1. TAT
- Your request for opening of NRO or NRE or FCNR Fixed Deposit will be processed within 1 working day.
Electronic Fixed Deposit Advice (eDCA) will be sent to your registered e-mail ID within 3 working days from the date the Fixed Deposit Account is created or renewed. Alternatively, you can download eDCA, from your Net Banking account on the next day of Fixed deposit creation. To update your registered email id please contact our 24 hour Customer Care.
FCNR opening requests will be processed between Monday to Friday till 1.30 p.m. Requests received after 1.30 p.m. on Friday will be processed as per applicable currency rates of next working day.
2. Minimum amount
- Minimum amount for NRE or NRO Fixed Deposit: INR 25,000/.
FCNR Fixed Deposit: USD 1000, EURO 1000, GBP 1000, AUD 2000, CAD 2000 and JPY 200,000.
Fixed Deposit will be opened subject to availability of funds in the debit account selected above.
3. Tenure
- Tenure of Standard NRO Deposit
- Cumulative Deposit: Minimum 7 days, Maximum 10 years.
Traditional Deposit Periodic Interest Payout: Minimum 7 days, Maximum 91 days.
Traditional Deposit Monthly Interest Payout: Minimum 3 months, Maximum 10 years.
Traditional Deposit Quarterly Interest Payout: Minimum 6 months, Maximum 10 years.
- Tenure of Standard NRE Deposit
- Cumulative Deposit: Minimum 1 year, Maximum 10 years.
- Traditional Deposit Monthly Interest Payout: Minimum 1 year, Maximum 10 years.
Traditional Deposit Quarterly Interest Payout: Minimum 1 year, Maximum 10 years.
- Tenure of Standard FCNR Fixed Deposit
- Cumulative Deposit: Minimum 1 year, Maximum 5 years.
Traditional Deposit Half Yearly Interest Payout: Minimum 1 year, Maximum 5 years.
4. Scheme
- If you choose Traditional FD Option, the interest will be credited to your Savings Account debited for creation of FD account.
Deposit amount and maturity amount shall remain same where the customer has chosen interest payout option (Traditional NRI FDs) on monthly or quarterly basis.
If you choose Cumulative FD Option, the interest will be reinvested into the deposit.
5. Deposit confirmation
- Intimation of closure of this request shall be sent on email id provided above. Providing the email ID here will not result in an update of your email ID registered with us. To update your email ID please contact our 24 hour Customer Care
Deposit Confirmation advice (DCA) can be downloaded from your Internet Banking Account. Path: My accounts > Deposit > Deposit Confirmation Advice > View / download link displayed against each Fixed Deposit.
6. General points
- For NRO Fixed Deposit, the maturity amount indicated is subject to TDS as applicable from time to time.
All Deposits are opened with auto renewal option, fixed deposit would be automatically renewed on maturity.
ICICI Bank does not offer differential interest rate on NRO or NRE Fixed Deposits opened by Senior Citizen.
Central Board of Direct Taxes has issued a circular dated 13 May 2011, stating that all Form 16A will be generated online through the NSDL website. In absence of valid PAN, Form 16A will not be generated online through NSDL website and further benefit of DTAA will not be extended.
Please note premature closure request will be processed through internet banking only for FD/RD in the name of a single Account holder. In case of premature closure for Joint Accounts, physical request form signed by all the Account Holders is required.
Nomination as in Savings Account shall be replicated for the FD. For any other update on your existing nomination, you can download the 'Nominee Updation form' and mail it to our India address or visit the nearest ICICI Bank branch.
ICICI Bank does not take any responsibility and will also not be liable, for your claims if the details provided by you are incorrect or incomplete.
7. Premature/Partial Closure of Fixed Deposits:
- If NRE deposits are closed before completion of 12 months and NRO deposits are closed before completion of 7 days from the date of deposit, no interest is payable. In case of premature withdrawal of such deposits after the minimum tenor (1 year for NRE FD and 7 days for NRO FD), interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and not at the contracted rate, post deduction of the applicable penalty.
- If FCNR (B) deposits with original tenor of 12 months to < 36 months are closed before completion of 12 months from the date of deposit, no interest is payable. In case of premature withdrawal of such deposits after completion of 12 months, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and not at the contracted rate. No penalty will be levied.
- FCNR(B) deposits with an original tenor of >= 36 months to <= 60 months shall be subject to a minimum lock-in period of 12 months. If such deposit is prematurely withdrawn after completion of the lock-in period, including partial withdrawal, interest shall be paid at the rate applicable, on the date of deposit booking, to the amount and period for which the deposit remained with the bank and not at the contracted rate, less 1% penalty.