ICICI Bank NRI FD Rates: ICICI Bank NRE FD Rates 2021

ICICI Bank NRE FD Rates: ICICI Bank is one of the top banks in India that offers a host of financial services to its Indian as well as Non-Resident Indian (NRI) customers. NRI Fixed Deposits like Non-Resident External (NRE), Non-Resident Ordinary (NRO), Foreign Currency Non-Resident (FCNR) Deposits and Resident Foreign Currency (RFC) deposits are some of the most popular investment options offered by the bank for NRI investors.

In this article:

ICICI Bank NRE FD Rates: ICICI Bank NRI FD Rates 2021
ICICI Bank NRE FD Rates: ICICI Bank NRI FD Rates 2021

ICICI Bank NRI Fixed Deposit

NRIs can invest their foreign income in ICICI NRI Fixed Deposits to earn high returns. To meet their investment goals, investors can choose from a number of Fixed Deposit Rupee and Foreign Currency Accounts offered by the bank.

ICICI Bank NRI Fixed Deposit Interest Rates 2021

Fixed Deposits are offered at attractive rates and have flexible tenures. ICICI Bank FD rates vary based on the scheme and tenure. Here is the comprehensive description of ICICI NRI FD Rates.

ICICI NRI FD Rates for different schemes are as under:

1. ICICI Bank NRE FD Rates

ICICI Bank offers one of the best NRE FD rates in India.

Tenure NRE FD Interest Rate
1 year – 389 days4.90% 
390 days to less than 18 months4.90% 
18 months up to 2 years5.00% 
2 years + 1 day up to 3 years5.15% 
3 years + 1 day up to 5 years5.35% 
5 years + 1 day up to 10 years5.50% 
 ICICI Bank NRE FD Rates

Penal rates for premature withdrawal of ICICI Bank NRE FD

TenureLess than INR 5 crore From INR 5 crore & above
1 year to less than 5 years1.00%1.00% 
5 years & above1.00%1.50% 
Penal rates for premature withdrawal of ICICI Bank NRE FD

2.ICICI Bank NRO FD Rates

TenureNRO FD Interest Rate (p.a.) 
7 to 14 days2.50% 
15 to 29 days2.50% 
30 to 45 days3.00% 
46 to 60 days3.00% 
61 to 90 days3.00% 
91 to 120 days3.50% 
121 to 184 days3.50% 
185 to 289 days4.40% 
290 days to <1 year4.40% 
1 year to 389 days4.90% 
390 days to <18 months4.90% 
18 months up to 2 years5.00% 
2 years + 1 day up to 3 years5.15% 
3 years + 1 day up to 5 years5.35% 
5 years + 1 day up to 10 years5.50% 
5 years (80C FD)5.35% 
ICICI Bank NRO FD Rates

Penal rates for premature withdrawal of ICICI Bank NRO FD

TenureLess than INR 5 crore From INR 5 crore & above
Less than 1 year0.50%0.50% 
1 year to less than 5 years1.00%1.00% 
5 years & above1.00%1.50% 
Penal rates for premature withdrawal of ICICI Bank NRO FD

3. ICICI FCNR FD Interest Rates

Tenure/currency USDGBPJPYCAD Less than 500000CAD=> 500000AUDSGDHKD
>= 12 months < 2 years0.47%0.26%0.01%0.69%0.44%0.32%0.43%0.35%
>= 2 years < 3 years0.47%0.28%0.01%0.52%0.52%0.37%0.46%0.36% 
>= 3 years < 4 years0.49%0.10%NA0.62%0.37%0.26%0.27%0.41% 
>=4 years <5 years0.60%0.15%NA0.74%0.49%0.26%0.36%0.47% 
60 months0.70%0.19%NA0.85%0.60%0.26%0.45% 0.54%
ICICI FCNR FD Interest Rates

