NRI ›Products ›Accounts ›NRO Savings Account
Open account

NRO Savings Account

Request a call back to open an NRI Account

 

  • Park your rupee funds gathered from earnings in India.#
  • Free* money transfers at competitive exchange rates.
  • 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.

# Non-interest bearing VirtU Accounts also available under this category

 

APPLY NOW    Simply Give Missed Call on +91 7666660000

What is an NRO Savings Account

  • An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension etc.

Why choose an NRO Saving Account?

  • Be assured of efficient managing of your local rupee earnings in India, even as you live abroad. Easy redesignation of your account when you change status from resident to non-resident.
  • Park your rupee funds gathered from earnings in India.
  • Free* money transfers at competitive exchange rates.
  • 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.

# Non-interest bearing VirtU Accounts also available under this category

 

APPLY NOW    Simply Give Missed Call on +91 7666660000

What is an NRO Account?

  • An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension etc.

Why choose an NRO Saving Account?

  • Be assured of efficient managing of your local rupee earnings in India, even as you live abroad. Easy redesignation of your account when you change status from resident to non-resident.

 

Request a call back to open an NRI Account

NRO Savings Account Benefits

  • Higher yield post tax: By availing DTAA benefit facility.
  • Low cost and Hassle-free money transfers: Available through various online and offline modes at competitive exchange rates
  • Low balance required: Minimum monthly account balance as low as ₹ 10,000 only
  • Anytime, anywhere account access: With domestic ATM-cum-Debit card, convenient access at over 11,000 ATMs and over 3,000 branches all over India, and phone and 24x7 internet banking.
  • Beneficial interest rates: Interest rates at 4% per annum for end of day balances equal to or above INR 50 lacs and 3.50% per annum for end of day balances below INR 50 lacs.
  • Easy movement: Interest earned in current financial year is fully repatriable(after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes.
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
  • Joint holding: With an Indian resident or NRI.
  • Easy redesignation: Of your resident account to NRO Account when you become a NRI. Your account number remains the same.
  • 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.
  • Tax deducted at source: Interest earned on NRO deposits is subject to the applicable tax deduction at source. Click Here to know the current TDS rates applicable on interest earned on NRO accounts / deposits. You can reduce this TDS by availing DTAA facility.
  • Double Taxation Avoidance Agreement (DTAA)
  • Earn higher post tax return through reduced TDS rates by applying for DTAA facility on your NRO Savings account.
  • You can avail DTAA benefit on your NRO accounts by providing a self-declaration in the prescribed format, self attested PAN card copy, Form 10F and tax residency certificate for the current year.

 

Click here for the list of documents. The documents would need to be submitted every year to continue to avail DTAA benefit.

 

**Please note that now Non interest bearing NRO accounts are also available under this category.

*Subject to nominal foreign currency conversion charges.

#Subject to submission of an undertaking & CA certificate in the prescribed format.

NRO Savings Account Service Charges

Monthly Average Balance

  • You need to maintain a monthly average balance of INR 10,000 at account level or INR 25,000 at Customer ID level.
  • If you are unable to maintain this minimum Monthly average balance at Savings account level, service charges will be levied. Click here  for the complete list of service charges.

 

Customer ID level: Monthly average balance in NRE Savings / Non interest bearing account + Monthly average balance in NRO Savings / Non interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.

NRO Savings Account Documents

Expand AllClose All

NRI (Non Resident Indian)

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

    • 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/Residence Visa/Residence Permit.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)

      The photocopies provided will require self-attestaion i.e. signature of the applicant on it confirming that the document is a true copy and it belongs to the applicant.

 

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

    • Photocopies of the following documents will require self-attestation by the document holder and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official
      • Passport: First and last four pages of the passport 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/Residence Visa/Residence Permit.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)
 
  • Additionally, funding from customer’s self KYC complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of cheque, ensure that signature on cheque and application form match. In case of DD, customer’s name should be mentioned as purchaser in the DD advice. In case of Inward remittance, customer’s name and country mentioned in the SWIFT message should match with name and country of residence as per Account opening form.

