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  • ICICI NRE Fixed Deposit

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  • ICICI offers various Non-Resident External (NRE) schemes for Non-Resident Indians (NRIs) and people who are of Indian origin. NRE fixed deposits can be maintained in Indian currency and customers can reap the benefits of full reparability. The main advantage of this type of fixed deposit is the tax benefit it offers. NRE fixed deposits offer a high and competitive rate of interest and it is advantageous because it gives NRIs an efficient option to park their foreign funds.

    Interest Rates on ICICI NRE Fixed Deposit

    Tenure Interest rate for less than Rs.10 million
    1 year to 389 days 6.75%
    390 days up to 2 years 6.75%
    2 years 1 day up to 5 years 6.50%
    5 years 1 day up to 10 years 6.50%

    *Interest rates are subject to change without prior notice. This will be done at the discretion of the bank.

    Best Interest Rates on ICICI NRE Fixed Deposit

    ICICI bank pays interest at the range of 6.50% to 6.75%. For a tenure between 1 year to 389 days and 390 days up to 2 years, the interest rate is 6.75%. For a tenure that ranges between 2 years 1 day up to 5 years and 5 years 1 day up to 10 years, the rate of interest is 6.50%. The minimum tenure for all ICICI bank NRE fixed deposits is 1 year, while the maximum is 10 years. ICICI bank also offers quarterly interest payment options and cumulative deposits. All senior citizens will be eligible for an additional interest rate of 0.5%, over and above the general rate of interest. Please note that those who opt for the monthly payment of interest, the payment will be paid at a certain discounted rate.

    Features and Benefits of ICICI NRE Fixed Deposit

    • Easy account opening: ICICI bank offers customers the convenience of opening an NRE term account with a click of a button and in a matter of minutes through internet banking. All customers can make this purchase online with minimal documentation.
    • Attractive interest rates: These types of term deposits provide NRIs competitive rates of interest, making it a good investment option. It is also a very safe and reliable type of investment option when compared to other types of investments.
    • Flexible tenure options: ICICI bank offers customers various benefits including flexible tenure options. All customers can make a deposit for any period that ranges from 1 to 10 years.
    • Loan facility: In case of any financial emergency, all customers will be eligible to avail a loan of up to 90% on their NRE fixed deposit. The upper limit on loans that can be taken against NRE deposits is Rs.500 lakh.

    FAQs

    1. What is an NRE fixed deposit?

      An NRE fixed deposit is a type of term deposit account which pays interest at regular intervals.

    2. What is the minimum deposit amount for this type of deposit?

      The minimum deposit account for an NRE fixed deposit account is Rs.25, 000.

    3. Is it possible to avail a loan on an NRE fixed deposit?

      Yes. All customers are eligible to avail a loan of up to 90% against their respective NRE fixed deposit.

    4. Who is an NRI? How do you define who an NRI is?

      Any person who meets the below criteria will be categorized as an NRI:

      • If a person is residing outside India with a valid employment permit or business permit
      • Holds a Permanent Resident ship card in a country outside India
      • If a person is working on deputation outside the country
    5. How do you define a PIO?

      PIO is expanded as a person of Indian origin. A PIO basically refers to any person who has at some point in time held an Indian passport, is an offspring of an Indian citizen or grandchild of an Indian citizen.

    6. Is there any kind of tax exemption on NRE fixed deposits?

      Yes. There will be no tax availed on the interest earned on NRE term deposits.

    7. Is it possible to have a joint NRE term deposit account?

      Yes, the customer will be eligible to nominate a joint account holder without any hassle.

    8. Can NRE fixed deposits accounts be opened online?

      All NRE term deposit accounts can be opened online without any hassle from any part of the world.

    9. What are the consequences if a customer fails to renew his/her fixed deposit?

      In case a customer forgets or does not renew his/her fixed deposit for any reason, the bank will automatically renew the respective deposit at the prevailing rate of interest. This will be done provided the account holder has not opened his/her account on non-auto renewal mode.

    10. Are cheques or ATM card issued for NRE fixed deposit accounts?

      No. Cheques or ATM cards will not be issued for such types of term deposit accounts.

