Inward Remittance

Receive funds from overseas in your Indian bank account at competitive exchange rates. This can happen for various purposes like Family Supports, Personal Needs, Business Requirements or for Investments etc. Ujjivan SFB offers a secure, safe and hassle-free Credit of Foreign Exchange into your Bank Account with offering of Industry’s Best Exchange Rate.

Features & Benefits

Convenience:

A completely transparent process eliminates the need to visit a physical branch

Easy to Transfer:

The sender can initiate the fund transfer through digital platform of Overseas Bank or visit the Overseas Bank Branch

Secure Channel:

We ensure the secure and reliable transfer of funds using the global SWIFT network

Competitive Rates:

Get an Exclusive and Industry’s best Rate offering for all permissible Inward Remittances

Unlimited Limits:

There are no such limits for bringing funds to India

Currency Range:

Bring your Inward remittance in all major currencies

Eligibility Criteria

Indian residents, foreign individuals, Non-Resident Indians (NRIs), and businesses such as Freelancing and Consultants, any cross-border trade related activities, are eligible to receive inward remittances (payments from abroad) in India, provided the transaction complies with the Reserve Bank of India's (RBI) Foreign Exchange Management Act (FEMA) guidelines.

Required Documents for Processing Inward Remittance

For Residents:

Disposal Instructions: Submission of Disposal Instruction is mandatory. However, certain declarations and supporting of additional Documents may also need to submit as per prescribed RBI guidelines
Download Disposal Instruction Form
To know the Documents checklist:
Click Here

Identification Documents: Proof of identity and address as per KYC norms shall be obtained if the same is not available in Bank’s Records

For NRIs:

Declaration: Certain declarations and supporting of additional documents may also need to submit as per prescribed RBI guidelines
To know the Documents checklist:
Click Here

Identification Documents: Proof of identity and address as per KYC norms shall be obtained if the same is not available in Bank’s Records

Fees & Charges

Transfer fee INR 250 +18% GST

Currency conversion tax: Applicable as per remitted amount in INR as per existing Tax slab*

Below is the information pertaining to Currency Conversion Tax Slab

Transaction Amount (₹)	FCY GST Calculation (@18%)
Up to ₹1,00,000.00	(1% of Transaction Amt.) x 18% \| Minimum GST of INR ₹45
₹1,00,001 to ₹10,00,000.00	[₹1,000 + (0.5% of Transaction Amt. above ₹1 lakh)] x 18%
Above ₹10,00,000.00	[₹5,500 + (0.1% of the Transaction Amt.)] x 18% \| Maximum GST of ₹10,800

Swift code & Correspondent Bank Detail

FAQs

An Inward Remittance is the transfer of funds from an overseas sender to a beneficiary in India through authorised banking or money transfer channels. It can be sent for various purposes such as family maintenance, salary, savings, gifts, or business payments.

Ujjivan SFB provides convenient inward remittance facilities through secure and authorised channels like SWIFT transfers and tie-ups with correspondent banks. Customers can receive funds directly into their Ujjivan SFB account in Indian Rupees (INR).

Any individual or business customer holding an account with Ujjivan SFB can receive funds from abroad, subject to RBI and FEMA regulations.

The Sender to mention the below details while initiating the Inward Remittance

Beneficiary Full Name (as per bank records)

Ujjivan SFB Account Number

Bank Name and Branch

SWIFT Code

Purpose of Remittance (Purpose Code)

A Purpose Code is a regulatory classification mandated by RBI to specify the reason for the remittance (e.g., salary, family maintenance, export proceeds). This ensures compliance with FEMA and foreign exchange laws.

Funds are generally credited within 1 to 3 business days, depending on the remitter’s bank, intermediary network, and time zone.

You’ll receive SMS and email notifications as soon as the funds are successfully credited to your Ujjivan SFB account.

Ujjivan SFB levy INR 250 + GST as Processing charge for receiving funds in INR.

The exchange rate applied is based on the prevailing forex rate at the time of conversion

There is no fixed upper limit for inward remittances received through bank transfers. However, certain channels (like MTOs) may have transaction-wise caps as per RBI or operator limits.

Inward remittances are generally non-taxable at the time of receipt. However, taxation depends on the nature of remittance (e.g., income, gift, or capital). Customers should consult a tax advisor for clarity.

Yes, remittances can be received from any country that allows outward transfer to India through authorised banking channels and should not under international sanctions or identified under black listed countries.

