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.) – No Limit When the source of funds is Capital Receipts (e.g Sale of Property) – 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.

Under the provisions of the Income Tax Act, 1961, wef October 1, 2020, the Bank will be required to collect tax at source (‘TCS’) as under: 

• @ 0.5% on remittances made under the LRS Scheme of the RBI for pursuing education through a loan obtained from a financial institution

• @ 5% on any other remittance made under the LRS scheme of the RBI

For non-PAN/ non-Aadhaar cases, the TCS rate will be 10%. 

Wef July 1, 2021, if TDS and TCS in the prior two years is more than Rs 50,000 each and if the tax return has not been filed for both the prior two years, the TCS rates will be

• @ 5% on remittances made under the LRS Scheme of the RBI for pursuing education through a loan obtained from a financial institution

• @ 10% on any other remittance made under the LRS scheme of the RBI

TCS will apply only after the aggregate remittances made (including international spends on debit cards) under the LRS scheme exceed Rs 7 lakh during the financial year and will be collected on the amount in excess of Rs 7 lakhs. However, the threshold of Rs 7 lakhs will not apply if the remittance is for the purpose of purchasing an overseas tour program package.

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.