SECTION 'C'
SERVICE CHARGES ON FOREIGN EXCHANGE RELATED ISSUES
1. IMPORT TRANSACTIONS
Commission on Import LC including Standby LC
Commission on opening of LC or at the time of amendment is to be realized Upfront and no refund shall be allowed.
1A. Commitment Charge
For full validity of the credit i.e. from the date of
opening of the LC to the last date of validity.
| Name of the Item |
Revised Rate |
| At the time of opening LC |
| For every quarter or part
thereof |
0.15% |
1B. Usance Charges
| Name of the Item |
Revised Rate |
| For bill up to 10 Days
sight |
0.15% |
| For bills over 10 Days sight
and up to three Months sight |
0.30% |
| For bills over Three months
sight |
0.30% for first 3 months
plus 0.10% per month in excess of three months sight. |
Based on the above basic charges,
following charges on Letter of Credit have to be collected.
| Name of the Item |
Revised Rate |
Up to Rs.5 crores
(or
equivalent in FC) |
Full commission as above |
| LCs above Rs.5 crores &
up to Rs.10 crores |
Up to Rs.5 crores normal rate
plus 30% of Normal Rate for amount in excess of Rs.5 crores. |
| LC above Rs.10 crores |
Charges up to Rs. 10 crores as above plus 20% of Normal rate for the amount in excess of Rs. 10 crores. |
1C. LC Issued with Full Cash Margin
| Name of the Item |
Revised Rate |
| Up to Rs.5 crores |
50% of the normal charge |
| Beyond Rs.5 crores and up to
Rs.10 crores |
40% of the normal charges beyond
Rs.5 crores and up to Rs.10 crores. |
| Beyond Rs.10 crores |
25% of the normal charge beyond
Rs.10 crores. |
Notes :
-
Total charges for opening of LC (Commitment &
Usance) should not be below Rs.1000.
-
Margin for exchange fluctuation may be
retained, if so warranted, along with 100% Cash Deposit.
-
SWIFT Charges as indicated below and other
out of pocket expenses (actuals) are to be recovered.
-
Commission/Normal Rate/Normal Charges to
include Commitment & Usance Charges, as appropriate
-
'Quarter' to mean three months from date of
opening of the Letter of Credit.
1.D. Amendment Charges of LC
| Name of the Item |
Revised Rate |
| Amendment of Altering of Tenor |
Appropriate Usance & Commitment
Charges, as applicable |
| Other than extension of
validity or enhancement |
Rs.500 |
| Revival or reinstatement of an
expired LC but within 3 months from the date of expiry |
Usance charge and commitment charge
from the date of expiry up to validity period |
Note : For the purpose of levying commitment
and Usance charge, the total amount committed inclusive of interest
amount and tolerance level shall be reckoned.
1.E. Crystallization of Import Bill under Letters of Credit
| Name of the Item |
Revised Rate |
| Up to Rs.5 crores |
0.15% |
| Rs.5 crores up to Rs.10 crores |
Normal charge up to Rs.5 crores plus 30% of
the normal charge beyond Rs.5 crores up to Rs.10 crores. |
| Beyond Rs.10 crores |
Charge up to Rs.10 crores as above plus 25%
of normal charge beyond Rs.10 crores. |
| Late payment commission |
0.15% per quarter or part thereof |
Charges on account of discrepant documents
(If discrepant documents are permitted to be negotiated) |
USD 25 per Discrepancy to be recovered from the
Beneficiary/Negotiating Bank
Discrepancy charges should be
stipulated at the time of opening of LC. |
1.F. Commissions on Bills (Not under
Letter of Credit)
| Name of the Item |
Revised Rate |
| Where exchange benefit is
earned. |
0.25%, Minimum Rs.500 |
| Bill drawn in Rupees and where
exchange benefit is not earned |
0.375%, Minimum Rs.750 |
| In case value exceeds Rs.5
crores (i) On the first Rs.5 crores
(ii) On the amount which is in excess of Rs.5 crores
|
(i) Full rate as above
(ii) Rate applicable up to Rs.5 crores plus 30% of the
normal charge beyond Rs.5 crores.
|
| In case of documents received by
Importers directly from overseas exporters |
0.25% Minimum - Rs.2000 |
Note: SWIFT Charges and other out of pocket expenses (actuals) are to be recovered.
2. EXPORT TRANSACTIONS CHARGES
2.A.Handling Charges for each Foreign Currency
and Rupee Bill Purchased/ Discounted / Negotiated
| Name of the Item |
Revised Rate |
| Charges |
*Rs. 750/- per quarter or part
thereof per bill for the overdue period |
Where a branch sends an export bill for negotiation to another bank (due to reasons such as LC being restricted to the latter or the LC has been confirmed by latter, etc.).
| Name of the Item |
Revised Rate |
| Charges |
Rs.1000 per bill |
Export bills
purchased/ discounted/ negotiated (not paid on due date i.e. overdue bill)
| Name of the Item |
Revised Rate |
| Charges |
*Rs. 750 per quarter or part thereof per bill for the overdue period |
2.B. Export
Bills for Collection
Foreign Currency/ Rupee Export Bill.
