How it Works?
  • NRI account holders of ICICI bank are provided personalised deposit slips
  • You walk into any Bank of Montreal branch (over 960 across Canada)
  • Fill the beneficiary's account number and name in the Deposit Slip
  • Deposit Cash or Cheque
    (Cheques have to be made payable to "ICICI Bank Limited" )
  • Money credited to Beneficiary's ICICI Bank account
     
       The day wise process for carrying out a remittance transaction is as under:

    Cash Deposit Cheque Deposit
    Day 0 - Deposit at Canada
  • The remitter walks into any Bank of Montreal branch and makes either a cash or cheque deposit using the personalised Deposit Slip
  • ICICI Bank obtains information regarding the deposit.
    Day 0 - Processing at India
  • ICICI Bank records the transaction information
  • Transaction charges are deducted from the remitted amount
  • ICICI Bank credits the beneficiary's account with equivalent amount in Rupees

    Day 0 - Processing at India
  • ICICI Bank records the transaction data
    Day 3
  • The transaction charges are deducted from the remitted amount
  • Beneficiary's account credited
  • If the deposit amount is greater than CAD 8000, a debit freeze would be put on the amount for 8 working days from the date of the deposit being made. This debit freeze is not applicable for amounts below CAD 8000.
    Day 8
  • Debit freeze is removed for amounts greater than CAD 8000.