Foreign Currency Cheques/DDs

Foreign Currency Cheques/DDs

• Avail Indian rupees against foreign currency cheques and DD with Axis Bank’s foreign currency instrument collection service provided to NRIs.
• Customers can deposit foreign currency denominated cheque/DD issued by overseas bank to any Axis Bank branch in India to credit the beneficiary account by the equivalent amount.
• Foreign Currency Instrument Collections can be lodged in three different schemes subject to accepted currency and payable country, as below –
  • Final Credit Scheme (FCS)- Available only for USD currency. In this scheme funds are received after they are realised by drawee bank which is a confirmed credit and payment is without re-course to the Customer.
  • Cash Letter Scheme (CLS)- Available for USD, CAD, AUD, GBP and *EUR (payable at France & Germany only) currency. In this scheme funds received are provisional credit and payment is with re-course to customer.
  • Direct Collection Scheme (DCS)- All FCY Cheques/DDs that cannot be lodged under FCS & CLS are accepted under DCS, subject to certain terms and conditions. In this scheme, the FCY cheque/other instruments are directly sent to drawee Bank without any intermediary for collection. Received credit would be final without possibility of return and without re-course to the Customer.
• All charges in addition to Axis Bank charges are to be borne by the beneficiary which are adjusted from the realized amount or recovered from customer’s account in case if the cheque gets returned unpaid.