How can Indian bloggers deposit their US dollar cheque in Indian bank accounts? You cannot simply fill a cheque deposit slip and drop your US dollar cheque into the ATM dropbox, unlike a rupee cheque. Over the years, so many Indian bloggers have asked me this as they excitedly recieve their first US dollar cheque and want to find how to deposit it without hassles.
Google Adsense dollar earnings come preconverted in Indian rupees and can be simply dropped into ATMs with your bank account number scribbled behind the cheque. But your other affiliate income from Amazon sales, ShareaSale, BuySellAds etc are sent to your mailing address as dollar cheques and need to properly deposited.
Deposit US Dollar Cheque
A dollar check is a foreign currency instrument and needs to be submitted to the NRI desk of your bank after filling the appropriate foreign currency deposit form (also called indemnity form). RBI makes it mandatory that Indian banks accept foreign exchange cheques through this route only.
Forms: For example, if you have an ICICI bank account, you will need to submit this signed ‘Indemnity Letter cum deposit slip‘ to the nearest bank branch. More details here.
Check the form for your bank. A very important field to fill besides the cheque details is the purpose of remittance (remember how important purpose code is for Paypal India users). Remember to safely keep a photocopy of the cheque, the deposited form, and also the receipt returned by the bank officer.
Time and Charges: Typically it takes a few weeks to credit the money to your bank account and they deduct a small percentage as processing charges and your final Indian rupee conversion rate may vary depending on the US dollar rupee conversion rate on the day the cheque is actually processed.
So this how you can deposit your dollar income to your Indian bank account – Happy earnings!