How to open an ICICI Bank FCNR account

ICICI Bank offers FCNR deposit accounts for non-resident Indians to grow their foreign currency earnings. Learn more about opening an ICICI Bank FCNR account, transferring funds to India, and eligible applicants.

Table of Contents
What is FCNR at ICICI? How to open an FCNR account in ICICI? ICICI FCNR rates How to transfer funds to the ICICI FCNR account? Features and benefits of ICICI FCNR account

What is FCNR at ICICI?

A Foreign Currency Non-Resident (FCNR) account is a term deposit account that allows non-resident Indians to grow their foreign currency earnings with interest in India. The account has a fixed period with a maturity end date, at which it can be renewed or transferred. An FCNR differs from an NRI account because NRE or NRO accounts can only be held in Indian rupees.

You can find FCNR accounts at most retail banks in India that have NRI services, including ICICI. ICICI bank has FCNR term deposits for tenures ranging from one to five years and eligible deposits in six foreign currencies. And while the bank’s digital platforms make opening and managing your account easy, non-US dollar accounts may have limited options.¹

How to open an FCNR account in ICICI?

Non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) can choose which currency and term length they would like when opening an FCNR account at ICICI.

You are not required to be a current ICICI customer to open a new FCNR account at the bank. Still, existing ICICI NRI account holders will find a simplified account opening process online or through the app.

Opening an FCNR account online at ICICI

The ICICI online and mobile process makes opening an account simple and convenient for NRIs abroad. Current accountholders must log into ICICI online banking with their ID and password and submit a request for an FCNR deposit. This can also be done through the ICICI mobile app.²

For New Customers

Here are the steps for opening an ICICI Bank FCNR account online for new customers:³

1. Visit the ICICI Bank's new customer webpage.
2. Fill in the details to request a call back from ICICI Bank.
3. Keep your KYC documents - identity, address proof and residency status- ready for verification.
4. Complete the online NRI application form. US customers can open paperless accounts by scanning the documents and uploading them online. Singapore customers will be provided assistance from ICICI Bank officials in Singapore.
5. The ICICI Bank representative will reach out to you to assist in opening the account.

Once you have a Customer ID as a new customer, you can follow the process of an existing customer and open the FCNR account online or through the app.

Opening an ICICI Bank FCNR account in person

If you visit India, you can open an account at a local ICICI branch. Here are the steps:

1. Head to any ICICI Bank branch with your identification and eligibility documents.
2. Complete the FCNR account opening form.
3. Submit the self-attested KYC documents to the bank officials for verification.
4. Present the original documents to the bank officials for confirmation.
5. Make the payment to fund your FCNR account.

Check out the section later in this article on transferring funds to an FCNR account.

Minimum deposit requirements

You must deposit the minimum amount in full to open an FCNR account. Here are the minimum deposit requirements based on currency.

Currency	Minimum deposit
US dollars	$1,000
British pounds	£1,000
Australian dollars	$2,000
Singapore dollars	$2,000
Canadian dollars	$2,000
Hong Kong dollars	$10,000

ICICI FCNR rates

ICICI Bank FCNR account interest rate depends on how long the FCNR account is held and the currency in which the account is opened. US dollar-based FCNR accounts have the most options for term length.

Here are the interest rates on ICICI FCNR deposit accounts based on term length:

Term deposit up to 1 year

USD	GBP	CAD	AUD	SGD	HKD
5.00%	4.25%	4.00%	3.50%	3.25%	3.50%

Term deposit of 1 year to 15 months

USD	GBP	CAD	AUD	SGD	HKD
4.75%	4.25%	4.00%	3.50%	3.25%	3.50%

Term deposit of 15 months to less than 2 years

USD	GBP	CAD	AUD	SGD	HKD
4.50%	4.25%	3.75%	3.50%	3.00%	3.50%

Term deposit of 2 years to less than 3 years

USD	GBP	CAD	AUD	SGD	HKD
4.00%	4.00%	3.25%	3.50%	2.75%	3.25%

Term deposit from 3 years to less than 4 years

USD: 3.60%

Term deposit of 4 years to less than 5 years

USD: 3.35%

Term deposit of 5 years

USD: 3.30%

Rates updated as of April 07, 2023.⁴

To note:

• Rates are subject to change
• Accounts can be renewed at maturity.

How to transfer funds to the ICICI FCNR account?

When opening an account, an FCNR account must be funded with the total deposit amount. For the most part, the account must be supported with foreign currency from abroad, not Indian rupees (although there is one exception). Also, the name on the transfer has to match the name on the new FCNR account.

