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How to Transfer Money through ICICI Bank branch

FAQs

In how many currencies can I send money overseas?

Overseas money transfer facility is available in the below currencies : USD (US Dollars), EURO (Euro), GBP (British Sterling Pound), SGD (Singapore Dollars), CAD (Canadian Dollars), AUD (Australian Dollars), CHF (Swiss Franc), HKD (Hong Kong Dollars), JPY (Japanese Yen), AED (Arab Emirates Dhiram), SAR (Saudi Arabian Riyal), DKK (Danish Kroner), NOK (Norwegian Kroner), SEK (Swedish Kroner), QAR (Qatari Riyal), NZD (New Zealand Dollar), PLN (Polish zloty), BHD (Bahraini Dinar), OMR (Omani Riyal), THB (Thai Baht), ZAR (South African Rand).

What is the Liberalised Remittances Scheme (LRS)? Who is eligible to avail the facility under this scheme?

The Liberalised Remittance Scheme is a facility available for to all resident individuals making remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. It is mandatory to have a PAN number to make a remittance under this scheme.

What are the purposes for which remittance can be made under the Liberalised Remittance Scheme?

Under LRS, remittances can be made for any permissible current account transactions (like Studies Abroad, Maintenance of relatives, Leisure Travel, Gift, Donation, etc) or capital account transactions (like Investments in equity shares, debt instruments, immovable property, etc) or combination of both.

What are the limits for transferring funds overseas?

Below are the limits for transferring funds overseas :

  • For Resident Indian – Under LRS, up to USD 250,000 (or it’s equivalent) per financial year.
  • For Foreign Nationals working in India- Transfer up to the salary earned in India after deduction of taxes
  • For NRI Customers – Transfer up to the balance available in the NRE account and for NRO account up to USD 1 million or it’s equivalent, subject to limits as per source of funds:

Current Income (rent, dividend, interest etc) – No limit

Capital Assets (sale of assets, property, shares, Gift from relatives etc.) – USD 1 million or it’s equivalent

What are the documents required for money transfer?

Below are the documents required for money transfer :

  • Form A2 – Retail Outward Remittance Application
  • Supporting documents for the purpose of remittance (as applicable)
  • Supporting documents for source of funds (as applicable)
  • Form 15CA/15CB as applicable for Non-LRS transactions

Disclaimer

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