Request Letter for Transfer of Funds from a NonICICI NRO Account to an ICICI NRE Account

NonResident Indians (NRIs) frequently need to move funds from an NRO (NonResident Ordinary) account held with another bank to an NRE (NonResident External) account with ICICI Bank. The most common way to initiate this movement is by submitting a formal request letter to ICICI Bank. This page explains why the letter is required, the key elements it must contain, supporting documents, a stepbystep filing process, and a readytouse sample letter.

Why a Request Letter Is Required

• Regulatory compliance: The Reserve Bank of India (RBI) mandates a clear audit trail for any foreignexchange transaction involving NRO to NRE transfers.
• Bank verification: ICICI needs a written request to confirm the account holders intent and to verify identity.
• Taxation clearance: NRO accounts are subject to Indian tax; a request letter often includes a declaration that taxes have been paid or will be paid.

Key Components of an Effective Request Letter

Below are the essential sections that should be present in the request letter. Omitting any of these may cause delay or rejection.

1. Letterhead (if using a personal letterhead): Name, address, contact details.
2. Date: The day the letter is written.
3. To: The Branch Manager, ICICI Bank Ltd. followed by branch address.
4. Subject line: Clearly state the purpose, e.g., Request for Transfer of Funds from NonICICI NRO Account to ICICI NRE Account.
5. Account Details:
   • Full name as per the NRO account.
   • NonICICI Bank name, branch, and NRO account number.
   • Your ICICI NRE account number and branch.
   • SWIFT/IFSC codes of both banks.
6. Amount to be transferred: State the exact figure in INR (or foreign currency) and, if applicable, the equivalent in the destination currency.
7. Reason for transfer: Briefly explain why the funds are being moved (e.g., to reinvest in overseas assets.)
8. Tax compliance declaration: A statement that applicable taxes have been deducted/paid, together with a copy of the Tax Deduction at Source (TDS) certificate, if any.
9. Authorization: Signature of the account holder (or authorized signatory) and, when required, the notarized attestation.
10. Enclosures: List of documents attached, such as:
    • Copy of the NRO account statement (last 3 months).
    • Copy of the ICICI NRE account statement.
    • Copy of PAN card and passport.
    • Form 15CA/15CB (as required by RBI).
    • Tax clearance certificate or TDS receipt.

Supporting Documents Checklist

Before you draft the letter, gather the following items to avoid backandforth with the bank:

StepbyStep Procedure to Submit the Request

1. Prepare the letter: Use the format provided below and customise with your details.
2. Collect supporting documents: Ensure each document is clear, legible, and signed where required.
3. Notarise the letter (optional): Some branches prefer a notarised signature for added security.
4. Visit your nearest ICICI branch: Submit the original letter and photocopies of all enclosures.
5. Obtain acknowledgment: Request a receipt or reference number for future tracking.
6. Followup: Within 710 business days, check the status either through netbanking or by calling the branch.
7. Confirmation: Once the transfer is processed, ICICI will issue a confirmation slip showing the credited amount in the NRE account.

Sample Request Letter

Common Mistakes to Avoid

• Leaving the tax declaration blank or providing inaccurate tax information.
• Missing the IFSC codes for either the source or destination account.
• Submitting illegible or outdated statements (older than three months).
• Not attaching Form 15CA/15CB when the transfer amount exceeds INR 5 lakh.
• Using an incomplete subject line that does not mention Transfer of Funds.

FAQs

1. Can I transfer the entire NRO balance?

Yes, provided you have paid the requisite taxes on the balance and can produce the relevant TDS certificates. RBI permits repatriation of up to 100% of the net aftertax amount.

2. How long does the transfer take?

After the branch receives a complete request, the processing time is typically 35 business days. Delays may occur if any document is missing or requires clarification.

3. Is there any fee for this service?

ICICI Bank charges a nominal processing fee (usually INR 5001,000) and a conversion charge if the source currency differs from INR. Check the latest fee schedule on the banks website.

4. What if I want to transfer from an NRO account of a joint holder?

Both account holders must sign the request letter and provide their identification documents. Additionally, a joint declaration confirming tax compliance is required.

5. Do I need a notarised letter?

Notarisation is not mandatory for all branches, but some may request it for added security, especially for highvalue transfers.

By following the guidelines above and using the sample letter as a template, you can streamline the fundtransfer process from a nonICICI NRO account to an ICICI NRE account, stay compliant with RBI regulations, and avoid unnecessary delays.