Frequently Asked Questions

NRE Fixed Deposits are opened and maintained in Indian Rupees (INR).

The minimum amount for opening an NRE fixed deposit account is Rs 25,000.

Interest payment frequency for traditional NRE fixed deposit is Monthly and quarterly. For cumulative deposits interest payment is at the time of maturity.

As this is a fixed deposit, cheque book and ATM/ Debit Card are not given. You can use the linked/ repayment account’s cheque book/ debit card for withdrawal/ transfer of funds in your NRE fixed deposit post partial or full closure.

The interest earned on NRE fixed deposit is tax free in India.

NRE fixed deposit can be booked for a tenure ranging from one year to 10 years. No interest payable if deposit prematurely closed within 1 year.

Click here for NRE Fixed Deposit interest rates.

Yes. Nomination facility is available for NRE fixed deposit.

Yes. You can hold this FD jointly with other Non-Resident Indian(s) and Resident Indians*.

*This can be opened only with relatives and mode of operation shall be as Former or Survivor as per which only the primary applicant shall have rights for financial and non-financial transactions.

Yes, the interest earned in NRO SB accounts or NRO Term Deposits / NRO Recurring Deposits is subject to withholding tax. Click Here to know the current TDS rates applicable on interest earned on NRO accounts / deposits.

Yes. You can hold NRO Fixed Deposit Account jointly with other Non-Resident Indian(s) and Resident Indians*. You can also register nomination for this account.

*This can be opened only with relatives and mode of operation shall be as Former or Survivor as per which only the Primary applicant shall have rights for Financial and Non-Financial transactions.

The minimum amount to open an NRO Fixed Deposit is INR 25,000

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You can maintain an NRO Fixed Deposit for 7 days -10 years.

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You can view your tax credit statement by logging to internet banking. Alternatively, click here to view your tax credit details directly.

DTAA stands for Double Taxation Avoidance Agreement. Income Tax rates will be as per DTAA (Double Taxation Avoidance Agreement) agreed between India and various countries, in the case of depositor is resident of any of those countries.

You can avail DTAA benefit on your NRO accounts by providing a self-declaration in the prescribed format, self attested PAN card copy, Form 10F and tax residency certificate for the current year.

For more information on DTAA & documents, please call us on our 24-hour Customer Careor write to us through "Email us" option, at our website https://www.icicibank.com/nri-banking

Yes. PAN card is mandatory for availing DTAA benefit

Documents need to be submitted at the time of requesting for the DTAA benefit as well as for each year during the tenure of the deposit / account.

You can request for a demand draft 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

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the ' Demand Draft' Request form. To refer to the updated list of our branches please, Click here

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.

*Charges will be as per applicable service charges.

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 by applying online through "Service Request" option available in your Internet Banking.

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

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

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.

Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India. However, RBI has now permitted transfer from NRO account to NRE account subject to the submission of required documents and subject to total amount of funds transferred to NRE account and/or repatriated abroad through NRO account during this financial year is within the limit of USD One million.

Click here for request letter for transfer of Funds from ICICI Bank NRO a/c to NRE a/c.

Click here for request letter for transfer of Funds from non ICICI Bank NRO a/c to ICICI Bank NRE a/c.

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.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the 'Account Closure' Request.To refer to the updated list of our branches please, Online through an option available through Internet Banking.

Alternatively, you can click here to download the 'Registration 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

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the registration form.To refer to the updated list of our branches please, Click here

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 Click here

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

Yes, you can close your NRO FD before maturity. Interest will be calculated at the rate applicable for the period the Deposit has actually remained with ICICI Bank plus applicable penalty.

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

Click here to know various service channel option to update nominee. Alternatively, you can Click here to download the form. DA1 - NOMINATION ADDITION section to be filled and mail 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.

Please Note that :

• The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee.
• The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to cancel nominee. Alternatively, you can Click here  to download the form. DA2 - NOMINATION DELETION / NO NOMINATION section to be filled and mail 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.

Please Note that the nomination form has to be signed by all the account holders

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.
You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to change the nominee. Alternatively, you can Click here to download the form. DA3 - NOMINATION MODIFICATION section to be filled and mail 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.

Please Note that :

• The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee.
• The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to provide No Nominee Declaration. Alternatively, you can Click here to download the form. DA2 - NOMINATION DELETION / NO NOMINATION section to be filled and mail 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.

Please Note that the form has to be signed by all the account holders

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

No, only 1 person can be nominated for an account

Yes, you can have separate nominations for different accounts.

No, you don't have to go through the same procedure every time. ICICI Bank allows NRIs to give a one-time instruction to make the nominee applicable for all accounts.

Yes, you can get loan up to 90% of your fixed deposit value against your NRO callable fixed deposit.

Funds received as maturity of fixed deposit in NRO account are repatriable provided the tenure of the said fixed deposit is more than a year. In case the tenure is less than a year, the initial credit will be considered as the source of fund and documents will be applicable accordingly.

Funds up to USD 1 million (or equivalent) per financial year can be repatriated.

