Outward Remittance FAQs

FAQs for Online NRO repatriation


1. What are the steps to initiate an outward remittance from my NRO savings account from Retail Internet Banking?

For making an outward remittance from your NRO savings account follow the below steps

  • Login to ICICI Bank Internet Banking
  • Click on ‘Funds Transfer’ option under ‘Payments and Transfers’
  • Select Transfer funds to ‘An Overseas account from NRE/NRO/FCNR account’
  • Select the option ‘Repatriation from NRO SB via Wire transfer’
  • You can transfer funds to your NRE account or an overseas account by using this option.

2. What is the process for making an outward remittance from my NRO savings account from Retail Internet Banking?

Outward remittances from NRO savings account are permissible subject to satisfying the documentation requirements.

  • Initiate the transaction by selecting remitter account, beneficiary account and amount
  • Select the source of funds and amount from each source to be remitted
  • Upload self-attested documentary proof of selected sources of funds (please refer to question 10)
  • Upload self-attested C.A. Certificate in Form 15CA and 15CB (the formats and submission details are available at the website of the Income Tax Department)

All uploaded documents have to be self-attested.

ICICI Bank will scrutinize all the submitted details and documents of transaction. In case of any discrepancy, ICICI bank will send an email to registered email ID and may request for additional information/documents to process your transaction. It is requested to provide the updated details and documents at the earliest.

Please note that the validity of the exchange rate is 2 working days from the time of transaction initiation. Post 2 working days from transaction initiation, the confirmed exchange rate will not apply and the transaction will be processed at the prevailing exchange rate on the date of processing the transaction request.

The transaction will be valid for 15 days from the transaction initiated date. Post 15 days, if the transaction is not processed, the system will auto cancel the transaction request.


3. Who can be the receiver for Outward Repatriation from my NRO savings account?

Outward repatriation can be done to

  1. Your own NRE account with ICICI Bank under same cust ID (such NRE accounts can be selected from the dropdown)
  2. Any other NRE account with ICICI Bank under different cust ID (such NRE accounts can be added by selecting Add Receiver)
  3. An overseas account

4. What will be the exchange rate for the remittance request?

The exchange rate applied will be displayed on the transaction page. The validity of the exchange rate is 2 working days from the time of transaction initiation. Post 2 working days from transaction initiation, the confirmed exchange rate will not apply and the transaction will be processed at the prevailing exchange rate on the date of processing the transaction request.


5. What are the charges for online outward remittance request made from NRO account?

The charges for online repatriation from NRO savings account to an overseas account is INR 500 plus applicable GST. There are no charges for online repatriation from NRO savings account to an NRE account with ICICI Bank.


6. What is the limitation for repatriating funds out of NRO savings account from Retail Internet Banking?

Subject to a limitation of USD 25,000 per month you can repatriate your current income for the current financial year. Current year is the financial year in which the remittance is sought to be made.


7. When will funds be debited from my account?

Funds will be debited instantly from the selected NRO savings account post submission of transaction request. The validity of the exchange rate is 2 working days from the time of transaction initiation. Post 2 working days from transaction initiation, the confirmed exchange rate will not apply and the transaction will be processed at the prevailing exchange rate on the date of processing the transaction request.


8. What details do I need to enter if I want to repatriate INR 1,50,000 from my NRO savings account?

Step 1 - Select your NRO savings account from which funds are to be repatriated

Step 2 - Select the receiver account to which funds are to be transferred. The receiver can be your NRE account or any overseas account

Step 3 - Select purpose as ‘NRO Repatriation’

Step 4 - Declare all the sources of funds (from the dropdown) for the amount to be repatriated and the amount under each source. For example, if there are two sources of funds (rental income INR 95,000 and dividend INR 55,000)

  1. Select the first source of funds from the dropdown - Rental Income
  2. Enter the cumulative amount for first source of funds to be transferred – INR 95,000
  3. Click on PLUS (+)
  4. Select the second source of funds from the dropdown - Dividend
  5. Enter the cumulative amount for second source of funds to be transferred – INR 55,000

Step 5 - Please keep self-attested scanned copies of below documents ready to be uploaded:

  1. Bank Account statement showing credit of selected source of funds
  2. Supporting documents – as per selected source of funds
  3. C.A. Certificate - Form 15CA part A, B, C, D as per selected source
  4. Form 15CB or any other document to be selected from the drop down