Commission on export bills for collection
and export under consignment arrangements and also advance payment.
| Name of the Item |
Revised Rate |
| Charges |
0.075% of the bill amount Min. Rs.750/-, Max Rs.25,000/- |
Overdue export bills sent on
collection
| Name of the Item |
Revised Rate |
| Charges |
*Rs.750/- per quarter or part
thereof for the period beyond 180 days from the date of
shipment. |
Note
:
- *Applicable in case of deferred exports, if the relative
export proceeds are not received within the stipulated period.
- *Not applicable in case of bills drawn on countries
with externalization problem, but paid in local currency and the
exporter has obtained necessary approval from Reserve Bank.
- Where bank charges are to be recovered from the drawee but
are refused by them such charges shall be recovered from the
exporter.
2.C. Commission in Lieu of Exchange
| Name of the Item |
Revised Rate |
| PC granted by branch but documents
negotiated through another bank |
0.125%, Min. Rs.1000 |
| Proceeds of
an export bill negotiated by a branch are paid in FC in another
bank |
0.125%, Min. Rs.1000 |
| Bill sent for
collection by one branch but payment received in Rupees through
another bank |
0.125%, Min. Rs.1000 |
| Bill sent for
collection and the proceeds thereof are collected to Foreign
Currency (EEFC) account in part or in full |
0.125%, Min. Rs.1000
on EEFC amount |
| Deemed export
bills in Foreign Currency as defined by RBI / EXIM Policy |
0.125%, Min. Rs.1000 |
Note: Commission should be charged on actual amount credited to EEFC a/c.
2.D.
Export Letter of Credit
Letters of Credit include letters of credit,
standby letter of credit, letters of authority, orders to negotiate
orders for payment and all types of documents of similar nature
received from overseas correspondent.
| Name of the Item |
Revised Rate |
| Advising Comm. and its
amendment |
Rs.750 per LC and Rs.500 per
amendment |
| LC advised through another bank |
Flat rate of Rs.500 |
Note :
If an LC has been advised to another branch of
our Bank, no charge shall be levied for advising the LC and each
amendment, by the second branch in the advising chain.
TRANSFERABLE LETTER OF CREDIT
| Name of the Item |
Revised Rate |
| Whether full or in part and whether
endorsed on the credit itself or not |
Flat charge of Rs.500
For each separate advice of transfer, the transfer charge shall
be for the account of the first beneficiary of the credit unless
otherwise specified.
And Rs.500 for amendment |
|
Confirmation of foreign
Bank's LC |
Commitment charges and Usance
charges as applicable to opening of Import LC |
Certificates
| Name of the Item |
Revised Rate |
| Certificates/ attestations
In respect of export transactions |
Rs.100 per
certificate |
| For inward remittance, encashment of FTCs currency note i) FIRC issued on security
paper |
Rs.150 per certificate |
| ii) On Bank’s letter head |
Rs.100 per certificate |
| iii) Duplicate FIRC (in lieu of
original reported lost) |
Rs.500 per certificate |
SUBSTITUTION / CHANGE IN TENOR
| Name of the Item |
Revised Rate |
| Usance Bill |
Concessive interest on post-shipment credit in
accordance with the directives of RBI plus recovery / pay swap
difference. Interest on outlay of funds, if any not below the
PLR of the Bank. |
PCFC/PSCFC
| Name of the Item |
Revised Rate |
| a) Transaction charge |
Rs.20,000/- per sanction |
| b) Commission for PSCFC |
Commission to be charged as
stated i.e. Export bill
purchased/ discounted/ negotiated. |
REMITTANCES
| Name of the Item |
Revised Rate |
| Clean instruments for collection
abroad |
0.30%, Minimum Rs.100 |
|
FC instruments for collection
within India |
As per inland transactions
within India |
|
Outward Remittances |
0.125% per remittance,
Minimum Rs.100 |
|
Inward Remittances under
instructions from foreign correspondent |
Rs. 200 |
|
Inward Remittance to be
executed in FC by issuing DD / MT / payment order / TT |
0.125%, Minimum Rs.100 per
transaction |
ISSUE OF FOREIGN CURRENCY TRAVELERS CHEQUES/CURRENCY NOTES
| Name of the Item |
Revised Rate |
| TC/CN issued |
1% on Rupee equivalent, Minimum Rs.100 |
| TC issued when FC received from
abroad |
0.25%, Minimum Rs.100 |
Note: The above rates are applicable for
Currency Notes also.
