Terms & Conditions for RI to NRI conversion
1. I/We hereby confirm / undertake the following:
a. The primary account holder is a non-resident Indian(s) ("NRI/s") or Overseas Citizen(s) of India (“OCI/s”) or Person(s) of Indian Origin ("PIO/s") as per the Foreign Exchange Management Act (‘FEMA’), 1999 and the applicable regulations, rules, notification, direction or order made thereunder (collectively, “Foreign Exchange Management laws”).
b. I/We authorise ICICI Bank Limited, India (“ICICI Bank”) and ICICI Securities Limited to re-designate my/our resident account(s) / term deposits held with ICICI Bank into Non-Resident Ordinary (‘NRO’) accounts (collectively, the ”Account/s”) relying upon this Application Form (the “Application Form”).
c. I/ We are aware that ICICI Bank shall redesignate the Accounts as NROs based on the statements and declarations made by me/us and documents furnished by me/us. In the event, any of these is found to be incorrect/misleading/incomplete, I acknowledge that ICICI Bank shall be entitled to reject my/our request for redesignation without furnishing any reason.
d. I/we shall inform ICICI Bank about any change in KYC details (i.e., address, contact details, employment address, profile, email address, etc.) mentioned in the Application Form and submit updated documents to ICICI Bank within 30 days from the date of such change through channels made available by ICICI Bank. I / we acknowledge that any failure to inform ICICI Bank about such change may lead to failed or delayed delivery cheque books, debit cards, internet banking user ID/password to me/us.
e. I/We shall comply with Foreign Exchange Management laws and any other applicable law from time to time, in India and my home country, in relation to re-designation and operation of the Accounts and new facilities / products availed by us post such re-designation.
f. I/We shall intimate ICICI Bank on my/our return to India for permanent residence immediately on arrival and: (i) convert the NRO account and (ii) close the NRE account.
g. I/We have read, understood and agree to the terms and conditions hosted on ICICI Bank's website www.icici.bank.in/nri (the "Website") applicable to all the products, services and digital channels (including internet banking services, phone banking services and mobile banking services) offered by ICICI Bank to NRIs/ OCIs/ PIOs (the "Terms and Conditions").
h. I/We agree to keep myself / ourselves updated about the changes to the Terms and Conditions from time to time.
i. I/We shall provide any information requested by ICICI Bank in relation to the re-designation request of the Accounts as NRO.
j. I/We shall promptly inform ICICI Bank of any change in the passport / validity of the visa or such other change in the status of NRI, PIO or OCI.
k. I/We agree that no claim shall be made by me/us for any interest on any deposits for any period after date/s of maturity of the deposit/s except as provided by RBI under the regulations for such product/s deposits availed by NRIs, PIOs and OCIs.
l. I/We agree that we may have to bear services charges on account of failure to maintain the minimum average balance (‘MAB’) as prescribed by ICICI Bank from time to time and such charges such charges may be deducted by ICICI Bank from the Account/s held under my/our customer ID.
m. In the event I/we instruct ICICI Bank for any conversion of my/our remittance/s from one currency to another either for booking of a deposit or for such other permissible purposes (under applicable law), the currency conversion risk shall solely be borne by me/us.
n. I/We shall ensure that all debits to the Accounts for the purpose of investment in India and credits representing sale proceeds of investments in India are covered either by general or special permission of the RBI.
o. I/We acknowledge that depending on my current or permanent country of residence, free insurance cover offered on the Accounts may not be offered to me/us at all times on account of regulatory restrictions and internal policies of ICICI Bank.
p. We shall obtain all regulatory approvals and make regulatory reporting, wherever applicable, in relation to Accounts and transactions therefrom in my/ our home country or any other country of residence where I /we may relocate to in future and I/we agree to furnish to ICICI Bank, upon request copies of such approvals/reports.
q. I shall promptly submit documents relevant to my re-designation request as and when required by ICICI Bank for the purpose of due diligence.
2. I/We represent that:
a. That I/We are solvent and do not envisage any bankruptcy or similar proceedings to be initiated against me/ us. I/We have never been adjudicated as insolvent.
b. The transactions in the Accounts are being undertaken as per the latest mode of operation as per the records of ICICI Bank.
c. To the extent applicable, approval required to be obtained from the Reserve Bank of India (RBI) to re-designate the Account/s upon request from NRIs, PIOs or OCIs who are residents of countries (identified by RBI) has been obtained by me/us and a copy of the same has been submitted to ICICI Bank.
d. I am aware that senior citizen benefit cannot be extended to the Accounts designated as NRO.
