Kotak Mahindra Bank · Inward remittance
Kotak Mahindra Bank Inward Remittance Charges
Kotak Mahindra Bank does not charge a separate fee for inward remittance. 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. Kotak charges no commission, but you'll see an 18% GST line on the currency conversion.
- GST on the conversion. 18% GST applies when your foreign money is converted to rupees (₹45 minimum) — Kotak's fee schedule covers currency conversion both ways, and this government charge applies even though it isn't itemised for inward.
- Overseas banks may skim it. Correspondent banks abroad can deduct fees before the money reaches Kotak, so your credit can 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 amount.
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Other things to know
- No published inward fee. Kotak doesn't publish a separate inward commission — check with your branch before relying on zero commission.
Inward fee components
| Component | Definition |
|---|---|
| GST on Amount Exchanged | Slab by ACE |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 525.87 USD | ₹90 |
| ₹1,00,000 | 1051.75 USD | ₹180 |
| ₹5,00,000 | 5258.73 USD | ₹540 |
FAQ — Kotak Mahindra Bank inward remittance
How much does Kotak Mahindra Bank charge to receive money from abroad?
Kotak Mahindra Bank levies no separate inward-remittance fee, but 18% GST on the currency-conversion service still applies, so receiving money isn't entirely free. Receiving ₹1,00,000 from abroad in USD costs about ₹180 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 Kotak Mahindra Bank use for inward remittance?
Incoming foreign currency is converted at Kotak Mahindra Bank's TT Buying rate — currently ₹95.08 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 Kotak Mahindra Bank?
Once the SWIFT transfer reaches Kotak Mahindra 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.