HDFC Bank’s Remittance Service is...
All You Need to Know
| Particulars | Liberalised Remittance Scheme (LRS) | Normal Remittance Scheme |
|---|---|---|
| Eligibility | USD 250,000 or equivalent per individual per financial year. | No defined limit |
| Purposes | - Capital Account transactions covered under LRS: - Opening of Foreign Currency Account abroad with a bank - Remittances for investment in Purchase of Property - Remittance towards Investments abroad (both listed and unlisted shares of an overseas company) - Setting up Joint Ventures (JV) / Wholly Owned Subsidiaries (WOS) by individuals outside India for bona fide business activities outside India (effective August 5, 2013) - Extending loans, including loans in Indian Rupees to Non-Resident Indians (NRIs) who are relatives as defined in the Companies Act, 2013 Other purposes under LRS: - Private visits to any country (except Nepal and Bhutan) - Gift or Donation - Going abroad for employment - Emigration - Maintenance of close relatives abroad - Travel for business, attending conferences, specializsed training, medical expenses, or accompanying a patient going abroad for treatment/check-up - Expenses for medical treatment abroad - Studies abroad - Any other current account transaction |
All other purposes besides those mentioned under LRS |
| Exceptions | For emigration, medical treatment abroad, and studies abroad, an individual may avail of exchange facilities for an amount exceeding the limit under LRS, as provided in regulation 4 of FEMA Notification 1/2000-RB (dated May 3, 2000), if required by the medical institute, university, or country of emigration |
Not Applicable |
| Documents | - Form A2 - List of Purpose Codes - Outward Remittance/Forex Sale |
- Form A2 |
After downloading the forms, please follow these steps:
- Download an application form to know which forms you need to fill.
- After downloading the forms, print and complete the application form.
- Submit the documents at any of our branches.
Please allow a week's time for us to get back to you on your application. Thank you for choosing HDFC Bank for your banking needs.
Frequently Asked Questions
For foreign remittance, identification documents typically required include a valid passport, government-issued identification like a driver's license or national ID card, and proof of address, such as a utility bill or bank statement. Additionally, financial institutions may require the sender’s PAN (Permanent Account Number) card in India or a Social Security Number (SSN) in the U.S. Some countries may also mandate additional documents such as a visa or residency permit. These documents help verify the identity of the sender and ensure compliance with anti-money laundering (AML) regulations.
Residency requirements for foreign remittance vary depending on the country and the financial institution facilitating the transaction. Generally, remitters must be residents of the country where the transaction is initiated, with a valid bank account and proof of residency, such as a utility bill or lease agreement. Non-residents may also be eligible to remit funds, but they might face additional scrutiny or documentation requirements, such as a valid visa or residency permit. Certain remittance schemes or limits may be exclusive to residents, affecting the amount that can be sent abroad.
A minimum account balance is generally not required specifically for foreign remittance. However, the sender must have sufficient funds in their account to cover the remittance amount, along with any associated fees and charges. Banks or financial institutions may have their own minimum balance requirements to maintain the account, but these are separate from the requirements for conducting a remittance. It's essential to ensure that the account has enough balance to facilitate the transaction without incurring overdraft fees or penalties.