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FCNR Fixed Account
 
Frequently Asked Questions


1. Who is an NRI?
2. Who is a PIO?
3. How can I open an FCNR Fixed Deposit?
4. What are the documents that I have to submit to open an FCNR Fixed Deposit?
5. Are they taxable in India?
6. What is the tenure for which I can open an FCNR Deposit?
7. Can I close my FCNR Deposits prematurely?
8. Can I have a Nominee for my FCNR Deposits?
9. Can I have a joint account holder for this account?
10. What will happen to my deposits once it matures and I forget about it?
11. Can I get loans against my FCNR Deposits?
12. Will I get a Cheque Book and an ATM-cum-Debit Card when I open an FCNR Deposit?
13. Can I appoint a mandate holder for my FCNR Deposits accounts?



 
Who is an NRI?
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.
 
   
   
   

Who is a PIO?
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.
 
   
   
   
How can I open an Account?
You can open an FCNR Fixed Account by applying online or by downloading the account opening form, filling it up and mailing it with relevant documents to our India address:

ICICI Bank Ltd.
NRI Services Centre (CPC NRI),
ICICI Bank Limited
Ground Floor, Empire Complex,
414 - Senapati Bapat Marg,
Lower Parel, Mumbai - 400 013,
INDIA.
Incase of further queries, please contact us through Email Us

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, now you no longer have to incur expensive courier charges to send us your documents, you can simply post them to the local P.O. Box in your respective countries.

Note: The P.O. Box is a service offered by ICICI Bank India, and any of the overseas branches or Representative Offices are not involved in this service.

Click here to learn more about the P.O. Box Service

 
   
   
   
What are the documents that I have to submit to open an FCNR Fixed Deposit?
Please click here to know the documentation requirements for opening an FCNR Fixed Deposit.
 
   
   
   
Are they taxable in India?
No, FCNR deposits are not taxable in India.
 
   
   
   
What is the tenure for which I can open a FCNR Deposit?
You can maintain an FCNR deposit for a tenure ranging from 12 months to 60 months.
 
   
   
   
Can I close my FCNR Deposits prematurely?
You can close your FCNR Deposits before the due date. No interest payable if the deposit is withdrawn before the completion of one year. If the deposit is withdrawn after completion of 1 year, there will be 1% charge on the rate applicable for the period for which the deposit was kept or the contracted rate, whichever is lower.
 
   
   
   

Can I have a nominee for my FCNR Deposits?
Yes, you can register your nomination with this account.

 
   
   
   
Can I have a joint account holder for this account?
Yes, you hold the account jointly with other Non-Resident Indian(s).
 
   
   
   
What will happen to my deposit once it matures and I forget about it?
We will automatically renew the fixed deposits and it will keep earning you attractive interest rates. However, if you open the account under non-auto renewal mode, you must give us written maturity instructions.
 
   
   
   
Can I get loans against my FCNR Deposits?
The amount of loan that can be sanctioned would depend on the currency and tenure of the FCNR, please refer table below for details:

Deposit Tenure USD GBP EUR / CAD / GBP
<= 1 year 85% 80% 70%
> 1 year and <= 2 years 85% 75% 65%
> 2 years and <= 3 years 80% 70% 60%
> 3 years and <=5 years 75% 70% 60%
> 5 years and <=10 years NA NA NA

The maximum loan permitted is Rs. 20 Lacs.
 
   
   
   
Will I get a cheque book and an ATM-cum-debit card when I open an FCNR deposit?
No, you will not get a cheque book or an ATM-cum-debit card with your FCNR Deposit.
 
   
   
   
Can I appoint a mandate holder for my FCNR deposits?
No, a mandate holder can be appointed only for operating savings account.