• ICICI Bank Non-Resident External (NRE) Savings Account

    Probably the easiest way to convert one’s foreign earnings in India to carry out regular banking transactions in the country, ICICI Bank has rolled out the Non-Resident External savings account for NRIs. With this NRE savings account, NRIs do not have to pay tax on the deposits and the interest accrued in the account and they can freely repatriate funds in and out of the country. The ICICI Bank Non-Resident External (NRE) Savings Account also comes with a free money exchange facility at the most competitive exchange rates in the market.

    Features and Benefits of ICICI Bank Non-Resident External (NRE) Savings Account

    • As already mentioned, deposits in this savings account is not taxable, neither is the interest accrued over the deposits.
    • At any time, ICICI Bank NRI customers can repatriate funds in and out of the country.
    • NRI customers have to maintain a low minimum average monthly balance of Rs.10,000.
    • On opening the account, customers are granted an International debit card. With this debit card, customers can make withdrawals at more than 11,000 ATMs across the country, and carry out phone and net banking facilities.
    • Deposits in the ICICI Bank Non-Resident External (NRE) Savings Account comes with an annual interest rate of 4% for deposits in the account more than Rs.50 lakh and 3.5% p.a. for balances less than Rs.50 lakh.
    • Customers holding this account can avail the benefit of free money transfers which come with competitive exchange rates. Customers can choose when they wish to make the exchange, safeguarding them from the fluctuating currency exchange market.
    • Using the Money2India facility, customers can transfer money to over 100 banks in India and can also track the transfer.
    • NRI customers can open joint savings accounts as well provided that the secondary account holder is an NRI as well.
    • Customers can submit a letter of mandate when appointing a nominee. The nominee can carry out banking transactions in India on behalf of the account holder. The nominee is also granted a free cheque book and an ATM debit card to make withdrawals and transactions at retail or online merchant establishments across the country.
    • Customers can make the initial deposit for this account along with the required documents. The payment can be made in cash, Demand Draft or cheque.

    Eligibility for ICICI Bank Non-Resident External (NRE) Savings Account

    All Non-Resident Indians are eligible for the ICICI Bank Non-Resident External (NRE) Savings Account.

    Documents Required for ICICI Bank Non-Resident External (NRE) Savings Account

    For NRIs Applying at Local ICICI Bank Branches:

    When submitting the account opening form at any of the ICICI Bank branches, NRI customers will have to submit the following documents.

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph.
    • Copy of valid work permit, or employment visa, or residence visa or residence permit.
    • PAN Card.
    • If PAN card is not possible, customer can also submit Form 60.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    All the copies of the above mentioned documents will have to be attested by the applicant.

    For NRIs opening the account outside India, they will be required to submit the following documents:

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph.
    • Copy of valid work permit, or employment visa, or residence visa or residence permit.
    • PAN Card.
    • If PAN card is not possible, customer can also submit Form 60.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    All documents mentioned above will have to be attested by the applicant.

    For Person of Indian Origin (PIO) opening the account at any local ICICI Bank branch:

    To be eligible for this NRE savings account, the NRI applicant will have to submit copies of the below listed documents:

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph.
    • PIO card.
    • Indian passport of self, parents or grandparents.
    • Valid work permit or employment visa if residence country is different from passport issuing country.
    • PAN card.
    • Form 60 if the applicant does not have a passport.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    All documents mentioned above will have to be attested by the applicant.

    For PIOs Opening the Account Outside India:

    Applicants applying to open the ICICI Bank Non-Resident External (NRE) Savings Account outside India will have to submit the below listed documents:

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph.
    • PIO card.
    • Indian passport of self, parents or grandparents.
    • Valid work permit or employment visa if residence country is different from passport issuing country.
    • PAN card.
    • Form 60 if the applicant does not have a PAN card.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    For Students Opening the Account at Any ICICI Bank Local Branch:

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph. The signature on the passport and on the application form should match.
    • Valid student visa.
    • I-20 form - only for non-face to face United States customers.
    • If the student holds a regular visa, he/she will need to submit the admission letter or identity card of the institution enrolled with.
    • PAN card.
    • Form 60 if the applicant does not have a PAN card.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    The student is required to attest all the above mentioned documents when submitting them along with the application form.

    For Students Opening the Account Outside India:

    • Passport - first and last four pages of the passport containing the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph. The signature on the passport and on the application form should match.
    • Valid student visa.
    • I-20 form - only for non-face to face United States of America customers.
    • If the student holds a regular visa, he/she will need to submit the admission letter or identity card of the institution enrolled with.
    • PAN card.
    • Form 60 if the applicant does not have a PAN card.
    • FATCA/CRS declaration form.
    • CKYC annexure form.

