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Outward Remittance FAQs

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Personal

FAQs for Online NRO repatriation

1. What are the steps to initiate an outward remittance from my NRO Savings Account for 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 Transfer’
Under ‘Overseas Account using Money2World’ select ‘Repatriation from NRO SB via Wire Transfer’

You will be redirected to the new Money2World Home page, click on ‘Send money’
Initiate the transaction by selecting a remitter account, destination country and amount. Further, select the purpose of remittance & receiver of transaction
Select the source of funds and amount from each source to be remitted
Upload a self-attested document proof of selected sources of funds (Please refer to question 10)
Upload a self-attested copy of Form 15CA and Form 15CB, as applicable (Please refer to question 12)

You can transfer funds to your NRE Account or an overseas account by using this option.

Notes:

Outward remittances from NRO Savings Account are permissible subject to satisfying the documentation requirements.

ICICI Bank will scrutinise all the submitted details and documents of the transaction. In case of any discrepancy, ICICI Bank will send an e-mail to the registered e-mail ID and may request for additional information/ documents to complete 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 completed at the prevailing exchange rate on the date of completing the transaction request.

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

2. Who can be the receiver for Outward Remittance from my NRO Savings Account?

Outward Remittance can be done to:

Your own NRE Account with ICICI Bank under the same Customer ID (such NRE Accounts can be selected from the dropdown)
Any other NRE Account with ICICI Bank under different Customer ID (such NRE Accounts can be added by selecting ‘Add Receiver’)
An Overseas Account

3. 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 completed at the prevailing exchange rate on the date of processing the transaction request.

4. What are the charges for online outward remittance request made from NRO Account?

The charges for online outward remittance from NRO Savings Account to an Overseas Account is INR 500 plus applicable Goods and Services Tax (GST). For payments sent to USA in USD, in case the Remitter chooses that the intermediary bank charges are to be borne by him/her (Me) and not the receiver then the charge per transaction would be INR 1,000 plus applicable GST. There are no charges for online outward remittance from NRO Savings Account to an NRE Account with ICICI Bank.

5. What is the remittance limit for Outward Remittance from NRO Savings Bank Account through Internet Banking?

The remittance limit for Outward Remittance from NRO Savings Bank Account through Internet Banking is up to:

USD 50,000 (Fifty thousand) and equivalent per transaction
USD 1,000,000 (one million) and equivalent per financial year.

6. 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 completed at the prevailing exchange rate on the date of completing the transaction request.

7. 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 from the available purposes

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)

Select the first source of funds from the dropdown - Rental Income
Enter the cumulative amount for first source of funds to be transferred – INR 95,000
Click on ‘Add New Source’ link
Select the second source of funds from the dropdown - Dividend
Enter the cumulative amount for second source of funds to be transferred – INR 55,000
Please keep self-attested scanned copies of below documents ready to be uploaded:
- Bank account statement showing credit of selected source of funds in case credited to other bank account
- Supporting documents – as per selected source of funds
- Form 15CA and Form 15CB, as applicable.
Enter grid values and OTP received on the registered mobile number to submit the transaction.

8. What are the eligible purposes for Outward Remittance from NRO Savings Account through Internet Banking?Gift from relative

Purpose code description for reporting under Foreign Exchange Transactions – Electronic Reporting System (FETERS)

Purpose code	Purpose code description for reporting under Foreign Exchange Transactions – Electronic Reporting System (FETERS)
S0005	Indian investment overseas – in real estate
S0001	Indian Portfolio investment overseas – in equity shares
S0002	Indian Portfolio investment overseas – in debt instruments
S0301	Business travel
S0303	Travel for pilgrimage
S0304	Travel for medical treatment
S0305	Travel for education (including fees, hostel expenses etc.)
S0306*	Other travel (including holiday trips)
S1301	Remittance for family maintenance and savings
S1302	Remittance towards personal gifts and donations
S1303	Remittance towards donations to religious and charitable institutions overseas
S1304	Remittance towards grants and donations to other governments and charitable institutions established by the governments
S1306	Remittance towards payment / refund of taxes
S0023*	Remittance to own account overseas for placing of deposit
S1107*	Education overseas
S1108*	Medical Treatment overseas
S1307*	Employment overseas
S0601*	Life insurance premium except term insurance
S0023*	Opening of foreign currency account overseas with a bank
S0014*	Repatriation of Non-Resident Deposits (FCNR(B)/ NR(E)RA)
*15 CA/CB Applicable for the said purpose codes