Here are the different ways to fund an ICICI FCNR account:

• Money Transfer: Many money transfer services are available to fund your ICICI Bank FCNR account from abroad. Usually, these services are available online and offer quicker and cheaper services than banks. However, they come with transfer fees and possible exchange rate markups.
• Wire Transfer: ICICI Bank maintains an extensive network of correspondent banks to transfer money to fund your FCNR account from abroad. When opening a new FCNR account, you must mention your ICICI Bank customer ID in the beneficiary field of the transfer and write the purpose of remittance as funding an FCNR deposit account. ICICI has instructions online for wire transfers to India.
• From existing NRE account: You can use the money in your NRE account to fund your ICICI Bank FCNR account. If you maintain an ICICI Bank NRE account, you can authorize the bank to convert the Indian rupee balance to your chosen foreign currency at the prevailing exchange rates. You can also fund the ICICI Bank FCNR account from your NRE account in other banks by depositing an Indian rupee cheque and authorizing ICICI Bank to convert the proceeds into the chosen foreign currency.
• In person at the ICICI bank branch: You can deposit foreign currency or traveler cheques into your FCNR account by visiting an ICICI Bank branch.

Using an NRE account to fund an FCNR account is the one exception where domestic funds can be used. An NRO account or local Indian rupee funds are otherwise not allowed.

Wise is a simple way to transfer money from abroad to an NRI account or FCNR account in India. With an easy-to-use website and app, you can send money to India from your phone or computer wherever you are. And Wise uses smart tech to help save you money. There is only one upfront transfer fee and a transparent mid-market exchange rate - the same rate you see on Google - on every transfer. Plus, popular transfer routes can deposit money in India within seconds.

Over 15 million people use Wise to transfer money globally. And if you are an NRI or OCI, check out the Wise multi-currency account. It is one account where you can send, hold and spend money in multiple currencies- including US dollars, Euros, and Indian rupees. And with a linked debit card, you can pay like a local the next time you’re in India.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Features and benefits of ICICI FCNR account

A major advantage of an FCNR account is that it can eliminate exposure to exchange rate fluctuations. Plus, interest rates in India can often be more attractive than those in the currency’s home country.

Here are some more features and benefits of FCNR accounts at ICICI:

• Interest earned on the FCNR deposit account is not taxable in India.
• FCNR deposit accounts can be renewed on maturity to continue growth.
• NRIS can repatriate the principal and interest to their resident country.
• NRIs and OCIs can open FCNR deposit accounts singly and jointly. However, joint accounts with resident Indians are not permissible.
• Premature withdrawals are allowed in FCNR deposit accounts.
• Account holders can get a loan of up to 85% against their FCNR deposit.
• ICICI has accessible online and mobile app features to manage your account.

One area that ICICI does fall short of is that there are limited term options for non-US currencies. Consider another bank if you are looking for a longer term for British pounds or Canadian dollars, or Euro-based FCNR accounts.

Who can open an FCNR account in ICICI?

NRIs and OCIs can open an FCNR account in ICICI Bank. Applicants must provide documentary evidence of their non-resident status.

Any Indian living outside India for more than 182 days in a calendar year qualifies as an NRI.⁵

Documents required to open an FCNR account in ICICI

The documents needed to open an ICICI Bank FCNR account depend on your relationship with the bank.

Existing customers do not have to submit new KYC documents when opening an FCNR deposit account. However, they may be required to confirm their NRI or OCI status.

New ICICI Bank customers must register as an NRI and get their customer ID before opening their FCNR deposit account. In this case, the following documents may be necessary:⁶

• Self-attested copy of a valid passport
• Copy of Non-resident Indian status - by either a visa or permit from the resident country.
• Copy of OCI card (if applicable).
• Copy of address proof, like driving license or bank statement.
• Copy of your PAN card.

Currencies available in ICICI FCNR account

ICICI Bank FCNR accounts are available in six foreign currencies.

US Dollar	British Pounds
Singapore Dollar	Canadian Dollar
Australian Dollar	Hong Kong Dollar

Remember that term deposits above three years are only allowed for US dollar accounts.

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Sources used for this article:

1. ICIC Bank FCNR Deposits
2. ICICI Bank FCNR Deposit Opening Procedure
3. ICICI Bank FCNR Lead Generation Webpage for new customers
4. ICICI Bank FCNR deposit interest rates
5. NRI India
6. Documents necessary for opening ICICI Bank FCNR

Cover photo by Alejandro Escamilla on Unsplash.