ICICI Bank NRE FD Rates

What is an FD?

A Fixed Deposit is a banking service that has an option to invest money into the scheme and earn interest from the funds deposited. The deposit will remain with the Bank for a period called maturity. Until the completion of this maturity period, the sum deposited can't be withdrawn. If the money needs to be withdrawn in an emergency, then the account holder will be subjected to a penalty. A fixed deposit is a better option than a savings account as they provide higher interest rates. There is a piece of information that a consumer must know the ICICI Bank NRE FD rates before investing in them.          

Rates Associated with FD Types

The following are the rates associated with the types of FD for NRIs:

1. Non-Resident External Fixed Deposit

   The ICICI Bank NRI FD rates for a sum less than INR 20.0 million:

   Rate of Interest (%) for NRE FD Rates Less Than Rs.20 Million

   Term	Rate of Interest (%)
   1 year to 389 days	5.00%
   390 days to less than 18 months	5.00%
   18 months up to 2 years	5.00%
   2 years 1 day up to 3 years	5.20%
   3 years 1 day up to 5 years	5.45%
   5 years 1 day up to 10 years	5.60%

   *The FD rates are subject to change. Please check with the bank for the latest rates.

   

2. Withdrawal Before Maturity

   • According to the ICICI NRI FD rates, the customer accounts for no interest when the deposit amount is withdrawn within the completion of one year.

   • For one year and higher, but within five years, the penalty rate is 1.00 for both the deposit less than INR 50 million and above INR 50 million by the ICICI Bank NRE Fixed Deposit rates.

   • For over five years, the penalty rate is 1.00 and 1.50 for the deposit less than INR 50 million and above INR 50 million, respectively, considering the ICICI Bank NRI Fixed Deposit rates.

3. Non-Resident Ordinary Fixed Deposit

   The ICICI Bank NRE FD rates for a sum less than INR 20.0 million:

   Rate of Interest (%) for NRE FD Rates Less Than Rs.20.0 Million

   Term	Rate of Interest (%)
   7 days to 14 days	2.50%
   15 days to 29 days	2.50%
   30 days to 45 days	3.00%
   46 days to 60 days	3.00%
   61 days to 90 days	3.00%
   91 days to 120 days	3.50%
   121 days to 184 days	3.50%
   185 days to 289 days	4.40%
   290 days to less than 1 year	4.40%
   1 year to 389 days	5.00%
   390 days to < 18 months	5.00%
   18 months up to 2 years	5.00%
   2 years 1 day up to 3 years	5.20%
   3 years 1 day up to 5 years	5.45%
   5 years 1 day up to 10 years	5.60%
   ICICI Tax Saver Scheme (5 years)	5.45%

   *The FD rates are subject to change. Please check with the bank for the latest rates.

   

4. Foreign Currency Non-Residential Fixed Deposit

   The ICICI Bank NRI FD rates for the FCNR deposits are:

   Interest Rates (% Per Annum) for FCNR Deposits

   Term	USD	GBP	CAD	AUD	SGD	HKD
   >= 12 months < 24 months	1.25	0.60	0.35	0.40	0.35	0.45
   >= 24 months < 36 months	1.25	0.70	0.80	0.60	0.45	0.55
   >= 36 months < 48 months	1.35	NA	NA	NA	NA	NA
   >= 48 months < 60 months	1.45	NA	NA	NA	NA	NA
   60 months	1.60	NA	NA	NA	NA	NA

   *The FD rates are subject to change. Please check with the bank for the latest rates.

5. Resident Foreign Currency Fixed Deposit

   The ICICI Bank NRI Fixed Deposit Rates for the RFC deposits are:

   Interest Rates (% Per Annum) for RFC Deposits

   Term	USD	GBP	JPY
   Overnight and Up to 30 Days	****		****
   30 days to less than 6 months	0.30	0.01	0.01
   6 months to less than 1 year	0.45	0.15	0.01
   >= 12 months < 24 months	0.50	0.50	0.01
   >= 24 months < 36 months	0.85	0.50	0.01
   36 months	1.05	NA	NA

   *The FD rates are subject to change. Please check with the bank for the latest rates.

About ICICI Bank NRE Fixed Deposit Interest Rate Calculator

ICICI Bank NRE Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

• The amount that is invested

• The Rate of Interest offered

• The tenure of the Fixed Deposit Account

• The compounding period, that is, yearly, half-yearly, quarterly, or monthly

• The FD Amount

Once entered the following details, an investor will come to know:

• The maturity value of the FD

• The total interest earned during the complete tenure

Types of FD for NRI

The fixed deposits concerned with Non-Residential Indians have several categories. The list of classes along with their ICICI Bank NRI FD rates is as follows:

1. Non-Resident External Fixed Deposit

   • The amount can be deposited in the Bank from a minimum period of one year to a maximum period of ten years.

   • According to ICICI Bank NRE FD rates, the payouts will be done each month, and the interest depends on the discounted rate. 

   • The customer is also given a choice to withdraw the amount before the maturity is completed.

   • The additional interest payments for senior citizens will not be provided for the NRE account according to the ICICI Bank NRE Fixed Deposit rates.

   • The minimum deposit amount that is associated with the NRE fixed deposit account is Rs.25,000, contemplating the ICICI Bank NRI Fixed Deposit rates.

   

2. Non-Resident Ordinary Fixed Deposit

   • The amount can be deposited in the Bank from a minimum period of seven days to a maximum period of ten years.

   • The additional interest payments for senior citizens will not be provided for the NRO account according to the ICICI Bank NRI Fixed Deposit rates.

   • The customer is also given a choice to withdraw the amount before the maturity is completed, as stated by the ICICI Bank NRE Fixed Deposit rates.

   • The period of maturity can be renewed automatically according to the needs of the customer in agreement with the ICICI Bank NRE Fixed Deposit rates.

   

3. Foreign Currency Non-Residential Fixed Deposit

   • According to the ICICI NRE FD rates, you can invest in FCNR with seven currencies.

   • The tenure period ranges from one year to five years for the currencies USD, SGD, CAD, HKD, GBP, and AUD.

   • The tenure period for EUR is of one year, and that of JPY is of two years.

   • The period of maturity can be renewed automatically according to the needs of the customer by the ICICI Bank NRE FD rates.

   • With the FCNR FD account and ICICI Bank NRI Fixed Deposit rates, you can avail of a loan at the Bank.

4. Resident Foreign Currency Fixed Deposit

   • According to the ICICI NRE Fixed Deposit rates, you can invest in RFC with three currencies.

   • The cash can be withdrawn in Indian currency.

   • You can also have an option to hold a joint account with a returning NRI by the ICICI Bank NRI FD rates.

   • There is no risk associated with foreign exchange i.e., conversion into rupees. 

   • You also hold an option to transfer your funds back to the Non-Resident External account when you re-gain your NRI status. 

Conclusion

The ICICI Bank gives the NRIs a chance to invest in fixed deposit banking in India. The ICICI Bank NRI FD rates are determined only by the concerned Bank, and the rates can switch between particular intervals.