ICICI Bank NRO fixed deposit is a rupee denominated FD account where an NRI can deposit funds generated in India, such as rent, dividends, etc. You can open an NRO deposit with an amount as low as Rs. 25,000 for flexible tenure ranging from 7 days to 10 years. With attractive ICICI NRO fixed deposit rates, you can earn high returns.
ICICI NRO FD Rates
ICICI Bank interest rates for NRO FDs below Rs. 2 cr. are mentioned below. These rates are effective from 22nd August 2023:
Fixed deposit below Rs. 2 cr.
| Tenure | Interest Rates p.a. (FD below Rs. 2 cr) |
|---|---|
| 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 days to 150 days | 4.75% |
| 151 days to 184 days | 4.75% |
| 185 days to 210 days | 5.75% |
| 211 days to 270 days | 5.75% |
| 271 days to 289 days | 6.00% |
| 290 days to less than 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 to 2 years | 7.10% |
| 2 years 1 day to 3 years | 7.00% |
| 3 years 1 day to 5 years | 7.00% |
| 5 years 1 day to 10 years | 6.90% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% |
ICICI NRO FD rates for a fixed deposit of Rs. 2 cr to less than Rs. 5 cr
| Tenure | NRO FD Rs. 2 cr/ above – less than Rs. 5 cr |
|---|---|
| 7 days to 14 days | 4.75% |
| 15 days to 29 days | 4.75% |
| 30 days to 45 days | 5.50% |
| 46 days to 60 days | 5.75% |
| 61 days to 90 days | 6.00% |
| 91 days to 120 days | 6.50% |
| 121 days to 150 days | 6.50% |
| 151 days to 184 days | 6.50% |
| 185 days to 210 days | 6.65% |
| 211 days to 270 days | 6.65% |
| 271 days to 289 days | 6.75% |
| 290 days to less than 1 year | 6.75% |
| 1 year to 389 days | 7.25% |
| 390 days to < 15 months | 7.25% |
| 15 months to < 18 months | 7.00% |
| 18 months to 2 years | 7.00% |
| 2 years 1 day to 3 years | 6.75% |
| 3 years 1 day to 5 years | 6.75% |
| 5 years 1 day to 10 years | 6.75% |
Note: ICICI Bank NRO fixed deposit rates are subject change, without any notice
Check the latest ICICI Bank NRI FD rates for other types of fixed deposit accounts offered by the bank.
ICICI NRO FD premature withdrawal
- The minimum tenure for SBI NRO term deposits is 7 days and no interest will be paid in case of premature withdrawal.
- After completion of 7 days, interest will be computed at the rate applicable for the period for which the fund was held with the bank or contracted rate, whichever is lower.
- In case of monthly payouts of a fixed deposit, the interest will be paid at a discounted rate.
Penalty for premature withdrawal
If you withdraw the NRO fixed deposit before maturity, a penalty will be applicable as under:
| Fixed Deposit Tenure Selected | Penalty (FD less than Rs. 5 cr) | Penalty (FD Rs. 5 cr & Above) |
|---|---|---|
| Less than 1 year | 0.50% | 0.50% |
| 1 year to less than 5 years | 1.00% | 1.00% |
| 5 years and above | 1.00% | 1.00% |
Features and benefits of ICICI Bank NRO fixed deposits
- High returns on your Indian earnings
- Open a joint account with either non-resident or resident Indians
- Loan up to 90% of your fixed deposit at attractive interest rates
- Minimum ICICI NRO FD amount is Rs. 25,000.
- Flexible tenure ranging from 7 days to 10 years.
- Repatriability: Interest earned on ICICI NRO FD is fully repatriable after deduction of TDS and principal up to USD 1 million can be repatriated per financial year.
- Auto-renewal of fixed deposit on maturity.
- Interest earned on an NRO deposit is subject to the applicable TDS (Tax deducted at source)
- DTAA benefits to reduce TDS.
Documents required for ICICI NRO FD opening
For NRIs
Application at ICICI Branch in India or abroad
- Passport: First and last four pages of the Indian passport
- Valid work permit/employment visa
- If your visa has expired, acknowledged renewal application with visa authorities
- Overseas address proof
Application sent from outside India
Copies of the following documents self-attested and duly attested by notary/ embassy official/ consulate official/ bank official:
- First and last four pages of the Indian passport
- Valid work permit/ employment visa
- If you visa has expired, acknowledged renewal application with visa authorities
- Overseas and Indian address proof
Cheque, DD, inward remittance (wire, Vostro, M2I) through from customer’s KYC compiled account is compulsory. Mention your name as purchaser in the demand draft, in case of DD. In case of remittance, the applicant’s name and country of residence mentioned in the SWIFT message should be the same as that in the application form.
For OCIs
Application at ICICI Branch in India or abroad
- Passport: First and last four pages of the passport
- PIO/ OCI card or past Indian passport of self/ spouse/ parent/ grandparent along with a self-declaration about Indian origin as on the relationship form.
- Permanent address proof
Application sent from outside India
Copies of the below mentioned documents self-attested and duly attested by notary/ embassy official/ consulate official/ bank official:
- Passport: First and last four pages of the passport
- PIO/ OCI card or past Indian passport of self/ spouse/ parent/ grandparent along with a self-declaration about Indian origin as on the relationship form.
- Overseas and Indian address proof
Cheque, DD, inward remittance (wire, Vostro, M2I) through from customer’s KYC compiled account is compulsory. Mention your name as purchaser in the demand draft, in case of DD. In case of remittance, the applicant’s name and country of residence mentioned in the SWIFT message should be the same as that in the application form.
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