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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
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

 

 

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
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
Remarks

A person is defined as a “Close relative” of another if they are:

  1. Members of a Hindu Undivided Family OR
  2. Husband and wife OR
  3. One is related to other as follows:
    1. Father (including step-father)
    2. Mother (including step-mother)
    3. Son (including step-son)
    4. Son’s wife
    5. Daughter
    6. Daughter’s husband
    7. Brother (including step-brother)
    8. 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
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

 

 

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
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
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
  • 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
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
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
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.

 

 

13. Gift
Eligibility All Resident individuals holding account with ICICI Bank
Limit Within the overall limit of USD 250,000 per Financial Year
Documentation
Remarks
  • “Gift”, being of a personal nature, should be made favouring an individual and not to a corporate or to himself/herself.

 

 

14. Donation
Eligibility All Resident individuals holding account with ICICI Bank
Limit Within the overall limit of USD 250,000 per Financial Year
Documentation

 

 

15. 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
Remarks
  • Additional documents may be required to process the request

 

 

16. 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
Remarks
  • Remittance abroad for purchase of property in India is not permissible under LRS

 

 

17. 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
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

 

 

18. 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
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

 

 

19. Others
Eligibility All Resident individuals holding account with ICICI Bank
Limit Within the overall limit of USD 250,000 per Financial Year
Documentation
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

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
  • 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 of property purchased from funds remitted from an overseas OR NRE/FCNR Account

  • 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.

* 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 of property purchased from a Rupee Source (while resident in India) and add the following pointers to

  • Copy of the registered Sales Deed for the sale of the property. If the documents are in the vernacular language, then a translated copy, attested by a notary/authorised translator/advocate, is required. 
  • Property Acquisition Declaration (Annexure A-20) in the prescribed format signed by the remitter. 
    (Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under Payment and Transfer > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links) 
  • No Due Certificate towards the loan (if the loan was taken to buy the property and was repaid). 

* 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.

 

* 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 of property acquired through inheritance

  • Jamabandhi/7-12 Document (Saat Baarah)
  • 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 (Annexure A-20) in the prescribed format signed by the remitter. 
     
    (Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under Payment and Transfer > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links).

 

  • 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.

* 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.

 

* 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 your bank statements clearly. Additional documents may be required to process the request.

Funds from Cancellation or Refund of application for Purchase of Property

  • Please provide any one of the following: 
     
    Valid documentary evidence for cancellation of the deal, like cancellation agreement or correspondence between the parties etc. 
    OR 
    If the remitter has assigned the rights to another person, copy of the tri-partite agreement between the seller, remitter and such third party or No Objection Certificate from the builder, supported by an agreement between the parties.
  • Declaration for refund of application/earnest money /purchase consideration on account of non-allotment of the flat/plot/cancellation of booking/deal, for purchase of a residential/commercial property by the developer/builder etc. (Annexure A-32) duly filled and signed by the remitter. 
     
    (Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under ‘Payment and Transfer’ > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links).

* 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.

 

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

Sale of shares OR Mutual Funds

  • For shares sold through the Stock Exchange – copy of the Demat Statement from the Depository Participant, showing the amounts credited to the account (should match with the account statement) OR contract notes for the sale of shares.
  • Declaration of repatriation of the sales proceed of Shares and Mutual Funds – (Annexure A-30) duly filled and signed by the remitter. 
    (Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under Payment and Transfer > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links).
  • Remittance amount should be in line with the sales of shares and same should be reflecting into your bank statements clearly. Additional documents may be required to process the request.

* 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 from a Close Relative

  • Gift Declaration (Annexure A-31) duly filled and signed by the remitter stating the details of the gift.

(Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under Payment and Transfer > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links).

* 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 (if other than ICICI Bank Ltd)
  • Insurance claim / maturity : Copy of the policy document OR Advice from the Insurer regarding Maturity/Claim OR Letter or Warrant from the Insurance Company
  • Maturity of Debentures / Bonds : Copy of the Redemption or Maturity Certificate OR the Demat Statement OR Letter from the issuing company
  • For transferring, the funds received from the above listed sources Annexure A-18 duly filled and signed by the remitter will be required.  
     
    (Path to download the declaration format: Log in to Internet Banking > Click on ‘Fund Transfer’, available under ‘Payment and Transfer’ > Select Overseas Account using Money2World > Repatriation from NRO SB via Wire Transfer > Click on ‘Download Declaration Format’ available under Quick Links).
  • Above list is illustrative. Broadly, for any sale of assets, documentary proof of the sale is 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 individual

  • Loan Agreement/written consent from the borrower and the lender specifying the amount, date, period and terms of the loan OR Declaration for the repayment of loan and interest thereon (Annexure A-15), duly filled and signed by the remitter. Terms should be in conformity with the conditions given below:
  • *Period of loan cannot exceed 3 years 
  • Rate of interest on the loan shall not exceed two percentage points over the bank rate prevailing on the date of availment of the loan.

 

  • 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

 

* 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.
  • 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.
  • 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.
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