ICICI Bank NRE savings account is the simplest way for Non-Resident Indians (NRIs) to convert and transfer their foreign earnings in Indian Rupees (INR) at competitive exchange rates. NRIs don’t have to pay tax on the deposits and the interest earned in the NRE account. With an ICICI NRE account, you can freely repatriate funds in and out of India.
Also Read: ICICI Bank NRI FD Rates: ICICI Bank NRE FD Rates 2023
ICICI NRI Account
The ICICI NRI Account serves as a banking solution designed specifically for Non-resident Indians (NRIs) to either invest their foreign earnings in India or effectively manage the funds they acquire within the country.
NRIs who wish to engage in various investment options in India such as the stock market, mutual funds, initial public offerings (IPOs), fixed deposits (FDs), and more, are required to possess an NRI account. Nearly all major banks in India offer NRI account services.
ICICI Bank provides two types of savings bank accounts for NRIs:
- NRE Account: This account facilitates the transfer and investment of foreign earnings into India.
- NRO Account: This account enables NRIs to manage the funds they earn in India, including rental income, dividends, and other earnings.
In this blog, we will discuss about the ICICI NRE Account in detail.
ICICI NRE Account
ICICI Bank NRE (Non-Resident External) account is a type of bank account specifically designed for NRIs and PIOs who live outside India. The NRE account allows them to manage their foreign income conveniently and securely while residing overseas.
Features and Benefits of ICICI Bank NRE Savings Account
- Deposits and interest accrued on ICICI NRE savings accounts as well as ICICI NRE FD are not taxable in India.
- ICICI NRE savings account is one of the best NRE savings accounts in India.
- Funds in ICICI NRE accounts are fully and freely repatriable.
- NRI customers have to maintain a low minimum monthly balance of Rs. 10,000 at account level and Rs. 25,000 at customer ID level.
- NRE account holders are granted an international ATM-cum-debit card for phone and 24×7 ICICI net banking. The debit card can be used to make withdrawals at more than 11,000 ATMs and over 3000 branches all over India.
- ICICI NRE account interest rate is 3.5% per annum for end of the day balance equal to or above Rs. 50 lakh and 3% per annum for end of the day balances below Rs. 50 lakh.
- Free fund transfers at competitive exchange rates. NRI customers can choose when to make the exchange, safeguarding them from the fluctuation in the currency exchange market.
- Money2India facility for safe and simple online money transfer tracking service with an online transfer to over 100 banks in India.
- Joint savings accounts can be opened by two NRI customers.
- NRI customers can appoint a mandate to carry out banking transactions in India on their behalf. A free cheque book and ATM card is given for the mandate holder to withdraw money and conduct transactions at retail or online merchant establishments across the country.
- Handpicked exclusive offers to meet your needs when in India and abroad.
NRE Savings Account Interest Rates 2023
ICICI Bank NRE savings account interest rates are as under:
| End of the Day Balance in NRE Account | Interest Rate (p.a.) |
|---|---|
| Less than Rs. 50 lakh | 3.00% |
| Equal to or above Rs. 50 lakh | 3.5% |
ICICI Bank NRI Account Minimum Balance
The monthly average balance you need to maintain is Rs. 10,000 at account level or Rs. 25,000 at Customer ID level.
Note: If you are not able to maintain this minimum Monthly average balance, service charges will be levied.
Eligibility for ICICI NRI account opening
All NRI (Non-Resident Indians), PIOs (Persons of Indian Origin) and OCIs (Overseas Citizens of India) can open ICICI NRI accounts, including an ICICI NRE savings account.
Also Read: NRI Account Minimum Balance: Updated for 2021
Documents required to open ICICI Bank NRI savings account
Here are the documents required for ICICI Bank NRI account opening:
For NRI (Non-Resident Indians)
For ICICI NRE account opening application at any ICICI bank branch in India or overseas
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature.
- Visa: Valid work permit/ employment visa/ residence visa/ residence permit
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
Photocopies of all documents require self-attestation i.e. signature of the applicant.
