NRE Recurring Deposit Account FAQs

Who is an NRI?


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.

Who is a PIO?


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.

What type of bank accounts can be opened by NRIs / PIOs?


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

How can I open an NRE Savings account?


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

What are the documents that I have to submit to open a NRE Savings Account?


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

Is interest earned on NRE Recurring Deposit account taxable in India?


No, Interest earned on NRE Account is not taxable in India.

Are my NRE Recurring Deposits funds repatriable?


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

Is interest earned on NRE Recurring Deposit taxable in India?


No, Interest earned on NRE Account is not taxable in India.

Can I have a joint account holder for this account?


You can hold the account jointly with other Non-Resident Indian(s).

What happens to the proceeds on maturity?


On maturity, the proceeds will be credited to your NRE Savings Account with ICICI Bank

Can I have a nominee for the account?


Yes, you have the right to specify different nominations for your accounts by completing the appropriate forms. Further, you are at liberty to change the nominee during the course of your deposit period, through a declaration to that effect in the appropriate form.

Can I close my NRE Recurring deposit prematurely?


Yes, you can close your NRE Recurring deposit before maturity. Interest will be calculated at the rate applicable for the period the Deposit has actually remained with ICICI Bank plus applicable penalty.

If closed before 12 months from the date of deposit opening, no interest is payable.

Is there any penalty in case of delay in payment of instalment for NRE Recurring deposit?


In case of delay in payment of any installments for NRE Recurring deposit account, a penalty of Rs. 12/- per thousand per installments will be levied.

What is the tenure for which I can open NRE Recurring Deposit?


Minimum Tenure: 1 year and thereafter in multiples of 3 months.
Maximum Tenure: 10 years

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.
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. Click here to learn more about the P.O. Box Service.

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

Can I appoint a mandate holder for my FCNR/RFC/NRE/NRO Fixed Deposits accounts?


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

How can I register a nominee on my account?


To register a Nominee, Click here to download the 'Add a Nominee- DA1 form' ', fill it up and mail 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.

Please Note that : The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. He / she can be any person known to the account holder as well as the nominee

The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) / sign on the form

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. Click here to learn more about the P.O. Box Service. You can also visit any ICICI Bank branch in India and submit the 'DA1 Form'.

If you still do not wish to register a nominee, please send us a letter cum 'No Nominee declaration'.

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.

How can I cancel a nominee in my account?


You can download the ' Nominee Cancellation- DA2 form' request 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.

Click here to download the 'Cancel Nomination in my account – DA2 form'.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. Click here to learn more about the P.O. Box Service.

You can also visit any ICICI Bank branch in India and submit the Cancel Nomination in my account – DA2 form'.

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.

How can I update a new nominee on my account?


You can download the 'Nominee Updation- DA3 form' 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.

Click here to download the 'Update new Nominee – DA3' form.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. Click here to learn more about the P.O. Box Service.

You can also visit any ICICI Bank branch in India and submit the 'Update new Nominee – DA3' form.

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.

How can I declare for “No nominee” on my account?


You can download the 'No Nominee Declaration' , 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.

Click Here to download the ''No Nominee Declaration'.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. Click here to learn more about the P.O. Box Service.

You can also visit any ICICI Bank branch in India and submit the 'No Nominee Declaration - D1 '.

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.

Can I nominate more than one person for one account?


No, only 1 person can be nominated for an account

Can I register different nominees for different accounts?


Yes, you can have separate nominations for different accounts.

If I register a nominee when I open the account, do I have to fill in the nomination every time I make a new deposit?


No, you don't have to go through the same procedure every time. ICICI Bank allows NRIs to give a one-time instruction to make the nominee applicable for all accounts.

How do I register myself under “Do not call”?


If you wish to register yourself under DNC, you may visit www.icicibank.com and register yourself under the “Do not call” option present at the bottom of your screen. Please note that we will take 15 days from registration to process your request.

Please note that even if you register under DNC you will continue to receive service level communication viz. account statements, revision of charges etc.

I have already registered under “Do not call”. However, I have been receiving promotional calls/ emails from you.


Please write to us mentioning your name, country, telephone numbers (Format: ISD- Area code and number for landline numbers, and ISD- Number for mobile numbers) and email ID. Alternatively, you may email us at donotcallregistry@icicibank.com to register yourself. Please note that we need atleast 15 days from the receipt of your details to process your request.

My country is not reflecting in the drop down menu present on the site. What should I do?


Please write to us mentioning your name, country, telephone numbers (Format: ISD- Area code and number for landline numbers, and ISD- Number for mobile numbers) and email ID. Alternatively, you may email us at donotcallregistry@icicibank.com to register yourself. Please note that we need atleast 15 days from the receipt of your details to process your request.