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ICICI Bank Ltd.

Research notes as of 05 Oct 2026, not legal or tax advice. VERIFIED means we read the primary source, REPORTED means secondary sources only, and UNCERTAIN means the law or practice is unclear. Ask your bank or a CA before acting on uncertain points.

How to file with ICICI Bank Ltd.

From the bank's published export policy and other sources, checked 2026-10-04. Banks are still settling their procedures, so confirm with your branch.

How to submit

  • Branch / Business Centre verified

    Appendix 2 'Customer request channels: Business Centres & Digital mode' lists the Branch Channel.

    Source

  • Trade Online verified

    Listed as an online channel along with Corporate Internet Banking and Corporate SWIFT. Not stated whether savings-account (retail) customers can enrol.

    Source

  • Corporate Internet Banking (CIB) verified

    Listed online channel. Typically for current-account/business customers.

    Source

  • Digital submission verified

    Policy: services EDF may be submitted 'either digitally or in physical form'. No email ID published.

    Source

Documents the bank may ask for

  • Customer request letter with FEMA declaration verified
  • Export Declaration Form (as per Reg. 3 timelines) verified
  • Invoice verified
  • IRM/eFIRC details when regularising against an advance verified
  • Declaration confirming realisation for invoices below INR 10 lakh verified
  • Customer IEC 'as required under FTP' (general checkpoint). Not a blanket requirement. verified
  • Bank may seek additional documents beyond invoice/contract to test authenticity (software EDF certification) verified
IEC needed?
Not confirmed. Ask your bank
Timing
Services other than software: EDF on or before the date payment is received (policy wording). Software: within 30 days of end of invoice month (DTA software exporters may file with the bank or STPI). Bank enters service EDFs in EDPMS within 5 working days. Same-day credit/debit for complete documents by 3:00 PM. Documents may be deferred within the realisation period at the bank's discretion.
Charges
Per ICICI Trade Services SOC (https://www.icici.bank.in/business-banking/service-charges). EDF amount not verified. Razorpay says ICICI eBRC-without-visit flow is 'at an additional cost' (REPORTED).
FIRA / FIRC
ICICI FAQ: no physical FIRC for export remittances after 20 Jun 2016. ICICI 'will issue electronic FIRC for all exports proceeds of goods and services' not under advance-against-exports. FIRS (letterhead) issued on request in other cases. Fee not verified.
Declaring the purpose code
Policy: inward remittances 'settled by the Bank under the appropriate purpose code, along with documents/details defined in Appendix 1'. Retail netbanking module name not verified.

Recommendations

  • If you use Razorpay MoneySaver and your settlement bank is ICICI, get the EDF number from ICICI before any payment is captured (Razorpay blog, 21 Sep 2026). Generate the EDF at the start of the month or before invoicing.
  • Ask your branch whether your account can be enrolled on Trade Online. If not, submit the EDF digitally (scan) or physically at the branch, with invoices and a request letter with FEMA declaration.
  • For PA-CB INR credits, ICICI can report an IRM only if the PA's bank sends the SFMS details. Keep the PA's e-FIRC and give its number to ICICI when closing EDPMS.
  • When a foreign credit arrives, give a disposal instruction with the exact purpose code (P0802 software consultancy/implementation, P0807 off-site software exports, P1006 business/management consultancy, P1007 advertising, P1014 engineering, P1099 other services). Do not let it be booked as a personal/family remittance (P13xx).
  • For invoices up to INR 10 lakh, the EDPMS entry can be closed on your declaration (quarterly bulk declaration allowed). Ask the bank for its declaration format.

The bank's export policy (FEMA 23(R)/2026, Reg. 19 disclosure)

Payment services that settle through ICICI Bank Ltd.

  • Razorpay MoneySaver Export Account (Razorpay Payments Pvt Ltd) · EDF goes to: uncertain

Sources