Step 6 - Enter grid values and OTP received on registered number to submit the transaction


9. What are the permissible sources of funds for online transfer from NRO account?

The below sources of funds are permissible for online transfer

  • Dividend Income
  • Gift from Close Relative
  • Income Tax Refund
  • Insurance Policy Claim or Maturity Proceeds
  • Interest (Earned on Eligible Lending)
  • Interest (Earned on NRO Account)
  • Interest on Other Securities
  • Maturity of Debentures/Bonds
  • Post Office Savings
  • PPF Balances
  • Rental Income
  • Salary/Gratuity/PF/Final Settlement by Employer
  • Unutilized Foreign Funds including funds transferred from NRE SB/FD

Please note: Cash deposits are not eligible for NRO repatriation.

 

If the source of funds is other than the ones stated above, to place an Outward Remittance request, you can visit your nearest ICICI Bank branch or send the required documentation to –

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA


10. What documentation is required in order to place a funds transfer request from NRO account?

Please refer to the below table to know the documentation required:

Source of FundsSupporting DocumentationForm 15 CA (part A/B/C/D)Form 15 CB
Dividend Income Dividend Warrant / Intimation OR Form 16A (TDS Certificate) Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D Not Applicable
Gift from Close Relative Gift Deed OR Declaration signed by both parties stating the details of the gift Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D Not Applicable
Income Tax Refund Income Tax Refund letter OR Supporting documents e.g. Cheque copy Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D Not Applicable
Insurance Policy Claim or Maturity Proceeds Copy of the policy document OR Advice from Insurer regarding Maturity/Claim OR Letter or Warrant from Insurance company Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification
Interest (Earned on Eligible Lending) Foreign Inward Remittance Statement (for loan received through inward remittance) OR Bank statement or passbook evidencing debit to NRE/FCNR account (if other than ICICI Bank Ltd.) OR Form 16A (TDS Certificate)
AND
Loan agreement OR Written consent from borrower and lender specifying the amount, date, period and terms of the loan
Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification
Interest (Earned on NRO Account) Bank Statement showing credit in ICICI NRO account OR Form 16A (TDS Certificate) Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification
Interest on Other Securities Interest warrant(s) OR Form 16A (TDS Certificate) Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification
Maturity of Debentures/Bonds Copy of the certificate OR Demat statement OR Letter from issuing company Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification And Debentures statement
Post Office Savings Post Office Savings account passbook Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification and Post office statement
PPF Balances PPF passbook (if other than ICICI Bank Ltd.) Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D Not Applicable
Rental Income Rent Agreement OR Rent receipts OR Form 16A (TDS Certificate) Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D 15CB OR CA Letter along with documents of Tax challan/Form 26AS/Income Tax Return/TDS certification and Rent receipti or Agreement
Salary/Gratuity/PF/Final Settlement by Employer Salary Slip OR Gratuity/PF/Final Settlement letter by Employer Part A (Upto INR 5 lac) Not Applicable
Part B Copy of certificate from AO
Part C 15CB
Part D Not Applicable
Unutilized Foreign Funds including funds transferred from NRE SB/FD Not Applicable Not Applicable Not Applicable

11. What is Form 15CA and Form 15CB?

Form 15CA is a declaration from remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident.

As per Rule 37BB under section 195(6) of the Income Tax Act, it is a duty of authorised dealer/banks to ensure that such forms are received by them from the remitter.

Chargeability can be ascertained and certified by obtaining a certificate known as Form 15BB from a Chartered Accountant. Perusal of Form 15CB makes it clear that there is no condition or exemption to obtain such certificate when the remittance is not chargeable to tax.

Form 15CA has 4 parts as mentioned below. Depending on amount and taxability of remittance, specific parts of Form 15CA need to be filled:

PartDescription
Part A To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, does not exceed five lakh rupees during the financial year
Part B To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and an order / certificate under section 195(3) / 197 of the Income Tax Act has been obtained from the Assessing Officer
Part C To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and a certificate in Form 15CB from an accountant as defined in the explanation below sub-section (2) of section 288 has been obtained
Part D To be filled up if the remittance is not chargeable to tax under the provisions of the Income Tax Act, 1961 other than the payments referred to in rule 37BB(3) by the person referred to in rule 37BB(2)

12. What is the process for obtaining C.A. Certificate?

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB. The detailed process of filling up the form is also available at the Income Tax Department website.

