YES Bank Form A2 is a crucial document required for various international payments, such as remittances for education, medical expenses, or business-related transfers. It serves as a declaration of the purpose of the remittance and ensures compliance with the Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI) guidelines.
If you’re looking to fill out YES Bank Form A2, you likely need to make an international payment or transfer funds for a specific purpose. Completing this form correctly is essential to avoid delays or issues with your transaction. In this guide, we’ll walk you through each step of filling out the form to ensure you complete it accurately and efficiently.
Table of contents
- Understanding YES Bank Form A2
- Steps to Fill Out YES Bank Form A2
- Step 1: Filling Out the Applicant’s Information
- Step 2: Filling Out Transfer Instructions
- Step 3: Filling Out the Details of the Drawal of Foreign Exchange Required
- Step 4: Filling Out Beneficiary Information Section
- Step 5: Filling Out Forward Contract Details
- Step 6: Filling Out the Purpose Code Details
- Step 7: Filling Out the Declaration under DEMA 1999 as per Form A2
- Required Documents Along with YES Bank Form A2
- Download YES Bank Form A2 PDF
- FAQs
Understanding YES Bank Form A2
YES Bank Form A2 is a crucial document required for individuals or businesses making international remittances through YES Bank. Whether you’re paying for education, medical expenses, or business-related services, YES Bank Form A2 ensures that your transaction complies with the necessary legal framework.
The form serves as both a record for the bank and a legal document for the Indian government, so it’s essential to provide precise information to avoid delays or rejections. Common scenarios that require the submission of Form A2 include:
- Education fees: For students paying tuition fees for studies abroad.
- Medical treatment: For individuals remitting funds to cover medical expenses in another country.
- Business payments: For companies making payments for goods, services, or other business-related expenses overseas.
- Family support: When transferring money to family members living abroad.
In all these cases, the purpose of the remittance must be clearly defined, and the form ensures the transaction aligns with RBI and FEMA guidelines. Non-compliance can result in penalties, so it’s important to learn and avoid FEMA violations.
Steps to Fill Out YES Bank Form A2
To help you complete the form accurately, we have broken down the process into simple, easy-to-follow steps. Follow these steps to ensure that you provide the right information, attach the necessary documents, and submit the form without any complications.
Step 1: Filling Out the Applicant’s Information
In the first section of the YES Bank Form A2, you will need to provide the details about the remitter (the person sending the money).
- Enter the complete legal name as per the bank records.
- Provide the YES Bank Customer ID.
- Enter your complete residential address.
- Provide a valid email address where YES Bank can send updates regarding the transaction.
- Provide your contact number.
- PAN is a mandatory field for all remitters under FEMA regulations for outward remittance.
- If you have received a promotional code from YES Bank (e.g., for discounted transaction fees or special offers), enter it in this section. However, you can leave this field blank if you don’t have a promo code.
Be sure to double-check the information entered in this section, as incorrect details may delay the processing of your request.
Step 2: Filling Out Transfer Instructions
In this step, you need to specify the accounts from which the foreign exchange will be drawn. You have two options to select from in your YES Bank Form A2:
EEFC/RFC Account (Export Earners’ Foreign Currency / Resident Foreign Currency Account)
If you hold an EEFC or RFC account (Resident Foreign Currency Account), authorize the bank to debit the required amount from this account.
- Provide your EEFC/RFC account number in the given field.
- Specify the amount to be debited from this account.
- Mention the currency (e.g., USD, EUR, GBP) in which the remittance will be made.
Savings/Current/EEFC/RFC Account for the Balance & Charges
If the entire remittance cannot be covered by your EEFC/RFC account, the remaining amount and associated charges will be debited from your savings or current account.
- Provide the relevant account number in the given field.
- Mention the amount to be debited from this account.
- Indicate the currency in which this amount will be debited (usually INR for local accounts).
Then, you need to tick/select the appropriate option for how the money should be sent:
- Demand Draft (DD) – If you want a physical draft issued in foreign currency, it can be couriered or handed over to the beneficiary.
- Foreign Currency Notes (CN) – If you require physical cash in foreign currency (usually for travel).
- Telegraphic Transfer (TT) – The most common option, which electronically transfers money to the beneficiary’s bank account via the SWIFT network.
Also Read: Check here all the details on the limits and conditions of form A2. Know the conditions and the limits set by the Reserve Bank of India.
Step 3: Filling Out the Details of the Drawal of Foreign Exchange Required
This section in the YES Bank Form A2 captures the exact amount of foreign exchange you wish to remit, along with the currency details and source of funds. It ensures that the remittance amount is correctly recorded in both foreign currency (FCY) and Indian Rupees (INR).
1. Choose the Type of Remittance
You need to specify whether you are remitting a fixed foreign currency amount or the equivalent of a fixed INR amount. There are two options:
Remittance of a Fixed Amount in Foreign Currency (FCY)
- If you know the exact amount you need to send in a foreign currency (e.g., USD 5,000 or EUR 3,000), select this option.
- Fill in the following details:
– Currency – Specify the foreign currency (e.g., USD, EUR, GBP, CAD, AUD).
