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CB Banks Axis Bank Repatriation of foreign currency to US. Amount reduced. Poor service
Axis Bank

Axis Bank review: Repatriation of foreign currency to US. Amount reduced. Poor service

E
Author of the review
8:41 pm EDT
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I have submitted all the documents needed for repatriation of 4000 USD to my US account. Despite having the 15CA form submitted by the auditor for 4000 USD, they have transferred a portion of the 4000 USD to my US account.

My request for transfer is based on my only interest income from the AXIS bank. The interest deposits are all income tax paid and are credited to my account. They say, since there are two other deposits that are local transfers, they have deducted that much amount from my 4000 USD.

If is normal that, when we have a bank account there can be deposits from other accounts as well and there could be personal expenses too. In this case there were no expenses

They are applying a new rule that doesn't exist in RBI repatriation rules. Every time you deposit some amount to that NRO account, the Bank is deducting that amount from the interest income meant for repatriation (for which tax is paid & Certificate issued by AXIS Bank) and say only the balance is allowed for the repatriation.

My wife did many transfers from other banks that also include apex Bank, this rule is never applied there. No where this new rule of repatriation is mentioned or applied by these other Banks.

The complaint system of AXIS Bank is very poorly kept so that you cannot write a complaint too. I have decided to close my account with them soon.

Claimed loss: 805 USD loss.

Desired outcome: I expect transfer of full amount of transfer as per the 15CA filed by the Auditor. This is my interest income for the deposits with AXIS bank which is legitimate as per the rules of RBI and Income Tax laws

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  1. Axis Bank Contacts

  2. Axis Bank phone numbers
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  3. Axis Bank emails
  4. Axis Bank address
    Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, 400025, India
  5. Axis Bank social media
  6. Andrew
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    Nov 27, 2024
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