The photocopies provided will require self-attestation i.e. signature of the applicant and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official.

PIO (Person of Indian Origin)

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

    • 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.
      • Valid work permit/employment visa if residence country is different from Passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)

      The photocopies provided will require self-attestaion i.e. signature of the applicant on it confirming that the document is a true copy and it belongs to the applicant.

 

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

    • Photocopies of the following documents will require self-attestation by the document holder and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official
      • Passport: First and last four pages of the passport 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.
      • Valid work permit/employment visa if residence country is different from Passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)
 
  • Additionally, funding from customer’s self KYC complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of cheque, ensure that signature on cheque and application form match. In case of DD, customer’s name should be mentioned as purchaser in the DD advice. In case of Inward remittance, customer’s name and country mentioned in the SWIFT message should match with name and country of residence as per Account opening form.

The photocopies provided will require self-attestation i.e. signature of the applicant and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official.

Students

When you submit an application for account opening at any 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 / I-20 form (applicable only for non-face to face US customers). In case a student holds a regular visa then copy of admission letter / identity card from the university to be obtained to confirm student status.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)

      The photocopies provided will require self-attestaion i.e. signature of the applicant on it confirming that the document is a true copy and it belongs to the applicant.

 

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

    • Photocopies of the following documents will require self-attestation by the document holder and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official
      • Passport: First and last four pages of the passport of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature).
      • Valid student visa / I-20 form (applicable only for non-face to face US customers). In case a student holds a regular visa then copy of admission letter / identity card from the university to be obtained to confirm student status.
      • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
      • FATCA / CRS Declaration (Download here)
      • CKYC Annexure (Download here)
 
  • Additionally, funding from customer’s self KYC complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of cheque, ensure that signature on cheque and application form match. In case of DD, customer’s name should be mentioned as purchaser in the DD advice. In case of Inward remittance, customer’s name and country mentioned in the SWIFT message should match with name and country of residence as per Account opening form.

The photocopies provided will require self-attestation i.e. signature of the applicant and additional duly attestation of documents by a Banker / Notary / Embassy official / Consulate Official.

Seafarers

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.
    • PAN Card copy or Form 60 (If not applied for a PAN card) (Download Form 60 here)
    • FATCA / CRS Declaration (Download here)
    • CKYC Annexure (Download here)

Note - All KYC Documents provided need to be self attested

Other documents DTAA

You are required to submit the following physical documents for availing the DTAA benefits

  • Self Declaration -Click here to download
  • Proof of Residency - Original or certified true copies* of the Tax Residency Certificate# (TRC) for financial year for which you are availing DTAA benefit
  • Form 10F - Click here to download
  • Self attested copy of PAN card (not required if PAN is upated in the account)

All the above documents are mandatory and can be submitted at any ICICI Bank branch in India or sent by courier or registered post at the following address:

ICICI Bank Limited,
NRI Cell, 5th Floor, A-Wing, Autumn Estates,
Chandivali Farm Road, Chandivali.
Andheri-East, Mumbai - 400072 INDIA

 

Please mention your full name and Account number / Customer ID on all the documents.

 

Please note that DTAA benefit would be effective post the date of last interest payout and will be valid for that Financial Year only or till last date of validity of the TRC whichever is earlier, only after receipt and acceptance of all necessary DTAA documents by ICICI Bank, India. Fresh documents need to be submitted every financial year. You will need to request for DTAA benefit to be applied to every new NRO FD or SB account subsequently opened.

 

#TRC can be issued by any government authority of the overseas country of residence. In case TRC is in local language, please provide the translated copy of the same in English.

 

*Attested by overseas local tax authority / overseas local banker / Indian embassy / Notary Authority.

 

NRO Savings Account Forms

RELATED FORMS

Mandate Holder Applications

Nominee Applications

View More

NRO Savings Account FAQs