Steps to be followed to file Form 15CA online:

  1. Login to: https://incometaxindiaefiling.gov.in
  2. Go to e-filling log in page
  3. Input user ID ( PAN of Remitter) and password
  4. After login, go to sub option: E file – Prepare and Submit Online Form (other than ITR)
  5. Select form type – 15CA
    1. Instructions are given to fill the 15CA form
    2. The online form is available in four parts – Part A, Part B, Part C and Part D
    3. Complete the respective applicable PART (as required)
  6. Once the Form 15CA is filled, verify and submit
  7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted
  8. Click on the 15CA form and take a print along with the acknowledgment slip

FAQs for Foreign Nationals


1. I have an ICICI Bank resident Savings Account. Can I register on Money2World.com and transfer funds from my account with any other bank in India?

You cannot register on Money2World.com to transfer funds from any other bank in India. You can transfer funds in ICICI Bank resident savings account from ICICI Bank Internet Banking. The navigation path is mentioned below:

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > An overseas account through Money2World > Send Money Now


2. What are the eligible purposes for transferring funds through Money2world.com service?

The permissible purposes for transferring funds through Money2world.com service are as follows:

  • Travel for Education
  • Travel for Medical Treatment
  • Medical Treatment Abroad
  • Immigration Abroad
  • Maintenance of close relatives abroad
  • Employment Abroad
  • Other Travel (Including holiday trips)
  • Personal Gift
  • Remittance to own account abroad for placing of deposit

3. What is the process for making an online outward remittance from my resident savings account in ICICI Bank from Retail Internet Banking?

Outward remittances from resident savings account in ICICI Bank are permissible subject to satisfying the documentation requirements.

  • Initiate the transaction by selecting remitter account, beneficiary account and purpose
  • Upload self-attested copy of Passport
  • Upload self-attested copy of valid Indian Employment Visa
  • Upload self-attested copy of proof of Salary

Please note that only the funds from unutilized salary credit from the organizations directly to the ICICI Bank account can be used.

ICICI Bank will scrutinize all the submitted details and documents of transaction. In case of any discrepancy, ICICI bank will send an email to registered email ID and may request for additional information/documents to process your transaction. It is requested to provide the updated details and documents at the earliest.


3. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, as an ICICI Bank account holder you are not required to submit any KYC documents for availing this service from ICICI Bank Internet Banking.


4. What are new features available through Money2World?

ICICI Bank account holders advantages of Money2World transfer as below:

  • Convenience, as it eliminates the requirement of visiting the branch
  • Round the clock service, as the remittance facility is available 24*7
  • Faster turn around time for processing the requests
  • Secured and faster mode of transfer of funds
  • Receiver registration for recurring transfers

5. What is the limit for fund transfer for an ICICI Bank’s Resident Savings Account holder through Internet Banking?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to

  • USD 25,000 and equivalent per day
  • USD 50,000 and equivalent per month and
  • USD 225,000 and equivalent per financial year

subject to any purpose specific limit specified by Reserve Bank of India.


6. What would be required to avail Money2world service?

To avail of this service, you would be required to have your Indian mobile number, email id and PAN number registered with ICICI Bank.


8. When would my transaction get processed?

Transaction request received on bank working day (during weekdays) before 2:00 PM IST will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be processed on the next bank working day.


9. When would my ICICI Bank account be debited?

Your bank account would be debited at time of submission of request directly from your ICICI Bank Saving account selected. However processing of your request will be subject to FEMA regulations and RBI guidelines


10. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.


11. Why do I need to register beneficiary prior to raising a transfer request?

You are requested to register your beneficiary prior to fund transfer for the security of your account and also to save your time for repeat remittances to the same beneficiary.


12. What is a Guaranteed Delivery Product?

A Guaranteed Delivery Product offers delivery of full value credit for transfers to beneficiary account in the USA at a nominal fees of INR 1,000 plus applicable GST.


13. What are the charges for fund transfer request made through Money2World for a Guaranteed Delivery Product?

The charge per transaction for a Guaranteed Delivery Product is INR 1,000 plus applicable GST.


14. What are the charges for fund transfer request made through Money2World for a Regular Delivery Product?

The charge per transaction for a Regular Delivery Product is INR 750 plus applicable GST.

