| Address: Bangalore, Karnataka |
I have deposited a cheque (Drawn on foreign bank - hsbc, hongkong) on 12-jun-2018 in hdfc, psn branch, bangalore. I started following up with the operational staffs in psn branch from 06th sep'18. They are checking with various teams when i visit the branch and gave some hope that you will get the money by tomorrow (For the last one month). I lost hope on them. So want to start a fresh, can someone advise how hdfc system clears the cheques payable in foreign countries? Does the system flag if the cheque is not cleared in a specific time? Is someone (Back office/cheque clearance teams) monitor and raise/inform this to customer?. Can also advise whom do i contact as operational staffs in the home branch (Psn, bangalore) not helpful on this? How can i file a case against hdfc bank for this issue? It is pain that their staffs are not trained enough and they don't have a proper system to manage and clear the cheques.
Oct 12, 2018
Complaint marked as Resolved PSN branch staff had contacted multiple BO teams to sort out the issue. I am not award what they did
HDFC Bank customer support has been notified about the posted complaint.
Verified Support
Oct 12, 2018
HDFC Bank Customer Care's response Dear Customer,
The time frame in which the USD/Euro Cheque deposited by you gets credited into your account in India is as below: For USD: HDFC Bank has two clearing arrangements for USD currency as mentioned below: 1. Final Credit Service ( FCS ) Under FCS arrangement, the holding period is applied by our correspondent Bank from the date the physical cheque is lodged at the clearing house. For the cheques payable in New York, there is a holding period of 6 international working days and for the cheques payable outside New York, there is a holding period of 16 International working days. The holding period is to take care of cheque returns, if any. This holding period of 6 or 16 days does not take into account weekends and holidays in NY, therefore it actually translates to about 12 -13 days and 22-23 days respectively after we receive the credit and before we are able to credit your account. 2. Cash Letter Under cash letter arrangement, the Nostro credit itself takes about 2-3 international working days from the date the physical cheque is lodged at the clearing house. We maintain a holding period of 5 international working days (for cheques payable in NY) and 15 international working days from the date the funds are credited to our Nostro account (our account with the Correspondent Bank in the US). This holding period of 5 or 15 days does not take into account weekends and holidays in NY, therefore it actually translates to about 11 -12 days and 21-22 days respectively after we receive the credit and before we are able to credit your account. Cheques payable in the US can be returned anytime during a period upto three years, after they have been cleared, for reasons such as technical discrepancies, fraud etc. Despite the holding period, it is possible that the cheques may get returned to us even after this period and in such an event the bank would still have to return the funds. The cheque deposit box is a more efficient way to transfer funds from the US, since the cheque does not need to be mailed to the bank/ your family in India and then be sent back again to the US for collection. This saves approximately atleast 10-14 days of the collection period. Further sending the cheque through courier from the US or as a swift transfer (wire transfer) would be a much more expensive proposition. For Euro: Cheques payable in Europe can be returned; after they have been cleared; for reasons such as technical discrepancies, fraud etc. Normally such cheque returns (if any) happen within a period of 16 - 18 days from the date of presentation. In order to reduce the risk faced, we maintain a holding period of 15 international working days from the date the cheque is lodged for clearing at our correspondent bank at Frankfurt and for lodging the cheque for clearing at our correspondent bank at Frankfurt itself takes about 4-6 working days. Despite this, it is possible that the cheque may get returned to us even after this period and in such an event the bank would still have to return the funds. This holding period of 15 working days does not take into account weekends and holidays in Europe, so it actually translates to about 21-22 days after we receive the credit before we are able to credit your account. Please email us at [protected]@hdfcbank.com and confirm the date of deposit, cheque number and amount of the cheque deposited for us to check and assist further.
-Anay
HDFC Bank Customer Assistance
Once again I am confirming this that I have not applied for this card, I have not given any documents for this credit card. The only account I should have with HDFC is my salary account.
CLOSE THIS ACCOUNT AND SEND ME A CONFIRMATION.
If I ever would require anything in future, I would do it using legal application. Not like what you guys have done.