Outward remittance refers to the process of transferring money from a resident of one country to a beneficiary in another country. This service is commonly used for purposes like payment towards education abroad, supporting family members, or settling international transactions. This service allows individuals and businesses to transfer funds across borders quickly and efficiently. 

Under this scheme, any Indian resident can transfer maximum up to USD 2,50,000 or equivalent in a given financial year (from 1st April till 31st March) abroad for allowed purposes by RBI. However, in cases where the purpose of transfer is- Education or Medical Treatment and emigration, an individual is allowed to remit more than USD 2,50,000 subject to submission of Actuals estimation supporting.

Yes, PAN is mandatory for outward remittance.

Each and every charge (including govt. taxes) levied on the transaction will be shared to your registered mail id as Debit Advice post execution of the transaction.

When you send money abroad, charges are imposed by various banks, such as the remitting bank, the beneficiary bank and the intermediary banks. These charges can be settled in multiple ways –

•  BEN - These are foreign bank charges which are borne by beneficiary.
• OUR - These charges are borne by the sender for sending full transaction amount to the beneficiary.
• SHA – These charges are shared by the sender and the beneficiary.

Yes, w.e.f. Apr 1, 2025, TCS will be collected by the Bank on remittances made under LRS as per prevailing income tax guidelines. Know the TCS applicable slab:

TCS is NOT applicable in conditions such as: 
 

• Remittances made by Non-Residents and Non-Individuals.
• LRS remittances made from RFC (Resident Foreign Currency) Accounts.
• If the aggregate amount of remittances made during the financial year including the current transaction is less than INR 10 lakhs irrespective of whether the customer is a Specified or Non-Specified Individual.
• Education Remittances where source of funds is Education Loan.

No. GST will not be applicable on the TCS amount, however, GST will continue to be applicable on the transaction value and other charges levied by the bank.

Yes, remitter can claim credit for the tax collected by the Bank while filing for their tax returns provided valid PAN of the remitter has been submitted to the Bank.

It takes approximately 24 to 48 working hours for the funds to reach the final beneficiary bank, subject to submission of correct Remitter and beneficiary details.

Foreign exchange transactions are subject to prevalent GST rates, as under: 

Yes, Dance Troupes, Artists etc who wish to undertake cultural activities at aborad, should obtain prior approval from Department of Education and culture), Govt of India, New Delhi.

You are required to have an Account with us for initiating an international remittance. Along with remittances, you can enjoy a host of other benefits as well.

Ujjivan SFB allows international remittances to its joint account holders,provided the availability of PAN to be updated in Bank's record.

The Minimum limit for an Outward Remittance is USD 100 or equivalent. Maximum Limit allowed upto USD 2,50,000 or equivalent in a Financial Year (April - March) against single PAN number.

Your transaction could be rejected due to one of the following reasons-

• Your applicable LRS limit of RBI should not breach the limit of USD 2,50,000 or equivalent for a given financial year against your PAN number.
• Account should not have insufficient funds, due to additional TCS charges.
• If incorrect or partial information for beneficiary or beneficiary bank account has been provided.
• If the beneficiary is not a part of “Permitted Beneficiary List”.
• If additional documents requested by the bank have not been furnished by you within the defined time period.
• If the information declared by you or documents uploaded by you are found to be incorrect.
• Unauthorized/Non-permissible transactions are not allowed as per RBI regulations.

In a case where your transaction has been rejected, you will have to re-initiate the transfer. We strongly recommend that you furnish accurate and complete information as requested to avoid any delays and cancellations.

While it may happen rarely, your transaction may fail at the beneficiary bank due to incorrect information being entered at the time of adding payee or reasons at the discretion of the beneficiary bank due to certain compliance checks. Please note that it is the responsibility of remitter to ensure that the details being asked for are correctly entered to avoid such scenarios and kindly contact with your base branch within 7 days from the date of execution of transaction.

Please note that the charges are non-refundable and any correspondent foreign bank charges (if levied) will also have to be borne by the remitter.

Cancellation will be solely on discretionary basis and the decision will solely rest with Ujjivan SFB. However, any such request for recall of funds, are subject to applicable charges such as loss of currency conversion, Recall Charges etc. Any such request received for cancellation will be handled by Ujjivan Small Finance Bank on best effort basis and Ujjivan SFB shall not be responsible for any loss incurred by customer owing to the cancellation.

Below transactions are prohibited under the Foreign Exchange Management Act, 1999:

• The remittance facility under the Scheme is not available for the following: Remittance for any purpose specifically prohibited under Schedule-I - (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000. Refer Link: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10193#C3
• Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.
• Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.
• Remittance for trading in foreign exchange abroad.
• Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non-cooperative countries and territories”, from time to time.
• Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
• Gifting by a resident to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.

Please refer : https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=1834#Q2

Reserve Bank of India (RBI), through Clearing Corporation of India Ltd (CCIL), has rolled out an electronic trading platform ‘FX-Retail’ where customers have the option to buy and sell foreign outward remittance. FX Retail platform, currently offers Cash/Tom/Spot deals.

Yes, Customer needs to fill only the Relationship Bank details such as Bank Name, Trading Branch, Home Branch, Customer Account Details etc. Post filling the required fields, the request will sent to Relationship Branch for approval.

Yes, Customer has to select any one of the Relationship Bank which was enrolled in customer FX-Retail Platform.

Yes, Customer has the facility to cancel or Modify the placed request in FX-Retail Platform till the time the order is pending for executions.

NRE account balances are freely repatriable. There is no limit specified for making international fund transfer from such accounts.

Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements.

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).

The fees and charges are as below:

• Transfer fee INR 1000 +18% GST
• Swift Charges INR 500 +18% GST
• GST slab on Fx Conversion: Applicable as per existing Tax slab*
• Foreign Bank Charges (If foreign bank charge is selected as “OUR”)

* GST slab on Fx Conversion:

No, TCS is not applicable for Non-Resident Indians holding NRE/NRO Accounts and Foreign Nationals working in India who are not permanent residents of India. In case, a Resident Individual has moved abroad and is settled there for more than 182 days, it is advisable to convert the account into an NRO Account to avoid any TCS being levied on repatriation proceeds from NRO Accounts.

Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself.

For making an outward remittance from your NRO account, please walk into any Ujjivan SFB branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details. 

In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB. The formats and submission details are available at the website of the Income Tax Department.

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account.

The proceeds of sale of property can be repatriated out of NRO account.

The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.

For more details kindly refer the Document Checklist and Declarations to submit.

For NR Repatriation, only purpose code : S0014 (Repatriation of non-resident deposits) should be used.

Foreign nationals holding savings account with Ujjivan SFB can transfer their salary overseas by visiting any Ujjivan SFB branch.

Kindly refer to the Document Checklist as mentioned above.

The Remittance can be processed up to net salary received in India (after deduction of applicable taxes).