FAQs for Money2World


1. I don’t hold a resident savings account with ICICI Bank. Can I avail the Money2world service?

Yes, you can avail the online fund transfer service – www.money2world.com, by simply completing one time registration process and uploading your PAN card and Aadhaar card images.


2. What are the KYC documents required for registering on Money2world.com?

The acceptable KYC documents for registering on Money2world.com are PAN Card and Aadhaar card.


3. I have an ICICI Bank resident Savings Account. Can I register on Money2world.com and transfer funds from my account with any other bank in India?

Yes, you can avail the online fund transfer service – www.money2world.com, by simply completing one time registration process and uploading your PAN card and Aadhaar card images to transfer funds from any other bank in India.

However, you can also transfer funds using your ICICI Bank resident savings account from ICICI Bank Internet Banking. The navigation path is mentioned below: Login to www.icicibank.com> Payment & Transfer > Fund Transfer > An overseas account through Money2World > Send Money Now


4. What are the advantages of Money2World?

Below are the advantages of Money2World -

  • Available for resident individuals holding a savings account with any bank in India
  • Simply register online and start transferring money abroad
  • Lock the exchange rate and protect from fluctuation
  • Place transfer request anytime anywhere
  • Offered in 16 currencies
  • Track your transfer request

5. What are the eligible purposes for transferring funds through Money2world.com service?

The permissible purposes for transferring funds through Money2world.com service are as follows:

  • Maintenance of Close relatives abroad
  • Education Abroad
  • Medical Treatment Abroad
  • Immigration Abroad
  • Employment abroad
  • Fees for examinations like GRE/GMAT/TOEFEL
  • Other Travel Including Holiday Trips
  • Travel for education
  • Travel for Medical Treatment

6. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, you are required to submit the KYC documents only once while doing the one time registration. However, ICICI Bank may request for the re-submission of the KYC documents in periodic basis or incase of any changes in your demographic details.


7. Can I transact immediately after completing the registration?

ICICI Bank will enable your registration on completion of the successful due diligence within 24 hours. You will informed by the Bank about the acceptance of your registration request, post which you will be allowed to initiate fund transfer.


8. What is the limit for fund transfer abroad for an ICICI Bank’s Resident Savings Account holder ?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to

  • USD 25,000 and equivalent per day
  • USD 50,000 and equivalent per month and
  • USD 225,000 and equivalent per financial year

subject to any purpose specific limit specified by Reserve Bank of India.


9. What is the limit for fund transfer through Money2world.com for a resident savings account holder with any other bank in India?

The limit for fund transfer abroad through Money2wolrd.com for a resident account holder with any other bank in India is up to

  • USD 25,000 and equivalent per day
  • USD 25,000 and equivalent per month and
  • USD 25,000 and equivalent per financial year

subject to any purpose specific limit specified by Reserve Bank of India.


10. Are the NRI customers eligible for Money2world.com service?

No, the service is available only for resident individuals holding a savings account with any other bank in India.


11. What are the steps to be followed for booking a transaction on Money2Worldcom?

Below are the steps for booking a transaction on Money2World.com –

  1. Login to Money2World with your user id (registered email id) and password
  2. Add your Indian bank account from where funds are to be sent
  3. Add your receiver details
  4. Click on ‘Transfer Money’ tab and fill the required transaction details
  5. Enter OTP received on your registered mobile number and submit the transaction
  6. Select the payment mode - NEFT/ RTGS using Internet Banking or payment gateway
  7. Transfer the funds to ICICI Bank Account via selected payment mode

12. I have confirmed the transaction request on Money2world.com service. What is the validity of the rate and by when can I transfer the funds?

The validity period of the exchange rate is displayed to the user on the transaction confirmation page.

Transaction request received on bank working day (during weekdays) before 3:00 PM IST will be valid until 7:00 PM IST of the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be valid until 9:30 AM IST of next bank working day. The exchange rate is valid only if the Bank receives the funds within the rate validity period.


13. What if the amount sent for remittance is less than the specified amount?

ICICI Bank will process such transactions on best effort basis and at it’s discretion. If ICICI Bank is unable to complete your request, the funds received will be returned to the respective INR account from which the amount was received.


14. What if the funds are received by the Bank after the expiry of the validity period?

ICICI Bank on receiving the funds after the validity period will process the transaction on best effort basis and at it’s discretion.


