Inward And Outward Remittances

Foreign Exchange Services

We believe geographical distance should not be a damper in meeting your personal, professional and social obligations. Catering to a rich NRI belt and understanding the needs of our ever growing clientele, we offer a bouquet of Foreign Exchange Services with customized solutions for all your inward and outward remittance needs that we can serve as an AD-II Bank. Through our remittance facilities, you can engage in effortless fund transfers with ease of transaction and full regulatory compliance.

Products: The List of foreign exchange services provided by the bank include the following:

• Inward/Outward Remittance Services
• Purchase and sale of Foreign Currency Notes from/to its customers

Guidelines on Purchase and sale of Foreign Currency Notes from/to its customers

• Foreign Currency Purchase: The bank purchases foreign currency notes from its customers/ walk-in customers and sells that to AD-I entities or FFMC’s and
• Foreign Currency Sale: The Bank sells foreign currency notes to its customers/ residents under LRS (Liberalized Remittance Scheme), as the prescribed limits set forth by the RBI from time to time for permissible transactions.

Documentation/Process Flow: The bank has devised simple and smooth documentation/process flow for ease of such transactions:

At the Time of Sale of Foreign Currency: The following set of documents are required at the time of sale of currency to resident individual(s):

1. Air ticket
2. Visa
3. Payment Details i.e Cheque/RTGS/NEFT etc.
4. PAN

Note: No Foreign currency can be sold to other than resident(s) i.e no foreign currency can be sold to foreign nationals, NRIs, PIOs etc.

Salient Features:

• Same-day credit: Upon receipt of funds (inward remittance), we offer same-day credit to the beneficiary’s account
• Same-day outward remittance: We also provide same-day outward remittance at competitive external remittance charges
• Customer Friendly Interface: We offer an effort less customer friendly interface of foreign exchange services.
• Next-day SWIFT message: We make sure to provide a next-day SWIFT message for outward remittances.
• Single Window Processing: We offer single window processing of all foreign exchange related services.