Sbi telegraphic transfer buying rate
This query is : Resolved
01 July 2015
For the purpose of deduction of tax at source on any income payable in foreign currency, the rate of exchange for the calculation of the value in rupees of such income payable to an assessee outside India shall be the telegraphic transfer buying rate of such currency as on the date on which the tax is required to be deducted at source adopted by the State Bank of India
No such rate is available on the SBI Website.
How is this practically followed then. Does anyone considers the SBI’s Telegraphic Transfer Buying Rate?
No such rate is available on the SBI Website.
How is this practically followed then. Does anyone considers the SBI’s Telegraphic Transfer Buying Rate?
23 July 2025
Great question! Actually, SBI's Telegraphic Transfer (TT) Buying Rate is **not publicly published on their website** regularly, which causes some confusion.
**Practically, here’s how it works:**
* Banks, including SBI, maintain internal TT buying and selling rates for various currencies used for foreign exchange transactions.
* These rates fluctuate daily based on the forex market.
* For TDS deduction purposes, the assessing officers and companies usually **refer to the TT buying rate provided by SBI to them through banking channels or RBI circulars**, or sometimes they take the rate on the date of payment from the bank’s exchange rate sheet (which can be obtained on request from the bank branch or treasury desk).
* If SBI’s TT buying rate is not readily available, companies often use the **RBI reference rates** or **the rate declared by the bank handling the remittance** as a practical alternative.
**Summary:**
* SBI's official TT buying rates are typically accessed through internal banking channels.
* Companies or tax departments usually get this rate from their bank or RBI's published rates on the date of payment/deduction.
* In case of dispute, the tax authorities accept the TT buying rate from the bank or RBI as proof.
If you need, I can help guide you on how to request this rate from SBI or alternatives to use for TDS purposes. Would you like that?
**Practically, here’s how it works:**
* Banks, including SBI, maintain internal TT buying and selling rates for various currencies used for foreign exchange transactions.
* These rates fluctuate daily based on the forex market.
* For TDS deduction purposes, the assessing officers and companies usually **refer to the TT buying rate provided by SBI to them through banking channels or RBI circulars**, or sometimes they take the rate on the date of payment from the bank’s exchange rate sheet (which can be obtained on request from the bank branch or treasury desk).
* If SBI’s TT buying rate is not readily available, companies often use the **RBI reference rates** or **the rate declared by the bank handling the remittance** as a practical alternative.
**Summary:**
* SBI's official TT buying rates are typically accessed through internal banking channels.
* Companies or tax departments usually get this rate from their bank or RBI's published rates on the date of payment/deduction.
* In case of dispute, the tax authorities accept the TT buying rate from the bank or RBI as proof.
If you need, I can help guide you on how to request this rate from SBI or alternatives to use for TDS purposes. Would you like that?
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