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

Gift from relative
Fixed deposits (held for more than 1 year)
Income tax refund
Insurance Policy claim or maturity proceeds
Inheritance
Insurance Policy
Dividend income
Interest on Loan
Interest on NRO Account
Interest on other securities
Maturity of Debentures/Bonds
Post Office Savings
Public Provident Fund (PPF) balances
Rental income
Salary/Gratuity/Provident Fund (PF)/Final settlement by the employer
Inward remittance including NRE transfers to NRO account
Sale of property purchased from funds remitted from an overseas OR NRE/FCNR Account
Sale of property purchased from a Rupee source (while resident in India)
Sale of property acquired through inheritance
Funds from cancellation or compensation/buyback of property by builder
Sale of shares OR Mutual Funds
Repayment of loan from individual
Repayment of loan from entity (Private Limited)
Sale of Vehicle/Jewellery.

Note: Cash deposits are not eligible for NRO repatriation.

10. What are the documents required for source of funds in my NRO Account?

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

Source of Funds	Supporting Documentation
Gift from relative	No document required
Income tax refund	IT refund receipt OR credit in the Bank statement clearly reflecting a credit narration indicating income tax refund
Insurance policy claim or maturity proceeds	Copy of the policy document OR Advice from the Insurer regarding maturity/claim letter OR Warrant from the insurance company
Interest on Loan	No document required
Interest on NRO Account	No document required
Interest on other securities	Interest warrant(s) OR Form 16A (TDS certificate)
Maturity of debentures/bonds	Maturity certificate OR the Demat statement OR Letter from the issuing company
Post Office Savings	Post Office Savings Account passbook
Public Provident Fund (PPF) balances	PPF passbook (if other than ICICI Bank Ltd)
Rental income	Rent agreement OR Rent receipts OR Form 16A (TDS Certificate) OR Form 26AS
Salary/Gratuity/Provident Fund (PF)/Final settlement by the employer	Salary slip OR Gratuity/PF/Final Settlement letter by the employer
Inward funds including NRE transfers to NRO account	In case funds are remitted from an overseas to other bank account, then the FIRS (Foreign Inward Remittance Statement), along with the other bank statement for the period, will be required
Sale of property purchased from funds remitted from an overseas OR NRE/FCNR Account	Copy of the registered Sales Deed for the sale of property. If the documents are in the vernacular language (apart from English/Hindi), then a translated copy, attested by a notary/authorised translator/advocate, is required
Sale of property purchased from a Rupee source (while resident in India)	Copy of the registered Sales Deed for the sale of property. If the documents are in the vernacular language (apart from English/Hindi), then a translated copy, attested by a notary/authorised translator/advocate, is required
	For the case of agricultural property, NRI remitter can only remit the sale proceeds if :-
	1. Remitter (NRI) has purchased the agricultural property through Rupee source when he/she was Resident Indian (Proof of Residency at the time of acquisition will be required)
	2. Remitter (NRI) has acquired the agricultural property as a gift when he/she was Resident Indian (Proof of Residency at the time of acquisition will be required)
Sale of property acquired through inheritance	Copy of the registered Sales Deed for the sale of property. If the documents are in the vernacular language (apart from English/Hindi), then a translated copy, attested by a notary/authorised translator/advocate, is required
	If the details of the inheritance are not clearly mentioned in the Sales Deed, please provide any one of the following:
	Copy of the Will
	Succession Certificate
	Legal Heirship Certificate
	Partition deed
	Settlement deed
	Court order
	Share certificate of the Co-operative Housing Society showing transfer of the share to the seller
	Mutation Deed/Certificate
	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 a Partition Deed or Court Order)
	In case of agriculture land, the sale proceeds can be remitted if the land was acquired through inheritance (supporting documents will be required)
Funds from Cancellation or Compensation/Buyback of Property by builder	Please provide any one of the following:
	Valid documentary evidence for cancellation of the deal, like cancellation agreement or correspondence between the parties
	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
	Note: If the documents are in the vernacular language, the customer has to provide a translated copy, attested by a notary/authorised translator/advocate.
Sale of shares OR Mutual Funds	For listed shares - 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 For Unlisted shares - agreement of sale For Buyback of shares - buyback letter from the company For Mutual Funds - Mutual Fund statement
Repayment of loan from individual	No document required
Repayment of loan from entity (Pvt. Ltd.)	Board Resolution AND Loan Agreement AND Non- Convertible Debentures
Dividend income	Dividend Warrant OR Intimation OR Entry in bank statement showing receipt is on account of dividend OR Form 16A (TDS certificate)
Fixed Deposits (held for more than 1 year)	For the cases where FD had matured in other bank and was then transferred to ICICI bank, we will require FD receipt and bank statement from the date of FDR maturity until the date the funds were transferred to ICICI Bank NRO account.
Inheritance or deceased claim	Inheritance proof:- - Copy of the Will - Succession certificate - Legal Heirship Certificate - Partition deed - Settlement deed - Court order - Mutation deed/Certificate
Bank Statement with details of registered nominee and Death Certificate/Deceased Claim settlement letter from the bank
Sale of Vehicle/Jewellery	Sale receipt/Invoice

