NRI Fixed Deposit FAQs

An NRI Fixed Deposit is a secure investment option offered by ICICI Bank to help Non-Resident Indians, OCIs and PIOs invest their overseas or Indian earnings in India. These deposits offer attractive, assured returns with flexible tenure options and are governed under FEMA guidelines. Depending on your source of funds and repatriation needs, you can choose between NRE, NRO, FCNR (B) or RFC deposits for a safe and convenient way to grow your money.

ICICI Bank offers four types of NRI Fixed Deposits:

• NRE Fixed Deposit – For foreign income; principal and interest are fully repatriable.
• NRO Fixed Deposit – For income earned in India; repatriation is restricted for interest and allowed within limits for principal.
• FCNR (B) Deposit – Held in permitted foreign currencies to protect against exchange rate fluctuations.
• RFC Deposit – Ideal for returning NRIs to park foreign currency earnings.
  Each product is designed to meet different income, currency and taxation needs.

The minimum deposit amount varies depending on the type of account. NRE and NRO Fixed Deposits can be opened with ₹25,000, making them convenient for new investors. FCNR (B) deposits require a minimum equivalent of USD 1,000 (or equivalent in permitted currencies), ensuring a globally accessible entry for NRIs.

ICICI Bank offers flexible tenure options designed to match your financial goals. NRE and NRO deposits can be booked for a minimum tenure of 1 year and may extend up to 10 years. FCNR (B) deposits can be opened for periods ranging from 1 to 5 years in permitted foreign currencies. This range allows NRIs to choose a term that meets both liquidity and long-term investment needs. ________________________________________

FCNR (B) deposits can be opened in widely used international currencies such as USD, GBP, AUD, CAD and SGD. These deposits enable NRIs to earn assured returns in their preferred foreign currency while protecting the principal from INR exchange rate movements.

Yes. Once booked, the interest rate on your NRI FD remains fixed for the entire tenure selected at the time of opening. This helps you plan your returns with certainty, regardless of market rate changes or currency fluctuations during the deposit period.

NRI Fixed Deposits differ in terms of the source of funding, repatriation rules, tax treatment and regulatory guidelines. NRE deposits offer full repatriation and tax-free interest, while NRO deposits are subject to TDS. FCNR (B) deposits allow you to invest in foreign currency and remain protected from exchange rate variations. These features make NRI FDs uniquely structured to suit the needs of global Indian customers.

Yes. ICICI Bank enables NRIs to conveniently open NRE, NRO and FCNR (B) deposits online through Internet Banking or iMobile Pay (NRI version). The entire process is digital, secure and available 24x7, ensuring seamless account opening from anywhere in the world

Yes. You can add a nominee to your NRE, NRO or FCNR (B) Fixed Deposit to ensure smooth transfer of funds in the event of the account holder’s death. Nomination helps safeguard your deposit and simplifies the claim process for legal heirs.

Joint holding depends on the type of deposit. NRO deposits may be jointly held with resident Indians, while NRE deposits can be held jointly only with another NRI/OCI/PIO. FCNR (B) deposits can typically be held jointly with NRIs or, in some cases, with residents on a “former or survivor” basis, in line with FEMA regulations.

For an NRO FD, you must submit your passport copy, proof of NRI status, overseas and Indian address proof (if applicable), a recent photograph and PAN (mandatory due to Indian tax requirements). FATCA/CRS declarations and KYC documents are also required. These ensure proper classification under FEMA and tax regulations.

To open an FCNR (B) deposit, you must provide your passport, visa/residence permit, overseas address proof, KYC documents, and proof of foreign remittance such as a SWIFT/TT copy. FATCA/CRS declarations are also mandatory. These documents help validate the source and currency of funds.

Yes. NRIs must provide valid overseas address proof such as utility bills, bank statements or residence cards, along with passport and visa documents. These are essential to establish your non-resident status and ensure compliance with FEMA and banking guidelines.

Yes. If you return to India and your residency status changes, you must update KYC and redesignate your accounts accordingly. This ensures your banking profile reflects your current status and helps the Bank apply the correct tax and regulatory rules.

