Tax Collected at Source (TCS)

Your savings were held by Standard Chartered Bank during the savings period. If you decide to buy NatWest Shares your savings will be required to be transferred to our Jersey-based trustee called Ocorian who hold a bank account with The Royal Bank of Scotland International in Jersey.

As your savings will be required to be transferred out of India, the transaction may be subject to Tax Collected at Source (TCS) at a rate of 20%. This tax is only applicable if you have transferred more than INR 7 lakhs overseas during the financial year.

Your local Payroll team will contact you directly if your instruction to buy NatWest shares will be subject to TCS. The TCS charge will be deducted from your pay in the next available payroll following the completion of the funds transfer. You will receive a Tax certificate for the TCS deduction.