HDFC Bank has launched full worth outward remittance service in US Dollar (USD) Euro (EUR) and the Pound Sterling (GBP) for commerce and retail clients. As per the financial institution, its a first-of-its-kind ‘Full Value’ function guaranteeing that when a buyer sends cash overseas, the complete quantity remitted will attain the abroad beneficiary, with none deductions of overseas financial institution prices.
The service will come useful for buyers seeking to purchase international shares together with investing within the US inventory market.
Before you begin shopping for US shares, you’ll have to purchase {dollars} out of your INR below the Liberalized Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI). Currently, below the LRS guidelines, any resident particular person together with a minor ( countersigned by a guardian) is allowed to remit as much as 2.5 lakh US {dollars} (USD 2,50,000 ) in every monetary yr. At an alternate charge of Rs 78 to a greenback, it’s about Rs 1,95,00,000 or Rs 1.95 crore.
The Bank until date has supported Full Value remittance just for particular person clients in USD denomination. In an industry-first, it has expanded this providing to incorporate Trade associated remittance transactions. Furthermore, will probably be provided in USD, GBP and EUR and can be relevant to present and financial savings account holders for each commerce and retail remittances despatched worldwide.
“HDFC Bank has always been at the forefront of creating tailor-made, innovative products to delight its customers. We are therefore excited to bring out our full-value outward remittance service, not just for individuals but for traders as well. We saw an acute customer need in the remittances space were happy to address it. We are certain this product will be a game-changer for our customers,” stated Mr Jatinder Gupta, Business Head, Retail Trade and Forex, HDFC Bank.
This service will be availed of by approaching the department for Trade associated remittance from India, particular person associated remittance below Liberalized Scheme and Non-resident remittances from India in (in USD, GBP and EUR) and RemitNow – WebBanking portal (in USD solely) for overseas outward remittances below the Liberalized Remittance Scheme.
Source: www.financialexpress.com”