ICICI Bank offers two types of savings accounts for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) – ICICI Bank NRE account and NRO account. Non-Resident Indians can open an ICICI Bank NRO account to park their income earned in India, such as rent, dividends, pension, etc. With an NRO savings account, you can manage your funds in India when you stay abroad. ICICI NRO account comes with various features and benefits like online and offline modes of operation, lower minimum balance requirement, attractive interest rates, etc.
ICICI NRO Savings Account Opening Process
You can apply for an NRO account in two ways:
- Apply for ICICI Bank NRO account on Bank’s website
- Open NRO account through SBNRI
ICICI NRO Account Opening on the Bank’s Website
You can apply for ICICI Bank NRO account by following the steps listed below:
- Visit the bank’s website and fill ICICI Bank NRI account opening lead form to get a free call back.
- Fill the online NRI application form.
- The bank will arrange free courier pickup of documents at your doorstep.
- The ICICI Bank NRO savings account will be opened within 5 to 7 working days of receiving the form.
- You will be informed via your registered email ID.
NRIs living in the US can apply for paperless account opening online by simply uploading scanned documents online.
Branch officials of ICICI Bank will help NRIs in Singapore with their account opening.
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 NRO account online using SBNRI app
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRO 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 Service
You can contact ICICI Bank NRI customer care team on a phone call or email address for your queries related to ICICI NRO account. The bank also has a separate customer care number for different countries. NRIs living in the UAE, for example, can dial 8000 9114 001 to reach out to a bank representative in the UAE.
Features & Benefits
- Free mandate card and cheque book for the family members of ICICI NRO account holders, giving them anytime, anywhere access to your account.
- Low cost and hassle-free funds transfer through various online and offline modes.
- Low minimum monthly account balance required.
- With NRO ATM-cum-Debit card, you can get access at over 11,000 ATMs and phone and 27×7 internet banking.
- Attractive interest rates up to 3.5% per annum.
- Interest earned is fully repatriable after deduction of applicable taxes. Funds in an NRO account can be transferred abroad up to USD 1 million per financial year for legit purposes.
- NRIs can use Money2India for safe and simple online transactions tracking services with online transfer to over 100 banks in India.
- The account can be opened with a resident Indian or NRI.
- Free cheque book and ATM card for mandate holders.
- Interest earned is subject to the applicable TDS. However, you can avail DTAA facility.
ICICI Bank NRO Account Interest Rate 2023
ICICI Bank NRO account interest rates for 2023 are as under:
| End of the day Balance | Applicable Interest Rate |
|---|---|
| Below Rs. 50 lakh | 3.00% per annum |
| Equal to or above Rs. 50 lakh | 3.5% p.a. |
ICICI NRO Account Minimum Balance
- An ICICI Bank NRO account holder needs to maintain a monthly average balance of Rs. 10,000 at account level or Rs. 25,000 at customer ID level.
- Individuals who are not able to maintain the minimum balance will be liable to pay service charges.
Documents Required
For ICICI NRO 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 NRO 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 NRO 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 NRO 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
Due to lots of information and documentation required to apply for NRO accounts, NRO 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
All NRIs and OCI/PIO cardholders can apply for an NRO account to park their income earned in india, such as rent, dividends, pension, etc. Funds in an NRO account can be transferred abroad up to USD 1 million per financial year for legit purposes. Interest earned on an NRO account can be repatriated after payment of applicable taxes.
Yes. Once your status changes to NRI from resident Indian, you can convert your resident account to NRO account by informing the bank and executing the process involved.