15. I don’t hold an account with ICICI Bank, how can I transfer funds to ICICI Bank for completing the transaction?

You may transfer funds from your own savings bank account held with any other bank in India through electronic fund transfer i.e. NEFT or RTGS or you can use the Payment Gateway option in order to transfer funds to ICICI Bank. For NEFT or RTGS, you may give the instruction to your bank either through it’s net banking or visiting the nearest branch of your bank.


16. Can I transfer funds from my joint account held with other bank in India?

You may transfer funds from such a joint account provided you are the primary account holder.


17. Will my request be processed on the same day?

All transactions requests received up to 3.00 PM IST on a working day Monday to Friday is processed on the same day, if the Bank receives the funds within the specified time. Requests received after 3.00 PM IST will be processed on the next working day.


18. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.


19. Why do I need to register beneficiary prior to raising a transfer request?

You are requested to register your beneficiary prior to fund transfer for the security of your account and also to save your time for repeat remittances to the same beneficiary.


20. I received my PAN card prior to my marriage and hence it mentions my maiden name. However, my Aadhaar card mentions my marital name. What name should I mention for the registration to avoid rejection of the registration request due to KYC reasons?

You are requested to register using your marital name. We will consider the name as mentioned on both the documents, basis the information available on each of the documents uploaded by you.


21. What is a Guaranteed Delivery Product?

A Guaranteed Delivery Product offers delivery of full value credit for transfers to beneficiary account in the USA at a nominal fees of INR 1,000 plus applicable GST.


22. What are the charges for fund transfer request made through Money2World for a Guaranteed Delivery Product?

The charge per transaction for a Guaranteed Delivery Product is INR 1,000 plus applicable GST.


23. What are the charges for fund transfer request made through Money2World for a Regular Delivery Product?

The charge per transaction for a Regular Delivery Product is INR 750 plus applicable GST.

FAQs for Resident Indian Customers


1. What is an Outward Remittance?

An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary situated within or outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money abroad to a beneficiary for various purposes including education, employment abroad, emigration, maintenance of close relatives, foreign travel, gifts, medical treatment, donations, etc.


2. Who is eligible to do an Outward Remittance?

Account holders of ICICI Bank (resident and non-resident) as well as non-account holders can do an Outward Remittance transaction.


3. Can non-account holders of ICICI Bank make an outward remittance through ICICI Bank? What are the requirements for making such remittance?

Yes, resident non account holders can make an outward remittance through ICICI Bank for current account non-trade transactions. Non-account holders are required to provide their identity and residence proof at the time of placing the request for outward remittance. The payment for the remittance may be made by account payee cheque or Demand Draft or by Cash deposit (upto Rs. 50,000/-). The payment can also be made through NEFT or RTGS, for more details please visit your nearest ICICI Bank branch.

However, non-account holders may not make remittances for capital account transactions under the "Liberalised Remittance Scheme". (For details of the scheme, please refer to Q 12 below.)

NRIs who do not hold an account with ICICI Bank cannot make remittances through ICICI Bank.


4. Can the joint account holder do an outward remittance out of the resident savings bank account?

In case of resident savings accounts, the request needs to be given by either/both the account holders depending upon the mode of operation of the account.

In case the main holder becomes a Non Resident, the remittance can only be initiated post re-designating the account as an NRO account. However, if the second or subsequent holder becomes a non-resident, his name should be removed from the account and thereafter the remittance can be effected.


5. What are the modes of doing an outward remittance?

Money can be sent abroad through the following modes:

  • Wire Transfer
  • Foreign Currency Demand Draft

6. In which currencies can outward remittance be made through ICICI Bank?

The following currencies are available for making Outward Remittances

 

Curreny CodeCurrencyWire TransferDemand Draft
USD US Dollars Offered Offered
EURO Euro Offered Offered
GBP British Sterling Pound Offered Offered
SGD Singapore Dollars Offered Offered
CAD Canadian Dollars Offered Offered
AUD Australian Dollars Offered Offered
CHF Swiss Franc Offered NA
HKD Hong Kong Dollars Offered NA
JPY Japanese Yen Offered NA
AED Arab Emirates Dhiram Offered NA
SAR Saudi Arabian Riyal Offered NA
DKK Danish Kroner Offered NA
NOK Norwegian Kroner Offered NA
SEK Swedish Kroner Offered NA
QAR Qatari Riyal Offered NA
NZD New Zealand Dollar Offered NA

7. What is the process to do an outward remittance?

You can do an outward remittance by visiting any of the ICICI Bank branches & submit forms/documents with necessary beneficiary and transaction details.

