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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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.
• 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 ₹ 7 Lakhs |
||
| 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 pcms.products@utkarsh.bank