4. ICICI Bank RFC FD Interest Rates

Tenure/currencyUSDGBPJPY
30 days to > 6 months0.49%0.03%0.01% 
6 months >1 year0.51%0.03%0.01%
>= 12 months < 24 months0.47%0.26%0.01%
>= 24 months < 36 months0.47%0.28%0.01%
36 months0.49%0.10%NA 
ICICI Bank RFC FD Interest Rates

Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 29/01/2021)

Types of NRI FDs by ICICI Bank

Here are the key NRI Fixed Deposits offered by ICICI Bank to Non-Resident Indians residing outside India:

  • NRE FD
  • NRO FD
  • Rupee Plus FD
  • FCNR FD
  • RFC FD

ICICI Bank Non-Resident External (NRE) Fixed Deposit

NRIs can invest their foreign income in ICICI NRE FDs to earn high returns on maturity. Here are the key features and benefits of NRE FDs by ICICI Bank.

FeaturesDetails
Flexible tenure1 to 10 years 
CurrencyINR 
EligibilityNRIs, PIOs & Students 
Min deposit amountINR 25,000 
TaxabilityInterest earned not taxable in India 
Premature withdrawalAllowed after completion of 1 year with 1.0% to 1.50% penalty
Loan against FDUp to 90% of FD 
RepatriationFull repatriability (principal + interest) 
Benefits– Invest in FDs with any convertible currency
– Auto-renewable of principal and interest on maturity
– Attractive exchange rates on the conversion of foreign currency into rupees
ICICI Bank NRE FD Overview

ICICI Bank Non-Resident Ordinary (NRO) Fixed Deposit

ICICI NRO deposits are an excellent investment option for Indians living in foreign countries to earn high returns. NRO interest rates for NRIs are the same as those offered to resident Indians.

FeaturesDetails
Period7 days to 10 years 
CurrencyINR 
Min deposit amountRs. 25,000 
TaxabilityTaxable in India 
Repatriation– Interest earned in the current FY is fully repatriable (after tax deduction)
– Fund account can be repatriated up to $1 million in a financial year
Benefits– Attractive NRO FD rates
– Loan up to 90% of your fixed deposit
– Joint holdings with resident Indians and NRIs 
– Auto-renewal available
ICICI Bank NRO FD Overview

ICICI Bank Rupee Plus Fixed Deposit

NRI customers can earn greater returns in INR while investing in fixed deposits in foreign currencies under ICICI Rupee Plus scheme. They can open Rupee Plus FD accounts in 6 foreign currencies including USD, GBP, EURO, JPY, CAD and AUD. Considering the current forex market scenario, Rupee Plus Plan can provide NRIs with higher returns as compared to the other traditional fixed deposits.

FeaturesDetails
Period1 year and 1 day 
CurrencyUSD, GBP, EUR, JPY, CAD & AUD
Min deposit amount·       USD 2500, EUR 2500, GBP 1000, JPY 2,00,000, AUD 2000, CAD 2000, Rs. 1,00,000
TaxabilityNot taxable 
Premature withdrawalNot allowed
RepatriationFully repatriable
Benefits·         – Greater interest rates
– Available funds in the account can be transferred to the overseas account instantly
– NRIs & PIOs are eligible to open the FD accounts
ICICI Bank Rupee Plus FD overview

ICICI Bank Foreign Currency Non-Resident (Bank) Fixed Deposit

Non-Resident Indians who want to transfer their income in foreign currency in its original currency can invest in ICICI FCNR fixed deposits. FCNR deposits are a tax-free investment instrument for NRIs.

FeaturesDetails
Tenure·         – For USD, GBP, CAD, AUD, HKD and SGD: 1 to 5 years
– For EUR: 1 year
– For JPY: 2 years
Min deposit amount·         USD, GBP:  1,000
– SGD, AUD and CAD: 2,000
– HKD: 10,000
– JPY: 200,000
DenominationForeign currency 
Premature withdrawalAllowed 
TaxabilityTax free in India 
Loan against FDAvailable 
RepatriationPrincipal and interest are fully repatriable 
Benefits·         – Auto-renewal facility
– Instant processing in 1 day
– Nomination facility available
– Loans up to 85% of your deposit (up to INR 500 lakh)·  
– Interest earned on FCNR FDs is tax-free
– No foreign currency exchange risk
– Facility for auto-renewal  
  ICICI Bank FCNR Overview

ICICI Bank Resident Foreign Currency Fixed Deposit

An NRI planning to return to India can open an RFC (Resident Foreign Currency) Fixed Deposits account. They can invest in RFC account in foreign currencies like USD, GBP, EURO and JPY. The account can be opened either individually or jointly with another resident.  

