Know About ICICI NRI Account: Document Required, Eligibility and Application Process in 2025

An ICICI NRI Account is a banking service offered by ICICI Bank for Non-Resident Indians (NRIs). It allows NRIs to manage their income earned abroad and in India. These accounts include options like NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) accounts, offering tax benefits, easy fund transfers, and various currency options.

Are you one of those NRIs who is looking to learn about the process of opening an ICICI NRI account? For many Non-Resident Indians, it is pretty difficult as they often find the process confusing. But, if you have chosen ICICI Bank, you might not face those issues because, in this article, we have thoroughly explained the process of opening an ICICI NRI account alongside other details necessary to you. 

ICICI NRI Account - Quick Highlights

Account Type	Interest Rate (as of 2024)	Eligibility	Documents Required	Key Features
NRE Account	2.50% - 4.00% (Savings)	NRIs, PIOs, OCIs	Passport, visa, address proof, PAN	Repatriable, tax-free on interest
NRO Account	2.50% - 4.00% (Savings)	NRIs, PIOs, OCIs	Passport, visa, PAN, address proof	Non-repatriable, taxable interest
FCNR Account	1.50% - 4.50% (varies by currency)	NRIs, PIOs, OCIs	Passport, visa, proof of overseas address, PAN	Foreign currency deposits, repatriable funds

ICICI NRI Banking Accounts Interest Rates

For savings and fixed deposits, NRI accounts ICICI Bank accounts have appealing interest rates, which makes them a good choice for NRIs. For savings, the interest rates for NRE and NRO accounts are somewhat 3.0- 3.5%. The rates on fixed deposits might rise to 4.90% for a one-year term. Depending on the currency applied to the FCNR account, different rates let NRIs make foreign currency deposits. For savings, USD ICICI Bank accounts for NRI provide interest rates ranging from 3.50% and go as high as 5.6%.

Consider these interest rates before opening a NRI account in ICICI Bank:

NRI Account Type	Minimum Balance Requirement	Interest Rate (per annum)
NRE Savings Account	₹10,000 (Metro branches)	3.00% - 3.50%
NRO Savings Account	₹10,000 (Metro branches)	3.00% - 3.50%
FCNR Deposit Account	No minimum balance requirement	1.00% - 5.75% (varies by currency)
RFC (Resident Foreign Currency) Account	No minimum balance requirement	1.00% - 4.25% (varies by currency)
NRO Fixed Deposit Account	Rs. 25,000	1 year to 18 months: 4.90% p.a.2 to 3 years: 5.15% p.a.3 to 5 years: 5.35% p.a.
Rupee Plus Plan	Rs. 1 lakh/ US$ 2500/ EU€ 2500/ GB£ 1000/ JP¥ 2,00,000/ AU$ 2000/ CA$ 2000	--

Different Types of ICICI Bank Account for NRI

ICICI Bank is renowned for offering its customers different NRI bank account types based on their needs and reasons for staying abroad. The list below will help you understand the accounts that ICICI offers. 

1. ICICI Bank NRE Account

The Non-Resident External Account is used for depositing in foreign currency and earning interest in Indian rupees. These earnings could be sent abroad while getting tax-free interest benefits from the income generated in India. You could also maintain joint accounts with NRIs inclusively. 

2. ICICI Bank NRO Savings Account

NRIs can use the NRO savings account to deposit Indian rupees and foreign currency, but earnings cannot be sent abroad. However, interest income generated in such an account will be subjected to Indian tax laws. 

3. Student NRE Account

This student NRE account is specially made for NRI students to help them enjoy special benefits in education expenses. Students who are studying outside could use this account to manage the finances easily.

4. Seafarer NRE Savings Account

The Seafarer NRE savings account can be used by NRI seafarers serving on Indian ships. It comes with special benefits tailored to seafarers' needs. 

5. RFC Account

The RFC account is used to maintain foreign earnings in India. You can deposit foreign currency in this account and enjoy fixed-interest payments set by the Reserve Bank of India.

ICICI NRI FCNR (B) FD Account Interest Rates

The interest rates for the ICICI NRI FCNR (B) FD Account vary depending on the duration and amount. For more information, go through this table:

Currency	1 year to < 2 years	2 years to < 3 years	3 years to < 4 years	4 years to < 5 years	5 years
USD	5.50%	5.60%	5.70%	5.75%	5.75%
GBP	4.00%	4.10%	4.15%	4.20%	4.25%
EUR	1.00%	1.10%	1.20%	1.25%	1.30%
AUD	4.75%	4.85%	4.90%	4.95%	5.00%
CAD	4.50%	4.60%	4.70%	4.75%	4.8

NRE Savings Account

The ICICI NRE account minimum balance is Rs. 10,000. The interest rate for ICICI NRE savings account needs to be assured. You will get 3.5% p.a. interest for account balances over Rs. 50 lakhs and above, while those having 3.0% p.a. Will be offered for accounts having Rs. 50 lakhs and below.

NRO Savings Account

A minimum balance of Rs. 10,000 needs to be ensured for the ICICI NRO savings account interest rate. You will get 3.5% p.a. interest for account balances over Rs. 50 lakhs and above, while those having 3.0% p.a. Will be offered for accounts having Rs. 50 lakhs and below.

Student NRE Savings Account

A minimum balance of Rs. 5,000 needs to be maintained for Student NRE Savings Account interest. You will get 3.5% p.a. interest for account balances over Rs. 50 lakhs and above, while those having 3.0% p.a. Will be offered for accounts having Rs. 50 lakhs and below. 

