NRO Fixed 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

 

Can I continue to operate my resident account if I open an NRI account?


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

Are my NRO Fixed Deposit funds repatriable?


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

 

Is interest earned on NRO fixed deposit taxable in India?


The interest is subject to income tax deduction as per the prevailing rates. Present TDS rates are 30.9% for interest earned in NRO FD / NRO account.

Can I open my Account in any currency?


Yes, you can open your account with INR or any convertible foreign currency. We will convert your currency into INR and open the NRO FD Account. Your NRO FD Account will be maintained in only INR.

 

Can I have joint holders for my NRO fixed deposit?


Yes. You can hold your NRO Fixed Deposit jointly with other resident or Non-Resident Indian(s).

 

What is the minimum amount with which I can open a NRO Fixed Deposit?


The minimum amount to open an NRO Fixed Deposit is INR 25,000

 

What is the tenure for which I can open a NRO Fixed Deposit?


You can maintain an NRO Fixed Deposit for 7 days -10 years.

 

How can I view my tax credit statement for getting details of TDS deducted?


You can view your tax credit statement by logging to internet banking. Alternatively, click here to view your tax credit details directly.

What is DTAA & how can I avail benefit of reduced TDS rates under DTAA?


DTAA stands for Double Taxation Avoidance Agreement. Income Tax rates will be as per DTAA (Double Taxation Avoidance Agreement) agreed between India and various countries, in the case of depositor is resident of any of those countries.

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.

For more information on DTAA & documents, please call us on our 24-hour Customer Careor write to us through "Email us" option, at our website www.icicibank.com.

Is PAN card mandatory for availing DTAA benefit?


Yes. PAN card is mandatory for availing DTAA benefit

When do I need to submit the documents for availing DTAA benefit?


Documents need to be submitted at the time of requesting for the DTAA benefit as well as for each year during the tenure of the deposit / account.

Can I convert my Resident Account to NRO account?


Yes. You can convert your Resident Account to NRO Account.
According to FEMA guidelines, when an individual changes his residential status from 'Resident' to 'Non-Resident', he must re-designate his resident account as an NRO (Non-Resident Ordinary) account. Along with the NRO account you can open NRE account.

To re-designate your Resident account, fill in the account opening form and submit the relevant documents along with the address proof to our India address:
ICICI Bank Ltd
NRI Remote RM Channel, 4th Floor, A wing
"Autumn Estate"
Chandivili Farm Road
Chandivili, Andheri (East)
Mumbai-400072
INDIA

Click here to print the Conversion Letter and download the Account Opening form.

Note: After re-designation of your resident savings account to NRO savings account, the account number will remain the same and funds from resident savings account will automatically be transferred to NRO savings account

Rs.250 included in the account opening funds are the charges for sending the initial account opening deliverables If the total balance under your customer ID is less then Rs.25000, we request you to send an account opening cheque of atleast Rs.15000 with your application In case of your Indian Address not being changed you would not be required to submit the proof. However, if it has changed you would be required to submit the proof Current (i.e. overseas) address proof is required mandatorily

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 (link: ../RHStemp/poBox.html) to learn more about the P.O. Box Service.

You can also visit any ICICI Bank Branch in India and submit the conversion request along with the relevant documents.

In case of further queries, please write through Email us or call our 24-hour Phone Banking Services

How can I request for a demand draft to be sent to any address in India?


You can request for a demand draft 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 ' Demand Draft' Request form. 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.

* Charges will be as per applicable service charges.

What will happen to my fixed deposits once it matures and I forget about it?


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.

Will I get a Cheque Book and an ATM-cum-Debit Card when I open an FCNR /NRE/NRO/RFC Fixed Deposit?


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

How can I renew my FD?


You can request for FD Renewal by 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 '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.

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 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 transfer funds from my NRO to an NRE / FCNR account?


Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India. However, RBI has now permitted transfer from NRO account to NRE account subject to the submission of required documents and subject to total amount of funds transferred to NRE account and/or repatriated abroad through NRO account during this financial year is within the limit of USD One million.

Click here for request letter for transfer of Funds from ICICI Bank NRO a/c to NRE a/c.
Click here for request letter for transfer of Funds from non ICICI Bank NRO a/c to ICICI Bank NRE a/c.

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.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

Can I close my NRO Fixed deposit prematurely?


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

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 :

  1. 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.
  2. 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'.To refer to the updated list of our branches please, Click here

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 Careor 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'.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

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.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

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 '.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

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.

Can I get loans against my NRO fixed deposits?


Yes, you can get up to 90% of your fixed deposit as loan.

Do I need to submit my Permanent Account Number (PAN) to the Bank?


From April 1, 2010 Permanent Account Number (PAN) shall be mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement (DTAA) treaty. Hence it is advisable to submit your PAN to the Bank.

Please note that it is also essential to update your PAN number with us for getting TDS certificates, repatriating funds from NRO account as well as getting tax credit in your tax pass book for TDS deducted on your NRO accounts.

How to update your PAN number?


You can submit a self attested copy of your valid PAN card at any ICICI Bank branch in India or send it by courier or registered post at the following 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 remember to mention your full name & account number.

How to apply for PAN?


In case you do not have a PAN card or you have not yet applied for a PAN card, the same may be obtained as per the details given on the following websites:
https://incometaxindiaefiling.gov.in/portal/index.jsp
http://www.tin-nsdl.com
http://www.utitsl.co.in

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 in with your name, country, complete telephone numbers
(Format: ISD- Area code and number for landline numbers, and ISD- Number for mobile numbers) and email ID, and we will do the needful. 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 in with your name, country, complete telephone numbers
(Format: ISD- Area code and number for landline numbers, and ISD- Number for mobile numbers) and email ID, and we will do the needful. 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.