Yes. ICICI Bank supports opening of NRI Fixed Deposits from overseas using Internet Banking, iMobile Pay (NRI), or through inward remittances. You can complete documentation digitally or through relationship channels, making the process seamless even when you are outside India.

Each joint holder must complete KYC individually by submitting identity proof, address proof, and relevant NRI/resident status documents. The documentation requirements may vary based on whether the joint holder is an NRI or resident, as per FEMA rules.

Yes. Valid overseas address proof is mandatory to confirm your NRI status. Accepted documents include foreign utility bills, employment letters, bank statements or residence permits issued within the last three months.

You will need a copy of your valid passport, visa or residence permit, overseas address proof, a recent photograph and PAN/Form 60. Additionally, FATCA/CRS declarations and completed KYC documents are required. These documents help validate your NRI status and ensure compliance with regulatory norms

Yes. Overseas Citizens of India and Persons of Indian Origin enjoy the same eligibility as NRIs and can open NRE, NRO and FCNR (B) deposits with ICICI Bank, subject to KYC verification and documentation requirements.

Yes. Minor NRIs can open an FD with ICICI Bank through a natural or legally appointed guardian. The guardian must comply with KYC norms, and the account will operate on behalf of the minor until they attain majority.

No. FEMA regulations do not allow conversion of a resident FD to an NRE or NRO FD. However, if you become an NRI, your existing resident FD must be redesignated as an NRO FD until maturity.

Yes. Funds for an NRE FD can be remitted from any country through authorised channels, except jurisdictions restricted by FATF or regulatory authorities. Remittances must originate from foreign income sources.

Yes. An NRO FD is specifically meant to hold income earned in India such as rent, pension, dividends, interest, or proceeds from the sale of assets. These funds must be credited into your NRO account before booking the FD.

Yes, until your residency status officially changes to “Resident.” Once your status is updated, you may instead open RFC deposits for foreign currency funds or maintain existing NRI FDs until maturity.

No. NRE and NRO accounts have distinct regulatory conditions under FEMA, and switching is not permitted mid-tenure. You may close the existing FD prematurely and rebook under the desired category, subject to applicable rules.

Yes. You can open multiple NRE, NRO and FCNR (B) FDs depending on your financial goals, liquidity needs and remittance patterns. There is no upper limit on the number of deposits per customer.

NRI FDs can be opened by Non-Resident Indians, OCIs, PIOs, seafarers working on foreign vessels and Indians temporarily residing abroad for employment or education. The eligibility is determined as per FEMA guidelines governing non-resident investments.

You can choose from multiple interest payout options based on your cash flow needs. ICICI Bank offers cumulative (paid at maturity), quarterly interest payout, and monthly payout options. Monthly payout is offered at a discounted rate as per standard practice.

No. Senior citizen interest rates are available only for resident deposits. NRE, NRO and FCNR (B) deposits follow standard NRI interest rate slabs irrespective of age.

Tax applicability varies by FD type:

• NRE FD: Tax-free interest; no TDS.
• FCNR (B) FD: Tax-free interest; no TDS.

NRO FD: Interest is taxable in India and TDS is deducted at 30% plus applicable surcharge and cess. DTAA benefits may be available based on the customer’s country of residence.

Interest on an NRO deposit is taxed at 30% plus surcharge and cess as per Indian tax rules. If your resident country has a DTAA agreement with India, you may be eligible for reduced TDS rates by submitting tax residency documents.

No. Once your FD is opened, the contracted rate remains fixed throughout the tenure, ensuring stable, predictable returns regardless of market rate fluctuations.

No. Renewals are free of charge. You may choose to automatically renew your FD on maturity or modify your instructions through Internet Banking or iMobile Pay without any additional cost.

FCNR (B) deposits remain fully invested in foreign currency, so no conversion takes place during the tenure. Currency exchange takes place only at the time of repatriation or premature closure, ensuring your principal is protected from INR depreciation.

No. ICICI Bank does not levy any account opening charges for NRE, NRO or FCNR (B) deposits. The deposit amount you invest remains fully allocated to your FD.

You may avail up to 90% of the deposit value as a loan, subject to eligibility and Bank approval. The exact loan amount may vary based on the FD type and currency.

