FCNR Fixed Deposit Account FAQs

No, there would be no charges. However, w.e.f 1st April 2011, wherever currency conversion is involved, ICICI Bank Ltd. shall levy the revised service tax as per the Service Tax Rules (1994) amended by Ministry of Finance (Govt. Of India) vide Notification No. 26/2011 – Service Tax, on 31st March, 2011.Please click here to know the slabwise service tax structure.

Yes, the principal amount and interest earned are fully repatriable.

FCNR FD requests can be processed only if the Beneficiary and remitter is the same

No, Interest earned on FCNR Fixed Deposit Account is not taxable in India.

You can maintain an FCNR deposit for a tenure ranging from 12 months to 60 months.

Yes, you can register your nomination with this account.

We will automatically renew the fixed deposits and it will keep earning you attractive interest rates. However, if you open the account under non-auto renewal mode, you must give us written maturity instructions.

No, you will not get a cheque book or an ATM-cum-debit card with your Fixed Deposit

You can request for FD Renewal by applying online through "Service Request" option available in your Internet Banking. Alternatively, you can click here to download the request form and mail it to our India address:
ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

You can also visit any ICICI Bank branch in India and submit the 'Renewal of Term Deposit' Request form. In caseof further queries, please write through Email us or call our 24-hour Phone Banking Services.

You can repatriate funds in two ways:

Demand Draft
Wire Transfer

You can place a request for Repatriation from fixed deposit through any of the following modes:
You can request for “Repatriation of Funds” by applying Online through "Service Request" option available in your Internet Banking.

Alternatively, you can click here to download the request form for 'Outward Repatriation of Funds' and mail it to our India address:
ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

You can also visit any ICICI Bank branch in India and submit the request. To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com. In case of Fixed Deposit closure wherever currency conversion is involved, w.e.f 1st April 2011, ICICI Bank Ltd. will levy the revised service tax as per the Service Tax Rules (1994) amended by Ministry of Finance (Govt. Of India) vide Notification No. 26/2011 – Service Tax, on 31st March, 2011.

Please click here to know the slabwise service tax structure. * Repatriation of funds will be subject to regulations of relevant jurisdiction as existing from time to time

You can close your FCNR Deposits before the due date. The following clauses would be applicable:

1. Before completion of 1 year: No interest will be payable and no penalty will be levied.
2. After completion of 1 year: On premature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower and no penalty will be levied.

FCNR closure proceeds need to be transferred to an account where the FCNR (B) FD holder is a primary applicant

You can request for a Closure of Deposits by applying Online through "Service Request" option available in your Internet Banking. Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

You can also visit any ICICI Bank branch in India and submit the 'Account Closure' Request.

For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website www.icicibank.com

For deposits of amount equal to or greater than Rs 1 million or its equivalent, FD closure request signed by all deposit holders is to be accompanied with self-attested copies of the passports of each deposit holder and a cancelled cheque of a NRE or NRO account held in the same Customer Id as the deposit being closed. The ICICI Bank official shall call for self-attested copies of the passport of all applicants as a part of in-person verification.

No, a mandate holder can be appointed only for operating savings account

Yes. The amount of loan that can be sanctioned would depend on the currency of the FCNR, please refer table below for details:
Deposit Currency
USD - 85%
GBP - 80%
EUR / CAD / GBP - 70%