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Foreign Currency Cheque

 

What is Foreign Currency Cheque?

This is an easy and most convenient way to credit cheques drawn in foreign currency into your ICICI Bank account. You can approach any ICICI Bank branch to deposit your cheque.

We accept cheques, travelers cheques, demand drafts, cashier orders, pay orders, and 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.


Please ensure that instruments are deposited at ICICI Branch in India with proper acknowledgment in the specified deposit slip only. Do not deposit instruments in drop boxes.


Cheques less than below mentioned amounts are not accepted:

 

Currency  Code FCC CURRENCY Account Type
  Savings Current

USD

US Dollar

10

50

GBP

Great Britain Pound

10

50

AUD

Australian Dollar

10

100

CAD

Canadian Dollar

10

300

EUR

Euro

10

100

SGD

Singapore Dollar

10

100

CHF

Swiss Frank

100

100

KWD

Kuwaiti Dinar

100

100

OMR

Omani Rial

100

100

NZD

New Zealand Dollar

100

100

JPY

Japanese Yen

10000

10000

Others

Other than above

500

500

  • Money will be credited into your account ranging from immediately to 21 international working days.
  • Credit in 8 days – Amount is credited within 8 international working days of lodging of your cheque with our correspondent bank. This facility is available for:
    • Instruments having value upto USD 350 or equivalent.
    • For value above USD 350 and below USD 10,000 or equivalent - only on specific request from the customer, provided the beneficiary is holding a savings account and fulfills the Bank's due-diligence criteria .
    NOTE: This is only available for instruments which are drawn in the following currencies and countries: USD instruments drawn on a bank in US; GBP in UK; SGD in Singapore; CAD in Canada.
  • Credit in 15 days – Credit is available after 15 international working days from the day the cheque is logged by the central processing center for cheques upto 10000 USD or equivalent favoring savings account.
  • USD cheques payable in USA and GBP cheques payable in UK of value greater than 10,000 currency units for savings accounts and for any value for current accounts 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 cheque not meeting the above criteria (for eg. SGD 15000, USD 8000 payable in UAE) is sent for collection to the drawee bank or collecting bank under Pure Collection Basis. The 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.
  • Card Rate prevailing on the date of credit to customer account would be the applicable exchange rate.
  • ICICI Bank has nostro arrangement in the following currencies:
    USD, CAD, GBP, EUR, CHF, SGD, AUD, NZD, AED, HKD, JPY and ZAR

Collection Arrangement Customer Segment
NRI customer(Individual) Domestic customers - (individual) Domestic Customers - (Non-individuals)

Instant Credit

INR 250

INR 250

NA

Cash Letter Arrangement (Credit on day 8)

NILL

0.50%,subject to minimum of INR 350 and maximum of INR 15,000

0.50%,subject to minimum of INR 350 and maximum of INR 30,000

Cash Letter Arrangement (Credit on Day 15)

NILL

0.25%, subject to minimum of INR 250 and maximum of INR 15,000

0.25%,subject to minimum of INR 250 and maximum of INR 30,000

Final Clearing Services

NILL

0.125%, subject to minimum of INR 250 and maximum of INR 15,000,Additionally: charges levied by correspondent bank in original

0.125%, subject to minimum of INR 250 and maximum of INR 30,000,Additionally: charges levied by correspondent bank in original

Collection

1. Courier charges of INR 400/-
2. Such other charges, as the overseas bank may levy

0.125% subject to minimum of Rs.250 and maximum of INR 15,000
Additionally: Courier charges of INR 400/- and such other charges, as the overseas bank may levy.

0.125% subject to minimum of Rs.250 and maximum of INR 30,000
Additionally: Courier charges of INR 400/- and such other charges, as the overseas bank may levy.

 

The above charges are exclusive of any statutory taxes or fees like service tax, education cess etc. All percentage of charges stated above shall be applied on gross amount to be credited.

 

* The courier charges will only be applicable for cheques that are sent under collection.

 

Goods and Service Tax will be levied on the converted gross INR amount in accordance to GST Bill 2017 passed by the Government of India w.e.f. July 1, 2017. Please click here to know the slab wise GST structure.

 

The charges for clearing favoring EEFC / RFC will be as per above schedule suject to minimum of following:

 

Currency USD GBP AUD CAD SGD
Charge 8 4 8 9 13

 

The charges stated above will be charges in the currency of the account holder.

 

Charges on Cheque Return by correspondent / clearing bank:

For all customer segments, by debit to customer's account. The charges should be total of following:

  • Courier charges incurred by the Bank at INR 400/- (for cheques sent under Pure Collection only).
  • Charges debited by the correspondent bank.
  • Cheque Return Charges of INR 500 + applicable service tax.