Opened a New NRI account with ICICI Bank - Regulations FAQs

Please refer Para 6.2 of Master Circular on Non- Resident Ordinary Rupee Account for the said regulations.

As per these regulations:

• Interest earned in NRO accounts in current financial year is fully repatriable (after deducting tax). However , funds in NRO account can be repatriated only upto USD one million per financial year subject to submission of the following documents:
  • Form 15 CA - This is an undertaking that needs to given by the account holder.
  • Form 15 CB – This is a document that is to certified by a Chartered Accountant.

On the basis of Form 15 CB (the CA certificate), Form 15 CA has to be filled online. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB to the branch from where the remittance is being made.

• Funds transfer request letter ( Funds transfer request letter)
• Document proving source of funds

Please refer Para 5. B of Master Circular on Non- Resident Ordinary (NRO) Account for the said regulations.

As per these regulations:

• Interest earned in NRO accounts in current financial year can be transferred fully (after deducting tax) to NRE accounts. However , the funds in NRO accounts can be transferred to NRE accounts only to the extent of USD one million per financial year. Also, the following documents needs are required to be submitted for such transfers :
  • Form 15 CA - This is an undertaking that needs to given by the account holder.
  • Form 15 CB – This is a document that is to certified by a Chartered Accountant.
  • Funds transfer request letter ( Funds transfer request letter)
  • Document proving source of funds

On the basis of Form 15 CB (the CA certificate), Form 15 CA has to be filled online. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB to the branch from where the remittance is being made.

Please refer Para 9 of Master Circular on Non- Resident Ordinary (NRO) Account for the said regulations.

As per these regulations it is mandatory that when you attain non-resident status, you must re-designate your resident account to an NRO (Non-Resident Ordinary) account.

You can re-designate your account in the following ways:

• Online channel : to input your details. We will call you back and help with the processs.
• Branch : You can also visit your nearest branch in India

Please refer RBI Master Circular - Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards / Combating of Financing of Terroroism (CFT) / Obligation of Banks under PMLA , 2002 for the said regulations.

As per RBI guidelines , it is mandatory for Banks to periodically update their customer identification data including customer's photograph , identity proof and address proof.

Please click here to know the process for updating you KYC details with us.