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@disciple1997 Thanks. And do they charge for the e-FIRC?

@disciple1997 Does Federal Bank send you e-FIRC automatically after the remittance is credited? Or do you have to manually apply for it?

@inthesonifeelasone True. I've compared most of the banks' TT Buy rates over a period of past 2 months and found the rates of PNB, Canara Bank, Bank of Baroda, and Indian Overseas Bank among the best. Even the biggest government bank, SBI, has poor Inward Remittance rates. However, I'm not sure...

@classicnostalgia Not bad if it's automated. May I know what type of account do you have with them: Like 811 Savings account, current account, etc.?

@classicnostalgia Since your remittances are disposed automatically, do the e-FIRCs mention the Purpose Code too?

@classicnostalgia How long do they take to credit the remittance amount after the disposal request is submitted? And, do they provide an option online in Netbanking to dispose of the Inward remittance?

@cornopean Which means, they don't issue e-FIRC automatically.

@cornopean Thanks. I have a few questions about IOB. Do you mind answering them? How do you provide them the purpose code (Like P0802): Through Netbanking or through contacting the branch and filling out a paper form? Do they issue the e-FIRC automatically after the credit is done? If they do...

@carina2111 My Branch is a small one (In a metro city) and it was opened in April. So, it's a fairly new branch. And my account was opened the same month as well. And I had been in touch with my Branch Manager both the times after I submitted the disposal instructions via Netbanking. Both the...

@carina2111 Nope, I haven't. All the InstaAlerts are enabled except the Salary Credit one. HDFC is really a weird bank tech-wise, to be honest. Haha.

@carina2111 Strange that I don't get OTPs via email for Debit card transactions. Even the transactional emails for Debit card transactions started coming since June (2 months after I opened the account). What variant of account do you have, like Savings, Savings Max, Salary, etc.?

@carina2111 Anyway, I just wanted to know: When was your account created: within this year or in the past? Do you get OTPs and transaction alerts via email if you use your HDFC Debit Card?

@carina2111 I am getting my remittance in HDFC too. But they are usually late in crediting the remittance (6-7 days) even though I submit the disposal instructions via Netbanking (Providing them the purpose code) the same day I receive the remittance. Just curious, is your HDFC branch big? And...

@carina2111 Hey, just sent you a Chat request with a query regarding Bank of Baroda. Mind answering it please?

@lwoods Gotcha. Yes, it's definitely true that while public-sector banks give you better rates, private banks give you a better service. However, that said, only the last month HDFC credited the remittance to me the same day, within 5 hours. But perhaps because I had contacted the Branch...

@lwoods Are you referring to Indian Overseas Bank or HDFC here? Because the next line ("While in the case of IOB..") feels contradictory. So, I'm confused.

@lwoods Well, the exchange rate varies every day. I get the value equivalent to the one mentioned under the column "T.T. Buying" here. This table is updated every day once in the morning (9-10 AM), except Saturdays, Sundays, and other public holidays. If you notice here, it is usually...

@lwoods I forgot to mention that they also charge GST post credit of the remittance. For example, if you have received ₹75,005.74, then they would divide this amount by 100, which in this case would be 750.06 (After rounding off). Then on this amount, they would charge 18% GST (9% SGST + 9%...

@lwoods HDFC Bank. It fulfills all the criteria above. However, I have been having an account with them already, which was created 2 months before my comment. However, the sole reason why I wanted to choose another branch was, it is very slow. This is why I asked for help here. But I learnt...

@henry_ I need recommendation for a bank where I want to receive Foreign Currency Inward Remittance. I would be getting money worth ₹50K to ₹1L once per month, which would be from my client/employer. So, preferably, I need a Savings account, not a Current account. My requirements are: Option...