ICICI Bank :: NRI :: FAQs

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NRO Fixed Account

Frequently Asked Questions

1. Who is an NRI?
2. Who is a PIO?
3. How can I open an NRO Fixed Deposit?
4. What are the documents that I have to submit to open an NRO Fixed Deposit?
5. Can I continue to operate my resident account if I open an NRI account?
6. Where will my Indian salary be credited if I close my resident account?
7. What is the procedure to convert my resident account into an NRO account?
8. How can I transfer funds from my NRO Fixed Account to
a. Another account in ICICI Bank (own)
b. Another account in ICICI Bank (third party)
c. An account in another bank?
9. Can I transfer funds from my NRO to an NRE / FCNR account?
10. Can I appoint a mandate holder for my fixed deposits account?
11. Can I nominate more than one person for one account?
12. Can I register different nominees for different accounts?
13. If I register a nominee when I open the account, do I have to fill in the nomination every time I make a new deposit?
14. What are the facilities and rights available to the mandate holder?

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 NRO 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),
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 NRO Fixed Deposit?
Please click here to know the documentation requirements for opening an NRO Fixed Deposit.

Can I continue to operate my resident account if I open an NRI account?
When you attain non-resident status, you must re-designate your resident account to an NRO (Non-Resident Ordinary) account.

Where will my Indian salary be credited if I close my resident account?
If you have re-designated your resident account to a new NRO account, your Indian salary will be credited to your new NRO account.

What is the procedure to convert my resident account to a NRO account?
To re-designate your resident account to an NRO account, you must submit a letter duly signed by all account holders with instructions to close the existing savings account and surrender all the unused Cheque Leaves and ATM Debit Card.

A completely filled and signed NRI relationship form has to be submitted.

How can I transfer funds from my NRO fixed deposits?
To transfer funds to another account of yours in ICICI Bank, you can use ICICI Bank’s Internet banking facility. Log on to your online account and click to the ‘e-cheques’ section and follow the instructions provided there.
Another account in ICICI BANK (third party)

Can I transfer funds from my NRO account to an NRE / FCNR Account?
Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India

Can I appoint a mandate holder for my fixed deposits accounts?
No, a mandate holder can be appointed only for operating a savings account.

Can I nominate more than one person for one account?
No, only 1 person can be nominated for an account

Can I register different nominees for my different accounts?
Yes, you can have separate nominations for different accounts.

If I register a nominee when opening the account, do I have to fill in the nomination form every time I make a new deposit?
No, you don't have to go through the same procedure every time. ICICI Bank allows NRIs to give a one-time instruction to make the nominee applicable for all accounts.

What are the facilities and rights available to the mandate holder?
A mandate holder is entitled to

Operate the NRI account locally
He / she can issue cheques for local payments on behalf of the account holder.
He / she can execute all instructions except the following:
Opening / Closure of fixed deposits
Repatriation of funds
Gifting of funds

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