    Here too, the student is required to attest all the above mentioned documents when submitting them along with the application form.

    For Seafarers:

    To open a seafarer account, the applicant will be required to submit the following KYC documents.

    • Self attested copy of passport. The passport should contain the the address of the applicant, the date of birth, date and place of issue, expiry date, specimen signature and photograph. The signature on the applicant's passport and on the application form should match.
    • Attested copy of valid visa. This should be submitted along with a copy of the first and last two pages of the passport. The visa should indicate the arrival in India.
    • Continuous discharge certificate (CDC) - if required.
    • If one is a permanent employee, he/she should submit the initial work contract and last wage slip.
    • If he/she is a contract employee, the following documents will be required:
      • Valid CDC with disembarkation stamp.
      • Valid work contract.
      • Last wage slip.
      • If CDC is not more than 6 months old, last contract details will be required.
    • For seafarers working for oil rigs, they would have to submit the required documents mentioned below:
      • Last contract details will be mandatory if CDC is not more than 6 months old.
      • PAN card.
      • Form 60 if the applicant does not have a PAN card.
      • FATCA/CRS declaration form.
      • CKYC annexure form.

    ICICI Bank Non-Resident External (NRE) Savings Account Fees and Charges

    Charge Type Details
    Minimum Monthly average balance Rs.10,000
    Charges for non maintenance of minimum Monthly average balance Rs.100 + 5% of the shortfall in required MAB
    Waiver of non-maintenance of MAB charges Charges if applicable would be waived off provided the customer remits a cumulative sum of Rs.20,000 or more in the last 3 months in the account.
    Cash transactions at base branch Free
    Cash Withdrawals by customer or customers representative to the debit of the customers own Savings Account at a non-base branch Free
    Cash deposit by customer or customers representative to the credit of the customers own Savings Account at a non-base branch Free
    ATM withdrawal at non-ICICI Bank ATMs Free for first 5 withdrawals for the month. Rs.20 will be charged from the 6th withdrawal onwards.
    ATM withdrawal at ICICI Bank ATMs Free
    Overseas ATM withdrawals Rs.125 per cash withdrawal
    Overseas balance enquiry and PIN change Rs.25
    Overseas mini statement request Rs.25
    For purchase and ATM transactions outside India at all VISA enabled POS and ATM Machines Conversion charge of 3.5%
    Quarterly statement Free
    Monthly e-statement Free
    Issue of Duplicate Statement at local branch Rs.100 per statement
    DD - Issue by deposit of cash Rs.4 per Rs.1,000 - subject to a minimum of Rs.100 and a maximum of Rs.15,000.
    DD - Cancellation / Duplicate / Revalidation Rs.100 per DD
    Issue of DD drawn on ICICI Bank by cheque/transfer Rs.50 for DD up to Rs.10,000. For DD more than Rs.10,000, Rs.3 will be charged per Rs.1,000 - subject to a minimum of Rs.75 and a maximum of Rs.15,000.
    PO - Issue Rs.75 for PO of up to Rs10,000 For PO above Rs.10,000 - Rs.2.50 per thousand rupees - subject to a minimum of Rs.75 and maximum of Rs.15,000
    PO - Cancellation / Duplicate / Revalidation Rs,100 per PO
    NEFT Charges - Inward Free
    NEFT Charges Outward Upto Rs.10,000 – Rs.2.5 per transaction. Rs.10.001 to Rs.1 lakh – Rs.5 per transaction. Rs.1 lakh to Rs. 2 lakhs – Rs.15 per transaction. Above Rs.2 lakhs - Rs.25 per transaction.
    RTGS - Outward Rs.2 lakh to Rs.5 lakh – Rs. 25 per transaction. Rs.5 lakh and above – Rs.50 per transaction
    RTGS - Inward Free
    EFT Charges- inward Free
    EFT Charges- outward Free
    ECS Debit Returns Rs.350 per return
    ECS Credit Returns Free
    Charges for certifying or verifying customer mandates Free
    Cheque Collection Local Free
    Local cheque deposited by customer Rs.100 for every cheque return
    Cheque issued by customer Rs.350 for one cheque return per month; Thereafter, Rs.750 per return in the same month for financial reasons; Rs.50 for non-financial reasons except for signature verification. Transfer cheque returns will be charged at Rs.350 per return for financial reasons.
    Outstation cheque deposited by customer Rs.150 + other bank charges per cheque
    Outward Return Charges – Local Rs.100 + other bank charges per cheque
    Outward Return Charges – Upcountry Rs.150 + other bank charges per cheque
    Enrolment fee Free
    Annual Silver debit card fee Rs.199 +GST
    Annual Platinum debit card fee Rs.299 + GST
    Annual World debit card fee Rs.399 + GST
    Replacement Card fees (Lost / Damaged card) Rs.375
    Debit Card PIN re-generation Charges Free
    Decline of transaction at any ATM or point of sale (POS) due to insufficient balance in the account Rs.25 per transaction
    Setting-up-charge Rs.150 per standing instruction
    Amendment charge Rs.25 per amendment
    Locker charges Varied with branches
    Execution charge involving payment through DD/PO Depends on scale of remittance plus Rs.25
    Reissue of ATM / Debit Card and Pins Rs.375
    Reissue of Internet Banking User ID Rs.375
    Reissue of Internet Banking passwords Rs.375
    Reissue of Cheque Book Rs.375
    Balance Certificate Rs.50 per certificate for balance in Savings Account and Fixed Deposit Account
    Interest Certificate Rs.50 per certificate
    Account closure Rs.500 for closure within 30 days. No charges after 30 days.
    Retrieval of old transactional documents / Enquiries related to old records Upto 1 year old - Rs.50 per record More than 1 year old - Rs.100 per record.
    Photo attestation Rs.100 per application letter
    Signature attestation Rs.50 per application letter
    Address confirmation Rs.50 per application letter
    Inoperative account No charges
    Penalty on Deposit of cash in collector box A charge of Rs.100 will be levied. If the deposit amount is above Rs.500 the charge will be Rs.300. If the customer repeats instances of cash deposits through cheque drop box, he/she will have to pay an enhanced charge of Rs.500 for any amount.
    Stop Payment charges Rs.50 per cheque and Rs.100 for range of cheques covered in single mandate. If the customer stops the cheque payment through Internet Banking and Customer Care (IVR), no charge will be levied.
    Lien marking and unmarking of savings account Rs.50 for marking of lien Rs.50 for unmarking of lien
    Reissue of Internet user id or password ( through Branch or non IVR Customer Care) Rs.375
    Cheque Books Free
    Multi City cheque payment Free
    Outstation cheque collection –through ICICI Bank branch locations Upto Rs.5,000 – Rs.25 per instrument. Rs.5,001 to Rs.10,000 – Rs.50 per instrument. Rs.10,001 to Rs.1 lakh – Rs.100 per instrument. Above Rs.1 lakh - Rs. 200 per instrument.
    Outstation cheque collection –through non ICICI Bank branch locations Upto Rs.5,000 – Rs.25 per instrument. Rs.5,001 to Rs.10,000 – Rs.50 per instrument. Rs.10,001 to Rs.1 lakh – Rs. 100 per instrument. Above Rs.1 lakh - Rs.200 per instrument
    Issue of pass book Free if branch is local
    Issue of duplicate pass book Free
    Issue of loose cheque leaves Rs.125 for cheque book of 5 leaves (Rs.25 per leaf)

