Indian Overseas Bank Inward Remittance Charges — Receiving Money in India
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:Foreign inward remittance to Resident savings / NRO. Trade inward, EEFC / FCNR / RFC, and FCY DD encashment scenarios are not modelled.
- Credit to NRI accounts (NRE/NRO) is NIL — the ₹250 commission applies only to non-NRI / non-trade inward (e.g. Resident savings).↗
- Correspondent banks abroad may deduct fees before IOB receives the funds — your credit may be less than rate × foreign amount.
- Ask the sender to use OUR charge-bearer so they pay all in-transit fees and you receive the full converted amount.
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Other things to know
- Individual / non-trade inward commission is ₹250 flat; trade inward uses 0.10% (min ₹500, max ₹2,500).↗
- If funds need to be returned to the remitting bank, IOB charges USD 30 / EUR 30 / GBP 30 (or USD 30 equivalent).↗
- Inward paid out in foreign currency (DD / MT / PO / TT) costs ₹575 + Swift, not the ₹250 individual flat fee.↗
Inward fee components
| Component | Definition |
|---|---|
| Inward Remittance Commission (Individual / Non-NRI) | Flat ₹250 |
| GST on Inward Commission (18%) | 18% on inward_commission |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 527.04 USD | ₹295 |
| ₹1,00,000 | 1054.07 USD | ₹295 |
| ₹5,00,000 | 5270.37 USD | ₹295 |
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 ₹1,807.72 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 × ₹95.44 | ₹95,440.00 |
| Outward Remittance Commission (0.075%) | ₹250.00 |
| Swift Payment Message | ₹500.00 |
| GST on Commission + Swift (18%) | ₹135.00 |
| GST on Amount Exchanged | ₹171.79 |
| Total charges | ₹1,056.79 |
| Total payable (INR) | ₹96,496.79 |
- Amount being sent
- ₹95,440.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹171.79
- Total charges
- ₹1,056.79
$1,000.00 × ₹95.44
Total payable (INR)
₹96,496.79
TCS is refundable when you file your ITR — it's a tax credit, not a fee.