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Valid Indian passport with ID & address proof
- Valid visa/ work permit/ resident card with name and complete address
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
For ICICI Bank NRE saving account opening application from outside India
Photocopies of all documents require self-attestation by the document holder and duly attestation of documents by a banker/ Notary/ Embassy Official/ Consulate Official.
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature.
- Visa: Valid work permit/ employment visa/ residence visa/ residence permit
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Valid Indian passport with ID & address proof
- Valid visa/ work permit/ resident card with name and complete address
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
If the address proof is not available in the name of any account holder (s), address proof in the name of blood relatives (Spouse, parents, sister, brother, child) can be considered along with relation proof and relative ID.
For PIO (Person of Indian Origin)
For ICICI NRE account opening application at any ICICI bank branch in India or overseas
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature
- PIO Card: PIO card or previous Indian passport of self/ parents/ grandparents along with a self-declaration about Indian origin or self-declaration for PIO as mentioned on the relationship form
- Visa: Valid work permit/ employment visa (if the applicant is in a different country from passport issuing country).
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
Photocopies of all documents require self-attestation i.e. signature of the applicant.
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Foreign passport having parents’/ spouse’s name (Handwritten address on the passport is acceptable)
- PIO card/ OCI card
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
For ICICI Bank NRE account opening application from outside India
Photocopies of all documents require self-attestation by the document holder and duly attestation of documents by a banker/ Notary/ Embassy Official/ Consulate Official.
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature
- PIO Card: PIO card or previous Indian passport of self/ parents/ grandparents along with a self-declaration about Indian origin or self-declaration for PIO as mentioned on the relationship form
- Visa: Valid work permit/ employment visa (if the applicant is in a different country from passport issuing country).
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Foreign passport having parents’/ spouse’s name (Handwritten address on the passport is acceptable)
- PIO card/ OCI card
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
If the address proof is not available in the name of any account holder (s), address proof in the name of blood relatives (Spouse, parents, sister, brother, child) can be considered along with relation proof and relative ID.
For students
For students applying for the account at any ICICI Bank local branch in India and overseas
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature.
- Visa: Valid student visa/ I-20 Form (only for non-face-to-face US applicants). In case of the student visa, an admission letter/ identity card from the university to be obtained to confirm the student status.
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
Photocopies of all documents require self-attestation i.e. signature of the applicant.
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Valid Indian passport with ID & address proof
- Valid student with name and complete address
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
For students applying for the account from outside India
Photocopies of all documents require self-attestation by the document holder and duly attestation of documents by a banker/ Notary/ Embassy Official/ Consulate Official.
- Passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature
- Visa: Valid student visa/ I-20 Form (only for non-face-to-face US applicants). In case of the student visa, an admission letter/ identity card from the university to be obtained to confirm the student status.
- PAN: Copy of PAN card or Form 60
- FATCA/ CRS declaration
- CKYC Annexure
- Address proof: Any of the following documents ( with name, address and photo of the applicant)
- Foreign passport having parents’/ spouse’s name (Handwritten address on the passport is acceptable)
- PIO card/ OCI card
- Utility bills (not more than 2 months old)
- Bank account statement (not more than 3 months old)
- PAN card issued by Income Tax Department
- Driving license
- Leave and license agreements
If the address proof is not available in the name of any account holder (s), address proof in the name of blood relatives (Spouse, parents, sister, brother, child) can be considered along with relation proof and relative ID.
For seafarers
Here are the KYC documents required for opening a seafarer account:
- Self-attested copy of valid passport: First and last four pages of the passport that contain applicant’s name, address, date of birth, date and place of issue, expiry date, photograph and signature. Photocopy must include the first four pages and the pages indicating the last date of arrival in India.
- Self-attested copy of valid visa: First and last pages of the passport and the page indicating the last date of arrival in India. Or continuous discharge certificate (CDC) indicating the last date of arrival in India.
- Permanent employees can submit the initial work contract and last wage slip.
