ICICI Bank NRI Account

The ICICI NRI Account is a specialized banking solution designed for Non-Resident Indians (NRIs) who seek to manage their finances from overseas. These accounts offer a range of features that are tailored to the unique needs of NRIs. The ICICI Bank NRI Account allows you to easily maintain and access your funds, invest in India, and conduct international transactions with convenience.

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In this article, you will learn about the various types of ICICI NRI accounts, their key features, interest rates, and more.

What is an ICICI NRI Account?

An ICICI NRI Account is a bank account offered by ICICI Bank specifically designed for Non-Resident Indians (NRIs). This account allows NRIs to manage their finances in India conveniently. 

The ICICI NRI account comes in various types, where each serves different purposes; some examples are:

  • NRE (Non-Resident External) Account

  • NRO (Non-Resident Ordinary) Account

  • FCNR (Foreign Currency Non-Resident) Account

  • RFC (Resident Foreign Currency) Account

NRIs can use these accounts to hold, manage, and repatriate their earnings while complying with Indian banking regulations. These accounts offer features like repatriation of funds, tax benefits, and the ability to invest in Indian financial instruments.

ICICI NRI Bank Account Types

The various types of ICICI NRI Accounts available with ICICI Bank are listed in the table below:

Account Type Features
ICICI NRI Rupee Accounts
NRE Savings Account
  • Deposit foreign currency and earn interest in Indian rupees
  • Repatriable (earnings can be sent abroad)
  • Tax-free interest income in India
  • Joint accounts with NRIs permitted
NRO Savings Account
  • Deposit Indian rupees and foreign currency.
  • Non-repatriable (earnings can't be sent abroad)
  • Interest income is subject to Indian tax laws
  • Joint accounts with NRIs and residents are permitted
ICICI NRI Fixed Deposit Accounts
NRE Fixed Deposit Account
  • Deposit foreign currency
  • Earn fixed interest
  • Earn interest in foreign currency
  • Repatriable principal and interest
NRO Fixed Deposit Account
  • Deposit Indian rupees and foreign currency
  • Earn interest in Indian Rupees
  • Repatriable interest, non-repatriable principal
Rupee Plus Plan
  • High-interest savings account
  • Flexibility to open in different currencies
  • Offers debit card and internet banking
  • Save in Indian rupees and earn returns linked to foreign exchange rates
ICICI NRI Special Accounts
Seafarer NRE Savings Account
  • Tailored for NRI seafarers working on Indian ships
  • NRE account with special benefits
  • Offers remittance services and more
Student NRE Savings Account
  • Designed for NRI students
  • Special benefits for education expenses
  • Repatriation benefits
ICICI NRI Fixed Deposit Foreign Currency Accounts
FCNR Fixed Deposit Account
  • Fixed deposits in foreign currency
  • Earn fixed interest, which is linked to prevailing foreign exchange rates.
  • Repatriable principal and interest
  • Multiple currency options are available
RFC Account
  • Maintain foreign earnings in India
  • Deposit foreign currency and earn fixed interest, linked to the Reserve Bank of India's reference rate.
  • Convert foreign income to INR
  • Repatriation of funds allowed
ICICI NRI Premium Programs
NRI Premia
  • A premium account for NRIs with high net worth income (HNIs)
  • Provides priority banking for NRIs
  • Personalized services and discounts
  • Exclusive NRI relationship manager
NRI Pro
  • A premium account for NRIs with moderate net worth
  • Comprehensive NRI banking services
  • Offers NRE/NRO accounts, loans, and more
  • Dedicated NRI customer support
NRI Seafarer Pro
  • A special account for NRI seafarers
  • Special benefits for the maritime community
  • Multiple account options available
NRI Seafarer Premia
  • A special account for NRI seafarers with High Net-worth Income (HNIs)
  • Premium banking for seafarers
  • Exclusive privileges and services
  • Dedicated relationship manager
ICICI NRI Minor Account
NRI Young Star Account
  • Designed for young NRIs
  • Special benefits for minors
  • Joint account with a parent/guardian
NRI Smart Star Account
  • Tailored for young NRIs
  • High-interest savings for minors
  • Joint account option with parent/guardian
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Investment Plans for NRIsInvestment Plans for NRIs

