Done! The funds will be credited to your beneficiary's account within 1- 3 working days.
* Based on your purpose of transfer, additional documents may be requested.
Click here to view documentation
Terms & Conditions –
*PAN card is mandatory for outward remittance under Liberalized Remittance scheme.
* Based on your purpose of transfer, additional documents may be requested.
*In case of a minor remitter, the LRS declaration must be countersigned by the minor's natural guardian.
* The LRS limit of the minor can be utilized but with the PAN of natural guardian. This is applicable where the minor doesn't have a PAN card.
*This does not include charge levied by correspondent / intermediary banks. Charges for remittance levied by intermediary/beneficiary banks (overseas) may be applicable based on the respective banks' tariff structure.
* GST will be levied on the converted gross INR amount, as per the existing Tax slab. Click here to know the slab wise structure
W.e.f. Oct 1, 2020, TCS will be collected by the Bank on remittances made under LRS as per prevailing Income tax guidelines
For details on the Exchange Rates, please click here.
Here are the details of limits set for transfer:
| Account Type | Limits |
|---|---|
| Resident Indian | USD$ 2,50,000 and equivalent in a financial year |
| Non Resident | From NRE A/c: No limit |
| From NRO A/c: USD$ 1,000,000 and equivalent per financial year (No limit for Current Income) | |
| Foreign National Residing in India | Up to net salary received in India (after deduction of applicable taxes) |
| Minor | Same as Resident |
FX Retail Platform
Reserve Bank of India (RBI), through Clearing Corporation of India Ltd (CCIL), has rolled out an electronic trading platform ‘FX-Retail’ where customers have the option to BUY and SELL foreign exchange. FX Retail platform, currently offers Cash/Tom/Spot deals.
Post successful registration, the limit can be setup by visiting the nearest branch of IDFC FIRST Bank.
The Reserve Bank of India (RBI) has cautioned customers against unauthorised entities offering foreign exchange (forex) trading facilities to Indian residents with promises of disproportionate/exorbitant returns. These entities may take recourse to engaging local agents who open accounts at different bank branches for collecting money towards margin, investment, charges, etc. These accounts are opened in the name of individuals, proprietary concerns, trading firms etc. and the transactions in such accounts are not found to be commensurate with the stated purpose for opening the account in several cases. It is also observed that these entities are providing options to residents to remit/deposit funds in Rupees for undertaking unauthorised forex transactions using domestic payment systems like online transfers, payment gateways, etc.
The following may be noted in this regard: -
a. Section 3 (a) of the Foreign Exchange Management Act (FEMA), 1999, in terms of which, no person shall deal in or transfer any foreign exchange or foreign security to any person not being an ‘Authorised Person’, unless under general or special permission of the Reserve Bank;
b. Regulation 4 read with Schedule I of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25/2000-RB dated May 3, 2000), as amended from time to time, in terms of which, a person, whether resident in India or resident outside India, may enter into a foreign exchange derivative contract with an authorised dealer or on recognised exchanges, only;
c. Para 3 (1) of the Electronic Trading Platforms (Reserve Bank) Directions, 2018 dated October 05, 2018, in terms of which, no entity shall operate an Electronic Trading Platform (ETP) without obtaining prior authorisation of the Reserve Bank;
d. Press releases dated February 03, 2022, September 07, 2022 and February 10, 2023 issued by the Reserve Bank, cautioning against unauthorised forex trading platforms; and
e. ‘Alert List’ issued by the Reserve Bank containing names of entities which are neither authorised to deal in forex under FEMA, 1999 nor authorised to operate ETP for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
We request you to exercise caution and display greater vigilance to prevent the misuse of your account in facilitating unauthorised forex trading. If you come across an unauthorised entity which claims to facilitate forex trading, we request you to get in touch with the nearest Branch or your Relationship Manager for further action.
