Tax-Free Savings Account (TFSA) Terms and Conditions

1. What the Words in the Terms and Conditions Mean:

In this Account Terms and Conditions document (the "Qualifying Arrangement"), please remember that:

"Account" means the tax-free savings account opened and maintained with ICICI Bank.

“Applicant”, for the purposes of ICICI Bank’s Tax Free Savings Account Application Form, means the Holder.

"Branch" means any of the branches of ICICI Bank.

"Distribution" under an arrangement of which an individual is the Holder means a payment out of or under the arrangement in satisfaction of all or part of the Holder’s interest in the arrangement.

"Holder" of an arrangement means

(a) until the death of the individual who entered into the arrangement with the Issuer, the individual; and

(b) at and after the death of the individual, the individual’s survivor.

"ICICI Bank" or "the Bank" means ICICI Bank Canada.

"Issuer" of an arrangement means the person described as the Issuer in the definition "qualifying arrangement". ICICI Bank is the Issuer.

"Qualifying Arrangement", at a particular time, means an arrangement

(a) that is entered into after 2008 between a person (in this definition referred to as the “Issuer”) and an individual (other than a trust) who is at least 18 years of age for the exclusive benefit of the individual;

(b) that provides for contributions to be made under the arrangement to the Issuer in consideration of, or to be used, invested or otherwise applied for the purpose of, the Issuer making distributions under the arrangement to the Holder;

(c) under which the Issuer and the individual agree, at the time the arrangement is entered into, that the Issuer will file with the Minister an election to register the arrangement under clause 146.2 of the Income Tax Act (Canada); and

(d) that, at all times throughout the period that begins at the time the arrangement is entered into and that ends at the particular time, complies with the conditions in subsection (2).

"Survivor" of an individual means another individual who is, immediately before the individual’s death, a spouse or common-law partner of the individual.

"Website" means the website owned, established and maintained by ICICI Bank located at the URL http://www.icicibank.ca, or such other website as ICICI Bank may designate from time to time. In this document, all references to the customer in the masculine gender will be deemed to include the feminine gender, and vice versa.

2. Qualifying arrangement conditions:

The conditions referred to in paragraph (d) of the definition "Qualifying Arrangement" in section (1) are as follows:

(a) the arrangement be maintained for the exclusive benefit of the Holder (determined without regard to any right of a person to receive a payment out of or under the arrangement only on or after the death of the Holder);

(b) the arrangement prohibits, while there is a Holder of the arrangement, anyone that is neither the Holder nor the Issuer of the arrangement from having rights under the arrangement relating to the amount and timing of distributions and the investing of funds;

(c) the arrangement prohibits anyone other than the Holder from making contributions under the arrangement;

(d) the arrangement permits distributions to be made to reduce the amount of tax otherwise payable by the holder under section 207.02 or 207.03 of the Income Tax Act;

(e) the arrangement provides that, at the direction of the Holder, the Issuer shall transfer all or any part of the property held in connection with the arrangement (or an amount equal to its value) to another TFSA of the Holder; and

(f) the arrangement complies with prescribed conditions under the Income Tax Act (Canada).

3. TFSA:

If the Issuer files with a notice under section 146.2 of the Income Tax Act (Canada) in prescribed form and manner to register the arrangement as a TFSA under the Social Insurance Number of the Holder on or before the day that is 60 days after the end of the calendar year in which the arrangement was entered into, the arrangement becomes a Qualifying Arrangement at the time the arrangement was entered into and ceases to be a Qualifying Arrangement immediately before the earliest of the following events:

(a) the death of the Holder of the arrangement,

(b) the arrangement ceasing to be a Qualifying Arrangement, and

(c) the arrangement not being administered in accordance with the conditions in subsection (2).

4. Amount credited to a deposit:

An amount that is credited or added to a deposit that is a Qualifying Arrangement as interest or other income is deemed not to be received by the Holder of the Qualifying Arrangement solely because of that crediting or adding.

5. Other conditions:

(a) ICICI Bank will keep all contributions made by the Holder on deposit.

(b) Any penalty taxes levied under the Income Tax Act (Canada) upon excess contributions shall be Holder’s responsibility.

(c) Fees: ICICI Bank shall be entitled to receive a fee upon transfer of Account funds to another financial institution. Fees in effect at the time the Account is opened shall be disclosed to you in writing at that time. ICICI Bank reserves the right to amend these fees from time to time subject to minimum 30 day's notice to you and where necessary to Federal and Provincial tax authorities.

(d) Your statement of your date of birth contained in your application for your account shall be deemed to be your certification of your age upon which ICICI Bank may rely and an undertaking by you to provide any further evidence of proof of age that may be required.

(e) Amendments to Qualifying Arrangement: The Bank may from time to time at its discretion amend a Qualifying Arrangement with the concurrence of the Canada Revenue Agency if required and, if applicable, the concurrence of provincial tax authorities by giving 30 days’ notice in writing to you; provided, however, that any such amendments shall not have the effect of disqualifying the account as a tax free savings account.

(f) Notices: Any notice given to ICICI Bank hereunder shall be sufficiently given if delivered to ICICI Bank at any of its Branches in Canada or if mailed, postage prepaid, addressed to ICICI Bank, at any of its Branches in Canada and shall be considered to have been given on the day that it is actually delivered or received by ICICI Bank. Any notice, statement or receipt given by ICICI Bank to you shall be sufficiently given if mailed, postage prepaid, addressed to you at your last address known to ICICI Bank in connection with this Account and such notice shall be deemed to have been given on the day of mailing.

(g) Indemnity: You, your successors, executors, and administrators shall at all times indemnify and save harmless ICICI Bank in respect of any taxes, assessment or other charges levied or imposed by any governmental authority upon or in respect of the Account.

(h) Binding Arrangement: This arrangement shall be binding upon your heirs, executors and administrators and upon the successors and assigns of ICICI Bank.

(i) Terms and Conditions: To the extent applicable, the account shall be governed by ICICI Bank’s general Account Terms and Conditions. In the event of any conflict or ambiguity between the general Account Terms and Conditions and this document, the terms of this document shall prevail.