NRI - First Cheque to AMC

[hihowruin]

Hi

Guys today when I called Birla Sun Life they said I need to send one particular type of cheque only. I didn't catch very well about the type of the cheque coz of his accent.

The cheque book that I have is a normal NRE cheque book that SBI has issued to me. It has my name, banks address, my account number, date, cheque number etc.

Can anyone who has sent NRE a/c cheques or someone who has any knowledge on this, give a bit of information please?

Thanks once again

hihowruin

 

[SavantGarde]

Don't worry your NRE cheque is quite sufficient.....for the purpose.

SavantGarde

Hi

Guys today when I called Birla Sun Life they said I need to send one particular type of cheque only. I didn't catch very well about the type of the cheque coz of his accent.

The cheque book that I have is a normal NRE cheque book that SBI has issued to me. It has my name, banks address, my account number, date, cheque number etc.

Can anyone who has sent NRE a/c cheques or someone who has any knowledge on this, give a bit of information please?

Thanks once again

hihowruin

 

[hihowruin]

Thanks for confirming this to me

 

[jobyvjohn2000]

Boss,
If you are going for a lump sum, AMC may accept any cheque. But they may ask for an at-par / any city clearance cheque. Otherwise they have to pay the clearing charge. For at par cheque, they dont have to pay any clearing charge. Our bank will issue at par cheque book on request.
If we want to open SIP with electronic clearance, we should have account with bank branches in some certain cities. The AMCs displayed the list of cities in their application form its self. Otherwise they will ask for 12 cheques leaf per year irrespective of the cheque type.
I have this issue as I am having a NRO fixed with a village branch of Federal Bank. I want to do SIP for the interest I earned from this FD. So I contacted one agent, that time he told me I can only do ECS SIP with at par cheque. So I requested my Bank to issue at par cheque book. But later he told me that I need an account with any branch in Kochi to do it electronically. So from last two weeks I am trying to open a NRO account with Axis bank only to do the SIP. What I am planning is I will transfer the interest to the Axis bank account and do SIP. I dont know how much time it will take to open an account with Axis Bank. From last one week I am waiting for the application form on email. Hope I can start my SIP in November.

Regards
Joby

 

[hihowruin]

Hi Joby...

Yes at-par is I think what he said to me.

I have aldready sent them normal cheque and asked them to set up direct debit from my bank. I have sent the docs to mumbai branch and my bank is in Delhi.... In a weeks' time I will come to know if it will work or not....

I am using SBI NRE a/c, so far they gave me very good service.... but my cheques are not "at-par".

I think Multi-City Cheque (MCC) or "At Par" costs to the account holder... I think SBI charges Rs3/leaf in the cheque book.