"LOCK BOX SERVICE" (quick cheque collection service for NRIs based in USA)

Click here to download  DEPOSIT SLIP

HIGHLIGHTS:

• A new facility, exclusively to cater to the long felt need of NRIs based in USA.


• Remittances by way of Cheque to anywhere in India through our 3000 plus strong network of branches made very simple and speedier


• No need to send cheques to India and again to USA for collection.


• Get the cheques realised in USA itself, at a marginal cost, in fact less than wire transfer cost, that too at a faster pace than the present system of Cheque collection.


• All you have to do is deposit your personal cheques in a local Post Box of Bank of America in USA and get proceeds credited in INR in Canara Bank account in India or for opening an FCNR account in Foreign Currency.


• Lock Box Facility offers the following advantages:

• Simple way to send        NRI Customers/Remitters can post a Cheque from the                                           comfort of their home


• Speed                             To and fro transit of instrument is totally avoided, thereby                                           saving time.


• Wide Network                 Customers can transfer the amounts to accounts in any of                                            the 3000 plus branches of our bank across India


• Exchange Rates              Most competitive exchange rate

ALL YOU HAVE TO DO IS:

• Draw a Cheque on any of the Local Banks in USA in favour of "Canara Bank"


• Download the deposit slip from the site by clicking on the "Deposit Slip" icon and fill it up. Take a print out and attach to your cheque.


• Send the cheque along with the "Deposit Slip" to the following address:

If sent via First Class Mail:

CANARA BANK
P.O. Box 846286
Dallas, TX 75284-6286, USA.

If sent via Courier (FEDEX, DHL, UPS and other local couriers):

Bank of America Lock Box Services,
Lock Box 846286.
1950 N, Stemmons Freeway, Suite 5010,
Dallas, TX 75207, USA.

HOW IT WORKS:

• The Cheque deposited by you will be presented in the local clearing in USA by Bank of America on our behalf


• A provisional credit will be given to our account after three business days after receipt of the Cheques at Bank of America's processing centre.


• Our Bank will credit the beneficiary's account after cooling period of 10 business days from the date of credit to our account by Bank of America.

FAQs:

1. What is "Lock Box" facility?

Ans: All along the remitter in USA has been sending the cheques to India for collection and in turn, the banker is sending the Cheque back to USA for realization. The "Lock Box' facility cuts this transit time. The customer can simply fill up the Deposit slip and send to local "Bank of America" address.

2. What is the eligibility?

Ans: The beneficiary of the remittance should have complied with Know Your Customer (KYC) guidelines of the Bank and have an account with our Bank.

3. What benefit customer get out of this facility?

Ans: Saves transit time i.e., time taken to send the Cheque to India and again back to USA for collection. Cost of sending the instrument to India and from India to USA is also saved.

4. What about the Costs?

Ans: USD 8.00* per instrument, irrespective of the amount. Ceque return charges: USD 10 per instrument.
*If the amount is invested in FCNR deposit with our bank the charges are waived.

5. Any monetary limit to transfer funds to India?

Ans: There is absolutely no monetary limit.

6. Do we (NRI) have to have an account with Canara Bank to use this facility?

Ans: No need to have an account with us. However the beneficiary should have an account with our Bank and have complied with the KYC guidelines of the bank.

7. In which currency NRI can send the money?

Ans: NRIs can send the money in USD only.

8. How long it will take for the beneficiary to avail the funds?

Ans: Normally 10 business days. Bank of America makes available the funds three business days after receipt of the cheques at BoA's Processing centre. Out Bank in turn will make available the credit after 10 business days (from the date of credit to our account by BoA).

9. What information is needed to send the Cheque through this facility?

Ans: Details like name of the beneficiary, his/her 13 digit account number, name of the branch where the account is maintained.

10. What should remitter verify before he sends the Cheque?

Ans: Check whether the following details on the Cheque are properly filled up:
           - Name of the beneficiary i.e., CANARA BANK only.
           - Date of the Cheque in locally acceptable form (mm/dd/yy)
           - amount in words and figures and signature
           - Cheque should be drawn in USD on accounts maintained in USA.
           - Amount of the cheque and other details should tally with that of
             the "Deposit Slip".
           - make sure that sufficient balance is maintained in your account
             when the Cheque is presented to your banker

11. Where to send the Cheque?

Ans: Completed cheque along with 'Deposit Slip' may please be sent to the following address:

If sent via First Class Mail:

CANARA BANK
P.O. Box 846286
Dallas, TX 75284-6286, USA.

If sent via Courier (FEDEX, DHL, UPS and other local couriers):

Bank of America Lock Box Services,
Lock Box 846286.
1950 N, Stemmons Freeway, Suite 5010,
Dallas, TX 75207, USA.

Things to know about US Clearing Laws: As per US laws the drawee bank can return the Cheque within one year if it is found that the instrument is materially altered, within three years if it is found that the instrument is forged and within seven years in the case of US Treasury Cheques.