Opened a New NRI account with ICICI Bank - Funding your account FAQs

What are the modes of funding an NRI account from overseas?


You can transfer funds to your ICICI Bank NRE / NRO savings account using any of the following money transfer options:

 

Online modes :

 

Online money transfer modes offer the convenience of transferring money through the internet from the comfort of your home.

 

Money2India* is an Internet based money transfer tracking service offering features like:

  • Anytime, anywhere access
  • Online tracking of funds
  • Competitive exchange rates
  • 24 hour customer care which you can access vide toll free phone and / or email

To start using the Money2India facility, you have to complete a one-time instant online registration. For more details and registration please visit www.money2india.com. *Money2India is available only in Canada, Hong Kong, Singapore, Sweden, Switzerland, UK ,USA and UAE. 

 

Offline Modes

 

Wire Transfer:

 

Wire Transfer facility is one of the easiest offline methods of transferring money to India from any part of the world. This facility is available for most countries and can be used for large value transfers.

 

To initiate a wire transfer, you have to visit your local bank abroad and provide wire transfer instructions.

 

Exchange house transfers

 

ICICI Bank has tie-ups with 24 key Exchange houses and Correspondent banks in Gulf Cooperation Council** locations, which provide several fund transfer facilities such as Insta-Transfers, I-Express, Speed Remittance and INR DD Facilities.

 

Foreign Currency Cheques

 

Foreign Currency Cheque is a cheque drawn on foreign banks in a foreign currency. These cheques can be deposited to the beneficiary's NRE Savings Account.

 

INR Cheques

 

You can draw INR cheques from other NRE Savings Account in favour of your ICICI Bank NRE savings account. You can draw INR cheques from any account in favour of your ICICI Bank NRO savings account.

 

Please note that some of the modes of transfer mentioned above may or may not be available to you depending upon your country of residence.

 

**Gulf Cooperation Council includes - Bahrain, Kuwait, Qatar, Saudi Arabia, Oman and United Arab Emirates

What are the regulations pertaining to permissible credits in an NRE account?


Please find below a summary of permissible credits to NRE account. Detailed description along with the applicable regulation is given thereafter.

 

Permissible credits to NRE accounts:

  • Proceeds of remittances to India in any permitted currency
  • Foreign currency deposited by account holder in person on his temporary visit to India
  • Transfers from other NRE accounts
  • Interest on Government securities and dividend on units of mutual funds purchased by debit to the account holder's NRE/FCNR account or out of inward remittance through normal banking channels.
  • Current income such as rent, dividend, interest including NRO interest, pension etc. from India
  • Maturity proceeds of Government securities including National Plan/ Savings Certificates, bonds issued by a PSU in India proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India and sale proceeds of units received from mutual funds, provided the securities/ units were originally purchased by debit to the account holder’s NRE/ FCNR account or out of remittances received from outside India in free foreign exchange.
  • Refund of share/ debenture subscriptions to new issues of Indian companies or portion thereof, if the amount of subscription was paid from the same account or from other NRE/ FCNR account of the account holder or by remittance from outside India through normal banking channels.
  • Refund of application/earnest money/ purchase consideration made by the house building agencies/seller on account of non-allotment of flat/ plot/ cancellation of bookings/deals for purchase of residential/commercial property, together with interest, if any (net of income tax payable thereon), provided the original payment was made out of NRE/ FCNR account of the account holder or remittance from outside India through normal banking channels.
  • The balances in the EEFC, RFC and RFC (D) accounts upon the change of their residential status from resident to non-resident.
  • Payments received from rupee vostro accounts of Exchange Houses towards cross –border inward remittances sent by NRIs into India under Rupee Drawing Arrangements
  • Proceeds of Life Insurance policies denominated in foreign currency or the rupee policies for which premia are paid in foreign currency or out of NRE/FCNR Accounts
  • Sale proceeds of immovable property other than agricultural land / farm house / plantation property in India by a NRI or PIO, where the said property has been acquired through payment in foreign exchange received through normal banking channels / out of funds held in NRE / FCNR accounts .
  • Sale proceeds of shares and/or convertible debentures (net of taxes) of Indian Companies purchased by NRI customers under the Portfolio Investment Scheme (PIS)

 

Please click here for detailed description along with the applicable regulation.