There are several benefits of NRI account ICICI. You must know that an NRI can open an NRE( Non-Resident External) or NRO( Non-Resident Ordinary) or even both. NRE accounts in ICICI enjoy tax-free interest and NRO accounts have an interest rate of 3.5% per annum for end-of-day balances that is equal to or above 50 lakhs in Indian rupees.
What are the ICICI NRI Account Benefits?
There are several ICICI bank NRI account benefits. Here is a list of them:
- Easy money transfer process:
Both NRE or NRO account holders can deposit the income earned in foreign countries in these accounts. This fund can be accessed through any bank in India at any time.
- Repatriation of money
India allows flexibility for the repatriation of money in NRE accounts for both interest and principal income. You can transfer your balance back to the foreign nation easily.
A few more important NRI account ICICI benefits are1) Interest Rates are low
NRE accounts in India enjoy better interest rates and can help you enjoy better returns for your profit or income
2) Smooth banking operations
You can easily perform your banking operations within India, even if you stay abroad. You will be allowed to register the operational mandate to carry on the bank's operations on your behalf. This mandate can be registered by your
Parents
Relatives
Spouse
Siblings or others
3) Tax exemption
As per Indian law, the interest earned on NRE accounts is not subject to Income tax. No bank will deduct any tax on such interest on NRE Savings Account or NRO Fixed Deposit.
So these are the major NRI account benefits ICICI Bank. You can apply for an ICICI NRI account online on
ICICI’s Officialwebsite.
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Authors Of The Question
What are the Benefits of NRI Account ICICI?
Subhra
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9 months
2024-02-19T08:16:55+00:00 2024-02-19T09:08:53+00:00Comment
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