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NRE (Non-Resident External) FD without premature withdrawal facility

Overview

Features and Benefits

  • Deposit amount*: Rs 1 crore and above.
  • Flexibility: Fund your account with any convertible currency.
  • Tenure : Minimum tenure is 1 year
  • Choice of Plans:
    • Traditional Plans with monthly / quarterly payout option.
    • Reinvestment Plans with interest compounded quarterly and reinvested with the principal amount.
  • Easy movement: Principal amount and interest earned are fully repatriable.
  • Tax benefit: Interest earned not taxable in India.
  • The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit.
  • Such fixed deposit cannot be opened in auto renewal mode at time of opening.
  • Post opening of fixed deposit, customer will have an option to provide instructions to renew his fixed deposit within 30 days before maturity date of the deposit. At the time of giving instruction, consent to be provided for no premature withdrawal permitted for such FDs.
  • Interest rates for deposits without premature withdrawal facility may be higher for select tenure and amounts.

 

* Interest rates and minimum deposit value are subject to change without prior notice. Click here for Interest Rates. Please visit Terms and Conditions for complete details.


Documents Required

Customer Request Form

Incase of a new relationship (new customer Id) fresh account opening process needs to be followed.

For availing the deposit without premature withdrawal facility, please contact your Relationship Manager or visit an ICICI Bank Branch in India.


Specific Terms and Conditions for deposits without premature withdrawal facility

  • These terms and conditions ("Terms") apply to fixed deposits without premature withdrawal facility, opened with ICICI Bank, as per the guidelines prescribed by Reserve Bank of India (RBI) in this regard from time to time ("Fixed Deposit"). These Terms shall be in addition to and not in derogation of the terms and conditions governing ICICI Bank Fixed Deposits available on www.icicibank.com ("Primary Terms"). In the event of any contradiction in the Terms and the Primary Terms, these Terms shall prevail.
  • The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
  • In the event of premature withdrawal of these deposits under abovementioned exceptional circumstances, the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid upto the date of such premature closure will be recovered from the deposit amount.
  • Minimum tenure for NRE FD is 1 year and maximum tenure is 10 years. Minimum tenure for traditional NRO FDs without premature withdrawal facility is 3 months and maximum tenure is 10 years.

    Minimum tenure for cumulative NRO FDs without premature withdrawal facility is 6 months and maximum tenure is 10 years
  • Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account. The customer can give renewal instructions within 30 days before maturity date of such deposit.
  • Interest rates and minimum deposit value are subject to change without prior notice.