11. What are 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 tax chargeable in the hands of the non-resident recipient.

As per Rule 37BB under Section 195(6) of the Income Tax Act, it is the 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 tax chargeable.

Form 15CA and Form 15CB would be considered valid up to the proposed date of remittance as mentioned in the form. In case the request could not be completed within the mentioned period for any reason, customer would require to file new Form 15CA and Form 15CB, as applicable.

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

Part Description

Part A - To be filled 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 if the remittance is tax chargeable 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 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 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. Is Form 15CA and Form 15CB required for my transaction?

Form 15CA and Form 15CB, as applicable, are required for selected purposes only. Please refer to the list of Remittance Purpose Code and Description available for repatriation through Internet Banking.

Purpose code	Purpose code description for reporting under Foreign Exchange Transactions – Electronic Reporting System (FETERS)	15 CA/CB Required
S0005	Indian investment overseas – in real estate	Not required
S0001	Indian portfolio investment overseas – in equity shares	Not required
S0002	Indian portfolio investment overseas – in debt instruments	Not required
S0301	Business travel	Not required
S0303	Travel for pilgrimage	Not required
S0304	Travel for medical treatment	Not required
S0305	Travel for education (including fees, hostel expenses, etc.)	Not required
S1301	Remittance for family maintenance and savings	Not required
S1302	Remittance towards personal gifts and donations	Not required
S1303	Remittance towards donations to religious and charitable institutions overseas	Not required
S1304	Remittance towards grants and donations to other governments and charitable institutions established by the governments	Not required
S1306	Remittance towards payment / refund of taxes	Not required
S0023	Remittance to own account overseas for placing of deposit	Required
S1107	Education overseas	Required
S1108	Medical treatment overseas	Required
S1307	Employment overseas	Required
S0601	Life insurance premium except term insurance	Required
S0014	Repatriation of Non-Resident Deposits (FCNR(B)/ NR(E)RA)	Required

13. What is the process for obtaining a CA Certificate?

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

Steps to be followed to fill Form 15CA online:

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

14. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number while initiating the transaction?

If you are not receiving OTP on the registered mobile number, click on ‘Get Code on Call’ and call on the toll free number of Phone Banking. Transaction initiation OTP is also available on the registered E-mail ID.

15. What are the steps for receiving the ‘OTP over Phone’ through Phone Banking?

Post clicking on ‘Get code on call’, you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

16. What are the options to receive OTP on the registered mobile number while initiating the transaction?

You will automatically receive the OTP on your registered mobile number as well as e-mail ID, on reaching the OTP page. If you are unable to receive the OTP, please:

Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
Click on ‘Get Code on Call’ option and call on the toll-free number of Phone Banking to receive the OTP over Call

17. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory.

