Foreign Currency Cheque

If you are receiving foreign currency cheques from abroad, ICICI Bank offers you an easy way to get fast credit into your ICICI Bank account. You can approach any ICICI Bank Branch to deposit the cheque.

What can you deposit?

We accept Cheques, Travelers cheques and Demand Drafts to Cashier orders, Pay Orders, Bankers' cheques, etc. Please submit your cheques along with a signed Indemnity Letter cum deposit slip to the nearest branch. To download Indemnity Letter cum deposit slip, please click here.

When do you get your money?

Based on certain conditions, the time in which money gets credited to your account ranges from 8 to 21 days from the day the cheque is lodged by the central processing centre, for cheques sent under cash letter arrangement. However for cheques sent for collection credit is given when the bank realizes the same.

• Cheques Sent under Cash Letter arrangement
  

  Cheques below 10,000 currency units are sent under this arrangement. It is available for instruments drawn in the following currencies and countries: - USD in US - GBP in UK - EURO in EU - AUD in Australia - SGD in Singapore - CAD in Canada

• Credit in Eight Days
  

  Credit is available after 8 days from the day the cheque is lodged by the central processing centre

• Day 21 Credit
  

  Credit is available after 21 days from the day the cheque is lodged by the central processing centre

• Cheques Sent under Collection arrangement / Pure Collection
  

  In such cases credit is given when the bank realizes the same.

USD cheques payable in USA and GBP cheques payable in UK of value equal to or greater than 10,000 currency units are sent under collection arrangements with correspondent banks in USA and UK. For USD cheques drawn on New York, Philadelphia and Pennsylvania, the confirmed credit is provided to ICICI Bank after 6 international working days from the date of receipt of cheque in the US. For other states the credit is received after 15 international working days from the day the cheque is received by the correspondent bank in US. For GBP cheques the credit is received after 15 International Working days from the time that the cheque is received by the correspondent bank in UK.

Any other cheque is sent for collection to the drawee bank or collecting bank and credit is given when the bank realises the same

For currencies where ICICI Bank does not have nostro arrangements with correspondent banks the funds would be received in our USD nostro for subsequent conversion to INR.

ICICI Bank has nostro arrangement in the following currencies:

USD, CAD, GBP, EUR, CHF, SGD, AUD, NZD, AED, HKD, JPY and ZAR

What are the charges you incur?

Based on certain conditions, the time in which money gets credited to your account ranges from 21 days to that very instant!

• For credits into ICICI Bank NRI accounts:
  

  	Nominal foreign currency conversion charge of INR 25 (inclusive of Service Tax). In case, of cross currency conversion there will be a charge of USD 1, EUR 0.5, GBP 0.5, CAD 1, AUD 1, SGD 1, AED 4 and JPY 100 (inclusive of service tax).
  	For FC Cheques sent on Collection, correspondent bank charges and courier charges as incurred will be additionally levied, wherever applicable.

• For credits into ICICI Bank Domestic accounts:
  

  	Provisional Credit (Credit in 8 days) -0.25%, subject to minimum of Rs. 350. There will be a foreign currency conversion charge of INR 25 (inclusive of Service Tax).
  	Non - Provisional Credit (Credit in 21 days) - 0.125%, subject to minimum of Rs. 250. There will be a foreign currency conversion charge of INR 25 (inclusive of Service Tax).
  	The charge for cross currency conversion will be USD 1, EUR 0.5, GBP 0.5, CAD 1, AUD 1, SGD 1, AED 4 and JPY 100 (inclusive of service tax).

Other modes of Money Transfer Correspondent Banks