As per current regulations, If the money transfer is for educational purposes through a loan obtained from any financial institution as defined under section 80E, the TCS rate will be reduced to 0.5%. However, this being an online model, as required by Yes Bank, TCS will be charged at flat rate of 5% for transactions across all purposes by Yes Bank. You can claim refunds for TCS paid against the tax payable while filing your income tax returns as per process.