Head-to-head · Remittance charges
Kotak Mahindra Bank vs State Bank of India
Side-by-side fee comparison between Kotak Mahindra Bank and State Bank of India on outward remittance from India. The verdict matrix below shows the cheaper bank at ₹50K, ₹1L, ₹5L across USD, GBP, EUR, AED, with the rupee delta.
Updated 9 Oct 2026
Outward fee components
| Component | Kotak Mahindra Bank | State Bank of India |
|---|---|---|
| Commission | Outward Remittance Commission (Online) Flat ₹500 | — |
| Correspondent Charge | Correspondent Bank Charge Flat ₹500 | — |
| GST Commission | GST on Commission + Correspondent (18%) 18% on commission, correspondent_charge | — |
| GST Exchange | GST on Amount Exchanged Slab by ACE; 3 bands | GST on Amount Exchanged Slab by ACE; 3 bands |
| Branch Commission | — | Branch Commission Per-currency flat fee in destination currency: USD 10, GBP 8, EUR 10, AUD 10, CAD 10, SGD 10, NZD 10, AED 25 |
| Correspondent Charge Remitter | — | Correspondent Bank Charge (Remitter mode) Per-currency flat fee in destination currency: USD 0.9, GBP 2, EUR 5, AUD 5, CAD 18, SGD 10, NZD 5, AED 15 |
Exchange rates side-by-side
TT Selling = rate the bank uses when you send money abroad. TT Buying = rate applied when you receive money from abroad. A tighter spread (lower %) means less hidden FX cost.
| Currency | Kotak Mahindra Bank | State Bank of India | ||||
|---|---|---|---|---|---|---|
| Sell | Buy | Spread | Sell | Buy | Spread | |
| USD | 98.3400 | 95.0800 | 3.43% | 97.0500 | 96.2000 | 0.88% |
| GBP | 130.7700 | 125.2900 | 4.37% | 129.4300 | 126.5600 | 2.27% |
| EUR | 110.9900 | 106.1300 | 4.58% | 109.8500 | 107.1500 | 2.52% |
| AED | 27.3200 | 25.3400 | 7.81% | 26.9700 | 25.6700 | 5.06% |
Verdict matrix
| Send | Currency | Kotak Mahindra Bank | State Bank of India | Winner | Saving (₹) |
|---|---|---|---|---|---|
| ₹50,000 | USD | ₹1,270 | ₹1,148 | State Bank of India | ₹122 |
| ₹1,00,000 | USD | ₹1,360 | ₹1,238 | State Bank of India | ₹122 |
| ₹5,00,000 | USD | ₹1,720 | ₹1,598 | State Bank of India | ₹122 |
| ₹50,000 | GBP | ₹1,270 | ₹1,384 | Kotak Mahindra Bank | ₹114 |
| ₹1,00,000 | GBP | ₹1,360 | ₹1,474 | Kotak Mahindra Bank | ₹114 |
| ₹5,00,000 | GBP | ₹1,720 | ₹1,834 | Kotak Mahindra Bank | ₹114 |
| ₹50,000 | EUR | ₹1,270 | ₹1,738 | Kotak Mahindra Bank | ₹468 |
| ₹1,00,000 | EUR | ₹1,360 | ₹1,828 | Kotak Mahindra Bank | ₹468 |
| ₹5,00,000 | EUR | ₹1,720 | ₹2,188 | Kotak Mahindra Bank | ₹468 |
| ₹50,000 | AED | ₹1,270 | ₹1,169 | State Bank of India | ₹101 |
| ₹1,00,000 | AED | ₹1,360 | ₹1,259 | State Bank of India | ₹101 |
| ₹5,00,000 | AED | ₹1,720 | ₹1,619 | State Bank of India | ₹101 |
Kotak Mahindra Bank — Things to know
Applies to:Sending money abroad via Kotak NetBanking or Mobile Banking as a Resident Individual. Online transfers always go as OUR, so you pay the correspondent fee.
