RFC FD Account for Returning Indians 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 a NRI 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 NRI Account?


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

Who is eligible to open an RFC account?


A person resident in India can open an RFC account with foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India; OR Received as proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or received as gift or inheritance from a person who was resident outside India. In this regard, foreign security is defined as any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

In which currencies can RFC fixed deposits be opened?


RFC term deposit accounts can be opened with following currencies: USD, GBP, EUR and JPY.

What is the interest rate and tenures for RFC deposits?


The interest rate on RFC account are set as per ICICI Bank policy and updated on our website. The RFC fixed deposits are accepted for tenures from 1 month to 36 months. The minimum amounts for opening these deposits are USD 1000, GBP 1000, EUR 1000, and JPY 200,000. Premature closures of deposits are subject to penalty of 1% on the rate applicable for the period for which the deposit has been with the Bank or the contracted rate, Whichever is lower.

Can an RFC account be opened by transferring balances in my NRI accounts?


RFC accounts can be opened by transfer of balances in FCNR deposits with banks in India. This also includes the maturity proceeds of the Resurgent India Bonds (RIBs). The account cannot be opened with funds from an Easy Rupee Account. However, once the RFC account is opened with eligible funds as above, the balances in the Easy Rupee Account of the depositor can be transferred into the RFC account.

Who can be a joint holder for such an account?


The account can be held jointly with another person resident in India who is eligible to open an RFC account.

Can I open a RFC account anytime after returning to India?


There is no restriction on when you can open an RFC account for persons resident in India as long as they meet the condition of eligibility as stated above. Further, for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.

Can funds in the RFC account be repatriated abroad?


The funds in an RFC account are free from all restrictions regarding utilisation of foreign currency balances. They can be invested in the OBU Singapore Deposits, but not in OBU Seepz, in view of the restriction that the OBU Seepz cannot accept deposits from persons resident in India.

In whose favour can nominations be made?


Nominations can be made in favour of residents as well as non-residents. On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of his share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of his share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.

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 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- 400072INDIA.

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

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 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.