Multiple ways to book FX deals
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FX Settlement options offered by ICICI Bank
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Same-day settlement (T)
CASH transaction is for value date TODAY (T), when transaction-settlement to be on the same day
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Settlement on T+1
TOM transaction is for value date T+1 business day, perfect for next-business-day fund transfers
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Standard FX settlement at T+2
SPOT transaction is for value date being T+2 business days. It's noted as the most used settlement cycle
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Lock in future exchange rates
Lock in future rates dates beyond T+2 business days. It helps to manage future currency exposures and hedge against market volatility