ICICI Bank :: NRI :: FAQs :: Bahrain Deposits

Adjust font size

Bookmark

E-mail this page

Bahrain Deposits

Frequently Asked Questions

1. What are the features of the fixed deposit?
2. How can I apply for a fixed deposit?
3. What supporting documents do you require with the application?
4. In what currencies are the fixed deposits available?
5. What’s the minimum amount needed to open a fixed deposit?
6. What are the tenures for which the fixed deposits are offered?
7. How is the interest rate calculated?

What are the features of the fixed deposit?
Here’s what ICICI Bank's fixed deposit offers you:

· Flexible tenures: You can choose between tenures that range from one month to 72 months.

· Attractive interest rates: You get the benefit of interest rates that are higher than those offered by typical current or savings accounts. Please note that rates are subject to daily fluctuations in the money markets. You can obtain the rates from ICICI Bank at the time of making the deposit.

· No interest rate fluctuation: Interest rates remain unchanged during the tenure of the deposit, irrespective of any movements in market interest rates.

· No tax at source: As per the prevailing income-tax laws in Bahrain, interest rates on deposits placed with ICICI Bank's Bahrain branch are not subject to deduction of income tax at source / withholding tax.

· Automatic renewal: To make things more convenient for you, we automatically renew deposits for one month at the prevailing rate of interest on the maturity date. That is, unless you give prior instructions specifying the desired renewal tenure.

How can I apply for a fixed deposit?
Opening a fixed deposit at ICICI Bank, Bahrain is an easy process. Just follow the simple steps:

Download the application form here.

Fill in the application form with your details. If you need assistance while filling in the form, please give us a call at our branch. We will be happy to assist you

Send the filled-in form to us, along with the supporting documents. You can either visit us at our branch in Bahrain or mail / courier your application form and documents to:

IPB Ops – Bahrain
ICICI Bank Limited
Second floor, Trade World
"B" Wing, Kamala Mills Compound
Lower Parel, Mumbai - 400 013
INDIA.

Please Note:
For documents sent by post / courier;

Certification:
Documents should be certified by a lawyer / notary public in Bahrain. Certification of documents done outside Bahrain should be legalised through an Embassy / Consulate. The certifying lawyer should do so under his / her official stamp, setting out his / her name, registration details, if applicable, and address. The notary public should certify under his / her seal and official stamp.

Verification:
The Bank may undertake one or more of the following for verification purposes:
- Contact the applicant by telephone at the applicant's home or office number given in the relationship form
- Request the applicant to furnish to the Bank a letter from the applicant's employer confirming the applicant's employment
- Request the applicant to furnish to the Bank the applicant's salary details appearing on the latest (recent) bank statement
- The Bank might request additional verification, if required.

What supporting documents do you require with the application?
For persons living outside Bahrain, we require:

1. Photocopy of a valid passport
2. Photocopy of a valid visa (either within the passport or separately) or a declaration that the applicant does not have a valid visa, giving reasons for the same
3. One photograph per applicant
4. Photocopy of any one of the following:
            a. Birth certificate
            b. Driving licence in the country of residence
            c. Resident identity card OR
            d. Any other document establishing residency (these documents are accepted on a case-by-case basis)
5. If the address on the supplied documents is not the present one, we will need a copy of any one of the following as proof of address:
            a. Your latest electricity bill
            b. Your latest telephone bill
            c. Your latest bank account statement that has your present address
6. Valid and acceptable documentation evidencing exemption / concession from deduction of tax at source / withholding tax, if any, as may be applicable in future under the tax laws in force from time to time
7. Fax Indemnity Form (optional)

In what currencies are the fixed deposits available?
Fixed deposits are available in the following currencies:
· Bahraini Dinar (BD)
· US Dollar (USD)
· British Pound Sterling (GBP)
· Australian Dollar (AUD)

What’s the minimum amount needed to open a fixed deposit?
Minimum deposit sizes for fixed deposits in various currencies are:
· BD: 2,000
· USD: 5,000
· GBP: 3,000
· AUD: 7,000

What are the tenures for which fixed deposits are offered?
Fixed deposits are offered in tenures of one, two, three, six and nine months, and one, two, three, four, five and six years.

How is the interest rate calculated?
Interest rates offered on the fixed deposits are calculated on a per annum basis, compounded annually. The accumulated interest will be paid on maturity.
For deposits of 12 months or less, the interest will be computed as simple interest. Click here for the latest interest rates.

Privacy | Terms & Conditions | Disclaimer | Site Map