Terms and Conditions of Remittance

Terms and Conditions Governing Remittance Facilities through the digibank Internet Banking Channel


The facility of Foreign Outward Remittance or Overseas Transfer (“Remittance Facility”) through digibank internet banking channel (“digibank iBanking Channel”) being offered by DBS Bank India Limited (“Bank”) is subject to the following terms and conditions (“Terms”). Customers using Remittance Facility confirm to have read, understood and accepted these Terms by clicking on the ‘Confirm’ button on the digibank iBanking Channel.

  1. Remittance Facility is available only for Customers who have completed full KYC requirements, including biometric authentication.
  2. On the digibank iBanking Channel, Remittance Facility is being offered to resident individuals in India and who are eligible to draw foreign exchange under Liberalized Remittance Scheme of Reserve Bank of India, and for limited purposes, as allowed by the Bank from time to time, which are in the nature of Current Account transactions, within the provisions of the said Act.
  3. Customers are responsible for ensuring that all details submitted by them on the digibank iBanking Channel is accurate and complete. The Bank shall not be responsible for verifying that the details are accurate/complete and shall be entitled to rely on the details provided by Customers for purposes of foreign/overseas fund transfer (the “Transfer”).
  4. Payment of the transferred funds is subject to the rules and regulations of the country where the payment is to be made. In view of the prevalence of exchange restrictions in some countries, the liability of the Bank with respect to the payment of the transferred funds shall not exceed in any case the extent to which payment is allowed in the currency in which the transferred funds are to be sent under any government or other restrictions existing in the place of payment or principal financial center of the relevant currency or in the case of the Euro, the European Union or any of its member countries, at the time the payment instructions are received or are to be carried out. Neither the Bank nor its correspondents or agents shall be liable for any delay or loss caused by or as a result of any legislation, law or Order or any Government or Government Agency or the failure of any clearing, settlement or payment system or any other causes whatsoever.
  5. The Bank may take its customary steps for the Transfer according to these Terms. In doing so, the Bank shall be free on behalf of the Customer to transfer or procure the transfer of funds by mail, telex, cable, SWIFT or any other means as it deems fit and to make use of any correspondent, sub-agent or other agency but in no case will the Bank or any of its correspondents or agents be liable for mutilation, interruptions, omissions, errors or delay occurring in the electronic transmission, wire, cable, or mails, or on the part of any postal authority, telegraph, cable or wireless company, or any employee of such authority or through any other cause. The Bank through its correspondents or agents or otherwise may send any messages relative to this Transfer in explicit language, code, or cipher. Customers should note that a foreign outward remittance from India involves drawal of foreign exchange by you from the Bank, and the same is subject to the provisions of Foreign Exchange Management Act (FEMA), 1999 (“Act”). You may also note that, as per provisions of the said Act, it is your responsibility to ensure that the transaction is in compliance with the provisions of the said Act, and any rules, regulations, guidelines and notifications issued under the said Act. Any contravention of the same may invite penal action by competent authority under provisions of the said Act. You agree that the Bank is undertaking this transaction in good faith based on your declarations and you indemnify the Bank against any claims or damages that may arise in case of any violation. The Bank may initiate closure of your bank account(s) with the Bank without prior notice and report the matter to Reserve Bank of India (RBI) or any other statutory authority, if the Banks finds at any point of time that you have made a wrongful/improper declaration.
  6. The Bank shall perform the Transfer only if sufficient credit balance in Indian Rupee is available in Customer’s relevant bank account with the Bank. Customers will be shown the applicable exchange rate and INR equivalent amount, inclusive of applicable charges and taxes, which will be debited from Customer’s savings bank account with the Bank for the Transfer. Same day transfers will only be performed for the Transfers initiated on or before the cut-off time stipulated by the Bank for the transferred currency/country as published on the digibank iBanking Channel.
  7. Remittance Facility through digibank iBanking Channel is currently subject to the following limits on the amount of remittance:
    1. Minimum Amount Per Transaction - USD 10 or equivalent
    2. Maximum Amount Per Transaction - USD 25,000 or equivalent
    3. Maximum Amount Per Financial Year - USD 250,000 or equivalent
  8. The Bank shall not be liable for any losses or damages to you or any other person howsoever incurred save where such loss or damage is directly caused by the gross negligence or willful misconduct of itself or its employees.
  9. You understand that you will have to generate a digital token in your digibank app to add beneficiary for an overseas Transfer on the digibank iBanking Channel