Yes. Your NRI FD continues to earn interest at the contracted rate even when a loan is taken against it. The loan simply creates a lien on your deposit without affecting its earning potential.

If you opt for premature closure, the outstanding loan amount, along with interest, is adjusted from the FD proceeds before the balance is credited to your NRE/NRO account.

Yes. ICICI Bank offers loan facilities in both INR and foreign currency against FCNR (B) deposits. This allows you to access liquidity while keeping your foreign currency investment intact.

Yes. ICICI Bank offers loans and overdraft facilities against NRE, NRO and FCNR (B) deposits. This helps you meet financial needs without breaking the FD prematurely. Loan eligibility depends on deposit amount and Bank policies.

Yes. ICICI Bank may extend curated offers to returning NRIs, which may include preferential rates on RFC deposits, fee waivers or digital convenience benefits. These offers vary from time to time and are designed to ensure a smooth financial transition when you move back to India.

Senior citizen rates are not applicable to NRE or NRO deposits. However, senior NRIs may access special offers on select banking products such as insurance, investment advisory, remittance services and digital solutions. These benefits are periodically updated across digital channels and NRI banking communication.

Yes. ICICI Bank frequently launches digital-exclusive offers to encourage online booking of NRI deposits. These may include faster processing, convenience benefits, or special rate enhancements. Booking through Internet Banking or iMobile Pay also makes the entire process seamless and paperless.

ICICI Bank may periodically offer promotional or limited-period interest rates on NRE, NRO or FCNR (B) deposits. These offers are typically available during festive seasons, milestone celebrations or digital-banking campaigns and are designed to enhance customer value. Customers are encouraged to check the ICICI Bank website or Internet Banking for the most updated rate information.

Joint holding rules differ by FD type:

• NRE FD: Can be jointly held only with another NRI/OCI/PIO.
• NRO FD: Can be jointly held with a resident Indian or NRI.

FCNR (B) FD: Generally permitted with NRIs/OCIs; in some cases resident joint holders are permitted under “former or survivor” rules.
These norms are governed by FEMA guidelines for non-resident accounts.

NRI Fixed Deposits offer the option of automatic renewal at maturity for both principal and interest. Sweep-in/sweep-out facilities are typically not available for NRE or FCNR deposits due to regulatory considerations, but you may manage liquidity through overdraft or loan facilities against the FD.

No. A resident FD cannot be converted into an NRE FD. However, upon change in residency status, your existing resident FD must be redesignated as an NRO FD. Future deposits can then be opened as per your updated residency status.

Partial withdrawals are not permitted on NRE or FCNR (B) deposits. Some NRO deposits may allow callable options depending on the product variant, but any withdrawal terms will be governed by the specific FD conditions and applicable regulations.

Interest payout mode selected at the time of booking generally remains fixed throughout the deposit tenure. Any change requires premature closure and rebooking of the FD under the desired payout option, subject to applicable rules and interest adjustments.

Yes. Nomination facilities are available on all NRE, NRO and FCNR (B) deposits. Adding a nominee ensures smooth transfer of funds to your chosen family member or legal heir in the event of any unforeseen circumstances. You can update nominee details digitally or through branch channels at any time.

NRO FDs are suited for NRIs who have earnings in India such as rent, pension or dividends. These deposits allow you to consolidate Indian income in one account and earn assured returns. While interest is taxable, the deposit offers partial repatriation facilities and the ability to manage Indian income efficiently under FEMA guidelines.

FCNR (B) deposits allow you to invest in foreign currency without exposure to INR exchange rate risk. Your principal and interest remain in the chosen foreign currency, offering stability during currency fluctuations. These deposits are also tax-free in India and fully repatriable, making them suitable for NRIs seeking currency protection along with assured returns.

Yes. NRI FDs offer capital protection, assured interest rates and regulatory safeguards under the Reserve Bank of India’s FEMA framework. They are low-risk, fixed-return instruments, making them ideal for conservative investors or those seeking stable income over a defined tenure.

Yes. Since FCNR (B) deposits are maintained entirely in foreign currency, your investment is insulated from INR-related currency fluctuations. This makes them a preferred choice for NRIs who want to preserve their foreign currency wealth while earning stable returns.

