What is an ICICI Bank NRE Account?
An ICICI Bank NRE (Non-Resident External) Account is a savings account designed for Indians living abroad to manage their income earned outside India. It allows NRIs to deposit foreign currency earnings, which are converted into Indian Rupees.
The ICICI Bank NRE Account offers tax-free interest, full repatriation of funds (principal and interest), and easy access to funds in India. It can be opened as a savings or fixed deposit account. This account is ideal for NRIs who want to save or invest in India while earning tax benefits.
Types of ICICI Bank NRE Accounts
The types of ICICI bank NRE accounts are listed below with key features and benefits:
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NRE Savings Account
This account allows NRIs to deposit their foreign earnings while enjoying tax benefits.
Key Features:
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Tax-Free Interest: Interest earned is exempt from Indian income tax.
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Repatriation: Funds can be easily transferred abroad without restrictions.
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Online Banking: Access to banking services anytime, anywhere.
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Multi-Currency Transactions: Ability to hold and manage multiple currencies.
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ATM Access: Free withdrawals at ICICI Bank ATMs globally.
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NRE Fixed Deposit Account
Designed for NRIs looking to invest their foreign income in fixed deposits with attractive interest rates.
Key Features:
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Competitive Interest Rates: Higher rates compared to regular savings accounts.
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Flexible Tenure: Choose tenures from 1 year to 10 years.
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Loan Facility: Option to avail loans against the fixed deposit up to 90%.
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Tax Exemptions: Interest earned is not taxable in India.
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Automatic Renewal Options: Easy management with automatic renewal facilities.
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Seafarer NRE Savings Account
Tailored for seafarers, this account simplifies financial management while at sea.
Key Features:
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Low Minimum Balance Requirement: Only Rs. 10,000 needed to maintain the account.
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Global Accessibility: Designed for easy access while traveling or working offshore.
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Tax-Free Earnings: Similar tax benefits as standard NRE accounts.
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Free Fund Transfers: Easy transfer of funds from India and abroad.
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Dedicated Customer Support: Specialized support for seafarers' banking needs.
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Student NRE Savings Account
This account is specifically for students studying abroad, facilitating easy fund management.
Key Features:
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Low Minimum Balance Requirement: Only Rs. 5,000 needed to open the account.
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Easy Fund Transfers from Parents: Simplifies receiving funds from India.
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Tax Exemptions on Interest Earned: Interest is not taxable in India.
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Access to Online Banking Services: Convenient management of funds online.
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ATM Access Worldwide: Free withdrawals at ICICI Bank ATMs globally.
ICICI Bank NRE Savings Account Interest Rates
ICICI Bank offers the following interest rates for NRE Savings Accounts:
| Account Balance |
Interest Rate (per annum) |
| Below ₹50 lakh |
3.00% |
| ₹50 lakh and above |
3.50% |
Interest is calculated daily on the closing balance and credited quarterly in March, June, September, and December.
ICICI Bank NRE Term Deposit Account Interest Rates
ICICI Bank offers the following interest rates for Non-Resident External (NRE) Fixed Deposits:
| Tenure |
Interest Rate (per annum) |
| 1 year to 389 days |
6.70% |
| 390 days to < 15 months |
6.70% |
| 15 months to < 18 months |
7.25% |
| 18 months up to 2 years |
7.25% |
| 2 years 1 day up to 3 years |
7.00% |
| 3 years 1 day up to 5 years |
7.00% |
| 5 years 1 day up to 10 years |
6.90% |
*Interest rates as of December 2024.
Eligibility Criteria to Open an ICICI Bank NRE Account
The following category of customers are eligible to apply for ICICI Bank NRE Account:
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Indian Nationals: Must be an Indian citizen residing outside India for work, study, or business.
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Persons of Indian Origin (PIO): Eligible if they hold a valid PIO card.
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Non-Resident Indians (NRIs): Must possess a valid Indian passport and visa for the country of residence.
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Overseas Citizens of India (OCI): Must have a valid OCI card.
Documents Required to Apply for an ICICI Bank NRE Account
The list of documents required to open an ICICI bank NRE account are as follows:
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Identification Proof: Photocopy of a valid passport, Copy of Permanent Account Number (PAN) card or Form 60 (if PAN is unavailable).
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Proof of NRI Status: Valid visa, work permit, or overseas resident card.
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Address Proof: Overseas address proof (e.g., utility bills or bank statements not older than 3 months), Indian address proof (if applicable).
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Additional Requirements: Recent passport-sized photograph, Initial payment cheque or draft from your own account.
Benefits of Opening an ICICI Bank NRE Account
The key benefits of applying for an ICICI Bank NRE Account are as follows:
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Tax Benefits: Interest earned on an ICICI Bank NRE account is tax-free in India, meaning you keep more of your earnings.
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Easy Fund Transfer: You can easily repatriate both the principal and interest to your country of residence without any restrictions.
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Liquidity: NRE accounts offer high liquidity, allowing quick access to funds and seamless movement of money between countries.
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Convenient Management: You can appoint a Power of Attorney (POA) in India to manage your account, simplifying transactions while you're abroad.
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Multiple Currency Options: The account allows you to hold funds in various foreign currencies, making it easier to manage your finances.
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Dedicated Services: Access to specialized NRI services, including dedicated relationship managers for personalized assistance.
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Joint Accounts: You can open joint NRE accounts with another NRI, facilitating shared financial management.
Conclusion
The ICICI Bank NRE Account is a reliable and convenient option for NRIs to manage their foreign earnings in India. With tax-free interest, easy fund transfers, and secure banking, it ensures a seamless financial experience for NRIs.
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