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NRI Services

NRI Savings Account with ICICI Bank Limited (ICICI Bank India)

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

Product Summary


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

Key Facts


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.

Non-Resident External (NRE) Savings Account


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.

Non-Resident Ordinary (NRO) Savings Account


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.

How to Apply


Click here to apply for a free call back facility to open an NRI account or apply by visiting any of our UK branches. Click here to find your nearest ICICI Bank UK branch.

For further help, please get in touch with our customer care executive at 08081 31 41 51 (free call from a UK landline), or write to us at nrinfo@icicibank.com.

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 and should include your full address.
    • Driving Licence: Address mentioned in DL
    • Utility Bill: (Electricity, Telephone, Postpaid Mobile/Phone, Sewage & Water bill, Piped gas, Internet or broadband) Not >2 months old
    • Bank a/c or Post Office savings bank a/c statement: Bank statement/passbook (Not more than 3 months) with one customer induced transaction in 90 days
    • Visa, Residence permit, PIO/OCI Card issued by foreign jurisdictions
    • Leave and License agreements with employers being State/Central Govt, statutory/regulatory bodies, public sector, scheduled commercial banks, financial institutions and listed companies
    • Letter of allotment of accommodation from employer issued by State/Central Govt, statutory/ regulatory bodies, public sector, scheduled commercial banks, financial institutions & listed companies
    • Property or Municipal Tax receipt: Receipt/Invoice not older than 1 calendar year
    • Registered Purchase / Sale Deed or agreement made between 2 individuals or between individuals and company.
    • Credit Card Statement: One month credit card statement with minimum one customer induced debit or credit transaction and should be issued within last 2 months. The Credit card statement with list of banks accepted for overseas address proof as follows: Sainsbury Bank, Barclays Bank, Creation Bank, Lloyds Bank, Santander Bank, Tesco Bank, American Express.
  • A recent (taken within last 6 months) photograph for each account holder.
  • Non-Resident Indians must also provide a valid visa.
  • OCI/PIO Card: applicable for persons holding passport issued by country other than India.
  • In case OCI card /PIO card is not available then a self-declaration with document evidencing proof of India connect
  • PAN / Form 60: In case PAN not held currently / not applicable as annual income in India is NIL or less than threshold limit of 2.50 lacs then Form 60.
  • FATCA/CRS declaration: Tax identification number or Functional equivalent of overseas country.
  • Initial Funding.