    ICICI Bank Non-Resident External (NRE) Savings Account FAQs

    1. Where can I open an ICICI Bank Non-Resident External (NRE) Savings Account from?

    You can open an ICICI Bank Non-Resident External (NRE) Savings Account either online on the ICICI Bank website or at any of ICICI Bank’s branches.

    2. Is the interest accrued over the deposits taxable in the ICICI Bank Non-Resident External (NRE) Savings Account?

    No, the principal amount as well as the interest accrued is free from tax in the ICICI Bank Non-Resident External (NRE) Savings Account.

    3. In which currency can I open the ICICI Bank Non-Resident External (NRE) Savings Account?

    You can open this NRE saving account offered by ICICI Bank in any currency that is convertible. To make transactions or withdrawals, the currency will have to be converted to Indian rupees. This savings account comes with a free currency exchange facility and offers conversions at the best market rate possible.

    4. What is the withdrawal and transaction limit for the Silver debit card that is offered with this account?

    The Silver debit card which is on offer for NRIs comes with an ATM withdrawal limit of Rs.25,000 and a daily transaction limit online or retail merchant establishments of Rs.50,000.

    5. Can you tell me what Money2India is and where is it available?

    Money2India is a secure and cost effective currency exchange facility. It is available in 8 countries and in 8 currencies - North America: USA (USD), Canada (CAD), Europe: UK (GBP), Sweden (SEK), Switzerland (CHF) Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED).

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