ICICI bank offers various Non-Resident Ordinary (NRO) fixed deposit schemes that are specially formulated for Non-Resident Indians (NRIs).
These types of term deposits cannot be withdrawn before the maturity period but can be held in Indian Rupee.
ICICI offers customers a wide range of plans to choose from, such as Traditional and Cumulative plans. The interest that is earned on these deposits are fully repatriable.
Minimum tenure for NRO FDs without premature withdrawal: Three months
Maximum Tenure for NRO FDs without premature withdrawal: Ten years
Tenure | Rate of Interest for General Citizen | Rate of Interest for Senior Citizen |
61 days to 90 days | 4.50% p.a. | 5.00% p.a. |
91 days to 184 days | 4.75% p.a. | 5.25% p.a. |
185 days to 270 days | 5.75% p.a. | 6.25% p.a. |
271 days to < 1 year | 6.00% p.a. | 6.50% p.a. |
1 year to < 15 months | 6.70% p.a. | 7.20% p.a. |
15 months to < 18 months | 7.25% p.a. | 7.85% p.a. |
18 months to 2 years | 7.25% p.a. | 7.75% p.a. |
2 years 1 day to 5 years | 7.00% p.a. | 7.50% p.a. |
5 years 1 day to 10 years | 6.90% p.a. | 7.40% p.a. |
*Note: 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 24 March 2025.
An NRO fixed deposit is a type of term deposit scheme that is specially designed for NRIs and people of Indian origin. These term deposits are just like other fixed deposits and pay interest at a certain fixed rate for a specified duration. The difference is this is only for NRIs and also, deposits can be made in foreign currencies.
An NRO account can be opened for a minimum of Rs.25,000.
No. Any income earned in the form of interest on NRE deposits will be subject to tax under the Income Tax Act in India.
In such a case, contact the bank immediately through the customer care number or through email.
All NRO deposit holders are eligible to avail a loan of up to 90% on their respective deposit.
Yes. One can open this type of account in any currency, including Indian rupee. ICICI bank will do the conversion necessary to process the opening of the NRO term deposit account.
Yes. A customer can hold a joint account with an NRI or a person of Indian origin.
The minimum tenure is 7 days, while the maximum tenure is 10 years.
Funds can be repatriate either by demand draft or wire transfer.
No.
An NRO deposit can be renewed online by making a service request.
A nominee can be easily registered online by filling up the add nominee form. Once filled it can be mailed to the respective India office of ICICI Bank in Mumbai. There should be a witness signature in the nomination form. All those from the UAE, Singapore, Australia, Canada, UK or USA can post their documents seeking a nomination.
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