- Employees on contract can submit the following documents:
- Valid CDC with disembarkation stamp
- Valid work contract
- Last wage slip
- If CDC is not more than 6 months old, the last contract details will be required.
- For seafarers working for oil rigs required to submit the following documents:
- Last contract details are mandatory if CDC for a contract made in the last 6 months.
- PAN card
- Form 60 if the applicant doesn’t have a PAN card
- FATCA/ CRS declaration form
- CKYC annexure form
ICICI NRI account fees and other charges
| Fee type | Detail |
|---|---|
| ICICI NRE account minimum balance requirement | – Rs. 10,000 (Regular ICICI NRI account), or – Rs. 25,000 (Customer ID level) |
| Charges for non-maintenance of minimum monthly average balance | 6% of the shortfall in minimum monthly average balance or Rs. 500 (whichever is lower) |
| Waiver of non-maintenance of MAB charges | Subject to total MAB of min INR 25,000 at Customer ID level |
| Cash transactions at base branch | Nil |
| Cash withdrawals at non-ICICI Bank ATMs | Free for first 3 withdrawals in metro locations in a month. First 5 transactions in all other locations in a month -free. After that Rs. 21 will be charged per financial transaction and Rs. 8.50 per non-financial transaction. |
| Cash withdrawal at ICICI Bank ATMs | Free |
| Transactions at overseas ATMs | Rs. 125 per cash withdrawal and Rs. 25 per balance inquiry, PIN change and mini statement at an ATM overseas. |
| For shopping and ATM transactions outside India at all Visa-enabled POS and ATM | Conversion charge of 3.5% |
| Quarterly statement | Free |
| Monthly e-statement | Free |
| Issue of duplicate statement at a local branch | Rs. 100 per statement at a branch or customer care (non-IVR), INR 50 per statement through customer care (IVR), ATM & Net Banking |
| Issue of DD by cash deposit | Rs. 4 per thousand rupees, subject to a minimum of Rs.100 and maximum of Rs.15000 |
| DD/PO – Cancellation / Duplicate / Revalidation | – For Instrument value up to Rs. 200 – Nil – For Instrument value above Rs. 200 – Rs. 100 |
| PO – issue | Rs. 75 for PO of up to Rs.10,000; for PO more than Rs. 10,000 – Rs. 2.50 per Rs. 1000 subject to a minimum of Rs. 75 and maximum of Rs. 15,000 |
| PO – cancellation/ revalidation | Rs. 100 per PO |
| NEFT charges – inward | Free |
| NEFT charges – outward | – Online channel – Nil – Up to Rs. 10,000: Rs. 2.5 per transaction – From Rs. 10,001 to Rs. 1 lakh: Rs. 4.75 per transaction – From Rs. 1 lakh to Rs. 2 lakh: Rs. 14.75 per instance – Above Rs. 2 lakh: Rs. 24.75 per transaction |
| RTGS – inward | Free |
| RTGS – outward | – Through digital channels (Internet banking & I-mobile) – Nil Through branch channel: – Rs. 2 lakh to Rs. 5 lakh: Rs. 20 per transaction – Rs. 5 lakh and above: Rs. 45 per instance – Online – Nil |
| EFT charges – inward | Free |
| EFT charges – outward | Free |
| ECS debit returns | Rs. 500 per return |
| ECS credit returns | Free |
| Mandate verification/ certification charges | Free |
| Cheque collection charges | Free (local) |
| Cheque return outward | Rs. 200 per instance for financial reasons |
| Cheque return inward | Rs. 500 per instance for financial reasons and Rs. 50 per instance for non-financial reasons |
| Enrolment fee | Free |
| Annual silver debit card fee | Rs. 299+GST |
| Annual platinum debit card fee | Rs. 299+GST |
| Annual world debit card fee | Rs. 399+GST |
| Replacement card fee (lost/ damaged card) | Rs. 375 |
| Debit card PIN re-generation charge | Rs. 25 if requested at branch counter |
| Decline of a transaction at any ATM or POS due to insufficient balance in the account | Rs. 25 per transaction |
| Setting-up charges | Rs. 150 per standing instruction |
| Amendment charges | Rs. 25 per amendment |
| Locker charges | Varies from branch to branch |
| Reissue of ATM/ Debit card and Pins | Rs. 375 |
| Reissue of ICICI net banking user ID | Rs. 375 |
| Reissue of ICICI net banking password | 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 |
| Photo attestation | Rs. 100 per application letter |
