Retail Remittances under Liberalised Remittance Scheme (LRS)
- BEST EXCHANGE RATES: - Get the lowest rates on your outward remittance from India.
- TRANSFER WITH MULTIPLE CURRENCY CHOICES: With Equitas Bank offers 16 currencies to send money abroad through SWIFT transfer.
- BRANCH BASED TRANSFER: Visit / call any Equitas Bank Branch to send the remittance.
- FASTER TRANSFER : Transfer of the funds gets initiated the same day.
Purposes permitted under LRS currently offered by Equitas SFB for the Resident Individuals
- Overseas Education Fees
- Travel for Education
Check our Outward Remittance Card Rates for Wire Transfer here.
- SWIFT charges Rs. 500/- per transaction plus GST apply..
- NOSTRO Charges per transaction plus GST per will be applied in INR equivalent (at deal rate) for OUR transactions as per the below table.
|Remittance Value Slab||TT NOSTRO CHARGES (OUR)|
|From 3,000 to 30,000||25||20||25||25||35||25||35||75||90||50||35||90||35||90||80||80|
|From 30,0001 to 50,000||30||30||30||30||35||30||35||75||90||50||40||90||40||90||80||80|
TCS at 5% shall be applicable on all forex transactions under LRS, applicable from Oct 1, 2020, exceeding INR 7 lakhs in a FY (except for remittances towards overseas education made out of loan obtained from a financial institution, for which TCS at 0.5% will be applicable).
If overseas education is owned funds – TCS @ 5% applicable. GST not applicable. Remitter can claim credit for the tax collected by the Bank while filing for their tax returns.
|Spends Type||Rate of TCS|
|Tour and Travel Remittances||5% *|
|Remittance towards Education purposes through Bank Loan||0.5%** beyond an annual aggregate remittance of INR 7 Lakh|
|Remittance on all other type of transactions||5%* beyond an annual aggregate remittance of INR 7 Lakh|
*this would be 10% effective 1st July 2021 if ITR is not filed for last 2 applicable years and TDS + TCS in each of those 2 years is more than Rs 50,000/-*
* this would be 5% effective 1st July 2021 if ITR is not filed for last 2 applicable years and TDS + TCS in each of those 2 years is more than Rs 50,000/-