NRI Product............................................................. 1-2

Mandate holder facilities.......................................... 3

NRI Expert speak...................................................... 4

What’s new at ICICI Bank......................................... 6

Issue-4 / Vol.1

Indexpage

ENGAGEENGAGE

ENGAGE

Shilpi wanted to open an account for her earnings in India, which could be regularly accessed by

her parents. Hence, she decided to open an NRO account. She also wanted to open a term

deposit, given the attractive interest rates. She was worried, though, about the tax incurred on her

account. She then came to know how she could save tax through the DTAA (Double Taxation

Avoidance Agreement) modeled products.

In focus- NRI Products

Shilpi has had various Savings and Fixed deposit relationships with her bank, which she used to

maintain without any hassles, when she was in India.

However, after her marriage, she had moved to the US and was confused on what type of account

she should open for her India linked banking. She needed to identify the right type of account to

satisfy her needs.

On consulting a leading Indian bank with global presence, Shilpi obtained the following grid of

basic products applicable to her

Basic product grid

NRI Products

In focus

FCNR (Foreign Currency

Non-resident)

currency or from

NRE/FCNR held with any

bank in India

(eg- USD, GBP, Euro, CAD,

AUD and Japanese Yen)

interest earned are fully

repatriable (i.e. money can

be freely taken overseas)

fully exempt from Income

Tax in India

NRE (Non-resident external)

currency, remittance from

NRE/FCNR held with any

bank in India

interest earned are fully

repatriable (i.e. money can

be freely taken overseas)

fully exempt from Income

Tax in India

NRO (Non-resident Ordinary)

fully funded from income

in India or from income

abroad

-

ity upto 1 Million USD,

subject to fulfillment of

documentation

at source in India for the

interest earned

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Her husband Ankur, though, was interested in opening an account in USD. He was evaluating

whether he should invest in CD and certificate of deposit, or open an FCNR with the Indian bank.

Through a bit of research he found out that the interest rate offered by the Indian bank was

approximately double that offered by his overseas banks, which made FCNRs an attractive

investment option

Access to account

While Shilpi and Ankur had selected their accounts as per their needs, they were now concerned

about accessing their accounts. Their worries were put to rest, when they came to know that their

accounts would come with the following facilities

India, open FDs etc.

Shilpi and Ankur are now completely assured regarding their finances by availing of NRI products

offered by their bank

ENGAGE

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ENGAGE

Being an NRI, you cannot be physically present to handle your financial matters for most of the year.

Hence, to take care of your finances in India, you can appoint a resident Indian you trust – a friend,

family member, etc. – to act on your behalf. For example, you can legally authorise your parents to

operate your NRI bank account by appointing them as mandate holders

Mandate holders are especially important in operating NRI bank accounts. Most NRIs hold NRI

accounts with banks so that they can provide for their loved ones in India. Another common reason

is to make investments. A mandate holder can be useful for both these, among other, purposes.

A Mandate holder can

A Mandate holder cannot

Open an NRI Account

r funds as a gift to a Resident individual

Registering a mandate holder is easy

Step 1- Fill in the mandate holder registration form present on the website (with your signature,

along with your mandate holder’s)

Step 3- Your mandate holder has to submit a recent photograph and copies of relevant Identity and

Address proof along with the form. The photocopies of the documents have to be self-attested. Also

the original documents have to be carried for verification.

Discover how your relative in India can help manage your finances locally

Mandateholderfacilities

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ENGAGE

The scope of taxation for NRIs is extremely vast, given the various facets that have to be taken into

account. Mr. Sandeep Shanbhag, an eminent personality in the field of NRI Taxation guides you

through the various aspects of taxation.

In this edition, Mr. Shanbhag answers queries on repatriation of money from an NRO Account

In the last article, we had covered “Remittances for NRIs”. To summarise, the important points were

sculptures or any works of art etc. transferred without consideration are subject to income tax in

the hands of the recipient

In this edition, we will cover queries related to outward repatriation from an NRO account

All income either in the nature of interest, dividends, rent, investment or properties is allowed for

repatriation net of income tax in India. The following is the procedure for repatriation

1. You need an "Auditor's certificate" (Chartered accountant’s certificate) plus all supporting

document evidencing source of funds that you wish to repatriate.

3. Submit wire transfer or Foreign Currency DD request to your bank.

approval

We hope you found this article useful. Do send in all your NRI taxation queries, and we will try to

answer them. In the next edition, we will cover another interesting aspect of NRI Taxation. Till then,

Happy Investing!

Mr. S. Shanbhag - Financial Expert, answers queries on repatriation

NRI Expert speak

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ENGAGE

Now NRIs can use ICICI Bank Debit Card* online on all leading websites - it is easy, convenient and

safe!

Whether it is travel or movie tickets, hotel reservations, shopping for luxuries or just everyday things,

paying utility bills or making investments - you can do it safely from the comfort of your home.

You can view the list of major websites where debit cards can be used in the debit cards section on

the Bank's website www.icicibank.com

For doing an online transaction, all you need to do is to register your card with ICICI Bank under

Verified by Visa / Master Secure Code. The registration shall provide added protection or safety

against fraudulent transaction on your card, even if you misplace or lose it.

Four simple steps to register:

-Log on to a website for online transaction

-Select the items and Click on 'Make Payment Section’

-Enter your card number, CVV, and expiry date

-Enter your Internet Banking user ID and password to complete the process.

Next time you use your debit card online, you will be prompted to enter your Internet Banking

Password so that nobody other than you is able to transact with your card

Enjoy safe online transactions with your ICICI Bank NRE Debit Card!

What’s new at ICICI Bank Online Transactions through

your debit card

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