Hong Kong - Fixed Rupee FAQs
What is a Validity Date?
Validity Date is the date when the funds are available to ICICI Bank Limited, India for processing and disbursal to receiver. While initiating the Fixed Rupee transfer request, you will be informed about the validity date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this validity date.
IMPORTANT: Please note that only if the funds are received in our overseas correspondent bank account on working Day 0 before the cut-off time of clearing overseas, the same is typically available to ICICI Bank Limited, India, for processing on the next working day i.e. Day 1 The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.
In case the funds are not available to ICICI Bank India for processing within the validity date, your request will be processed as a regular request and the rate applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are available to ICICI Bank after the Validity Date.
What are the charges for NetExpress (NetBanking Transfers)?
Remittance Service charge: No Remittance service charge for any amount remitted
Service tax will be levied on the converted gross INR amount in accordance with the Finance Act, 2015 and Service Tax (Amendment) Rules, 2015 of the Government of India w.e.f. June 1, 2015. Please click here to know the slab wise service tax structure. This charge would be deducted from the amount to be paid to the beneficiary.For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency) deducted from the FCNR deposit amount.
Are there any limits on the amount that I can send through this facility?
You can send upto INR 4,00,000 per transaction using this facility.
The overall NetExpress account limit of minimum HKD 100 per transaction is applicable.
Besides the above limits, the use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.
Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this Facility.
I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an error that states – "We are currently unable to initiate your remittance request for sending Fixed INR amount to the receiver. Kindly try after some time. We regret any inconvenience."
The use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.
If you are getting this message when the India forex markets are open i.e. between 9:00 AM to 4:30 PM IST on a working day in India, then you can re-try in 2-3 hours to post a Fixed Rupee transfer transaction.
However if you are getting this message after the closing of the India forex markets, then you can avail the Fixed Rupee transfer feature on the next working day.
Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this Facility. Please note that even if you get this not-error, you can continue to use the regular NetExpress facility.
Are the exchange rates as displayed on the Indicative Exchange rate calculator, applied to my Fixed Rupee transfer transaction?
The exchange rate that is applied for your current dated Fixed Rupee transfer transaction may be different from the Indicative exchange rates displayed on the exchange rate calculator. Since we are offering you confirmed rates at transaction initiation and before we receive your funds, we are bearing exchange rate volatility risk and hence the exchange rates margins applied for this product may differ from that offered for regular products.
We assure you that the exchange rates applied to your current dated Fixed Rupee transfer are competitive and linked to market movements.
How much time does it take for the money to reach the beneficiary?
Please note that for a Fixed Rupee transfer request, the confirmed rate is applicable only if the exact foreign currency amount on or before the validity date with complete and correct details. In case we do not receive the funds within the validity date, your request will be processed as a regular request and the rate as applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are received after the validity date.
Once you initiate the fund transfer and the funds are available to ICICI Bank in India within the validity date with complete and correct details, further processing is carried out and disbursed within 24 working hours.
If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account within 1 working day of ICICI Bank receiving the money. For electronic credit to non-ICICI Bank accounts or or DDs, the money is sent for electronic clearing or a DD issued and dispatched in upto one additional working day.
Please note that the timeline excludes banking holidays and weekends in your country and India. Please click here to view the list of Banking holidays in India.
You can track the status of your request using the Track Transfers option after logging into Money2India site. An email will also be sent to you, confirming the status of your request.
Does Fixed Rupee transfer allow me to send money to India on a regular basis by providing standing instructions i.e. future dated/ recurring transaction requests?
No, currently standing instructions/future dated/recurring transaction requests cannot be put for a Fixed Rupee transfer NetExpress transaction. Every time you need to send a fixed Rupee amount to your receiver in India, you need to initiate a new transaction on Money2India
Can I cancel an initiated Fixed Rupee transfer request?
In case you do not wish to send funds for the Fixed Rupee transfer request initiated by you, simply do not initiate an internet banking funds transfer from your remitting bank. You can also send an email to firstname.lastname@example.org informing the same and mentioning your Fixed Rupee transfer unique tracking ID starting with M2N followed by 8 digits. You need to write a mail from your money2India registered email ID only.