3. I/We authorize ICICI Bank, its agents, affiliates, subsidiaries and group companies to:
a. make references and enquiries related to information in the Application Form for the purposes of re-designation of the Account/s, Know Your Customer (‘KYC’) verification and Anti-money Laundering (‘AML’) checks.
b. exchange, share or part with or use information relating to me/ us, my/our Accounts, credit facilities, investment, and information relating to my/our personal data, accounts, transactions, or dealings with its group companies, banking and financial institutions, credit bureaus, agencies or service providers engaged by ICICI Bank, statutory bodies (wherever located), including any disclosure of my/ our information to any national or local government, regulatory, statutory or judicial authorities) for the purposes of extending services in relation to the Account/s, authenticating / verifying the information furnished by me / us, implementing the re-designation request made by me / us, complying with legal and regulatory requirements and translating documents furnished in foreign language by me / us. I/ We shall not hold ICICI Bank or its officers, directors, group companies, subsidiaries or affiliates liable for use of any such information by such third parties.
c. We further unconditionally and irrevocably authorize ICICI Bank to debit the Account/s annually with an amount equivalent to the fee and charges for use of the debit card. Use of my/our debit card shall be governed by the terms and conditions available on the website and as updated from time to time.
d. I hereby authorize ICICI Bank to use any / all of my information, as contained in this application form, for the purpose of opening Money2India account on my behalf.
e. I hereby authorise ICICI Bank to communicate information in this application form with ICICI Securities Limited in order to make appropriate re-designation in accounts maintained with ICICI Securities Limited.
4. I understand that Money2India is a default service offered to me with NRI Account and is currently being offered in USA, UK, Canada, UAE, Singapore, and may be extended to other geographies as updated on the ICICI Bank’s website from time to time. *Money2India account would not be available as default to customer opening NRI Account through branches of ICICI bank UK PLC. In such cases, interested customers may visit https://money2india.icici.bank.in/ and register to avail Money2India Account.
5. I/ We request you to issue ATM / debit card to us in relation to the relevant Accounts and enable internet banking services, phone banking services, mobile banking services and such other services as may be requested by me and/or applicable to the Account/s from time to time through appropriate banking channels.
6. In the event of Accounts jointly held (with mode of operation as ‘former or survivor’) the internet banking services, phone banking services and mobile banking services would be availed by the primary account holder. In case of mode of operation as 'Jointly', the internet banking, mobile banking and debit card not applicable to joint account holder
7. *Disclaimer:
a. ICICI Bank reserves the right to withdraw, alter or revise any policy, benefit or feature or terms of NRI Select/Premium product and such change may be inform to you in the manner ICICI Bank deems appropriate.
b. The insurance cover on the applicable products will be provided by ICICI Lombard General Insurance Company Limited ("ICICI Lombard"). ICICI Bank does not make any representations as to the services of ICICI Lombard and disclaims any liability on account of any claims/damages/losses which may accrue to you on account of deficiency in services by ICICI Lombard.
c. Insurance cover is not automatically offered to the customers and interested customers may contact nearest ICICI Bank branch for the same.
8. CKYC Declaration
a. I hereby declare that the details furnished above are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.
b. I hereby consent to receive information from Central KYC Registry through SMS/Email on my registered mobile number or email address.
9. Declaration for Product and Services Availed from Overseas
I/We hereby represent, warrant, agree and undertake on a continuing basis that:
a) There are no legal or regulatory prohibitions, as per the laws of my/ our home country, against continuing Accounts with ICICI Bank and availing new products/facilities/services from time to time.
b) I/we shall inform ICICI Bank promptly upon becoming aware of any legal or regulatory prohibitions, as per the laws of my/ our home country, against continuing Accounts with ICICI Bank and availing new products/facilities/services from time to time.
c) All decisions to avail the new products/facilities/services from time to time are/ shall be my/our own independent decisions, and are not/ shall not be made in reliance on any views or opinions, if any, as may be expressed by ICICI Bank or its representatives from time to time. These decisions are/ shall be arrived at after personal analysis and careful consideration of the risks, benefits and applicable terms and conditions taking into account my/ our investment objectives and personal needs.
d) I/We shall not use the products/facilities/services availed from ICICI Bank in any manner which may subject ICICI Bank to the laws and regulations, including but not limited to any applicable tax laws of any country other than India.
e) I/we shall be solely responsible for complying with all laws and regulations applicable in my/our home country or any other country of residence where I/we may relocate in future, with respect to the products/facilities/services availed from ICICI Bank.
f) I/We are aware that the products/facilities/services availed by me/us while in India may or may not be serviced by the offshore branches/ representative offices/ subsidiaries of ICICI Bank located outside India.
g) I hereby furnish my consent to ICICI Bank and its group companies to contact me / us through its employees, agents, affiliates, representatives and service providers by means of communication such as telephone, SMS or email, or otherwise, in connection with the Accounts, products availed by me from time to time, offers and services related to them and new product offerings.
h) I/We shall indemnify ICICI Bank, its affiliates, representatives, employees and agents against all losses, costs, expenses, suits, damages whatsoever arising out or in connection with their assistance and their services that may be provided to me/us for continuing to provide services in relation to the Accounts and availing new products/facilities/services against claims by third parties or on account of my / our conduct.
