Terms and Conditions for investment in US Stocks

• Liberalised Remittance Scheme
• US Stocks Investments via Fi Money
• Verifying your Source of Funds
  

1. As per the conditions mentioned in the LRS, an Indian national (resident) is allowed to remit up to USD 2,50,000 outside India per annum.
2. Your investment in US stocks will get classified under ‘Foreign Portfolio Investments’ in the purpose code S0001 i.e. Indian investment abroad — in equity capital shares. Please note that the limit mentioned above is only for resident individuals and is not available to corporates, partnership firms, HUFs, Trusts etc.
3. The LRS limit of USD 2,50,000 per annum also includes/subsumes remittances for current account transactions (namely private visits; gift/donation; going abroad on employment; emigration; maintenance of relatives abroad; business trip; medical treatment abroad; studies abroad) available to resident individuals.
4. Release of foreign exchange exceeding USD 2,50,000 requires prior permission from the applicable regulator.
5. You hereby undertake and confirm that you shall comply with the provision of the LRS Scheme for the said investment. Also, you will provide the complete remittance details and ensure that these details specified therein are true and correct in all respects.
6. You would need to maintain an active savings account with Federal Bank in order to invest in US stocks via the Fi Money app.
7. The remittance will occur via your Federal Bank Savings Account, from which Federal Bank will remit your money to Alpaca Securities LLC, a regulated US stock broker (“US Stock Broker”) subject to certain checks. Remittance of funds via your Federal Bank Savings Account requires specific documentation to establish the source of funds as per the existing regulations.
8. The exchange rate(s) at which the remittance is made might be subject to change. Please also note that the Federal Bank could reject the remittance for various reasons, such as an LRS Limit breach, LRS limit check system’s downtime or any other reason as per Federal Bank’s policy or applicable law. You understand that you may receive rejection intimation after debit from your Federal Bank Savings Account in relation to the purchase of your US Stocks. If your purchase is rejected, you hereby authorise Federal Bank, to facilitate refunds and the US Stock Broker to undertake liquidation of the US Stocks purchased by you and agree that epiFi shall not be responsible for any losses caused to you pursuant to such liquidation, including any tax liability.
9. In case of liquidation of your US Stocks pursuant to reasons above-mentioned, you understand and agree that your US Stocks account will be deactivated for ninety (90) days and the purchase amount shall be refunded back to you. Any profit or loss associated with such liquidation would be adjusted against any future transactions conducted by you.
10. Please note that purchase of US Stocks would be successful only when the “International Money Transfer” status on your Fi Money Application shows “success”. Ideally, the purchase timeframe to be a success shall be two bank working days. However, due to unforeseen circumstances such as those mentioned in the above paragraphs, there might be a delay in your money being sent to the US Stock Broker, and you understand that you shall not be able to conduct the sale of such US Stocks till such time your purchase transaction is entirely successful.
11. If your outward remittance request gets rejected by the Bank: You agree that your US Stocks account may get deactivated for 90 days. If the bank's reason for rejection is due to a breach of the LRS limit — you shall be restricted from placing any purchase requests for the remaining financial year.
12. Epifi and/or its partners reserve the right to charge fees (which may be amended from time to time with or without notice) such as platform fee, any charges stipulated by the US Stocks Broker or the bank facilitating remittance. You agree to pay such charges in order to invest in US Stocks.
13. US Stocks as Rewards
    
    • You understand that the US Stock Broker may provide you with rewards in the form of US Stocks subject to terms and conditions herein.
    • You understand that US Stocks as Rewards are powered by the US Stock Broker only and Epifi shall not be responsible for credit of the same. However, you may reach out to Epifi for any grievances and Epifi shall endeavor to resolve it in accordance with its grievance redressal policies.
    • The reward will be issued to eligible users as decided by the US Stock Broker at its sole discretion. You agree and understand that the US Stock Broker shall decide the eligibility for US Stocks as Rewards at its sole discretion and may change such eligibility with or without notice to you.
    • You shall qualify for US Stocks as Rewards only for the first buy order that you place (“Qualifying Order”)
    • By initiating a Qualifying Order, you shall be deemed to have accepted these terms and conditions and you further shall be deemed to have provided your consent to the US Stock Broker to a. credit the reward amount (which shall be decided as per US Stock Broker’s discretion) to your US Stocks Wallet b. place (either by itself or through its technical service providers) a buy order using such amount for the same US Stock as that of the Qualifying Order and c. receive such stock in your US Stock Wallet.
    • You understand and agree that till such time as the buy order is completed, the reward amount shall be blocked from being utilized for placing any other buy orders.
    • You understand that the decision in relation to eligibility, qualification, reward amount, and continuation of the reward programme shall be at the sole discretion of the US Stock Broker and the US Stock Broker’s decision shall be final and binding. You shall not hold the US Stock Broker and/or Epifi liable for any loss/damage/claim arising out of this rewards programme.