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ICICI Bank NRE FD Rates

ICICI Bank is a leading multinational bank and the second largest bank in India in terms of assets and market capitalization. Apart from domestic services, ICICI Bank also provides a vast range of banking services to Non-Resident Indians. ICICI Bank offers the following products catering specifically to NRIs:

  1. Non-Resident External (NRE) Account
  2. Non-Resident Ordinary (NRO) Account
  3. Foreign Currency Non-Repatriable (FCNR)
  4. Resident Foreign Currency (RFC) Deposit Schemes

What is NRE/NRO Account?

A Non-Resident External Account is a savings bank account opened in India by a non-resident Indian to deposit his/her foreign earnings. A Non-Resident Ordinary Account is a savings bank account opened by a non-resident Indian to deposit his/her earnings made in India.

Benefits of NRE Fixed Deposit Account

The benefits of NRE Fixed Deposit Account are:

  1. The principal as well as interest earned is tax-free.
  2. The principal and interest earned are repatriable to the account holder’s country of residence.
  3. High-interest rate
  4. This account can be opened jointly with other NRIs.
  5. The account comes with flexible tenures ranging from 1 year to 10 years.

ICICI NRE/NRO Account Interest Rates

Note: All information has been sourced from the official website of ICICI Bank. Interest is calculated on a daily basis on the daily closing balance in the account, at the rate specified by ICICI Bank in accordance with the Reserve Bank of India directives. The savings account interest rate for NRE/NRO With effective from 19th August 2017 are:

  1. 3.5% for end of day account balance of below Rs. 50 Lakhs.
  2. 4% for end of day account balance of ₹ 50 Lacs & above.

ICICI Bank NRE FD Rates

The NRE FD rates are:

FD TenureINR 20.0 million (For deposits with quarterly payouts and cumulative deposits)
1 year to 389 days6.70%
390 days to < 18 months6.80%
18 months upto 3 years7.10%
3 years 1 day upto 5 years7.00%
5 years 1 day upto 10 years7.00%

Note: Premature withdrawal before completion of year does not attract any payable interest.

Interest rates (percent per annum*) with effect from August 14th, 2019.

ICICI Bank NRO FD Rates

The NRO FD rates are:

FD TenureSingle Deposit of less than INR 20.0 million
7 days to 14 days4.00%
15 days to 29 days4.25%
30 days to 45 days5.25%
46 days to 60 days5.75%
61 days to 90 days5.75%
61 days to 90 days5.75%
121 days to 184 days5.75%
185 days to 289 days6.25%
185 days to 289 days6.50%
1 year to 389 days6.70%
390 days to < 18 months6.80%
18 months upto 2 years7.10%
2 years 1 day upto 3 years7.10%
3 years 1 day upto 5 years7.00%
5 years 1 day upto 10 years7.00%
5 Years (80C FD)7.00%

Note: Interest rates (percent per annum*) with effect from August 14th, 2019.

Foreign Currency Non-Repatriable FD Rates - FCNR

TenureUSDGBPEUROJPYCADAUDCHFSGDHKD
12-24 months2.791.180.010.012.351.690.012.192.60
24-36 months2.531.180.010.012.071.610.012.162.44
36-48 months2.220.920.010.012.031.370.011.652.13
48-60 months2.220.940.010.012.021.490.011.652.11
60 months2.260.960.010.012.021.550.011.672.12

Note: Premature withdrawal before completion of year does not attract any payable interest.

Interest rates (percent per annum) from August 01, 2019 (For deposits with half yearly payouts and cumulative deposits).

The above interest rates are Subject to revision without any further notice from the bank.

Documents Required to Open NRE Fixed Deposit

The documents required for opening an NRE Fixed Deposit are:

  1. Photocopy of Indian Passport pages - name, age, photograph, date and place of birth, specimen signature, date of issue/expiry, address details.
  2. Copy of valid Visa/Work /Residence Permit.
  3. Proof of Mailing Address (local or overseas address).
  4. Latest colour photograph (passport sized).

FAQs on ICICI Bank NRE FD Rates

In what currency can my NRE Fixed Deposit be maintained?

NRE Fixed Deposits are maintained in Indian Rupees.

What is the frequency of interest payment on my NRE fixed deposit account?

The interest payout is on a quarterly and cumulative basis.

Am I liable to pay taxes if I have an NRE fixed deposit?

Yes, The interest earned on a resident rupee account is taxable in India.

Can I have a joint applicant for my NRE fixed deposit?

Yes, you can hold this account jointly with other Non-Resident Indian(s) and Resident Indians.

What is the tenure and interest rate for which I can open an NRE Fixed Deposit?

You can open an NRE FD for a tenure ranging from 7 days to 10 years. The interest rate ranges from 4% to 7%.

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