State Bank of India · Inward remittance
State Bank of India Inward Remittance Charges
State Bank of India 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 via TT, MT or DD with cover in SBI's Nostro account (rules effective 1 May 2025). SBI charges no commission, but you'll see an 18% GST line on the currency conversion. NRI-account waivers and FCNR/FCRA cases aren't modelled here.
- GST on the conversion. 18% GST applies when your foreign money is converted to rupees (₹45 minimum) — a government charge every bank collects, even though SBI doesn't publish an inward figure.
- No SBI commission. Since 1 May 2025 SBI charges no commission on retail TT/MT/DD credits — only out-of-pocket correspondent fees apply.↗
- Ask the sender for 'OUR'. Have the sender choose the OUR / Remitter option so they pay all in-transit fees and you get the full converted amount.
▸Show 2 more notes
Other things to know
- Without Nostro cover, it costs more. If cover isn't received in SBI's Nostro account, SBI applies the T.T. Buying rate plus a 0.125% margin and about 10 days' interest.↗
- Overseas banks may skim it. Correspondent banks abroad can deduct fees before SBI credits you, so the net can be below foreign amount × buying rate.
Inward fee components
| Component | Definition |
|---|---|
| GST on Amount Exchanged | Slab by ACE |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 519.75 USD | ₹90 |
| ₹1,00,000 | 1039.50 USD | ₹180 |
| ₹5,00,000 | 5197.51 USD | ₹540 |
FAQ — State Bank of India inward remittance
How much does State Bank of India charge to receive money from abroad?
State Bank of India 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 State Bank of India use for inward remittance?
Incoming foreign currency is converted at State Bank of India's TT Buying rate — currently ₹96.20 per USD (rates updated 7 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 State Bank of India?
Once the SWIFT transfer reaches State Bank of India, 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.