    11. What is the procedure to extend the maturity period of an NRE term deposit?

      All customers can easily renew their fixed deposits without any hassle through internet banking. The process can be initiated by making a ‘Service Request’.

      Another option is to download a request form online, fill it and then mail the form with relevant documents to the ICICI bank Mumbai office.

    12. How can a customer initiate the process to repatriate funds?

      Repatriation can be done either through a demand draft or transfer of funds through the wire.

    13. How can a customer close a fixed deposit account?

      All customers can easily close their NRE their fixed deposits without any hassle through internet banking. The process can be initiated by making a ‘Service Request’.

      Another option is to download a request form online, fill it and then mail the form with relevant documents to the ICICI bank Mumbai office.

    14. Can a customer withdraw his/her NRE fixed deposit before the said maturity period?

      Yes, all customers can terminate their account before the maturity period. However, interest will be paid only for the period for which the deposit was held. There are likely to be some penalty charges.

    15. Is it possible to choose a nominee?

      Yes, one can choose a nominee without any hassle at the time of purchase of the NRE term deposit. If a nomination is not made at the time of purchase, it can be made at any point in time.

    16. What are the documents required to process an NRE fixed deposit account?

      Passport and valid visa, work permit and PR documents.

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    Fixed deposit Reviews

    • ICICI Bank Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my fixed deposit ICICI bank from long time, Their service is good, i have deposit certain amount which will get mature after five years once it will get mature again i will deposit , their interest rate is less comparing to other bank.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 29, 2019
    • ICICI Bank
      ICICI Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I did a Fixed deposit in ICICI BANK for my kids because I got my salary account and also have opened separate account for my kids and wife on the same bank so its easy to do the payment and linked together. The interest rate is 6.75% moreover the options are very flexible, the locking period is like 1month , 3 months, one year,etc and even the online services are enabled. Whenever I have good amount on the account so go for FD on the selected month, the interest amount will be credited into account.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 11, 2019
    • ICICI Bank Fixed Deposit
      "Have to be more quick in their procedure"
      0.5 3.0/5 "Satisfactory"
      I have Fixed Deposit with ICICI also which was matured earlier even it was a tax free accounts they are charging some amount. Before the financial year completion, i need to submit the document to income department to get my fund but the procedure is too long and I did not get the money. I had done investment of 1L and 0.50L which am unhappy. I would suggest them to provide the bills on time after this experience have stopped investing with them.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 12, 2019
    • ICICI Bank Fixed Deposit
      "Good Accesibility"
      0.5 5.0/5 "Blown Away!"
      My fixed deposit with ICICI, I have opened the account through online just from the I mobile. I invested around Rs. 1 lakh its for long duration. The interest is good, I can withdraw the money through online banking without any charges. I am very fine with them.
      Was this review helpful? 7
      , indore
      Reviewed on Apr 03, 2019
    • ICICI Bank Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My fixed deposit is with ICICI Bank. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
      Was this review helpful? 7
      , chennai
      Reviewed on Mar 10, 2019
    • ICICI Bank Fixed Deposit
      "Attractive interest with best saving"
      0.5 5.0/5 "Blown Away!"
      As per the current financial year they are providing 7.2% of interest on the fixed deposit, I can deposit minimum of Rs. 5000 to upto 5 crores. I have activated ICICI Fixed deposit through online, the account got activated on the same day. There is no charges for prematurity .
      Was this review helpful? 6
      , thane
      Reviewed on Mar 08, 2019
    • ICICI Bank Fixed Deposit
      "Need to increase the interest rate"
      0.5 5.0/5 "Blown Away!"
      I do have a fixed deposit account with ICICI and it was taken recently. I have chosen ICICI because my salary and saving account was maintained with them. I am getting good response from the customer service. They are giving average interest rate. I do monthly deposit of less than 50K.
      Was this review helpful? 6
      , mumbai
      Reviewed on Feb 09, 2019
    • ICICI Bank Fixed Deposit
      "Smart Investment"
      0.5 5.0/5 "Blown Away!"
      In ICICI fixed deposit interest rate is around 6.75% per annum, I opened the FD through online. I have invested Rs. 1 lakh they wont take any charges for the pre matured fixed interest. I believe the interest rate is good compared to the government bank.