No, FCNR FDs can be opened with funds from Accounts where the name of the recipient (FD holder) and the remitter (Account holder) is the same.

No, Interest earned on FCNR Fixed Deposit Account is not taxable in India.

You can maintain an USD FCNR deposit for a tenure ranging from 12 months to 60 months. In case of AUD, CAD, GBP, SGD tenure ranges from 12 months to less than 36 months.

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 close your FCNR Deposits before the due date. The following clauses would be applicable:

a. Before completion of 1 year: No interest will be payable and no penalty will be levied.

b. After completion of 1 year: On premature withdrawal of the deposit, 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

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 usoption, at our website www.icicibank.com

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

Yes, the principal amount and interest earned are fully repatriable.

RFC term deposit accounts can be opened with following currencies: USD and GBP.

Click here direct to interest rate page instead of main page of FCNR/RFC

Upon change of residential status from NRI to resident, RFC deposits can be opened by transfer of balances held in FCNR deposits or NRE Accounts.

Click here to know various service channel option to update nominee. Alternatively, you can Click here to download the form. DA1 - NOMINATION ADDITION section to be filled and mail 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.

Please Note that :

• The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee.
• The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to cancel nominee. Alternatively, you can Click here to download the form. DA2 - NOMINATION DELETION / NO NOMINATION section to be filled and mail 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.

Please Note that the nomination form has to be signed by all the account holders

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to change the nominee. Alternatively, you can Click here to download the form. DA3 - NOMINATION MODIFICATION section to be filled and mail 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.

Please note that:

• The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee.
• The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

Click here to know various service channel option to provide No Nominee Declaration. Alternatively, you can Click here to download the form. DA2 - NOMINATION DELETION / NO NOMINATION section to be filled and mail 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.

Please Note that the form has to be signed by all the account holders

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Form. To refer to the updated list of our branches please, Click here

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

A person resident in India can open an RFC Account with foreign exchange received:

• As pension or any other superannuation or other monetary benefits from his employer outside India; OR
• As proceeds of sale of assets (foreign currency, foreign security or any immovable property situated outside India) if such currency, security or property was acquired, held or owned by such person when he was resident outside India; OR
• Received as gift or inheritance from a person who was resident outside India. In this regard, foreign security is defined as any security in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

Rupee Plus Plan is a special deposit devised to make your money work harder and smarter, so you can earn higher returns in Rupees. Minimum deposit is USD 2500/GBP 1000/AUD 2000/CAD 2000 – Tenure of 1/3/5 years.

In RPP, Customer is offered returns in INR terms by opening foreign Currency Non-Resident (FCNR(B)) deposit and booking an INR forward cover on the same.

In FCPP, Customer is offered returns in foreign currency by opening NRE Deposits and booking a forward cover on the same.

• Clarity on index / regulatory body which will determine changes in interest rates – Multiple factors such as FED⁷ rate, Market rate, competition rates, etc. are taken into account to determine the rates by ALCO⁸
• Clarification on the rate of interest charged for Loan against Deposits – The rate of interest for Loan against Deposits consists of SOFR⁹ + Bank's Floating Rate
• Information on interest deposition and compounding schedule (daily, monthly, quarterly, semi-annual and annual on maturity) – Simple interest is paid at the applicable rate for deposits up to a period of 12 months. For deposits above 12 months, interest at the applicable rate is compounded annually
• Deposit protection similar to DICGC¹⁰ in India (₹5 lakh), FSCS¹¹ in UK (GBP 85,000) and FDIC¹² in USA (USD 3,00,000) – The deposits held with ICICI Bank Limited-GIFT IBU are not covered by the deposit insurance system established by the Reserve Bank of India.

⁷FED – US Federal Reserve.
⁸ALCO – (The Bank’s) Asset Liability Committee.
⁹SOFR - Secured Overnight Financing Rate.
¹⁰DICGC - Deposit Insurance and Credit Guarantee Corporation.
¹¹FSCS - Financial Services Compensation Scheme.
¹²FDIC - Federal Deposit Insurance Corporation.

• Information on fee structure: There is no advisory fee since we do not offer advisory services
• Currency conversion / mark-up charges associated with investments - The investment is in foreign currency. The purchase and redemption are in foreign currency. Hence, there would not be any currency conversion charges. Also, in case of cross currency, there are no markup charges
• Available bonds and Mutual Funds along with accessible markets - Currently, bonds are enabled but not launched in GIFT. For Mutual Funds, the customers can invest in Equity / Debt Funds of international Mutual Funds and fixed income FMPs¹³ through customised share classes made available through tie-up with certain fund houses
• Clarity on broker / investment firm which ICICI GIFT City will partner for providing investments options – The platform that GIFT will partner is Allfunds, through which various international funds can be accessed and orders can be placed. In addition to Mutual Funds, ETFs would also be available through the Allfunds platform.

¹³FMP - Fixed Maturity Plan.

You may refer to NRI Edge : A one-stop knowledge hub for NRI banking and finance in India