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1. How does it work?
Fixed Rupee transfer is currently available as an additional feature on NetExpress product, for Australia to India money transfers.
To use this feature, you need to only Log into your Money2India account and follow these simple steps to initiate a Fixed Rupee transfer request:
Step 1 - Select NetExpress product and choose Singaporeas your Country of Remittance.
Click on the check box for availing the Fixed Rupee transfer facility to send money to your selected receiver.
To avail the regular NetExpress facility, DO NOT click on the checkbox for Fixed Rupee transfer.
Step 2 - Enter the rupee amount that you want to send to your selected receiver and select your remitter bank name from where you will be sending the funds.
Once you submit these details, for current dated transactions, we will provide you with the confirmed exchange rate applicable to your remittance, applicable till the Validity Date, and the AUD amount that you need to send from your bank account in Singapore, to be available to ICICI Bank Limited, India for processing on or before the Validity date.
Step 3 - Confirm the transaction details displayed, specifically the receiver details, Purpose of remittance, transaction amount details in Rupee and AUD, exchange rate and Validity Date for applicability of the rate, charges applicable (if any).
Important: Please note that Fixed Rupee transfer request and the confirmed rate is applicable only if your funds are available to ICICI bank Limited, India, for processing, on or before the Validity Date with complete and correct details. In case the funds are not availabe within the Validity Date, your request will be processed as a regular request and the rate as applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are available to ICICI Bank after the Validity Date.
Upon confirmation you will be shown the transaction tracking number.
Transaction fulfillment process followed is same as that for NetExpress i.e through your remitting bank’s internet banking platform in Singapore to ICICI Bank’s correspondent bank account overseas.
Once the clear AUD funds are available to ICICI Bank Limited, India for processing, on or before the Validity Date provided, with complete and correct details, ICICI Bank will convert the funds into INR at the exchange rate specified for the Fixed Rupee transfer transaction initiated and disburse the specified rupee amount (as requested by you at transaction request initiation) to your receiver in India.
IMPORTANT: Please note that only if the funds are received in our overseas correspondent bank account on working Day 0 before the cut-off time of clearing overseas, the same is typically available to ICICI Bank Limited, India, for processing on the next working day i.e. Day 1 The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.
2. What is a Validity Date?
Validity Date is the date when the funds are available to ICICI Bank Limited, India for processing and disbursal to receiver. While initiating the Fixed Rupee transfer request, you will be informed about the validity date of your transaction and you need to ensure that the funds are available to ICICI Bank for processing on or before this validity date.
IMPORTANT: Please note that only if the funds are received in our overseas correspondent bank account on working Day 0 before the cut-off time of clearing overseas, the same is typically available to ICICI Bank Limited, India, for processing on the next working day i.e. Day 1 The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.
In case the funds are not available to ICICI Bank India for processing within the validity date, your request will be processed as a regular request and the rate applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are available to ICICI Bank after the Validity Date.
3. Are there any charges for sending money through Fixed Rupee transfer facility?
Remittance Service charge: Remittance Service charge: AUD 5 (inclusive of service tax @ 10.3%) for amounts of INR 40,000 or below. No AUD charge for larger amounts.
Ready cash payouts at select ICICI Bank branches in India for a charge of AUD 8 (inclusive of service tax @10.3%)
Service Tax in accordance with the Service Tax (Amendment) Rules, 2011 of the Government of India will be added to the Rupee amount that you want to send to your receiver. The exchange rate applied will be on this total rupee amount. Please click here to know the slab wise service tax structure.
4. Are there any limits on the amount that I can send through this facility?
You can send upto INR 3,00,000 per transaction using this facility.
For transfers into resident Visa Debit Card accounts (non-NRI) issued in India, limit is INR 32,000 per transaction.
For transfers via Ready Cash delivery mode, limit is INR 30,000 per transaction.
The minimum amount you can send using this facility is INR 1000.
Besides the above limits, the use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.
Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this Facility.
