NRI Fixed Deposits

India Linked Fixed Deposits

India Linked Fixed Deposits give you the opportunity to invest your UK and Indian income for a fixed term at an attractive rate of interest.

  • Click here to see the current interest rates
  • Choose from three different account types

These products and services are not regulated by the Financial Conduct Authority. Protections afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS) will not apply.

Non-Resident External Fixed Deposit Account (NRE FD)

The NRE FD is a high-return Rupee deposit option to invest your foreign income (earning made outside of India). This account presents a safe investment opportunity offering high returns, flexible deposit tenures, and no taxes for your foreign earnings.

  • Tax benefit: Interest earned is not taxed at source.
  • Minimum deposit amount: INR 25,000.
  • Easy movement of funds: principal amount and interest earned are fully repatriable
    (can be transferred back to the UK).
  • Flexibility: fund your account with any convertible currency.
  • Convenient renewal: automatic renewal of your principal and interest on maturity.
  • Choice of tenure: between one and 10 years.
  • Quick processing: Electronic Deposit Confirmation Advise (E-DCA) on your email ID within one working day (if you have subscribed for account statement via email).
  • Competitive exchange rates: on conversion of the interest earned into Rupees.
  • Joint account holding: with another NRI.

Compare accounts >

Non-Resident Ordinary Fixed Deposit Account (NRO FD)

The NRO FD is an attractive option for NRIs who want to earn regular returns on their income generated in India, such as rent, dividends, Indian salaries and pension payments. This account offers attractive interest rates giving you good yields on your Indian income.

  • Choice of tenure: ranging from seven days to 10 years.
  • Convenient renewal option: automatic renewal of your deposits on maturity.
  • Higher post tax yield: with the Double Taxation Avoidance Agreement (DTAA) benefit facility. Click here to apply.
  • Easy movement: interest earned in a financial year is fully repatriable (after deducting tax). Funds in an NRO FD can be repatriated up to USD one million per financial year.
  • Joint account: with an Indian resident or NRI.
  • Exchange rate: competitive exchange rates on conversion of your foreign currency into Rupees.
  • Minimum deposit amount: INR 25,000.
  • Quick processing: Electronic Deposit Confirmation Advice (E–DCA) to your email ID within one working day (if you have subscribed for account statement via email).

Compare accounts >

Foreign Currency Non-Resident Account (FCNR)

The FCNR enables you to earn attractive returns on your overseas earnings in India, without converting them into Indian Rupees.

  • Flexibility of opening the account in multiple currencies: US Dollar (USD), British Pound (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD) and Australian Dollar (AUD).
  • Minimum deposit amount: USD 1000, GBP 1000, EUR 1000, JPY 200,000, CAD 2000 and AUD 2000.
  • Easy movement: principal amount and interest earned are fully repatriable (i.e. can be transferred back to the UK).
  • Tax benefits: Interest earned is not taxed at source.
  • Multiple tenure options: ranging from one to five years.
  • Convenient renewal: automatic renewal of your principal and interest on maturity.
  • Quick processing: Electronic Deposit Confirmation Advice (E- DCA) to your email ID within one working day (if you have subscribed for account statement via email).
  • Joint account holding: with another NRI.

Compare accounts >

Product Summary

India Linked Fixed Deposits

Eligibility:

 

  • 18 years or older.
  • Satisfactory identity and address verification.
  • Non-Resident Indian (NRI) or Person of Indian Origin (PIO).

 

Interest Rates:

Click here to view the current interest rates. Interest calculated is rounded to the nearest rupee. Interest is paid half-yearly in September and March. Interest rates are subject to change.

Minimum Balance:

 

  • NRE FD: INR 25,000
  • NRO FD: INR 25,000
  • FCNR: £1,000

 

Withdrawals:

     

  • Before the completion of one year: no interest will be payable
  • After completion of one year, but before the completion of the current year: 1% penalty on the offered interest rate of the duration for which the deposit was maintained.
  •  

For example, if a fixed deposit below INR 100 million is originally booked for three years, and is prematurely closed after two-and-a-half years, then you would get the interest applicable for a two year deposit at the time of opening the fixed deposit.

 

 

Key Facts

 

Who offers India Linked fixed deposits?
All India Linked deposit products and services are offered by ICICI Bank Ltd., India and its group companies.

Are India Linked fixed deposits regulated by the Financial Conduct Authority?
India Linked deposit products and services are not regulated by the Financial Conduct Authority. Hence, rules made under the UK Financial Services and Markets Act 2000 for the protection of customers do not apply.

Are India Linked fixed deposits protected under the Financial Services Compensation Scheme (FSCS)?
Protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS), does not apply.

What is the role of ICICI Bank UK PLC in providing India Linked Fixed Deposits?
ICICI Bank UK PLC acts as an introducer and only helps in facilitating client documentation to initiate the relationship with the respective ICICI Group company offering the product or service.

What should I do if I have a complaint?

 

If you wish to register a complaint, please contact us at:

 

ICICI Bank UK PLC,

Customer Relations,

2nd Floor,

One Thomas More Square,

London E1W 1YN


or

 

Call our Customer Service Centre at 08081 31 41 51 (freephone from a UK landline)

or

 

Email us at ukcustomerrelations@icicibank.com


ICICI Bank UK PLC is responsible for resolving pre-sales complaints and ICICI Bank Ltd., is responsible for resolving post-sale complaints.

How to Apply

You can apply for any India Linked product and service by visiting any of our UK branches. Click here to find your nearest ICICI Bank UK branch.

 

Below are the documents that you will need to provide when applying for our India Linked Savings Account:

  • Passport: The page(s) of your passport with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India.
  • Address proofs: Your proof of address must be issued by a recognised authority, bank or utility company (e.g. water, gas, electric or telephone company) and should include your full address. Your proof of address, except in the case of driving license, should not be more than three months old and could be in the form of a utility bill, tax bill, driving license or bank statement.
  • Non-Resident Indians must also provide a valid visa.