10.3 FAQ

• What is FATCA, why I have to fill the FATCA & CRS form?

FATCA stands for 'Foreign Account Tax Compliance Act' and is a legislation designed to prevent tax evasion. Introduced by the United States Department of Treasury and the US Internal Revenue Service (IRS), the purpose of FATCA is to encourage better tax compliance by preventing US Persons from using foreign banks and other financial organizations in order to avoid US taxation on their income and assets.

1. What is a tax identification number (TIN)?

This is your unique number issued in your jurisdiction to you as a tax payer. However we are aware that some jurisdictions do not issue a specific tax numbers. UK residents can use their National Insurance number.

1. Does the Co-Applicant also need to login for the system to populate the information if he/she is an existing channel user?

No. The co-applicant’s customer ID needs to be entered by the primary applicant if he/she is an existing user. A verification code will be sent to the co-applicants email ID and/or mobile number. Once the verification process is successful, the co-applicant’s details will be populated.

1. Why am I asked to capture previous residential address details?

The bank has a resident stability policy in place wherein if the applicant is staying at the current address for less than a defined term then he/she needs to define the previous residential address.

1. My co-applicant and I live in the same house, do I need to enter address details again while defining co-applicant information?

   No. There is an option in the co-applicant contact information section to default the primary applicant’s address in that of the co-applicant’s residential address fields.

2. Why am I being asked to capture previous employment details?

   The bank has a employment stability policy in place wherein if the applicant has not completed a defined term in the current organization then he/she needs to define previous employment details.

3. I have saved the application. Can my co-applicant resume the application from the application tracker?

   Yes. The co-applicant needs to be a registered channel user to login to the application tracker and resume the application.

4. Can the co-applicant perform all the pending tasks (if applicable) in the application tracker?

   Yes, the co-applicant has all the rights as that of the primary applicant.