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NRO Savings Account 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:
(a) Non-resident External (NRE)
(b) Non-resident Ordinary (NRO)
(c) Foreign currency Non-resident (FCNR)


You can open an NRO Savings Account by applying online. Click on link below and our customer service representative will call you back in next 15 minutes to assist you in opening an account.


Please click here to know the documentation requirements for opening an NRO Savings Account.


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


The minimum amount for opening an NRO Savings Account is 15,250.


W.e.f. August 19,2017 , interest for all rupee savings accounts will be calculated on the daily closing balances maintained in the account. Interest will be paid at 4% per annum ( for end of day balances equal to or above INR 50 lacs ) and 3.50% per annum (for end of day balances below INR 50 lacs). Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee.


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 subject to satisfying documentation requirements


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

Yes. You can hold your NRO Savings Account jointly with other Non-Resident Indian(s) and Resident Indians*. You can also register nomination for this account.


*This can be opened only with relatives and mode of operation shall be as Former or Survivor as per which only the Primary applicant shall have rights for Financial and Non-Financial transactions. Resident joint applicant can be added as mandate holder.

If you have re-designated your resident account to a new NRO account, your Indian salary will be credited to your new NRO account.

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

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 Care or write to us through "Email us" option, at our website

Yes. PAN card is mandatory 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. is a very convenient, efficient, secure and cost–effective online money transfer tracking service.

Simply complete a one-time instant, online registration for the service at and start sending money from any bank in over 8 countries to any beneficiary in India.

Over the years of constant engagement with our users, we understand your anxiety during money transfers and our priority is to relieve you of this anxiety by ensuring seamless transfers - with round the clock customer service availability. is trusted by hundreds of thousands (lacs) of users annually for their money transfer needs to India and continues to be a preferred online and secure money transfer tracking service

For more details go to our website or click here.

To register click here

  • Convenience to you – secure transfers from any bank overseas
  • Convenience to your beneficiary - wide range of delivery options
    • Electronic transfers into accounts with over 75,000 bank branches in India
    • Electronic transfers into any resident Visa Debit Card issued in India
    • Demand Drafts issued and dispatched to your beneficiary in India
  • Online tracking and e-mail updates on status of your money transfers
  • Cost efficient and Competitive exchange rates
  • 24X7 Service Committment

The service facilitates money transfers to India in 8 currencies from any bank in 8 countries as listed below:

North America: USA (USD), Canada (CAD), Europe: UK (GBP), Sweden (SEK), Switzerland (CHF) Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED)

Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED)

To know more on the Money2India transfer modes in each of the countries, please select your Country of Residence. You can also contact the Money2India Customer Service team for any assistance

Inactive Account Activation: In order to make your account active (from inactive stage) please conduct a transaction by cheque, ATM or by infinity, else visit the nearest ICICI Bank branch in India and submit an account-activation letter.

Dormant Account Activation: In order to normalize your account (from dormant stage), you may use any one of the following channels:


Direct Courier:


Step 1 > Fill the Dormancy Activation Request Form. Click here.


Step 2 > Attach KYC documents


Attach copies of your Address Proof where you wish to receive your communications & first two and last two pages of your valid passport. Please note: You need to sign on the documents. You also need to get it attested by any local Bank/ Notary Authority/ Indian Embassy of your overseas country if you currently reside in a country other than any of the FATF countriesClick here for acceptable list of ID and Address proof documents.


Step 3 > Submit FATCA form (Only if applicable) Click here.


If there has been a change in the country of residence in the last two years, please submit the FATCA / CRS Form along with a copy of your visa.


Step 4 > Send documents:


A) You can use our PO Box services available in USA, Singapore, United Kingdom, UAE, Australia and Canada. Click Here for PO Box Address.




B) Courier documents to :

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