NRE (Non-Resident External) Savings Account*

Key Highlights

  • Park your foreign income earned outside India.
  • Free* money transfers at competitive exchange rates.
  • Enjoy full repatriability of your money & earn tax free interest in India.
  • Free mandate card & cheque book for your family in India, giving them anytime, anywhere access to your account.
*Conditions apply. Subject to levy of applicable service tax.

 

What is an NRE Account?

  • An NRE (Non-Resident External) Account is a savings account maintained in ₹ where you invest your foreign income earned outside India.

Why choose an NRE Account?

  • Enjoy tax-free interest and fully repatriability of funds.
  • This is the most convenient way to use your foreign earnings in India.

Overview

Features and Benefits

  • Tax benefits: Interest earned not taxable in India.
  • Easy movement of funds: Funds in NRE account are fully & freely repatriable.
  • Low balance required: Minimum quarterly account balance as low as ₹ 15,000 only
  • Anytime, anywhere account access: With international ATM-cum-Debit card, convenient access at over 11,000 ATMs and over 3,500 branches all over India, and 24x7 phone and internet banking.
  • Beneficial interest rates: Interest rate calculated on daily closing balances at 4% per annum. Interest paid half–yearly in September and March,  June and December.
  • Low cost and Hassle ** -free money transfers: Available through various online and offline modes at competitive exchange rates
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
  • Joint holding: With another NRI.
  • Mandate benefits: Free cheque book and ATM card for mandate holder.
  • NRI Advantage: Handpicked exclusive offers catering to your needs when in India as well as when abroad. Know more.  

FREE PO Box service to send your documents.

 

 

*Please note that now Non interest bearing NRE accounts are also available under this category.
* Subject to nominal foreign currency conversion charges.
** Subject to nominal foreign currency conversion charges.

Service Charges

Quarterly Average Balance

  • You need to maintain a quarterly average balance of ₹ 15,000 or a total relationship value (within the same customer identity number) of ₹ 25,000.
  • If you are unable to maintain this minimum balance, quarterly service charges of ₹ 750 + service tax will be levied.

View more

Documents Required

NRIs


When you submit an application for account opening at ICICI Bank branch in India or overseas, you will need :

  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature).
    • Valid work permit/employment visa. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted.
  •  
  • Address proofs: View complete list of Indian and overseas address proofs here.

When you submit an application for account opening from outside India, you will need :

  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India)
    • Valid work permit / employment visa/ residency card. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted.
  •  
  • Address proofs: View complete list of Indian and overseas address proofs here.
  • For NRIs from Australia, Belgium, Canada, France, Hong Kong, Japan, Singapore, UK, and USA:
    • A self-drawn initial funding cheque (mandatory). Ensure that signature on cheque and application form match.
  • For NRIs from Germany:
    • A self-drawn initial funding cheque (preferable). Ensure that signature on cheque and application form match.
    • In absence of the above cheque, all supporting documents must be certified from any of the following authorities – banker / financial institution / credit union / Indian embassy / notary (or equivalent as applicable by law).
  • For all other Countries (other than the ones mentioned in the above two points):
    • A self-drawn initial funding cheque
    • Documents certified by any of the following authorities – banker / financial institution / credit union / exchange house / Indian embassy / notary (or equivalent as applicable by law).

Note - All KYC Documents provided need to be self attested

PIOs


  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature).
    • PIO card or past Indian passport of self/parent/grandparent along with a self-declaration about Indian origin OR self-declaration for PIO as given on the relationship form.
  •  
  • Address proofs: View complete list of Indian and overseas address proofs here.

When you submit an application for account opening from outside India, you will need:

  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India)
    • Valid work permit / employment visa/ residency card. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted.
  •  
  • Address proofs: View complete list of Indian and overseas address proofs here.
  • For PIOs from Australia, Belgium, Canada, France, Hong Kong, Japan, Singapore, UK, and USA:
    • A self-drawn initial funding cheque (mandatory). Ensure that signature on cheque and application form match.
  • For PIOs from Germany:
    • A self-drawn initial funding cheque (preferable). Ensure that signature on cheque and application form match.
    • In absence of the above cheque, all supporting documents must be certified from any of the following authorities – banker / financial institution / credit union / Indian embassy / notary (or equivalent as applicable by law).
  • For all other Countries (other than the ones mentioned in the above two points):
    • A self-drawn initial funding cheque
    • Documents certified by any of the following authorities – banker / financial institution / credit union / exchange house / Indian embassy / notary (or equivalent as applicable by law).

