FCNR Fixed Deposit Account FAQs
In case I debit my NRE account and open an FCNR Fixed Deposit, would there be any charges?
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.
What is the tenure for which I can open an FCNR Deposit?
You can maintain an FCNR deposit for a tenure ranging from 12 months to 60 months.
How can I renew my FD?
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.
How can I repatriate funds from my NRE/FCNR/RFC account?
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
Can I close my FCNR Deposits prematurely?
You can close your FCNR Deposits before the due date in case the deposit is booked for a tenure of less than 3 years . The following clauses would be applicable:
- Before completion of 1 year: No interest will be payable
- After completion of 1 year: No penalty will be levied in case of premature closure of FCNR deposits booked/renewed on or after June 1, 2013. Interest shall be paid at the applicable rate for the period the deposit remained with the Bank.
How can I request for closure of Fixed Deposits?
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.
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