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What is NRE Recurring Deposit Account?

NRE Recurring Deposit Account, maintained in Rupees, is an excellent option for NRIs to make big savings by investing small sums every month.

Why choose NRE Recurring Account?

The investment per month is not big and you can avail of easy account funding options. Plus, you get full repatriability.

Overview

Features and Benefits

  • Easy funding of account: Transfer funds every month from your NRE Savings account.
  • Flexible monthly installments: From ₹ 5,000 to ₹ 100,000
  • multiples of ₹ 1,000. Multiple tenure options: Ranging from 1 to 10 years.
  • Constant access: Free Internet banking for 24-hour access to your account.
  • Easy movement: Funds are fully repatriable.
  • Tax benefits: Interest earned not taxable in India.
  • Favourable exchange: Competitive exchange rates on conversion of your foreign currency into rupees.

 

Document Required

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:Address proofs:address proofs here
  • 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.

 

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).

       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

    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.

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

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.

 

 

Eligibility Criteria

Non Resident Indian

OCI (Overseas Citizen of India)

How NRE RD works

ICICI bank provides an excellent option for NRIs to invest their money in small chunks every month, ranging from 5000 to 100000 rupees in multiple of Rs 1000 with flexible tenure of 1 year to 10 years as per customer’s choice and suitability. No tax deduction, attractive interest rates and full repatriability makes it a great choice.

Recurring deposit works in similar fashion as that of FD, every monthly installment of prefixed amount earns the same interest for the tenure it is with the bank, on maturity customer gets back cumulative value of all the installments along with the interest earned on it. To know about maturity amount of the installment paid by you, click here

We also have an option to choose specific maturity of Rs. 1000000/- (SAMPANNA RD) with corresponding tenure and installment amount, to know more about the product, click here

Forms

RELATED FORMS

GENERAL FORMS

Mandate Holder Applications

Nominee Applications

View More


 

FAQ