SRI SHIVA TECHNOLOGY

Salary/Reimbursement Account Acceptance Letter

The Manager,
Kotak Mahindra Bank Ltd.,
Branch,
We hereby wish to open Salary & Re-imbursement Accounts for our employees with your
Bank. We confirm that employees accounts shall be opened with your bank.
The monthly average net salary of approximately Rs. per employee will be credited
to all the employees account. Once the salary and reimbursement accounts pertaining to
our employees are opened with your bank, any change in the said arrangement shall be
done only after prior intimation to you. All resignations /terminations of our employees will
be informed to the bank every month.
We confirm, that incase any employee accounts with the Bank, do not receive salary credits
for three consecutive calendar months, the bank shall be entitled to close these accounts
post confirmation of employment termination from us.
We confirm that all employees
willing to open an account with your bank has been informed about the clause.
On the day the employee salaries/reimbursements are to be credited, we shall ensure
availability of clear funds with you along with the details of the salary/reimbursement credits
in the required format before 11.00 a.m.*. We also confirm that we will provide the Bank with
correct details of the salary credits in the REQUIRED FORMAT. 'We will provide Bank the
salary details for our employees in a soft copy on the last working day of every month. We
certify that the account numbers, amounts and names of the beneficiaries mentioned in the
soft copy will be same as those mentioned in the hard/fax copy and the Bank will not be
responsible for any mismatch between the hard /fax copy and the soft copy and / or any
error in credits arising out of any such mismatch.
We confirm that in case if any of our employees accounts are withdrawn due to error in our
data, the Bank shall not be responsible for the same and we shall be liable to reimburse the
bank of such amounts that is overdrawn and we shall recover the same from the said
employee even if he/she had left the services of our Company.
We understand the operations in the employee accounts so opened shall be governed by all
applicable Reserve Bank of India guidelines including the Anti Money Laundering Guidelines
and we further undertake to abide by the said regulations while dealing with the employee
accounts so opened in any manner whatsoever.
The execution and delivery of this letter has been duly authorized and will not contravene
any provisions of any statute, law or regulation and shall constitute to be the valid
obligations of the Company.

#132 & 133/Part, Manikyanagar, Chintal, Hyderabad,

Telangana 500054

SRI SHIVA TECHNOLOGY

We state that without prejudice to the Banks other right in law or under the terms and
conditions for Accounts and Services or otherwise, We shall indemnify the bank to pay any
damages incurred or suffered by the bank upon the bank reversing the credit in the salary
account of any or all our employees, as requested by us relying on my aforesaid
representation.
We hereby agree and undertake to indemnify and keep harmless, saved and indemnified
the Bank, its Directors, Accountants and other officers of the bank against all actions,
proceedings, losses, consequences,
charges, demands, costs, claims, liabilities and
expenses whatsoever, which may be taken or made against or consequent to the Bank or
any of its Directors, Accountants and other Officers of the Bank for agreeing to reverse the
credit in the Salary Account of any or all our employees, as aforesaid and/or against any
person making any demands on the Bank, which the Bank may incur or sustain by reason or
on account of its agreeing as above or howsoever in these presents.
The following people are authorized company representatives for carrying out below
mentioned activities:
1
2
3

To facilitate the opening of salary / reimbursement account of individual employee /

consultant with Kotak Mahindra Bank.
To send emails on our Companys behalf pertaining to salary disbursement of
employees / consultants along with duly signed approval document and cheques.
To send email communication for other salary related issues.

Name of the Person Nominated

Email id

The names & signature(s) of the said representative(s) is/are attested hereunder.
______________________, ______________________,

________________________

Attested By: _______________________________ , _____________________________

Any change in the said representatives and/or their e-mail ids will be duly intimated to the
bank by way of written communication from our Company.

Thanking You,
__________________

_____

_________________ ____

#132 & 133/Part, Manikyanagar, Chintal, Hyderabad,

Telangana 500054

SRI SHIVA TECHNOLOGY

S.
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Salary Sheet
Employee
Net
Name
Salary
Jagdeesh Reddy
Aparna
Shiva Kumar
Satish
Nickson
Purshotham
Chandra shekar
Jyothi
Sushma
Ramya
Joshna
Raghu Ram
Karthik
Naidu
Arun
Kumar
Narender
Sandeep
Md Ali
Rajeshwar

Grand Total

100000
47500
28776
26000
18500
16500
14750
18700
22670
34225
14900
34670
23225
16500
15471
19224
31223
18771
11500
10500

Company stamp ------------------(*Allowing for one day of transit if

company office is not in any of our branch
locations).
Note: Letter should be signed by the
Head HR or a responsible official in
HR. Alternatively the letter may be
signed by a Director / Company
Secretary / Partner / Proprietor /
authorized signatory.

523605

#132 & 133/Part, Manikyanagar, Chintal, Hyderabad,

Telangana 500054