Bank Forex Rates Today in India: SBI, Axis, Bank of Baroda, Canara, Union, IOB and BoM TT Rates Compared

Seven large Indian banks publish a forex card rate every business day: State Bank of India, Axis Bank, Bank of Baroda, Canara Bank, Union Bank of India, Indian Overseas Bank and Bank of Maharashtra. Each sheet lists, for 15 to 25 currencies, the rate at which the bank buys and sells foreign currency by telegraphic transfer, bill, cheque and cash. The sheets are PDFs or web tables in seven different layouts. This guide explains the columns, compares the seven boards for USD on a single day, and shows how to read all of them as one JSON feed.

Reading a card rate sheet

Every sheet carries a time stamp, and banks can and do reissue the sheet during the day. SBI's board on 9 November 2026 is stamped 1:08 PM; Axis's is stamped 06:40 PM, which means it reflects a later market than SBI's. When comparing banks, compare stamps too.

USD to INR across seven banks, 9 November 2026

The RBI reference rate that day was 93.8579. The TT quotes on the seven boards:

Three patterns hold on most days, not just this one:

• Public-sector banks quote tighter spreads than private banks on the card rate. Axis's 3.5% is a published retail spread; its relationship customers are priced off a different screen.
• The spread, not the mid, is what you pay. All seven mids are within 0.4% of each other; the difference between receiving USD 10,000 at IOB's TT buying rate and Axis's is about ₹14,800.
• Later stamps track the afternoon market. Boards issued after the RBI rate is set at about 13:30 IST can sit on the other side of it from morning boards.

Which bank's rate you are required to use

For pricing a remittance, any bank's rate is just a quote and you choose the cheapest channel. For compliance, the rules name a bank:

• Income tax (Rule 26 for TDS, Rule 115 for income, Schedule FA for foreign assets): SBI's TT buying rate on the specified date. No other bank's sheet counts. See the Rule 115 guide.
• Financial statements (Ind AS 21, AS 11): the closing spot rate, in practice the RBI reference rate, not a bank card rate.
• Customs and GST on goods: the CBIC-notified rate, which is a fortnightly schedule, not a bank rate at all. See the CBIC customs rates page.

All seven boards as one JSON feed

The seven sheets are scraped several times a day and normalised to one shape, with the RBI reference rate attached to each currency for comparison. The country endpoint returns every bank:

curl "https://allratestoday.com/api/open/bank-rates/in"
# { "country": "in", "quote_ccy": "INR",
#   "official_source": "rbi", "official_date": "2026-11-09",
#   "banks": [
#     { "bank": "sbi", "name": "State Bank of India",
#       "bank_updated_at": "09-11-2026 Time 1:08 PM", "basis": "Telegraphic transfer",
#       "rates": [ { "ccy": "USD", "buy": 93.6, "sell": 94.45, "mid": 94.025,
#                   "spread_pct": 0.904, "official": 93.8579, "vs_official_pct": 0.178 }, ... ] },
#     { "bank": "bob", ... }, { "bank": "axis", ... }
#   ] }

One bank at a time is /api/open/bank-rates/in/sbi (or bob, canara, iob, union, bom, axis), and ?ccy=USD narrows to one currency. The endpoint is keyless for public pages with a visible link back to allratestoday.com; add &date=YYYY-MM-DD for a stored past board, kept from October 2026.

A Google Sheets cell that shows the cheapest TT buying rate for USD across the seven banks:

function BEST_TT_BUY(ccy) {
  var d = JSON.parse(UrlFetchApp.fetch("https://allratestoday.com/api/open/bank-rates/in").getContentText());
  var best = null;
  d.banks.forEach(function (b) {
    b.rates.forEach(function (r) {
      if (r.ccy === ccy && r.buy && (!best || r.buy > best.buy)) best = { bank: b.name, buy: r.buy };
    });
  });
  return [[best.bank, best.buy]];
}

Each bank's own page carries today's full board and the source PDF link: SBI, Axis, Bank of Baroda, Canara, Union Bank, IOB and Bank of Maharashtra, with the country overview at Indian bank exchange rates.

FAQ

What is the difference between TT buying rate and TT selling rate?

TT buying is the rate at which the bank buys foreign currency from you when it arrives by wire, for example an inward remittance or export proceeds. TT selling is the rate at which the bank sells you foreign currency for an outward wire, such as an import payment or a transfer abroad. Buying is always lower than selling; the gap is the bank's spread.

Which Indian bank has the best forex rate today?

It changes daily and by currency. On 9 November 2026 the tightest USD spread among the seven boards was Indian Overseas Bank at about 0.6% and the widest was Axis Bank at about 3.5%, with SBI at about 0.9%. Compare the live boards for the currency and direction you need rather than relying on a ranking.

Why do bank rates differ from the RBI reference rate?

The RBI reference rate is a once-a-day interbank mid-rate with no spread. A bank card rate is a retail quote that includes the bank's margin and is set at a different time of day, so TT buying sits below the reference rate and TT selling above it.

Which bank's rate do the income-tax rules use?

State Bank of India's TT buying rate, under Rules 26 and 115 of the Income-tax Rules and the Schedule FA instructions. Other banks' rates are relevant for pricing a remittance, not for tax conversions.

Do these card rates apply to my transaction?

Card rates are indicative for small and mid-sized transactions, and banks note the ticket-size band they apply to. Large transactions are usually priced individually off the live interbank market. Treat the board as the published reference, not a guaranteed deal rate.