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 These types of term deposits cannot be withdrawn before the maturity period but can be held in Indian Rupee.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.
|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.
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.
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.
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.
An NRO account can be opened for a minimum of Rs.25,000.
The minimum tenure is 7 days, while the maximum tenure is 10 years.
Funds can be repatriate either by demand draft or wire transfer.
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.
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.