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 These types of term deposits cannot be withdrawn before the maturity period but can be held in Indian Rupee.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 (in % p.a.)
7 days to 14 days
5.25
15 days to 29 days
5.25
30 days to 45 days
5.50
46 days to 60 days
5.75
61 days to 90 days
5.75
91 days to 120 days
6.05
121 days to 150 days
6.05
151 days to 184 days
6.05
185 days to 210 days
6.05
211 days to 240 days
6.05
241 days to 270 days
6.05
271 days to 300 days
6.30
301 days to 330 days
6.30
331 days to 364 days
6.30
1 Year to 389 days
6.55
390 days to less than 15 months
6.55
15 months to less than 18 months
6.55
18 months to 2 years
6.45
2 years 1 Day to 3 years
6.45
3 years 1 day to 5 years
6.45
5 years 1 day to 7 years
6.45
7 years 1 day to 10 years
6.45
*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 range from Rs.1 crore to less than Rs.5 crore.
Best Interest Rates on ICICI NRO Fixed Deposit
The interest rates on ICICI NRO Fixed Deposits range from 5.25% to 6.55% for all deposits that of Rs.1 crore to less than Rs.5 crore. The highest rate of interest is provided for a tenure of 390 days to less than 15 months, 1 Year to 389 days, and 15 months to less than 18 months, which is 6.55%. From 18 months to 10 years, the rate of interest is 6.45%. An interest rate of 6.30% is offered for deposits that range from 271 days to 300 days, 301 days to 330 days, and 331 days to 364 days.
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.
Repatriability: 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.
FAQs
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.
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.
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.
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.
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.
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.
What is the minimum deposit amount for an NRO deposit account?
An NRO account can be opened for a minimum of Rs.25,000.
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.
How can a customer repatriate funds in their respective NRO account?
Funds can be repatriate either by demand draft or wire transfer.
Are debit card and cheque facilities provided for NRO deposit accounts?
No.
How can I extend the tenure of my fixed deposit?
An NRO deposit can be renewed online by making a service request.
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.
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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I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
I opened fixed deposit with ICICI it gives tax benefits upto 80 c section, I invest Rs. 50,000 as a one time investment it has the term of five years. The online banking is good to deposit the money to take the liquidity, I have option to track the FD details also netbanking.
I have been taken my fixed deposit ICICI bank from long time, Their service is good, i have deposit certain amount which will get mature after five years once it will get mature again i will deposit , their interest rate is less comparing to other bank.
I did a Fixed deposit in ICICI BANK for my kids because I got my salary account and also have opened separate account for my kids and wife on the same bank so its easy to do the payment and linked together. The interest rate is 6.75% moreover the options are very flexible, the locking period is like 1month , 3 months, one year,etc and even the online services are enabled. Whenever I have good amount on the account so go for FD on the selected month, the interest amount will be credited into account.
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5
DURGA PRASAD VADLAMUDI
, hyderabad
Reviewed on Jun 11, 2019
I have Fixed Deposit with ICICI also which was matured earlier even it was a tax free accounts they are charging some amount. Before the financial year completion, i need to submit the document to income department to get my fund but the procedure is too long and I did not get the money. I had done investment of 1L and 0.50L which am unhappy. I would suggest them to provide the bills on time after this experience have stopped investing with them.
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6
HARITHA NARRA
, hyderabad
Reviewed on May 12, 2019
My fixed deposit with ICICI, I have opened the account through online just from the I mobile. I invested around Rs. 1 lakh its for long duration. The interest is good, I can withdraw the money through online banking without any charges. I am very fine with them.
My fixed deposit is with ICICI Bank. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
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7
RAMANATHAN RAMALINGAM
, chennai
Reviewed on Mar 10, 2019
As per the current financial year they are providing 7.2% of interest on the fixed deposit, I can deposit minimum of Rs. 5000 to upto 5 crores. I have activated ICICI Fixed deposit through online, the account got activated on the same day. There is no charges for prematurity .
I do have a fixed deposit account with ICICI and it was taken recently. I have chosen ICICI because my salary and saving account was maintained with them. I am getting good response from the customer service. They are giving average interest rate. I do monthly deposit of less than 50K.
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6
PARESH THAKOR RANA
, mumbai
Reviewed on Feb 09, 2019
In ICICI fixed deposit interest rate is around 6.75% per annum, I opened the FD through online. I have invested Rs. 1 lakh they wont take any charges for the pre matured fixed interest. I believe the interest rate is good compared to the government bank.
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5
AMIT KUMAR
, yamuna nagar
Reviewed on Jan 10, 2019
I have invested a fixed deposit with ICICI. There is no reason for selected this bank. They have offered me a interest rate of 6.5% and there is no processing fee. I have invested the money 8 months before. This is a one year plan. I'm happy about the services provided by the ICICI for this account
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3
ARUMBAKKAM NANDAKUMAR PRASANNA
, thane
Reviewed on Jan 04, 2019
My fixed deposit is with ICICI Bank. I had to go to the bank and meet the executive and open the account. I can close the account online. There is a lock in period for 12 to 13 months. The interest I earn is satisfactory. I have a deposit of 70K. Overall good.
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4
VIVEK KUMAR CHAUHAN
, new delhi
Reviewed on Dec 07, 2018
In 2010, i have done a fixed deposit with ICICI. Every year its been renewing automatically. Since my working in ICICI bank, he has recommended me about the fixed deposit plan. The amount was Rs. 2 lakhs. They have given me a interest rate 7.8% and they have increased the interest rate last year. The ICICI services are upto the mark.
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5
PADMINI GANGADHARAN JITHESH
, chennai
Reviewed on Nov 30, 2018
I don't get any attractive offers but they are providing standard interest for the Fixed deposit being an existing customer of ICICI bank. Right now the government is providing around 6% of interest for FD account for per annum. I can access FD bank through online banking.
ICICI bank fixed deposit interest rate is good as per the RBI guidelines, I have selected the period of five years on FD account. So far I have deposited some good amount, as per my experience its good. I could make the payment through online as well.
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7
BHASKAR BHASKAR ARIYAPADI NAGASUNDARAM
, chennai
Reviewed on Nov 12, 2018
I have all my products with ICICI, even I do have fixed deposit with them. I used to deposit the money on yearly basis around Rs. 50,000. I opened this account before one year, the bank will provide the interest rate upto 7.25% of yearly basis.
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4
BISWANATH SAMANTARAY
, bhubaneshwar
Reviewed on Nov 02, 2018
I have taken Fixed deposit account from Icici bank where am getting income tax benefits from them . There is no charges for the account . Where they are giving good rate of interest i have chosen 5 years of tenure plan for the deposit . Overall am satisfied with the service and response .
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7
DAVIES JOSEPH
, hyderabad
Reviewed on Oct 26, 2018
I have taken fixed deposit account in ICICI Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
Was this review helpful?
5
SANTOSH KUMAR NAMALA
, hyderabad
Reviewed on Oct 06, 2018
