Features

Important Instructions

FEES & CHARGES


 Charges applicable for transactions requested through RemitNow are as below:

Commission on Foreign Outward Remittance through NetBanking is charged as below:

  • Up to USD 500 or equivalent - Rs. 500/- per transaction

  • Above USD 500 or equivalent - Rs. 1000/- per transaction


All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above.

Presently, the applicable rate of GST are as under:

  • On amount of commission, fees and charges paid - @ 18% of amount of the commission/fees/charges.

  • On amount of foreign currency exchanged as per below slab:


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


Tax Collected at Source (TCS) : The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.

Applicable Tax Collected at Source (TCS) till 30th September 2023 

  • Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.

  • For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.
    ​​​​​​​If the amount remitted towards overseas education is from out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above),TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.

  • Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned above.

Applicable Tax Collected at Source (TCS) with effective 1st October 2023 

As per the Central Board of Direct Taxes (CBDT) , with effective 1st October 2023, Tax Collected at Source (TCS) on LRS Forex drawls/remittances is applicable as under : 

i.) If the amount being remitted for purpose of education is from a loan obtained from financial institution as specified u/s 80E of the income-tax Act, 1961, TCS @ 0.5% shall be applicable for amount exceeding INR 7 Lakhs in a financial year. 

ii.) If the amount being remitted for the purpose of education, other than (i) above (or) for the purpose of medical treatment, TCS @ 5% shall be applicable for amount exceeding INR 7 Lakhs in a financial year. 

iii.) If the amount being remitted for any other purpose, TCS @ 20% shall be applicable for amount exceeding INR 7 Lakhs in a financial year. 


Note :

  • All commission, fees and charges, as mentioned above, are non-refundable (unless otherwise stated).

  • Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks, excluding transactions processed under Full value facility.


For more details on fees and charges, please click here. 



 

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