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Review of the best banking choices and alternatives for NRIs in New Zealand with our guide for Indian Expats living in New Zealand.
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.
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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
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.
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
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.
If you visit India, you can open an account at a local ICICI branch. Here are the steps:
Check out the section later in this article on transferring funds to an FCNR account.
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 |
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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 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:
USD | GBP | CAD | AUD | SGD | HKD |
---|---|---|---|---|---|
5.00% | 4.25% | 4.00% | 3.50% | 3.25% | 3.50% |
USD | GBP | CAD | AUD | SGD | HKD |
---|---|---|---|---|---|
4.75% | 4.25% | 4.00% | 3.50% | 3.25% | 3.50% |
USD | GBP | CAD | AUD | SGD | HKD |
---|---|---|---|---|---|
4.50% | 4.25% | 3.75% | 3.50% | 3.00% | 3.50% |
USD | GBP | CAD | AUD | SGD | HKD |
---|---|---|---|---|---|
4.00% | 4.00% | 3.25% | 3.50% | 2.75% | 3.25% |
USD: 3.60% |
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USD: 3.35% |
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USD: 3.30% |
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Rates updated as of April 07, 2023.⁴
To note:
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:
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.
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:
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.
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
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
ICICI Bank FCNR accounts are available in six foreign currencies.
US Dollar | British Pounds |
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Singapore Dollar | Canadian Dollar |
Australian Dollar | Hong Kong Dollar |
Remember that term deposits above three years are only allowed for US dollar accounts.
Sources used for this article:
Cover photo by Alejandro Escamilla on Unsplash.
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