andhrabank.in Lock Box Facility : Andhra Bank

Organization : Andhra Bank
Service Name : Lock Box Facility
Applicable State/UT: All India

Lock Box Facility : http://www.andhrabank.in/English/nriABLockBox.aspx
Website : http://www.andhrabank.in/English/Home.aspx

Lock Box Facility :

** NRIs in USA can now send the remittances by way of cheques without any delay.
** NRIs need not send the cheques all the way to India for collection.

Related : Andhra Bank RuPay Insurance Program 2016-17 : www.statusin.in/20738.html

** They can get the cheques realized in USA itself .
** It saves the time for sending the cheques to India and again sending the cheque back to USA for collection.
** It is a revolutionary new way of sending money to India at a marginal cost.
** It costs less than the wire transfer.
** Again, it is faster than the present system of cheque collection.
** NRIs can now deposit their personal cheques in a local Post Box of Bank of America in USA and get proceeds credited in Indian Rupees in Andhra Bank Account in India very fast.
** Thus, NRIs have the following advantages under “Cheque Mail Box Facility”

All You have to do is :
** Draw a cheque on any of the Local Banks in USA in favour of “Andhra Bank”
** Down Load the Deposit Slip from the site “Deposit Slip” icon and fill it up. Take a print out and attach your cheque
** If you are sending the cheque for the first time through this facility to** the credit of your own account in our Bank in India, please down load the Undertaking letter also and fill it up and send it to the branch where you have an account. This is only one time formality when you are availing this facility for the first time.
** Mail it either by “First class mail” or By Courier through ” Fedex, DHL” or Local courier to the address give below:

How it Works :

** The cheque sent by you will be presented in Local clearing by Bank of America on our behalf .
** A provisional credit will be given to our account after two business days.
** The Credit will be processed by our International Division at Mumbai and passed on to the beneficiaries account as mentioned in your Deposit Slip after a cooling period of 12 days from the date of credit to our a/c with BOA.

What is “Cheque Lock Box” facility? :
The remitter in USA hitherto has been sending the cheques to India for collection** and in turn, the banker is sending the cheque back to USA for realization. The Cheque Lock Box Facility avoids this transit time. The Customer can simply fill up the Deposit slip and send to Local “Bank of America Post Box”.

What is the eligibility? :
The person to whom the amounts are being sent (beneficiary of remittance)** should have complied with Know Your Customer (K Y C) Guidelines of the Bank and have an account with our Bank.

What benefit Customer get out of this facility? :
** The time taken for realization is saved.
** For example the time taken for sending the cheque to India and back to USA for realization** ** is saved.
** Costs involved for sending the cheque to India and from India to USA are saved.
** We charge you lesser than the cheque collection charges. Almost at half the cost of old method you get your funds now transferred to India.

How it costs the Customer?
It costs you as follows:

Is there any monetary limit to transfer the funds to India?
There is absolutely no monetary limit to transfer the funds from USA to India

Do NRI have to have an account with Andhra Bank to use this facility?
** No. NRI need not have an account with us.
** However the beneficiary should have an account with us in any of our 1536 branches (as on 30th September’09) in India and have complied with the KYC guidelines of the Bank.

In which currency NRI can send the money?
NRI can send the Money in US Dollar only

How much time it takes to credit the account in India.
3 to 4 business days from the date of receipt of Customer cheque by Bank of America Dallas, USA.

Whether the beneficiary can avail the funds immediately?
** The credit given by Bank of America is a Provisional Credit.
** Customer need to wait for a period of 12 days from the date of credit from our International Division.

What information is needed to send the cheque through this facility?
Simple details like Name of the beneficiary, his account number, Name of the branch where the account is maintained.

What should Customer verify before he sends the cheque?
NRI should verify the following:
Whether all the details on the cheque are properly filled in :
** Name of the Beneficiary,
** Date of the cheque in locally acceptable (mm/dd/yy) form.
** Amount in figures and Words, and signature
** The cheque amount and other details should tally with that of Deposit sip.
** Make sure that sufficient balance is maintained in your account when the cheque is presented to your banker.

Where Customer has to send the cheque?
For instruments sent via First Class mail:-
ANDHRA BANK (MUMBAI),
P.O. BOX 841810,
DALLAS, TX 75284-1697, USA.

The new address For instruments sent via courier :
(FEDEX, DHL, UPS and local courier) :-
ANK OF AMERICA LOCK BOX SERVICES,
LOCK BOX 841810,
1950 N. STEMMONS FREEWAY, STE 5010,
DALLAS, TX 75207, USA.

Things to know about “US” clearing laws :
As per US laws the drawee bank can return the cheques 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