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NRI Savings Account with ICICI Bank Limited

 

The NRI Savings Account offers a fulfilling banking experience, anytime and anywhere. Our NRI Savings Account comes with competitive interest rates. ICICI Bank India offers a range of NRI Savings Accounts to choose from. Select one that fits the best with your requirements.

India Linked Savings Account

ICICI Bank India’s Savings Account offers:

  • Competitive interest rates
  • Interest earned is fully repatriable (i.e. can be transferred to the UK)
  • Easy access to your account through internet banking and I mobile app

 

Click here to apply for a free call back facility to open an NRI account.

Please note: These products and services are not regulated by Financial Conduct Authority. Protections offered by UK regulatory system, including Financial Services Compensation Scheme (FSCS) shall not apply.

Overview

Eligibility
  • Satisfactory Identity and address verification documents
  • Non-Resident Indian (NRI) or Overseas Citizen of India (OCI)
Interest Rates Click here to view the current interest rates. Interest calculated is rounded to the nearest rupee, and paid quarterly.
Minimum Balance Minimum monthly balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level.
(Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.)
Charges If you do not maintain the minimum balance service charges will be applied. For a summary of all the service charges Click here

 

Please Note: Interest rates are subject to change.

Read our FAQs section to know more about this scheme

Who offers India Linked savings accounts?
All India Linked deposit products and services are offered by ICICI Bank India.

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 is acting as an introducer and is facilitating documentation to initiate the relationship with the respective ICICI Group Company offering such product or service.

Who regulates India linked product and services?
All India linked products and services are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India.

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 nrinfo@icicibank.com.

Please note: ICICI Bank UK PLC is responsible for resolving pre-sales complaints and ICICI Bank India is responsible for resolving post-sale complaints

  • Approved for the purpose of Section 21 of the Financial Services and Markets Act, 2000 (FSMA) by ICICI Bank UK PLC (Company No. 04663024) having its registered office at One Thomas More Square, London E1W 1YN. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA) and PRA.
  • These products and services are not authorized and regulated by the FCA and PRA, hence rules made under the Financial Services and Markets Act 2000 (“FSMA”) for the protection of customers do not apply. Protection offered by the UK regulatory system, including the Financial Services Compensation Scheme (“FSCS”) will not apply. The products and services mentioned here are offered by ICICI Bank Limited (“ICICI Bank”).  ICICI Bank Limited is incorporated in India and is regulated by the Reserve Bank of India (“RBI”) and having its corporate office in Mumbai, India. The products and services mentioned are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India. The deposits mentioned are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions.

The NRE Savings Account gives you the opportunity to deposit your UK income in India and the flexibility to repatriate the entire deposit and interest earned Whether you are a student, a professional, a salaried employee or an entrepreneur, our NRE Savings Account offers ease of use with the below benefits:

Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level.

(Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s  and Recurring deposit/s within the same customer ID.)

  • Interest earned is not taxed at source
  • Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
  • Competitive interest rates – interest is paid quarterly. Click here to check the current rates.
  • Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
  • This account allows full repatriation of your deposit and the interest earned
  • Option to hold a joint account with NRI

Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.

ICICI Bank India NRO Savings Account allows you to deposit and efficiently manage what you earn in India, such as pension payments, investment dividends and rent, while you live in the UK. The account features include:

Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level. (Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.)

  • Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
  • Competitive interest rates – interest is paid quarterly. Click here to check the current rates
  • Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
  • Interest earned within a financial year is fully repatriable (can be transferred to the UK) after deducting tax at source. Funds in an NRO account can be repatriated up to USD one million per financial year
  • Option to hold a joint account with another NRI / resident Indian

 

Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.

Any individual can apply for an NRE and/or NRO account by visiting any of our branches in the UK, along with requisite documents. Click here to find the nearest branch of ICICI Bank UK.

Alternatively, applicants can also click here and leave their contact details, and we will call them back to understand and address their requirements.

Applicants also have an option to get in touch with us by calling our customer care number at 0344 412 4444, or by writing to us at ukservice@icicibank.com, or at nri@icicibank.com.

The following documents are required by the applicant as well as the co-applicant (if any) to apply for an NRE and/or NRO account.

  1. Photograph: Recent passport size photograph of each applicant. The photograph should not be more than 6 months old.
  2.  Identity proof: Indian or the British Passport with relevant pages including the Name, Date of Birth, Photograph and Signature of the applicant; along with the Date, Place of Issue and Expiry date of the passport.  
  3. NRI status proof: One of the following documents
    • Visa / Resident / Employment Permit
    • Persons of Indian Origin (PIO) card / Overseas Citizens of India (OCI) card / India connect document with relationship proof
  4. Proof of Permanent address: One of the following documents
    • Passport containing Indian or the UK address
    • PIO/OCI card containing the UK address
    • Driving License containing Indian or the UK address
    • Proof of possession of Aadhaar Card
    • Voter ID card containing Indian address
    • Job card issued by NREGA duly signed by an officer of the State Government in India
    • Letter issued by the National Population Register in India
  5. Proof of Communication address: One of the following documents
    • Passport containing Indian or the UK address
    • PIO/OCI card containing the UK address
    • Driving License containing Indian or the UK address
    • Proof of possession of Aadhaar Card
    • Voter ID card containing Indian address
    • Job card issued by NREGA duly signed by an officer of the State Government in India
    • Letter issued by the National Population Register in India
    • Voter Authority Certificate issued in the UK by the local electoral commission
    • National Insurance letter issued in the UK by the Department of Work and Pensions (DWP)
    • Letter issued in the UK by National Health Service (NHS)
    • Tax related forms issued in the UK by the HM Revenue & Customs Office (HMRC):
      • P60 – End of year certificate
      • P45 – employee leaving work

    Please note:
    • In case Indian address is provided as communication address, the UK address should be self-declared by the customer.
    • Address proof should be in the name of the applicant(s) only. Address proof in the name of applicant’s relative will not be accepted
    • Deliverables shall always be dispatched to the address of communication – whether an Indian address or the UK address
  6. The Foreign Account Tax Compliance Act (FATCA)/Common Reporting Standard (CRS) Declaration with Tax identification number (TIN)
  7. PAN card or From 60, as applicable for applicant, as well as co-applicant (if any). PAN shall be verified from the issuing authority (National Securities Depository Limited)

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