      Was this review helpful? 4
      , yamuna nagar
      Reviewed on Jan 10, 2019
    • ICICI Bank Fixed Deposit
      "Good Deposit"
      0.5 5.0/5 "Blown Away!"
      I have invested a fixed deposit with ICICI. There is no reason for selected this bank. They have offered me a interest rate of 6.5% and there is no processing fee. I have invested the money 8 months before. This is a one year plan. I'm happy about the services provided by the ICICI for this account
      Was this review helpful? 3
      , thane
      Reviewed on Jan 04, 2019
    • ICICI Bank Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My fixed deposit is with ICICI Bank. I had to go to the bank and meet the executive and open the account. I can close the account online. There is a lock in period for 12 to 13 months. The interest I earn is satisfactory. I have a deposit of 70K. Overall good.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 07, 2018
    • ICICI Bank Fixed Deposit
      "Nice bank for fixed deposit"
      0.5 5.0/5 "Blown Away!"
      In 2010, i have done a fixed deposit with ICICI. Every year its been renewing automatically. Since my working in ICICI bank, he has recommended me about the fixed deposit plan. The amount was Rs. 2 lakhs. They have given me a interest rate 7.8% and they have increased the interest rate last year. The ICICI services are upto the mark.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 30, 2018
    • ICICI Bank Fixed Deposit
      "Good Savings"
      0.5 4.0/5 "Great!"
      I don't get any attractive offers but they are providing standard interest for the Fixed deposit being an existing customer of ICICI bank. Right now the government is providing around 6% of interest for FD account for per annum. I can access FD bank through online banking.
      Was this review helpful? 3
      , mumbai
      Reviewed on Nov 26, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      ICICI bank fixed deposit interest rate is good as per the RBI guidelines, I have selected the period of five years on FD account. So far I have deposited some good amount, as per my experience its good. I could make the payment through online as well.
      Was this review helpful? 6
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Bank Fixed Deposit
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I have all my products with ICICI, even I do have fixed deposit with them. I used to deposit the money on yearly basis around Rs. 50,000. I opened this account before one year, the bank will provide the interest rate upto 7.25% of yearly basis.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Nov 02, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment Plan"
      0.5 4.5/5 "Excellent!"
      I have taken Fixed deposit account from Icici bank where am getting income tax benefits from them . There is no charges for the account . Where they are giving good rate of interest i have chosen 5 years of tenure plan for the deposit . Overall am satisfied with the service and response .
      Was this review helpful? 6
      , hyderabad
      Reviewed on Oct 26, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment Plan"
      0.5 4.0/5 "Great!"
      I have taken fixed deposit account in ICICI Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 06, 2018
    • ICICI Bank Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      I have the fixed deposit account with the ICICI bank and the response is good. I would like to say that the customer service is good one and the minimum tenure starts from seven days to fifteen days of time. I am happy with the ICICI bank.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 07, 2018
    • ICICI Bank Fixed Deposit
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed Deposit with ICICI bank from last 15 years, my experience was good so far and i did not face any issues with this bank. I have taken this FD mainly for auto debit of the home loan. Customer service is good and they explained all the terms and conditions
      Was this review helpful? 4
      , coimbatore
      Reviewed on May 24, 2018
    • ICICI Bank Fixed Deposit
      "Excellent service"
      0.5 4.0/5 "Great!"
      Got the Fixed deposit account around 4 years ago from the ICICI bank and I have this account for the safety purpose . The customer support service and the response is good with the ICICI bank and they give good response to the customers. The rate of interest is good from the ICICI bank FD.
      Was this review helpful? 3
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • ICICI Bank Fixed Deposit
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the fixed deposit from the ICICI bank. The customer support service is good with the ICICI bank. The rate of interest and the charges is average with the ICICI bank fixed deposit and I am satisfied with it, I got the salaried account from the ICICI so I have got the fixed deposit from the ICICI bank.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 12, 2018
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