I/We acknowledge that ICICI Bank relies on my/ our representations, warranties, undertakings and statements contained herein in agreeing to establish/ continue its relationship with me/ us and in agreeing to provide the aforementioned products/facilities/ services to me/us from time to time.
10. Declaration for Changes to Relationship(s) Held with ICICI Bank:
I / we take note of the following:
a. Fixed Deposit Receipts issued, if any, will be null and void.
b. Quantum Optima (QO) facility that is provided in your Saving Account shall continue if Permanent Account Number (PAN) is updated. QO shall be discontinued in the absence of (PAN) as part of this request. Quantum Optima facility provided in NRO Savings Account is an option wherein surplus balance above defined threshold limit is transferred to a Fixed Deposit through automatic sweep facility.
c. Employee Reimbursement Current Accounts will be closed and any balance in the account will be credited to the converted NRO Savings Account.
d. In case of proprietorship or company accounts, NRI status will be updated by the bank for the Individual with required FATCA declaration. No changes are applicable to the Non-individual account. In case of Account holder is a Beneficiary Owner (BO) in any Non-individual current account, entity FATCA is required.
e. Recurring deposits and i-wish Deposits will be prematurely closed and credited to the converted NRO account.
f. Overdue Fixed Deposits will be closed and the closure proceeds will be credited to the converted NRO Savings Account.
g. Overdraft against Fixed Deposits will be converted to NRO Overdraft
h. If the savings account is linked with Invest@ease facility, the same will be cancelled prior to re-designation.
i. As per the RBI guidelines NRIs cannot open a new PPF Account but in case you had a PPF Account before becoming an NRI, you can continue to hold it until maturity and continue contribution from NRO Account. The PPF account will be closed if it is opened after becoming NRI.
j. As per the RBI guidelines NRIs cannot open a new Sukanya Samruddhi Yojna (SSY) Account but in case you had a SSY Account before becoming an NRI, you can continue to hold. The SSY account will be closed if it is opened after becoming NRI.
k. The Resident Demat, Bank & Trading account will be designated as ‘NRO’ pursuant to this request.
l. Portfolio Investment Scheme (PIS) approval will be generated online (In case applied) and will be linked to newly opened NRI 3-in-1 account, post which trading will be enabled in the secondary market (buy and sell transactions at the stock exchanges)
m. ICICI Securities will cancel all active orders in Equity / Mutual Fund SIP / NPS / Futures & Options for conversion of Bank account from Savings Account to NRO.
n. TDS will be deducted on the interest earned on the re-designated NRO account at the rate of 31.2% or as applicable
o. As per RBI guidelines, NRIs are not eligible for Prime Minister Schemes like Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY). Existing schemes will be closed and money will be credited to the converted NRO Account. The re-designation request will also be considered as a consent to activate all the Inactive/ Dormant Accounts in the Customer ID.
p. This request shall not be considered as a request for change in signature.
q. On re-designation of the Accounts, the mobile number and email Id will be updated as submitted in the Application Form. All details of URN/ OTP/ Alerts will be triggered to the updated mobile number or email address, as the case may be.
r. You shall be able to use cheque book issued for the resident account for transactions from NRO account.
s. The existing debit card shall be blocked and a new debit card would be issued for the converted NRO account.
t. New cheque book is issued by default for only NRE account (not NRO account). which will be sent to your communication address as per Application Form.
u. The existing mode of operations shall remain same. Mode of operations shall be updated as ‘Former or Survivor’ “FOR” in all the accounts if resident applicant is continued as the joint applicant in the account. As per this mode of operation, only the primary applicant shall have rights for transactions in the account.
v. You will not be able to use your existing debit card linked to your domestic account.
w. New NRE savings account would be opened under the same customer ID.
x. Locker: Locker(s) maintained at our branch(es) will continue.
y. General Insurance:
a. The policy will continue as per the existing policy Terms and Conditions of Life Insurance.
b. Contact your tax advisor for details of tax benefits applicable on the policy.
z. Mutual Funds:
a. Existing Mutual Fund investments will continue.
b. You shall have to update your revised tax status (i.e.NRI) and bank account details (NRO) with AMCs for existing Mutual Fund investments. This can be done online by registering on www.mfcentral.com. Please follow the path -> Log in to MF central > Service requests > Change of Tax Status > Select Folios > Upload new bank details > Submit
aa. Credit Card:
a. Please contact any of our branches at your convenience to surrender your existing Resident Credit Card and apply for an NRI Card (as may be applicable).
bb. Mortgage Loan
a. If you have an existing Mortgage Loan as a Resident Indian (RI), please visit any of our ICICI Bank Branches (at your convenience when you visit India) to re-designate the Mortgage Loan status to Non-Resident Indian (NRI) Loan
cc. Other Loans - Personal/Vehicle Loan etc.
a. It will continue as per the existing Terms and Conditions. Repayment of EMI will continue from the converted NRO Account.