Gic payment through Kotak Bank

[BalanB]

Hello gyz
Help me regarding the payment of Gic through Kotak Bank
I want to know how much they charge and how much extra I need to pay other then $10200.
I visited my Kotak Bank they said that their fees for transferring money would be around 30k to 40k I don't think so this much amount is charged.
Please help.

 

[selvakk]

Hello gyz
Help me regarding the payment of Gic through Kotak Bank
I want to know how much they charge and how much extra I need to pay other then $10200.
I visited my Kotak Bank they said that their fees for transferring money would be around 30k to 40k I don't think so this much amount is charged.
Please help.

I would suggest you go for GIC Banks which have local RTGS accounts. I believe ICICI and CIBC have option to send money via RTGS. RTGS fees should not be that much, contact your bank for exact fees.

 

[BalanB]

I have visited the bank they don't know the process my consultant has suggested me to fill A2 form.
Can please let me how much approximately the extra charge would be.

 

[BalanB]

I would suggest you go for GIC Banks which have local RTGS accounts. I believe ICICI and CIBC have option to send money via RTGS. RTGS fees should not be that much, contact your bank for exact fees.

I have n account with Scotia bank for my Gic and I have to transfer from my Kotak Bank account

 

[selvakk]

I have visited the bank they don't know the process my consultant has suggested me to fill A2 form.
Can please let me how much approximately the extra charge would be.

Assuming you have Kotak Edge savings account. Here are the fees and charges for your account

https://www.kotak.com/en/personal-banking/accounts/savings-account/edge-savings-account/fees-and-charges.html

 

[selvakk]

I have n account with Scotia bank for my Gic and I have to transfer from my Kotak Bank account

I have done the caculation for you, assuming that edge savings is the type of your account.

10200 CAD is 5,31,068 INR

Forex charges - 1000

Tax - 1000 + 0.50% x ( Total Amount - 1,00,000 INR)

1000 + 0.50% x 4,31,068

1000 + 2155.34 = 3155.34

Charges + Taxes = 1000+3155.34 = 4155.34

You will have to pay 4155.34, not 30K or 40K.

 

[BalanB]

I have done the caculation for you, assuming that edge savings is the type of your account.

10200 CAD is 5,31,068 INR

Forex charges - 1000

Tax - 1000 + 0.50% x ( Total Amount - 1,00,000 INR)

1000 + 0.50% x 4,31,068

1000 + 2155.34 = 3155.34

Charges + Taxes = 1000+3155.34 = 4155.34

You will have to pay 4155.34, not 30K or 40K.

Thankyou so much for your assistance,
Keep it up you are doing a great job.

 

[selvakk]

Thankyou so much for your assistance,
Keep it up you are doing a great job.

Another tip I just remembered. Ask your bank to take their fees and charges directly from your bank account. If they subtract from the 10200, then Scotiabank will not accept it.