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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.

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

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

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 is launching an exclusive Singularity Account available only to existing Aeldra members in Q4 2022. 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.

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.

In India, most banks allow you to make an international transfer using online banking. While for others, you may need tocontact your branch or Relationship Manager for assistance.                           You can transfer funds from your Indian bank account to your Aledra bank account using any of the following methods: ‍ 1)  An ABA / Routing Number Transfer, our most preferred mode of transfer and is available with most Indian Banks. -         For a transfer to Aeldra, the ABA / Routing Number Transferis the preferred method. It’s comparatively reliable and convenient.   -         If your bank gives you the option of using an ABA / Routing Number or a SWIFT code for the transfer, go with the ABA / Routing Number. Applicable for:ICICI Bank, Citibank, HSBC, and a few other banks

2) A SWIFT Transfer is a preferred mode for anyone with an SBI account or if the ABA/Routing Number is not available. ‍ -        A SWIFT Transfer can take longer than an ABA /Routing Number Transfer. However, if your bank provides only the SWIFT code option for the transfer (e.g. SBI and a few other public sector banks), here are the SWIFT details you would be required to provide:

3)      Third-party remittance service: -       To avail of this option, you will require anaccount with a Third-party Money Transmitter or Remittance Provider

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

Yes, Aeldra offers an interest rate. For more information please refer to Section 6.6 of our Product Agreement link.

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*. If you need to move money exceeding $1000 in a day, you may need to share additional documentation. Please contact the Aeldra Concierge in advance of attempting any daily transaction in excess of $1000.

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.

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.

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

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.

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. ‍ •  First, as a card transaction. This uses the number onyour debit card and is not secure, so Aeldra does not allow access through this method at this time. ‍ •  Second, as an ACH transaction.  Aeldra is fully integrated into the U.S. Automated Clearing House (ACH) system through our partner – Blue Ridge Bank N.Ausing 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 setup. •  Please note, Aeldra does not have any partnerships with third-party services and therefore does not recommend any service over another.

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

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.

•  This actually depends on your company policy. If it’s shown as a reimbursement it will not betaxed, however, it will be taxed if shown as a Per-Diem. •  A long-term visa employee with an Aeldra Account for their salary will have to pay the standard US income tax deductions. •  We do recommend you to check with your company policies or with your tax consultant.

•  Once you exceed the time period of 6 months of stay in the US, you are treated as a resident of the country. Making you eligible for all the applicable taxes. •  In India, you may or may not be treated as a resident. You will have to check with your tax consultants.

Yes, you can remit proceed from the U.S. to India. These gains/losses are subject to tax laws in India as per DTAA

•  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.

•  Aeldra will be providing you with annual and quarterly account statements. These can be used to file your income tax returns. •  Form 26AS which is downloadable from the IT department’s website is used in the case of a TCS deduction. •  Your PAN Card will be required once the Singularity Account by Aeldra launches.

•  When taxed as a UScitizen, you are required to have a U.S. Tax ID Number (TIN) this gives youaccess to the DTAA benefits. • This essentiallyhas no impact on your Aeldra account.

•  You would getannual/quarterly account statements from Aeldra, which can be used for filing IT returns. •  TCS, if any, deducted will be reflecting in your Form 26AS which would be available for download from the 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.

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 IT returns.

Any and all income received in the U.S. and taxes paid have to be disclosed while filing returns in India. You would get an annual/quarterly account* statement from Aeldra, which can be used for filing IT returns.

Your disclosures depend on the tax limits and applicability in the US. For example, W8 BEN form for non-U.S. residents.

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.

Global income is taxable in India for an Indian resident. However, thebenefit of double tax relief under the U.S. - India DTA agreement may be utilised if the revenue for investment in U.S. securities is taxed in the U.S.

The Salary and ESOPs need 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 the period of holding (i.e. long term or shortterm). •   When shares are sold, gains may be taxed in both countries.

•   You will berelieved to know that during the financial year of April to March there will beno taxes for moving funds to your Aeldra Account up to INR 70,00,000. •   If the funds do exceed 70,00,000 TCS will be applicable only on the amount exceeding 70,00,000. •   5% if you have provided PAN/Aadhaar and 10% if not. •   Additionally, TCS is not an additional cost because just as TDS you can claim it while filing for your income tax return.

•  Here is the good news, TCS on remittance for educational purposes is 0.5% on the amount that exceeds INR 70,00,000 in a financial year. •  TCS is not essentially an additional cost because just as TDS your parents’ can claim it while filing for your income tax return.