Remittance Schemes & Documentation for Resident Indians

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Remittance Schemes & Documentation for Resident Indians - ICICI Bank

1. Education Abroad

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	Please ensure to mention the Student Name, Student ID and Admission reference number while submitting the request. If the fees exceed the limits of USD 250,000 as the case may be, the remittance may still be made by additionally providing the fee schedule of the foreign institution where such increased fee is mentioned

2. Employment Abroad

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per financial year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders) Where remitter and beneficiary are the same, a confirmation of the residential status of remitter in the form of a self-declaration or a copy of his/her passport with the pages for emigration stamps included.

3. Emigration

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per financial year However individuals may avail of exchange facility for an amount in excess of the overall limit prescribed under the LRS, if it is so required by a country of emigration provided submission of proof of estimate by a country of emigration
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders) Where remitter and beneficiary are the same, a confirmation of the residential status of remitter in the form of a self-declaration or a copy of his/her passport with the pages for emigration stamps included.
Remarks	No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank. If requirement exceeds USD 250,000, the person requires to obtain the prior approval from the Reserve Bank. This amount should only to meet the incidental expenses in the country of emigration. Further, this remittance should not for undertaking any capital account transactions such as overseas investment in government bonds; land; commercial enterprise; etc.

4. Maintenance of close relatives abroad

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	A person is defined as a “Close relative” of another if they are: Members of a Hindu Undivided Family OR Husband and wife OR One is related to other as follows: Father (including step-father) Mother (including step-mother) Son (including step-son) Son’s wife Daughter Daughter’s husband Brother (including step-brother) Sister (including step-sister)

5. Medical Treatment abroad

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	If the remittance exceeds USD 250,000 as the case may be, the remittance can still be made by additionally providing the estimate of cost of treatment from the doctor or hospital in India or abroad.

6. Maintenance expenses of a patient/attendant to a patient going abroad for medical treatment / Check-up

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)

7. Private Visit to any foreign country (except Nepal and Bhutan)

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	No foreign currency remittance for this purpose is permitted to Nepal & Bhutan

8. Business travel, attending international conferences, Seminar, apprentice training& specialized training abroad

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	No foreign currency remittance for this purpose is permitted to Nepal & Bhutan Visits in connection with attending of international conference, seminar, specialised training, study tour, apprentice training etc. are considered as “Business Travel”

9. Any consultancy service procured from outside India (including Legal fees)

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders) CA certificate certifying that the consultancy service has been received in India for which remittance to be done outside India Valid documentary evidence for services rendered (Invoice / Contract copy / agreement copy etc. Invoice should be in the name of the person making the paymen
Remarks	Remittance should be made directly to the consultant raising the invoice

10. Payment towards International Credit Card dues (i.e. Cards issued in Foreign currency)

Eligibility	All Resident individuals holding account with ICICI Bank.
Limit	No maximum monetary limit prescribed by RBI. Amount of remittance should not exceed total amount due on the Credit Card.
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders) Credit card bill or invoice In case the credit card issuing bank has appointed collection agency for recovering dues Letter from collection agency quoting credit card details i.e. card holder's name, credit card number, and amount due.
Remarks	Remittance must be made directly to the Bank issuing the card or to the Collection agency appointed by the bank. Use of ICC for payment in foreign exchange in Nepal or Bhutan is not permitted

11. Small Value Remittances

Eligibility	All Resident individuals
Limits	Upto USD 25,000 per financial year per person, for all permissible current account non-trade transactions
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Remarks	Limit is applicable for all permissible current account transactions and limit is within the overall limit of USD 250,000 per financial year For current account non-trade transactions upto USD 25,000 or equivalent, LRS declaration is non-mandatory.

12. Others

Eligibility	All Resident individuals
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
Additional Documentation	Basis your purpose of remittance, additional documentation may be requested to process your transaction. Please contact your Relationship Manager or nearest ICICI Bank branch.

1. Gift

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Remarks	“Gift”, being of a personal nature, should be made favouring an individual and not to a corporate or to himself/herself.

