What can I do with dividend warrants of small amounts ?

Question

I received a dividend warrant of Rs.27 From Tata Chemicals.

It's payable on par at all clearing branches of HDFC Bank, but i do not have an account with HDFC Bank. If I present it in any other bank, say SBI, will there be bank charges that exceed (so funny) the dividend amount ? Are dividend warrants of small amounts exempt from bank charges ? The investment was made through ICICI online account, so will it be any better to remit the warrant in ICICI Bank branch ?

Or is it best to dump the dividend warrant to the dust bin ?

Answer 1

If the cheque is payable within a city where you are having an account with any bank for that matter, it called clearing and there is obsolutly no charge irrespective of amount.  If it is payable outside the citys clearing zone then collection charges are applicable. Now it is upto you to use the facility available or dumping cheques in the dust bin.

Answer 2

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Answer 3

You have not mentioned the place of your residence and it is presumed that you do not reside in Mumbai.

Irrespective of the fact, you deposit this Div War in your SBI a/c and it will be cleared without any commission being charged to you.

The center where you reside must be having a branch of HDFC and there will be a clearing arrangements with Banks operating at your center where HDFC - SBI and other member banks are members.

If there is no HDFC Branch at the place you reside only than SBI will have to send this Dw for encashment to Nearest Main City/town for clearence and charges will be levied.

EC credit facility is now available and you have to get your mandate registered with Tata chemicals.

Again EC cr facility is available to selected towns and cities for the present but still it can be registered and the amount will reach you through SBI Main Branch of Mumbai by internal transfer.

For all your investements with Shares, Mutual funds give standing instrustions to credit Div, Int, redemption proceeds by registering a mandate giving complete details of your Bank account.

Trust you will have understood the above reportings for practical usages in future.

Answer 4

I am at Delhi. I send all for collection. you can wite to TC for ECS.

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Answer 6

you can deposite them at any bank where you have an account for clearing. it will be processed like any other local instrument (since it is payable at par at all branches of hdfc bank).

it will be treated like a local instrument and not an outstation one.

there shouldn't be any charges (being payable at par) . if at all there is, you can find it out at your bank before sending it for collection