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 Cheque, Demand Draft, Cashier’s Order, Pay Order, Banker’s Cheque etc.
Please submit your cheque along with a signed Indemnity Letter cum Deposit Slip at any ICICI Bank Branch. To download the Indemnity Letter cum Deposit Slip, click here
Please ensure that the instruments are deposited at an ICICI Bank Branch in India with proper acknowledgement in the specified Deposit Slip only. Do not deposit instruments in the drop boxes.
Cheque amount less than any of the below mentioned amounts will not be accepted:
| Currency Code | FCC Currency | Customer Type | |
|---|---|---|---|
| Individual | Non-Individual |
||
USD |
US Dollar |
10 |
200 |
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 Franc |
100 |
100 |
KWD |
Kuwaiti Dinar |
100 |
100 |
OMR |
Omani Riyal |
100 |
100 |
NZD |
New Zealand Dollar |
100 |
100 |
JPY |
Japanese Yen |
10,000 |
10,000 |
Others |
Other than above |
500 |
500 |
Money will be credited to your account within 8 to 40 international working days.
Cash Letter Arrangement:
Credit in 8 days – The amount is credited within 8 international working days of lodging your cheque with our correspondent Bank. This facility is available for Instruments having a value of up to USD 350 or equivalent.
NOTE: This is only available for instruments that are drawn in the following currencies and countries:
USD cheques drawn on banks in the USA
GBP cheques drawn on banks in the UK
SGD cheques drawn on banks in Singapore
CAD cheques drawn on banks in Canada.
Credit in 15 days – Credit is available after 15 international working days from the day the cheque is lodged by the Remittance Unit, for cheques up to USD 10,000 or equivalent, in favour of the Savings Account.
NOTE: This is only available for instruments that are drawn in the following currencies and countries:
USD cheques drawn on banks in the USA
GBP cheques drawn on banks in the UK
EUR cheques drawn on banks in the European region
AUD cheques drawn on banks in Australia
SGD cheques drawn on banks in Singapore
CAD cheques drawn on banks in Canada
Final Credit Service: Cheques payable in GBP in the UK, of value greater than GBP 10,000 for individual customers and GBP 50 Non-Individual customers are sent under Final Credit Service arrangements with correspondent banks in the UK. For GBP cheque/instrument the credit is received within 15 international working days from the time the cheque is received by the correspondent Bank in the UK. The transit time between receipt of such cheque from the Bank and the correspondent Bank is approximately 3-4 international working days.
Direct Collection: Any cheque/instrument that does not qualify to be sent under any of the above mentioned arrangements, is sent for direct collection to the drawee Bank. Credit in such cases is given when the Bank realises the same. Though, there is no definite time period for collection of such cheque, as per our analysis it takes nearly 30-40 international working days for realising the credit depending on the country on which the cheque is drawn.
For currencies where the Bank does not have NOSTRO arrangement, the funds will be received in the Bank’s USD NOSTRO for subsequent conversion to INR. Currently, ICICI Bank has NOSTRO arrangement for cheque collection in the following currencies:
AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, KWD, NZD, OMR, QAR, SEK, SGD, USD, ZAR
The exchange rate (i.e. card rate as published on the Bank’s website) prevailing on the day of processing, will be applied to the customer’s transaction.
| 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/- |
0.125% subject to minimum of Rs.250 and maximum of INR 15,000 |
0.125% subject to minimum of Rs.250 and maximum of INR 30,000 |
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.
