Is there any minimum remittance amount?
There is no minimum remittance amount, but
depending on the product, there might be
minimum fresh and additional purchase limits.
What is the minimum investment amount?
Currently, for any fresh allocation to any of the above-mentioned portfolios, the minimum investment is $1,000. For an additional/follow-on purchase in the same portfolio, the minimum investment amount is $250.
What are the charges applied for the remittance?
Remittance charges vary from bank-to-bank. We do not charge anything for the remittance. Our broker-dealer partner in the US charges a one-time setup fee of $5.00 for the first remittance. This is for tax certification for non-US accounts.
Are there any taxes or deductions at the time of remittance?
According to Budget 2020, under LRS, a 5% Tax Collection at Source (TCS) is applicable on remittances aggregating to ₹7 lakh or more in a financial year. The TCS also applies on LRS transactions exceeding ₹7 lakh if a foreign exchange facility is ...
Which banks are supported for remittance?
Currently, the banks supported are ICICI Bank, IDFC First Bank, HDFC Bank, RBL Bank, Axis Bank and Kotak Mahindra Bank. We are in the process of adding more banks to this list. Currently, Online Remittances are supported by ICICI Bank and HDFC Bank.
Are there any bank-wise remittance limits?
A few banks have placed limits on online remittances. Please check with your client’s bank relationship manager.