- Branch costs double. A branch transfer is ₹2,250 vs ₹1,000 online (before GST) — more than twice the price.↗
- Online is always 'OUR'. Online Kotak Remit always sends as OUR, so the ₹500 correspondent fee always applies — you can only switch to SHA/BEN at a branch.↗
- GST is charged twice. You pay 18% GST on the processing + correspondent fees (₹180), plus a slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
- TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year — refundable as a tax credit at ITR time.
- Skip the branch. Use NetBanking or Mobile instead of a branch to save ₹1,250 per transfer before GST.↗
▸Show 2 more notes
Other things to know
- No BHD or OMR. Kotak's rate card lists BHD and OMR but tags them 'No Txns' — the bank doesn't transact them, so they aren't quoted here; use another bank for Bahrain or Oman.↗
Other ways to save
- The full amount reaches the recipient. Because online transfers go as OUR, the recipient gets the full amount with no surprise correspondent deduction — that ₹500 fee is already in your total.
State Bank of India — Things to know
Applies to:Sending money abroad as an individual retail customer via SBI YONO or Internet Banking (rules effective 1 May 2025). The total shown is the Remitter mode, where the recipient gets the full amount; the mode table compares the Payee and Guaranteed options. Currencies outside YONO's 8-currency set are branch-only and not modelled here.
- SBI's own fee is nil. Since 1 May 2025 SBI charges individuals no commission and waives SWIFT for retail — what you pay is the per-currency Branch Commission and correspondent charge, plus GST.↗
- Three ways to split the fees. At YONO you choose who bears the SWIFT charges: Payee (the recipient absorbs the Branch Commission + correspondent, so USD 1,000 lands as ~USD 989), Remitter (you pay both in INR, recipient gets the full amount), or Guaranteed (USD/EUR/GBP only, full delivery).↗
- Most currencies are branch-only. Only 8 currencies are priced online; the other 13 (CHF, HKD, JPY, THB, SAR, OMR, BHD, KWD, QAR, DKK, NOK, SEK, ZAR) are branch-only and not modelled here.
- TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year — refundable as a tax credit at ITR time.
▸Show 4 more notes
Other things to know
- Rates suit larger transfers. SBI's card rates target the ₹10–20 lakh band; smaller amounts may be quoted differently at the branch.↗
Other ways to save
- Pick 'Payee' on big transfers. Choosing Payee lets you skip paying the Branch Commission and correspondent charge in INR — the recipient gets that much less, which stings least on large amounts.
- Medical & education loans are free. SBI waives outward charges for Medical purposes and Education Loan disbursement — declare the purpose if it qualifies.↗
- Send from FCNR/NRE to save. Outward transfers from an FCNR(B) or NRE account skip the out-of-pocket charges — only the correspondent fee applies.
FAQ — Kotak Mahindra Bank vs State Bank of India
Which bank is cheaper for outward remittance — Kotak Mahindra Bank or State Bank of India?
It's an even split across our benchmark matrix of ₹50,000, ₹1,00,000 and ₹5,00,000 transfers in USD, GBP, EUR and AED — the cheaper bank depends on the exact amount and currency you're sending. Check the verdict matrix above for your scenario.
Do Kotak Mahindra Bank and State Bank of India use the same exchange rate?
No — each bank publishes its own TT Selling rate, and the gap between them is often worth more than the difference in visible fees. The side-by-side rate table on this page compares both banks' TT Selling and TT Buying rates, along with the spread each bank keeps.
What fees should I compare between Kotak Mahindra Bank and State Bank of India?
Four things decide the real cost: the commission each bank charges, SWIFT / correspondent charges, 18% GST on those fees, and — usually biggest — the TT Selling exchange rate each bank applies. The verdict matrix on this page computes the all-in total for both banks so you don't have to compare line by line.
Try it
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.