Yes.

• NRE & FCNR (B) FDs: Full repatriability of both principal and interest.

NRO FDs: Interest is fully repatriable; principal is repatriable up to USD 1 million per financial year subject to documentation.
These flexible repatriation options cater to varied financial and investment needs of NRIs.

NRE Fixed Deposits offer several advantages including tax-free interest in India, complete repatriability of principal and interest, competitive returns and protection of foreign income under FEMA-compliant structures. They are ideal for NRIs looking to invest foreign currency earnings securely in India while maintaining liquidity and easy access to funds.

Yes. You can fund NRE and FCNR (B) deposits through foreign inward remittances from any overseas bank. Transfers must be routed via authorised banking channels (SWIFT/TT) to ensure compliance with RBI guidelines.

Interest can be credited directly to the linked NRE, NRO or FCNR account depending on the deposit type and payout mode. At maturity, both principal and interest are settled in accordance with the account’s repatriation and tax rules.

Interest on NRE and FCNR deposits can be freely repatriated to your overseas bank account. For NRO deposits, interest can be repatriated after applicable tax deduction and submission of required documents.

The linked account cannot be changed during the tenure of the FD. If you require a different linkage, you must close the existing FD and rebook it with the new account details.

Funds can be deposited in multiple ways depending on the FD type:

• NRE: Through foreign remittances, overseas transfers or transfers from existing NRE/FCNR accounts.
• NRO: Through Indian income sources such as rent, dividends or sale proceeds.
  This ensures compliance with FEMA regulations and helps track the source of funds accurately.

Premature withdrawal may result in:

• A reduced interest rate applicable for the period the FD was actually held

Applicable penalties as per the Bank’s FD policy
These conditions ensure fair treatment while allowing customers access to funds when needed.

No. The interest will be recalculated based on the actual tenure completed. If the deposit is closed before completing the minimum tenure required for interest eligibility, no interest may be payable.

Certain special or promotional FD schemes may carry minimum lock-in periods or withdrawal restrictions. These terms are clearly communicated at the time of booking and reflected in the deposit advice.

Premature withdrawal of FCNR (B) deposits may lead to a lower interest rate being applied for the completed tenure, or in some cases, no interest if closed within 1 year. Currency conversion at the time of withdrawal may also impact the final payout.

Yes. You can opt for monthly or quarterly interest payouts at the time of booking your FD. This acts like an EMI-style income stream, especially useful for NRIs looking for regular inflows for household expenses, loan repayments, or family remittances in India. However, the principal amount remains locked until maturity unless the FD is prematurely closed.

Yes. ICICI Bank offers a monthly interest payout option on NRE, NRO and FCNR (B) Fixed Deposits. The monthly payout is processed at a discounted rate as per standard banking practice, while your principal continues to earn interest till maturity. This option provides both liquidity and long-term earnings stability.

While the FD itself cannot be used directly for auto-debits, you may use the interest payout credited to your NRE or NRO account for recurring payments such as rent, insurance premiums, SIP debits, or loan EMIs. Alternatively, you can take a loan against the FD, and use that loan account for EMI-based repayments.

Reverse-sweep or sweep-out facilities are generally not available on NRE or FCNR deposits due to regulatory restrictions under FEMA. However, you may achieve similar flexibility by taking an overdraft against the FD, enabling access to funds when required without prematurely closing the deposit.

Yes. ICICI Bank allows premature closure of NRE, NRO and FCNR (B) deposits. However, interest payout and applicable penalties depend on the tenure completed and the type of FD. Premature withdrawal must follow FEMA and RBI guidelines.

No. A resident FD cannot be converted into an NRE FD. Upon becoming an NRI, existing resident deposits must be redesignated as NRO deposits. Fresh NRE or FCNR deposits may then be opened using eligible foreign remittances.

If the FD booking fails due to technical or documentation issues, the amount is automatically refunded to the source account—NRE, NRO or overseas bank account—within standard processing timelines. Refunds follow the same mode used at the time of remittance or internal transfer.