FAQs for Foreign Nationals

1. I have an ICICI Bank Foreign National Savings Account. Can I register on Money2World.com and transfer funds from my ICICI account?

If you have an ICICI Bank Account you can use the ICICI Bank Internet Banking and transfer using Money2World platform The navigation path is mentioned below:

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > Overseas Transfer> Send Money Now> Money2World Page will open

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
Travel for Medical Treatment
Medical Treatment Abroad
Maintenance of close relatives 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.

4. 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.

5. 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

6. 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 50,000 or its equivalent per transaction,
USD 1,000,000 or its equivalent OR up to the net salary earned whichever is lower per financial year

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

7. 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 Receiver's bank charges?

When the remitter selects 'ME' - Full FCY amount entered by the remitter is sent to the Receiver's bank.

When the remitter selects 'Receiver' - The Intermediary bank may levy some charges and post deductions FCY amount will be credited to the Receiver's Bank

13. What are the processing charges for fund transfer request made through Money2World?

The charge per transaction is INR 750 plus applicable GST. For payments sent to USA in USD, in case the Remitter chooses that the intermediary bank charges are to be borne by him/her (Me) and not the receiver then the charge per transaction would be INR 1,000 plus applicable GST.

15. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number, while initiating the transaction?

If you are not receiving OTP on the registered mobile number, please click on ‘Get Code on Call’ and call on the toll free number of Phone Banking.

16. What are the steps for receiving the ‘OTP Over Phone’ through Phone Banking?

Post clicking on ‘Get code on call, you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

17. What are the options to receive OTP on the registered mobile number, while initiating the transaction?

You will automatically receive the OTP on your registered mobile number as well as email ID, on reaching the OTP page. If you are unable to receive the OTP, please:

Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
Click on ‘Get Code on Call’ option and call on the toll free number of Phone Banking to receive the OTP over Call.

18. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory to enter the OTP while initiating the transaction. This is required to validate the customer.

19. What should I do if the session logs out while calling the Phone Banking team?

When you click on ‘“Get Code on call” option for receiving the OTP over call, the session time will automatically increase. However, if the session logs out while calling the Phone Banking team, you can initiate a new transaction while being on call with the Phone Banking officer and request the OTP for the new transaction over call.

20. Can the get OTP/Code Over Phone’ service through Phone Banking be availed for all customers?

‘Get Code on Call’ service is available for Money2World transactions for Resident customers, Non-Resident India customers, Foreign National and Non-ICICI Bank customers.

21. Can the ‘Get Code on Call’ service be available for all stages where OTP is required?

Yes “Get Code on Call” can be used for Transaction initiation stage as well as Receiver Addition

22. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 1 Foreign Currency (FCY) value for all currencies, except JPY (Japanese Yen). For Japanese Yen currency the minimum transaction amount is JPY 2.

23. My bank account was debited but my transaction has not been processed yet. What should I do?

Please cross-check your account statement. In case your bank account has been debited, but you can't see the transaction in the ‘Remittances history’ section, please write to nri@icicibank.com or call our Customer Care.

24. Where can I check status of my transaction?

You can check your transaction status on the Money2World page under Transactions tab or under the Remit tracker tab

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 Code	Currency	Wire Transfer	Demand 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
PLN	Polish zloty	Offered	NA
BHD	Bahraini Dinar (BHD)	Offered	NA
OMR	Omani Riyal (OMR)	Offered	NA
THB	Thai Baht (THB)	Offered	NA
ZAR	South African Rand (ZAR)	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.

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?

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

Login to: https://incometaxindiaefiling.gov.in
Go to e-filling log in page
Input user ID ( PAN of Remitter) and password
After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
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)
Once the Form 15CA is filled, verify and submit
Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
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.