  10. In the event a refund from the Bank of the amount of the transferred funds is desired, such refund shall be made, at the Bank’s discretion, to the Customer, provided that the Transfer has not been performed from the Bank’s end.
  11. In case of transaction reversals/returns by the beneficiary bank, the Bank shall have the right to credit the funds back to your account after deducting any applicable return/processing charges including correspondent bank charges.
  12. The Bank is not obliged to entertain any requests for recall of successful Transfer(s), and any recall (if made) shall be on a reasonable endeavor basis at the sole discretion of the Bank. In the event a recall is successful, the Customer shall be liable for all fees, charges and/or foreign exchange losses arising out of the Transfer and recall.
  13. The Bank will not be liable to execute a payment/Transfer and/or for any losses arising out of non-payment in following scenarios:
    1. Sufficient credit balance is not available in your relevant bank account to execute the Transfer
    2. The payment details/instruction is incomplete or incorrect.
    3. The Bank has reason to believe that the payment instruction is issued to carry out an unlawful transaction or is in contravention to prevalent regulation and FEMA provisions or international restrictions applicable to such remittances (if any).
    4. The payment instruction cannot be executed on account of a court order/attachment etc.
    5. Non-availability of internal systems, Swift network or any other payment transmission mode which is beyond Bank’s control.
  14. The Bank shall have no responsibility for or liability to the Customer or any other person whatsoever for any diminution in the value of funds due to taxes or depreciation or for the unavailability of such funds due to restrictions on convertibility, requisitions, involuntary transfer, distraints of any character, exercise of governmental or military powers, wars, strikes or other causes beyond the Bank’s control. In addition, (i) if the currency’s country of origin restricts availability, credit or transfers of such funds, the Bank will have no obligation whatsoever to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency and (ii) in the event of any matter related to EMU (European Economic and Monetary Union) (including but not limited to the disbanding of EMU, the withdrawal of one or more participating states from EMU or any change in the composition of participating states) which restricts availability, credit or transfers of the Euro or otherwise makes it impossible or impracticable for the Bank to perform its obligations in respect of Euro funds, the Bank will have no obligation to pay the funds, whether by way of draft or cash or by any other means in the relevant currency or any other currency.
  15. Customers agree that, in the event of the Transfer getting delayed or withheld at the foreign bank(s), for any reason whatsoever, Customer shall have no claim against the Bank for such delay or withholding of funds.
  16. Bank shall endeavor to ensure that SMS and/or E-mail alerts are communicated to the Customer for the actions / transactions initiated on the digibank iBanking Channel. However, you agree that the Bank will not be held responsible or liable for any costs, loss, damage etc. due to delay in dispatch of /non-dispatch of SMS/E-mail alerts (or) delayed receipt or non-receipt of such SMS/E-mail alerts for whatsoever reason.
  17. You should note the currencies and countries for which zero charges are applicable, which can be found on the Bank’s website. For these currencies and countries, the exact amount to be sent to the beneficiary will be displayed upfront and the same amount will be sent to the beneficiary. However, for other currencies and countries, please note that the foreign bank(s) involved in the routing of the transaction and/or the beneficiary bank may deduct their charges from the amount of remittance. In such a situation, the beneficiary may not get the full amount remitted from India. Bank does not have any control on such deductions. For transactions to countries where charges are applicable, you are advised to check with the beneficiary in advance of applicable charges in the destination countries/banks and keep adequate buffer in the amount of remittance to ensure the required amount reaches the beneficiary. Also, applicable charges will be applied on such Transfers upfront by the Bank.
  18. Customer consents to the Bank, its officials, employees, correspondents and agents disclosing any information relating to the Customer and Customer’s Transfer request, the subject matter thereof and any transaction connected therewith as the Bank shall deem appropriate.
  19. The Customer consents to be bound by the DBS Privacy Policy, as may be amended, supplemented and/or substituted from time to time, relating to the collection, use, disclosure and processing of personal information. If the Customer provides the Bank with the personal information of any third party beneficial owners, the Customer consents on behalf of the said persons to the Bank’s collection, use, disclosure and processing of his/her personal information in accordance with the DBS Privacy Policy.
  20. The Bank retains the right to refuse the access to or use of the digibank iBanking Channel or any Remittance Facility/ies, including the cancellation of pending transactions, at its discretion.
  21. The Bank reserves the right to add, alter, vary and modify any or all of the above Terms at any time at its discretion without any notice.
  22. These Terms are subject to Indian law and you hereby submit to the exclusive jurisdiction of the courts of Mumbai in India.