A
A+
A-
Color Theme
हिन्दी
1800 890 4445 | 1800 425 4445
Screen Reader
IOB Mobile
IOB UPI
CUSTOMER COMPLAINTS
POSITIVE PAY
INVESTOR CELL
CAREER
CUSTOMER CORNER
COVID-19
APPLY LOAN ONLINE
PERSONAL BANKING
Saving Bank
Regular SB Account
IOB Eighty Plus SB
IOB - SB Gold I
IOB - SB Gold II
IOB - SB Silver I
IOB - SB Silver II
IOB Student
IOB Corp Salary Account
IOB SB Platinum
SB Small
BSBDA
Saving Bank Rules
SB Application Form
Basic SB Small Deposit
IOB SB Little Star
IOB SB DEFCOM
IOB SB DEFNON
IOB SB Arogiyamahila
IOB MACT SB
SBDBT
BSBDA Application Form
IOB-Trendy
CD Account
IOB-CD Classic
IOB-CD Super
IOB CD- Supreme
Current Account Rules
Term Deposit
Rates at A Glance
Reinvestment Deposit
Fixed Deposit
Recurring Deposit
IOB Eighty Plus TD
Education Deposit
Vardhan
Tax Saver Scheme
Floating Rate Deposits
Generate TDS Certificate
MACAD
Special Fixed Deposit (M-Q)
Multiple Deposit Plan I & II
NRO Tax Saver
IOB Saral
IOB Suvidha
Unfixed Deposit
Flexi RD
Short Deposit
Varshik Aai Yojana
Domestic NRO NRE Retail Term Deposit Rates
Depository Services
IOB Gold
Gold Rate
Designated Branches for IOB GMS
IOB Gold Monetization Scheme - GMS
Authorised CPTCs & Refineries
Lockers
Govt Deposit Schemes
Know Your Customer (KYC)
Deceased Claim
Insurance
DIGITAL BANKING
Cards
Prepaid Cards
Credit Cards
Offer-Zone
Debit-Cards
E-Iounge
ATMs & Cash Recyclers
Passbook Kiosks
Cheque Lodgement Kiosks (Upcoming)
Bank on Wheels (Door-step Banking)
FASTag
Internet Banking
Mobile Applications
BHIM IOB UPI
Verify Checksum Value
Mobile-Banking
Mobile_Apps
Services
Debit Card Blocking
Green PIN
Utility Payments
Visa Bill Payments
E-Tax Payment
LIC Premium Payment
NRI
NRI Information
NRI Queries
Non-Resident Ordinary (NRO)
Resident Foreign Currency Account (RFC)
NRI Remittances
Swift Format
US Dollar
Gulf
Australian Dollar
Canadian Dollar
Newzealand Dollar
Hong Kong Dollar
Danish Kroner
Norwegean Kroner
Great Britain Pound
Swedish Kroner
Swiss Franc
Euro
Japanese Yen
Singapore Dollar
Emirati Dirham
Remittance Procedure
Forward Cover
Overseas Branches & Representative Offices
Forex
Forex Rates
FATCA Registration Details
FATCA Form - W-8BEN-E
US Patriot Act Certificate 2020-21
AML-Wolfsberg-Questionnaire
AGRI/RURAL
IOB's Commitment for Social Causes
IOB - Shakti
Minority - Sachar Committee
RSETI
RSETI Success Stories
Agricultural Short Terms Loans
New Kisan Credit Card
Financial Inclusion
Agricultural Term Loans
IOB Special Credit Schemes
IOB Green Credit Yojana
IOB Urban Horticulture Yojana
IOB - Agri Transport Yojana
Bhumilakshmi
Bhoomi Shakthi
IOB - Arthias Yojana
IOB Sagarlakshmi
IOB - Warehouse Receipt Finance
IOB - Krishi Samridhi Scheme
IOB - Kisan Tatkal Scheme
Agricultural/Rural
Agri General Purpose Credit Card
Agri Clinics and Agri Business Centers
Agricultural Jewel Loans
New Kisan Credit Card
Agricultural Term Loans
Agriculture Loan Form
Agricultural Marketing Infrastructure Scheme
Gold Loan
Training on APY / NPS
RETAIL
Gold Loan
IOB Sahayika
Home Loan
Educational Loan - Vidyajyoti
IOB Surya
Reverse Mortgage Loan
Career Dreams
Vocational Course & Career Dreams
IOB Passion
Special Personal Loan HNI VIP
Loan Against Property
IOB Insta Pension-Covid-19 Relief Loan
Vehicle Loans
Elite Consumer Durable Loan
Consumer Durable Loan
Personal Loan to HNI
Personal Loan
IOB Scholar
Retail Credit Interest Rates
MSME
PSB Loans in 59 Minutes
MUDRA Loan Application
NEAS 2019
Apply Online
MSME Website
Stand up India - Loan Application
Term Loan
Working Capital Loans
Banks Commitment to MSE
Loans for Professional & Self Employed
COVID19-Request-For-Restructuring-of-Retail-MSME-Loans
SME MISC
Customer Interaction Day
MSME Credit Schemes - At a Glance
Regional MSME Care Centres
SME Scheme
COVID 19 – Line of Support for MSME Scheme
Photos of Mudra Beneficiary
Success Story of Mudra Beneficiary
Stand by Line of Credit for MSME Scheme
SME Policies
CORPORATE/FOREX
IT & ITES BPO
Merchant Banking
SWIFT Centers
AD Branches
BG Verification
IOB Expo Gold Card
DOOR STEP BANKING
GOVERNMENT BUSINESS
CSS Dashboard
ATM
|
BRANCH
|
BC LOCATOR
Forex_Collection_Services
Online Payment
Tax Payment
Utility Payment
Visa Bill Payment
Sastra Fee Payment
LIC Premium Payment
Reach Us!
Home
>
Forex_Collection_Services
Last Updated on
11/04/2017
Forex_Collection_Services
Collection of foreign currency clean instruments
Apart from providing various personal and commercial banking services, IOB offers services for transferring currencies across countries to facilitate cross-border transactions. The Collection of foreign currency clean instruments… cheques, drafts are undertaken by all branches of Indian Overseas Bank.
The procedure for the collection of foreign currency is detailed below:
A step by step explanation
?
Foreign Instruments such as cheques, drafts are forwarded by the authorised dealer branches to the respective correspondents in the other country using the 'Cash Letter Form'
?
The proceeds of the Collection Instruments are provisionally (under reserve) credited to the NOSTRO account of the bank as soon as it is received by the correspondents
?
They are sent for collection through the Clearing Agent or Collection Agent, whichever is appropriate
?
The NOSTRO account is finally deemed as credited after final realisation, which may take about 15 - 20 working days
Exceptions
?
If the drawee bank is unable to pay the amount due to insufficient balance or other valid reasons, the provisional credit will be withdrawn
?
In the case of altered, forged or stolen instruments the provisional credit can be withdrawn on any day thereafter
?
When these instruments are returned for reasons mentioned above, after the proceeds have been credited to the customer's account, the bank would recover the amount by applying the TT selling rate and other charges involved in this respect, from the customer
Rupee Conversion
The realisation proceeds of the collection items are normally converted into Rupees and credited to the accounts of the beneficiaries after a cooling period of 15/20 days by the branches.
©Copyright/ Indian Overseas Bank - 2010 - 2022 | Best viewed at IE 11. Mozila firefox version 72 & above and Google Chrome version 80 & above. |
PECS