Niyo card settlement and 5% TCS on every transaction

Support & Troubleshooting
1

Can some one help me understand how transaction will happen in the below scenario:
I use the card to pay a merchant bill in foreign country will the settlement of bill in foreign currency happens immediately at the time of payment or there is a delay and rate at which it gets settled is of the time of transaction or a later time when it gets settled.
5% TCS is supposed to be deducted only if sum total transaction in a FY exceeds 7 lakh but it seems it gets deducted with each transaction.

1 Like
2

Hello @Neerav_Chaudhary ! Welcome to Niyo Community :blush:

  1. International transactions with merchants usually get settled in 10 days not instantly. For example, if you make a transaction with any international merchant and if there is a difference in foreign currencies on different dates, the difference amount will be either debited or credited to your account.

  2. TCS of 5% is applicable when your international transactions exceed â‚ą7 lakh in a given financial year. For multiple international transactions made in a day, TCS is deducted only once a day at the end of the day for the cumulative international transactions. What is TCS? How does it work for the Liberalised Remittance Scheme? - WB

3

some days ago i saw my free tcs limit almost 99000 inr was remaining but yesterday i saw it shows zero free tcs limit why it automatically decrease

4

Hey @NIYOCOMM20260215MQ0B ,

Welcome to the Niyo Community! :hugs:

We sincerely regret any inconvenience this may have caused. Please allow us some time to review your concern thoroughly and work towards a resolution. We truly appreciate your patience and will get back to you with an update at the earliest.

Just a quick note to let you know that the Niyo community is more than a place to get help with your queries. You can stay up-to-date with all the latest announcements from Niyo, and chat about anything Niyo or travel-related—whether it’s your Niyo card, Niyo services, or any other travel topics.

Plus, it’s the perfect spot to connect with fellow travelers! You can ask for advice on travel itineraries, visa info, tips and tricks, flight bookings, and so much more.

And don’t forget to explore the Travel with Niyo category for even more travel content!

*We’re always here if you need anything :sparkles:

5

Hey @NIYOCOMM20260215MQ0B ,

We understand your concern regarding the Free TCS limit showing as zero.

Please note that as per the prevailing guidelines, 20% TCS (Tax Collected at Source) is applicable on international transactions once the eligible limit is exceeded. The available “Free TCS limit” may be reduced based on your foreign transactions across the financial year, which could be why you’re now seeing it as zero.

For transactions up to ₹10 lakhs, the applicable TCS (if collected temporarily) is generally reversed within 1–2 business days, wherever applicable. For amounts beyond the prescribed limit, the TCS can be claimed as a refund or adjusted while filing your Income Tax Return (ITR).

We also noticed that you hold accounts with both DCB Bank and SBM Bank. Since TCS tracking is maintained at the bank level, we recommend reaching out directly to the respective bank for detailed clarification:

:envelope_with_arrow: DCB Bank – customercare@dcbbank.com - 022 6899 7777/040 6815 7777
:envelope_with_arrow: SBM Bank – customercare@sbmbank.co.in - 18002099335

If you need any further assistance from our end, please feel free to write back. We’re always here to help! :sparkles: