jcbrum

After having our account with ICICI for over 10 years we have just been informed that the account will be frozen within the next 4 day due to the fact that it has been open for more than 6 months....
talk about giving you some notice !!!


John

Bipat

You have to have at least one transaction within a six month period.
(We discovered this when standing in the queue (in a UK, ICICI branch) behind a person who had had his account closed for this reason. )

jcbrum

We use the account virtually every day, apparently RBI changed the rules in January 2016 whereby an NRO account must be closed when you leave the country,well it took ICICI longer enough to tell us.


John

Bipat

Sorry, I wasn't thinking. It is different of you have OCI. You still have to do at least one transaction in the six months though.

However our local Indian branch is 'difficult' ordering a new cheque book is a major undertaking, so usually have to go to Margao.
Went by train to usual UK branch in Leicester, it had closed--.
Tried the Handsworth, Birmingham branch --new and smart --but --the area!! We stood in a bus queue next to an elderly Sikh gentleman --for--safety! The others in the bus shelter, drug addicts, those with psychiatric problems, an amazing man dressed totally in purple velvet!
If we need to go again in UK will try the London branch.
B.

a_f_d

It's just that you're with ICICI who have apparently resisted this ruling, Axis and a couple of other banks did it back in 2013-14. I wrote extensively about it at the time, and representations were made to BHCI asking them to pursue it.
This was just a piece of nasty-xenophobia/simple-misunderstanding on the part of one fairly senior lady within RBI.
From reading the RBI's own documents it is completely clear that foreigners CAN open and maintain bank accounts (a "Non-Resident (Ordinary) Rupee Account (NRO)") in India. The only issue relates to repatriation of money, where if the a/c is held for longer than 6 months one needs to apply to the RBI in order to repatriate money. There seems NO basis at all from this circular for the RBI to be asking any bank to close any foreigners a/c at the end of a visa period.
RBI Master circular and FAQs can be found here:.......
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/02MCNR0290613.pdf

http://www.rbi.org.in/scripts/FAQView.aspx?Id=30

A search here and on IndiaMike should get plenty of hits. The links above are from 2014, but the latest versions should be readily available.

There seems to have been very little follow-up on this, probably because most of the old long-termers have taken the hint and s*dded off!

AndyD 8-)₹

jcbrum

Couldn't agree more,i have spent hours researching this and there is nothing to say the accounts can only be open for 6 months.I am going to try and make an appointment at the RBI in Panjim to see if I can get any clarification.


I have also heard that HDFC will be the next one's closing all foreign held NRO accounts.


John

a_f_d

Here is the latest Regulation
(pdf file)

AndyD 8-)₹