ICICI NRI Account Interest Rates

Account Type Minimum Balance Interest Rate
NRE Savings Account Rs. 10,000
  • 3.5% p.a. (for balances of Rs. 50 lakhs & above)
  • 3.0% (for balances below Rs. 50 lakhs)
NRO Savings Account Rs. 10,000
  • 3.5% p.a. (for balances of Rs. 50 lakhs & above)
  • 3.0% (for balances below Rs. 50 lakhs)
NRE Fixed Deposit Account Rs. 25,000
  • FD of 1 year to 18 months: 4.90% p.a.
  • FD of 2 to 3 years: 5.15% p.a.
  • FD of 3 to 5 years: 5.35% p.a.
NRO Fixed Deposit Account Rs. 25,000
  • FD of 1 year to 18 months: 4.90% p.a.
  • FD of 2 to 3 years: 5.15% p.a.
  • FD of 3 to 5 years: 5.35% p.a.
Rupee Plus Plan Rs. 1 lakh/ US$ 2500/ EU€ 2500/ GB£ 1000/ JP¥ 2,00,000/ AU$ 2000/ CA$ 2000 --
Seafarer NRE Savings Account Rs. 10,000
  • 3.5% p.a. (for balances of Rs. 50 lakhs & above)
  • 3.0% (for balances below Rs. 50 lakhs)
Student NRE Savings Account Rs. 5,000
  • 3.5% p.a. (for balances of Rs. 50 lakhs & above)
  • 3.0% (for balances below Rs. 50 lakhs)
FCNR Fixed Deposit Account US$ 1000/ GB£ 1000/ AU$ 2000/ CA$ 2000/ SG$ 2000 <Please check the table below>
RFC Account US$ 1000/ GB£ 1000
  • US$: 0.25% p.a.
  • GB£: 0.10% p.a.
NRI Premia Rs. 5 lakhs --
NRI Pro Rs. 2 lakhs --
NRI Seafarer Pro Rs. 2 lakhs --
NRI Seafarer Premia Rs. 5 lakhs --

ICICI NRI FCNR (B) FD Account Interest Rates

Tenure FCNR (B) Interest Rates (in % p.a.)
US$ < 350000  US$ >= 350000 to < 1 million US$ >= 1 million CA$ SG$ GB£ AU$
12 months 5.60 5.75 5.85 4.80 3.50 5.50 4.25
>12 months to < 15 months 5.00 5.00 5.00 4.50 3.50 5.00 4.00
>=15 months to < 24 months 4.75 4.75 4.75 4.25 3.00 5.00 4.00
>= 24 months to < 36 months 4.25 4.25 4.25 3.75 2.75 4.75 3.75
>= 36 months to < 48 months 4.00 4.00 4.00 NA NA NA NA
>= 48 months to < 60 months 3.75 3.75 3.75 NA NA NA NA
60 months 3.75 3.75 3.75 NA NA NA NA

Eligibility Criteria to Open an ICICI Bank NRI Account

To open an ICICI NRI account, you must meet the following eligibility criteria:

  • Indian citizens residing outside India for employment, studies, business, or vocation.

  • Persons of Indian Origin (PIO)

  • Non-Resident Indians (NRIs) who hold a valid Indian passport and have a valid visa for the country where they are currently residing.

  • Overseas Citizens of India (OCI) who hold a valid OCI card.

Investment Plans for NRIsInvestment Plans for NRIs

Documents Required to Open an ICICI NRI Account

The documents required to open an ICICI NRI account vary depending on the account type you are applying for. However, the following documents are generally required for all NRI accounts:

  • Passport

  • PAN Card or Form 60

  • Overseas address proof

  • Valid visa (if applicable)

  • Overseas resident card (if applicable)

  • Letter from your employer (if applicable)

  • Letter from your educational institution (if applicable)

Steps to Apply for ICICI NRI Bank Account

Follow the steps mentioned below to apply for an ICICI NRI account online:

Step 1: Visit the ICICI Bank website and click on the "NRI Banking" tab.

Step 2: Click on the "Open an NRI Account" link.

Step 3: Select the account type you want to open and click on the "Apply Now" button.

Step 4: Fill out the online application form and upload the required documents.

Step 5: Submit the application form and click on the "Submit" button.

Once you have submitted your application, an ICICI Bank representative will contact you to verify your information and complete the account opening process.

