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 ICICI NRE FD pays interest in the range of 6.60% p.a. to 7.00% p.a. for an investment period that is from a minimum of 1 year to a maximum of 10 years. The interest income that is accumulates out of this deposit scheme is tax-free in India and customers can also enjoy repatriability.
| Tenure | Regular rate of interest (per annum) | Senior citizen interest rate (per annum) |
|---|---|---|
| 1 year to 389 days | 6.60% | NA |
| 390 days to 2 years | 6.75% | NA |
| More than 2 years to 10 years | 7.00% | NA |
The ICICI NRO FD pays the investor interest at a rate that ranges from 4.00% p.a. to 7.00% p.a. The interest accumulated in this type of investment scheme will come under the purview of tax rules and TDS will also be applicable.
| Tenure | Regular rate of interest (per annum) | Senior citizen interest rate (per annum) |
|---|---|---|
| 7 days to 14 days | 4.00% | NA |
| 15 days to 29 days | 4.25% | NA |
| 30 days to 45 days | 5.50% | NA |
| 46 days to 60 days | 5.75% | NA |
| 61 days to 184 days | 6.00% | NA |
| 185 days to 289 days | 6.25% | NA |
| 290 days to 364 days | 6.50% | NA |
| 1 year to 389 days | 6.60% | NA |
| 390 days to 2 years | 6.75% | NA |
| More than 2 years to 10 years | 7.00% | NA |
ICICI FCNR deposits pay at a good rate in most of the major currencies across the world such as USD, GBP, EURO, JPY, CAD, AUD, etc. The maximum tenure that is offered is 5 years. All NRIs and People of Indian Origin (PIO) can make deposits in any currency and earn returns on their FCNR FDs.
| Tenure/ Currency | AUD | CAD | JPY | EURO | GBP | USD |
|---|---|---|---|---|---|---|
| 5 years | 3.29% | 3.08% | 0.17% | 0.59% | 1.90% | 3.70% |
| 4 years to less than 5 years | 3.20% | 3.04% | 0.15% | 0.44% | 1.83% | 3.69% |
| 3 years to less than 4 years | 2.96% | 2.98% | 0.12% | 0.29% | 1.74% | 3.67% |
| 2 years to less than 3 years | 3.13% | 2.89% | 0.31% | 0.36% | 1.88% | 3.88% |
| 1 year to less than 2 years | 3.04% | 2.77% | 0.29% | 0.27% | 1.68% | 3.68% |
ICICI Bank also offers the option to invest in RFC accounts. These are accounts that are meant for those who want have returned from a foreign land and want to maintain a foreign currency deposit.
| Tenure/ Currency | JPY | EURO | GBP | USB |
|---|---|---|---|---|
| Overnight/ till 30 days | NA | NA | NA | NA |
| 30 days to less than 6 months | 0.02% | 0.01% | 1.04% | 2.84% |
| 6 months to less than 1 year | 0.06% | 0.01% | 1.15% | 3.03% |
| 1 year to less than 2 years | 0.29% | 0.27% | 1.68% | 3.68% |
| 2 years to less than 3 years | 0.31% | 0.36% | 1.88% | 3.88% |
| 3 years | 0.12% | 0.29% | 1.74% | 3.67% |
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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
