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In case of remittance,
how long does it take for funds to reach beneficiary? |
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Funds can be remitted in one of the following
ways: |
| a) |
By mail transfer |
| b) |
By telegraphic transfer / wire |
| c) |
By demand draft |
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Funds required
to be remitted can be deposited with us by cash (certain
restriction apply) or by check (sent by mail) or through
your bank (as stated under our remittance product).
Once the funds are received by our bank /collected from
your bank though clearing, the funds become available
for further remittance. |
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In case
of mail transfer, the same is mailed on the same day
the funds become available to us through our couriers.
In case of telegrapic transfer, the remittance is transmitted
to the beneficiary's branch through our own network
of SWIFT/ TELEX/FAX Systems on the day the funds become
available to us.Demand drafts are usually collected
by the purchaser at the branch counter. However, the
same is sent to the purchaser by courier, if so desired,
at an additional charge of $10. |
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How can I know the rate of exchange for
remittance in Indian rupee? |
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The rate
of exchange of US dollars to Indain rupees is determined
daily on the basis of market conditions of demand and
supply. This rate can be ascertained from our branch
by making telephonic call at any time during working
hours or can be heard from our automatic voice mail.
However, rate which is in force at the time funds are
made available to us for transfer is applied. Usually,
it is quite favorable to our customes, since we believe
in working on thin margins and high volume. |
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What information the bank needs for effecting
remittance of funds? |
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For making funds transfer,
we need a duly filled up request form, which is available
from our branch and can also be mailed by us if so desired
by you. Usually, in addition to your name, address ,
telephone # and identification #, similar particulars
of beneficiary are also required to be filled up in
this form. A copy of the identification document (SSN/TIN/Motor
license/Photo ID etc. for the first time.) is also required
to be enclosed with the application form For further
clarification, you may contact us anytime though telephone. |
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How can I open an account with your branch
? |
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Opening an account is
very easy, provided you can furnish documentary evidence
of your identification. Account opening form can be
collected from our branch or can also be mailed to you
if you so desire. This form contains list of documents
required to be furnished for opening an account. |
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Is interest earned on my deposts kept with
the branch subject to taxation ? |
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Yes. Interest earned by you on your deposit
with any bank is subject to taxation laws of U.S.A. |
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Can I deposit cash in my
account ? Tell me the details of formalities, if any. |
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Yes. You can always deposit
cash in your accounts. However, it is our experience that
deposits by way of checks are always more convenient and
risk free. |
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Do you levy any fees/ charges for collecting
checks payable to me |
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anywhere in USA? |
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No. We
do not levy any fees/charges for collecting checks made
out in your favour payable anywhere in USA and deposited
by you for collection. This service is provided to our
customers free of charge. However, in case any fee deducted
by the paying bank and / or any out of pocket expenses
are incurred by us on this collection, the same are
recoverable from you. |
