NRI Services Offered by Banks
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ICICI bank launches Special P.O Box Service for NRI Customers
ICICI Bank India is pleased to announce the launch of new Post Office Box services for its USA, UK, Canada, Australia, Singapore and UAE based NRI Customers. Now you no longer have to incur expensive courier charges to send us your documents, you can simply post them to a local P.O. Box in your respective countries.
You may use Money2India (the ICICI Bank online money transfer service) to fund your account. 3 Easy steps to transfer money online using Money2India
- Step 1: Log on to http://www.money2india.com/
- Step 2: Click on "Register Now" and fill the registration details
- Step 3: Create your User Name/Password and start sending money to India
RFC Account (Resident Foreign Currency Account)
A non-resident Indian having stayed abroad continuously for a minimum period of one year, after his return to India on or after 18/04/92 as resident may open Resident Foreign Currency Savings Bank account or Term Deposit account (within 30 / 90 days of his / her return to India) in any of the permitted currencies from the proceeds of NRE / FCNR Accounts.
Non-Resident (External) Account - NRE Account
Non-resident (External) Rupee Account is opened in the form of Savings Bank / Current Account / Term Deposit / Re-investment Deposit Account. Term Deposit / Reinvestment Deposits are allowed for periods from 1 year to 3 years. Loans against Re-investment deposits and Term Deposits are available upto 90% of the deposit amounts inclusive of interest accrued thereon.
LOANS TO NRIs
Bank gives loans against NR deposits to NRI deposit account holder and third parties in Indian Rupees. Loans for Residential Property NRIs can avail of loans for construction, purchase of flat, extension of flat, renovation of home etc. Mortgage loans, Loan for Plot of Land and more.
Facilities for Returning NRI's/PIO's
Returning NRI's/PIO's may continue to hold own transfer or invest in foreign currency, foreign secuity or any immovable property situated outside India. Returning NRI's/PIO's mau open hold and maintain with an authorised dealer in India a Rsident Foreign Currency (RFC) account in any prmitted currency in the form of savings, current and term deposits, to transfer balances held in NRE/FCNR (B)Accounts.
Transfer of Funds Facility Through Western Union
Various Banks offer arrangement with Western Union, Money transferor, for transfer of funds from any part of the worldto any branch of any bank.
NRI's can invest in Shares/convertible debentures of Indian companies
Investment in shares of a company, by each NRI (both on repatriation and non-repatriation basis) shall not exceed 5% of the paid-up value of shares of the company concerned. Investment in convertible debentures of a company, by each NRI (both on repatriation and non-repatriation basis) shall not exceed 5% of the paid-up value of convertible debentures in each series, issued by the company concerned.
PAN Assistance
Banks facilitates the application and collection of your PAN card so as to enable you to be compliant with the tax laws in India. The Income Tax authorities have also made PAN compulsory for Demat Account holders, including minors, trusts, foreign corporate bodies, banks, corporate bodies, FIIs and NRIs. This service for our NRI customers is to facilitate them to obtain a PAN issued by the Income Tax Authorities.
Safe Deposit Locker
Various banks offer lockers to ensure the safe keeping of your valuables.