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Rates & Charges
Rates & Charges
 
Savings Account
NRE Savings* 4.00% Apply Now
 
Fixed Deposit & RD

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NRE FD
(5years 1 day upto 10 years)
5.50% Know More
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*Interest rates 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
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New TDS guidelines

Important: New guidelines regarding TDS deduction on the interest earned in NRO/NRE deposits

In accordance with the changes proposed in the Union Budget 2018 with effective April 01, 2018, Education cess and secondary education cess presently applicable @ 3% has been abolished and replaced with Health and Education Cess applicable @ 4%.

 

Accordingly, the withholding tax rates for interest earned on NRO savings bank account and Deposits will be as under:

 

Total Interest Earned on NRO Deposits and SB accountsWithholding tax rate%
Less than or equal to ₹ 50 lakhs
31.2% (tax rate @ 30%+surcharge 0% + cess 4%)
Greater than ₹ 50 lakhs and less than or equal to 1 Cr
34.32% (tax rate @ 30%+surcharge 10% + cess 4%)
Greater than 1 Crore and less than or equal to 2 Crores
35.88% (tax rate @ 30%+surcharge 15% + cess 4%)
Greater than 2 Crores and less than or equal to 5 Crores
39% (tax rate@30% + surcharge 25% + cess 4%)
If it exceeds 5 Crores
42.74% (tax rate@30% + Surcharge 37% + Cess 4%)

 

Any interest paid / accrued on or after April 1, 2018 will be subject to the mentioned withholding tax rates.

 

Disclaimer: The tax write up above is for the general understanding and reference. The user needs to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the taxation implications may vary depending upon the facts in each case/interpretation by tax authorities and the tax laws are subject to change from time to time. ICICI Bank Ltd expressly disclaims any liability to any person, in respect of anything done or omitted to be done by any such person by placing reliance upon the contents of this write-up.