 |
NRO Savings Account |
|
|
| |
Frequently Asked Questions
1. Who is an NRI?
2. Who is a PIO?
3. How can I open an account?
4. What are the documents that I have to submit to open an NRO Savings Account?
5. What is the minimum amount with which I can open an NRO Savings Account?
6. Are my NRO Savings Account funds repatriable?
7. Are they taxable in India?
8. Can I open my Account in any currency?
9. Can I have joint holders for my NRO Savings Account?
10.Will I get an Ncash debit card with my NRO Savings Account?
11. What are the limits for cash withdrawal through ATM card?
12. What are the charges associated with a ATM Card?
13. Can a joint account holder have a separate ATM card?
14. What is the minimum balance for the Automatic Fixed Deposits (quantum optima) account?
15. Questions on Inactive / Dormant Accounts
a. What is meant by an Inactive / Dormant account?
b. What are restrictions, when my account becomes Inactive / Dormant?
c. How do I activate my Inactive / Dormant account?
16. How can I transfer funds from my NRO Savings Account to
a. Another account in ICICI BANK (own)
b. Another account in ICICI BANK (third party)
c. An account in another bank?
17. What are the service charges for my savings account?
18. What minimum balance would I be required to maintain in my NRE/NRO account?
19. How do you calculate QAB?
20. When will the QAB charges be levied to me?
21. What are the annual charges on the Debit Card?
|
|
|
| |
|
|
| |
|
|
 |
Who is an NRI?
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain
duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.
|
|
| |
 |
|
| |
|
|
|
Who is a PIO?
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of
India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a)
or (b) above.
|
|
| |
|
|
| |
|
|
 |
How can I open an Account?
You can open an NRO Savings Account by applying online
or by downloading the account opening form, filling it up
and mailing it with relevant documents to our India address:
ICICI Bank Ltd.
RPC Mumbai,
Autumn Estate,
5th Floor,
'A' Wing,
Near Mhada,
Chandivali, Andheri (E),
Mumbai - 400 072.
INDIA.
Email us
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, now you no longer have to incur expensive courier charges to send us your documents, you can simply post them to the local P.O. Box in your respective countries.
Note: The P.O. Box is a service offered by ICICI Bank India, and any of the overseas branches or Representative Offices are not involved in this service.
Click here to learn more about the P.O. Box Service
|
|
| |
|
|
| |
|
|
 |
What are the documents that I have to submit to open an NRO Savings Account?
Please click here to know the documentation requirements for opening an NRO Savings Account. |
|
| |
|
|
| |
|
|
 |
What is the minimum amount with which I can open an NRO Savings Account?
The minimum amount for opening an NRO Savings Account is INR
15,250. |
|
| |
|
|
| |
|
|
 |
Are my NRO Savings Account funds repatriable?
The principal amount is not repatriable and can be used only for local payments. However, the interest earned is fully repatriable. Other current incomes such as pensions, dividends, rent, etc are also repatriable, subject to producing the appropriate certificate from a chartered accountant.
Funds up to USD 1 million (or equivalent) per financial year can be repatriated out of the balance held in NRO accounts for the education of your children, for medical expenses for your family and you, etc. |
|
| |
|
|
| |
|
|
 |
Are they taxable in India?
The interest is subject to income tax deduction as per the prevailing rates.
|
|
| |
|
|
| |
|
|
 |
Can I open my account in any currency?
Yes, you can open your account in any currency. But it is advisable to open an NRE Savings Account if you want to deposit your earnings from abroad. An NRO Savings Account is meant for your Indian earnings.
|
|
| |
|
|
| |
|
|
 |
Can I have joint account holders for my NRO Savings Account?
Yes. You can hold an account jointly with resident or non-resident Indian(s). You can also register nomination for this account.
|
|
| |
|
|
| |
|
|
 |
Will I get a Ncash Debit card with my NRO Savings Account?
No. You will get an ATM card. |
|
| |
|
|
| |
|
|
 |
What is the limit for cash withdrawal through an ATM card?
The limit is INR 25,000 per day. |
|
| |
|
|
| |
|
|
 |
What are the charges associated with ATM card?
