What is an ICICI Bank FCNR Account?
ICICI Bank Foreign Currency Non-Resident (FCNR) account is a good option for NRIs to save money in foreign currencies like USD, GBP, SGD, CAD, and AUD. You can open fixed deposits for periods between 1 to 5 years. The account protects your money from currency rate changes and offers tax-free interest in India. Both the deposit and interest are fully repatriable, meaning you can transfer the funds abroad easily.
Features of ICICI Bank FCNR Account
The key features of the ICICI FCNR account are as follows:
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Currencies Offered: ICICI Bank allows customers to open FCNR accounts in six major currencies- US Dollar (USD), British Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), and Singapore Dollar (SGD).
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Tenure Options: Offers flexible durations ranging from 1 to 5 years for USD deposits. Duration for other currencies is between 1 and 3 years.
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Minimum Deposit Requirements: USD/GBP: $1,000 / £1,000; AUD/SGD/CAD: $2,000.
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Interest Rates: Competitive interest rates vary by currency and tenure.
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USD: 3.30% to 5.10%
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GBP: Up to 4.75%
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Tax Benefits: Interest earned is tax-free in India. However, it may be taxable in the NRI's country of residence.
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Premature Withdrawal Facility: Premature withdrawals are allowed but with the following conditions:
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Loan Facility: Loans up to 85% of the deposit value (maximum ₹5 crores) are available. The loan usage is limited to personal or business purposes, like buying a house or flat for residential purposes in India. However, it cannot be used for onward lending or purchasing agricultural land.
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Renewal and Repatriation: Both principal and interest are fully repatriable. Also, the ICICI FCNR accounts can be automatically renewed at maturity.
ICICI Bank FCNR Account Interest Rates
| Interest rates (percent per annum) with effect from January 01st, 2025 |
| Tenure |
USD < 400000 |
USD >= 400000 |
SGD |
GBP |
AUD |
CAD |
| 1 year - < 2 years |
4.75 |
5.10 |
3.25 |
4.75 |
4.40 |
3.75 |
| >= 2 years < 3 years |
4.00 |
4.00 |
2.75 |
4.00 |
3.75 |
3.30 |
| >= 3 years < 4 years |
3.65 |
3.65 |
NA |
NA |
NA |
NA |
| >= 4 years < 5 years |
3.30 |
3.30 |
NA |
NA |
NA |
NA |
| 5 years |
3.30 |
3.30 |
NA |
NA |
NA |
NA |
*These rates are effective as of January 2025.
Steps to Open an ICICI Bank FCNR Account
Follow the steps mentioned below to apply for ICICI FCNR Bank Account in India for an NRI/PIO:
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Step 1- Select a Mode to Open the Account:
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ICICI Bank Branch: Visit the nearest branch and complete the process.
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Internet Banking: Log in to ICICI Bank Internet Banking and follow the steps.
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iMobile App: Open the iMobile app and apply under the "NRI Services" section.
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Customer Care: Contact ICICI Bank customer care for guidance.
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Wire Transfer: Transfer funds directly to initiate the account opening.
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Step 2- Fill the Account Opening Form: Collect the form from the branch or download it from the ICICI Bank website. Now, provide details like personal information, currency preference, and tenure.
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Step 3- Submit the Required Documents: Provide the valid proof of NRI/PIO status (passport, visa, or work permit), identity proof, and overseas address proof.
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Step 4- Fund the Account: Transfer funds in the chosen foreign currency from your overseas bank account.
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Step 5- Receive Account Confirmation: Once the account is processed, you will receive confirmation and access credentials.
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Step 6- Manage Your Account: Use ICICI Bank Internet Banking or the iMobile app to manage your FCNR account conveniently.
Eligibility Criteria to Apply for ICICI Bank FCNR Account
The following conditions must be fulfilled to apply for the ICICI FCNR account in India:
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Non-Resident Indians (NRIs): Individuals residing outside India for employment, studies, business, or vocation.
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Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs): Eligible to open FCNR accounts.
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Joint Accounts: Permissible with other NRIs, PIOs, or resident relatives on a 'former or survivor' basis.
Documents Required to Apply for ICICI Bank FCNR Account
You must provide the following documents while applying for ICICI FCNR bank account in India:
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Valid passport copy
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OCI/PIO certificate
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Overseas address proof (utility bill, rental agreement, or bank statement)
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Indian address proof (optional)
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PAN card copy
Benefits of Opening ICICI Bank FCNR Account
The key benefits for an NRI to open ICICI FCNR bank account in India are listed below:
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Multiple Currencies: You can open an FCNR account in currencies like USD, GBP, CAD, and other freely convertible foreign currencies.
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Full Repatriation: Both the principal amount and interest can be sent abroad without any restrictions.
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Fixed Interest Rates: The interest rate stays the same for the entire deposit period and is compounded every six months.
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Tax Benefits: The interest earned on FCNR deposits is fully exempt from income tax in India.
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No Deposit Limits: There is no minimum or maximum limit for depositing money in an FCNR account.
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Flexible Tenure: You can choose a deposit period between 1 to 5 years, with higher interest rates for longer tenures.
Conclusion
An ICICI Bank FCNR Account is a smart choice for NRIs to grow their foreign currency savings while avoiding exchange rate risks. With competitive interest rates, flexible tenures, and tax-free interest in India, it offers a secure and convenient way to manage your funds.
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