ICICI Bank offers an extensive range of investment options for Non-Resident Indians (NRIs). The bank offers Non-Resident External (NRE), Non-Resident Ordinary (NRO), Foreign Currency Non-Repatriable (FCNR) and Resident Foreign Currency (RFC) deposit schemes.
The Non to Resident External (NRE) Deposit rates for ICICI Bank within the range of 4.90% p.a. and 5.50% p.a. The ICICI Bank Non to Resident Ordinary (NRO) FD rates start from 2.50% p.a. to 5.50% p.a.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
| 1 year to 389 days | 4.90% | N/A |
| 390 days to less than 18 months | 4.90% | N/A |
| 18 months to 2 years | 5.00% | N/A |
| 2 years 1 day to 3 years | 5.15% | N/A |
| 3 years 1 day to 5 years | 5.35% | N/A |
| 5 years 1 day to 10 years | 5.50% | N/A |
*The ICICI Bank NRE interest rates are subject to change as per the discretion of the bank. The rates given in the table are effective as of 01 March 2021.
In case a depositor closes their NRE FD account prematurely i.e., before the date of maturity, they will be charged a penalty accordingly:
| Tenure range | ||
|---|---|---|
| Penalty rates p.a. | ||
| >Less than Rs.5 crore | More than Rs.5 crore | |
| 1 year and more but less than 5 years | 1.00% | 1.50% |
| 5 years and more | 1.00% | 1.50% |
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
| 7 to 14 days | 2.50% | N/A |
| 15 to 29 days | 2.50% | N/A |
| 30 days to 45 days | 3.00% | N/A |
| 46 days to 60 days | 3.00% | N/A |
| 61 days to 90 days | 3.00% | N/A |
| 91 days to 120 days | 3.50% | N/A |
| 121 days to 184 days | 3.50% | N/A |
| 185 days to 289 days | 4.40% | N/A |
| 290 days to less than 1 year | 4.40% | N/A |
| 1 years to 389 days | 4.90% | N/A |
| 390 days to less than 18 months | 4.90% | N/A |
| 18 months to 2 years | 5.00% | N/A |
| 2 years 1 day to 3 years | 5.15% | N/A |
| 3 years 1 day to 5 years | 5.35% | N/A |
| 5 years 1 day to 10 years | 5.50% | N/A |
| 5 years (80C FD) | 5.35% | N/A |
*The ICICI Bank NRO interest rates are subject to change as per the discretion of the bank. The rates given in the table are effective as of 01 March 2021.
| Tenure range | |||||||
|---|---|---|---|---|---|---|---|
| Penalty rates p.a. | |||||||
| >Less than Rs.5 crore | More than Rs.5 crore | ||||||
| Less than 1 year | 0.50% | 0.50% | |||||
| 1 year and more but less than 5 years | 1.00% | 1.00% | |||||
| 5 years and more | 1.00% | 1.50% | |||||
| Tenure | |||||||
|---|---|---|---|---|---|---|---|
| Interest Rates (% p.a.) effective from 1 March 2021 | |||||||
| USD | GBP | JPY | CAD | AUD | SGD | HKD | |
| 12 months to less than 24 months | 0.22 | 0.01 | 0.01 | 0.22 | 0.01 | 0.22 | 0.04 |
| 24 months to less than 36 months | 0.26 | 0.10 | 0.01 | 0.28 | 0.07 | 0.32 | 0.10 |
| 36 months to less than 48 months | 0.44 | NA | NA | NA | NA | NA | NA |
| 48 months to less than 60 months | 0.65 | NA | NA | NA | NA | NA | NA |
| 60 months | 0.87 | NA | NA | NA | NA | NA | NA |
*The ICICI Bank FCNR interest rates are subject to change as per the discretion of the bank. The rates given in the table are effective as of 1 March 2021.
Yes, ICICI Bank has a Non Resident Ordinary (NRO) 80C Tax Saver Fixed Deposit account where you can get a tax deduction of up to Rs.1.5 lakh in the financial year where the investment was made. This is under Section 80C of the Income Tax Act. There is a lock-in period of five years. The minimum deposit is Rs.25,000 while the maximum deposit is Rs.1.5 lakh. Only a one-time lump-sum deposit is allowed. The interest earned is taxed as per the Tax Deduction at Source (TDS) rules. You can add a joint holder who can be an Indian Resident or another Non Resident Indian as well.
Yes, you can take a loan against your ICICI Bank NRO FD. You can avail a loan that is up to 90% of your FD and pay it back with interest rates that are lower than taking a retail loan separately.
You can repatriate up to $1 million per financial year for bonafide purposes from your NRO account.
The principal amount as well as the interest amount earned on your ICICI Bank NRE fixed deposit account are fully repatriable to India.
The interest earned on your ICICI Bank NRE FD account is not taxable in India.
ICICI is one of the foremost financial companies in the country offering numerous banking products and services. Among these is the FCNR or Foreign Currency Non-Repatriable deposit accounts. Deposits into these accounts can be made from a number of currencies and interest amount is applicable based on the tenure chosen. These rates have recently been revised.
The revised rates for CHF or Franc are -
For a tenure that is equal to 12 months and above but below 24 months, the CHF or Franc rate was 0.36 and has now changed to 0.01 and APY or Annual Percentage Yield has changed from 0.36 to 0.01.
For a tenure between 24 months to 36 months, the rate has changed from 0.33 to 0.01 and APY has changed from 0.33 to 0.01.
For a tenure equal to 36 months but below 48 months, the rate has changed from 0.36 to 0.01 and APY has changed from 0.36 to 0.01.
For a tenure equal to 48 months to below 60 months, the rate has changed from 0.4 to 0.01 and APY has changed from 0.4 to 0.01.
For a tenure of 60 months, the rate has changed from 0.47 to 0.01 and APY has changed from 0.47 to 0.01.
The revised rates for SGD or Singapore Dollar are -
For a tenure that is equal to 12 months and above but below 24 months, the SGD rate was 2.59 and has now changed to 2.34 and APY or Annual Percentage Yield has changed from 2.59 to 2.34.
For a tenure between 24 months to 36 months, the rate has changed from 2.78 to 2.53 and APY has changed from 2.8 to 2.55.
For a tenure equal to 36 months but below 48 months, the rate has changed from 2.92 to 2.69 and APY has changed from 2.94 to 2.36.
For a tenure equal to 48 months to below 60 months, the rate has changed from 3.07 to 2.82 and APY has changed from 3.09 to 2.84.
For a tenure of 60 months, the rate has changed from 3.17 to 2.55 and APY has changed from 3.2 to 2.57.
1 July 2016
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