January 23, 2020

Ref No:
19000WB3
POOJA ARBIND SHAH

Dear POOJA,

We are pleased to make an offer to you as "Officer" within Retail Banking−Retail Liabilities function at IDFC FIRST Bank
Limited (the "Bank"). You shall join the Bank on or before February 26, 2020 ("Date of Joining"). Your Total Fixed Pay ("TFP") will
be Rs. 300,000 per annum. Details maybe referred in Annexure A. The position is currently based at Mumbai.

Your final appointment is subject to your being medically fit to perform your role effectively. It is also based on verification of
information and particulars submitted by you, including the signed AUTHORIZATION / UNDERTAKING / DECLARATION FORM.

You are requested to within ten (10) working days of the date of this letter ("Letter of Intent").

A. Complete the following joining formalities on the authorized online portal of IDFC FIRST Bank and submit the documents as
required by the Bank, including,

i) Certificates in support of your highest educational and/or professional qualifications,

ii) Proof of date of birth,
iii) Certificates in support of your previous employments,
iv) Your recent passport size photograph,
v) Copy of your resignation duly accepted by your current employer.

B. Acknowledge the receipt of this Letter of Intent by responding with your consent.

Please note that you are required to keep the details of the salary & other perquisites / benefits offered to you, strictly confidential
and not to share information regarding the same with anyone.

We look forward to a successful and pleasant association with you at IDFC FIRST Bank.

Warm Regards,
Human Resources
 Annexure "A"
COMPENSATION DETAILS

Employee Name POOJA ARBIND SHAH

Designation Sales Officer−Household
Grade Officer
Business Unit Retail Banking−Retail Liabilities
Location Mumbai

Per month Per annum

Components
(in Rs.) (in Rs.)
Basic 5,000 60,000
Flexible Benefit Plan 0 0
Annual Guaranteed cash 19,333 232,000
Employer's PF 1,800 21,600
Total Fixed Pay 25,000 300,000

Monthly net take home (in Rs.)

Annual Guaranteed Cash 19,333
Employee's contribution to Provident Fund 1,800
Professional Tax 200
Net take home before tax (in Rs.) 21,200

* As per the EPFO notification dated February 28, 2019 and basis the new PF rules, your PF will be as mentioned herein

Notes:

• Flexible Benefit Plan (FBP) comprises of HRA, Meal Card, Professional Development Expenses, Communication
1

Expenses, LTA, Bank's Owned Car / Reimbursement & National Pension Scheme. The employee gets to allocate the pool
amount under various components as desired. Tax Benefits will be based on declaration & as per IT law.

• In addition to TFP, Insurance premium is paid by the company towards employee's life, accident & medical insurance.
This is a notional premium amount & is not paid in cash to the employee.

• Provident Fund contributions shall be made by the Bank to the fund.

• Gratuity will be applicable as per the Payment of Gratuity Act.

• The notice pay reimbursed, joining bonus, relocation expenses and any other amounts, if any, paid, at the time of joining
would be recovered in full, in case of your resignation/separation (whichever is earlier) within twelve months from the date
of joining.
 GENERAL TERMS OF EMPLOYMENT

The following are the general terms and conditions of employment at IDFC. ("General Terms"). For the purpose of the General
Terms, "IDFC Group" or "Firm" or "Company" shall mean IDFC and all its subsidiaries, associate or group companies.

1. Place of Posting: Your joining location will be the same as mentioned in the Letter of Intent. However, during your
employment you may be posted / transferred to any of the offices / projects/ divisions/ departments/ units/ subsidiaries/
sister concerns of the Company, existing or to be set up at any other location, without any additional remuneration, in the
interest of the Company without assigning any reasons.
2. Leave Entitlement: You shall be eligible for holidays and leave as per the Company leave policy.
3. Total Fixed Pay: The entitlements of your Total Fixed Pay are subject to IDFC Group policy, procedure or guidelines that
may be issued from time to time. All perquisites and benefits including reimbursements are subject to applicable Income
Tax and other related laws. Any increase in Total Fixed Pay, in no case, shall be automatic and/or a matter of right.
4. Performance Bonus/ Incentive Payments: The Company may, in its absolute discretion, pay you a bonus/ incentive of
such amount, at such intervals and subject to such conditions as determined from time to time, in accordance with the
Company Policy.
5. Medical Fitness & Verification of Particulars: Your appointment is subject to you being medically fit and continuing to
remain fit thereafter. In case you subsequently develop a critical/chronic illness which restricts you from performing your
official duties you are required to inform HR about the same.Your employment is also subject to your clearing the Personal
and Professional Background Verification as per the norms of the Company, including your antecedents and document
submitted. In case particulars mentioned in your application / Curriculum Vitae / Resume/ preemployment declaration or
any such document are found false or unsatisfactory, your services would be liable for termination at any time without any
notice or any compensation in lieu thereof.
6. Normal Retirement Age: You will automatically retire from the service of the Company, as the case may be, on attaining
the retirement age of 58 years or as decided by the Company.
7. Compliance: During the continuance of your employment with the Company, you are expected to comply with the
Company's Code of Conduct, policies, practices and procedures.
8. Notice Period: Either party may terminate this employment agreement by giving Ninety (90) days' notice in writing or any
payment arising in lieu of shortfall of notice, acceptance or waiver, will be at the sole discretion of the Company.
9. Termination of Employment Agreement:
♦ 9.1. If you absent yourself without leave for continuous five (5) days, or as per norms of the Company which may
change from time to time, or remain absent beyond the period of leave originally granted or subsequently
extended by five (5) days, you shall be considered as willfully absconding from your employment and disciplinary
action can be initiated against you.
♦ 9.2. Your services are liable to be terminated without any notice or salary in lieu thereof for misconduct, without
being exhaustive and without prejudice to the general meaning of the term "misconduct" in the case of
reasonable suspicion of misconduct, fraud, disloyalty, sexual harassment or any such act of breach of yours that
brings disrepute to the company, commission of an act involving moral turpitude, any act of indiscipline or
inefficiency, any act of bankruptcy or make any composition or arrangement with your creditors. In case of
termination on account of misconduct, Company will not be liable to give any notice or payment in lieu thereof.
♦ 9.3. The Management has the right to terminate your services for any reasons other than mentioned in the
General Terms by giving notice of three (3) months in writing or payment of Total Fixed Pay (excluding retirals
and other non−cash benefits)
10. Non Conflict of Interest and No External Employment: You will not, during your employment with the Company, except
with the specific approval of the Company, undertake other full time or part time work for remuneration or work that
adversely affect your professional image and integrity as an employee of the Company. Assignments of social, charitable,
literary, religious work or board membership of any other company can be pursued with prior approval. Pecuniary benefits
of more than 1% of Total Fixed Pay to be either declined or donated to the IDFC Foundation.
11. Your date of birth mentioned in the Aadhaar Card or other such acceptable statutory document submitted by you will be
deemed to be the conclusive proof of your date of birth.

IDFC FIRST Bank Limited (formerly IDFC Bank Limited)

Naman Chambers, C−32, G−Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Tel: +91 22 7132 5500 Fax: +91 22
2654 0354
Registered Office: KRM Towers, 7th Floor, No.1, Harrington Road, Chetpet, Chennai 600031 Tel: +91 44 4654 4000 Fax: +91 44
4564 4022
CIN: L65110TN2014PLC097792 [email protected]