Foreign Exchange Trading for Retail Customers
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The Reserve Bank of India (RBI) through its Statement on Developmental and Regulatory Policies dated June 06, 2019, and its circular dated June 20, 2019 (“RBI Circular”) announced the introduction of an electronic trading platform developed by Clearing Corporation of India Limited (CCIL) for buying/selling foreign exchange by retail customers of banks. This platform, titled FX-Retail, was rolled out by CCIL on August 05, 2019.
The objective of the platform is to empower retail customers to get access to the best rates for the FX conversions.
To register for FX-Retail, simply follow these steps:
Prior to buying or selling foreign exchange on FX-Retail, the Bank needs to set limits and mark-up for you on the platform.
Registration Charges | |
---|---|
Individual | Nil |
Non-Individuals | Rs. 1,000* |
* GST is applicable on the above charges
Note: Individual category customers include (Individual Resident, Non Resident Individual, Hindu Undivided family and Sole Proprietorship)
Transaction Charges No transaction charges are levied for the first 12 months of joining the platform for all categories of customers.* |
|
---|---|
Up to USD 50,000 in a day | No Charges |
Above USD 50,000 in a day | 0.0004% on the entire transaction value in INR* |
Transaction charges based on monthly turnover | Charges in % (applicable on the total INR value) |
---|---|
Turnover < USD 200 million | 0.0004% |
Turnover >= USD 200 million &< USD 350 million | 0.0003% |
Turnover >= USD 350 million &< USD 500 million | 0.0002% |
Turnover >= USD 500 million | NIL |
*GST is applicable on the above charges
#The date of approval by first relationship bank would be considered as the joining date for the above purpose. The existing customers who have not completed 12 months after joining the platform as on the effective date (mentioned below) shall also be covered for the remaining period. For example, a customer who joined the platform on 01st January 2023, will not be levied transaction charges from 01st April 2023 upto 01st January 2024.
Click here to know more about FX-Retail or simply get in touch with your SBM Bank India Relationship Manager.