Who can avail of branch-based remittances from the Bank?
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.
How do I apply for the Service?
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 cash 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: Original of a utility bill or a bank statement received in the past three months. (Applicable for amounts greater than SGD 10,000)
Please note that if you are remitting cash greater than SGD 10,000, we will require proof of your funds which is not more than 4 days old on the day of remittance.
What are the additional documents that are required to be submitted by non-account holders of the Branch, for fulfillment of the application criteria?
- 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.
How do I initiate a remittance through the Branch?
- After satisfactory completion of the application process, the remitter can initiate a remittance request.
- The payment methods are as follows:
- For account holders - Cash, Debit authority to your account with ICICI Bank or deposit a cheque from other local banks favouring ICICI Bank.
- For non-account holders - NETS, Cash, Deposit a cheque from other local banks favouring ICICI Bank.
How is the exchange rate calculated for a transaction?
For account holders:
- Exchange rates are pre-confirmed only if ICICI Bank has received cash/clear 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 whenclear funds are received (after cheque clearance), will be applied for conversion.
For non-account holders:
Confirmed exchange rates will apply for cash based remittance.
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.
What are the various available modes of disbursal offered under this Service?
The various modes of disbursal available are:
|Mode of transfer||Customer TAT|
|Same day transfer to any Bank In India||Subject to cut offs*|
|Paper based instrument dispatch from India||4 1 working day|
*Transfers are subject to cut-offs as follows:
- Transfers to ICICI Bank account - 1900 hrs
- Transfers to Non ICICI Bank account - 1730 hrs
The reference to "day/s" above refers to working days in Singapore and India (as applicable) and are effective subject to completeness and correctness of information.
What are the various modes of funds acceptable at ICICI Bank for initiating a remittance?
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.
Cash: Both account holders/ non-account holders of ICICI Bank can deposit cash upto SGD 10,000.
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.
What if the transaction is rejected?
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.