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Seafarer Account

Key Highlights

  • Flexibility to open account in any currency; account maintained in INR.
  • Convenient access to your account in over 14000 ATMs and 4500 branches all over India and 24 x 7 phone and internet banking.
  • Tax benefits with funds not being taxable in India.

What is a Seafarer's Account?

  • A Seafarer's Account is an NRE (Non-Resident External) Savings Account, specially created for mariners, so that you can manage you finances with ease and convenience, even while you are away from India.

Why choose a Seafarer's Account?

  • We understand that as a seafarer, you have unique requirements for long-distance management and wide international access to your account. A Seafarer's Account caters to your special needs.

Overview

Features and Benefits

  • Anytime, anywhere account access with International ATM-cum Debit Card, convenient access at over 14,000 ATM and over 4500 branches all over India, and 24 x 7 phone and internet banking.
  • Beneficial interest rates: Interest rates at 4% per annum for end of day balances equal to or above INR 50 lacs and 3.50% per annum for end of day balances below INR 50 lacs.
  • Easy movement of funds: Funds in NRE account are fully & freely repatriability
  • Tax benefits: Interest earned is not taxable in India.
  • Mandate benefits: Free cheque book and ATM card for mandate holder.
  • FREE PO Box service to send your documents.
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
*Subject to nominal foreign currency conversion charges

Service Charges

Monthly Average Balance

  • Monthly Average Balance Requirement INR 10000 at account level or INR 25000 at customer id level.
  • Non Maintenance Charges- 6% of the shortfall in required MAB or INR 500 whichever is lesser. (with effect from 1st April, 2022)

Click here for the complete list of other service charges.

 

Documents Required

Following KYC documents should be collected for opening seafarer accounts:

  • Self attested copy of valid passport (First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). Photocopy must include first four pages of passport and the pages indicating last date of arrival in India. The signature should be clearly visible and match the signature on your registration form)
  • Self attested copy of valid visa (first two pages and last two pages of the passport as well as the page indicating the last date of arrival in India) OR continuous discharge certificate (CDC). Certificate must indicate last date of arrival in India or declaration by ICICI employee (during branch visit) confirming that you are sailing for the first time.
    Incase of employees on Oil Rigs, instead of a visa, a letter from government authority stating” allowed to entry country “ or a business Visa along with a valid appointment letter is taken.
  • Seafarer’s declaration from the customer . No separate declaration will be required if the declaration is part of the AOF
  • A) For a permanent employee then in addition to the above the:
    • i. Initial work contract and
    • ii. Last wage slip (should not be more than six months old).
      or
  • B) If the customer is a contract employee, then the following documents are also required:
    • i. Valid CDC is a mandatory document along with the last page of the disembarkation stamp
    • ii. Valid work contract with the last page of the wage slip or
    • iii. The expired/last contract letter, if the disembarkation stamp on CDC is not more than 6 months old
      or
  • C) For oil rigs,
    • i. An expired contact letter can be accepted if the last disembarkation stamp on the passport from the country where the oil rig is situated is not more than six months old.

Note- All KYC Documents provided need to be self attested