NRO NRE Bank Accounts

ICICI Bank NRO & NRE account opening process:

To open ICICI NRO and NRE accounts, there are two options. One is to go directly to the bank and open the accounts, and the second option is to open them online.

When we go directly to the bank to open NRO and NRE accounts, they will open a three-in-one account that includes a DEMAT account. For example, if you don't require a DEMAT account because you already have a Zerodha or another bank DEMAT account and don't want to pay ICICI DEMAT account yearly charges, then you can get NRO and NRE accounts transferred online only. The bankers can't open the accounts when you visit the bank without a DEMAT account.

Secondly, if you are opening the NRO and NRE accounts on the ICICI Bank portal, you need to upload your passport, visa, or TRC documents. However, if you want your address abroad as the preferred communication address, you need to submit either a utility bill in your name at that address or a driving licence. A regular rental agreement is not accepted as address proof for an ICICI Bank account in India.

Again, an NRO account is for a savings account, which is a domestic-to-domestic transaction. NRE account is for transfers from abroad to your Indian account.

That means from your abroad bank account to your NRE account, you can transfer the remittance amount.

From an NRE account to an NRO account, you can transfer the amount to utilise it in India.

But if you want to transfer funds from your NRO account to your NRE account, and then transfer the NRE amount to your overseas account, you can't do this directly. You have to submit a form to the bank, either in person or by email. How did you get these funds? For example, if you sold a property and received 10 lakhs, you have to provide proof of the sale to the bank. Only then will they approve your request to transfer funds from your NRO account to your NRE account.