Yes, customers must have a valid and updated KYC (Know Your Customer) record with the bank before receiving any inward remittance.

If incorrect details are provided, the remittance may be rejected or returned by the intermediary or beneficiary bank. The sender should then contact their bank to reinitiate the transfer with correct details

You can track it by contacting your Ujjivan SFB branch or Customer Care, quoting the transaction reference number shared by the sender.

In case of delay, upon submission of valid Inward transaction (Initiation) confirmation, Ujjivan SFB will coordinates with correspondent banks to trace the payment

Once credited to the beneficiary account, the remittance cannot be reversed without proper authorisation from both the sender and beneficiary. Before credit, recall requests can be raised through the remitting bank.

If a transaction fails due to incorrect details or non-compliance, the funds are automatically returned to the sender’s account after deduction of intermediary bank charges (if any).

Yes, eligible customers can receive foreign remittances into their NRE or NRO accounts as per FEMA regulations and RBI guidelines.

Yes, remittances can be received into a joint account, provided the account is compliant and valid under FEMA norms.

Yes. Business entities with a valid Current Account can receive inward remittances against permitted trade or service transactions, in line with FEMA and RBI regulations.

All remittances are processed through authorised and regulated banking networks, ensuring end-to-end encryption, authentication, and compliance with RBI and AML (Anti-Money Laundering) standards.

For high-value or purpose-based remittances, Ujjivan SFB may request for supporting documents such as invoice copies, agreement details, or declarations to validate the purpose of funds.

You can contact your Ujjivan SFB branch or customer care immediately to correct the purpose code or submit supporting documentation.

Yes, inward remittances for education fees, living expenses, or medical support are permitted under RBI norms, provided they are genuine and verifiable.

In most cases, no prior approval is needed for receiving remittance. However, certain transactions may require approval if the purpose is restricted under FEMA.

Yes, you can receive salary payments from foreign employers through authorised banking channels, provided tax and FEMA norms are followed.

Funds received from restricted or blacklisted entities/countries may be rejected or held for regulatory review. Ujjivan SFB will notify you if additional documentation is required.

You can reach out to your nearest Ujjivan SFB branch, Customer Care, or write to customercare@ujjivan.com for guidance related to inward remittances.

FAQs for NRI Customers

NRE account balances are freely repatriable. There is no limit specified for making international fund transfer from such accounts.

Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements.

When the source of funds is current income (e.g., Rent, Dividend, Interest, etc.), then there is No Limit. When the source of funds is Capital Income (e.g., Sale of Property), then it is USD 1 million in a financial year (Apr-Mar).

The fees and charges are as below:

Transfer fee INR 1000 +18% GST
Swift Charges INR 500 +18% GST
Currency conversion tax: Applicable as per remitted amount in INR as per existing Tax slab*
Tax collecting at Source (TCS) as applicable**.
Foreign Bank Charges (If foreign bank charge is selected as “OUR”)

Currency Conversion Tax Slab

Transaction Amount (₹)	FCY GST Calculation (@18%)
Up to ₹1,00,000	(1% of Transaction Amt.) x 18% \| Minimum GST of ₹45
₹1,00,001 to ₹10,00,000	[₹1,000 + (0.5% of Transaction Amt. above ₹1 lakh)] x 18%
Above ₹10,00,000	[₹5,500 + (0.1% of the Transaction Amt.)] x 18% \| Maximum GST of ₹10,800

No, TCS is not applicable for Non-Resident Indians holding NRE/NRO Accounts and Foreign Nationals working in India who are not permanent residents of India. In case, a Resident Individual has moved abroad and is settled there for more than 182 days, it is advisable to convert the account into an NRO Account to avoid any TCS being levied on repatriation proceeds from NRO Accounts.

Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself.

For making an outward remittance from your NRO account, please walk into any Ujjivan SFB branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details.

In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB. The formats and submission details are available at the website of the Income Tax Department.

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account.

The proceeds of sale of property can be repatriated out of NRO account.

The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.

For more details kindly refer the Document Checklist and Declarations to submit.

For NR Repatriation, only purpose code : S0014 (Repatriation of non-resident deposits) should be used.

FAQs for Foreign Nationals

Foreign nationals holding savings account with Ujjivan SFB can transfer their salary overseas by visiting any Ujjivan SFB branch.

Kindly refer to the Document Checklist as mentioned above.

The Remittance can be processed up to net salary received in India (after deduction of applicable taxes).