5. I am unable to place a Fixed Rupee transfer request. While attempting to place the request, I am getting an error that states - "We are currently unable to initiate your remittance request for sending Fixed INR amount to the receiver. Kindly try after some time. We regret any inconvenience."
The use of this channel is subject to overall daily limits on the value and volume of transactions permitted as per internal operational guidelines. ICICI Bank may change these limits at its own discretion. In the event that any of these operational limits are breached or held up, remittance through this channel will be temporarily unavailable till the permissible limits are cleared.
If you are getting this message when the India forex markets are open i.e. between 9:00 AM to 4:30 PM IST on a working day in India, then you can re-try in 2-3 hours to post a Fixed Rupee transfer transaction.
However if you are getting this message after the closing of the India forex markets, then you can avail the Fixed Rupee transfer feature on the next working day.
Kindly Note: ICICI Bank shall in no way be held responsible and/or liable for any rejections, queries or delays arising due to the temporary unavailability of this Facility.
Please note that even if you get this error, you can continue to use the regular NetExpress facility.
6. Are the exchange rates as displayed on the Indicative Exchange rate calculator, applied to my Fixed Rupee transfer transaction?
The exchange rate that is applied for your current dated Fixed Rupee transfer transaction may be different from the Indicative exchange rates displayed on the exchange rate calculator.
Since we are offering you confirmed rates at transaction initiation and before we receive your funds, we are bearing exchange rate volatility risk and hence the exchange rates margins applied for this product may differ from that offered for regular products.
We assure you that the exchange rates applied to your current dated Fixed Rupee transfer are competitive and linked to market movements.
7. How much time does it take for the money to reach the beneficiary?
Please note that for a Fixed Rupee transfer request, the confirmed rate is applicable only if the exact foreign currency amount on or before the Validity Date with complete and correct details. In case we do not receive the funds within the validity date, your request will be processed as a regular request and the rate as applicable at the date and time of conversion of your funds will be applied to your transaction. The confirmed rate will not be valid for Fixed Rupee transfer requests where funds are received after the validity date
Once you initiate the fund transfer and the funds are available to ICICI Bank in India within the validity date with complete and correct details, further processing is carried out and disbursed within 24 working hours.
If your beneficiary has an account with ICICI Bank, the money is directly transferred to the account within 1 working day of ICICI Bank receiving the money.
For electronic credit to non-ICICI Bank accounts or credit to a resident Visa Debit Card account or DDs, the money is sent for electronic clearing or a DD issued and dispatched in upto one additional working day.
Please note that the timeline excludes banking holidays and weekends in your country and India. Please click here to view the list of Banking holidays in India.
You can track the status of your request using the Track Your Remittances link under “Manage” option in the Service home page. An email will also be sent to you, confirming the status of your request.
8. Do I have to be an ICICI Bank account holder to avail this facility?
No, you may be banking with any bank in your overseas country or India to avail this facility on Money2India. You need not have an ICICI Bank account to be able to avail this facility.
9. Does Fixed Rupee transfer allow me to send money to India on a regular basis by providing standing instructions i.e. future dated/ recurring transaction requests?
No, currently standing instructions/future dated/recurring transaction requests cannot be put for a Fixed Rupee transfer NetExpress transaction. Every time you need to send a fixed Rupee amount to your receiver in India, you need to initiate a new transaction on Money2India
10. How can I check the status of my money transfer request?
You can track the status of your request within your Money2India logged-in section using the Track Transfers option in the Service home page. An email will also be sent to you, confirming the status of your request.
11. Can I cancel an initiated Fixed Rupee transfer request?
In case you do not wish to send funds for the Fixed Rupee transfer request initiated by you, simply do not initiate an internet banking funds transfer from your remitting bank. You can also send an email to nri@icicibank.com informing the same and mentioning your Fixed Rupee transfer unique tracking ID starting with M2N followed by 8 digits. You need to write a mail from your money2India registered email ID only.
Ready to Transfer money?
Register with Money2India now. If you are already a registered user click here to log in
*Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account and Visa Credit card account.
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