Foreign Currency Demand Draft
A Foreign currency Demand Draft is a pre-paid negotiable instrument issued by a bank in foreign currency. This FC DD can be used for purposes like VISA fees, University Application fees, Immigration, University Fees etc. It can be purchased over the counter at Orient exchange branches.
FC DD is available in USD, GBP, AUD & CAD in denominations of 100, 500, 1000, 2000, 5000, 10000 & 25000.
Documents required to buy an FCDD?
Valid Passport, VISA, Ticket (Depending on the purpose, if travelling)
Application cum declaration under LRS Scheme
Fore A2 & FEMA declaration
Invoice / Any communication with details of Fee to be paid from the relevant beneficiary
Payment has to come from the DD purchaser’s bank account only.
Payment up to Rs. 50000/- can be paid in cash.
The DD issue charge - Rs. 200/-
The GST is applicable on total transaction value.
ADVANTAGES As per RBI guidelines a traveller can carry maximum 3000 USD/equivalent in currency and rest should be in other products such as forex card/travel card/multi-currency card/demand draft/traveller’s cheque.
Demand draft is one of the recommended products for people travelling abroad for immigration and employment purposes as they plan to carry huge amount in foreign currency. Charges that are applicable for forex cards is higher compared to DDs. If you are planning to travel abroad for above mentioned purposes don’t forget to include this product in your kitty.