– Amount in Figures – Enter the exact amount (e.g., 5000 for USD 5,000).
– Amount in Words – Write the full amount in words (e.g., Five Thousand US Dollars Only).
Remittance of Equivalent of Fixed INR Amount
If you want to send the foreign currency equivalent of a specific INR amount (e.g., INR 4,00,000 converted to USD at the prevailing exchange rate), choose this option. Fill in the following details:
- INR Amount in Figures – Enter the INR amount (e.g., 400000).
- INR Amount in Words – Write the full amount in words (e.g., Four Lakh Indian Rupees Only).
Please note that the final foreign currency amount will depend on the exchange rate applicable at the time of processing.
2. Provide Details of the Source of Funds
You must specify where the money for this remittance is coming from. This helps the bank ensure regulatory compliance. Some common options include:
- Savings account balance if you are using personal savings.
- Salary income if the funds are sourced from your monthly salary.
- Business income if you are funding the transfer using business earnings.
- Loan proceeds if the remittance is funded by a loan (e.g., education loan).
- Investments if the money comes from the sale of stocks, mutual funds, etc.
For example, If you are paying tuition fees abroad using personal savings, you can write:
“Funds from personal savings account maintained with YES Bank.”
And if the remittance is from a loan disbursement, mention:
“Education loan sanctioned by YES Bank for higher studies abroad.”
Before proceeding to the next step, make sure to do the final review-
- Ensure you select either a fixed FCY amount or an equivalent INR amount (not both).
- Double-check the currency and amounts in figures and words for accuracy.
- Mention the source of funds to avoid delays in processing.
Step 4: Filling Out Beneficiary Information Section
The beneficiary information section in YES Bank Form A2 is critical as it contains details about the recipient of the remittance. Any incorrect or incomplete information may lead to transaction delays or rejections.
Follow the steps below to ensure accurate completion.
- Enter the full legal name of the recipient as per their bank records.
- Provide the complete postal address of the beneficiary, including city, state, and country.
If you selected Telegraphic Transfer (TT), you must provide accurate details of the beneficiary’s bank to ensure smooth processing for YES Bank international money transfers:
- Enter the full name of the bank where the recipient holds the account.
- Provide the complete bank address (branch, city, country).
- Enter the recipient’s complete bank account number.
- Mention the country where the beneficiary’s bank is located.
- Provide the 8- or 11-character unique SWIFT Code for banks used in wire transfers.
Now, you have to provide certain codes in the YES Bank Form A2 for the banks to process the remittances. However, not all of them have to be filled.
- Provide Sort Code (a 6-digit code) for transfers to the United Kingdom.
- Provide IBAN (International Bank Account Number) for transfers to European and Middle Eastern countries.
- Provide the BSB (Bank-State-Branch) number if you are remitting money to Australia or New Zealand.
After this, you must also choose who will bear these charges. Make sure to select any one-
- Beneficiary (BEN): The beneficiary (recipient) bears all additional overseas charges. The final amount received may be less than the sent amount due to deductions.
- Remitter (OUR): The sender (you) bears all charges, ensuring that the beneficiary receives the full amount without any deductions. Additional charges will be debited from your account.
- Principal Protect: Ensures that the principal amount reaches the beneficiary, but charges may still be deducted from either party.
- Sharing (SHA): The sender pays the local bank charges, and the beneficiary covers any overseas/intermediary bank charges.
Step 5: Filling Out Forward Contract Details
This section in YES Bank Form A2 is relevant only if you have booked a forward contract to hedge against exchange rate fluctuations for your outward remittance. If you are making a regular remittance without a forward contract, you can skip this section.
What is a Forward Contract?
A forward contract is an agreement between you and the bank to buy or sell a specific amount of foreign currency at a pre-agreed exchange rate on a future date (also known as currency hedging). It helps protect against exchange rate volatility.
Follow the given instructions to fill out the Forward Contract details-
- Enter the unique forward contract reference number provided by YES Bank when you booked the contract.
- Mention the date on which the forward contract was booked.
Enter the total value of the forward contract in the agreed foreign currency. - Provide the maturity date or expiry date of the forward contract.
- Mention the exact amount from the forward contract that you want to use for this remittance.
Step 6: Filling Out the Purpose Code Details
This section in YES Bank Form A2 is crucial because it specifies the reason for your outward remittance. Banks and regulatory authorities, including the Reserve Bank of India (RBI), require this information to ensure compliance with foreign exchange regulations under the Foreign Exchange Management Act (FEMA).
1. Purpose Group Number & Purpose Code
Purpose Group No.
- Select the appropriate purpose group number based on the nature of your transaction.
- This categorization helps the bank classify your remittance under RBI regulations.
Purpose Code
- Each remittance purpose has a unique RBI-assigned purpose code (e.g., P0101 for studying abroad, S1301 for gifts, etc.).
- Check with the bank or refer to the RBI purpose code list to ensure you enter the correct code.
Purpose Description
- Provide a brief description of the transaction that clearly explains the reason for the remittance.
- Example: Tuition fee payment for higher education in Canada or Overseas property purchase in the USA.