 

OR

 

The customer having internet banking account, can do an outward remittance through online channel as well.


8. To whom can I remit for the purpose of "maintenance of close relatives"?

You can remit to the below mentioned persons:

(a) Members of your Hindu undivided family; or
(b) Your spouse
(c) You are related to the beneficiary in any of the manners indicated below:

 

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)

9. Can I remit funds for acquisition of shares in a company abroad?

A resident individual may make a remittance under the Liberalized Remittance Scheme for resident individuals upto USD 250,000 (for details refer to Q.12 below) for acquisition of shares (of listed or otherwise) or debt instruments in a company abroad.

In addition to the above , as per relevant guidelines, a person resident in India:

  • May purchase a foreign security out of the funds held in RFC account maintained in accordance with Foreign Exchange Management (Foreign Currency accounts by Person Resident in India) Regulations, 2000;
  • May acquire bonus shares on the foreign securities held in accordance with the provisions of the FEMA or rules or regulations made there under;
  • When not permanently resident in India, may purchase a foreign security from out of his foreign currency resources outside India;

10. What is the limit for making a remittance for the purpose of medical treatment abroad?

The limit to remit for the purpose of Medical expense is USD 250,000. Remittance in excess of USD 250,000 is allowed without any monetary limit subject to estimate from doctor in India or a doctor/hospital abroad. Reserve Bank approval is required to release exchange if the amount exceeds the estimate from the doctor in India or doctor/hospital abroad.


11. Can I take an Insurance policy from a Foreign Insurance Company?

A person resident in India can take a life insurance policy by an insurer abroad, with no specific monetary limit, only if the policy is held under the specific or general permission of the Reserve Bank of India. In case of a general insurance policy, the same needs to be held under the general or specific permission of the Central Government.
However, remittance towards premium for Health Insurance policies may be availed of from companies abroad.


12. What is the Liberalised Remittances Scheme? Who is eligible to avail the facility under this scheme?

The Liberalised Remittance Scheme is a facility available for making remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. All resident individuals are eligible to avail of the facility under the Liberalised Remittance Scheme. However it is mandatory to have a PAN number to make a remittance under this scheme, and your account with ICICI Bank must be at least 1 year old. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc. Also, remittance cannot be done from any loan/overdraft account. PAN details are mandatory to send funds under the said scheme.

For capital account transactions, it is mandatory to have a PAN number to make a remittance under this scheme, and your account with ICICI Bank must be at least 1 year old. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc. Also, remittance cannot be done from any loan/overdraft account. PAN details are mandatory to send funds under the said scheme.


13. What are the purposes for which remittance can be made under the Liberalised Remittance Scheme?

This facility is available for making remittances for any permissible current or capital account transactions or combination of both. Under this facility, resident individuals can also freely acquire and hold, shares or any other asset outside India without prior approval of Reserve Bank of India. Scheme is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000. Scheme is also not permitted for remittance being made directly or indirectly to Nepal, Bhutan, Mauritius or Bhutan or to any country identified as a non-co-operative country by the Financial Action Task Force (http://www.fatf-gafi.org). Further, remittance for any payments in the nature of margin calls including for trading in foreign exchange are not permitted.


14. What are Small Value Remittances and what are the purposes for which remittances can be sent as Small Value Remittances"?

Small Value Remittances can be made up to USD 25000 per financial year, for any permissible current account non-trade transaction on the basis of Retail Outward Remittance Application. This is within the overall limit of USD 250,000 where the remittance is for payment towards purchase of goods for personal use/subscription fees or charges etc. please provide documentary proof of the transactions such as an Invoice or Debit note. The Invoice/Debit note must be in the name of the account-holder from whose account the remittance is being made.


