Domestic Savings Accounts, Fixed Deposits & Personal Current Accounts
-Will be converted to NRO accounts/FDs.
-Senior citizen benefit cannot be extended to the NRO deposit/account.
-Fixed Deposit Receipts issued, if any, will be null and void.
-Quantum Optima (QO) facility that is provided in your Saving Account shall continue if Permanent Account Number (PAN) is updated.QO shall be discontinued in the absence of (PAN) as part of this request.Quantum Optima facility provided in NRO Savings Account is an option wherein surplus balance above defined threshold limit is transferred to a Fixed Deposit through automatic sweep facility.
Recurring Deposits
-Recurring deposits and I wish Deposits will be prematurely closed and credited to the converted NRO account.
Overdue Deposits
-Overdue Fixed Deposits will be closed and the closure proceeds will be credited to the converted NRO Savings Account.
Overdraft Account
-Overdraft against Fixed Deposits will be converted to NRO Overdraft
Current Account
-Current Accounts will be closed and any balance in the account will be credited to the converted NRO Savings Account.
-In case of proprietorship or company accounts, NRI status will be updated by the bank for the Individual with required FATCA declaration. No changes are applicable to the Non-individual account.
Demat and Trading Account (I-Direct) facility
The resident Demat and Trading Account will also be converted digitally along with Savings Account as part of this request.
-The Resident Demat, Bank & Trading account will be converted to NRO status.
-PIS approval will be generated online (In case applied) and will be linked to newly opened NRI 3-in-1 account, post which trading will be enabled in the secondary market (buy and sell transactions at the stock exchanges)
-ICICI Securities will cancel all active orders in Equity / Mutual Fund SIP / NPS / Futures & Options for conversion of Bank account from SB to NRO.
PPF Account
-As per the RBI guidelines NRIs cannot open a new PPF Account but in case you had a PPF Account before becoming an NRI, you can continue to hold it until maturity and continue contribution from NRO Account.
Locker
-Locker(s) maintained at our branch(es) will continue.
General Insurance
-The policy will continue as per the existing policy Terms and Conditions
Life Insurance
-The policy will continue as per the existing policy Terms and Conditions.
-Contact your tax advisor for details of tax benefits applicable on the policy.
Mutual Funds
-Existing Mutual Fund investments will continue to be invested.
-We recommend that customers update their revised tax status (NRI) and bank account (NRO) in all their existing Mutual Fund investments. This can be done online by registering on www.mfcentral.com.
Please follow the path -> Log in to MF central > Service requests > Change of Tax Status > Select Folios > Upload new bank details > Submit
Credit Card
-Please contact any of our branches at your convenience to surrender your existing Resident Credit Card and apply for an NRI Card (as applicable).
Mortgage Loan
-If you have an existing Mortgage Loan as a Resident Indian (RI), please visit any of our ICICI Bank Branches (at your convenience when you visit India) to re-designate the Mortgage Loan status to Non-Resident Indian (NRI) Loan
Other Loans - Personal/Vehicle Loan etc.
-It will continue as per the existing Terms and Conditions. Repayment of EMI will continue from the converted NRO Account.
PayLater Account
-Any existing PayLater account will be closed.
PM Schemes like Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY), Sukanya Samruddhi Yojna (SSY)
-As per the RBI guidelines, NRIs are not eligible for PM Schemes like Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Sukanya Samruddhi Yojna (SSY).
-Existing schemes will be closed and money will be credited to the converted NRO Account