ENGAGE

Issue-4 / Vol.1

Index

page

NRI Product.............................................................

1-2

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

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

Whats new at ICICI Bank.........................................

ENGAGE

In focus
NRI 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
FCNR (Foreign Currency

NRE (Non-resident external)

NRO (Non-resident Ordinary)

Non-resident)
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currency or from

currency, remittance from

fully funded from income

NRE/FCNR held with any

NRE/FCNR held with any

in India or from income

bank in India

bank in India

abroad

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(eg- USD, GBP, Euro, CAD,

AUD and Japanese Yen)
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interest earned are fully

interest earned are fully

ity upto 1 Million USD,

repatriable (i.e. money can

repatriable (i.e. money can

subject to fulfillment of

be freely taken overseas)

be freely taken overseas)

documentation

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fully exempt from Income

fully exempt from Income

at source in India for the

Tax in India

Tax in India

interest earned

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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.

ENGAGE

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
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India, open FDs etc.
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Shilpi and Ankur are now completely assured regarding their finances by availing of NRI products
offered by their bank

ENGAGE

Mandate
holder
facilities

Discover how your relative in India can help

manage your finances locally

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
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A Mandate holder cannot
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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 holders)
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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.

ENGAGE

NRI Expert
speak

Mr. S. Shanbhag - Financial Expert,

answers queries on repatriation

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
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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 accountants certificate) plus all supporting
document evidencing source of funds that you wish to repatriate.
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3. Submit wire transfer or Foreign Currency DD request to your bank.
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approval
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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!

ENGAGE

Whats new
at ICICI Bank

Online Transactions through

your debit card

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!