15. What is the procedure for making a remittance for any services availed from abroad?

In case of remittances for any services availed from abroad such as consultancy charges/legal fees/training fees etc., in addition to the documents as specified from Small Value Remittances, please furnish a Certificate from a Chartered Accountant in Form 15CA and 15CB stating that tax u/s 195 has been deducted from the payment (Please refer to the question "What is the process for obtaining C.A. Certificate?" below)


16. When is the C.A. Certificate required for initiating outward remittance?

Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances for certain types of transactions which are not covered by the Liberalised Remittance Scheme or Small Value Remittances. Please consult your local ICICI Bank Branch for details if your transaction does not appear to fall under any of these categories.

The certificate is also required for all remittances from NRO account and for foreign nationals seeking repatriation.

The formats and submission details are available at the website of the Income Tax Department.


17. What is the process for obtaining C.A. Certificate?

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made.

 

The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.

 

Steps to be followed to file Form 15CA online

  1. Login to: https://incometaxindiaefiling.gov.in
  2. Go to e-filling log in page
  3. Input user ID ( PAN of Remitter) and password
  4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
  5. Select form type – 15CA
    1. Instructions are given to fill the 15CA form
    2. The online form is available in two parts – Part A and Part B
    3. Complete the respective applicable PART either PART A or PART B (as required)
  6. Once the Form 15CA is filled, verify and submit
  7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
  8. Click on the 15CA form and take a print along with the acknowledgment Slip.e

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate


18. How much foreign exchange can a person send as gift or donation to a person resident outside India ?

If you are eligible for the Liberalised Remittance Scheme, you may send upto USD 250,000 as a gift to any person resident outside India or as a donation to any charitable/educational/religious/cultural organisation outside India. This remittance can be done only under the LRS and is meant for individuals only.


19. What is the outward remittance limit for resident individual including Small Value Remittances?

Resident Individuals are allowed to send Outward Remittances under Liberalised Remittance Scheme (LRS) upto USD 250,000 per financial year for any permissible current account transactions.

FAQs for NRI Customers


1. What is the limit for making an outward remittance from my NRE account?

NRE account balances are freely repatriable. There is no limit specified for outward remittances from such accounts.


2. I have registered a mandate-holder in my NRE account. Can he make an outward remittance from the account as well?

Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself


3. Can I make outward remittance from my NRO A/c?

Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements


4. What is the process for making an outward remittance from my NRO account?

For making an outward remittance from your NRO account, please walk into any ICICI Bank branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details. In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB.

The formats and submission details are available at the website of the Income Tax Department.


5. What is the process for obtaining C.A. Certificate?

Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.

 

Steps to be followed to file Form 15CA online

  1. Login to: https://incometaxindiaefiling.gov.in
  2. Go to e-filling log in page
  3. Input user ID ( PAN of Remitter) and password
  4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
  5. Select form type – 15CA
    1. Instructions are given to fill the 15CA form
    2. The online form is available in two parts – Part A and Part B
    3. Complete the respective applicable PART either PART A or PART B (as required)
  6. Once the Form 15CA is filled, verify and submit
  7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted
  8. Click on the 15CA form and take a print along with the acknowledgment Slip

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate


6. What is the limitation for repatriating funds out of NRO account?

Subject to a limitation of USD 1,000,000, you can repatriate your current income for the current financial year. Current year is the financial year in which the remittance is sought to be made. Balances in the NRO account arising out of capital receipts can also be repatriated upto the above limit.


7. Can a joint/mandate holder initiate remittances from NRO account?

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account


8. What is the process for making an outward remittance from my NRE account?

If you have access through Internet Banking to your NRE account you may initiate the outward remittance request through online channel. Just login to your internet banking account and follow navigation below:

 

Outward Repatriation from NRE Savings Bank Account:

Login > Customer Service > Service Request > Bank Accounts > Repatriation from NRE SB

 

Outward Repatriation from NRE/FCNR Fixed Deposit:

Login > Customer Service > Service Request > Deposits > Repatriation from NRE / FCNR FD

 

You may also walk into any ICICI Bank Branch in India and initiate the outward remittance by filling up a simple request letter specifying the necessary details.


9. Can the proceeds of sale of immovable property be repatriated out of NRO account? What is the process to repatriate such proceeds?

The proceeds of sale of property can be repatriated out of NRO account. The property sale deed and purchase deed should be documented and copies submitted to the branch. If the property was acquired as a gift/inheritance then gift deed or Will/Succession certificate/Certificate of probate/Legal Heirship certificate for the deed should be documented and copies submitted to the branch. If the documents are in any language other then English and Hindi, please submit a translated copy of the same along with the vernacular declaration duly notarized.

