Outward Remittance at the Branches

You can do an outward remittance by visiting any of the IDFC FIRST Bank branches after submitting necessary forms/documents. Click here to download Form A2 with required beneficiary and transaction details.

For details on the Exchange Rates, please click here.

After you initiate the International bank transfer process by submitting the payment request, IDFC FIRST Bank routes the payment through its correspondent/ Partner Banks. These correspondent banks may levy charges at their discretion for rendering the services, which are neither in control or responsibility of IDFC FIRST Bank.

Liberalized Remittance Scheme (LRS) is a facility available to resident Indians (including minors) to remit up to USD 2,50,000, in a financial year (Apr – Mar), for any permissible current account or capital account transaction, or a combination of both. It is mandatory to have a PAN number to transfer funds under this scheme.

Resident Individuals (including minors) are allowed to do international bank transfer under Liberalised Remittance Scheme (LRS) up to USD 250,000 per financial year for any permissible current or capital account transactions. For the purposes Emigration, Expenses in connection with medical treatment abroad and Studies abroad, the individual may avail of exchange facility for an amount in excess of the limit, after submitting necessary supporting documents.

This facility is available for making international fund transfer for any permissible current or capital account transactions or combination of both like –

• ·   Maintenance of close relatives abroad
• ·   Gift
• ·   Education
• ·   Medical Treatment
• ·   Foreign Travel (Except Nepal & Bhutan)
• ·   Emigration
• ·   Opening of Foreign currency account abroad with a bank
• ·   Purchase of Property overseas
• ·   Portfolio Investment Abroad (Equity & Debt)

Sending money abroad for the purpose of Family Maintenance is permitted to close relatives only. You should be related to the beneficiaries in the manner indicated as follows:

• ·   Father (Including step-father)
• ·   Mother (Including step-mother)
• ·   Son (Including step son)
• ·   Son's wife
• ·   Daughter
• ·   Daughter's husband
• ·   Brother (including step brother)
• ·   Sister (including step-sister)

NRE account balances are freely repatriable. There is no limit specified for making International Fund Transfer from such accounts.

When the source of funds is Current Income (e.g Rent, Dividend, Interest, etc.), then there is No Limit

When the source of funds is Capital Income (e.g Sale of Property) , then it is USD 1 million in a financial year (Apr-Mar)

For transferring funds abroad from your NRO account, please walk in to any IDFC FIRST Bank branch, and initiate the fund transfer by filling up the Retail Outward remittance application from (Form A2 link Click Here) and application for repatriation of funds from NRO account (Link Click Here), specifying the necessary details. In addition to this you have to provide documentary proof of the source of funds sought to be transferred and C.A certificates in form 15 CA & 15CB. You may email nriservices@idfcfirstbank.com for any further assistance.

From your NRE or FCNR account, you can transfer funds to any account overseas easily.

• Complete Outward Remittance Form (Form A2 Link Click Here), scan and email to nriservices@idfcfirstbank.com, from your registered email id.
• We will call you on your registered phone number to verify the transaction. Once this is done, transaction will be executed basis your instructions.
• If you are in India and visiting branch of IDFC FIRST Bank, you could also hand over the request in person.

The increase in TCS rates; which were to come into effect from 1 July, 2023 shall now come into effect from 1 October, 2023. Till 30 September, 2023, earlier rates (prior to amendment by the Finance Act 2023) shall continue to apply.

Earlier and New TCS rates are summarized as under:

TCS certificate is generated quarterly. You can check with your Branch for the same. The TCS will also reflect as tax credit in your Form 26AS

No, TCS is not applicable for NRIs.

Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances from NRO account.

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.

o    Steps to be followed to file Form 15CA online

o    Login to: https://incometaxindiaefiling.gov.in

o    Go to e-filling log in page

o    Input user ID ( PAN of Remitter) and password

o    After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)

o    Select form type – 15CA

o    Instructions are given to fill the 15CA form

o    The online form is available in two parts – Part A and Part B

o    Complete the respective applicable PART either PART A or PART B (as required)

o    Once the Form 15CA is filled, verify and submit

o    Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.

o    Click on the 15CA form and take a print along with the acknowledgment Slip.

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate