Smart Money Order FAQs

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:

• Travel for Education
• Travel for Medical Treatment
• Medical Treatment Abroad
• Immigration Abroad
• Maintenance of close relatives abroad
• Employment 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 25,000 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.

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

1. I don’t hold a resident Savings Account with ICICI Bank. Can I avail of Money2World service?

Yes, you can avail of the online fund transfer service www.money2world.com, by simply completing one-time registration process. The registration process is as mentioned below:

• You have to initiate user registration process on Money2World (M2W) by entering all requested details
• To complete KYC verification, using Video base KYC process or you can visit any nearby ICICI Bank branch and submit the KYC documents such as PAN card and any Address Proof acceptable by the bank such as Passport, Voter ID, Driving Licence, etc. Detailed steps given below.
• Click on 'Validate Registration‘ on the M2W homepage
• Enter OTP sent to mobile number and e-mail ID to complete registration.

For Online EKYC where your mobile number is linked to your Aadhaar, below are the steps:

• On Money2World registration page, enter your Aadhaar number & verify using the OTP received on registered mobile number
• The basic details will be displayed, enter the PAN, e-mail ID and other profile details as are required
• Enter password and captcha and read and confirm the applicable terms and conditions/ declaration
• Click on Video KYC, an officer of the Bank will authenticate the customer, take a Live photo, signature, PAN card photo
• Bank will verify the request and once approved customer will be able to start transacting

For Branch based KYC where your mobile number is linked to your Aadhaar, below are the steps:

• On Money2World registration page, enter your basic details like name, address, PAN number, etc
• Enter password and captcha
• Read and confirm the applicable terms & conditions and the declaration
• Enter OTP sent to mobile number and e-mail ID to complete registration. A registration number will be generated
• You will have to visit the branch for completing the registration process & submit the KYC documents such as PAN card and any Address Proof - Passport, Voter ID Card, Driving Licence, etc.

2. What are the KYC documents required for registering on Money2World.com?

The acceptable KYC documents for KYC verification at the ICICI Bank branch are PAN card and any Address Proof acceptable by the bank such as Passport, Voter ID, Driving Licence, etc.

3. I have an ICICI Bank resident Savings Account. Can I register on Money2World.com and transfer funds from my account with any other bank in India?

Yes, you can avail of the online fund transfer service www.money2world.com, by simply completing one-time registration to transfer funds from any other bank in India. However, you can also transfer funds from your ICICI Bank resident Savings Account by logging in to Internet Banking under the path:

Payment & Transfer > Fund Transfer > An overseas account through Money2World > Send Money Now

4. What are the advantages of Money2World?

Here are the advantages of Money2World:

• Available for resident individuals holding a Savings Account with any bank in India
• Complete one-time registration and start transferring money overseas
• Lock the exchange rate and protect from fluctuation
• Make a transfer request anytime, anywhere
• Offered in 21 currencies
• Track your transfer request.

5. What is a Guaranteed Delivery Product?

A Guaranteed Delivery Product offers delivery of full value credit for transfers to beneficiary bank in the USA at a nominal fees of INR 1,000 plus applicable GST.

6. Do I need to submit my KYC documents for every transaction request sent through Money2world service?

No, you are required to submit the KYC documents only once while doing the one time registration. However, ICICI Bank may request for the re-submission of the KYC documents in periodic basis or incase of any changes in your demographic details.

7. Can I transact immediately after completing the registration?

ICICI Bank will enable your registration on completion of the successful due diligence within 24 hours. You will informed by the Bank about the acceptance of your registration request, post which you will be allowed to initiate fund transfer.

8. What is the limit for fund transfer abroad for an ICICI Bank’s Resident Savings Account holder ?

The limit for fund transfer abroad for ICICI Bank’s resident Savings Account holder from ICICI Bank Internet Banking is up to USD 25,000 or its equivalent per transaction and USD 250,000 or its equivalent per financial year subject to any purpose specific limit specified by Reserve Bank of India.

9. What is the limit for fund transfer through Money2world.com for a resident savings account holder with any other bank in India?

The limit for fund transfer abroad through Money2wolrd.com for a resident account holder with any other bank in India is up to

• USD 25,000 or its equivalent per transaction
•  USD 250,000 or its equivalent per month and per financial year

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

10. Are the NRI customers eligible for Money2world.com service?

No, the service is available only for resident individuals holding a savings account with any other bank in India.

11. What are the steps to be followed for booking a transaction on Money2Worldcom?

Below are the steps for booking a transaction on Money2World.com –

1. Login to Money2World with your user id (registered email id) and password
2. Add your Indian bank account from where funds are to be sent
3. Add your receiver details
4. Click on ‘Transfer Money’ tab and fill the required transaction details
5. Enter OTP received on your registered mobile number and submit the transaction
6. Select the payment mode - NEFT/ RTGS using Internet Banking or payment gateway
7. Transfer the funds to ICICI Bank Account via selected payment mode

12. I have confirmed the transaction request on Money2world.com service. What is the validity of the rate and by when can I transfer the funds?

The validity period of the exchange rate is displayed to the user on the transaction confirmation page.

Transaction request received on bank working day (during weekdays) before 3:00 PM IST will be valid until 7:00 PM IST of the same day. Requests received after 3:00 PM IST on bank working day and during weekend will be valid until 9:30 AM IST of next bank working day. The exchange rate is valid only if the Bank receives the funds within the rate validity period.

13. What if the amount sent for remittance is less than the specified amount?

ICICI Bank will process such transactions on best effort basis and at it’s discretion. If ICICI Bank is unable to complete your request, the funds received will be returned to the respective INR account from which the amount was received.

14. What if the funds are received by the Bank after the expiry of the validity period?

ICICI Bank on receiving the funds after the validity period will process the transaction on best effort basis and at it’s discretion.

15. I don’t hold an account with ICICI Bank, how can I transfer funds to ICICI Bank for completing the transaction?

You may transfer funds from your own savings bank account held with any other bank in India through electronic fund transfer i.e. NEFT or RTGS or you can use the Payment Gateway option in order to transfer funds to ICICI Bank. For NEFT or RTGS, you may give the instruction to your bank either through it’s net banking or visiting the nearest branch of your bank.

16. Can I transfer funds from my joint account held with other bank in India?

You may transfer funds from such a joint account provided you are the primary account holder.

17. Will my request be processed on the same day?

All transactions requests received up to 3.00 PM IST on a working day Monday to Friday is processed on the same day, if the Bank receives the funds within the specified time. Requests received after 3.00 PM IST will be processed on the next working day.

18. Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.

19. 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.

20. I received my PAN card prior to my marriage and hence it mentions my maiden name. However, my Aadhaar card mentions my marital name. What name should I mention for the registration to avoid rejection of the registration request due to KYC reasons?

You are requested to register using your marital name. We will consider the name as mentioned on both the documents, basis the information available on each of the documents uploaded by you.

21. What are the charges for fund transfer request made through Money2World for a Guaranteed Delivery Product?

The charge per transaction for a Guaranteed Delivery Product is INR 1,000 plus applicable GST.

22. What are the charges for fund transfer request made through Money2World for a Regular Delivery Product?

The charge per transaction for a Regular Delivery Product is INR 750 plus applicable GST.

23. 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.

24. 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.

25. 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.

26. 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.

27. 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.

28. 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.

29. 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.

30. 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.

31. What are the precautionary measures to safeguard your payments from digital threats and attacks?

Like all other activities over the Internet, digital transactions are also susceptible to attacks ultimately compromising your security and privacy. To avoid such situations, we suggest the following steps to stay safe from cyber threats while making digital payments.

Personal Safety Measures:

• Always use only personal devices and networks during online payments
• Never open attachments from unknown sources
• Always keep a check on your financial statements and spot inconsistencies
• Never share your card details, OTP, PIN Number, etc.

Password Safety Measures

• Always use a strong password
• Try to regularly change passwords and don’t reuse old passwords.

Technical Safety Measures:

• Check the URL before initiating the payment
• Always update antivirus software
• Keep your software updated.

32. 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.

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

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.

OR

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:

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?

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

1. Login to: https://incometaxindiaefiling.gov.in
2. Go to e-filling log in page
3. Input user ID ( PAN of Remitter) and password
4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
5. 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)
6. Once the Form 15CA is filled, verify and submit
7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
8. 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?

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.

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 15CA and 15CB.

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

1. Login to: https://incometaxindiaefiling.gov.in
2. Go to e-filling log in page
3. Input user ID ( PAN of Remitter) and password
4. After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
5. 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)
6. Once the Form 15CA is filled, verify and submit
7. Go to My account- My Returns/Forms. It will show all the returns and Forms submitted
8. 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?

Subject to a limitation of USD 1,000,000, you can repatriate your current income for the current financial year. Current year is the financial year in which the remittance is sought to be made. Balances in the NRO account arising out of capital receipts can also be repatriated upto the above limit.

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:

Login > Payments and Transfers > Funds Transfer > Overseas account using Money2World

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:

Login > Customer Service > Service Request > Deposits > Repatriation from NRE / FCNR FD

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 sale deed and purchase deed should be documented and copies submitted to the 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 accounts only. Online remittance facility is not available for NRO account holders.

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.

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

The charge per transaction is INR 500 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.

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. 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.

1. I have an ICICI Bank resident Savings Account. Can I register on Money2World.com and transfer funds from my account with any other bank in India?

You can transfer funds using your ICICI Bank resident savings account from ICICI Bank Internet Banking. The navigation path is mentioned below:

Login to www.icicibank.com> Payment & Transfer > Fund Transfer > An overseas account through Money2World > Send Money Now

However, you can also send money from your account with any other bank in India through the online fund transfer service – www.money2world.com, by simply completing one time registration process by uploading your PAN card and Aadhaar card images to transfer funds from any other bank in India.

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
• Fees for examinations like GRE/GMAT/TOEFEL
• Travel for Medical Treatment
• Medical Treatment Abroad
• Immigration Abroad
• Maintenance of close relatives abroad
• Employment Abroad
• Other Travel (Including holiday trips)
• Personal Gift
• Donation
• Indian Portfolio investment abroad - in equity shares
• Indian Portfolio investment abroad - in debt instruments
• Remittance to own account abroad for placing of deposit

3. 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.

4. What are new features available through Money2World?

ICICI Bank account holders advantages of Money2World transfer as below:

1. Convenience, as it eliminates the requirement of visiting the branch
2. Round the clock service, as the remittance facility is available 24*7
3. Faster turn around time for processing the requests
4. Secured and faster mode of transfer of funds
5. Receiver registration for recurring transfers

5. 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 from Money2World using any other resident savings bank account is up to USD 25,000 or its equivalent per transaction and USD 250,000 or its equivalent per financial year subject to any purpose specific limit specified by Reserve Bank of India.

6. 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.

7. Are the NRI customers eligible for Money2world.com service?

No, the service is available only for resident individuals holding a savings account with any other bank in India.

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 a Guaranteed Delivery Product?

A Guaranteed Delivery Product offers delivery of full value credit for transfers to beneficiary account in the USA at a nominal fees of INR 1,000 plus applicable GST.

13. What are the charges for fund transfer request made through Money2World for a Guaranteed Delivery Product?

The charge per transaction for a Guaranteed Delivery Product is INR 1,000 plus applicable GST.

14. What are the charges for fund transfer request made through Money2World for a Regular Delivery Product?

The charge per transaction for a Regular Delivery Product is INR 750 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 ‘Call Phone Banking for OTP’ (on transaction page) 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 ‘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.

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, 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.

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 ‘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.

20. 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.

21. 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.

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 50 Foreign Currency (FCY) value for all currencies, except AED. For AED currency the minimum transaction amount is AED 100.

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.

1. Which customers are eligible to use Flywire-Money2World integrated payment solution?

The payment solution is offered to ICICI Bank’s resident account holders only. NRI Account holders will not be able to use this payment solution.

2. Do I need to submit my Know-Your-Customer (KYC) documents for every transaction request sent through Flywire -Money2World integrated payment solution?

No, as an ICICI Bank Account holder you are not required to submit any KYC documents for availing of this service on the ICICI Bank Internet Banking platform.

3. What are the features of the Flywire –Money2World integrated payment solution?

The advantages of this integration payment solution are:

1. Convenience, as it eliminates the requirement of visiting the branch
2. No requirement of additionally entering beneficiary and student details on Money2World platform
3. Faster turnaround time for completing the requests
4. Secured and faster mode of transfer of funds

4. Do I need to register the beneficiary details?

No, beneficiary details are not required to be added on the Flywire-Money2World integrated payment solution. The student name and student ID are pre-fetched basis the details entered on Flywire’s website.

5. Which currencies are available for use on the Flywire–Money2World integrated payment solution?

The customers can digitally pay tuition fee to all the universities enrolled on the Flywire portal in six major currencies – USD, GBP, EUR, CAD, SGD and AUD.

6. What is the process of raising the request in this Flywire-Money2World integrated payment solution?

Steps to initiate the payment request:

• Log in and register: Log in to the Flywire website and select your country of origin and desired method of payment.
• Make payment: Enter the amount owed to the university if not already pre-filled by the university, enter student details (name, student ID, DOB, etc.); confirm the details and select ICICI Bank.
• Log in to Money2World platform: After selecting ‘ICICI Bank’, you will be redirected to ICICI Bank’s Money2World platform; Login on the Money2World platform using your Internet Banking user ID and password and fill in the necessary details and complete the transaction by entering the OTP generated.
• Tracking: Post completion of the transaction, you will receive a confirmation message from Money2World platform, using which you can track the status of your payment on the Flywire portal.

7. What is the limit for fund transfer for an ICICI Bank’s resident savings account holder through Internet Banking platform?

The limit for fund transfer abroad for ICICI Bank’s resident savings account holder through ICICI Bank’s internet banking platform is up to

• USD 25,000 and equivalent per transaction and
• USD 250,000 and equivalent per financial year
• Subject to any purpose-specific limit specified by Reserve Bank of India (RBI).

Subject to any purpose-specific limit specified by Reserve Bank of India (RBI).

8. What are the charges for fund transfer request made through Flywire-Money2World integrated service?

There Apart from the applicable Goods and Services Tax (GST) on the transaction, there are no additional charges levied by ICICI Bank

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 Savings Account selected. However, processing of your request will be subject to Foreign Exchange Management Act (FEMA) regulations and RBI guidelines.

10. Can I cancel my fund transfer request?

Any cancellation request should be addressed to Flywire. A transaction request once raised cannot be cancelled from Money2World.

11. How will Flywire identify my fees payment?

Each case is assigned a unique reference number by Flywire which is pre-fetched and captured at the time of your payment in Money2World.

12. How can I track the payment?

Post completion of payment the customers will be redirected on Flywire portal where they can track the payment.

13. 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.

14. 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.

1. What is Block Your Rate?

Block Your Rate allows the customers to avail the following functionalities:

A. Rate Alert - Get personalised Rate Alerts to monitor your exchange rate from INR to Foreign Currency. When ICICI Bank’s card rate reaches your desired rate/ lower than desired rate, we will send you an e-mail/SMS alert. The tracking of the rates will be valid for 30 calendar days.

B. Set up a transaction - Gives you the option to set the desired exchange rate from INR to Foreign Currency, and gets your transaction request auto-initiated when ICICI Bank’s card rate reaches the desired rate/ lower than desired rate. The validity of the request will be 30 calendar days.

2. What is ‘Rate Alert’ under Block Your Rate?

Rate Alert - Get personalised Rate Alerts to monitor your exchange rate from INR to Foreign Currency. When ICICI Bank’s card rate reaches your desired rate/ lower than desired rate, we will send you an e-mail/SMS alert. The tracking of the rates will be valid for 30 calendar days.

3. What is ‘Set up a Transaction’ under Block Your Rate?

Set up a Transaction under Block Your Rate gives you the option to set the desired exchange rate from INR to Foreign Currency, and gets your transaction request auto-initiated when ICICI Bank’s card rate reaches the desired rate/ lower than desired rate. The validity of the request will be 30 calendar days.

4. How do I Set up a Transaction or Rate Alert in Block Your Rate?

To Set up a Transaction/ Rate Alert, please follow the steps below after successful login to Retail Internet Banking (customer will be directed to Money2World).

For Rate Alert

Step 1: Click on Block Your Rate under quick links tab

Step 2: Select Rate Alert and click on Continue

Step 3: Fill all the required details like account number, currency, amount to be transferred and desired exchange rate.

Step 4: Click on Continue to complete the Rate Alert set up

You will receive the e-mail and SMS on your registered e-mail ID and mobile number respectively, once ICICI Bank’s card rate reaches or goes below the desired rate entered by you. The validity is up to 30 calendar days.

To Set up a Transaction

Step 1: Click on Block Your Rate under quick links tab

Step 2: Select Set up a Transaction and click on Continue

Step 3: Select the required details from the drop down menu like remitter account number, currency, desired exchange rate, amount to be transferred, receiver, purpose of remittance and source of fund. Accept the Terms and Conditions and click on Continue

Step 4: Enter the One-Time Password (OTP) and the Debit Card Grid Value

Step 5: Click on Continue to complete the setup of the transaction.

Set up a transaction enables you to set the exchange rate from INR to Foreign Currency. Once ICICI Bank’s card rate reaches the desired exchange rate or lower rate, the transaction will automatically get initiated. The validity is up to 30 calendar days.

5. For how many days will Rate Alert under Block Your Rate be valid?

Rate Alert under Block Your Rate will be valid for 30 calendar days from the date of setting up the Rate Alert facility. If ICICI Bank’s card rate does not reach the desired rate in 30 calendar days, it will get auto-cancelled.

6. For how many days will Set up a Transaction under Block Your Rate be valid?

Set up a Transaction under Block Your Rate will be valid for 30 calendar days from the date of setting up the Rate Alert facility. If ICICI Bank’s card rate does not reach the desired rate in 30 calendar days, it will get auto-cancelled.

7. In case of insufficient funds in the account, can I Set up a Transaction under Block Your Rate?

Yes, in case of insufficient funds in the account, customer can Set up a Transaction under Block Your Rate. However, at the time of execution of Set up a Transaction, in the event of insufficient funds in the account, the transaction will not be processed.

8. In the event of insufficient funds in the account, will the transaction be processed if the desired rate matches with the current exchange rate?

No. In the event of insufficient funds in the account on which Set up a Transaction under Block Your Rate is set up by the customer or if the savings account is funded after the day when ICICI Bank’s card rate reaches the desired rate/ lower than desired rate, the transaction will not be processed and the customer will be informed by e-mail/SMS.

9. Are NRI customers eligible for Rate Alert under Block Your Rate?

Transfer from NRE/ NRO account via Wire Transfer on Money2World platform is eligible for Rate Alert under Block Your Rate.

10. Are NRI customers eligible for Set up a Transaction under Block Your Rate?

Transfer from NRE account via Wire Transfer on Money2World platform is eligible for Set up a Transaction under Block Your Rate. (Set up a Transaction under Block Your Rate is not eligible for NRO account)

11. Will there be any additional documentation required?

No. Additional documentation is not required for Rate Alert of Set up a Transaction under Block Your Rate. However, ICICI Bank reserves the right to demand any clarifications or additional documentation for scrutinising transactions executed on the basis of transactions set up by Registered Users. ICICI Bank shall not be responsible for any loss caused to the Registered User by the additional scrutiny conducted. All transactions executed by setting up Block Your Rate transaction shall have to be compliant with RBI rules and regulations and ICICI Bank may reject to execute a transaction that breaches RBI issued mandates.

12. What exchange rate shall be applicable?

The desired exchange rate set up by the customer in Set up a Transaction under Block Your Rate shall be applicable for completing the transaction. ICICI Bank’s card rate prevalent at the time of executing the Block your Transaction shall be applicable for completing the transaction.

13. Will I be notified when ICICI Bank’s card rate reaches my desired exchange rate?

Yes, ICICI Bank will send an e-mail/SMS alert to the customer at the registered e-mail ID/ mobile number.

14. Can I do a transaction request in INR or Foreign Currency?

Yes, customer can make a request for the transaction in INR or in Foreign Currency.

15. Will my transaction be processed on non-working days?

All transactions shall be processed only on working days, (public holidays as per Negotiable Instruments Act, 1882, Saturday and Sunday shall be excluded from working days). In case a transaction is due on weekend or on public holiday then the transaction will be processed on the next working day.

16. What happens to the request made for Set up a Transaction when the desired exchange rate is met?

Once ICICI Bank’s card rate for the selected currency reaches or goes below the desired rate within 30 calendar days from the request date, the transaction will automatically get initiated and ICICI Bank will send an e-mail/SMS alert to the customer at the registered e-mail ID/mobile number.

17. What happens to the request made for Rate Alert when the desired exchange rate is met?

You will receive communication on your registered e-mail ID and mobile number once ICICI Bank’s card rate for the selected currency reaches or goes below the desired rate.

18. What is the validity of the request made for Block Your Rate (Set up a Transaction or Rate alert)?

Validity of Block Your Rate service is 30 calendar days from the request date.

19. What happens to the request made for Set up a Transaction when the desired exchange rate is not met?

If ICICI Bank’s card rate does not reach the desired rate or lower than desired rate in in 30 calendar days, Set up a Transaction request will get auto-cancelled and the customer will be notified via e-mail/SMS.

20. What happens to the request made for Rate Alert when the desired exchange rate is not met?

If ICICI Bank’s card rate does not reach the desired rate or lower than desired rate in in 30 calendar days, Rate Alert request will get auto-cancelled and the customer will be notified via e-mail/SMS.

21. How will customer know if the request has been made for Set up a Transaction or Rate alert and desired exchange rate has expired?

ICICI Bank will send an e-mail/ SMS on customer’s registered e-mail ID/mobile number.

22. How do I cancel the request made for Rate Alert under Block Your Rate?

Rate Alert under Block Your Rate can be cancelled by clicking ‘Delete’ in Block Your Rate-Overview tab.

23. How do I cancel the request made for Set up a Transaction under Block Your Rate?

Set up a Transaction under Block Your Rate can be cancelled by clicking ‘Delete’ in Block Your Rate-Overview tab.

24. In case my transaction gets cancelled/ rejected/ reversed, by the beneficiary bank/ correspondent bank due to any details mismatch, how will I know and what will happen to my funds? What will be the charges involved?

In case the transaction gets cancelled/rejected/reversed, by the beneficiary bank/correspondent bank due to any details mismatch/any other reasons, an e-mail will be sent by ICICI Bank on customer’s registered e-mail ID. Based on the confirmation from the customer’s end, the funds will be either re-effected with revised details or in case reversal of funds is requested, the funds will be re-converted at the prevailing ICICI Bank’s card rate. ICICI Bank will not be liable for any deductions done by the beneficiary/correspondent bank. The charges levied by ICICI Bank during the transaction booking and the GST charges will not be refunded.

1. What is Tax Collected at Source (TCS) under Section 206C(1G) (a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS)?

The Finance Act, 2020 has a provision of TCS under Section 206C(1G) (a) i.e. TCS on foreign remittance through Liberalised Remittance Scheme (LRS). LRS permits the resident individual to send a certain amount of money to another country for investment or expenditure purpose. TCS shall be applicable to those transactions which are covered under LRS, based on purpose of remittance like education related payments, medical, investment, travel payments etc. The authorised dealer receiving an amount for remittance under LRS scheme in excess of INR 7 lakh in total in a financial year from a single remitter is required to collect TCS at the rate of 5% of the amount remitted in excess of INR 7 lakh (in cases where PAN or Aadhaar has been submitted by the remitter) and 10% of the amount remitted in excess of INR 7 lakh (in case where PAN or Aadhaar has not been submitted by the remitter). The tax is required to be collected over and above the amount of cumulative remittance by a single remitter and the limit of INR 7 lakh is to be tracked on yearly basis with effect from Apr 01, 2020. Tax to be collected only on remittances taking place after Oct 01, 2020.

2. What are the guidelines under section 206CCA and its applicability to the LRS transactions?

1. A person who has not filed their returns of income, within the applicable time limit under section 139(1) of the Income Tax Act, 1961 for both the assessment years, relevant to the two previous years, immediately prior to the previous year, in which tax is required to be collected; for e.g.: customers who have not filed returns for FY2019 & FY2020 as on Aug 20, 2021. Here FY2021 is not considered, as returns are yet to be filed.
2. A person whose aggregate of the tax deducted at source and tax collected at source is INR 50,000 or more, in each of the two previous years, needs to pay a higher rate of TCS (Tax Collected at Source). In case of non-filers, the TCS rate will be higher of 1). Twice the rate of the relevant provision; or 2) At the rate of 5%. This is applicable for all transactions under LRS from Jul 01, 2021.

3. How does a transaction under the LRS guideline of section 206CCA and Section 206C (1G) (a), impact the customers?

A - Section 206C (1G) (a) As per the provision for TCS introduced by the Finance Act, 2020, TCS shall be applicable on those transactions, which are covered under LRS. The authorised dealer receiving an amount for remittance under the LRS scheme in excess of INR 7 lakh cumulatively, in a financial year, from a single remitter, is required to collect TCS at the rate of 5% of the amount remitted, in excess of INR 7 lakh (in cases where the PAN or Aadhaar has been submitted by the remitter). In cases where the PAN or Aadhaar has not been submitted by the remitter, TCS of 10% would be applicable on the amount remitted, in excess of INR 7 lakh.

As per section 206CCA, users who have not filed their Income Tax Returns, within the applicable time limit under section 139(1) of the Income Tax Act, 1961): In case of non-filers, the TCS rate will be higher of: 1) Twice the rate of relevant provision; or 2) At the rate of 5%. This is applicable for all transactions under LRS from Jul 01, 2021.

4. Whether all foreign remittance transactions through the Liberalised Remittance Scheme (LRS) will be charged at 5%?

Normally, all remittances out of India under the LRS of RBI, where the PAN or Aadhaar of the remitter has been submitted and where the cumulative amount of remittance by the remitter exceeds INR 7 lakh in a financial year, shall be liable to be taxed at 5% or 10%^*. However, in cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India (covered under Section 80E of the Income Tax Act, 1961), the rate of TCS shall be 0.5% or 5%^* on the amount of remittance exceeding INR 7 lakh.

^*As per the guidelines under section 206CCA (applicable from Jul 01, 2021).

1. A person who has not filed the returns of income, within the applicable time limit under section 139(1) of the Income Tax Act, 1961 for both the assessment years, relevant to the two previous years immediately, prior to the previous year in which tax is required to be collected; and
2. The aggregate of tax deducted at source and tax collected at source is INR 50,000 or more, in each of these two previous years.

Need to pay a higher rate of TCS (Tax Collected at Source). In case of non-filers, the TCS rate will be higher of 1) Twice the rate of the relevant provision; or 2) At the rate of 5%.

5. Whether TCS on foreign remittance through the Liberalised Remittance Scheme (LRS) will be applicable on the entire amount of remittance, or only on the amount in excess of INR 7 lakh?

The TCS shall be applicable on the cumulative amount remitted, in excess of INR 7 lakh by a remitter in a financial year and not on the total amount remitted.

6. Will GST be applied on the TCS collected on the amount remitted under the Liberalised Remittance Scheme (LRS)?

GST will not be applicable on the TCS collected for remittance under the Liberalised Remittance Scheme (LRS). However, GST shall continue to apply on currency conversion and on remittance service charges.

7. From which day will the TCS be effective?

TCS applicable on foreign remittances will be effective from Oct 01, 2020 and the limit of INR 7 lakh in a financial year, is to be tracked on a yearly basis, with effect from Apr 01, 2020.

8. On what amount will I have to pay the 5% or 0.5% tax?

If the cumulative amount of remittance in a financial year exceeds INR 7 lakh, TCS is required to be collected by the authorised dealer, on the amount remitted over and above the amount of INR 7 lakh. In cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India, the rate of TCS shall be 0.5% on the amount remitted in excess of INR 7 lakh for the purpose. Below are some of the examples for the calculation of TCS for your reference:

^*As per guidelines under section 206CCA.

1. A person who has not filed the returns of income, within the applicable time limit under section 139(1) of the Income Tax Act, 1961 for both the assessment years, relevant to the two previous years, immediately prior to the previous year in which tax is required to be collected; and
2. The aggregate of tax deducted at source and tax collected at source in this case is INR 50,000 or more, in each of these two previous years

Need to pay a higher rate of TCS (Tax collected at Source). In case of non-filers, the TCS rate will be higher of 1) Twice the rate of relevant provision; or 2) At the rate of 5%. 

9. What are the scenarios under which the provision under Section 206C (1G) will not apply?

The provision will not apply in case the remitter is liable to deduct tax at source under any other provision of Income Tax Act, 1961 and the amount has been deducted. It will also not apply if the remitter is the Central Government or any State Government, an embassy, a high commission, a legation, a commission, a consulate, the trade representation of a foreign state or a local authority as defined under Section 10(20) of Income Tax Act, 1961 or any another person notified by the Government.

10. Can I claim the tax credit for TCS?

Yes, TCS is applicable for sending more than INR 7 lakhs. Tax credit can be claimed by the remitter for the tax collected by the bank, where the PAN of the remitter has been provided.

11. In case of return of transaction from the beneficiary bank, will the TCS get refunded?

TCS will not be refunded in case of return of transaction from the beneficiary bank. The remitter can approach the Tax authority through an ITR for the refund of the same.

12.Why should I link my PAN and Aadhaar?

As per section 139AA of the Income Tax Act 1961 and in accordance with the guidelines dated Jun 27, 2017 and Mar 31, 2021 (“Guidelines”) issued by the Central Board of Direct Taxes, it is mandatory to link your Permanent Account Number (“PAN”) with your Aadhaar number by Sep 30, 2021. As per the Guidelines and Act, if not linked by Sep 30, 2021, the PAN provided, will become inoperative.

13. How do I check if the Aadhaar and PAN is linked?

To check the status of the linkage of your PAN with Aadhaar, click here.

14. How does one link their PAN with Aadhaar?

Click here to link your PAN with Aadhaar.

To know more on how to link PAN with Aadhaar, click here.

15. What will happen if the PAN is not linked to Aadhaar?

f the PAN is not linked to Aadhaar by Oct 01, 2021, the PAN provided by you will become inoperative and might also impact certain bank transactions, where PAN is considered.

16. Will I be able to do an Outward Remittance if my PAN and Aadhaar are not linked?

No. If your PAN is not linked to your Aadhaar by Oct 01, 2021, the PAN provided by you will become inoperative. For Outward Remittance by Resident Individuals, the PAN is mandatorily required.

^*Terms & Condition apply

17.What will happen if I have not filed the return of income and the aggregate of tax deducted at source and tax collected at source is more than INR 50,000 in any/each of the two previous year/s?

In this case you need to pay a higher rate of TCS. The TCS rate will be higher of 1) Twice the rate of the relevant provision; or 2) At the rate of 5%.

18. If I have not filed the Income Tax return or filed the return after its due date, only for the previous year, will I be charged a higher rate of TCS?

Yes, as per guidelines under section 206CCA, a remitter has to file the return or income for both the previous years within an applicable time limit under section 139(1) of the Income Tax Act, 1961, else he/she will be charged a higher rate of TCS.

19. What will be the higher rate of TCS in cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India?

The higher rate of TCS shall be 5% (subject to the applicable rules, regulations and provisions under the Income Tax Act, 1961, as may be amended, modified, supplemented, updated from time to time), in cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any specified financial institution in India, on the amount remitted in excess of INR 7 lakh.

1. I don’t hold a resident Savings Account with ICICI Bank. Can I avail of Money2World service?

Yes, you can avail of the online overseas fund transfer service through the Money2World website (www.money2world.com), by simply completing one-time registration process.

The registration process is as mentioned below:

You have to select any one option:

• Aadhaar has a verified mobile number (Online EKYC)
• Aadhaar does not have a verified mobile number (Physical visit to branch)

If the remitter selects the option: ‘Aadhaar has a verified mobile number’, the remitter has to perform the below steps:

• Step 1: Enter Aadhaar number
• Step 2: UIDAI will provide OTP on registered mobile number
• Step 3: Enter the OTP received on registered mobile number
• Step 4: Customer details will be displayed
• Step 5: Enter the PAN, e-mail ID and other profile details as are required
• Step 6: Enter password and captcha
• Step 7: Read and confirm the applicable terms and conditions and the declaration
• Step 8: Click on Video KYC
• Step 9: An officer of the Bank will authenticate the customer, take a Live photo, signature, PAN card photo
• Step 10: Bank will authenticate the request and customer will be able to transact up to USD 25,000

If the remitter selects the option: ‘Aadhaar does not have verified mobile number’, the remitter has to perform the below steps:

• Step 1: Enter the basic registration details as required
• Step 2: Enter the PAN of the remitter
• Step 3: Enter password and captcha
• Step 4: Read and confirm the applicable terms & conditions and the declaration
• Step 5: A registration number will be generated and remitter will have to visit the branch for completing the next steps of the process
• Step 6: To complete KYC verification, visit the nearest ICICI Bank branch and submit the KYC documents such as PAN card and any Address Proof acceptable to the Bank such as Passport, Voter ID Card, Driving Licence, etc.
• Step 7: Upon KYC verification at the branch, Click on 'Validate Registration‘ on the Money2World (M2W) homepage
• Step 8: Enter OTP sent to mobile number and e-mail ID to complete registration.

2. What are the prerequisites for Video KYC?

Prerequisites for Video KYC are:

• Original physical PAN card to be handy
• Blank white paper with black/blue pen
• Ample light and clear background
• Stable internet connectivity
• Enabled camera, microphone and location settings

3. Who can avail of Video KYC service?

Any resident Indian not having an account with ICICI Bank and having an account with any other bank in India, can avail of Video KYC service through Internet Banking portal of ICICI Bank (Path: ICICI Bank Money2World (money2world.com) > Register Here > Complete EKYC Registration > Begin Video KYC.

4. Will the Bank intimate me when Video KYC is completed successfully?

Yes, on completion of Video KYC, you will get an e-mail on your registered e-mail ID.

5. What is the maximum period in which Video KYC is required to be completed?

Video KYC is required to be completed within 72 hours of completing EKYC during registration. After that the customer will be required to visit the nearest branch for the completion of physical KYC and to be able to initiate transaction from Money2World.

6. What are the Video KYC timings?

You can initiate the Video KYC from Monday to Sunday, except on bank holidays from 7 a.m. to 11 p.m.

7. Can I initiate Video KYC using any browser?

Browsers that support Video KYC are:

• Android – Google Chrome
• iOS – Safari
• Windows OS (laptop/desktop) – Google Chrome/Firefox

8. What are the benefits of completing Video KYC?

• Instant, contactless and paperless completion of KYC
• No need to visit or meet our branch official

9. I didn't complete my Video KYC during Money2World Registration, can I do it now?

Yes, you can complete your KYC instantly using Video KYC. Please log in to Money2World and visit My Profile page for initiating Video KYC by clicking on Video KYC tab. You can also start Video KYC by clicking on ‘Validate Registration’. Video KYC link will only be active for 72 working hours after the completion of EKYC.

10. Upon successful completion of Video KYC, how much time will it take for successful update?

Your account will be verified and updated within 2 hours. Post which, your transaction limits will be removed.

11. I don’t have a camera and microphone connected. Can I do Video KYC?

No, camera and microphone have to be enabled in laptop/desktop/mobile device to complete the Video KYC.

12. What is my login ID?

Your registered e-mail ID is your login ID for Money2World.

13. I have completed EKYC and my login ID is generated, but could not complete Video KYC and also cannot visit branch for KYC. Will I be able to transact?

No, you will not be able to initiate transaction on Money2World unless Video KYC or Branch KYC is completed.

14. What is my transaction limit after completing Video KYC or Branch KYC?

You can transact up to USD 250,000 or equivalent foreign currency in a financial year. Per transaction limit is USD 25,000 or equivalent foreign currency.

15. I am not located in India currently. Can I still register on Money2World?

No, you cannot register on Money2World if you are not located in India currently. Money2World services for overseas fund transfer is only for resident Indians having a Savings Account in any registered bank in India.

We request you to initiate your registration request on Money2World when you are back in India.

1. What is Standing Instructions (SI) and can it be used for sending money abroad from India?

Standing Instruction (SI) is a feature on Money2World, which enables you to enter a one-time instruction to schedule recurring payments that are paid at regular intervals (e.g: 1st day of every month). You no longer need to login to Internet Banking/walk in to the branch to submit the request for sending funds out of India for these recurring transactions. The payment will be executed automatically on the scheduled due date, as specified by you.

2. How do you set up an SI for the current date?

You may follow the below mentioned steps to set up a SI for the current date:

Step 1: Log in to visit the Money2World site.

• Existing ICICI Bank Account holders, login here
• Non-Account holders with Money2World Account, login here
• Non-Account holders without Money2World Account, Register here­ .

Post login/registration, select Standing instructions tab in the ‘Home’ page.

Select/Fill the required details from the drop-down menu, like remitter account number, currency, amount to be transferred, receiver, purpose of remittance and source of fund. Read and accept the ‘Terms and Conditions’ and click on ‘Continue’.

Provide the SI details, such as number of instalments, frequency and default start date will be the date of setting up SI.

Enter the One-Time Password (OTP) and the Debit Card Grid Value.

Click on ‘Continue’ to complete the setup of the SI.

3. How do you set up an SI for a future date?

You may follow the below mentioned steps to set up an SI for a future date:

Log in to visit the Money2World site.

• Existing ICICI Bank Account holders, click here
• Non-Account holders with Money2World Account, login here .
• Non-Account holders without Money2World Account, Register here .

Step2: Post login/registration, select the Standing Instructions tab on the ‘Home’ page.

Step 3: Click on ‘Standing Instruction’ tab on the Money2World page.

Step 4: Select ‘Set up a Standing Instruction’. 

Step 5: Select the required details from the drop-down menu, like remitter account number, currency, amount to be transferred, receiver, purpose of remittance and source of fund. Read and accept the ‘Terms and Conditions’ and click on ‘Continue’.

Step 6: Provide the SI details such as number of instalments, frequency and the desired start date for the SI.

Step 7: Enter the One-Time Password (OTP) and the Debit Card Grid Value.

Step 8: Click on ‘Continue’ to complete the setup of the Standing Instruction.

4. Who can avail the SI service?

Any Resident Indian having an account with ICICI Bank or with any other bank in India can avail the SI service, either by visiting the ICICI Bank Branches or through online Money2World portal.

5. Can an SI be raised through my Resident Account?

Yes. Any Resident Indian having an account with ICICI Bank or any other bank in India can register for SI.

6. Will the bank intimate me when a transaction scheduled by setting up an SI is executed successfully?

Yes, on successful execution of a money transfer transaction scheduled by setting up SI, an SMS and e-mail will be sent on your registered mobile number and E-mail ID.

7. What is the maximum period for which an SI can be set up?

An SI can be set up for a minimum period of 2 months to a maximum period of 12 months, within any financial year (April to March). An SI can be set for a monthly, quarterly or half yearly period within the financial year.

8. Can I cancel an SI?

Yes, you can cancel an SI, if at least one instruction is pending for execution. However, you cannot cancel an SI if it is due to get executed within 24 hours.

9. If there are not insufficient funds in the account, will the scheduled SI be processed? 

The SI will be executed on the date it has been set. If the account in which the SI is set up does not have a sufficient balance, then the SI will get auto-cancelled.

10. In case of insufficient funds in the account, can I set up an SI for a future date?

Yes, in case of insufficient funds in the account, you can set up an SI for a future date. However, at the time of execution of the transaction, if funds in the account are insufficient, the transaction will not be processed and it will get auto-cancelled.

11. Are NRI customers eligible for an SI?

No. SI can only be set up by Resident Account holders who are either ICICI Bank or non-ICICI Bank customers, by visiting the ICICI Bank Branch or through the online Money2World portal.

12. What are the documents required for setting up an SI?

In certain cases, ICICI Bank may reserve the right to demand any clarification or additional documentation required for scrutinising transactions executed on the basis of transactions set up by the registered users, within the guidelines prescribed by the Reserve Bank of India. ICICI Bank shall not be responsible for any loss caused to the registered user by the additional scrutiny conducted. All transactions executed by SI shall have to be compliant with RBI rules and regulations and ICICI Bank may reject a transaction that breaches RBI issued mandates.

13. What is the exchange rate applicable for my SI?

ICICI Bank’s card rate prevalent at the time of executing the SI shall be applicable for completing the transaction.

14. Will my transaction be processed on non-working days?

All transactions shall be processed only on working days, (public holidays as per the Negotiable Instruments Act, 1882, Saturday and Sunday shall be excluded from working days). In case a transaction is due on a weekend/public holiday/US Currency Holiday, then the transaction will be processed on the next working day.

15. How will I know if the request made for an SI has expired or cancelled?

ICICI Bank will send an e-mail/SMS on customer’s registered e-mail ID/mobile number, if the SI made has been cancelled/expired. If you have to raise the SI using an online portal, the same can be checked under the ‘Standing Instructions’ tab on the Money2World portal.

16. Can I cancel a future scheduled SI?

Yes, if there is a future SI, the same can be cancelled either by visiting the branch* or online through the Money2World portal.^*

^*Terms & Condition apply

17. What are the Liberalised Remittance Scheme (LRS) purposes for which the SI can be raised?

SI can only be raised for the following two purposes:

a. Maintenance of close relatives abroad

b. Education abroad.

18. Will the LRS limit be applicable for SI transactions?

Yes. SI can only be raised within the LRS limit (LRS limit: USD 2,50,000 or its equivalent) and the SI will get cancelled if the LRS limit is getting breached.

19. Will TCS be applicable for SI transactions?

Yes. TCS will be applicable for SI transactions scheduled for the future, whenever customer sends more than INR 7 lakh in a financial year.

1. What is iMobile Pay?

iMobile Pay is ICICI Bank's Mobile Banking app that can be downloaded on your mobile phone. With iMobile Pay you can check your balance, transfer funds, pay utility bills, recharge your mobile phone, DTH connection, broadband, and much more on the go.

2. Are there any charges for using iMobile Pay services?

No, ICICI Bank provides iMobile Pay service at no cost. However, data usage charges may be applicable, as per your service provider.

3. How can I avail iMobile Pay services?

ICICI Bank Resident & NRI Savings Account customers who have registered for Internet Banking, registered their mobile numbers, enabled mobile data on their mobile device and enabled the Indian number (for Resident)/international number (for NRI) related SMS can avail the iMobile Pay app services. The iMobile Pay app needs to be downloaded from the Play Store/App Store.

4. Can I use iMobile Pay app for transferring money overseas/to any country aboard?

Yes, ICICI Bank Resident Savings Account holder and NRE Account holder can now transfer money overseas using the iMobile Pay app. Log in to iMobile Pay and click on Fund Transfer > Transfer Overseas.

5. Which handsets are compatible for downloading the iMobile Pay app?

The iMobile Pay app is compatible with Android devices running on Android 6.0 and above and with iOS devices running on OS 10 and above.

6. Will Outward Remittance/Overseas Transfer work in both Android & iOS ?

Yes, Outward Remittance/Overseas Transfer work in both Android & iOS.

7. Can an NRI Customer use the iMobile Pay app for Overseas Transfer?

A customer holding an NRE Account and having iMobile Pay app installed in his registered mobile number can use the iMobile Pay app for overseas transfer.

8. What are the benefits of using Remittance services through iMobile Pay for overseas transfer online?

We promise a convenient and secure online overseas money transfer service on the iMobile Pay app, including the following benefits:

• Convenience, as it eliminates the requirement of visiting the branch or logging in online

• Round the clock service, as the remittance facility is available 24x7

• Available in 21 different currencies

• Confirmed exchange rate

• Faster turnaround time for processing the requests

• Secured and faster mode of transfer of funds

• Guaranteed delivery of full credit to your payee for USD currency

• One-time Receiver registration for recurring transfers.

9. How do I send money overseas through iMobile Pay?

Below are the steps:

• Log in to the ICICI Bank iMobile Pay app

• Click on the ‘Fund Transfer’ option, go to the ‘Transfer Overseas’ tab

• Click on the ‘Add Payee’ option to add a new payee, in case the payee is added already, select the same from the drop-down option

• Once the payee has been submitted, enter the transaction details, like amount, purpose, source of funds, etc. & accept the Terms & Conditions

• Authenticate the transaction using an OTP sent on the registered Mobile Number and the Debit Card grid values.

Once the transaction is submitted, funds will be debited immediately from the account and the transaction will be processed within 1 working day, subject to all verifications being successful.

10. How do I add a beneficiary/payee for overseas transfer on iMobile Pay?

Post login to the iMobile Pay app, you are required to add a new overseas payee, before initiating an overseas payment. Please keep the required details handy, like the payee full name, Account Number, bank details etc. to add the overseas payee.

Please ensure that you have downloaded and logged into the iMobile Pay app at least once before adding a new overseas payee.

Once the payee is set up, your newly added payee will be saved in your payee list, thus saving time to enter them all over again on your next transfer.

11. How is my Overseas Money Transfer request funded?

Once you have placed the Overseas Transfer request on ICICI Bank’s iMobile Pay app and the transaction is submitted, your Savings Account will be debited with the equivalent INR amount, as shown on the transaction confirmation details.

12. Under what circumstances will the Overseas Transfer request get rejected?

Below are the scenarios, due to which the transaction may get rejected:

• Account not having sufficient funds

• Amount of transaction exceeding USD 25,000 or equivalent

• Annual LRS limit of USD 250,000 or its equivalent has been utilised

• If the beneficiary country is not a part of the “Permitted Country List”

• If the beneficiary is not a part of the “Permitted Beneficiary List”

• If incorrect or partial details of the beneficiary/beneficiary’s bank has been provided

• Unauthorised/non-permissible transactions are not allowed, as per RBI Regulations.

13. What documents do I need to send money overseas?

Usually there are no documents required for transferring funds overseas, as the required payment details and declaration are collected digitally, while submitting the Overseas Transfer request on ICICI Bank’s iMobile Pay app. Please go through the Terms & Conditions (T&C) and FEMA declaration during transaction submission. You will have to agree to and confirm the applicable T&Cs and declaration before transaction submission, and by virtue of you accepting these, it would be deemed that you agree to these.

14. What are the permissible purposes considered for transferring funds through the iMobile Pay app on Money2world from an ICICI Bank Resident Savings Account?

The permissible purposes for transferring funds through iMobile Pay app on Money2World from an ICICI Bank Resident Savings Account are as follows:

• Education Abroad, including travel for education, fees for examinations like GRE/GMAT/TOEFEL

• Medical treatment abroad, including travel for medical treatment

• Immigration abroad

• Maintenance of close relatives abroad

• Employment abroad

• Other travel (Including holiday trips)

• Personal gift & donation

• Indian Portfolio investment abroad - in Equity shares and in Debt instruments

• Remittance to own account abroad, for placing of deposit.

15. When will the overseas receiver/payee receive the funds?

The payee account usually gets credited within 1-2 working days, however, depending on the destination country and beneficiary bank it may take 3-5 working days. Please note that the overseas transfer may get delayed due to compliance/other checks at the payee's bank as well.

16. How can I track the status of my transaction?

You will receive a transaction confirmation SMS and E-mail on your registered mobile number and e-mail ID once the overseas transfer request is placed on ICICI Bank’s iMobile Pay app. You can track the status on the ‘Transaction History’ page, which will be updated once your payment is successfully processed by us. The payee account usually gets credited within 1-2 working days, however, depending on the destination country and the beneficiary bank it may take 3-5 working days, if no discrepancy is found in the transactions. In case, your transaction has not been completed as per the 'Estimated Arrival' mentioned, please write to nri@icicibank.com or call our Customer Care.

17. Is there any minimum or maximum limit on the overseas transfer initiated through iMobile Pay?

There is a minimum limit of Foreign Currency 50 per transaction and a maximum transaction limit of USD 25,000 per transaction. Also, the per day limit is INR 20 lakh and INR 1 crore per month, for the transaction initiated through iMobile Pay. For transactions greater than this, the customer can initiate the transaction either through ICICI Bank Internet Banking or visit the nearest ICICI Bank Forex enabled Branch.

The maximum limit of USD 2,50,000 or equivalent, per financial year for transferring money abroad, under the Liberalised Remittance Scheme (LRS) is applicable for a customer, for all transactions routed through all permissible channels/Authorised Dealer Banks (subject to any purpose specific limit specified by the Reserve Bank of India).

18. What are the processing charges for online Outward Money Transfer requests through iMobile Pay?

The charges are similar to ICICI Bank Internet Banking. The applicable charges along with the taxes are displayed on the transaction page just before the confirmation, for complete transparency. Please note, Intermediary banks/beneficiary banks may levy a charge on such transfers depending on the destination country and the prevailing practice there.

19. 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.

20. What is ‘Rate Alert’ on the iMobile Pay app under ‘Transfer Overseas’?

 Using the Rate Alert feature, you can get personalised Rate Alerts to monitor your exchange rate from INR to Foreign Currency. When ICICI Bank’s rate card reaches your desired rate/lower than desired rate, we will send you an e-mail/SMS alert. The tracking of the rates will be valid for 30 calendar days.

21. Can I set up Standing Instructions for my transactions through iMobile Pay?

No. Standing Instruction facility is not provided through the iMobile Pay app, currently. Customers can set Standing Instructions either through ICICI Bank Internet Banking or visit the nearest ICICI Bank Forex enabled Branch.

22. How can I get the Payment Confirmation copy of my Transactions?

You can download the Payment Confirmation Copy by logging into ICICI Bank Internet Banking ? Payments & Transfer ? Funds Transfer ? Overseas Funds Transfer ? Send Money now? Money2World ? Track Transfer tab.

23. Will I be able to view my previous receiver/payee, added through ICICI Bank Internet Banking on iMobile Pay?

Yes. All the receiver/payee added previously will be available in the Payee drop-down option on iMobile Pay.

24. 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.