Razorpay MoneySaver, FIRA and the EDF: the ICICI rule explained

Razorpay's MoneySaver export account collects payments from abroad and settles rupees to your bank, with a free FIRA. If your settlement bank is ICICI, Razorpay says you need the EDF number before you capture a payment.

Last updated 09 Oct 2026 · Not legal or tax advice

The short version

Razorpay has RBI's final authorisation as a cross-border payment aggregator.
Razorpay requires an invoice for every transaction, and your service must fall under one of its export purpose codes.
Razorpay gives a FIRA (e-FIRS) for each transaction within 24 hours of settlement, free.
According to Razorpay, if your settlement bank is ICICI you must get the EDF number before capturing any payment.

How Razorpay money reaches you

From the providers' published pages and, where marked, user reports, checked 04 Oct 2026. Providers change their banking partners and rules; check before you rely on this.

MoneySaver export account, settled to your bank

How it arrives: A rupee settlement to your bank, the day after capture according to Razorpay.
Proof of payment: Razorpay's FIRA or e-FIRS, within 24 hours after settlement, free.
Razorpay names ICICI Bank as a settlement bank set up for the EDF; Razorpay says ICICI maps invoices to FIRCs and gives the e-BRC without a branch visit, at an extra cost.

Your Export Declaration Form

Exporters file the EDF with their AD bank within 30 days after the end of each month in which they invoiced a foreign client. Companies, LLPs and firms file. Individuals may not need to: on 7 October 2026 RBI said individuals don't have to report transactions of a personal nature, and its FAQ isn't out yet, so ask your bank (who files). See the full EDF guide or work out your due date.

If your settlement bank is ICICI: get the EDF number from ICICI before the month's first capture, as Razorpay's EDF article says.
With any other bank: Razorpay says to file the EDF after the money arrives, with your collection bank. Ask Razorpay to confirm in writing which bank that is for you.
List each invoice in Part 2B at the full invoiced amount; the invoices you uploaded to Razorpay are the same ones.
Keep each Razorpay FIRA with the invoice it pays.

Fees

Reported pricing is 1% per transaction with no exchange-rate markup, and the first ₹1 lakh free; check Razorpay's current pricing. Declare the full invoice amount and record what was deducted as a fee.

Watch out for

Payments through a payment aggregator are capped at ₹25 lakh per transaction.
The ICICI pre-capture rule changes the order of work: plan the EDF before the money comes in, not after.

Questions

Why does Razorpay need an EDF number before payment?

Razorpay's EDF article says that if your settlement bank is ICICI, you need an EDF number before capturing any payment. With other banks, you file after the money arrives.

Does Razorpay give a FIRA?

Yes. Razorpay provides a FIRA (e-FIRS) for each transaction within 24 hours after settlement, at no charge.

Do I have to upload invoices to Razorpay?

Yes. Razorpay's documentation says you must provide invoices for all transactions under the MoneySaver export account.

Do it in easylancing

Upload each Razorpay statement, FIRA or e-FIRC and easylancing reads the amounts, suggests the invoice it pays and fills in any fee for you to record on the invoice. At the end of the month it prepares the EDF, with the platform as third-party payer if you entered it on the invoice. Or try the free EDF generator and the purpose code list.