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.

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.

Time for credit into your account

• Instant credit (On special request by customer for individual instruments) upto USD 300 or equivalent. The same would be as per Branch Head’s recommendation.
• Credit in 8 days – Amount is credited within 8 days of lodging of your cheque with our correspondent bank. This is 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. This facility is available on specific requests for cheques above USD 350 or equivalent favoring savings account.
• Credit in 15 days – Credit is available after 15 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.

ICICI Bank has nostro arrangement in the following currencies:
USD, CAD, GBP, EUR, CHF, SGD, AUD, NZD, AED, HKD, JPY and ZAR

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• Credit in 8 Days
• Day 15 Credit
• Cheques Sent under Collection arrangement / Pure Collection

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

Details of Charges for Foreign Currency Instruments:

Collection Arrangement	Customer Segment
	NRI customers	Domestic customers - (individual)	Domestic customers - (Non-individuals)
Instant Credit	Rs 250	Rs 250	Not applicable
Cash Letter Arrangement (Credit on day 8)	No charges	0.50%, subject to minimum of Rs.350.	0.50%, subject to minimum of Rs.350 or as per any specific agreement with the customer
Cash Letter Arrangement (Credit on Day 15)	No charges	0.25% subject to minimum of Rs.250	0.25% subject to minimum of Rs.250 or as per any specific agreement with the customer.
Final Clearing Services	No charges (Charges in Foreign currency might be levied by the correspondent bank)	0.125% subject to minimum of Rs.250 Additionally : charges levied by correspondent bank in original	0.25% subject to minimum of Rs.350 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 Additionally : Courier charges of INR 400/-, and	0.125% subject to minimum of Rs.250 Additionally : Courier charges of INR 400/-, and Such other charges, as the overseas bank may levy. Or as per any specific agreement with the customer.
Cheque Purchase	Interest @17.5% p.a. from the date of credit to customer’s account till the date of receipt of funds in the nostro.	Interest @17.5% p.a. from the date of credit to customer’s account till the date of receipt of funds in the nostro.	Interest @17.5% p.a. from the date of credit to customer’s account till the date of receipt of funds in the nostro or as per any specific agreement with the customer

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.

Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2011 of the Government of India w.e.f. 1st April 2011. Please click here to know the slab wise service tax structure.

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

Currency	Charge
USD	8
EUR	6
GBP	4
AUD	8
CAD	9
SGD	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 chques sent under Pure Collection only).
	Charges debited by the correspondent bank.
	Cheque Return Charges of INR 500 + applicable service tax.

Other modes of Money Transfer Click Here