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FX-Retail- An electronic trading platform for buying or selling foreign exchange by retail customers of Banks
FX-Retail platform is expected to provide the much needed transparency and at the same time enhance competition and lead to better pricing for the customers. It is a web-based order matching trading platform for the Retail Customers of the Bank wherein they can place orders and trade in the USD/INR currency pair.
The salient features of this trading platform are enumerated below:
- The objective of the platform is to be a one stop solution for the customers to execute all their forex requirements in USD/INR currency through an electronic mode.
- Customers would get a dealing platform which would facilitate automatic price discovery.
- Customers can on their own, deal on the platform with real time access to current market rates, thus moving away from telephone based trading to electronic trading.
- Customers can conveniently buy/ sell US Dollar at the best prevailing exchange rate at the time of booking.
- 2 step authentication (Password and OTP) for Security.
FX-Retailplatform can be accessed by any customer of a Bank (through the website https://www.fxretail.co.in ) who intends to purchase or sell US Dollar against the Rupee for delivery on CASH basis (same day), TOM basis (next day) or SPOT basis (two days after date of transaction), subject to the following:
- There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by the Bank.
- The maximum size of a single transaction is not allowed to exceed USD5.00 million. However, user can place multiple orders of less than or equal to USD5.00 million provided limit is made available by the Bank.
Charges:
- CCIL Charges:
The following transaction charges to be levied by the CCIL to execute the orders are mentioned hereunder:
| Particulars | Charges |
One Time Customer Registration Charges |
|
a. Individual(Resident), Non-Resident Individual, |
NIL |
b. Other Categories |
Rs.1000 (Plus applicable GST) |
Transaction Charges* |
|
Monthly Turnover |
Charges (applicable on the total INR Value) |
a. Turnover < USD 200 million |
0.0004% |
b. Turnover >= USD 200 million & < USD 350 million |
0.0003% |
c. Turnover >= USD 350 million & < USD 500 million |
0.0002% |
d. Turnover >= USD 500 million |
NIL |
-
*No levy of transaction charges for the first 12 months of joining the platform for all categories of customers.
-
Further, no transaction charges shall be levied by CCIL on transactions upto USD50,000 per day.
Customers may contact their base branch to ascertain details of Bank’s charges. Customers while registering on CCIL’s FX-Retail Platform may note to mention J & K Bank as their Relationship Bank. For more details about FX-Retail platform, please visit CCIL’s website (www.ccilindia.com).
