International Trade Account (ITA) - TEC

Frequently Asked Questions (FAQs)

1) What is the ITA - TEC offering?

ITA - TEC is a current account bundled with Trade & Foreign exchange services. This product has been specially created to cater to the banking requirements of the IT & ITES business. ITA - TEC provides a comprehensive range of services to cater to all your foreign exchange & daily transaction banking requirements thus giving your business the competitive edge.

2) Which entities are eligible for ITA - TEC offering?

- Sole Proprietors / Proprietorship firms

- Partnership Firms

- Public Limited & Pvt. Ltd. Companies (including closely held limited companies)

3) In which cities is the product offered?

The product is on offer in 9 cities namely

- Mumbai

- Delhi

- Kolkata

- Chennai

- Bangalore

- Hyderabad

- Ahmedabad

- Coimbatore

- Pune

4) What are the key features of ITA - TEC?

Current Account facilities

Enjoy the ease and convenience of a full transactional account for your daily dealings & business banking requirements

Foreign Exchange services

Select your foreign exchange spread & manage foreign exchange risk through hedging tools

Trade & Remittance services

Receive special pricing on trade & remittance services for local and overseas transactions

5) What is the range of services offered under ITA - TEC?

Current Account

- Free Payable at Par cheque book

- Free Drafts on our Branch locations

- Free Drafts on Correspondent Bank locations

- Facility to conduct RTGS & NEFT transactions online

- Debit Card with aXcessPlus benefits

- Free Net Banking

- Payroll upload facility

- Cash, Cheque, DD, Trade document pick up / delivery

Foreign Exchange Services

- Preferential FX rate quotations for over 100 currencies

- Daily SMS updates on FX movements of major currencies

- Foreign exchange Hedging tools: Forwards, Vanilla Currency Option

Trade & Remittances Services

- Import & Export services

- ITT & OTT transactions at the most competitive rates

- E- alerts for ITT & OTT transactions

- Speedy issuance of FIRC

- Preferential Pricing for SOFTEX transactions

SmartPay bundled Offer

- SmartPay salary accounts as an option for your employees

7) What are the requirements of an ITA account?

All you have to do is maintain a minimum Average Quarterly Balance of INR 2.5 lacs and a minimum Remittance value of USD 75,000 or its equivalent

8) How can you open an ITA account?

You need to submit the following at the time of account opening:

- ITA account opening form

- ITA - TEC MID (most important document)

- IMEX ID form ( will enable creation of an ID to track your Trade transactions)

- KYC documents

- S2B Form

9) What are the variants under ITA?

ITA variants are based on the Average Quarterly Balance that the customer commits to maintain at the time of account opening:

- ITA TEC 25: AQB above INR 2,50,000

- ITA TEC 50: AQB above INR 5,00,000

- ITA TEC 100: AQB above INR 10,00,000

AQB non-maintenance charges of Rs.2000 or Rs.5000

Freedom to choose trade tariff based on Quarterly ITT/OTT volume (in USD/GBP/EURO) routed by the customer:

- up to USD 75,000: Standard Tariff

- USD 75,000 to 1,50,000: 10% discount to Standard tariff

- > USD 1,50,000: 20% discount to Standard tariff

10) How does one avail of special pricing for Trade & Remittance services?

- At the time of account opening, customer commits the AQB & ITT/OTT volume for the quarter

- Based on this the pricing for Trade & Remittance services & Foreign Exchange spread is agreed with the customer

- However the pricing is liable to change (increase/decrease) every 4 months based on the actual AQB maintained & quarterly ITT/OTT volumes routed

11) What are the types of facilities offered under Trade?

Depending on the needs of the customers, facilities ranging from

a) Export services Documentary collection, LC advising, LC Transfer, Remittances

b) Import Services like Letters of Credit, Documentary Collection, Remittances

c) Bank Guarantees

12) What is Straight2Bank?

Straight2Bank (S2B) is our proprietary web based platform that enables you to conduct FX trading, Payments & Trade transactions online.

Advantages of S2B:

- Is a consolidated channel for all your transactional banking needs

- Provides global access and 24/7 availability

- Improves creation, access and turnaround time for transactions

- Reduces/Controls Operating Costs and helps improve your core business focus

- Improves Information Management

Note: The FAQs have been prepared for general information only and are subject to change. The ultimate aim of the FAQs is to extend the availability of the information about the product in simple and readable manner and should not be construed as a comprehensive feature of the product.