• A 5% TCS is applicable for all international money transfers under LRS more than INR 7,00,000 in a financial year including educational payments without loans.
  • A 0.5% TCS is applicable if a loan is obtained from a financial institute for educational purpose as defined under section 80E. However, YES Bank charges 5% TCS on all international money transfers more than INR 7,00,000 in a financial year, including on a loan obtained from a financial institution for educational purpose.
  • Thus, irrespective of the purpose of transfer or the source of funds, TCS is applicable and will be collected and remitted by Yes Bank on all international money transfers exceeding INR 7,00,000 in a financial year under section 260C of the LRS of RBI.
  • A 10% TCS is applicable on international money transfers if PAN card is not provided. Please note, Western Union does not process any money transfer without a PAN card.