FCNR Fixed Deposit Account FAQs

The principal amount as well as interest generated on your FCNR Fixed Deposit is fully repatriable. This means that you can transfer the amount to your overseas account without any restrictions. ICICI Bank offers smooth repatriation in compliance with RBI guidelines, offering convenience to NRIs who might need to access their savings abroad and this adds immense value to their financial planning.

No, only when the beneficiary and remitter are the same person, ICICI Bank processes requests for FCNR Fixed Deposit. This ensures complete transparency and upholds the Bank's policies to abide by regulations. No transfer from third party accounts is accepted, hence funds must be received directly from an account in your name.

The interest earned on your FCNR Fixed Deposit is not taxable in India. This feature makes FCNR Fixed Deposit an attractive option for earning assured returns in foreign currency. However, depending on your country of residence, you might need to declare this income for taxation purposes locally. It’s always wise to consult a tax expert for clarity.

ICICI Bank offers FCNR Fixed Deposits with flexible tenures ranging from 12 months to 60 months for USD currency deposits and from 12 months to less than 36 months for GBP, SGD, CAD, AUD currency deposits. This allows you to choose a duration that aligns with your financial goals. The tenure flexibility ensures you have the freedom to customise your deposit as per your requirements.

You can repatriate funds through a Demand Draft or Wire Transfer. Submit your request through Internet Banking under ‘Service Request’ or by filling out the 'Outward Repatriation of Funds' form. You can mail this form to ICICI Bank’s India address or visit any branch for assistance. Additionally, NRIs in countries like the USA, UK, Canada, Australia, Singapore and UAE can use local P.O.Boxes to avoid courier costs, making the process even more convenient.

Yes, it is permitted to pre-close the Fixed Deposits given under the FCNR, with conditions. When you close the deposit before one year from the date of opening the deposit, no interest is paid, but there are no penalties either for premature closure. For premature closure after one year, interest shall be paid at the rate applicable to the amount and period for which the deposit remained with the bank and no penalty will be levied Thus, this gives you access to your funds in case of emergencies while giving you a reasonable return.

Yes. The amount of loan that can be sanctioned would depend on the currency of the FCNR, please refer table below for details:

No, you will not get a cheque book or an ATM-cum-debit card with your Fixed Deposit

You can request for FD Renewal by applying online through "Service Request" option available in your Internet Banking. Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

You can also visit any ICICI Bank branch in India and submit the 'Renewal of Term Deposit' Request form. In caseof further queries, please write through Email us or call our 24-hour Phone Banking Services.

You can place a request for Repatriation from fixed deposit through any of the following modes:
You can request for “Repatriation of Funds” by applying Online through ""Service Request"" option available in your Internet Banking.

Alternatively, you can click here to download the request form for 'Outward Repatriation of Funds' and mail it to our India address:
ICICI Bank Limited,
RPC Mumbai, 5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA Andheri-East,
Mumbai- 400072 INDIA.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through ""Email us"" option, at our website www.icicibank.com. In case of Fixed Deposit closure wherever currency conversion is involved, please click here to know the slabwise service tax structure. * Repatriation of funds will be subject to regulations of relevant jurisdiction as existing from time to time

FCNR closure proceeds need to be transferred to an account where the FCNR (B) FD holder is a primary applicant

You can request for a Closure of Deposits by applying Online through "Service Request" option available in your Internet Banking. Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

You can also visit any ICICI Bank branch in India and submit the 'Account Closure' Request.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com

For deposits of amount equal to or greater than Rs 1 million or its equivalent, FD closure request signed by all deposit holders is to be accompanied with self-attested copies of the passports of each deposit holder and a cancelled cheque of a NRE or NRO account held in the same Customer Id as the deposit being closed. The ICICI Bank official shall call for self-attested copies of the passport of all applicants as a part of in-person verification.

No, a mandate holder can be appointed only for operating savings account

Yes, you can register your nomination with this account.