Benefits of ICICI NRI Accounts

The following list mentions the various ICICI NRI account benefits available to you:

  • Ease of Account Management: ICICI Bank provides user-friendly online banking platforms and mobile apps. This makes it convenient as an NRI to manage your accounts, transfer funds, pay bills, and perform various banking transactions from anywhere in the world.

  • Variety of Account Types: ICICI offers a range of NRI accounts, including NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) accounts. NRIs can choose the type of account that best suits your financial needs and objectives.

  • Repatriation of Funds: NRE accounts are repatriable, meaning that you can easily transfer both principal and interest earned in India to your foreign account without any restrictions. FCNR accounts also offer full repatriation benefits.

  • Tax Benefits: Interest earned on NRE and FCNR accounts is tax-free in India. Additionally, the interest on NRO accounts is subject to Indian income tax, but you can claim a tax credit in your home country based on the Double Taxation Avoidance Agreement (DTAA) between India and your country of residence.

  • Investment Opportunities: With an NRI account, you can invest in various investment options in India, including ULIP plans stocks, bonds, mutual funds, and real estate, to grow your wealth.

  • Currency Options: ICICI Bank allows you to maintain accounts in multiple foreign currencies, making it convenient for an NRI to manage the finances in your preferred currency.

  • Power of Attorney: As an NRI, you can appoint a Power of Attorney (POA) holder in India to manage your financial affairs and perform banking transactions on your behalf.

  • Loan Facilities: ICICI offers NRI home loans, car loans, and personal loans, enabling you to fulfil your financial goals in India.

  • Dedicated NRI Services: ICICI Bank typically has dedicated NRI relationship managers and customer service teams to assist NRIs with their banking needs and provide personalized assistance.

  • Competitive Interest Rates: ICICI Bank offers competitive interest rates on NRI accounts, helping you to grow your savings over time.

  • Online Investment Services: The bank offers online platforms to invest in mutual funds, equities, and other financial products, providing NRIs with opportunities for wealth creation.

  • Convenience of Remittances: ICICI Bank offers convenient and secure channels for NRIs to send money to India and vice versa, with competitive exchange rates.

  • Insurance and Wealth Management Services: ICICI Bank provides NRI customers access to insurance products and wealth management services to protect and grow their assets.

SIP Investment for NRIsSIP Investment for NRIs

Summing It Up

ICICI NRI accounts offer a comprehensive category of financial services designed to meet the needs of Non-Resident Indians (NRIs). These accounts provide convenience, tax benefits, investment opportunities, and a range of banking services, making them a valuable choice for NRIs looking to manage their finances in India efficiently and effectively.

FAQ's

  • What is the minimum balance for the ICICI NRI account?

    The minimum balance requirement for ICICI NRI accounts varies depending on the account type.
    • NRE Savings Account: Rs. 10,000 

    • NRO Savings Account: Rs. 10,000 

    • NRE Fixed Deposit Account: Rs. 25,000 

    • NRO Fixed Deposit Account: Rs. 25,000 

  • What are the benefits of an NRI account in ICICI Bank?

    ICICI Bank offers a wide range of benefits to NRI account holders, including:
    • Dedicated Relationship Manager (RM)

    • Free/concessional remittance charges

    • International Debit Cards with higher withdrawal limits

    • Tax benefits on NRI deposits

    • Investment opportunities in India for NRI account holders, including ULIP plans, mutual funds, stocks, and bonds

    • Access to a wide range of banking products and services offered by ICICI Bank, including savings accounts, fixed deposits, recurring deposits, loans, and insurance products.

  • Who is eligible for an NRI account in ICICI?

    The following individuals are eligible to open an NRI account with ICICI Bank:
    • Indian citizens who are residing outside India for employment, studies, business, or vocation.

    • Persons of Indian Origin (PIO) 

    • Non-Resident Indians (NRIs) who hold a valid Indian passport and have a valid visa

    • Overseas Citizens of India (OCI)

  • Which bank account is best for NRI?

    The best bank account for an NRI will depend on their individual needs and preferences. However, some of the most popular and well-regarded NRI bank accounts in India include:
    • ICICI Bank NRI Account

    • HDFC Bank NRI Account

    • State Bank of India NRI Account

    • PNB NRI Account 

    • Axis Bank NRI Account

Past 5 Year annualised returns as on 01-05-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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