Fees & Charges
| Description of Charges | Forex Services | ||||||
|---|---|---|---|---|---|---|---|
| Foreign Exchange Transactions | |||||||
| Remittance Outward* |
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| Remittance Inward | No Charge | ||||||
| Other Foreign Exchange Transactions | |||||||
| FCY Cash - Selling | No Charge | ||||||
| FCY Cash - Encashing | No Charge | ||||||
| FCY Demand Drafts - Issuance |
| ||||||
| FCY Demand Drafts - Cancellation | Rs. 50/- per Demand Draft | ||||||
FCY Cheque Collection (FCY personal cheque, FCY DD's sent for collection)* |
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| FCY Cheque Return* | Under Cash Letter arrangement - Rs. 100/- per cheque Under Final Credit service arrangement - Rs. 250/- per cheque Plus Correspondent Bank Charges as applied by the Correspondent bank (Same are not fixed and differ Currency wise)
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| FIRC Charge for Inward Remittance & FCY Cheques collection | Rs. 200/- per FIRC | ||||||
* Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks.
Please note that Cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. A cheque drawn in USD payable on a bank in Singapore or Cheque drawn in GBP payable on a bank in South Africa or Cheque drawn in USD payable in Canada.
The Government of India has announced the implementation of Goods and Services Tax (GST) effective 1st July, 2017. Consequently, Service Tax rate (including Cess) will be replaced by the GST rate as below:
1. Goods and Service Tax on FX Conversion will be revised from 14.5% to 18%
Slab for Service Tax on FX Conversion:
| Amount Of Currency Exchanged (ACE) | GST rates | Minimum GST | Maximum GST |
|---|---|---|---|
| Upto Rs. 1 lakh | 0.18% of ACE | Rs. 45 | Rs. 180 |
| Between Rs. 1 lakh and up to Rs. 10 lakh | INR 180 + 0.09% of ACE | Rs. 180 | Rs. 990 |
| Above Rs. 10 lakh | INR 990 + 0.018% of ACE | Rs. 990 | Rs. 10,800 |
2. Goods and Service Tax on commission, fees and charges on foreign exchange transactions will be revised from 15% to 18%.
Know more about Forex Card offered by HDFC Bank