20. What is the minimum transaction amount for initiating outward remittances through ICICI Bank?

‘The minimum transaction amount for initiating outward remittances through ICICI Bank is 50 Foreign Currency (FCY) value for all currencies, except AED. For AED currency the minimum transaction amount is AED 100.

21. Which are the prohibited transactions under the Foreign Exchange Management Act, 1999?

Below transaction are prohibited under the Foreign Exchange Management Act, 1999?

1. Remittance out of lottery winnings.
2. Remittance of income from racing/riding etc. or any other hobby.
3. Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc.
4. Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies.
5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable.
6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.
7. Payment related to "Call Back Services" of telephones.
8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.

22. My bank account was debited but my transaction has not been processed yet. What should I do?

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 from ICICI Bank branch?

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 of 15CA and 15CB as applicable based on the purpose of remittance

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

Login to: https://incometaxindiaefiling.gov.in
Go to e-filling log in page
Input user ID ( PAN of Remitter) and password
After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
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)
Once the Form 15CA is filled, verify and submit
Go to My account- My Returns/Forms. It will show all the returns and Forms submitted
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?

There is a limit of USD 1,000,000 in financial year for repatriation from NRO account if the balances are arising out of capital receipts. In the balances are from current income then it can be repatriated upto the amount of current income

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/NRO/FCNR account?

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

Select account type and repatriation mode to initiate the transfer request.

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.

Outward Repatriation from NRE/FCNR Fixed Deposit:

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’s registered sale deed (with the sub registrar’s stamp) and should be uploaded while raising the transaction online or copies to be submitted to the branch in case the transaction is initiated by 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/NRO accounts.

11. What is the online outward remittances limit from NRE account?

The limit for online outward remittance from NRE account on Money2World platform is as below:

USD 2,50,000 or its equivalent per transaction: during working hours i.e. 10:00 a.m. IST to 03:59 p.m. IST on working days
USD 1,00,000 or its equivalent per transaction: at all other times including Forex Holidays

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

The charge per transaction is INR 500 plus applicable GST and for payments sent to USA in USD, the charge per transaction would be INR 1,000 plus applicable GST.

13. What should I do if I am not receiving the One Time Password (OTP) on the registered mobile number, while initiating the transaction?

If you are not receiving OTP on the registered mobile number, please click on ‘Call Phone Banking for OTP’ (on transaction page) and call on the toll free number of Phone Banking.

14. What are the steps for receiving the ‘OTP Over Phone’ through Phone Banking?

Post clicking on ‘Call Phone Banking for OTP’ (on the transaction page), you can call on the Phone Banking number mentioned on the OTP page through your registered mobile number. Phone Banking Officers (PBO) will validate your details and post successful validation, PBO will read out the OTP over call. The OTP provided by PBO needs to be entered by you on the transaction page. Hence, please remain on the transaction page.

15. What are the options to receive OTP on the registered mobile number, while initiating the transaction?

You will automatically receive the OTP on your registered mobile number, on reaching the OTP page. If you are unable to receive the OTP, please:

Click on ‘Re-Generate OTP on registered Mobile’ option. This will regenerate the OTP and send it on the registered mobile number, OR
Click on ‘Call Phone Banking for OTP’ option and call on the toll free number of Phone Banking to receive the OTP over Call.

16. Is OTP mandatory while submitting the transaction?

Yes, it is mandatory to enter the OTP while initiating the transaction. This is required to validate the customer.

17. What should I do if the session logs out while calling the Phone Banking team?

When you click on ‘Call Phone Banking for OTP’ option for receiving the OTP over call, the session time will automatically increase. However, if the session logs out while calling the Phone Banking team, you can initiate a new transaction while being on call with the Phone Banking officer and request the OTP for the new transaction over call.

18. Can the ‘OTP Over Phone’ service through Phone Banking be availed for all customers?

‘OTP Over Phone’ service is available for Money2World transactions for Resident customers, Non-Resident India customers, Foreign National and Non-ICICI Bank customers.

19. Can the ‘OTP Over Phone’ service be available for all stages where OTP is required?

‘OTP Over Phone’ service can only be used to receive OTP during transaction initiation.