If an inbound SWIFT/TT remittance fails, the amount is credited back by the remitting bank. In cases where the credit is reversed after deposit booking, the FD may be cancelled, and funds returned after verifying compliance documents. You may also be requested to provide remittance proof for reconciliation.

At maturity, you can choose to:

• Renew the FD for the same or a new tenure
• Withdraw the proceeds to your NRE/NRO/FCNR account

Repatriate funds based on account type
Interest is credited as per the chosen payout mode, and principal is repaid following applicable tax and repatriation guidelines.

No. Top-ups or additional deposits are not permitted for NRE, NRO or FCNR (B) Fixed Deposits. If you wish to invest additional funds, you may simply open a new FD with the desired amount. This allows you to diversify maturities and interest rates.

If your residency status changes, you must inform the Bank. NRE and FCNR deposits may be allowed to continue till maturity, after which they must be converted to resident deposits or RFC accounts as applicable. NRO deposits continue without change but may require updated KYC.

Legal heirs or nominees must submit:

• Death certificate
• KYC documents
• Claim form

Relationship proof (if required)
Once verified, the deposit proceeds are released as per nomination or succession rules. ICICI Bank ensures a smooth and secure settlement process.

If renewal instructions are not provided, FCNR (B) deposits may be renewed by default for the same tenure at prevailing interest rates or may be transferred to a designated account as per Bank policy. Customers are advised to provide clear maturity instructions in advance.

Yes. ICICI Bank allows you to set auto-renewal instructions for both principal and interest. This ensures your deposit continues to earn returns seamlessly without requiring manual intervention on maturity.

You can verify your FD details through:

• Internet Banking
• iMobile Pay (NRI version)
• FD advice/receipt shared by the Bank

Relationship Manager channels
All digital channels reflect real-time FD information to ensure complete transparency.

Yes. Online NRI FD booking is safeguarded with multi-level security including encryption, OTP verification, device authentication and secure login protocols. ICICI Bank follows strict global cybersecurity standards to ensure complete data protection.

Immediately contact ICICI Bank Customer Care or your Relationship Manager. The Bank will block access, initiate an investigation and assist with recovery steps. You may also monitor account alerts and statements regularly for early detection.

Yes. NRI deposits are covered under DICGC insurance up to ₹5 lakh per depositor per bank. This insurance applies to NRE, NRO and FCNR deposits converted into INR amounts as per DICGC guidelines.

You can view your FD details anytime through Internet Banking or the iMobile Pay NRI app. The dashboard displays principal amount, interest payout, tenure, maturity date and any renewal instructions associated with the deposit.

You can update your overseas address digitally via Internet Banking or by submitting the required documents through email or branch channels. Address updates are important to ensure accurate communication and regulatory compliance.

Yes. You can modify or replace your nominee at any time through digital channels or by submitting a nominee update form. Changes take effect once processed and reflected in Bank records.

Yes. Interest certificates and TDS statements for NRO deposits can be downloaded instantly through Internet Banking. These documents help with tax filing in India or abroad under DTAA provisions.

Yes. All NRI FD transactions—including funding, repatriation, interest payout, and premature closure—are governed by FEMA and RBI compliance frameworks. This ensures your deposits remain legally compliant and secure.

Yes. NRE, NRO and FCNR deposits can be pledged to secure loans or overdraft facilities. This is useful for borrowing without disrupting your investment.

No. Fixed Deposits cannot be transferred between banks. You would need to close the deposit and reinvest the proceeds with the new bank as per eligibility rules.

Yes. You must update the Bank immediately. Depending on the account type, NRE/FCNR deposits may continue till maturity, while future deposits must follow your updated residency status.

If no instructions are provided, the FD may automatically renew at the prevailing interest rate or be held in a suspense account until instructions are received. It is advisable to review and update maturity instructions well in advance.

Yes. NRIs may claim reduced TDS rates on NRO FD interest under the Double Taxation Avoidance Agreement (DTAA) between India and their country of residence. A valid Tax Residency Certificate (TRC) must be submitted to avail DTAA benefits.

Yes. You can modify maturity instructions, renewal preferences or payout schedules through Internet Banking. Any change to payout mode may require premature closure and rebooking depending on the product.