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FX Retail

 

FX-Retail platform

 

Reserve Bank of India (RBI) through Clearing Corporation of India Ltd (CCIL) has rolled out ‘FX-Retail’, an electronic trading platform for buying or selling foreign exchange by customers, particularly individual and MSME customers, of Banks.

FX-Retail provides for an anonymous and order driven dealing for customers wherein retail customers can place orders in USD/INR currency pair.

FX-Retail platform can be accessed by customers of the bank (through the website https://www.fxretail.co.in) who can purchase or sell US Dollar against Rupee for delivery on ‘cash basis’ (on the same day), ‘tom basis’ (the next day) or ‘spot basis’ (two days after date of transaction) , Forward (beyond SPOT currency settlement) upto a period of 13 months including broken dates also subject to the terms and conditions of the bank

 

FEATURES AND BENEFITS

  • There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by the bank
  • The size of a single transaction shall not exceed $5 million.
  • Access to transactions across various categories such as Individuals, Corporates, Trusts, etc. and provides the benefit of placing the trades at the customer’s time and convenience.
  • Customers can currently place orders for USD/INR currency pair only.

HOW TO REGISTER FOR FX-RETAIL

  • Visit the website www.fxretail.co.in
  • Click on ‘Register Here button’ and complete the registration process by providing the required information including your bank account details
  • Customer has to submit an application form to the branch.
  • Bank will approve the registration request after scrutinizing the relevant details of the customer.
  • Please note that the details provided by customer on FX-Retail platform need to match with those on record with the Bank for the registration request to be approved by the Bank.
  • Once the registration request is approved, the access credentials for the platform will be sent to customer to registered email address.

TRANSACTION PROCESS

  • The Bank will set limits and mark-up for customer to buy/sell on the platform.
  • Customer can proceed to place an order on the FX Retail platform up to the limit defined by the Bank within the limit validity period.
  • Customer will receive mail confirmation from FX-Retail upon successful completion of the trade.
  • Customer shall submit the required underlying documents to the branch for execution of the transaction for which buy/sell deal was executed in Fx Retail Platform

CHARGES

Registration Charges

Individual

Rs. 300*

Non Individuals

Rs. 1,000*

Transaction Charges

Up to USD 50,000 a day

No Charges

Above USD 50,000 a day

0.0004% on the entire transaction value in INR*

 

  • * GST is applicable on the above charges.
  • Please note that the above charges are levied by CCIL and are collected by the Bank for usage of FX-Retail platform. Transaction processing charges levied by the bank shall additionally apply, where ever applicable

For further details about the platform and registration, customers can visit the CCIL website https://www.ccilindia.com or FxretailDesk at 9150063110 or contact your branch.

 

 

 


 

Give your Savings an edge with higher interest rate.Get upto 4%* on your Savings Account Balances with CUB.Click for details       Dear Customer, We have launched Video KYC facility for New customers to open savings account at the convenience of their home.Click Here for Instant Account Opening                Click here for Instant e-PAN Home Page.        COVID-19 Precautions: "Wear Mask, Wash Hands with Soap / Sanitizer Frequently and Keep Social Distancing". Stay Home Stay Safe        
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