Opened a New NRI account with ICICI Bank - Using funds in your Account
How can you withdraw funds from your NRI accounts in India?
Ways of withdrawing funds from NRE / NRO accounts in India:
- INR cheque at a branch in India
- Over the counter (OTC) withdrawal at a branch through a withdrawal slip
- At an ATM in India using your Debit cum ATM card
How can you make payments to individuals / companies from your NRI accounts?
You can make payments to Individuals through the following Channels:
1. Internet Banking
- Login into your internet banking account
- Select 'Funds Transfer' under ‘Service Requests’
- Do a one time payee registration by filling in relevant details of the payee. Whenever a payment is to be made, select the payee and enter amount to be transferred.
- Enter the relevant details, grid card values given at the back of your debit card to authenticate the transaction.
Note: For high value transaction use the RTGS facility.
2. Cheque
You can issue a cheque from your NRI account.
3. Branch in India
Visit you nearest branch and place a request for your funds transfer.
| Permitted Transfers to Individuals | ||||
|---|---|---|---|---|
| Sending From | ||||
| Sending To | NRE | NRO | Resident | |
| NRE | Internet Banking Cheque Through Branch in India | Internet Banking Cheque Through Branch in India | Internet Banking Cheque Through Branch in India | |
| NRO | Restricted. Refer NRO to NRE Transfers* | Internet Banking Cheque Through Branch in India | Internet Banking Cheque Through Branch in India | |
| Resident | Not Permitted | Internet Banking Cheque Through Branch in India | Not Applicable | |
| Making payments to companies in India in Rupees | |||
|---|---|---|---|
| Scenario | Channel | Process | |
From ICICI NRO/ NRE a/c to INR /ac of Company | Bill Payment through Internet Banking | Login in your internet banking account -> Bill Pay ->Register for a new Biller ->Enter biller details including the Category and State. | |
Standing Instructions | You can also set Standing Instruction for payments to be made by calling our 24-hour Customer Care or visiting your nearest branch in India | ||
Cheque /Demand Draft | You can issue a cheque / Demand Draft from your NRE / NRO account | ||
| NEFT/ RTGS request at a Branch in India | Visit you nearest branch and place a request for your funds transfer | ||
Branch in India | Visit you nearest branch and place a request for your funds transfer | ||
How can I transfer money overseas from my NRI accounts?
Fund Transfer to an overseas account from NRE account: You can take money overseas from your NRE account without any restriction. This can be done in the following ways: Internet Banking:
- Login into your Internet Banking account
- Select service request option online
- Select repatriation from NRE SB A/c via DD OR
- Select repatriation from NRE SB A/C via wire transfer.
Branch : You can also place the request at a branch in India.
Fund Transfer to an overseas account from NRO account: The transfer of money overseas from NRO accounts is limited to USD one million per financial year. Also, the following documents are required to be submitted for such transfers : Form 15 CA -This is an undertaking that needs to given by the account holder.
- Form 15 CB – This is a document that is to be certified by a Chartered Accountant.
- Funds transfer request letter
- On the basis of Form 15 CB (the CA certificate), Form 15 CA has to be filled online. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB to the branch from where the remittance is being made.
- Document proving source of funds
All these documents are to submitted at the branch from where the remittance / transfer is being made.
