NRI Savings Account

India Linked Savings Accounts

India Linked Savings Accounts allow you to deposit your UK or Indian income and withdraw it when you want.

  • Attractive interest rates
  • Interest earned is fully repatriable (i.e. can be transferred to the UK)
  • A variety of banking features to keep track of your funds)

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 (NRE) Savings Account

Our NRE Savings Account allows you to deposit your UK income in India. Of the Non-Resident accounts we offer, this account allows full repatriation of your deposit and the interest earned. Whether you are a student, a professional, a salaried employee or an entrepreneur, our NRE Savings Account offers flexibility and ease of use.

  • Tax benefits: interest earned is not taxed at source.
  • Convenient money transfers: at competitive exchange rates, available through our branches, online and over the phone.
  • Beneficial interest rates: click here to view the current rates. Interest is paid half yearly in September and March. Interest rates are subject to change.
  • Anytime, anywhere account access: with a debit card, convenient access to over 9300 ICICI ATMs and over 2700 ICICI branches across India, and phone and internet banking.
  • Mandate benefits: a free cheque book and ATM card for for a person of your choice in India giving them access to your account upon your request.
  • Minimum balance required: Click here to view the minimum balance requirement.
  • Easy movement of funds: deposited funds and interest in NRE Savings Account are fully repatriable. (i.e. can be transferred to the UK).
  • Joint account holding: with another NRI.

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With our NRO Savings Account you can deposit and manage your earnings in India, such as, rent, investment dividends and pension payments. Be assured of efficient management of your local Rupee earnings in India while you live in the UK.

  • Balance required: Click here to view the minimum balance requirement.
  • Easy movement: interest earned within a financial year is fully repatriable (can be transferred to the UK) after deducting tax at source.
  • Convenient money transfers: at competitive exchange rates, available through our branches, online and over the phone.
  • Joint account holding: with an Indian resident or NRI.
  • Mandate benefits: a free cheque book and ATM card for for a person of your choice in India giving them access to your account upon your request.
  • Higher post tax yield: with the Double Taxation Avoidance Agreement (DTAA) benefit facility. Click here to apply.
  • Beneficial interest rates: click here to view the current rates. Interest is paid half yearly in September and March. Interest rates are subject to change.
  • Anytime, anywhere account access: with a debit card, convenient access to over 9300 ICICI ATMs and over 2700 ICICI branches across India, and phone and internet banking.

Compare accounts >

Product Summary

India Linked Savings Accounts

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:

Click here to view the minimum balance requirement.

Charges:

If you do not maintain the minimum balance service charges will be applied. For a summary of all the service charges click here

 

Key Facts

 

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

Are India Linked savings accounts 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 savings accounts 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 Savings Accounts?
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., India is responsible for resolving post-sale complaints.

 

How to Apply

You can apply for our India Linked Services 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.
  • A recent (taken within last 6 months) photograph for each account holder
  • Non-Resident Indians must also provide a valid visa.
  • Initial Funding Cheque issued from your Local Bank for a minimum of £250 if you choose to open either NRE or NRO account. If you choose to open both NRE and NRO accounts then a minimum amount of £400 is required.
    Please note: Equivalent amount in rupees is also accepted from another bank's NRE account.