ICICI NRE Fixed Deposit (FD)

FAQs on ICICI NRE Fixed Deposit

• What is an NRE fixed deposit?

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

• 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.

• 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.

• 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

• 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.

• 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.

• 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.

• 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.

• 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.

• Are cheque or ATM card issued for NRE fixed deposit accounts?

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

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

  Passport and valid visa, work permit and PR documents.

• 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.

• 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.

• 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.

• 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.

• 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.