Remittance

• Online remittances are available from Indian resident savings account & Non-resident external (NRE) accounts.
• Non-resident external (NRE) accounts and savings accounts held by Indian residents can be used for online transfers.
• The transaction limit in a financial year is set at USD 250,000 or similar, and the daily transaction limit is set at USD 25,000 or equivalent.
• Same day transfers are applicable only when transaction is initiated before the cut off time (i.e., before 11:30 AM IST).
• DBS guarantees full credit to the payee. Note that few overseas banks charge additional bank fee on incoming remittance at their discretion. DBS has no control over fee charged by them.
• GST & TCS are regulatory charges and non-refundable in case of transaction rejection. TCS charges can be claimed while filing Income tax return.
• Remittances are only handled during business days for the banks. Transactions initiated on holidays will get processed on next working day.
• Online remittances can be made for the below purposes-
  • Studies abroad
  • Self-transfers/Maintenance of close relatives
  • 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
• Please be aware that bank account numbers in Canada are typically seven digits long. The recipient's account number should not include the 4-digit branch/transit code. Remittance transactions could be rejected if the format is not followed.

Bank Fee

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Currency Converter SGD to INR Rate

As per Finance Act 2023, all outward remittances transactions under the Liberalized Remittance Scheme (L₹) 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.

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Currency Converter SGD to ₹ 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

To add a beneficiary/payee, you need to log into your DBS Bank account on our website and initiate an overseas payment. You will need the payee’s basic details such as their full name, account number, bank account details, etc., to initiate the payment.

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

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

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

Outward remittance requests are typically rejected in case:

• The account does not have sufficient funds
• The amount of transaction exceeds USD 25,000 or its equivalent in other currencies
• The annual LRS limit of USD 250,000 has been utilised
• The beneficiary country is not part of “Permitted Country List”
• The beneficiary is not a part of the “Permitted Beneficiary List”
• Remittance being sent to your own account overseas
• Incorrect or partial details of beneficiary/beneficiary’s bank has been provided
• unauthorised/non-permissible transactions not allowed as per RBI Regulations are conducted

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 Liberalised 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).