Indian Overseas Bank · Inward remittance
Indian Overseas Bank Inward Remittance Charges
Indian Overseas Bank charges a published fee when you receive money in India from abroad. The breakdown and worked totals for a typical incoming USD transfer at ₹50,000, ₹1,00,000 and ₹5,00,000 follow.
Things to know
Applies to:Receiving money into a Resident savings or NRO account. Your total is the ₹250 commission, GST on it, and GST on the currency conversion. Trade inward, EEFC/FCNR/RFC, and FCY DD encashment cases aren't modelled here.
- Two GST charges apply. On top of the ₹250 commission (and 18% GST on it), 18% GST also applies to the currency conversion (₹45 minimum) — a government charge; IOB quotes its schedule 'exclusive of GST'.↗
- NRI credits are free. Credit to NRE/NRO accounts is nil — the ₹250 applies only to non-NRI, non-trade inward such as a Resident savings account.↗
- Overseas banks may skim it. Correspondent banks abroad can deduct fees before IOB receives the money, so your credit may be below rate × amount.
- Ask the sender for 'OUR'. Have the sender choose OUR so they pay all in-transit fees and you get the full converted amount.
▸Show 3 more notes
Other things to know
- ₹250 is the individual rate. The flat ₹250 covers individuals; non-individual non-trade inward is ₹500 (up to USD 50,000) and trade inward is 0.10% (₹500–₹2,500).↗
- Returns cost USD 30. If funds have to be sent back to the remitting bank, IOB charges USD 30 / EUR 30 / GBP 30 (or USD 30 equivalent).↗
- Paid out in foreign currency. Receiving the money as FCY (DD/MT/PO/TT) instead of rupees costs ₹575 + SWIFT, not the ₹250 flat fee.↗
Inward fee components
| Component | Definition |
|---|---|
| Inward Remittance Commission (Individual / Non-NRI) | Flat ₹250 |
| GST on Inward Commission (18%) | 18% on inward_commission |
| GST on Amount Exchanged | Slab by ACE |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 519.16 USD | ₹385 |
| ₹1,00,000 | 1038.31 USD | ₹475 |
| ₹5,00,000 | 5191.57 USD | ₹835 |
FAQ — Indian Overseas Bank inward remittance
How much does Indian Overseas Bank charge to receive money from abroad?
Indian Overseas Bank charges a published inward-remittance fee plus 18% GST when money arrives from abroad. Receiving ₹1,00,000 from abroad in USD costs about ₹475 all-in today — see the worked examples above.
Is money received from abroad taxable in India?
The bank deducts no tax on an inward remittance — only its fee and GST. Whether the money itself is taxable depends on the source: gifts from specified close relatives are generally exempt, while income such as salary, freelance payments or rent is taxable as usual. When in doubt, confirm the treatment with a CA.
What exchange rate does Indian Overseas Bank use for inward remittance?
Incoming foreign currency is converted at Indian Overseas Bank's TT Buying rate — currently ₹96.31 per USD (rates updated 9 Oct 2026). The TT Buying rate sits below the mid-market rate; that spread is the bank's margin and a real cost on top of any visible fee.
Does GST apply when receiving money from abroad?
Yes — banks charge 18% GST on the currency-conversion service (computed on a slab-based taxable value under CGST Rule 32(2)(b)), plus GST on any inward-processing fee. GST applies to the conversion service, not to the full amount you receive.
How long does an inward remittance take to credit at Indian Overseas Bank?
Once the SWIFT transfer reaches Indian Overseas Bank, funds are typically credited within 1–2 working days — sometimes the same day — after the bank confirms the purpose and source details required under FEMA.
Try it
The calculator below is pre-loaded in inward mode. Enter the foreign-currency amount being sent to you to compare fees across all banks.
TRANSFER
You pay in INR; recipient receives USD.
Used to determine if this transfer crosses the ₹10L TCS threshold.
Best deal: Indian Overseas Bank. You save ₹3,948.89 vs the most expensive.
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
BREAKDOWN
Outward remittance
Amount being sent $1,000.00 × ₹96.89 | ₹96,890.00 |
| Outward Remittance Commission (0.075%) | ₹250.00 |
| Swift Payment Message | ₹500.00 |
| GST on Commission + Swift (18%) | ₹135.00 |
| GST on Amount Exchanged | ₹174.40 |
| Total charges | ₹1,059.40 |
| Total payable (INR) | ₹97,949.40 |
- Amount being sent
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
$1,000.00 × ₹96.89
Total payable (INR)
₹97,949.40
Indian Overseas Bank
₹97,949.40
Cheapest
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹96.89
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
- Total payable (INR)
- ₹97,949.40
State Bank of India
₹98,282.54
+₹333.14 vs cheapest
TT Selling rate from State Bank of India's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹97.05
- ₹97,050.00
- Branch Commission
- ₹970.50
- Correspondent Bank Charge (Remitter mode)
- ₹87.35
- GST on Amount Exchanged
- ₹174.69
- Total charges
- ₹1,232.54
- Total payable (INR)
- ₹98,282.54
ICICI Bank
₹99,466.60
+₹1,517.20 vs cheapest
TT Selling rate from ICICI Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.11
- ₹98,110.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹176.60
- Total charges
- ₹1,356.60
- Total payable (INR)
- ₹99,466.60
Kotak Mahindra Bank
₹99,697.01
+₹1,747.61 vs cheapest
TT Selling rate from Kotak Mahindra Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.34
- ₹98,340.00
- Outward Remittance Commission (Online)
- ₹500.00
- Correspondent Bank Charge
- ₹500.00
- GST on Commission + Correspondent (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.01
- Total charges
- ₹1,357.01
- Total payable (INR)
- ₹99,697.01
HDFC Bank
₹99,707.03
+₹1,757.63 vs cheapest
TT Selling rate from HDFC Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.35
- ₹98,350.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.03
- Total charges
- ₹1,357.03
- Total payable (INR)
- ₹99,707.03
Axis Bank
₹1,01,898.29
+₹3,948.89 vs cheapest
TT Selling rate from Axis Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.45
- ₹98,450.00
- Remittance Commission
- ₹1,000.00
- Correspondent Bank Charge (OUR)
- ₹1,772.10
- GST on Commission + Correspondent (18%)
- ₹498.98
- GST on Amount Exchanged
- ₹177.21
- Total charges
- ₹3,448.29
- Total payable (INR)
- ₹1,01,898.29
TCS is refundable when you file your ITR — it's a tax credit, not a fee.