New NRI - Types of Accounts FAQs - ICICI Bank (2024)

As an NRI you can open accounts in INR and/or in a foreign currency. These can be in the form of savings accounts.

• Non-Resident External (NRE) Account:
  • A savings account to maintain income earned outside India
  • Get tax-free interest in India and
  • Principal amount and interest earned are fully repatriable from India
  • Domestic credits are not allowed. To know more, click here.
• Non-Resident Ordinary (NRO) Account:
  • A savings account to manage your income earned in India such as income received from rent, dividends, pension etc.
  • Repatriation from India only up to One Million United States Dollar (USD) per financial year for bonafide purposes like education, medical expenses and similar expenses
  • 30% tax + applicable surcharge +education cess deducted at source on interest earned in India. To know more, click here.

As an NRI, you can open both NRE/NRO accounts to maintain your funds in India & Overseas. If you select both accounts, while filling the form, it will save you the hassle of sending forms / documents repeatedly.

As an NRI you can open accounts in INR and/or in a foreign currency. These can be in the form offixed deposit accounts.

• Foreign Currency (Non –Resident) Accounts (Banks) (FCNR (B) Accounts:
  • A Term deposit account in US Dollars, GBP, EUR, JPY, AUD, CAD, SGD, HKD and CHF.
  • Fixed tenures of upto 12 months, 36 months and 60 months.
  • Interest income is not taxable in India.
  • Principal amount and interest earned are fully repatriable. To know more, click here.
• Non Resident (External) Fixed Deposits Account:
  • A Term Deposit account in INR
  • Tenure can be from a minimum of 1 year up to a maximum of 10 years.
  • Get competitive exchange rates on conversion of your foreign currency into INR.
  • Can be funded with any convertible currency.
  • Interest earned is not taxable in India.
  • You enjoy full repatriability of investment including interest with NRE FD.
  • Click here to explore the product
• NRO (Non–Resident Ordinary) Fixed Deposit Account:
  • A Term Deposit Account can be jointly held with residents as well as Non-resident.
  • Multiple tenure option ranging from 7 days to 10 years.
  • Interest earned in current financial year is fully repatriable (after deducting tax).
  • Funds in NRO account can be repatriated up to USD one million per financial year for all bonafide purposes.
  • Get competitive exchange rates on conversion of your foreign currency into rupees. Higher post tax yield can be earned by availing the DTAA facility. Click here to know more.

You can open an NRI account by visiting the branch nearby. To locate the nearestbranchplease visit the link http://maps.icicibank.com/mobile/.

On visiting the branch:

• You can ask for an Account Opening Form at ”May I help you” desk.
• Our branch staff will assist you in filling the Account Opening Form. You will be given all the required information on NRI accounts, documentation and other details.
• Once you have filled the form and all the required documents are in place, you can submit the same at the branch.
• Once the documents along with the form are submitted to the branch the same is sent to our processing centre.
• If all the documents are in order, your NRI account will be opened within 2 working days of receiving the form at our processing centre.

What are the documents required?

Documents required to be submitted foropening an account are:

• A photocopy of your Passport
• Valid Visa (work visa, residence visa/ permit, dependent visa)
  * Visa not applicable in case of PIOs holding foreign passport.
• Overseas address proof (utility bills, gas, electricity , bank statements). Proofs should not be over 3 months old.

For those travelling first time abroad:

• Passport
• Valid work visa
• Deputation/ offer letter mentioning the overseas work address
• Indian address proof.

How do you check the status of your account opening?

You can contact our Branch officials whereinyou have submitted theyour documents.

If the documents are in order, the account will be opened within2 working days.

You can open an NRI account by visiting an ICICI Bank branch / representative office in Singapore, United Kingdom, Bahrain, HongKongor Representative office in UAE.

On visiting the branch:

• You can ask for an Account Opening Form.
• Our branch staff will assist you in filling the Account Opening Form. You will be given all the required information on the types of NRI accounts, the documents required and other details that you may require.
• Once you have filled the form and all the required documents are in place, you can submit the same at the branch.
• Once the documents along with the form are submitted to the branch the same is sent to our processing centre in India.
• If all the documents are in order, your NRI account will be opened within7 working days of receiving the form at our processing centre. You will be intimated vide email on your registered email ID, once the account is opened.

What are the documents required?

Documents required when account is opened through overseas branch:

• Passport
• Valid Visa(work visa , residence visa/ permit, dependent visa)*
  Visa not applicable in case of PIOs holding foreign passport.
• Overseas Address Proof (utility bills - gas, electricity, bank statements). Proofs should not be over 3 months old.

How do you check the status of your account opening?

You can contact our branch officials where you havesubmitted yourdocuments.If the documents are inorder,the account will be opened within 7working days.

Account opened through overseas branch you need to Contact your branch to know the status.

You can request for opening an NRI account through an online application:

• Visit www.icicibank.com/nri, fill and submit the lead form
• Our customer service representative will call as per time convenient to you and assist you on your application for openingan NRI account.
• Representative will provide youwith allthe required information on NRI accounts, documentation, etc. and assist you in filling the form online.
• Once you are ready with the form and required documents, our representative, will arrange for a Free Courier Pick Up (DHL Courier) of your form & documents, as per the time convenient to you.
• Once the documents are picked up, the turn-around-time (TAT) to receive these documents at our processing centre in Mumbai, India, is 3 working days
• If all documents are in order, your NRI account will be opened within5 to7 working days of receiving the form at our processing centre in Mumbai. You will be intimated vide email on your registered email ID, once the account is opened.

Download Account Opening Form Online:

You can also download the NRI account opening form by clicking here. You can fill the form completely, attach all required documents along with it and send the form to the below address:

ICICI Bank Limited.

NRI Remote RM Channel
1st Floor, A wing
"Autumn Estate"
Chandivali Farm Road
Chandivali
Andheri (East)
Mumbai-400072

Click here to know about the documents required.

How do you check the status of your account opening?

• Once you have sent the documents to us through phone bank account opening
• It takes 5 to 7 working days for us to receive your documents at our Mumbai centre.
• If all documents are in place, your NRI account is opened within 72 hours.

You can call our 24-hour Phone Banking Services to know the status of your application.