NRO (Non–Resident Ordinary) FD without premature withdrawal facility
Features and Benefits
- Deposit amount*: Rs 2 crore and above.
- Flexibility: Fund your account with any convertible currency or INR.
- Choice of Plans:
- Traditional Plans with monthly / quarterly payout option.
- Cumulative Plans with interest compounded quarterly and reinvested with the principal amount.
- Joint holder option: Add Indian resident as joint holder
- Easy movement: Interest earned in current financial year is fully repatriability (after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes
- 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.
- 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.
- 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. The documents would need to be submitted every year to continue to avail DTAA benefit.
- 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.