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.
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.
The various types of ICICI NRI Accounts available with ICICI Bank are listed in the table below:
|ICICI NRI Rupee Accounts|
|NRE Savings Account||
|NRO Savings Account||
|ICICI NRI Fixed Deposit Accounts|
|NRE Fixed Deposit Account||
|NRO Fixed Deposit Account||
|Rupee Plus Plan||
|ICICI NRI Special Accounts|
|Seafarer NRE Savings Account||
|Student NRE Savings Account||
|ICICI NRI Fixed Deposit Foreign Currency Accounts|
|FCNR Fixed Deposit Account||
|ICICI NRI Premium Programs|
|NRI Seafarer Pro||
|NRI Seafarer Premia||
|ICICI NRI Minor Account|
|NRI Young Star Account||
|NRI Smart Star Account||
|Account Type||Minimum Balance||Interest Rate|
|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||
|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||
|Student NRE Savings Account||Rs. 5,000||
|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||
|NRI Premia||Rs. 5 lakhs||--|
|NRI Pro||Rs. 2 lakhs||--|
|NRI Seafarer Pro||Rs. 2 lakhs||--|
|NRI Seafarer Premia||Rs. 5 lakhs||--|
|Tenure||FCNR (B) Interest Rates (in % p.a.)|
|US$ < 350000||US$ >= 350000 to < 1 million||US$ >= 1 million||CA$||SG$||GB£||AU$|
|>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|
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.
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:
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)
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.
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.
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.
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
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.
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)
ICICI Bank NRI Account
HDFC Bank NRI Account
State Bank of India NRI Account
PNB NRI Account
Axis Bank NRI Account
Past 10 Year annualised returns as on 01-12-2023
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per 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
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