| Signature attestation | Rs. 50 per application letter |
| Address confirmation | Rs. 50 per application letter |
| Lien marking and unmarking of savings account | Rs. 50 for marking of lien Rs. 50 for unmarking of lien |
| Cheque books | Free |
| Multi-city cheque payment | Free |
| Outstation cheque collection – through ICICI Bank branch locations | – Up to Rs. 5,000: Rs. 25 per instrument – From Rs. 5,001 to Rs. 10,000: Rs. 50 per instrument – From Rs. 10,001 to Rs. 1 lakh: Rs. 100 per instrument – Above Rs. 1 lakh: Rs. 200 per instance |
| Outstation cheque collection – through non-ICICI Bank branch locations | – Up to Rs. 5,000: Rs. 25 per instrument – Rs. 5001 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 passbook | Free at local branch |
| Issue of duplicate passbook | Free |
| Issue of loose cheque leaves | Rs. 125 for cheque book of 5 leaves (Rs. 25 per leaf) |
How to open ICICI NRE account
There are two methods to open an NRE account:
- Through ICICI Bank
- Open NRE account online using SBNRI app
ICICI NRE Account opening on the ICICI Bank’s Website
Here are the steps to open ICICI Bank NRE account online:
- Visit the official website of ICICI Bank
Visit the NRI Banking page of ICICI Bank’s official website and submit a lead form.
- Speak to ICICI Bank NRI customer care representative
Once you submit the form, an ICICI Bank customer care representative will get in touch to assist you with your application for an NRI account opening.
- Document pick-up
Once you have filled the ICICI Bank account opening form and you are ready with all the documents, the bank will arrange a free courier pick-up of documents in the country of your residence.
Once the courier is picked up, the turnaround time to receive these documents in India is 3 working days. - ICICI NRE savings account will be opened
The ICICI Bank NRE savings account will be opened within 5 to 7 working days of receiving the form.
- Account opening confirmation
You will be informed via your registered email ID.
Note: Get your documents and photocopies attested by the Indian Embassy or Notary or an overseas bank in your country of residence before sending them to a bank branch in India.
Open NRE account online on SBNRI
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can apply for an NRE account online by clicking the ‘Open NRI Account’ button on this page. Or use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
ICICI NRI Customer Care
For ICICI NRE account related queries, you can dial or write to ICICI NRI customer care team. The bank also has a separate customer care number for different countries. For example, NRIs living in the UK can dial 08081 314 151 to reach out to a bank representative in the UK.
Also Read: ICICI Bank NRI Account Opening: Open NRI Account Effortlessly
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
The minimum amount required to open an ICICI Bank NRE savings account is Rs. 10,250.
Yes, both principal and interest are fully repatriable.
You can open an NRE account with any convertible currency. ICICI Bank will convert your currency into INR and open the NRE savings account. The NRE savings account is maintained in only rupee.
MAB is the sum of the daily balance of your account divided by the number of days in that month.
Individuals who have an NRE account with ICICI Bank get a Smart Shopper Silver Debit Card. An NRI who is not a customer of ICICI bank can open an NRE savings account to get a Smart Shopper Silver Debit card.
An NRE account can be opened to deposit funds being transferred from a foreign country in a foreign currency. To deposit INR (Indian Rupee), NRIs need to open an NRO account.
The monthly average balance you need to maintain in ICICI bank NRE acocunt is Rs. 10,000 at account level or Rs. 25,000 at Customer ID level.
An ICICI NRE Account is a type of bank account offered by ICICI Bank specifically for Non-resident Indians (NRIs). It stands for Non-Residential External Account and is designed for NRIs to park and manage their foreign income in India.
