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So my question is when i will receive my cheques in dollars, will the bank approve it and clear my payment or is there some formalities that i have to fulfill?
I am an indian and asking in terms of major banks like State Bank of india, Barclays india, etc.
Please give genuine advice.

It is a problem in getting foreign currency cheques encashed in Indian accounts. Big private banks like icici or hdfc banks can do this, but takes a long time

If you were thinking about short term FD with high interest rate, you are a bit late.. from the first week of April, many banks have reduced the interest rates. I heard at the last moment and one of the nationalied bank committed me 8.5% for 6 months..

You are getting scammed.