Name of the Country Providing Ultimate Services
- Mention the country where the funds will be utilized.
- This helps the bank track international money movements.
- Example: If sending tuition fees to a university in Australia, write Australia.
2. Additional Details Required for Specific Remittances
If your remittance falls under any of the categories below, you must provide additional details. For example:
| Examples | Details to Mention |
| If you are sending funds to your father residing abroad for his maintenance | Purpose Code: S1302 Purpose Description: Remittance for the maintenance of a close relative (Father)Country Name: USA |
| If you are lending money to your brother | Purpose Code: S1303 Purpose Description: Loan to a close relative (Brother)Country Name: UAE |
| If you are sending tuition fees to a university in Canada | Purpose Code: P0101 Purpose Description: Payment of tuition fees for higher education in Canada Student Name: Rahul Sharma Student ID: 12345678 Country of Study: Canada |
| If purchasing a house in New York, USA | Purpose Code: S1101 Purpose Description: Property purchase in New York, USA Country Name: USA |
| If investing in Apple Inc. (USA) stocks | Purpose Code: S0001 Purpose Description: Investment in equity shares of Apple Inc. Country of Incorporation: USA |
Step 7: Filling Out the Declaration under DEMA 1999 as per Form A2
The Declaration under FEMA 1999 is a legally binding section in Form A2 that ensures compliance with the Foreign Exchange Management Act (FEMA), 1999. It confirms that the remittance is being made for a valid purpose under Indian law and that the applicant is responsible for the accuracy of the details provided.
- The applicant (remitter) must sign and date the declaration section.
- If the applicant is a company or firm, an authorized signatory must sign on behalf of the organization.
- Some transactions may require additional supporting documents, such as invoices, loan sanction letters, or agreements.
Once signed, the form is submitted to YES Bank along with the required documents for processing the outward remittance.
Also Read: Learn how to easily check the remittance status with Form A2 and ensure your payment reaches the beneficiary.
Required Documents Along with YES Bank Form A2
When filling out YES Bank Form A2, it is crucial to gather all the necessary documents to ensure a smooth and efficient process. These documents help you complete the form accurately, ensuring compliance with both YES Bank’s and regulatory requirements.
Here’s a list of what you need to prepare before you start filling out YES Bank Form A2:
- Proof of identity: A valid passport, PAN card, or Aadhaar card for identification.
- Purpose-related documents: For education remittances, an admission letter from the educational institution; for medical payments, medical bills or a treatment plan; for business remittances, invoices or contracts.
- Recipient’s bank details: Including the recipient’s name, bank name, SWIFT code, and account number.
- Amount and currency details: The exact amount you wish to send and the currency you are sending.
Download YES Bank Form A2 PDF
To download the YES BANK Form A2 PDF, you need to visit the YES BANK Form Centre online. Locate the Form and browse through the list of available forms to find the “Application cum Form A2 for LRS transactions.”
Then, Click on the form’s link to open the PDF. Once opened, you can download the PDF to your device.
Alternatively, you can directly access the form using the following link: YES Bank Application cum Form A2 for LRS transactions. Ensure you have a PDF reader installed on your device to view and fill out the form.
To sum up, filling out YES Bank Form A2 is an essential step for anyone making international remittances through the bank. By following the steps outlined in this guide, you can confidently complete the form and ensure your transaction complies with the relevant regulations.
Taking care to provide accurate information, check your details, and attach the necessary documents will help you avoid delays and complications in the transfer process.
FAQs
YES Bank Form A2 is a document required for outward remittances (sending money abroad) under the Foreign Exchange Management Act (FEMA). It collects essential details like the sender’s information, purpose of remittance, and beneficiary details to comply with RBI regulations.
In the ‘Applicant Information’ section, provide your full name, email ID, address (if you’re not a YES Bank account holder), PAN number, and phone number. Ensure your PAN is correct, as it’s mandatory for remittance processing.
The PAN number is mandatory as per FEMA guidelines. It helps to verify the identity of the sender and track remittances to prevent misuse of foreign exchange.
If you are a YES Bank account holder, you can leave the ‘Applicant’s Address’ field blank. It is mandatory only for non-account holders to fill in this section.
In the ‘Purpose Code’ section, select the appropriate purpose for your remittance from the available options (e.g., education, property purchase). Provide additional details as required, such as student name or property location.
Provide the beneficiary’s name, address, bank account number, SWIFT code, and beneficiary’s bank details (including country and sort code). Ensure the details match the recipient’s bank records to avoid transaction delays.
Yes, if you are a YES Bank account holder, you must provide your Customer ID. If not, you can skip this field, as it’s not mandatory for non-account holders.
In this section, describe the origin of the funds you are sending, such as personal savings, loan disbursement, or sale of property. Provide accurate and truthful information to comply with regulations.
If you have booked a forward contract for currency exchange, mention the contract number, amount, and due date in this section. This is relevant for transactions involving future foreign exchange commitments.
By signing the ‘Declaration under FEMA’, you confirm that the remittance complies with FEMA regulations and that the funds will be used for lawful purposes. It also holds you accountable for the accuracy of the provided information.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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