While sending tuition fees to Canadian college (more than 7 lakh rs) have I pay an additional 5% interest?
Hi @cvmptl07 ,
Welcome back to the Niyo Community! We are happy to see you againIn a given financial year, when your international transactions exceed ₹7 lakhs, a fee of 5% is charged for the incremental amount exceeding ₹7 lakhs. For multiple international transactions made in a day, TCS is deducted only once a day at the end of day for the cumulative international transactions.
Please stay noted the limits for this card;
₹7.5 Lakh per transaction for POS
₹7.5 Lakh per transaction for ECOM
₹1 Lakh per transaction for ATM
thank you for such nice feedback but I have still a doubt that what is tcs and I really don’t understand the meaning of multiple international transactions made in a day because i can do transactions of 7.5 lakh per day as you mention above.
(1/2) The limit of 7.5 L is per transaction*
(2/2) For example: If you transact for 10L than 5% TCS would be applied on incremental amount of 3L.
You can have a closure look at TCS here: Understanding TCS on Foreign Remittance - The Financial Express
Do get back to us in case of any further concerns.