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Home NRI Accounts Forex Collection Services Forex. Print Large Print Download. 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: Reach us Enter your name. Enter valid mobile no. Enter the code shown. Code does not match. Reach us Cannot insert duplicate values. Last Updated On 21 Jun Lending Benchmark Rate Forex Rate Service Charges Basel II Disclosure Basel III Disclosure DNCR Whistle Blower RTI Act Disclaimer Overseas Branches and Representative Offices Advance Rate for Jewel loan Accessibility Statement Reservation Roster.

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Last Name Invalid last name. Enter email Mobile Number Enter valid mobile no. Apart from providing various personal and commercial banking services, IOB offers services for transferring currencies across countries to facilitate cross-border transactions. 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.

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The NOSTRO account is finally deemed as credited after final realisation, which may take about 15 - 20 working days. 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bank is unable to pay the amount due to insufficient balance or other valid reasons, the provisional credit will be withdrawn.

In the case of altered, forged or stolen instruments the provisional credit can be withdrawn on any day thereafter.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.