Finance FAQs Tips

Complete Guide to FIRC Certificate from ICICI: 2025 Guide

Aditya Shrivastava

24.03.25

Read time 2 minutes

Are you a business owner, freelancer, or individual in India receiving international payments through ICICI Bank? Understanding the documentation for these inward remittances is crucial. This guide explains how to obtain a Foreign Inward Remittance Certificate (FIRC) or a Foreign Inward Remittance Statement (FIRS) from ICICI Bank, and clarifies the difference between these documents based on official ICICI Bank information. As an alternative, we'll also introduce you to Wise Business Account for freelancers and businesses in India that can help you save on receiving international payments with low, transparent fees and mid-market exchange rates.

Table of contents
Understanding FIRC and FIRS from ICICI Bank Why are FIRC, e-FIRC and FIRS Required? For a Convenient Alternative, Meet Wise Receiving International Payments with Wise Business

Understanding FIRC and FIRS from ICICI Bank

ICICI Bank issues different certificates for inward remittances, depending on the purpose of the payment:

FIRC (Foreign Inward Remittance Certificate): This certificate is issued for specific types of inward remittances, primarily those related to business and investment. You will be eligible for an ICICI Bank FIRC if the inward remittance you received falls under one of the following categories:
- Foreign Direct Investment (FDI)
- Returns on Overseas Direct Investments (ODI)
- Foreign Institutional Investment (FII)
- Realization of export of goods or services (including advance payments for exports and export proceeds)
e-FIRC (Electronic Foreign Inward Remittance Certificate): A specific type of FIRC issued when payment for exported goods and services is received by a bank different from the one through which the export documents were submitted. The e-FIRC is essential for connecting these two banks within the Export Data Processing and Monitoring System (EDPMS). ICICI Bank issues e-FIRCs for export proceeds of goods and services that do not fall under the 'advance against exports' category.
FIRS (Foreign Inward Remittance Statement): This statement is issued for inward remittances meant for personal purposes and other similar reasons not covered by FIRC or e-FIRC. FIRS is typically issued for:
- Gifts
- Family maintenance/expenses
- Other similar personal remittances

Key Difference: The core distinction lies in the purpose of the remittance. FIRC/e-FIRC relates to business, investment, and export transactions, while FIRS covers personal remittances.

Why are FIRC, e-FIRC and FIRS Required?

The requirements and uses differ slightly depending on the document:

FIRC (and e-FIRC):

Regulatory Compliance: For businesses receiving FDI, ODI returns, or FII, the FIRC is a critical document for complying with regulations set by the Reserve Bank of India (RBI) and other authorities.
Export-Related Documentation: If you've received trade advances or payments for the export of goods or services, the FIRC/e-FIRC serves as proof of this earning. This is essential for various trade-related processes and claiming export benefits. For export proceeds, especially when the payment is received by ICICI Bank and the export documents were handled by a different bank, requesting an e-FIRC is crucial for linking the transaction in the EDPMS.
Investment Documentation: For investments made into India, the FIRC acts as an official record of the inflow of foreign funds.

FIRS:

Personal Tax Documentation: While not always mandatory, a FIRS can help in documenting the receipt of gifts or funds for family maintenance/expenses from abroad for tax purposes. It provides supporting evidence for your income declaration.

For a Convenient Alternative, Meet Wise

For businesses and freelancers in India frequently receiving international payments, Wise Business offers a convenient and often more cost-effective alternative to traditional bank transfers.

Get started with Wise Business🚀

Receiving International Payments with Wise Business

Multi-Currency Account: Get local bank details in major currencies (USD, GBP, EUR, AUD, and more). Your clients can pay you with a local transfer in their currency, avoiding expensive international wire fees.
Mid-Market Exchange Rate: Your received payments are converted to INR with mid-market exchange rate (the same one you see on Google), with no hidden markups.
Automated e-FIRC: Receive your Electronic FIRC (e-FIRC) automatically via email within 3 business days of the funds being processed. No need to request it separately. Learn more about Wise e-FIRC.
Low, Transparent Fees: Wise charges a small, upfront fee for currency conversion and transfers: View Wise Business Pricing

Source:

ICICI Bank FIRC

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.