Service Charges and Service Tax in relation to purchase/sale of foreign currency

This is to inform you that as per the Finance Act 2008, effective 16 May 2008, the following services will be liable to service tax:

• Purchase of foreign currency or
• Sale of foreign currency

As per the Act, the service tax liability of the Bank will be computed on the basis of 0.25% of the value of the underlying foreign exchange transaction in cases where there is no fee charged for the service OR service tax would be charged at the rate of 12.36% on the actual fees charged.

In line with the above changes, YES BANK will commence charging a nominal fee of Rs.50.00 (plus applicable service tax currently @12.36% i.e Rs. 6.18) to all transactions for purchase/sale of foreign exchange, with effect from 16th May 2008. Our schedule of charges also stands changed accordingly.

Should you need any further clarifications on the above said subject, please feel free to contact your respective Relationship Managers/Customer services team.

Assuring you of our best services at all times.

Charges on Inward Remittances – CA 500

For all Foreign Inward Remittance, the correspondent bank charges will be levied wherever applicable. This revision is applicable for CA- 500 customers only.

The Schedule of charges stands revised wef from 1st Sep, 08.

Should you need any further clarifications on the above said subject, please feel free to contact your respective Relationship Managers/Customer services team.

Assuring you of our best services at all times.