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meNRI – Alliance with meBank
 
Frequently Asked Questions


1. What is a meNRI Account?
2. Who can open a meNRI Account ?
3. Can a joint meNRI Account be opened?
4. Who all can apply for a meNRI Account? How can they apply?
5. How does meNRI transfer function?
6. How to transfer money to ICICI Easy Rupee Account:?
7. Can you transfer money to open fixed deposits with ICICI Bank?
8. What are the charges for transferring money ?
9. Does the customer need to enter beneficiary details?
10. How soon will the money be credited to the your ICICI Bank Account?
11. How do you receive the confirmation for the meNRI Transfer?
12. Can you transfer money to some other account with ICICI Bank?
13. What are the exchange rate for the transfers?




 
What is a meNRI Account?
meNRI is a comprehensive financial package for Indian expatriates settled in the UAE offering two bank accounts, one in UAE and the other in India with ONLINE funds transfer facility. In UAE if you own or open a meACCOUNT with meBANK then you can open an ICICI Easy Rupee Account with ICICI Bank in India.

Once a you open an ICICI Easy Rupee Account, access will be available to all products and services offered by ICICI namely Housing Loans, Rupee and Foreign Currency denominated fixed deposits, Loans against fixed deposits, Share trading facility under "ICICIDirect.com" to name a few.

 
   
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Who can open a meNRI account?
All account holder(s) for both individual as well as joint applicants (in case of joint applicants both applicants individually) have to fulfill the criteria:

- Resident of UAE
- Nationality is Indian
- Age is above 18 years as on date of account opening
 
   
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Can a joint meNRI Account be opened?
Yes, you can open a joint meNRI Account. The joint account will be operated with either/or mandate i.e. each of the account holder will be able to operate the account independently. In case of joint accounts both individuals have to fulfill the eligibility criteria individually for opening the meNRI Account.
 
   
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Who all can apply for a meNRI Account? How can they apply?
The following can apply for meNRI Account Online:

New customers:
To open a meNRI account, you have to start by filling in the account opening form available under meNRI icon under the meBANK site. Filling in a single account opening form can open both meACCOUNT as well as ICICI Easy Rupee Account.

Existing meAccount customers:
If you already have a meACCOUNT then you need to open an ICICI Easy Rupee Account to access services under meNRI. To open your ICICI Easy Rupee Account you have to log in to your meBANK Account and fill the incremental data required for opening an ICICI Easy Rupee Account. The account opening form will be available under "New Accounts" option as a separate icon "meNRI". The icon will be displayed to individual as well as joint account applicants provided they fulfill the laid down eligibility criteria. Existing individual meACCOUNT holders will be able to open individual accounts under ICICI NRE whereas existing joint meACCOUNT holders will be able to open joint accounts only.

Existing ICICI Easy Rupee Account customer:
If you hold a Easy Rupee Account with ICICI Bank then you need to open a meACCOUNT with meBANK. Once you have opened the meACCOUNT you will become eligible for meNRI Account. You will then have to register for the online meNRI transfer facility.

 
   
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How does meNRI transfer function ?
The meNRI transfer function can be used for transferring money from your AED denominated meACCOUNT to the your ICICI Easy Rupee Account in INR. You can also transfer money to open rupee NRE (Non Resident External) and NRO (Non Resident Ordinary) fixed deposits as well as to open Foreign Currency Non Resident (FCNR) deposits in USD, GBP and EUR.
 
   
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How to transfer money to ICICI Easy Rupee Account ?
After your ICICI Easy Rupee Account and meACCOUNT have been opened and after submission of all documents, the meNRI transfer facility will be activated in your meACCOUNT log in. It will enable online account-to-account transfers of funds from meACCOUNT to ICICI Bank account in India.

The meNRI transfer facility will be available under transfer option after you log in to your meACCOUNT. In case of joint accounts the transfer facility will be available to both account holder(s).

 
   
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Can you transfer money to open fixed deposits with ICICI Bank?
Yes, you can also transfer money to open rupee NRE (Non Resident External) and NRO (Non Resident Ordinary) fixed deposits as well as to open Foreign Currency Non Resident (FCNR) deposits in USD. GBP and EUR.
 
   
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What are the charges for transferring money ?
meBank may levy a minimum charge of AED 5 per transfer.

ICICI Bank will levy a nominal charge of INR 25 (inclusive of service tax) on every remittance request where foreign currency conversion* is carried out on or after May 16th 2008. This charge would be deducted from the amount to be paid to the beneficiary.

*The INR 25 (inclusive of service tax) charge will be levied for disbursements in INR currency. For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency) deducted from the FCNR deposit amount.

 
   
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Does the customer need to enter beneficiary details?
No, your account details with ICICI Bank will be stored in the system and you need not enter any beneficiary details. You only have to enter amount details and select either a savings or a fixed deposit account to which the transfer is to be made.
 
   
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How soon will the money be credited to the your ICICI Bank Account?
The money will be credited to your ICICI Bank account within 24 hours from the time you initiate a transfer request.
 
   
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How do you receive the confirmation for the meNRI Transfer?
Once your ICICI Bank account has been credited, an email will be sent to you confirming execution of the transaction. Also, you can log in to the Internet Banking facility of ICICI Bank and view the account details
 
   
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Can you transfer money to some other account with ICICI Bank?
You can only transfer money to your own account with ICICI Bank. However, you can use ICICI Bank's third party funds transfer facility to transfer funds from ICICI Bank account to any other account within ICICI Bank once you have remitted money to your account.
 
   
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What are the exchange rates for the transfers ?
ICICI Bank will display exchange rates for the meNRI transfers when you put through a transaction. The rates will be competitive and will be applied for conversion.
 
   
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