RFC Savings Account FAQs

A person resident in India can open an RFC account with foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India; OR Received as proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or received as gift or inheritance from a person who was resident outside India. In this regard, foreign security is defined as any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

RFC accounts can be opened by transfer of balances in FCNR deposits with banks in India. This also includes the maturity proceeds of the Resurgent India Bonds (RIBs). The account cannot be opened with funds from an Easy Rupee Account. However, once the RFC account is opened with eligible funds as above, the balances in the Easy Rupee Account of the depositor can be transferred into the RFC account.

The account can be held jointly with another person resident in India who is eligible to open an RFC account.

There is no restriction on when you can open an RFC account for persons resident in India as long as they meet the condition of eligibility as stated above. Further, for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.

The funds in an RFC account are free from all restrictions regarding utilisation of foreign currency balances. They can be invested in the OBU Singapore Deposits, but not in OBU Seepz, in view of the restriction that the OBU Seepz cannot accept deposits from persons resident in India.

Nominations can be made in favour of residents as well as non-residents. On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of his share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of his share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.

Simply complete a one-time instant, online registration for the service at www.money2india.com and start sending money from any bank in over 8 countries to any beneficiary in India.

Over the years of constant engagement with our users, we understand your anxiety during money transfers and our priority is to relieve you of this anxiety by ensuring seamless transfers - with round the clock customer service availability.

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• Convenience to you – secure transfers from any bank overseas
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  • Electronic transfers into accounts with over 75,000 bank branches in India
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• 24X7 Service Committment

The Money2India.com service facilitates money transfers to India in 8 currencies from any bank in 8 countries as listed below:

North America: USA (USD), Canada (CAD), Europe: UK (GBP), Sweden (SEK), Switzerland (CHF) Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED)

Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED)

To know more on the Money2India transfer modes in each of the countries, please select your Country of Residence. You can also contact the Money2India Customer Service team for any assistance

You can request for your address updation in our records by sending the 'Address Change' request form, signed by the primary applicant along with a valid address proof to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

Click here to download the 'Address Change' form and also refer to the list of valid address proofs.Please ensure you attach the relevant address proof to avoid delay in executing your request.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the 'Address Change' request.To refer to the updated list of our branches please Click here

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can request for a Signature Updation by downloading the 'Signature Change' request form, and send the completed form alongwith relevant documents to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

Click here to download the 'Signature Change' request form.

Also attach any one of the following as proof of your changed signature:

•  Any government issued photo identity document having a seal / stamp of government authority as a proof of current signature on the form
• New signature attested by another Banker / Indian Embassy / Notary

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the ' Signature Change Form'.To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can login to Internet Banking and update your Contact Number through “Update my contact number“ options available Online

You can also make the request for 'Tel No. Updation' by contacting our 24-hour Customer Care

Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request letter. For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can make the request for 'E-mail ID Updation' by contacting our 24-hour Customer Care Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request letter.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.”

You can register for E-statement facility by applying Online through an option available through Internet Banking.

Alternatively, you can click here to download the 'Registration Form' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the registration form.To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can repatriate funds in two ways: Demand Draft
Wire Transfer You can place a request for Repatriation from fixed deposit through any of the following modes:
You can request for “Repatriation of Funds” by applying Online through "Service Request" option available in your Internet Banking.
Alternatively, you can click here to download the request form for 'Outward Repatriation of Funds' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request. To refer to the updated list of our branches please, Click here For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com. In case of Fixed Deposit closure wherever currency conversion is involved, w.e.f 1st April 2011, ICICI Bank Ltd. will levy the revised service tax as per the Service Tax Rules (1994) amended by Ministry of Finance (Govt. Of India) vide Notification No. 26/2011 – Service Tax, on 31st March, 2011.Please click here to know the slabwise service tax structure. * Repatriation of funds will be subject to regulations of relevant jurisdiction as existing from time to time

To register a Nominee,Click here to download the 'Add a Nominee- DA1 form' ', fill it up and mail to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA.

Please Note that :

• The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee
• The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the 'DA1 Form'.To refer to the updated list of our branches please, Click here

If you still do not wish to register a nominee, please send us a letter cum 'No Nominee declaration'.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can download the ' Nominee Cancellation- DA2 form' request and mail it to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Click here to download the 'Cancel Nomination in my account – DA2 form'.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Cancel Nomination in my account – DA2 form'.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can download the 'Nominee Updation- DA3 form' request form and mail it to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Click here to download the 'Update new Nominee – DA3' form. If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the 'Update new Nominee – DA3' form. For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

You can download the 'No Nominee Declaration' , and mail it to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Click Here to download the ''No Nominee Declaration' . If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the 'No Nominee Declaration - D1 '.
For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

No, only 1 person can be nominated for an account

Yes, you can have separate nominations for different accounts.

No, you don't have to go through the same procedure every time. ICICI Bank allows NRIs to give a one-time instruction to make the nominee applicable for all accounts.

Only INR currency can be withdrawn.