Managing your NRI account through a mandate holder

The below content is purely for informational purposes and is not intended to constitute advisory of any kind. Please note, these are in-depth articles which are best viewed on large screen devices like laptops, desktops and tablets. The position reflected in this article has been updated as of January 15, 2024.

Non-Resident Indians (NRIs) can manage their finances from overseas in three ways - designating a Power of Attorney (PoA), opening a joint account, or appointing a mandate holder.

Sometimes, there are time-sensitive financial matters and emergencies where an NRI’s family member may need funds urgently, when the NRI is not physically present in India. In such cases, appointing a trustworthy resident Indian as a mandate holder who can act on behalf of the NRI, and operate the Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account can offer convenience and flexibility.

Typically, a mandate holder can carry out day-to-day financial operations of the NRE/NRO account on behalf of the NRI. It includes making local payments through a debit card or cheque for NRIs, among other uses. Registering a mandate is a quick and simple option for NRIs when it comes to operating their bank accounts.

In this article, we will help you understand how to manage your NRI account through a mandate holder and their responsibilities and limitations.
 

Who can be a mandate holder?

You can choose any resident Indian as your mandate holder whom you deem as trustworthy and reliable. It is not necessary for the mandate holder to be a relative. Please note, that ICICI Bank does not allow a company or a minor to be the mandate holder. 

How to add a mandate holder for NRI accounts?

You can add a mandate holder to your account by submitting a mandate form along with the following documents of the proposed mandate holder to the bank:

• Passport size photograph;
• A valid ID proof such as copy of Passport/Aadhaar card with photograph of applicant, etc.; 
• Self-attested address proof such as a Driving license/Aadhaar card/Voter's ID etc.

The mandate form must have the signatures of all account holders as well as of the mandate holder.

To know more about acceptable identity and address proofs for ICICI Bank account holders, click here. ICICI Bank customers can appoint mandate holders to their NRI accounts using digital channels like iMobile app and Internet Banking.

How can a mandate holder operate the NRI account?

Once the mandate holder is registered, he/she can request the bank to issue a cheque book and an ATM-cum-debit card in his/her name. The mandate holder can ask the bank to deliver these to his/her communication address.

What a mandate holder is permitted and not permitted to do

Please note, tables are best viewed on desktops and in landscape mode on mobile phones.

The above table highlights what mandate holders of ICICI Bank accounts can and cannot do. However, you should consult your bank for further guidelines.

How to revoke a mandate?

The validity of a mandate holds good till it is revoked. There might be instances where you may want to appoint a new mandate holder. Here’s how you can revoke or change your mandate:

• You need to submit a request form, duly signed by all account holders and the mandate holder, to your bank.
• The form should mention the name of the mandate holder and the accounts for which the mandate is being revoked.
• To update a new mandate holder for the account, you are required to submit the ‘Mandate Updation’ form. This form needs to be duly signed by the account holder(s), the current mandate holder and the new mandate holder. The new mandate holder must submit the documents mentioned above for verification.

APPOINT A MANDATE HOLDER

Please note, policies may vary from bank to bank. You should consult with your bank to clearly understand the terms and conditions associated and the documents required for appointing a mandate holder.

OPEN AN NRI ACCOUNT