then applicable taxes would apply based on period of holding (i.e. long term or short term). When shares are sold, gains may be taxed in both the countries.

For an Indian Resident, global income is taxable in India. However, if the income from investment in U.S. securities is taxed in the U.S. (as per their laws), the benefit of double taxation relief under the U.S. - India DTA agreement can be availed. Please consult a tax advisor to find out your requirements.

WELCOME BONUS (LIMITED TIME OFFER)
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For a limited period of time starting 6:00 PM IST on August 25, 2021, Aeldra is offering a $25 welcome bonus to every new customer that funds their Aeldra account with at least $100 by September 16, 2021 11:59 PM IST.

Eligibility criteria for the Welcome Bonus :·     
   . New customers defined as Aeldra account holders with zero balance on or after August 23, 2021 and
   . Customer funds Aeldra account such that ledger balance is greater than or equal to $100 by September 16, 2021 11:59 PM IST.

Aeldra will pay $25 directly into the account of the customer by September 30, 2021.

The Welcome Bonus is a limited time offer. Aeldra reserves the right to withdraw the Welcome Bonus offer or change the value of the Welcome Bonus Offer at any time. Any changes to the Welcome Bonus offer will be reflected on the Aeldra website and Aeldra app. Once the Welcome Bonus offer is withdrawn, the offer will immediately cease to be communicated in writing on the Aeldra website and Aeldra app. Anyaccount funding activity after the Welcome Bonus offer is withdrawn will no longer make the customer eligible for the Welcome Bonus.