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NRE Fixed Deposit Account

Key Highlights

  • Rupee fixed deposit for foreign earnings.
  • Enjoy full repatriability of investment including interest
  • Interest earned is not taxable in India.
  • Loans of up to 90% of your deposit at attractive interest rates.
  • For Interest Rates, please Click here

 

 

What are NRE Fixed Deposits?

  • NRE Fixed Deposits are a high-return Rupee deposit option to invest your foreign income.
 

Why choose NRE Fixed Deposits?

  • With NRE Fixed Deposits Account, you earn high tax free interest and get complete repatriability on your foreign earnings plus loan upto 90% of your deposit at attractive interest rates

Overview

Benefits of NRE Fixed Deposit Account

  • Flexibility: Fund your account with any convertible currency.
  • Low deposit amount: ₹ 25,000 .
  • Hassle-free renewal: Automatic renewal of your principal and interest on maturity.
  • Favourable exchange: Competitive exchange rates on conversion of your foreign currency into rupees.
  • Easy movement: Principal amount and interest earned are fully repatriable.
  • Tax benefit: Interest earned not taxable in India.
  • Attractive loan options: Attractive loan options: loans up to 90% of your deposit at attractive interest rates. Maximum INR 500 Lakhs.
  • Quick processing: Electronic Deposit Confirmation Advise (E-DCA) on your e-mail ID within 1 working day (if you have subscribed for account statement via e-mail).
  • Tenure/ Duration: Minimum 1 year to Maximum 10 years.

Documents required to open NRE Fixed Deposit Account

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

Self attested photocopies of:

  • 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.

Address proofs: View complete list of Indian and overseas address proofs here.

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

Photocopies of the following documents which have been self-attested by the document holder as well as duly attested 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.

Address proofs: View complete list of Indian and overseas address proofs 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.

When you submit application for account opening at 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).
  • 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.

Address proofs: View complete list of Indian and overseas address proofs here.

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

Photocopies of the following documents which have been self-attested by the document holder as well as duly attested 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.

Address proofs: View complete list of Indian and overseas address proofs 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.

When you submit application for account opening at 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.

Address proofs: View complete list of permanent address proofs here.

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

Photocopies of the following documents which have been self-attested by the document holder as well as duly attested 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.

Address proofs: View complete list of Indian and overseas address proofs 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.

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: or

    B) If the customer is a contract employee, then the following documents are also required

    C) For oil rigs,

*Note- All KYC Documents provided need to be self attested

*Note- All KYC Documents provided need to be self attested

NRE fixed deposits are maintained in Indian Rupee (INR).

 

The minimum amount for opening an NRE fixed deposit account is Rs 25,000.

 

Interest payment frequency for traditional NRE fixed deposit is Monthly and quarterly. For cumulative deposits interest payment is at the time of maturity.

 

As this is a fixed deposit, cheque book and ATM/ Debit Card are not given. You can use the linked/ repayment account’s cheque book/ debit card for withdrawal/ transfer of funds in your NRE fixed deposit post partial or full closure.

 

The interest earned on NRE fixed deposit is tax free in India.

 

NRE fixed deposit can be booked for a tenure ranging from one year to 10 years.
No interest payable if deposit prematurely closed within 1 year.
Click here for NRE Fixed Deposit interest rates.

Yes. Nomination facility is available for NRE fixed deposit.

 

 

Yes. You can hold this account jointly with other Non-Resident Indian(s) and Resident Indians*.

 

*This can be opened only with relatives, and mode of operation shall be as Former or Survivor as per which only the primary applicant shall have rights for financial and non-financial transactions

No. NRE/ FCNR fixed deposit cannot be booked from NRO account.