ICICI Bank offers remittances to India to both, account holders and non-account holders of ICICI Bank, subject to fulfillment of the application criteria. Account holders are defined as those individuals who have an account with ICICI Bank. Non-account holders are individuals who do not have an account with ICICI Bank. Non-account holders may walk into ICICI Bank and provide supporting documents to initiate a remittance from ICICI Bank.
If you are a customer of ICICI Bank Singapore branch ltd then you would have to carry the following documents along with your remittance details and customer id of current relationship with Singapore branch: a) Identity proof: A valid document issued by a government agency. Please note that if you are remitting amount greater than SGD 20,000, we will require proof of your funds which is not more than 4 days old on the day of remittance.
If you are currently not banking with ICICI Bank Singapore branch ltd you would be required to carry following documents in addition to your remittance details: a) Identity proof: A valid document issued by a government agency. b) Address proof: Latest 1 month Utility or mobile bill / Latest 3 month bank statements. (Applicable for all remittance transactions regardless of amount) c) Proof of source of funds will be required for any amount for non-account holders.
- NRIC/EP/WP/SP/PEP for residents of Singapore.
- NRIC and Passport for non-residents of Singapore.
- Passport and ID (as applicable) for non-permanent residents of Singapore.
- Address proof: Original of a utility bill or a bank statement received in the past three months.
- After satisfactory completion of the application process, the remitter can initiate a remittance request.
- The payment methods are as follows:
- For account holders - Debit authority to your account with ICICI Bank or deposit a cheque from other local banks favouring ICICI Bank.
- For non-account holders - NETS, Deposit a cheque from other local banks favouring ICICI Bank.
For account holders:
- Exchange rates are pre-confirmed only if ICICI Bank has received funds following a debit authority to your account held with ICICI Bank
- If an account holder has deposited funds by submitting a cheque, the exchange rates are not pre-confirmed. Rates prevailing on the day when clear funds are received (after cheque clearance), will be applied for conversion.
For non-account holders:
Preferential exchange rates for remittances
Exchange rates for non-account holders are not pre-confirmed if funds are deposited in the form of a cheque. Rates prevailing on the date when clear funds are received (after cheque clearance), will be applied for conversion.
For both account holders and non-account holders, ICICI Bank shall not be liable for any exchange losses arising from a rejection of application due to regulatory reasons, or incorrect/incomplete beneficiary/remitter details provided in the remittance form.
- Account holders of ICICI Bank can initiate a transaction without being subject to a limit.
- Non-account holders can originate a transaction with a limit of upto SGD 10,000.
The various available modes that ICICI Bank shall accept for making a remittance are:
NETS: Both account holders/ non-account holders of ICICI Bank can use the NETS terminal at the branch for making payment toward remittance.The limit on such transactions shall be the limit imposed by the NETS debit card issuing bank (namely DBS, OCBC, UOB, Standard Chartered Bank.
Cheque: Both account holders/ non-account holders of ICICI Bank can deposit a cheque (of any other bank in Singapore) in ICICI Bank.
Account debit: Only account holders of ICICI Bank are eligible to use this mode of transfer.
a. Account holders can provide their account number along with a debit mandate for initiating funds transfer by visiting ICICI Bank.
Funds will be accepted in SGD and USD dollar.
ICICI Bank will inform you through post, phone or mail (details as provided on the remittance form while applying for the Service) as applicableabout the rejection of the said transaction. In case there is a request for additional information/documentation, ICICI Bank will inform you of the same. Depending on the mode of acceptance of funds, the funds will be reversed rejection of remittance.
