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Issue-4 / Vol.1



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


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


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


What’s new at ICICI Bank.........................................


money can subject to fulfillment of be freely taken overseas) be freely taken overseas) documentation UÊ />Ý>̈œ˜‡Ê˜ÌiÀiÃÌÊi>À˜i`Ê UÊ />Ý>̈œ˜‡Ê˜ÌiÀiÃÌÊi>À˜i`Ê fully exempt from Income fully exempt from Income at source in India for the Tax in India Tax in India interest earned UÊ />Ý>̈œ˜‡Ê/>ÝʈÃÊ`i`ÕVÌi`Ê Shilpi wanted to open an account for her earnings in India. she decided to open an NRO account.USD. She then came to know how she could save tax through the DTAA (Double Taxation Avoidance Agreement) modeled products.NRI Products Shilpi has had various Savings and Fixed deposit relationships with her bank. which could be regularly accessed by her parents. given the attractive interest rates. GBP. On consulting a leading Indian bank with global presence. Euro.i«>ÌÀˆ>Lˆ- (eg.e. money can repatriable (i. though. Hence. 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) UÊ -œÕÀViʜvÊ՘`ÇÊœÀiˆ}˜Ê UÊ -œÕÀViʜvÊ՘`Ã‡Ê >˜ÊLiÊ currency or from currency.i«>ÌÀˆ>LˆˆÌއÊ*Àˆ˜Vˆ«>Ê>˜`Ê interest earned are fully interest earned are fully ity upto 1 Million USD.e. about the tax incurred on her account.ENGAGE In focus NRI Products In focus. which she used to maintain without any hassles. She also wanted to open a term deposit.i«>ÌÀˆ>LˆˆÌއÊ*Àˆ˜Vˆ«>Ê>˜`Ê UÊ . She needed to identify the right type of account to satisfy her needs. 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. CAD. repatriable (i. However. She was worried.Õ«iià UÊ . when she was in India.i«>ÌÀˆ>LˆˆÌއÊ. 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 UÊ -œÕÀViʜvÊ՘`ÇÊœÀiˆ}˜Ê UÊ ÕÀÀi˜VއÊœÀiˆ}˜ÊVÕÀÀi˜VÞÊ UÊ ÕÀÀi˜Vއʘ`ˆ>˜Ê. AUD and Japanese Yen) UÊ . 1 .Õ«iià UÊ ÕÀÀi˜Vއʘ`ˆ>˜Ê.

was interested in opening an account in USD. 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. though. or open an FCNR with the Indian bank. He was evaluating whether he should invest in CD and certificate of deposit. Ê UÊ >˜`>Ìiʅœ`iÀÊv>VˆˆÌÞÊvœÀÊ̅iˆÀÊ«>Ài˜ÌÃʈ˜Ê˜`ˆ> Shilpi and Ankur are now completely assured regarding their finances by availing of NRI products offered by their bank 2 . they were now concerned about accessing their accounts. when they came to know that their accounts would come with the following facilities Ê UÊ Ó{ÝÇÊ/œ‡vÀiiÊÃÕ««œÀÌʈ˜Ê̅iˆÀÊVœÕ˜ÌÀÞʜvÊÀiÈ`i˜Vi Ê UÊ . open FDs etc.œLÕÃÌʘÌiÀ˜iÌÊ >˜Žˆ˜}Ê«œÀÌ>Ê̅ÀœÕ}…Ê܅ˆV…Ê̅iÞÊVœÕ`ÊÌÀ>˜ÃviÀÊv՘`Ãʈ˜ÃÌ>˜ÌÞ]Ê«>ÞÊLˆÃʈ˜Ê India. which made FCNRs an attractive investment option Access to account While Shilpi and Ankur had selected their accounts as per their needs.ENGAGE Her husband Ankur. Their worries were put to rest.