2. Donation

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order

3. Investment in Foreign Securities

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Remarks	Additional documents may be required to process the request

4. Acquisition or transfer of immovable property outside India by a person resident in India.

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Remarks	Remittance abroad for purchase of property in India is not permissible under LRS

5. Payment of Life Insurance Premiums by a person resident in India to an Insurance Company outside India

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Additional Documents	A self-declaration in the prescribed format If you are a returning NRI – Copy of Visa / Work permit or similar showing that you were resident abroad at the time of taking the policy If you are a resident individuals – documentary evidence showing that the policy is held under general or specific permission of RBI

6. Payment of General Insurance Premiums by a person resident in India to an Insurance Company outside India

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Additional Documents	A self-declaration in the prescribed format If you are a returning NRI – Copy of Visa / Work permit or similar showing that you were resident abroad at the time of taking the policy If you are a resident individuals – documentary evidence showing that the policy is held under general or specific permission of RBI

7. Others

Eligibility	All Resident individuals holding account with ICICI Bank
Limit	Within the overall limit of USD 250,000 per Financial Year
Documentation	Retail Outward Remittance Application – A2 cum LRS Declaration PAN card copy In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders) In case you do not have an account with the Bank for 1 year, either of the following documents are required additionally: Copy of Bank statement of another Bank for the balance period or, Copy of latest Income tax assessment order
Additional Documentation	Basis your purpose of remittance, additional documentation may be requested to process your transaction. Please contact your Relationship Manager or nearest ICICI Bank branch.

Documentation for Non-Resident Indian Customers

1. Remittance from NRE/FCNR account
Limit	No Limit
Form/Documents	Retail Outward Remittance Application - A2 cum LRS Declaration In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally Online Remittance facility is also available for the customers having internet banking account with ICICI Bank. For more details kindly contact to ICICI Bank Branch

1. Remittance from NRE/FCNR account

Limit

No Limit

Form/Documents

Retail Outward Remittance Application - A2 cum LRS Declaration
In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally

Online Remittance facility is also available for the customers having internet banking account with ICICI Bank.

For more details kindly contact to ICICI Bank Branch

2. Remittance from NRO account
Limit	No limit; for remittance sourced from current income USD 1 Million per financial year; for remittance sourced from income other than current income
Form/Documents	Retail Outward Remittance Application Form 15 CA and 15 CB as applicable Cancelled cheque for remittance requests ₹ 10 lac and above Self-attested copy of passport FD closure request signed by all deposit holders (Incase of premature closure of Fixed Deposit & repatriation requests) Note- Documents mentioned under point 4 and 5 are not applicable for customers who are visiting a branch in India to place a request for pre-mature closure of the deposit and in-person verification of all applicants has been conducted by the ICICI bank official. The ICICI Bank official may call for self-attested copies of the passport of all applicants as a part of in-person verification. In addition to the above documents, proof of source of funds would be required. Kindly select the source of funds from the below list for additional documents. Form 15CA and Form 15CB would be considered valid up to the proposed date of remittance as mentioned in the form. In case request could not completed within the said period for any reason, customer would require to file new Form 15CA and Form 15CB, as applicable.

2. Remittance from NRO account

Limit

No limit; for remittance sourced from current income
USD 1 Million per financial year; for remittance sourced from income other than current income

Form/Documents

Retail Outward Remittance Application
Form 15 CA and 15 CB as applicable
Cancelled cheque for remittance requests ₹ 10 lac and above
Self-attested copy of passport
FD closure request signed by all deposit holders (Incase of premature closure of Fixed Deposit & repatriation requests)

Note- Documents mentioned under point 4 and 5 are not applicable for customers who are visiting a branch in India to place a request for pre-mature closure of the deposit and in-person verification of all applicants has been conducted by the ICICI bank official. The ICICI Bank official may call for self-attested copies of the passport of all applicants as a part of in-person verification.

In addition to the above documents, proof of source of funds would be required. Kindly select the source of funds from the below list for additional documents.

Form 15CA and Form 15CB would be considered valid up to the proposed date of remittance as mentioned in the form. In case request could not completed within the said period for any reason, customer would require to file new Form 15CA and Form 15CB, as applicable.

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Current income (like Rental Income, Dividend, Interest Income, etc.)

Rental Income: Rent receipts / Rent Agreement
Dividend: Dividend Warrant / Intimation / Entry in bank statement showing receipt is on account of dividend
Interest: Statement of Bank (if other than ICICI Bank Ltd.). If interest is on other securities, interest warrants or Bank statement clearly showing receipt is on account of interest.

In each of the above cases, if Form 16A (TDS Certificate) is submitted mentioning the source of funds, this may also be accepted.

* If source of funds is interest on the NRO savings account or NRO FD or NRE FD held with ICICI Bank Ltd and the interest is directly credited to the account, Form 15CA and CB not required.

