Remittance

1. Digi Remit is available only for Indian resident only.
2. The maximum transaction limit is USD 25,000/day, maximum transaction limit per Financial Year is USD 2,50,000
3. Same day transfer holds true only when transaction is initiated before the cut off time (before 11:30 AM)
4. We guarantee full credit to the payee. Some banks may charge additional bank fee on incoming remittance on their discretion.
5. In case of transaction rejection/fund reversal, GST & TCS charged is not refunded. You can claim the refund from ITR.
6. Saturdays, Sundays & Maharashtra Bank Holidays are non-working days for foreign exchange transactions.
7. Most banks in Canada have a 7-digit bank account number. Do exclude the 4-digit branch/transit code in the Recipient’s Account Number. Your remittance transaction may get rejected if beneficiary’s account number is in the wrong format.
8. Online outward remittances can be made for the below purposes-
   • Studies abroad
   • Maintenance of close relatives and transfer to self-account overseas
   • Gift and personal donations 
   • Indian Portfolio Investment abroad in Equity Shares
   • Indian Portfolio Investment abroad in Debt Instruments
   • Donations for religious/charitable purpose
   • Business Travel
   • Travel to pursue education overseas
   • Travel for pilgrimage
   • Travel for medical treatment
   • Personal travel and payments for international credit cards settlements
   • Medical Treatment overseas
   • Emigration

Bank Fee

As per Finance Act 2023, all outward remittances transactions under the Liberalized Remittance Scheme (LRS) are subject to new Tax Collected at Source (TCS) rates. This shall be applicable for all remittances done by a Resident individual.

Revised TCS rates applicable from 1^st October 2023-

TCS deduction can be adjusted against your overall tax liability. TCS can be claimed in the income tax refund or credit can be availed at the time of filing the income tax return or for computing your advance taxes. Bank will provide the TCS certificate quarterly, which can be used for Income Tax Return filing.

Foreign Currency Foreign Exchange

Currency Converter SGD to INR Rate

• Account not having sufficient funds. Account should be funded with full amount of remittance including GST+ Bank Fee (if any)+ TCS (if applicable)
• Amount of transaction exceeding USD 25,000 or equivalent 
• In case the annual LRS limit of USD 250,000 has been utilized
• Remittance made to your own account overseas under purpose code “Gift” (instead use “Maintenance of close relatives & savings")
• If incorrect or partial details of beneficiary/beneficiary’s bank has been provided.
• In case of unauthorized / non-permissible transactions not allowed as per RBI Regulations

To check the exact status of transaction, please drop a mail to [email protected] or call on 1860 208 7368

Login to digibank ibanking and click on the 'Overseas Transfer' tab within 'Pay & transfer'. For adding new oversees payee, simply provide bank account details or 'Start a transfer' in case of already added payees. Once the payment request is successfully completed, a confirmation email/message will be sent to your registered mobile no. and email Id.

Once you log into digibank, oversees payee needs to be added before initiating an overseas payment. Basic details such as payee's full name, account number, bank details, etc. should be kept handy.

Ensure that you download and log into digibank at least once before you add a new overseas payee.

After the payee is set up, the newly added payee will be saved and you don't have to enter the details again during your next transfer.

You don't need any document for transferring money anywhere in the world with digibank. All required payment details and declaration are collected digitally during submission of the overseas transfer request on digibank ibanking. Please go through the terms and conditions and FEMA declaration that are provided on our website. You will have to agree and confirm applicable T&C and declaration before transaction submission and by virtue of you accepting these, it would be deemed that you agree to these.

In accordance with extant law / regulation in India, currently, remittances overseas are not allowed on mobile application. You will be able to initiate an overseas transfer from digibank ibanking page which can be opened on your mobile.

Money can be sent overseas for following purposes:

• Maintenance of Family / Close Relatives Abroad
• Education Abroad
• Medical Treatment Abroad
• Emigration
• Other Travel (Including holiday trips & settlement of international credit card transactions)
• Business Travel
• Travel for Education (including fees, hostel expenses etc.)
• Travel for Medical Treatment
• Travel for Pilgrimage
• Gifts / Donation

• In case the account does not having sufficient funds
• In case amount of transaction exceeds USD 25000 or equivalent
• In case the annual LRS limit of USD 250,000 has been utilized
• In case the beneficiary country is not part of “Permitted Country List”
• In case the beneficiary is not part of the “Permitted Beneficiary List”
• In case remittance being sent to your own account overseas
• In case incorrect or partial details of beneficiary / beneficiary’s bank has been provided
• In case of unauthorised / non-permissible transactions not allowed as per RBI Regulations

The minimum limit per transaction for overseas transfer is of USD 10. The maximum transaction limit is USD 25,000 per transaction which is also the maximum daily transaction limit. The annual transaction amount limit is capped at USD 250,000 or equivalent.

The maximum limit of USD 250,000 or equivalent per year for transferring money abroad under Liberalized Remittance Scheme (LRS) is applicable for a customer for all transactions routed through all permissible channels / Authorised Dealers Banks (subject to any purpose specific limit specified by Reserve Bank of India).