Hence. Also the original documents have to be carried for verification. A Mandate holder can UÊ 7ˆÌ…`À>Üʓœ˜iÞÊvÀœ“ÊޜÕÀÊ>VVœÕ˜ÌÊ̜ʓ>ŽiʏœV>Ê«>ޓi˜ÌÃ]ÊÃ>Þʓœ˜Ì…ÞÊLˆÃ UÊ >Žiʈ˜ÛiÃ̓i˜ÌÃʜ˜ÊޜÕÀÊLi…>vÊÕȘ}Ê̅iÊv՘`Ãʈ˜Ê̅iÊ>VVœÕ˜Ì UÊ . to take care of your finances in India.Fill in the mandate holder registration form present on the website (with your signature. you cannot be physically present to handle your financial matters for most of the year. – to act on your behalf. etc. 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. among other. Another common reason is to make investments. The photocopies of the documents have to be self-attested. A mandate holder can be useful for both these.Ê>VVœÕ˜ÌÊ­iÝVi«ÌÊ̜Êޜծ UÊ /À>˜Ãvir funds as a gift to a Resident individual Registering a mandate holder is easy Step 1. family member. Most NRIs hold NRI accounts with banks so that they can provide for their loved ones in India.i˜iÜÊ>˜Êi݈Ã̈˜}ʈÝi`Ê`i«œÃˆÌÊ A Mandate holder cannot U Open an NRI Account UÊ /À>˜ÃviÀÊv՘`ÃʜÕÌÈ`iʘ`ˆ>Ê̅ÀœÕ}…ÊޜÕÀÊ . purposes.ENGAGE Mandate holder facilities Discover how your relative in India can help manage your finances locally Being an NRI.Your mandate holder has to submit a recent photograph and copies of relevant Identity and Address proof along with the form. you can appoint a resident Indian you trust – a friend. along with your mandate holder’s) -Ìi«ÊӇÊÎÊޜÕÀʓ>˜`>Ìiʅœ`iÀÊ̜ÊۈÈÌÊ>˜ÞÊ  Ê >˜ŽÊLÀ>˜V…]Ê>œ˜}Ê܈̅Ê̅iÊÀiiÛ>˜ÌÊ`œVՓi˜Ìà Step 3. 3 . For example.

{°Ê1««iÀʏˆ“ˆÌʈÃÊ1-. dividends. Sandeep Shanbhag. the important points were UÊ . investment or properties is allowed for repatriation net of income tax in India. To summarise. In this edition.ÃÊ̜Ê̅iˆÀÊÀi>̈ÛiÃÊ>ÀiÊÌ>݇vÀii UÊ œÀÊ>ʘœ˜‡Ài>̈ÛiÊ>ÊÀi“ˆÌÌ>˜ViÊ>LœÛiÊ . The following is the procedure for repatriation 1.ENGAGE NRI Expert speak Mr. an eminent personality in the field of NRI Taxation guides you through the various aspects of taxation. Mr.Financial Expert. Submit wire transfer or Foreign Currency DD request to your bank. transferred without consideration are subject to income tax in the hands of the recipient In this edition. answers queries on repatriation The scope of taxation for NRIs is extremely vast. given the various facets that have to be taken into account. we will cover queries related to outward repatriation from an NRO account All income either in the nature of interest. Ó°Ê-ÕL“ˆÌÊœÀ“ÃÊ£x Ê>˜`Ê£x Ê̅ÀœÕ}…Ê̅iÊ/Ê`i«>À̓i˜ÌÊÜiLÈÌi° 3.Êxä]äääʈÃÊÌ>Ý>Li UÊ œ˜ÊV>ÅʫÀœ«iÀÌÞÊÃÕV…Ê>Ãʏ>˜`ʜÀÊLՈ`ˆ˜}]ÊÅ>ÀiÃÊ>˜`ÊÃiVÕÀˆÌˆiÃ]ʍiÜiiÀÞ]Ê`À>܈˜}Ã]Ê«>ˆ˜Ìˆ˜}Ã]Ê sculptures or any works of art etc. rent. S. Shanbhag answers queries on repatriation of money from an NRO Account In the last article. Mr. Shanbhag . we had covered “Remittances for NRIs”. You need an "Auditor's certificate" (Chartered accountant’s certificate) plus all supporting document evidencing source of funds that you wish to repatriate.i“ˆÌÌ>˜ViÃÊÃi˜ÌÊLÞÊ .

Happy Investing! 4 . we will cover another interesting aspect of NRI Taxation. Do send in all your NRI taxation queries.ʣʓˆˆœ˜Êˆ˜Ê>ÊÞi>ÀÊ­vœÀÊV>«ˆÌ>Êˆ˜Vœ“i®]Ê܅ˆV…ÊV>˜ÊLiÊÀi«>ÌÀˆ>Ìi`Ê܈̅œÕÌÊ. Till then. Ê approval x°ÊÊ>««ˆV>LiÊÌ>ÝiÃʓÕÃÌÊLiÊ«>ˆ`Ê>˜`Ê«ÀœœvÊÃÕL“ˆÌÌi`Ê̜Ê̅iÊL>˜Ž° We hope you found this article useful. In the next edition. and we will try to answer them.

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! 5 .it is For doing an online transaction. 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. The registration shall provide added protection or safety against fraudulent transaction on your card. Next time you use your debit card online.icicibank.ENGAGE What’s new at ICICI Bank Online Transactions through your debit card Now NRIs can use ICICI Bank Debit Card* online on all leading websites . even if you misplace or lose it. all you need to do is to register your card with ICICI Bank under Verified by Visa / Master Secure Code. and expiry date -Enter your Internet Banking user ID and password to complete the process. 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. hotel reservations. shopping for luxuries or just everyday things. paying utility bills or making investments . CVV. convenient and safe! Whether it is travel or movie can do it safely from the comfort of your home.