Fixed Rupee Transfer
What is Fixed Rupee transfer?
- Fixed Rupee transfer is Money2India's latest offering that takes care of exchange rate movements, meeting fixed rupee expenses/ payments in India by empowering you as follows:
- Specify exact rupee amount to send to your receiver in India.
- Get confirmed exchange rates at the time of transaction initiation, on sending the funds within the Fixed Rupee transfer Validity Date.
- No stress about volatile exchange rates – Get pre-confirmed exchange rates with online end-to-end transaction fulfillment.
- Get confirmed exchange rates at the time of transaction initiation, on sending the funds within the Fixed Rupee transfer Validity Date.
- Send the exact Rupee amount to your receiver in India.
- All benefits of NetExpress (NetBanking Transfers) such as:
- Easy money transfer
- Electronic transfers into any ICICI Bank account with over 2,500 branches in India
- Electronic transfers into accounts with over 75,000 bank branches of over 100 banks in India
- Ready Cash payout from any of the 195 ICICI Bank branches across 23 cities in India
- Electronic transfers into any ICICI Bank Remittance card account in India
- Electronic transfers into any resident Visa Debit Card ** account issued in India
- Demand Drafts issued and payable at over 700 locations in India
- Completely online
- No branch visits, no paperwork required
- Simply place NetExpress remittance request on Money2India and send funds online to ICICI Bank's correspondent bank, using your local bank's internet banking third party funds transfer option
- State of the art security system
- 128-bit SSL encryption to ensure utmost privacy
- Competitive Exchange Rates
- Remittance Service charge: A nominal AUD 2 (inclusive of service tax @12.36%) charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.
- Service tax will be levied on the converted gross INR amount in accordance with the Service Tax (Amendment) Rules, 2012 of the Government of India w.e.f. 1st April 2012. Please click here to know the slab wise service tax structure. This charge would be deducted from the amount to be paid to the beneficiary. For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency) for FCNR deposits, deducted from the FCNR deposit amount.
- To use this feature, you need to be registered on Money2India.com.
- Login to your Money2India account and follow these simple steps to initiate a Fixed Rupee transfer request:
- Select NetExpress (NetBanking Transfers) as the Transfer mode
- Select the Remitter Account from where you will be sending funds to India.
- Select the receiver account to whom you want to send funds in India. If you wish to send it to a new receiver, click on "Add Receiver"
- To avail Fixed Rupee transfer facility
Select the radio button for availing the Fixed Rupee transfer facility to send money to your selected receiver and specify transaction amount in INR for fixed Rupee rate, you will be provided a confirmed exchange rate at the time of transaction initiation, on selecting the Fixed Rupee Transfer option.
To avail regular NetExpress DO NOT select the radio button for Fixed Rupee transfer. - 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.
- Click on the Confirm button.
- In case you need to make any changes in the information, click on the Back button. You will be taken back to the previous step. Once there, make the necessary changes and then verify the details once again and click on the Confirm button.
- Once these details are confirmed and submitted by clicking on 'Initiate Transfer' on the next page,you will be provided with a unique Tracking Number (e.g. M2N12345678) and the following instructions for completing your transaction.
- 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 Australia, to be available to ICICI Bank Limited, India for processing on or before the Validity date.
- 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).
- Log on to the Internet banking application of your bank in Australia.
- Go to the module that enables you to pay/transfer funds to a third party account - a third party account would be an account that is not your own account and is held with some other bank in Australia.
- In the module, do the following:
- Select your account from which you want to make the payment/ fund transfer.
- Enter the third-party account details as follows:
Recipient Name ICICI Bank Recipient Bank JP Morgan Chase Sydney Recipient Bank Clearing / Sort Code 212200 Recipient Account Number 010039355 - Enter the Tracking Number in the field provided for "Message to recipient" or "Purpose of payment" or "Payment Reference".
Please note that unless we receive the complete Tracking Number with your funds, we will not be able to process your transaction. So check with your bank (or on your bank's Web site) about which field to use to send a personalised message to the recipient.
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 available 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. - Enter the amount to be transferred. This should be the same as the amount confirmed on the Money2India website.
- Confirm the third party payment/ fund transfer, to complete the money transfer request.
After completing the transfer request, you can use the Track Transfers facility (on Money2India) anytime, to check the status of your transaction.
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. Day1. The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing. 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. Day1. The Validity date refers to the date of availability of funds to ICICI Bank Limited India for processing.
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.
Remittance Service charge: A nominal AUD 2 (inclusive of service tax @12.36%) charge compared to the hefty charges incurred on international wire transfers or while sending money through money transfer agents.
Ready cash payouts at select ICICI Bank branches in India for a charge of AUD 8 (inclusive of service tax @ 12.36%)
Service Tax in accordance with the Service Tax (Amendment) Rules, 2012 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.
You can send upto INR 4,00,000 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.
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.
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.
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 Transfers option on the home page. An email will also be sent to you, confirming the status of your request.
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.
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
You can track the status of your request within your Money2India logged-in section using the Track Transfers option after logging into Money2India site. An email will also be sent to you, confirming the status of your 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.