Note - All KYC Documents provided need to be self attested

Students


When you submit an application for account opening at ICICI Bank branch in India or overseas, you will need:

  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). The signature should be clearly visible and match the signature on your registration form.
    • Valid student visa. If your visa has expired, acknowledge renewal requests to the visa authorities will be accepted.
  •  
  • Address proofs: View complete list of permanent address proofs here.
  • For USA customers:
    • Copy of valid F1/F2 (in lieu of student visa) OR Employment Authorisation Card. Advance Parol will be required if you are outside USA. Re-entry not allowed on Employment Authorisation Card.

When you submit an application for account opening from outside India, you will need :

  • Self attested photocopies of:
    • Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India)
    • Valid work permit / employment visa/ residency card. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted
  •  
  • Address proofs: View complete list of Indian and overseas address proofs here.
  • For students from USA:
    • Copy of valid F1/F2 (in lieu of student visa) OR Employment Authorisation Card. Advance Parol will be required if you are outside USA. Re-entry not allowed on Employment Authorisation Card.
  • For students from Australia, Belgium, Canada, France, Hong Kong, Japan, Singapore, UK, and USA:
    • A self-drawn initial funding cheque (mandatory). Ensure that signature on cheque and application form match.
  • For students from Germany:
    • A self-drawn initial funding cheque (preferable). Ensure that signature on cheque and application form match.
    • In absence of the above cheque, all supporting documents must be certified from any of the following authorities – banker / financial institution / credit union / Indian embassy / notary (or equivalent as applicable by law).
  • For students from all other countries (other than the ones mentioned in the above two points):
    • A self-drawn initial funding cheque
    • Documents certified by any of the following authorities – banker / financial institution / credit union / exchange house / Indian embassy / notary (or equivalent as applicable by law).

You will also require the following additional documents :

  • Self-attested copy of admission letter from the university where student has got admission.
  •  
  • Name and address of the parent/guardian and details of their bank account held with ICICI Bank or any other bank. (Annexure I)
  •  
  • Annexure III needs to be filled by the student and submitted along with the account opening form.This includes the following details:
       
    • Objective of opening account
    • Source of funding account
    • Expected monthly funding into account
    • Expected monthly withdrawals from account
    • Usage of channels and monthly usage to fund account
  •  
  • As overseas address proof, the student holder must submit any of the following documents within 180 days from date of submission of AOF and before allowing any operations into the account:
    • Letter from his/her university stating student's overseas address
    •  
    • University identity card containing address
    • Bills paid abroad (credit card/ utility bills)
    • Driver's licence issued by a competent authority in country of residence
  •  
  • Only for USA customers:
    • I-20 OR identity card to be provided
    • If the student account holder is already residing abroad and has adequate address proof, then the above document(s) may be collected at the time of account opening and the above restriction in account operation will not apply. The customer will have to send the above-mentioned documents along with a letter (Annexure IV).

Note - All KYC Documents provided need to be self attested

Sefarers


Following KYC documents should be collected for opening seafarer accounts:

  • Self attested copy of valid passport (First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). Photocopy must include first four pages of passport and the pages indicating last date of arrival in India. The signature should be clearly visible and match the signature on your registration form)
  •  
  • Self attested copy of valid visa (first two pages and last two pages of the passport as well as the page indicating the last date of arrival in India) OR continuous discharge certificate (CDC). Certificate must indicate last date of arrival in India or declaration by ICICI employee (during branch visit) confirming that you are sailing for the first time.

    Incase of employees on Oil Rigs, instead of a visa, a letter from government authority stating” allowed to entry country “ or a business Visa along with a valid appointment letter is taken.
  • Seafarer’s declaration from the customer . No separate declaration will be required if the declaration is part of the AOF
  • A) For a permanent employee then in addition to the above the:
    • i. Initial work contract and
    • ii. Last wage slip (should not be more than six months old).
      or
  •  
  • B) If the customer is a contract employee, then the following documents are also required:
    • i. Valid CDC is a mandatory document along with the last page of the disembarkation stamp
    • ii. Valid work contract with the last page of the wage slip or
    • iii. The expired/last contract letter, if the disembarkation stamp on CDC is not more than 6 months old
      or
  •  
  • C) For oil rigs,
    • i. An expired contact letter can be accepted if the last disembarkation stamp on the passport from the country where the oil rig is situated is not more than six months old.

Note - All KYC Documents provided need to be self attested