NRO (Non–Resident Ordinary) FD without premature withdrawal facility
Overview
Features and Benefits
- Deposit amount*: Rs 1 crore and above.
- Flexibility: Fund your account with any convertible currency or INR.
- Choice of Plans:
- Traditional Plans with monthly / quarterly payout option.
- Cumulative Plans with interest compounded quarterly and reinvested with the principal amount.
- Joint holder option: Add Indian resident as joint holder
- Easy movement: Interest earned in current financial year is fully repatriability (after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes
- The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit.
- Such fixed deposit cannot be opened in auto renewal mode at time of opening.
- Post opening of fixed deposit, customer will have an option to provide instructions to renew his fixed deposit within 30 days before maturity date of the deposit. At the time of giving instruction, consent to be provided for no premature withdrawal permitted for such FDs.
- Tax deducted at source: Interest earned on NRO deposits is subject to the applicable tax deduction at source. Click Here to know the current TDS rates applicable on interest earned on NRO accounts / deposits. You can reduce this TDS by availing DTAA facility.
- You can avail DTAA benefit on your NRO accounts by providing a self-declaration in the prescribed format, self-attested PAN card copy, Form 10F and tax residency certificate for the current year. The documents would need to be submitted every year to continue to avail DTAA benefit.
- Interest rates for deposits without premature withdrawal facility may be higher for select tenure and amounts.
* Interest rates and minimum deposit value are subject to change without prior notice. Click here for Interest Rates. Please visit Terms and Conditions for complete details.
Documents Required
Incase of a new relationship (new customer Id) fresh account opening process needs to be followed.
For availing the deposit without premature withdrawal facility, please contact your Relationship Manager or visit an ICICI Bank Branch in India.
Specific Terms and Conditions for deposits without premature withdrawal facility
- These terms and conditions ("Terms") apply to fixed deposits without premature withdrawal facility, opened with ICICI Bank, as per the guidelines prescribed by Reserve Bank of India (RBI) in this regard from time to time ("Fixed Deposit"). These Terms shall be in addition to and not in derogation of the terms and conditions governing ICICI Bank Fixed Deposits available on www.icicibank.com ("Primary Terms"). In the event of any contradiction in the Terms and the Primary Terms, these Terms shall prevail.
- The Fixed Deposit does not have premature withdrawal facility i.e. the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
- In the event of premature withdrawal of these deposits under abovementioned exceptional circumstances, the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid upto the date of such premature closure will be recovered from the deposit amount.
- Minimum tenure for NRE FD is 1 year and maximum tenure is 10 years. Minimum tenure for traditional NRO FDs without premature withdrawal facility is 3 months and maximum tenure is 10 years.
Minimum tenure for cumulative NRO FDs without premature withdrawal facility is 6 months and maximum tenure is 10 years - Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account. The customer can give renewal instructions within 30 days before maturity date of such deposit.
- Interest rates and minimum deposit value are subject to change without prior notice.
