• ICICI NRO Fixed Deposit without Premature Withdrawal

    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 These types of term deposits cannot be withdrawn before the maturity period but can be held in Indian Rupee.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.

    Interest rates on ICICI NRO Fixed Deposit

    Tenure Interest rate (% p.a.)
    7 days to 14 days 2.50
    15 days to 29 days 2.50
    30 days to 45 days 3.00
    46 days to 60 days 3.00
    61 days to 90 days 3.00
    91 days to 120 days 3.50
    121 days to 184 days 3.50
    185 days to 289 days 4.40
    290 days to less than 1 year 4.40
    1 year to 389 days 4.90
    390 days to less than 18 months 4.90
    18 months up to 2 years 5.00
    2 years 1 day up to 3 years 5.15
    3 years 1 day up to 5 years 5.35
    5 years 1 day up to 10 years 5.50
    5 years (80C FD) 5.35

    *Please note that interest rates may be subject to change without prior notice. This will be done at the discretion of the bank. All interest rates are for funds that are less than Rs.2 crore.

    Best Interest Rates on ICICI NRO Fixed Deposit

    The interest rates on ICICI NRO Fixed Deposits range from 2.50% to 5.50% for all deposits below Rs.2 crore. The highest rate of interest is provided for a tenure that is between 5 years 1 day and up to 10 years, which is 6.55%.

    Features and Benefits of ICICI NRO Fixed Deposit

    • Range of plans: ICICI bank offers a wide range of NRO fixed deposit schemes to choose from. Customers can go for the Traditional plan, where interest will be paid on a monthly or quarterly basis. There are also cumulative plans available.
    • Flexibility: These types of term deposits offer customers the flexibility to hold a deposit in Indian currency and choose the amount he/she wishes to invest in without any hassle.
    • Hassle-Free Movement: All interest that is earned on these deposits will be completely repatriable after the necessary tax deductions are made. The maximum upper limit for repatriability is $1 million.
    • Secure investment: There are close to no risks associated with opening an NRO fixed deposit account unlike other types of investments.
    • Ideal for NRIs: These types of deposits are a great investment option for NRIs to park their funds safely and earn a certain fixed percentage of interest for a specified or chosen tenure range.
    • Minimum Deposit: The minimum deposit that must be made is Rs.25,000.
    • Tenure: The tenure of the scheme can range between 7 days and 10 years.
    • Loans: Up to 90% of the amount that is available in the account can be availed as a loan.
    • Joint Account: Joint accounts can be opened.

    FAQs on ICICI NRO Fixed Deposit

    1. What is an NRO fixed deposit? How is it different from other fixed deposits?

      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.

    2. Can I claim tax deduction on NRO fixed deposits?

      No. Any income earned in the form of interest on NRE deposits will be subject to tax under the Income Tax Act in India.

    3. While applying for an NRO deposit online on the ICICI bank website, what should I do if my country does not show up?

      In such a case, contact the bank immediately through the customer care number or through email.

    4. Can customers avail a loan on the NRO deposit?

      All NRO deposit holders are eligible to avail a loan of up to 90% on their respective deposit.

    5. Is it possible to open an NRO term deposit in any type of currency?

      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.

    6. Is it possible to choose a joint holder for the NRO fixed deposit account?

      Yes. A customer can hold a joint account with an NRI or a person of Indian origin.

    7. What is the minimum deposit amount for an NRO deposit account?

      An NRO account can be opened for a minimum of Rs.25,000.

    8. What is the minimum and maximum tenure on ICICI NRO fixed deposits?

      The minimum tenure is 7 days, while the maximum tenure is 10 years.

    9. How can a customer repatriate funds in their respective NRO account?

      Funds can be repatriate either by demand draft or wire transfer.

    10. Are debit card and cheque facilities provided for NRO deposit accounts?

      No.

    11. How can I extend the tenure of my fixed deposit?

      An NRO deposit can be renewed online by making a service request.

    12. How should a customer register a nominee for their account?

      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.

    13. Is it possible to cancel the name of a nominee?

      Yes, ICICI bank provides this facility. This can be done online by downloading the nomination cancellation form. Once the form is filled, it has to be printed and mailed to the ICICI bank head office in Mumbai.

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