Finance, Forex and Investments

how collect money form indian banks ?

i have cheque of $ 500 and i want collect money from indian banks ? is it necessary to have back account from which i collect money/ is SBI bank will give cheque's amount indian rupee ? please tell me what should i do for it ? i want answer from indian people ,,

Public Comments

1. u need to have an a/c with an indian bank. There u just go and deposit it like any other rupee cheque. If u r an nri, then u can open an NRI a/c with SBI or any other bank.
2. Dear, First you should open a NRI A/c in Indian Bank which Branches in your country. In my openion , SBI,Citibank,HSBC,ICICI and others bank branch are available in foreign country so these bank will give cheque's amount in Indian rupee by mumbai stock exchange. If you will not want open a A/c in Indian Bank then you should issue this cheque to any Indian friend's name who live in India and who have an A/c . Thank you.
3. In whichever Indian bank you have your account with the same name as that appearing on the cheque as against "Pay", you need to deposit the said cheque of $500/= for collection in that bank. It may take a few days before the proceeds are credited into your account. Ask the bank about the time it will take for credit. Keep the counter-foil of said cheque deposited, with you in safe custody, atleast till the proceeds are credited to your account. If the cheque is genuine and good for payment, you will have the amount credited in your account in due course in Indian Rupees, after the bank having deducted his collection charges. You may also remember not to drop the cheque in the cheque drop box of the bank and tell the concerned official that it is $ collection cheque. It is simple and a routine part of banking transactions for collections in respect of foreign exchange instruments.
4. You will need to have a bank account with the same name as in the cheque. Then using the regular bank deposit slip you should give it to the concerned bank official. It will take about two weeks and a processing fee will be deducted which for SBI is 0.30% of the total amount or a minimum of Rs 300. But they will credit your savings account with the amount in Rupees. If you don't have a bank account then you request the people who sent you the cheque to cancel this cheque and send it to you in the name of someone who has a bank account. They might not do so but it is worth asking. Then this person will deposit the cheque using the same process and can give you the amount once it is received in his/her bank account.