Here are the key features of ICICI RFC FD accounts:

FeaturesDetails
Tenure30 days to 36 months 
CurrencyUSD, GBP & JPY 
TaxabilityYes, taxable in India 
Loan against FDNot available 
RepatriationPrincipal and interest are fully repatriable 
Benefits·         – Auto-renewal facility
– Balance in the account + interest earned fully repatriable·  
– No foreign exchange risk from conversion in rupees·     
– Nomination facility available
– RFC account can be transferred to NRE/ FCNR account
ICICI Bank RFC FD Overview

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ICICI Bank NRI FD premature withdrawal

Premature withdrawal is allowed from ICICI NRI FD accounts. However, no interest will be payable to the depositor if NRE FD withdrawal is made before the completion of 1 year from the date of account opening. After completion of 1 year, interest shall be applicable at the lower of the agreed ICICI NRI FD rate.  Here are the points that must be considered when exercising premature withdrawal options:

  • Penal rate on premature withdrawal of ICICI NRE FD:
    • 1% penal rate for tenure of 1 year and less than 5 years.
    • 1% on deposits Rs. 5crore and 1.50% on deposits from Rs. 5 crore and above for tenure of 5 years and above
  • Penalty on premature withdrawal of ICICI NRO FD:
    • 0.5% for tenure below 1 year
    • 1.00% for tenure between 1 year to less than 5 years
    • 1% on deposits Rs. 5crore and 1.50% on deposits from Rs. 5 crore and above for tenure of 5 years and above
  • Partial withdrawal is not allowed for FCNR FD (tenure of 3 years)

Loan against ICICI Bank NRI FD

NRI customers can avail loans against their fixed deposits to meet their unforeseen financial requirements. ICICI Bank offers loans against NRE, NRO and FCNR Deposits.

Key features of loans against NRI FD

  • Loan will be disbursed in the form of demand loan as well as OD against deposit.
  • Customers can get a loan up to 90% of their deposit amount.
  • Loan is offered for investors and the third party as well.
  • Flexible repayment options including fresh remittance from India and adjustment in the FD.
  • If the loan is availed for third party, repayment can be made from the local rupee account of the borrower.

Documents required for ICICI Bank NRI FD account application

Customer will need to submit the following documents when applying for an ICICI Bank FD account:

  • Duly filled FD account opening form
  • Self-attested photographs
  • Current passport
  • Certificate for resident status (work permit/valid Visa)
  • Indian address proof (whenever applicable)
  • PIO or OCI card (if applicable)
  • Nominee application (if applicable)
  • Specimen signature of the account holder

How to apply for ICICI Bank NRI Fixed Deposit Account

SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific aspects including NRI FD schemes.

To get end to end assistance with NRE Account Opening and booking other Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.

ICICI Bank NRI Fixed Deposit Calculator

Calculate your returns on FD and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and Youtube Channel for more details.

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FAQs

What is the frequency of interest payment offered on ICICI Bank NRE FD accounts?

Interest is paid on a monthly and quarterly basis for traditional NRE fixed deposits. For cumulative deposits the interest is paid at the time of maturity.

If I have an NRE fixed deposit, what taxes will I have to pay?

Interest earned on NRE fixed deposits is not taxable in India.

Can I convert the resident account to ICICI NRI account?

Yes, you can convert your resident account to an NRI account. You need to make an account modification request with ICICI Bank and the bank will initiate the conversion.

Are NRI FD accounts taxable in India?

NRE, FCNR and RFC fixed deposit accounts are not taxable, but NRO FD account is taxable in India (30%).

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