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ICICI Bank is a leading multinational bank and the second largest bank in India in terms of assets and market capitalization. Apart from domestic services, ICICI Bank also provides a vast range of banking services to Non-Resident Indians. ICICI Bank offers the following products catering specifically to NRIs:
A Non-Resident External Account is a savings bank account opened in India by a non-resident Indian to deposit his/her foreign earnings. A Non-Resident Ordinary Account is a savings bank account opened by a non-resident Indian to deposit his/her earnings made in India.
The benefits of NRE Fixed Deposit Account are:
Note: All information has been sourced from the official website of ICICI Bank. Interest is calculated on a daily basis on the daily closing balance in the account, at the rate specified by ICICI Bank in accordance with the Reserve Bank of India directives. The savings account interest rate for NRE/NRO With effective from 19th August 2017 are:
The NRE FD rates are:
| FD Tenure | INR 20.0 million (For deposits with quarterly payouts and cumulative deposits) |
|---|---|
| 1 year to 389 days | 6.70% |
| 390 days to < 18 months | 6.80% |
| 18 months upto 3 years | 7.10% |
| 3 years 1 day upto 5 years | 7.00% |
| 5 years 1 day upto 10 years | 7.00% |
Note: Premature withdrawal before completion of year does not attract any payable interest.
Interest rates (percent per annum*) with effect from August 14th, 2019.
The NRO FD rates are:
| FD Tenure | Single Deposit of less than INR 20.0 million |
|---|---|
| 7 days to 14 days | 4.00% |
| 15 days to 29 days | 4.25% |
| 30 days to 45 days | 5.25% |
| 46 days to 60 days | 5.75% |
| 61 days to 90 days | 5.75% |
| 61 days to 90 days | 5.75% |
| 121 days to 184 days | 5.75% |
| 185 days to 289 days | 6.25% |
| 185 days to 289 days | 6.50% |
| 1 year to 389 days | 6.70% |
| 390 days to < 18 months | 6.80% |
| 18 months upto 2 years | 7.10% |
| 2 years 1 day upto 3 years | 7.10% |
| 3 years 1 day upto 5 years | 7.00% |
| 5 years 1 day upto 10 years | 7.00% |
| 5 Years (80C FD) | 7.00% |
Note: Interest rates (percent per annum*) with effect from August 14th, 2019.
| Tenure | USD | GBP | EURO | JPY | CAD | AUD | CHF | SGD | HKD |
|---|---|---|---|---|---|---|---|---|---|
| 12-24 months | 2.79 | 1.18 | 0.01 | 0.01 | 2.35 | 1.69 | 0.01 | 2.19 | 2.60 |
| 24-36 months | 2.53 | 1.18 | 0.01 | 0.01 | 2.07 | 1.61 | 0.01 | 2.16 | 2.44 |
| 36-48 months | 2.22 | 0.92 | 0.01 | 0.01 | 2.03 | 1.37 | 0.01 | 1.65 | 2.13 |
| 48-60 months | 2.22 | 0.94 | 0.01 | 0.01 | 2.02 | 1.49 | 0.01 | 1.65 | 2.11 |
| 60 months | 2.26 | 0.96 | 0.01 | 0.01 | 2.02 | 1.55 | 0.01 | 1.67 | 2.12 |
Note: Premature withdrawal before completion of year does not attract any payable interest.
Interest rates (percent per annum) from August 01, 2019 (For deposits with half yearly payouts and cumulative deposits).
The above interest rates are Subject to revision without any further notice from the bank.
The documents required for opening an NRE Fixed Deposits are:
In what currency can my NRE Fixed Deposit be maintained?
NRE Fixed Deposits are maintained in Indian Rupees.
What is the frequency of interest payment on my NRE fixed deposit account?
The interest payout is on a quarterly and cumulative basis.
Am I liable to pay taxes if I have an NRE fixed deposit?
Yes, The interest earned on a resident rupee account is taxable in India.
Can I have a joint applicant for my NRE fixed deposit?
Yes, you can hold this account jointly with other Non-Resident Indian(s) and Resident Indians.
What is the tenure and interest rate for which I can open an NRE Fixed Deposit?
You can open an NRE FD for a tenure ranging from 7 days to 10 years. The interest rate ranges from 4% to 7%.
