Inward Remittances
Now, tranfer funds or pay your electricity bills.
We have made your transactions easy with our remittance services.
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Rewards
1 reward point on every 100 spends on debit card
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15% discount
1 reward point on every 100 spends on debit card
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Free
Cash withdrawal on Utkarsh Bank ATMs
The following benefits can be availed on inward remittance service:
Quick Transfer: Money sent by your relative staying abroad is received within a minute from anywhere at an authorised centre in India.
Reliable: We are associated with the most reputed and secure mediums of money transfer, making it the safest options available.
Convenient: Money can be transferred from almost any part of the world.
Customer Friendly: The process of sending and receiving money is as simple as handing cash over the counter by yourself.
Fees and Charges: There are no charges applicable.
• Service charges of /- plus GST per transaction
• “OUR” or “Full Value Transfer”, a flat NOSTRO charges varies according to currencies
| Tax Collected at Source[TCS]
TCS shall be applicable on all Foreign Outward Remittances under LRS exceeding ₹10 lakh in a financial year, applicable from April 1, 2025, as per the details given below: |
||
| Sr No. | Purpose | Applicable Rate |
|---|---|---|
| 1 | Education, where source of funds is Education Loan* | 0% [No TCS Applicable] |
| 2 | Education [self-funded] and Medical Treatment | 5% exceeding 10 Lakh** |
| 3 | Purchase of Overseas Tour Program Package | 5% upto Lakh, 20% thereafter** |
| 4 | All other purposes under LRS*** | 20% exceeding 10 Lakh** |
T&C Apply
* Education loan must be obtained from any Financial Institution as defined in Section 80E of Income Tax Act, 1961.
** All charges applicable in a Financial Year and Specified Persons may be subjected to a higher tax slab.
*** This will include all LRS purposes including foreign trips, investing overseas and gift remittances excluding education and medical purposes.
Remitter can claim credit for the TCS while filing their Income Tax returns.
For additional Information reach out to us at pcms.products@utkarsh.bank