* Remittance amount should be in line the source of income and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Sale proceeds of permissible immovable property acquired out of funds remitted from abroad / NRE / FCNR accounts

Copy of the registered sale deed for sale of property
Copy of the registered purchase deed for acquisition of property
FIRS for property acquired out of funds remitted from abroad or loan repaid out of funds from abroad (not required incase remittances processed through ICICI Bank).
Bank statement showing the debits for payment for the property (for payments from NRE / FCNR accounts or loan repaid by debits to such accounts)
If the property was acquired out of loan funds, loan statement or release letter from the lender
Property acquisition declaration in prescribed format.

* If the property purchased and sold is agricultural land / plantation / farmhouse, then proof of RBI approval for such purchase would be required.

* The Capital gain can be repatriated from the NRO account as well upto a limit of USD 1,000,000/- per financial year.

* This facility is not available to citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. Such persons are required to obtained RBI approval in order to repatriate the funds.

* Remittance amount should be in line with the sale and purchase deed of property and same should be reflect into the customer’s bank statement clearly.

* Remittance amount should be in line with the sale and purchase deed of property and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Sale proceeds of permissible immovable property acquired out of Rupee sources (when resident or out of domestic credits in the NRO account)

Copy of the registered sale deed for sale of property
Copy of the registered purchase deed for acquisition of property
Property acquisition declaration in prescribed format.

* If the documents provided are in a language other than English or Hindi, the translated copy of the same duly attested by a notary public or an authorized translator is also required to be obtained.

* There is no requirement for holding the property for any minimum period.

* If the property purchased and sold is agricultural land / plantation / farmhouse, then proof of RBI approval for such purchase would be required. However if the property was acquired while the customer was a resident, no RBI approval is required.

*Remittance amount should be in line with the sale and purchase deed of property and same should be reflect into the customer’s bank statement clearly.

Sale proceeds of permissible immovable property acquired through inheritance (when resident or out of domestic credits in the NRO account)

Copy of the registered sale deed for sale of property2. If the details of the inheritance are not clearly mentioned in the sale deed, please provide any one of the below:
- Copy of the Will
- Succession Certificate
- Legal Heirship Certificate
- Partition Deed
- Settlement Deed
- Court order
- Share certificate of Co-operative Housing Society showing transfer of the share to the seller
- Mutation Deed / Certificate
Copy of the death certificate of the deceased person on whose demise the succession document came into operation (not required in case of partition deed or court order)
Property acquisition declaration in prescribed format.

* There is no requirement for holding the property for any minimum period.

Refund of application / earnest money / purchase consideration on account of non-allotment of flat / plot / cancellation of booking / deal for purchase of residential / commercial property by Building Agencies etc.

Valid documentary evidence for cancellation of the deal like cancellation agreement or correspondence between the parties etc.
If the remitter has assigned the rights to another person, copy of tri-partite agreement between the seller, remitter and such third party
Receipt from builder (at the time of purchase)
FIRS for funds remitted from abroad(Not required if the remittance is processed through ICICI Bank)5. Bank statement showing the debits for payment for the property (for payments from NRE / FCNR accounts).

* Remittance amount should be in line with the agreement/receipt of property and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Sale proceeds from sale of shares

For sales sold through Stock Exchange – copy of Demat Statement from Depository Participate showing the amounts credited to the account (should match with the account statement) OR Contract notes for the sale.

* Remittance amount should be in line with the sales of shares and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Gift received

Gift Deed / Declaration signed by both parties stating the details of the gift.

* Gift is only a permissible source of funds where received from a close relative of the NRI.

*Gift in rupees from any other person is not a permissible source and RBI approval is required to repatriate the same.

* Remittance amount should be in line with the Gift deed/Declaration and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Other assets eligible for repatriation (like FD proceeds, PPF balances, Insurance claim/maturity, Matuirty of debentures/bonds,etc.)

Documentary evidence in support of the acquisition of the assets proposed to be remitted:
- FD : FD receipt / Bank statement
- PPF Balances : PPF passbook
- Insurance claim / maturity : Letter or warrant from the Insurance company
- Maturity of Debentures / Bonds : Copy of the certificate / Demat statement / letter from issuing company
- Maturity / claim proceeds of Insurance policy : Copy of the policy document or advice from Insurer regarding maturity / claim
Above list is illustrative. Broadly, for any sale of assets, documentary proof of the sale is required.
In case of FD's, the prior source of funds out of which the FD was created needs to be examined and would require additional documents. However, for proceeds received as NRO FD closure from another Bank in India coming directly into NRO account of ICICI Bank, the same is not required.
In case of assets acquired by inheritance or legacy, in addition to the respective document mentioned above (which would be in the name of the decease legator, also obtain any one of the following:
- Copy of the Will
- Death certificate of asset owner.
- Succession Certificate
- Legal Heirship Certificate

*In case the remittance is to be made in more than one installment, all such remittances should be made through the same authorized dealer.

