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If I am visiting India, can I use Travellers Cheques or Foreign Currency to open an account or credit my existing NRE Savings Account?

April 26, 2017account cheques credit currency existing foreign India savings account travellers visiting

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If I am visiting India, can I use Travellers Cheques or Foreign Currency to open an account or credit my existing NRE Savings Account?

2 Answers

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Travellers Cheques can be used to credit/open the account. NRIs bringing Foreign Currency Notes & Travellers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India, if the foreign currency notes exceed USD 5,000/- or combined value of Travellers Cheques and notes exceed USD 10,000/-. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account.

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Posted

Travellers Cheques can be used to credit/open the account. NRIs bringing Foreign Currency Notes & Travellers Cheques will have to submit a Currency Declaration Form (CDF) from the customs authorities on arrival in India, if the foreign currency notes exceed USD 5,000/- or combined value of Travellers Cheques and notes exceed USD 10,000/-. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account.