Product Overview

Outward Remittances Under Liberalised Remittance Scheme (LRS)

Utkarsh Small Finance Bank provides Wire Transfer Facility that is seamless, secure, and hassle-free to transfer funds abroad under the Liberalised Remittance Scheme (LRS) to Resident Indians for the following purposes, currently:
    • Education
    • Travel for Education
Customers can visit our designated banking outlets to process transactions directly through dedicated counters. This personalised service ensures that your cross-border transfers are handled swiftly with care and expertise.

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Rewards

1 reward point on every 100 spends on debit card

15% discount

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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

Competitive Rates: Get more value for your money with competitive exchange rates and charges. Please click here for rates.

Multiple Currency Options: Bank offers outward remittances in 7 currencies through SWIFT transfer.

Faster Processing: Transfer of funds gets initiated on the same day.

Charges
• Service charges 1000/- per transaction
• “OUR” or “Full Value Transfer”, a flat NOSTRO charges of 2000/- per transaction ^Exclusive of applicable Taxes
Tax Collected at Source[TCS]

TCS shall be applicable on all Foreign Outward Remittances under LRS exceeding ₹ 7 Lakhs
in a FY, applicable from October 1, 2023, as per the details given below:

Sr No. Purpose Applicable Rate
1 Education, where source of funds is Education Loan* 0.5% exceeding 7 Lakhs**
2 Education [self-funded] and Medical Treatment 5% exceeding 7 Lakhs**
3 Purchase of Overseas Tour Program Package 5% till 7 Lakhs, 20% thereafter**
4 All other purposes under LRS*** 20% exceeding 7 Lakhs**
 

T&C Apply
*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 for their Income Tax returns.

 

For additional Information reach out to us at [email protected]

Loan calculator

Amount ()

1 Lac

10 Cr

Tenure ( )

1 Month

120

Interest Rate (%)

1%

31%

line-chart-pattern-bg
Equated Monthly installments (EMI)

2,10,651

Need more Information?
Deposit Amount
Interest Earned

Interest Rate

8.00%

Interest Earned

3,50,452

Maturity Value

13,50,452

Maturity Date

20 Apr 2023

(Indicative interest rates for calculation only. click here for latest rates.)

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