Foreign Currency cheque in india

Discussion in 'Payment Processing' started by avkuvalekar, Jul 31, 2008.

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  1. #1
    Hi guys,

    I have been working in Singapore since September 2007. I do not have an NRE account in India. Now, I will be returning to India. I have a normal savings account in SBI.
    I am expecting proceedings of my last salary and stuff to be returned to me in October. I will get it in the form of a cheque in Singapore Dollars (SGD).

    Can I just deposit that cheque in my normal savings account and it will automatically get converted into rupees or I need to do something else?
    I don't want to hold foreign currency in SGD so I don't quite think that it should be a problem but then I need to get this confirmed before I inform my company.

    Thanks
     
    avkuvalekar, Jul 31, 2008 IP
  2. weblover78

    weblover78 Banned

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    #2
    Yes you can deposit the check but it will take atleast 25 business days to clear it.

    Thank you
     
    weblover78, Jul 31, 2008 IP
  3. avkuvalekar

    avkuvalekar Peon

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    #3
    Thanks. :)
    Then why are those RFS and all account types there in many banks?
    Are they meant for holding a foreign currency?
     
    avkuvalekar, Jul 31, 2008 IP