If you're a freelancer or exporter receiving foreign payments into an Indian bank account, your bank choice is silently costing you money — or saving it. We tracked TT buy rates at six banks every trading day for 30 days to find out exactly how much.
Indian Overseas Bank (IOB) gave the best USD rate on 24 out of 30 trading days. State Bank of India (SBI) led on 5 days, Bank of Baroda (BOB) on 1. All three banks that consistently topped the table — IOB, SBI, and BOB — are public sector banks. The average gap between the top and bottom tier: ₹1.47 per dollar — that's ~₹15,000 on every $10,000 transfer.
30 days of data
We recorded TT buy rates daily at AXIS, BOB, HDFC, ICICI, IOB, and SBI from May 18 to June 30, 2026 — 30 trading days. Here are the 30-day USD averages:
| Bank | Avg USD rate | Days ranked #1 |
|---|---|---|
| IOB best | ₹94.96 | 24 of 30 |
| SBI | ₹94.81 | 5 of 30 |
| BOB | ₹94.73 | 1 of 30 |
| AXIS | ₹93.59 | 0 of 30 |
| ICICI | ₹93.52 | 0 of 30 |
| HDFC | ₹93.49 | 0 of 30 |
Two tiers emerge clearly. IOB, SBI, and BOB consistently at the top — all three are public sector banks. AXIS, ICICI, and HDFC consistently in the lower half — all three are private sector banks. Not a single day in 30 trading days saw a private sector bank lead the table.
What ₹1.47 per dollar actually costs you
The average gap between the top and bottom tier was ₹1.47 per dollar. On real transfers:
Not a one-off. This was every transfer, every day, for 30 trading days.
How global events moved rates — and what stayed constant
This 30-day window was eventful for the rupee. Both tiers tracked the macro story in lockstep — but the gap between them never closed.
The green gap between the two lines stayed roughly constant throughout — in a weak rupee environment and in a recovering one. The remaining four banks — SBI, BOB, ICICI, and AXIS — fall within this gap throughout the period.
Macro events move rates. They don't change which bank treats you better.
Does it matter which currency you receive?
No. The ranking held consistently across all six currencies we tracked.
| Bank | USD | EUR | GBP | AED | SGD | CAD |
|---|---|---|---|---|---|---|
| IOB best | 94.96 | 109.53 | 126.67 | 25.72 | 73.71 | 67.88 |
| SBI | 94.81 | 108.71 | 125.83 | 25.30 | 73.21 | 67.49 |
| BOB | 94.73 | 109.08 | 126.59 | 25.66 | 73.36 | 67.57 |
| AXIS | 93.59 | 107.84 | 124.60 | 25.12 | 72.75 | 66.87 |
| ICICI | 93.52 | 107.47 | 124.04 | 25.11 | 72.78 | 66.46 |
| HDFC | 93.49 | 107.65 | 123.71 | 25.11 | 72.73 | 66.28 |
Whether you bill in dollars, euros, pounds, or dirhams — the two-tier pattern holds across every currency. Public sector banks consistently offered higher rates than private sector banks throughout the period. Your currency doesn't change the answer.
How far is each bank from the RBI reference rate?
The RBI publishes a daily reference rate — the mid-market rate for each currency. Every bank's TT buy rate sits below it. That gap is the bank's markup — what you give up on every transfer, regardless of where the rupee is that day.
Public sector banks take ₹0.21–0.64 below the RBI rate for USD and AED — rising to ₹0.57–1.51 for GBP and EUR. Private sector banks take ₹1.68–3.64, with the gap widening sharply for GBP. SGD and CAD are excluded as the RBI does not publish reference rates for these currencies.
One caveat
These are averages over 30 trading days. Rates change daily — sometimes by ₹0.50 or more in a single session. The pattern above is strong and consistent, but no individual day is guaranteed. Check rates before every transfer.
See today's TT buy rates across all six banks, updated daily.
Check today's rates →The bottom line
Your bank choice alone can cost or save you ~₹15,000 on every $10,000 received — consistently, across currencies, regardless of what the rupee is doing globally.
Public sector banks — IOB, SBI, and BOB — led the rate table on every day we tracked. The data doesn't tell you to switch banks tomorrow. It tells you to know where you stand — and to check before every transfer.