ACCOUNTS
| Name of the Item |
Revised Rate |
| Outward Remittance to debit of EEFC A/C |
Additional 0.125% in lieu of
exchange in EEFC A/C |
| Inward Remittance to be credited to EEFC A/C |
Additional 0.125% in lieu of
exchange in EEFC A/C. |
FORWARD CONTRACTS
| Name of the Item |
Revised Rate |
| For booking sales and purchase
contracts |
Rs.500 flat per contract |
| For each request for early
delivery, extension or cancellation |
Rs.500 plus SWAP cost and
cancellation charges wherever applicable |
FOREIGN CURRENCY DENOMINATED LOAN
AGAINST FCNR(B) DEPOSITS (FCDLFB)
| Name of the Item |
Revised Rate |
| Processing Fees |
As applicable to Rupee Loan. In
case of Working Capital Loan as the processing fees has already
been recovered at the time of fixing limits, no processing fee
to be charged again. |
| Transaction Cost for
arranging/ monitoring FCDLFB loans |
Rs.20,000 |
| Commitment Fee From the date of funds allocation on
month is allowed for disbursement |
If loan availed after one month but
before three months, a commitment fee of 1.0% p.a. to be
charged. If the disbursement is not availed within 3 months from
the date of allocation the loan will be cancelled. |
SWIFT CHARGES (FOR ACCOUNT OF THE TRANSMITTING
BRANCH)
| Name of the Item |
Revised Rate |
| LC opening |
Rs.1,500 per LC |
| BG opening |
Rs.1,500 per BG |
| For outward remittance |
Rs.500 |
| Amendment /other Msg. |
Rs.500 |
GUARANTEES
The following rules are applicable to guarantees connected with
import and export trade, other foreign exchange transaction and
deemed exports as defined by Reserve Bank of India and EXIM policy.
Branches shall not be party to any guarantee for an unlimited
amount and / or an unlimited period.
Branches shall ensure to include a specific clause in all the
guarantees stating the exact period within which claims must be made
under the guarantee, besides the expiry date of the guarantee.
TYPES OF GUARANTEES AND CHARGES
| Name of the Item |
Revised Rate |
| Guarantees in favour of shipping
companies / agencies for clearance of goods pending production
of B/L relating to Imports under LCs |
Rs.500 per guarantee. |
| Others not covered by above |
0.30% for 3 months plus 0.15% for each additional month, Minimum Rs.1,000 |
Export performance guarantees for projects Exports which
include (a) Bid-bonds (b) Bonds for earnest money (c) Guarantees for
advance payment made by foreign buyers to Indian exporters /
contractors.
In the case of guarantees covered by ECGC counter-guarantees,
branch shall collect commission as well as ECGC premium.
| Name of the Item |
Revised Rate |
| ECGC Cover 75% |
0.50% p.a.+ ECGC premia |
| ECGC Cover 90% |
0.40% p.a.+ ECGC premia |
| Guarantee issued against 100%
counter guarantee of the Govt. of India |
0.125% per quarter |
| In case of guarantees issued
against cash deposit |
0.10% per quarter. |
| In case guarantee which are not
covered by cash deposit/Govt. of India counter guarantees |
1.15% p.a. |
| Export performance guarantees,
Bid-bonds (other than for Project Exports) and Export
performance guarantees covering export obligations in terms of
import trade control regulations and export performance
guarantees/bid bonds connected with deemed exports. Issuance
of Bid bonds for supplies connected with deemed exports/direct
exports other than project exports. |
0.10% per month, Minimum 0.30%
Where guarantee period is less than 3 months 0.30% of the
guaranteed amount.
In case of early redemption Max. 50% of the commission for
the unexpired period i.e. from the date of redemption to the
expiry date shall be refunded
25% of above charges for the full period of validity of
the bonds at the time of issue. If the bid materializes, the
balance 75% of the commission to be recovered. If the bid
frustrated there will be no refund of the fund of the commission
collected. |
| Guarantees issued on behalf of
overseas banks/parties (where charges are payable by overseas banks/parties) |
0.175% per month, Minimum 0.30% |
| Deferred payment guarantees
covering imports of goods into India/repayment of Foreign currency loans. |
0.175% per month or part
thereof for the specified period of liability calculated on the amount of liability under
such guarantee at the beginning of every quarter. |
| All other guarantees If the
guarantee period is less than 2 months
In case of early redemption |
0.175% per month. 0.25% per month
Commission may be refunded at the discretion of branch |
3.MISCELLANEOUS INSTRUCTIONS
Customers should in their own interest obtain the return of
cancelled guarantees at the earliest.
Branch should continue their efforts to obtain an early return of
cancelled guarantees.
Out of Pocket Expenses such as Telex/Cable/Correspondent Bank's
Charges - Actual to be recovered.
Stamp Duty - As per charges prescribed by GOI.
Notes :
- Charges for services not covered above will continue as
extant.
- Where the business is shared between other banks, the
charges would be shared in the agreed proportion.
- Where the bank charges are to be recovered from the overseas
buyers/sellers but are refused by them, such charges shall be
recovered from the customers.
NOTE:
P & T and other out of pocket expenses to be realized on actual
basis over and above the Service Charges,
'Service Tax' to be levied extra as per circularized instruction.
Back |