ICICI NRI Account Detailed Information

An ICICI NRI Account is one of those banking accounts that is specially made for serving non-resident Indians. Being an NRI, you could face numerous difficulties while trying to manage your finances in India. But, if you have chosen an ICICI NRI banking account, you could manage your finances smoothly throughout your staycation in India.

ICICI NRI banking can easily hold, manage or distribute their earning across different banks while staying within Indian banking regulations. There are several benefits that an NRI could experience when they pick ICICI as their NRI account destination. 

Eligibility Criteria to Open an ICICI Bank NRI Account

• Indian nationals residing outside India for employment, education, business, or vacation are eligible for ICICI Bank NRI account opening online. 
• Persons of Indian Origin and Overseas Citizens of India with a valid OCI card are eligible for ICICI NRI account opening.
• Non-resident Indians who possess a valid Indian Passport and Visa of the country where they are currently staying are eligible for ICICI NRI banking service. 

Document Required to Open an ICICI NRI Account

A few documents are considered common when opening an NRI account in ICICI. These are listed below. If you don’t carry those documents, you can open an ICICI NRI account. 

1. Passport
2. Pan card
3. Address proof from Overseas
4. Valid Visa
5. Overseas resident card
6. Letter from your employer (if employed outside India)
7. Letter from educational university (if pursuing education outside India)

How to Apply for ICICI NRI Account?

The steps below will help you comprehensively apply for an ICICI NRI bank account. 

1. Visit the Website of ICICI Bank

Once you have visited the ICICI Bank website, you need to find its NRI banking page and fill out all the required details to submit a lead form. 

2. Get in Touch with ICICI Bank NRI Customer Care Representative

On submitting the form successfully, an ICICI Bank NRI customer care service representative will contact you to explain the next steps required in applying for an NRI account opening. 

3. Preparing the Necessary Documents

When you have filled out the ICICI NRI bank account opening form, you must get the necessary associated documents ready. This is crucial because ICICI banks will provide you with a free courier service where you need to submit those documents. After completing the courier, you can receive those documents within three working days. 

4. Opening of ICICI NRI Savings Account

Your ICICI NRI savings account will be created and ready to use within 5-7 working days after the ICICI bank has received the form. 

5. Receiving Confirmation Text or Email

Lastly, you will receive a confirmation text or an email at your registered number used for the ICICI NRI account opening. 

Benefits of ICICI NRI Bank Account

ICICI NRI Bank Accounts offer several benefits, including easy fund transfers between India and abroad, tax-free interest on NRE accounts, access to global banking services, and multiple currency options. These accounts also provide convenient online banking, making it easy for NRIs to manage finances from anywhere.

1. Tax Advantages

The first and foremost benefit of opening an ICICI NRI account is the tax-free benefits which are offered. The interests earned through NRO and NRE savings accounts would be subjected to Indian tax laws. However, you could also claim a tax credit by following the Double Taxation Avoidance Agreement between India and other countries. 

2. Variety of Investment Options

Yet another popular benefit that comes with opening an ICICI NRI account is the variety of investment options like bonds, mutual funds, and real estate for multiplying your wealth and making bigger fortunes with long term savings. This help you in wealth creation that might be difficult through other banking institutions.

3. Numerous Currency Options

By opening an ICICI NRI account, you can maintain multiple foreign currencies with your account. Thus, it is a convenient and comprehensive spectrum for managing your finances across different nations. 

4. Special NRI Services

Compared to other banking services offered by ICICI Bank, a specialized NRI services group consists of managers and customer service to assist NRIs. They would sort out any issues NRIs would face from the moment someone chooses to use an ICICI NRI bank account. 

5. Satisfactory Interest Rate

Unlike other banks offering NRIs to open their savings accounts in India. ICICI Bank is popular for offering a reasonable interest rate for its NRI accounts. Thus ensuring people trust this bank for the savings they earn through India. If people don’t receive a satisfactory interest rate, they will no longer be interested in using your service. Instead, you could lose customers enormously to your competitors, who might be offering higher interest rates. 

6. Repatriation Funds

The ICICI NRI account offers repatriable services, which means you can transfer both principal and interest earned in India directly to your foreign account without any possible restriction. The repatriation of funds services is very limited by other banks that provide the scope of opening an NRI account. 

7. Different Types of NRI Accounts

Several types of NRI accounts are offered in ICICI bank: NRE (Non-Resident External), NRO (Non-Resident Ordinary), Student NRE Account, Seafare NRE savings account and others. On choosing either of those NRI accounts by ICICI bank you can enjoy all the common benefits for each one. 

8. Easily Manageable

Even though many banks in India offer their customers to open an NRI account. None of those can offer the seamless service that the ICICI NRI bank account is known for. When you have an ICICI NRI account, you can avail yourself of several benefits and features that are difficult to find in other banks. Moreover, you could also easily access them without going through many problems and hindrances. 

How can NoBroker Help?

Are you having difficulty choosing an ICICI NRI banking service to open an NRI account? In that case, NoBroker is the best service you can trust. When you pick ICICI as your NRI savings account, you automatically qualify for numerous benefits that are difficult to find through other banking institutions.

By choosing an ICICI NRI bank account, you could make a reasonable earning pathway even though you are not residing within the borders of India. To learn more about the ICICI NRI account, you could refer to the NoBroker NRI services.  Our experts will help you with all you need about NRI Bank accounts.

Frequently Asked Questions