NRE (Non-Resident External) FD without premature withdrawal facility
Features and Benefits
- Deposit amount*: Rs 2 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.
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.