ICICI NRE FD Rates 2023: 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 including 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 NRIs.
In this article:
- ICICI Bank NRI Fixed Deposit
- ICICI Bank NRI Fixed Deposit Interest Rates 2023
- Types of NRI FDs by ICICI Bank
- ICICI Bank NRI FD premature withdrawal
- Loan against ICICI Bank NRI FD
- Documents required for ICICI Bank NRI FD account application
- How to apply for ICICI Bank NRI Fixed Deposit Account
- ICICI Bank NRI Fixed Deposit Calculator
- FAQs
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 for NRIs.
ICICI Bank NRI Fixed Deposit Interest Rates 2023
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 NRE FD Rates 2023
ICICI Bank offers one of the best NRE FD rates in India.
| Tenure | NRE FD Interest Rate (in %) for 2023 |
|---|---|
| 1 year – 389 days | 6.70% |
| 390 days to less than 15 months | 6.70% |
| 15 months to less than 18 months | 7.10% |
| 18 months up to 2 years | 7.10% |
| 2 years + 1 day up to 3 years | 7.00% |
| 3 years + 1 day up to 5 years | 7.00% |
| 5 years + 1 day up to 10 years | 6.90% |
Penal rates for premature withdrawal of ICICI Bank NRE FD
| Tenure | Less than INR 5 crore | From INR 5 crore & above |
|---|---|---|
| 1 year to less than 5 years | 1.00% | 1.00% |
| 5 years & above | 1.00% | 1.50% |
2. ICICI Bank NRO FD Rates 2023
| Tenure | NRO FD Interest Rate (p. a.) (in %) |
|---|---|
| 7 to 14 days | 3.00% |
| 15 to 29 days | 3.00% |
| 30 to 45 days | 3.50% |
| 46 to 60 days | 4.25% |
| 61 to 90 days | 4.50% |
| 91 to 120 days | 4.75% |
| 121 to 184 days | 4.75% |
| 185 to 270 days | 5.75% |
| 271 to 289 | 6.00% |
| 290 days to <1 year | 6.00% |
| 1 year to 389 days | 6.70% |
| 390 days to <15 months | 6.70% |
| 15 months to < 18 months | 7.10 |
| 18 months up to 2 years | 7.10% |
| 2 years + 1 day up to 3 years | 7.00% |
| 3 years + 1 day up to 5 years | 7.00% |
| 5 years + 1 day up to 10 years | 6.90% |
| 5 years (80C FD) | 7.00% |
Penal rates for premature withdrawal of ICICI Bank NRO FD
| Tenure | Less than INR 5 crore | From INR 5 crore & above |
|---|---|---|
| Less than 1 year | 0.50% | 0.50% |
| 1 year to less than 5 years | 1.00% | 1.00% |
| 5 years & above | 1.00% | 1.50% |
3. ICICI FCNR FD Interest Rates 2023
Revised and raised ICICI Bank FCNR rates are given below, effective from 3rd July 2023:
| Tenure/currency | USD | GBP | CAD | AUD | SGD |
|---|---|---|---|---|---|
| 12 months | 5.55% | 5.50% | 4.75% | 4.25% | 3.50% |
| >= 12 months < 15 months | 5.00% | 5.00% | 4.50% | 4.00% | 3.50% |
| >= 15 months < 2 years | 4.75% | 5.00% | 4.25% | 4.00% | 3.25% |
| >= 2 years < 3 years | 4.25% | 4.75% | 3.75% | 3.75% | 3.00% |
| >= 3 years < 4 years | 3.75% | NA | NA | NA | NA |
| >=4 years <5 years | 3.50% | NA | NA | NA | NA |
| 60 months | 3.50% | NA | NA | NA | NA |
4. ICICI Bank RFC FD Interest Rates
| Tenure/currency | USD | GBP |
|---|---|---|
| 30 days to > 6 months | 0.75% | 0.25% |
| 6 months >1 year | 1.00% | 0.50% |
| 1 year | 5.55% | 5.50% |
| >= 12 months < 15 months | 5.00% | 5.00% |
| >= 15 months < 2 years | 4.75% | 5.00% |
| >= 2 years < 3 years | 4.25% | 4.75% |
| 36 months | 3.75% | NA |
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 21/07/2023)
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.
| Features | Details |
|---|---|
| Flexible tenure | 1 to 10 years |
| Currency | INR |
| Eligibility | NRIs, PIOs & Students |
| Min deposit amount | INR 25,000 |
| Taxability | Interest earned not taxable in India |
| Premature withdrawal | Allowed after completion of 1 year with 1.0% to 1.50% penalty |
| Loan against FD | Up to 90% of FD |
| Repatriation | Full 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 Non-Resident Ordinary (NRO) Fixed Deposit
ICICI NRO deposits are an excellent investment option for Indians living in foreign countries to earn high returns. ICICI NRO fixed deposit rates for NRIs are the same as those offered to resident Indians.
| Features | Details |
|---|---|
| Period | 7 days to 10 years |
| Currency | INR |
| Min deposit amount | Rs. 25,000 |
| Taxability | Taxable 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 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.
| Features | Details |
|---|---|
| Period | 1 year and 1 day |
| Currency | USD, 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 |
| Taxability | Not taxable |
| Premature withdrawal | Not allowed |
| Repatriation | Fully 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 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.
| Features | Details |
|---|---|
| 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 |
| Denomination | Foreign currency |
| Premature withdrawal | Allowed |
| Taxability | Tax free in India |
| Loan against FD | Available |
| Repatriation | Principal 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 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:
| Features | Details |
|---|---|
| Tenure | 30 days to 36 months |
| Currency | USD, GBP & JPY |
| Taxability | Yes, taxable in India |
| Loan against FD | Not available |
| Repatriation | Principal 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 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 Customer Care
For any questions related to NRE FD account, you can reach out to ICICI Bank NRI customer care team on a phone call or via email address. The bank also has overseas offices in various countries to cater to NRIs.
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.
FAQs
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.
Yes, interest earned on NRE fixed deposits is not taxable in India.
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.
NRE, FCNR and RFC fixed deposit accounts are not taxable, but NRO FD account is taxable in India (30%).
ICICI Bank NRE FD tenure ranges from 1 to 10 years.
