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ISIC ForexPlus Card

Specially designed for students travelling abroad for studies, keeping in mind their unique needs and requirements

features
offers
eligibility criteria
Fees and Charges

features

  • Worldwide acceptance as Student ID card
  • Discounts on books, food, shopping, accommodation, travel and activities across 130 countries and 41,000 partners
  • Available in US Dollar, Euro and Pound
  • Manage Card online Set PIN, load, block and more.
  • Complimentary Insurance Cover
  • Secure Transactions with Chip & PIN card

offers

S.NO OFFERS EXPIRY DATE T&C LINK
1 Exclusive +150 lakh discount offers on transportation, courses, food, shopping, accommodation, entertainment and more across 41,000 partners covering 130 countries 31st Mar'24 Click here to view T&C
2 Issuance Fee Waiver on minimum loading of USD 1000( or equivalent currency) 31st Mar'24 Click here to view T&C
3 Experience special VISA offers applicable on travel, sightseeing, hotels and shopping on your HDFC Bank Forex Card on VISA Network. 31st Mar'24 Click here to view T&C

eligibility criteria

Anyone can apply for a ForexPlus Card no need to be an HDFC Bank customer.

Here are the documents you will need - along with a signed copy of the application form

  • Self-attested copy of valid Passport.
  • Address proof (if the address is different from the one as mentioned in Passport)
  • Self-attested copy of Pan
  • Self-attested copy of Ticket or Visa (not required for existing HDFC Bank customers).
  • Self-attested copy of Appointment letter / Admission letter / University Identity Card (Required for ISIC card only)
  • Self-attested copy of Other Bank Statement confirming the funding if the payment is made from other Bank Net Banking or UPI. If the type of account is not mentioned in the Bank statement we will require Self-attested copy of Passbook / Cancelled Cheque
  • Such other documents as may be prescribed by the Bank.

rates

Schedule of charges Charge for the USD Card Charge on the EURO card Charge on the GBP card
Issuance Fee Rs.300 Rs.300 Rs.300
Reload Fee Rs.75 Rs.75 Rs.75
Re-issue Card Fee Rs.100 Rs.100 Rs.100
Reissue ATM PIN USD 1.00 EUR 1.00 GBP 1.00
ATM Cash Withdrawal USD 2.00 EUR 1.50 GBP 1.00
Balance Enquiry USD 0.50 EUR 0.50 GBP 0.50
Charge slip Retrieval USD 3.00 EUR 2.50 GBP 1.50

Cross currency charges

  • 3% when the transaction currency is different from the currency on the card
  • Exchange rate = VISA/ MasterCard wholesale exchange rate prevailing at time of transaction
  • The Mid rate will be taken as the exchange rate

Currency conversion service tax:



(For load, reload and refund transactions)

Buy and sell forex currency Service tax amount
Up to Rs 1 lakh 0.18% of the gross value or Rs 45 whichever is higher
Rs 1 lakh Rs 10 lakhs Rs 180 + 0.09% of the amount exceeding Rs. 1 lakh
> Rs. 10 lakhs Rs. 990 + 0.018% of the amount exceeding Rs. 10 lakhs subject to a maximum of Rs 10800
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*GST as applicable

* Tax Collection at Source (TCS) as applicable

The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.

As per the new provisions:

  • Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
  • TCS shall be applicable on all LRS transactions including forex drawl through FCY Cash Sell, Forex Cards issuance / load / reload, FCY DD issuance and Outward Remittances.
  • For transfers from Resident Individual Account to NRO Account towards Gift / Loan, TCS will not be applicable and the amount transferred will not be subsumed under the aggregate threshold limit of INR 7 Lakhs per financial year as mentioned above.
  • For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.

    If the amount remitted towards overseas education is out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above), TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.
  • Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned
  • The TCS rates mentioned above are to be increased by applicable surcharge as well as Health and Education Cess in case the remitter is not a resident as per the Income-Tax Act, 1961.
Income taxable in India Rate of TCS Surcharge Health and education cess Effective rate of TCS
Below Rs. 50 lakh 5% 0% 4% 5.20%
Rs. 50 lakh to Rs. 1 crore 5% 10% 4% 5.72%
Above Rs. 1 crore to Rs. 2 crore 5% 15% 4% 5.98%
Above Rs. 2 crores to Rs. 5 crore 5% 25% 4% 6.50%
Above Rs. 5 crore 5% 37% 4% 7.12%

The above provisions are effective from October 1, 2020.

Note: All commission, fees and charges, as mentioned above, are non-refundable (unless otherwise stated).

To view other HDFC Bank Forexplus card click here

Due to RBI's restriction on new MasterCard issuance, currently we are not accepting applications for the ISIC Student ForexPlus Card. You can apply for MultiCurrency ForexPlus Card

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