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With the Cheque service you can now encash cheques drawn on your bank account in US within no time at all. All you need to do is log on to FUNDStoHOME, complete the required details take a print out of the deposit slip, attach the cheque. Mail the instrument to Lock Box address mentioned in the deposit slip and we will do the rest.
This facility is available for USD cheques only and drawn on banks in the US only. The beneficiary of the remittance is required to hold a Kotak Mahindra Bank Account.
Features & Benefits
Economical
- Free^ remittances into Kotak Mahindra Bank Account.
- Attractive Exchange rates.
Speedy
- Fast mode of remittance.
- Get funds in your Kotak Mahindra Bank Account within 5working days*
*3 working days after receipt of the instrument at the designated address. Kotak Mahindra Bank will not take responsibility for any postal delay. Working days- not including Saturdays, Sundays and Public Holidays
Secure
- Complete bank to bank transaction.
- Track the status of the remittance.
Cheque Lock Box Address
PO Box 11448A – New York NY 10286 1448
How does it work?
Funds Flow: 3 - 4 - 5
| Flow Diagram No. |
Interactions |
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Customer prepares a cheque, drawn on his Local Bank, favouring himself or any other beneficiary having an account with Kotak Mahindra Bank. Please Note:
- The Cheque has to be drawn in USD, on a Bank in US.
- It must be a valid cheque.
- No endorsed cheques or cash will be accepted through this mode of remittance.
- Cheque should be drawn on "Kotak Mahindra Bank a/c Customer's Name "
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| 1. |
Initiates a remittance, chooses Cheque as the mode of remittance. He completes the remittance details online like cheque number, Bank and Branch on which the cheque is drawn, amount of the cheque and the name of the beneficiary. |
| 2. |
Customer takes a print out of the Deposit Slip, with the details of the cheque and the Kotak Mahindra Bank's Post Box address. Please Note:
- The Details mentioned in the Deposit Slip should match with the details of the cheque enclosed.
- One Deposit Slip per instrument.
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| 3. |
Customer attaches the cheque and mails it to the Post Box Address by ordinary mail.
Please Note:
- Do not courier instruments to the Post Box address
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| 4. |
Kotak Mahindra Bank's Correspondent Bank collects the funds and gives credit advice. |
| 5. |
Kotak Mahindra Bank transfers the funds to the beneficiary through by credit to Kotak Mahindra Bank account. |
subject to terms & conditions for further details log on to FUNDStoHOME
^Foreign Currency Conversion Charge which is an explicit
charge of Rs.50 for Individuals and Rs.100 for Non Individuals along
with a service tax of 12.36 % (as per current prevalent rates) is
applicable to all transactions that involve Foreign Currency Conversion.
This charge is applicable with retrospective effect from 16th May
2008 as per the CBDT circular in the Finance Act 2008.
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