There are no annual charges for an ATM card. Other charges are as detailed below:
For Cash Withdrawal
- INR 20 (all inclusive) per transaction at partner / non partner bank ATMs in India (with effect from March 27, 2008)
- INR 108 per transaction at ATMs overseas
For Balance Enquiry
- Nil for balance enquiry at partner / non partner bank ATMs in India
- INR 25 per transaction at ATMs overseas
For purchases and ATM transactions outside India there is a 3.5% currency
conversion charge, at all VISA enabled POS and ATM machines.
Service Tax (currently 12.36%) on these charges will continue to be extra. Click here to see the entire list of partner banks. |
|
| |
|
|
| |
|
|
 |
Can a joint account holder have a separate ATM card?
Yes, a joint account holder can definitely be issued a separate ATM card. |
|
| |
|
|
| |
|
|
 |
What is the minimum balance for the Automatic Fixed Deposits (quantum optima) account?
The quantum optima FD is generated automatically when you have a balance of INR 10,000 in multiples of INR 5,000. |
|
| |
|
|
| |
|
|
 |
Questions on Inactive / Dormant Accounts
a. What is meant by an Inactive / Dormant account?
Inactive Account Definition: If there are no transactions in your savings account for more than 15 months, the account will be classified as "Inactive".
Dormant Account Definition: If there are no transactions in your savings account for more than 18 months, the account will be classified as "Dormant".
This is a measure to safeguard your interest, as it is possible that you may not be monitoring your account. A letter to this effect would be sent to your communication address.
b. What are restrictions, when my account becomes Inactive / Dormant?
Inactive Account restriction: You cannot request for issue of chequebook incase your account is inactive.
Dormant Account restrictions: The following requests are not permitted in a dormant account:
- Requests for issue of chequebook
- Renewal of ATM/ Debit Card
- Requests for change of address, addition or deletion of joint holder, signature modification
- Withdrawal through ATM, Internet Banking, Branch etc
c. How do I activate my Inactive / Dormant account?
Inactive Account Activation:
In order to make your account active (from inactive stage)
please conduct a transaction by cheque, ATM or by infinity,
else visit the nearest ICICI Bank branch in India and submit
an account-activation letter.
Dormant Account Activation: In order to normalize your account (from dormant stage), you may use any one of the following channels:
- Send an account-activation request to
ICICI Bank Limited
RPC Mumbai,
Autumn Estate,
5th Floor,
'A' Wing,
Near Mhada,
Chandivali, Andheri (E),
Mumbai - 400 072. INDIA.
- Write to us by logging in www.icicibank.com and placing the request through "Service Request" option available in your Internet Banking
- Call us on +91 40 23128925, if you are currently residing abroad or in India
-
Toll Free Number:
US/Canada: 1 866 ICICI 4 U;
Singapore: 800 ICICI 4 U;
UK: 0 8081 314 151;
India: 1800 22 4848
- Visit the nearest ICICI Bank Branch in India and submit an account-activation letter |
|
|
| |
|
|
| |
|
|
 |
How can I transfer funds from my NRO Savings Account?
To transfer funds to another account of yours in ICICI Bank, you can use ICICI Bank’s Internet banking facility. Log on to your online account and click to the ‘e-cheques’ section and follow the instructions provided there.
Another account in ICICI BANK (third party)
|
|
| |
|
|
| |
|
|
 |
Click here to view service charges for NRO Savings Account. |
|
| |
|
|
| |
|
|
 |
What minimum balance would I be required to maintain in my NRE/NRO account?
The minimum quarterly average balance (QAB) required to be maintained is INR 15000 at an account level OR INR 25000 at a cust ID level of that account.
|
|
| |
|
|
| |
Back to top |
|
 |
How do you calculate QAB?
QAB is the sum of daily balances of your account divided by 90 (or days in the quarter)
|
|
| |
|
|
| |
Back to top |
|
 |
When will the QAB charges be levied to me?
QAB charges, if applicable, will normally be levied on your account in subsequent 15 days of the quarter end. |
|
| |
|
|
| |
Back to top |
|
 |
What are the annual charges on the Debit Card?
The annual charges on the Debit Card are INR 199 plus applicable taxes.
|
|
| |
|
|
| |
Back to top |
|
