FX Retail

• Flexible Order Placement: Customers can place trades at their convenience, offering greater flexibility. Currently, orders can be placed only for USD/INR currency pairs.
• Access to Competitive Rates: Customers can book transactions at real-time exchange rates sourced directly from the FX-Retail platform.
• Enhanced Transparency: The platform offers clear and upfront pricing, helping customers make informed decisions.
• Digital Processes: The entire journey, from registration and documentation to transaction booking and payment, is fully digital.
• Secure Transactions: All transactions are carried out through secure channels and are compliant with applicable RBI guidelines.

• There is currently no restriction on the number of transactions a customer can undertake in a day.
• Transaction limits and fixed limits can be set up for customers based on their requirements, subject to approval by HDFC Bank.
• Fixed-limit facilities are typically established against a cash margin maintained in the form of a Fixed Deposit (FD) provided by the customer.

What is the FX-Retail platform and who can use it?

FX-Retail is an electronic foreign exchange trading platform developed by the Clearing Corporation of India Limited (CCIL) under the guidance of the Reserve Bank of India (RBI). It offers transparent and competitive USD/INR pricing for foreign exchange transactions.

The FX-Retail platform through the web-based portal is available to Individuals, Non-Resident Individuals, Corporates, Partnership Firms, Private Limited Companies, Small and Medium Enterprises (SMEs), and other eligible customer segments. Currently, transactions are supported only for the USD/INR currency pair across Cash, TOM, Spot, and Forward tenors.

What are the transaction limits on the FX-Retail platform?

The transaction limits on the FX-Retail web-based platform are as follows:

• There is no limit on the number of transactions a customer can undertake in a day. 

• Transaction limits and fixed limits can be set up for customers, subject to approval and configuration by HDFC Bank. 

• Fixed-limit facilities are generally established against a cash margin maintained in the form of a Fixed Deposit (FD) provided by the customer. 

How can I register on the FX-Retail platform through the web-based portal?

To register for the FX-Retail web-based platform, please follow these steps:

• Visit www.fxretail.co.in. 

• Enter the name of your relationship bank during the registration process. 

• Accept the Terms and Conditions applicable to FX-Retail. 

• Once registration is completed, your details will be forwarded to the relationship bank specified by you for verification and approval. 

• Upon successful approval, you will receive your login credentials (User ID and Password) to access the FX-Retail platform. 

• Convenience: Customers can access foreign exchange services through their existing banking or payment apps that are integrated with the Bharat Connect platform. 

• Access to Competitive Rates: Customers can book transactions at real-time exchange rates sourced directly from the FX-Retail platform. 

• Enhanced Transparency: The platform offers clear and upfront pricing, helping customers understand the applicable rates before completing a transaction. 

• Digital Journey: The entire process, from registration and transaction booking to payment, is completed digitally. 

• Secure Transactions: Transactions are processed through secure channels and comply with applicable RBI guidelines under the Liberalised Remittance Scheme (LRS).

Step 1: Register on the FX-Retail Platform via Bharat Connect

• Enter your PAN details. 

• Select HDFC Bank as your Relationship Bank.

• Add your HDFC Bank account details.

• Enter the OTP received on your registered mobile number and complete the registration process. 

Step 2: Book a Forex Rate

• Enter the USD transaction amount. 

• Select the preferred transaction processing mode (Online or Branch). 

• Complete the payment through UPI and confirm your deal booking. 

Step 3: Complete Your Transaction

Branch Process (Available for Outward Remittance and FCY Cash)

• Visit the selected HDFC Bank branch during banking hours on or before the deal expiry date.

• Submit the required application form and supporting documents, mentioning the FX-Retail Trade Number. 

Online Process (Currently Available Only for Outward Remittance)

• Log in to HDFC Bank NetBanking. 

• Add the overseas beneficiary. 

• Initiate your outward remittance request through RemitNow and mention the FX-Retail Trade Number while submitting the request. 

The transaction limits available through the FX-Retail platform via Bharat Connect are as follows:

• FCY Cash: Up to USD 3,000 

• Outward Remittance: Up to USD 10,000 

There is no requirement for the relationship bank to set up transaction limits for customers under this facility.

What is the FX-Retail platform and who can use it?

FX-Retail is an electronic foreign exchange trading platform developed by the Clearing Corporation of India Limited (CCIL) under the guidance of the Reserve Bank of India (RBI). It offers transparent and competitive USD/INR pricing for foreign exchange transactions.

The FX-Retail platform via Bharat Connect is available to Resident Individuals and Sole Proprietorships. Currently, transactions are supported only in USD for Cash value date transactions and outward remittances.

How does FX-Retail through Bharat Connect help customers buy USD?

Through Bharat Connect, customers can access FX-Retail directly through participating banking and payment applications. The platform provides access to real-time exchange rates, a fully digital transaction journey, and transparent pricing, making it convenient to purchase USD for eligible purposes such as remittances and foreign currency cash.

What are the transaction limits on the FX-Retail platform?

The transaction limits available through the FX-Retail platform via Bharat Connect are:

• FCY Cash: Up to USD 3,000 

• Outward Remittance: Up to USD 10,000 

How can I complete a forex transaction using FX-Retail via Bharat Connect?

Customers can complete a forex transaction in three simple steps:

1. Register for FX-Retail through a participating banking or payment application integrated with Bharat Connect. 

1. View and book the required USD amount at the available exchange rate. 

1. Complete the payment digitally and proceed with the transaction as per the selected service. 

What are the requirements for processing outward remittances under the Liberalised Remittance Scheme (LRS) for capital account transactions?

Outward remittances under the Liberalised Remittance Scheme (LRS) for capital account transactions can be processed only when the source of funds is the customer's own funds and does not include borrowings from financial or non-financial institutions.

To establish the source of funds, the remittance amount must be received from the customer's own account maintained with HDFC Bank.

All remittance requests are subject to applicable checks and reviews under FEMA guidelines. If the funds are received from another bank account or if the source of funds cannot be satisfactorily established, the request may be declined at the sole discretion of the Bank.