What is an ICICI Bank NRO Account?
An ICICI Bank NRO (Non-Resident Ordinary) Account is designed for NRIs to manage income earned in India, such as rent, dividends, or pensions. It allows deposits in Indian or foreign currency, which are converted to INR. Account holders can repatriate up to $1 million per financial year, including taxes, for legitimate purposes. It offers facilities like internet banking, attractive interest rates, and easy fund management. ICICI Bank ensures tax compliance and provides seamless support to NRIs for managing their Indian finances.
Types of ICICI Bank NRO Accounts
Following is a brief overview of the different types of ICICI Bank NRO accounts, along with their key features and benefits.
-
NRO Savings Account
The NRO Savings Account allows NRIs to manage income earned in India, such as rent or dividends, while complying with Indian banking regulations.
Key Features and Benefits:
- Currency is maintained in Indian Rupees (INR).
- Interest rate typically ranges from 3.00% to 3.50% per annum.
- Minimum Balance of ₹10,000 is required.
- Interest earned is subject to taxation as per applicable income tax slabs.
- Allows deposits in both Indian and foreign currencies.
- Provides access to banking services like online banking and fund transfers.
-
NRO Fixed Deposit Account
This account is designed for NRIs looking to earn higher interest rates by locking in their funds for a fixed term.
Key Features and Benefits:
- Currency is maintained in Indian Rupees (INR).
- Interest rate varies based on selected tenure. Rates can go up to 5.35% per annum for longer terms.
- Minimum Deposit of ₹25,000 is required.
- Higher interest rates compared to savings accounts.
- Flexible tenure options ranging from 7 days to 10 years.
- Interest can be credited monthly or quarterly.
-
NRO Recurring Deposit (RD) Account
This account is designed for NRIs looking to save a fixed amount regularly while earning interest.
Key Features and Benefits:
- Currency is maintained in Indian Rupees (INR).
- Interest Rate is similar to NRO FD rates, generally around 3.00% to 5.35%.
- Minimum monthly deposit is ₹1,000.
- Tenure ranges from 6 months to 10 years.
- Encourages disciplined saving habits.
- Interest earned is compounded quarterly.
- Provides a secure way to save for future expenses.
ICICI Bank NRO Savings Account Interest Rates
ICICI Bank offers the following interest rates for NRO (Non-Resident Ordinary) Savings Accounts:
| Account Balance |
Interest Rate (% p.a.) |
| Below ₹50 lakh |
3.00% |
| ₹50 lakh and above |
3.50% |
*Interest rate is updated as of December 2024.
NOTE: Interest is calculated daily on the closing balance and credited quarterly in March, June, September, and December.
ICICI Bank NRO Term Deposit Account Interest Rates
ICICI Bank offers the following interest rates for NRO Term Deposit Accounts:
| Tenure |
Interest Rate (per annum) |
| 7 days to 14 days |
3.00% |
| 15 days to 29 days |
3.00% |
| 30 days to 45 days |
3.50% |
| 46 days to 60 days |
4.25% |
| 61 days to 90 days |
4.50% |
| 91 days to 120 days |
4.75% |
| 121 days to 184 days |
4.75% |
| 185 days to 270 days |
5.75% |
| 271 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 |
7.25% |
| 15 months to < 18 months |
7.25% |
| 18 months to 2 years |
7.25% |
| 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) |
7.00% |
Eligibility Criteria to Apply for ICICI Bank NRO Account
The following category of individuals are eligible to apply for the ICICI Bank NRO Account:
- Indian Nationals: Must be Indian citizens residing outside India for reasons such as employment, education, or business.
- Persons of Indian Origin (PIO): Individuals of Indian descent living abroad.
- Overseas Citizens of India (OCI): Must hold a valid OCI card.
- Valid Documentation: Applicants need a valid Indian passport and a visa for the country of residence.
Documents Required to Open ICICI Bank NRO Account
You need to provide the following documents while opening your ICICI Bank NRO Account in India:
- Passport (mandatory).
- PAN Card or Form 60.
- Visa
- Address Proof (utility bill, lease agreement, etc., from overseas address).
- Overseas Resident Card (to confirm residency status).
- Employer Letter (if employed abroad).
- Educational Institution Letter (if studying outside India).
Benefits of Opening ICICI Bank NRO Account
The key benefits offered by ICICI Bank NRO Account are as follows:
- Convenient Financial Management: An ICICI Bank NRO account allows Non-Resident Indians (NRIs) to manage their income earned in India, such as rent or dividends efficiently.
- Repatriation of Funds: NRIs can repatriate up to $1 million annually from their NRO accounts, making it easier to transfer money abroad after paying applicable taxes.
- Tax Benefits: While interest earned on NRO accounts is subject to Indian income tax, NRIs can claim tax credits in their home country under the Double Taxation Avoidance Agreement (DTAA).
- Multiple Currency Options: ICICI Bank offers the flexibility to maintain accounts in various currencies, simplifying financial transactions for NRIs.
- Investment Opportunities: NRO accounts provide access to a wide range of investment options in India , including stocks, bonds, and real estate.
- Dedicated Support: ICICI Bank provides dedicated relationship managers for NRIs, ensuring personalized assistance with banking needs.
- Competitive Interest Rates: The bank offers attractive interest rates on NRO accounts, currently ranging from 2.50% to 5.45%, helping NRIs grow their savings over time.
- Loan Facilities: ICICI Bank offers various loan options for NRIs, including home loans and personal loans, facilitating financial goals in India.
Conclusion
The ICICI Bank NRO Account is a convenient and secure way for NRIs to manage their income earned in India. With competitive rates, easy online access, and compliance with Indian regulations, it ensures hassle-free financial management in 2024. It is a reliable choice for seamless transactions and smart money management.
Invest 18k/month & get 2 Crore# Tax-Free*
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose 30+ Plans and 150+ Fund options
