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NRO (Non–Resident Ordinary) Fixed Deposit Account

Key Highlights

  • High returns on funds generated in India.
  • Joint holdings with residents and non-residents.
  • Loans of up to 90% of your deposit at attractive interest rates.

 

 

What are NRO Fixed Deposits?

  • NRO Fixed Deposits are an excellent option to earn high returns, same as those offered to resident Indians.
 

Why choose NRO Fixed Deposit?

  • NRO Fixed Deposits not only offer attractive interest rates resulting in higher yields on your Indian money; you also get loan upto 90% of your deposit at attractive interest rates.
 

Overview

Features and Benefits

  • Low deposit amount: ₹ 25,000.
  • Multiple tenure options: Ranging from 7 days to 10 years.
  • Joint holder option: Add Indian resident as joint holder.
  • Easy movement: Interest earned in current financial year is fully repatriable (after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes.
  • Attractive loan options: Upto 90% of your deposit at attractive interest rates. Maximum INR 500 Lakhs.
  • Hassle-free renewal: Automatic renewal of your deposits on maturity.
  • Exchange rate: Competitive exchange rates on conversion of your foreign currency into rupees.
  • Higher yield post tax: By availing DTAA benefit facility.
  • 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).
  • 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.
  • Double Taxation Avoidance Agreement (DTAA)
  • Earn higher post tax return through reduced TDS rates by applying for DTAA facility on your NRO Savings account.
  • 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.
  • Tenure/ Duration: Minimum 7 days to Maximum 10 years.

Click here for the list of documents. The documents would need to be submitted every year to continue to avail DTAA benefit.

 

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 (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

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

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.
    • i. Initial work contract and
    • ii. Last wage slip (should not be more than six months old).
    • 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
      or
  • Seafarer’s declaration from the customer . No separate declaration will be required if the declaration is part of the AOF

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

    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

  • Self attested copy of PAN card
  • Tax Residency certificate (TRC) for current financial year
  • Self-declaration cum request letter
  • Form 10 F

NRO FD FAQs

An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.

A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.

Following types of bank accounts can be opened:
- Non-resident External (NRE)
- Non-resident Ordinary (NRO)
- Foreign currency Non-resident (FCNR)

You can open a NRI Account by applying online or by downloading the account opening form, filling it up and mailing it with relevant documents to our India address:
ICICI Bank Ltd.
NRI Remote RM Channel
1st Floor, A wing
"Autumn Estate"
Chandivili Farm Road
Chandivili
Andheri (East)
Mumbai-400072
Email us

Please click here to know the documentation requirements for opening a NRI account

 

When you attain non-resident status, you must re-designate your resident account to an NRO (Non-Resident Ordinary) account.

 

The principal amount is not repatriable and can be used only for local payments. However, the interest earned is fully repatriable. Other current incomes such as pensions, dividends, rent, etc are also repatriable, subject to producing the appropriate certificate from a chartered accountant.

Funds up to USD 1 million (or equivalent) per financial year can be repatriated out of the balance held in NRO accounts for any bonafide purpose

Yes, the interest earned in NRO SB accounts or NRO Term Deposits / NRO Recurring Deposits is subject to withholding tax. Click Here to know the current TDS rates applicable on interest earned on NRO accounts / deposits.