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Singapore

Foreign Currency Cheques/DDs

Avail Indian Rupees against cheques/Demand Drafts issued by any bank, in any currency denomination

Foreign Currency Cheques/DDs

Axis Bank offers Foreign Currency Instrument Collection service to customers in hassle free simple and easy steps

  • You can now deposit any currency denominated demand drafts issued by any bank and avail Indian Rupees against the draft.
  • Simply visit any Axis Bank branch in India and get the beneficiary account credited by the equivalent amount, with no hassles.
  • Equivalently, you can also mail cheques / DDs to your Branch in India along with an instruction letter mentioning the account number where the funds have to be credited.
  • This mode of transfer allows faster and hassle free transfers, and freedom from volatile exchange rates as the demand draft issued to you is in fixed amount.
  • Foreign Currency Instrument Collections are lodged in 3 different schemes subject to accepted currency and payable country.
    • Final Credit Scheme (FCS)- Available only for US dollar denominated cheques & other intruments. 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, EUR, GBP, CAD, DKK, SEK, AUD & CHF currency denominated cheques & other Instruments. In this scheme funds received are provisional credit and payment is with re-course to customer.
    • Direct Collection Scheme (DCS)- All FCY Cheques that cannot be lodged under FCS & CLS are accepted under Direct Collection Scheme. 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.
  • Foreign Currency Instrument (Cheque/Draft) sent for Collection under applicable schemes & charges ( Please click here)

SCHEME

CURRENCY

CHARGES

CORRESPONDENT/DRAWEE BANK CHARGES

Final credit scheme(FCS)

USD

COMMISSION APPLICABLE
0.25% of INR value + applicable Service Tax subject to minimum of Rs.115[i.e. Rs.100 + 14% ST + 0.50% SBC + 0.50% KKC w.e.f. 01.06.2016]

COURIER CHARGES
Rs.58 [Rs.50+ 14% ST + 0.50% SBC + 0.50% KKC w.e.f. 01.06.2016

Correspondent bank charges a flat charge of USD 25 for minimum cheque value of USD 50 and above.

Cash Letter Scheme(CLS)

USD, EUR, GBP, CAD, DKK, SEK, AUD & CHF

 

Direct Collection Scheme(DCS)

All 15 currencies

Drawee bank charges also applicable which would be known only on receipt of credit.

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