How to make outward remittance from your NRO Savings Account

By: |
June 8, 2020 4:53 PM

In the case of ICICI Bank, outward remittance can be done to your own NRE Account with the bank under the same customer ID. Outward remittance can also be for any other NRE Account with ICICI Bank under different customer IDs, as well as an overseas account.

outward Remittance, sending money abroad, investing abroad, investing outside of India, Indian investors, LRS, Liberalised Remittance Scheme (LRS),Here is how you can make an outward remittance from your NRO Savings Account;

Amit the COVID-19 pandemic and lockdown, many people are facing problems regarding outward remittances. Even as the lockdown is being lifted, there are people who are still facing the same problem.

For outward remittances from an NRO Savings Account, there are documentation requirements. All uploaded documents have to be self-attested. For instance, ICICI Bank scrutinizes all the submitted details and documents of the transaction. In case of any discrepancy, the bank then sends an e-mail to the registered e-mail ID of the account holder and also requests for additional information or documents to complete the account holder’s transaction. It is requested to provide the updated details and documents at the earliest.

Keep in mind that with most banks, the validity of the exchange rate is 2 working days from the time of transaction initiation. Post that, the confirmed exchange rate will not apply and the transaction will be completed at the prevailing exchange rate on the date of completing the transaction request. The transaction will be valid for 15 days from the transaction initiated date. Post that, if the transaction is not completed, the system will auto-cancel the transaction request.

In the case of ICICI Bank, outward remittance can be done to your own NRE Account with the bank under the same customer ID. Outward remittance can also be for any other NRE Account with ICICI Bank under different customer IDs, as well as an overseas account.

The charges for online outward remittance from NRO Savings Account to an Overseas Account are Rs 500. There are no charges for online outward remittance from NRO Savings Account to an NRE Account with ICICI Bank. The remittance limit for Outward Remittance from NRO Savings Bank Account through Internet Banking is up to USD 25,000 and equivalent per transaction and USD 1,000,000 and equivalent in a financial year.

Here is how you can make an outward remittance from your NRO Savings Account;

  • Login to your ICICI Bank’s internet banking
  • Click on the ‘Funds Transfer’ option, under ‘Payments and Transfers’.
  • Select transfer funds to ‘an overseas account from NRE/NRO/FCNR account’
  • Next, select the ‘Repatriation from NRO SB via Wire transfer’
  • After that, initiate the transaction by selecting a remitter account, beneficiary account, and the amount you want to send.
  • Then select the source of funds and amount from each source to be remitted
  • Next upload a self-attested documentary proof of selected sources of funds
  • After that upload a self-attested copy of Form 15CA and Form 15CB, as applicable.
  • Using this option, you can transfer funds to your NRE Account or an overseas account.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Income tax return filing deadline for FY20 extended till December 31
2MF Investment: 5 ways millennials can boost portfolio returns with mutual funds
3Professionally-managed accommodation to be preferred choice of youngsters: Anindya Dutta