FX-Retail

FX-Retail Platform

FX-Retail is an electronic trading platform introduced by the Reserve Bank of India and developed by the Clearing Corporation of India Ltd. (CCIL) for Bank customers enabling them to deal in the USD/INR currency pair for their genuine forex exposures. This platform came into existence on August 05, 2019 and is available at https://www.fxretail.co.in for customers to register on the platform and use thereof.

Features and Benefits:

Anonymous multi-user matching system with viewing rights of CCIL’s USDINR interbank rate.
Enables transactions across Individuals, Corporates, Trusts, Cooperative Banks, Foreign Portfolio Investors, Foreign Institutional Investors etc. and providing the benefit of placing the trades at the customer’s own time and convenience. Customers can currently place orders for USD/INR currency pairs only.
Customers can buy or sell USD against INR for Cash, Tom and Spot delivery.

Total amount of transactions is subject to limit (amount, type and tenure) assigned by the Bank.
Net rate with breakup is provided to customer after factoring exchange margin and swap cost from near interbank rates.
Transaction wise audit trail is available to the customer.

Registration Process

Customers need to apply with required details at https://www.fxretail.co.in.
Customers to click on ‘Register Here button’ and complete the registration process by providing the required details including the IDBI Bank account details.
Customers to submit complete FX-Retail activation related documents and applicable cash margin to the relationship Branch along with FX-Retail limit request.
It is to be noted that the details provided by customer on FX-Retail platform need to match with those on record with the Bank for the registration request to be processed.
After verification and placement of applicable cash margins, Bank sets the requested limit for the customer and the exchange mark-up on the platform.
Post approval of the registration request by the customer, access credentials for the platform is shared with the customer on registered email address.
After successful registration on the portal, customer can login to the FX-Retail portal from next business day.

Transaction Process:

Customer can proceed to place an order on the FX-Retail platform up to the limit defined by the Bank within the limit validity period.
FX-Retail shall send order confirmation mail to the customer on the registered email address upon successful completion of the order.
The customer needs to contact the relationship branch immediately with this order confirmation along with necessary documents required for processing of the transaction.
Customer shall ensure utilization of deals booked on the platform.
In case of non-utilisation, the booked deal shall be reversed by Bank at FX card rate published by the Bank. Loss, if any, on such reversal shall be recovered from the customer’s account whereas profit on such reversals shall not be passed on to the customer and retained by the Bank.

Fee and Charges:

Particulars	Charges
One time Customer Registration Charges
a. Individual	Rs.300 + applicable GST
b. Non-Individual	Rs.1000 + applicable GST
Transaction Charges
a. Up-to USD 50,000 in a day	No Charges
b. Above USD 50,000 in a day	0.0004% on the entire Transaction value in INR terms + applicable GST

Schedule of Fees and Charges

* Banks have also been permitted to charge their customers pre-agreed fees towards administrative expenses and mark-up (Exchange Margins) over and above the interbank rates. For further details of such charges and other terms and conditions please contact your Relationship Branch.

*TF charges shall be as applicable. For details please contact your Relationship Branch.

*Applicable Cash margin in the form of lien on Current Account balance/Fixed Deposit is required to be placed by the customer to enable Bank to provide requested limit, subject to the compliance of other documentation and discretion of the Bank. For further details please contact your Relationship Branch.,