* Facility does not extend to citizens of Pakistan, Bangladesh, Nepal and Bhutan. Such persons are required to obtain RBI approval in order to process the remittance.

* In case of death claims by non-resident heirs of account holder, documents for death claim will be required.

* Remittance amount should be in line with asset deed and same should be reflect into your bank statements clearly. Additional documents may be required to process the request.

Repayment of loan from a close relative

FIRS for loan received through inward remittance(Not required if remittances processed through ICICI Bank,)
Copy of Bank statement or passbook evidencing debit to NRE / FCNR account of non-resident lender
Loan Agreement / written consent from borrower and lender specifying the amount, date, period and terms of the loan. Terms should be in conformity with the conditions given below.

* Minimum maturity period of loan is one year.

* Loan is free of interest.

* The amount of loan is received by inward remittance in free foreign exchange through normal banking channels or debit to the NRE/FCNR account of the non-resident lender.

* Remittance amount should be in line with the loan deed and same should be reflect into your bank statements clearly. Additional documents may be required to process the request

Others

Please contact your Relationship Manager or nearest ICICI Bank branch.

Documentation for Foreign Nationals

1. Repatriation of salary by citizens of foreign states

Eligibility	Foreign nationals holding resident accounts in India
Limit	Upto net salary received in India after deduction of applicable taxes and provident fund contribution and other deductions
Documentation	Retail Outward Remittance Application - A2 cum LRS Declaration Copy of valid passport and employment visa. In case of expired visas, duly acknowledged petitions made to the Visa Authorities for renewal of Visas will be accepted as a valid document if the document permits the holder to stay in the country of residence, till the new visa is issued. Cancelled cheque if the remittance amount is ₹ 10 lac and above (or equivalent foreign currency) Either of the below: Original / self-attested Pay slips issued by the company where the foreign national is employed OR Form 16 duly signed by employer Certificate from the employer mentioning the salary details and deductions Where the customer receives the salary in his/her account held with ICICI Bank and its evident from the bank statement that the funds in the account pertain to salary, the above need not be taken
Remarks:	The salary proof submitted must: match with the credits in the customer's account cover the amount sought to be repatriated (e.g. if the net monthly salary is INR 1,00,000 and amount sought to be repatriated is INR 3,00,000; then salary proof for 3 months needs to be submitted) If the beneficiary is a joint holder in the remitting account and is resident in India, please confirm the residential status of joint holder by submitting visa copy or a duly signed declaration from the beneficiary.

2. Foreign student/trainee other than citizen of Nepal or Bhutan or a person of Indian origin (PIO)

Eligibility	Foreign student/trainee holding savings account with ICICI Bank who has completed his/her studies / training
Limit	Remittance received from abroad Rupee proceeds of foreign exchange brought to India Stipend or scholarship received in India
Documentation	Retail Outward Remittance Application - A2 cum LRS Declaration Copy of valid passport and employment visa. In case of expired visas, duly acknowledged petitions made to the Visa Authorities for renewal of Visas will be accepted as a valid document if the document permits the holder to stay in the country of residence, till the new visa is issued. Cancelled cheque if the remittance amount is ₹ 10 lac and above (or equivalent foreign currency) Evidence of remittance received from India (FIRS) or Conversion of foreign exchange (CDF) or Stipend / Scholarship received in India (Stipend certificate or similar document). For remittances processed through ICICI Bank, internal records can be checked. Certificate of completion of studies or training/confirmation from the institute where the studies or training is being conducted regarding the last date of training

3. Remittance by foreign national tourist from FNO account (Tourist account)

Eligibility	Foreign tourist holding FNO account with the bank
Limit	Amount remitted from abroad or rupee proceeds of foreign exchange brought to India
Documentation	Retail Outward Remittance Application - A2 cum LRS Declaration Copy of valid passport and employment visa. In case of expired visas, duly acknowledged petitions made to the Visa Authorities for renewal of Visas will be accepted as a valid document if the document permits the holder to stay in the country of residence, till the new visa is issued. Cancelled cheque if the remittance amount is ₹ 10 lac and above (or equivalent foreign currency)
Remarks:	Local credits in the account, if any, are not eligible for repatriation (other than interest on the balance in the account) If the account has been open for more than 6 months, the remittance is only permissible with prior RBI approval