 

The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.

 

For more details kindly contact to your nearest ICICI Bank branch.


10. Are the NRI customers are eligible for Online Outward Remittance?

NRI customers are eligible to online outward remittance from NRE/FCNR accounts only. Online remittance facility is not available for NRO account holders.


11. What is the limit through Online Outward Remittances from NRE/ FCNR account?

The limit for Online Outward Remittance from NRE/FCNR account on Money2World platform is USD 50,000 or its equivalent per transaction per day.


12. What are the charges for online outward remittance request made from NRE account?

The charge per transaction is INR 500 plus applicable GST.

FAQs for Online Outward Remittance


1. I have an ICICI Bank resident Savings Account. Can I register on Money2World.com and transfer funds from my account with any other bank in India?

You can transfer funds using your ICICI Bank resident savings account from ICICI Bank Internet Banking. The navigation path is mentioned below:

 

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > An overseas account through Money2World > Send Money Now

 

However, you can also send money from your account with any other bank in India through the online fund transfer service – www.money2world.com, by simply completing one time registration process by uploading your PAN card and Aadhaar card images to transfer funds from any other bank in India.


2. What are the eligible purposes for transferring funds through Money2world.com service?

The permissible purposes for transferring funds through Money2world.com service are as follows:

  • Education Abroad
  • Travel for Education
  • Fees for examinations like GRE/GMAT/TOEFEL
  • Travel for Medical Treatment
  • Medical Treatment Abroad
  • Immigration Abroad
  • Maintenance of close relatives abroad
  • Employment Abroad
  • Other Travel (Including holiday trips)
  • Personal Gift
  • Donation
  • Indian Portfolio investment abroad - in equity shares
  • Indian Portfolio investment abroad - in debt instruments
  • Remittance to own account abroad for placing of deposit

3. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, as an ICICI Bank account holder you are not required to submit any KYC documents for availing this service from ICICI Bank Internet Banking.


4. What are new features available through Money2World?

ICICI Bank account holders advantages of Money2World transfer as below:

  1. Convenience, as it eliminates the requirement of visiting the branch
  2. Round the clock service, as the remittance facility is available 24*7
  3. Faster turn around time for processing the requests
  4. Secured and faster mode of transfer of funds
  5. Receiver registration for recurring transfers

5. What is the limit for fund transfer for an ICICI Bank’s Resident Savings Account holder through Internet Banking?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to

  • USD 25,000 and equivalent per day
  • USD 50,000 and equivalent per month and
  • USD 225,000 and equivalent per financial year

subject to any purpose specific limit specified by Reserve Bank of India.

The limit for fund transfer abroad fom Money2World using any other resident savings bank account is up to

  • USD 25,000 and equivalent per day
  • USD 25,000 and equivalent per month and
  • USD 25,000 and equivalent per financial year

subject to any purpose specific limit specified by Reserve Bank of India.


6. What would be required to avail Money2world service?

To avail of this service, you would be required to have your Indian mobile number, email id and PAN number registered with ICICI Bank.


7. Are the NRI customers eligible for Money2world.com service?

No, the service is available only for resident individuals holding a savings account with any other bank in India.


8. When would my transaction get processed?

Transaction request received on bank working day (during weekdays) before 2:00 PM IST will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be processed on the next bank working day.


9. When would my ICICI Bank account be debited?

Your bank account would be debited at time of submission of request directly from your ICICI Bank Saving account selected. However processing of your request will be subject to FEMA regulations and RBI guidelines


10. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.


11. Why do I need to register beneficiary prior to raising a transfer request?

You are requested to register your beneficiary prior to fund transfer for the security of your account and also to save your time for repeat remittances to the same beneficiary.


12. What is a Guaranteed Delivery Product?

A Guaranteed Delivery Product offers delivery of full value credit for transfers to beneficiary account in the USA at a nominal fees of INR 1,000 plus applicable GST.


13. What are the charges for fund transfer request made through Money2World for a Guaranteed Delivery Product?

The charge per transaction for a Guaranteed Delivery Product is INR 1,000 plus applicable GST.


14. What are the charges for fund transfer request made through Money2World for a Regular Delivery Product?

The charge per transaction for a Regular Delivery Product is INR 750 plus applicable GST.