ICICI bank offers NRI services to NRIs who are shifting for work, family or studies, and Indians who are returning home.
Read on to learn more about the different banking account options that are available through ICICI.
|📝 Table of contents|
ICICI bank offers different NRI bank account options depending on your need and your reason to move abroad. Here is a quick list of some of the NRI accounts they offer:¹
- NRE Savings Account for depositing foreign earnings to repatriate back to India
- NRO Savings Account for earnings in India
- Seafarer NRE for mariners who want to park foreign earned income
- Student NRE for students studying outside India to manage their finances
- Sparsh Account for health professionals working outside India
- RFC Savings Account for holding income in US dollars or GBP when returning to India
ICICI also offers NRI Savings accounts and Seafarer accounts under premium options as well:
- NRI Pro Savings Account with priority service and offers
- Seafarer Pro for professional mariners
- NRE Premia Savings Account with personalized service and health coverage
- Seafare Premia for professional mariners with personalized services and benefits for family residing in India.
- NRE or NRO Remittance Premia Savings Account with preferential service and rates for remittances
Premia and Pro accounts do require larger minimum balances, but more on that later.
There are also Fixed Deposit Rupee accounts that NRIs can open with ICICI. They can either be for NRE & NRO deposits:²
- NRE Fixed deposit for earnings overseas in a Rupee based fixed deposit
- NRE Recurring deposit for monthly investments into the fixed deposit
- NRO Fixed deposit for earnings within India that can be jointly held with a resident Indian
- NRO Recurring deposit for depositing small amounts every month from earnings in India
ICICI also has accounts for NRIs looking for loans, investments and money transfers. Take a look at the ICICI NRI Services website for more information on these additional services.
An NRI is an Indian citizen who does not reside within India for more than 182 days a year. Overseas Citizens of India (OCI) and Person of Indian Origin (PIO) can also qualify for NRI services.
|🔖 Read more: Full guide to NRI accounts|
ICICI can help you with opening a new NRI account and converting a normal Indian resident account into an NRI account.
To open any of the ICICI NRI accounts, you can begin the process online but to complete the application you will need to interact with an ICICI representative.
You begin by filling out the online form, or give a missed call to ICICI’s NRI services number at +91 7666660000 for free. A bank representative will give you a call back to start the process.
Additionally, you can always head to your local ICICI branch to begin the process in person in India. ³
If you are an existing ICICI customer, you can head to your ICICI app or online banking portal to open an account from the dashboard.
You can submit your details through the ICICI online form to start the steps to open an ICICI NRI bank account. Here is how it works:
- Complete the online call-back request form and enter your phone number locally
- Await the OTP and submit the form
- Gather the documents you will need
- Fill in the online NRI application form
- Courier the documents as directed by ICICI
- Your NRI account will be opened after approval
US applicants may be able to complete the application paperlessly by uploading scanned documents. But check with the ICICI representative or information provided.
Singapore applicants will be required to work with a bank official locally from ICICI.⁴
Here is a quick list of the documents you will need when opening an ICICI NRI account:
- A valid passport
- Evidence of a visa or permit in your current country of residence
- Proof of address overseas
You may also be required to show proof that you can fund the account with the required amount.
|⚠️ In the US, your account activates after funds in the account are authenticated.⁵|
ICICI charges account holders for not maintaining a minimum balance in an NRI account.
Here are the monthly minimum balance requirements for the different types of NRI accounts:⁶
|ICICI NRI Account||Monthly minimum balance requirement|
|NRE or NRO Regular Savings Accounts||₹10,000|
|Seafarer Regular Savings Accounts||₹10,000|
|NRI Pro Accounts||₹2,00,000|
|NRI Premia Accounts||₹5,00,000 across all ICICI savings accounts|
|Remittance Premia Account||₹5,00,000 across all ICICI savings accounts OR remittance values of $10,000 in 1 year|
Similar to the NRI Premia or Remittance Premia accounts, your minimum balance requirement can be dependent on the nature of your entire banking relationship with ICICI.
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You can gain interest on ICICI NRI Savings and Fixed Deposit accounts. Here is how interest rates currently stand at ICICI:⁷
For savings accounts for NRE & NRO accounts:
|Below ₹50 lakhs||Above ₹50 lakhs|
|NRE & NRO Savings Account||3%||3.5%|
For RFC Savings Accounts:
|RFC Savings Account||.25%||.10%|
For Fixed Deposits for NRE and NRO accounts:
|1 year to 18 months||2-3 years||3-5 years|
|NRE & NRO Fixed Deposit||4.90%||5.15%||5.35%|
|⚠️ The interest rate can vary depending on your banking relationship with ICICI|
So discuss your interest rate options with an ICICI representative when looking at an NRI account.
One of the benefits of going with ICICI for your NRI accounts is that you can have specialized accounts for the stage of life you are in. So whether you are going abroad for study, returning to India, or wanting customised services for your family’s needs, ICICI can help provide you with accounts that match.
ICICI is also easy to use online and with the app on your mobile phone. So logging into your accounts globally is smooth and easy.
And if you are an existing iCICI customer, it can be a good option to grow your relationship with ICICI and benefit from offers and services with NRI accounts.
ICICI can help manage your finances, but if you need to send money from India abroad, look no further than Wise.
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And if you are already in the US, UK, Australia or Canada, take a look at the Wise multi currency account.
It is a single account that lets you hold over 65 currencies for all your global money transfer needs. And with a chip enabled card, you can swipe like a local from your multi currency card- even in India.
ICICI offers multiple ways to connect with them in case of questions or issues. You can contact the bank by:
- The ICICI website and dedicated pages
- Internet banking for existing customers
- Whatsapp in India at +91 8640086400
- NRI Mobile banking app for existing customers
- ICICI bank branches
- iPal, the virtual assistant on the ICICI website
You can also troubleshoot any issues through the ICICI FAQ page.
Additionally ICICI has overseas branches in the UK, South Africa, Bahrain, Hong Kong, Dubai, and Canada.⁸
Sources used for this article:
- ICICI bank accounts
- ICICI Fixed deposits
- Opening an account
- Opening an account online
- Account opening documents
- Minimum balance requirements
- Interest rates at ICICI
- ICICI customer care
All sources checked as of 19 August, 2021
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