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    ICICI NRE Fixed Deposit

    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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