Foreign Currency Cheque
FCC 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.
What are the accepted instruments for FCCs?
The accepted instruments for FCC can be any of the following:
- Cheques
- Demand Drafts
- Cashier’s Orders
- Pay Orders
- Banker’s Cheques
To deposit your instrument, visit any ICICI Bank branch in India with the signed Indemnity Letter cum Deposit Slip. Please avoid using drop boxes for deposits.
What are the minimum accepted amounts for different currencies?
- Instruments with amounts lower than the specified limits for each currency will not be accepted.
Currency Code |
FCC Currency |
Individual Limit |
Non-Individual Limit |
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 |
What is the turnaround time for the amount to be credited?
Time to Credit:
Funds 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. Available for instruments valued up to USD 350 (or equivalent). This service is for instruments drawn in the following currencies and countries:
- USD (USA)
- GBP (UK)
- SGD (Singapore)
- CAD (Canada)
Credit in 15 Days: Credit is available after 15 international working days from the day the cheque is lodged by the Remittance Unit. Available for instruments up to USD 10,000 (or equivalent). This service is for instruments drawn in the following currencies and countries:
- USD (USA)
- GBP (UK)
- EUR (European region)
- AUD (Australia)
- SGD (Singapore)
- CAD (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.
NOSTRO Arrangements for Cheque Collection
ICICI Bank has NOSTRO arrangements for the collection of cheques in the following currencies:
AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, KWD, NZD, OMR, QAR, SEK, SGD, USD, ZAR.
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
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.
What are the charges for FCCs?
| Collection Arrangement | NRI (Individual) | Domestic Individual | Domestic Non-Individual |
|---|---|---|---|
Instant Credit |
(Rs.) 250 |
(Rs.) 250 |
NA |
Cash Letter (Credit on 8 Days) |
N/A |
0.50% (min Rs. 350, max Rs. 15,000) |
0.50% (min Rs. 350, max Rs. 30,000) |
Cash Letter (Credit on 15 Days) |
N/A |
0.25% (min Rs. 250, max Rs. 15,000) |
0.25% (min Rs. 250, max Rs. 30,000) |
Final Clearing Services |
N/A |
0.125% (min Rs. 250, max Rs. 15,000) + correspondent bank charges in original |
0.125% (min Rs. 250, max Rs. 30,000) + correspondent bank charges in original |
Collection |
1. Courier charges of Rs. 400 + other overseas bank charges may levy |
0.125% (min Rs. 250, max Rs. 15,000) + courier charges Rs. 400 + other overseas bank charges |
0.125% (min Rs. 250, max Rs. 30,000) + courier charges Rs. 400 + other overseas bank charges |
Please note: The charges are exclusive of any applicable statutory taxes such as GST. All percentage of charges stated above shall be applied on gross amount to be credited.
GST on Converted INR Amount: The applicable GST will be levied on the converted currency in accordance with the provisions of the GST Act.
Goods and Services Tax (GST)
Amount of currency exchanged |
Derived Value on which GST will be charged |
GST on derived Value ( for rate@ 18%* ) |
|---|---|---|
| Up to INR 100,000 | 1% of gross amount exchanged, subject to minimum amount of INR 250 | INR 180 ( For exchange amount of INR 1,00,000) |
| From INR 100,001 to INR 10,00,000 | INR 1000 for Exchange amount of INR 1,00,000 plus 0.5% on remaining amount exchanged | INR 990 (For exchange amount of INR 10,00,000) |
| Above INR 10,00,000 | INR 5500 for Exchange amount of INR 10,00,000 plus 0.1% on remaining amount exchanged, subject to maximum of INR 60,000 | INR 1170 (For exchange amount of INR 20,00,000) |
* 18% considered for the purposes of numeric understanding only. Applicable rate of CGST / SGST or IGST will be basis the Recipient’s GST no or address registered with M2I.
The charges for clearing favoring EEFC / RFC will be as per above schedule subject 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.
What are the charges on Cheque Return by Correspondent/Clearing Bank?
For all customer segments, charges will be debited to the customer's account. The following charges apply:
- Courier Charges: Rs. 400 (for cheques sent under Pure Collection only)
- Correspondent Bank Charges: As debited by the correspondent bank
- Cheque Return Charges: Rs. 500 + applicable service tax