NRO Saving Account

Now park your income gathered from earnings in India in your NRO (Non Resident Ordinary) Savings Account#.
Maintain and manage your rent, dividends, pension earnings etc. with uninterrupted access even when you are abroad.
#Non-interest bearing VirtU Accounts also available under this category.

Features of NRO Savings Account

Beneficial Interest Rates

Per annum Interest rates at 3.5% for Rs 50 lakh or above & 3% for below Rs 50 lakh

Joint & Mandate holder

It can be with an Indian resident or an NRI. Free chq book, ATM Card for the Mandate holder

Convenient Money transfers

Safe and hassle-free money transfers, attractive exchange rates

Ease of account re-designation

Easy re-designation of your account when you change status from resident to NRI

Tax benefits

Earn higher post tax returns through reduced TDS rates by applying for DTAA facility

Debit Card

Convenience of Debit Card for online & cash transactions

• Higher withdrawal, transaction limits, reward points
• Exciting offers on dining, shopping, travel etc.
• For detailed card features, click here
• Personalise your Debit Card with our Expressions Debit Card at a discounted rate. Choose from a gallery of 250+ designs

Preferential Rates

Attractive rates on your remittance requirements

• Money2India: Safe and simple online money transfer tracking service with online transfers. Eligible currencies USD, AED & SGD. Click to know more
• Wire Transfer: Eligible currencies USD, GBP, EUR, AUD, CHF, SGD, AED & CAD. Click to know more
• Money2World: Transfer money online from any bank in India to any bank around the world. Click to know more.

Repatriation

• Interest earned in the current financial year is fully repatriable (after deducting tax)
• Repatriation up to USD 1 million per financial year# for bonafide purposes

#Subject to submission of an undertaking & CA Certificate in the prescribed format.

Joint/Mandate Holder

• Joint holding with an Indian resident or an NRI
• Free Mandate Card and chequebook for your family in India, giving them the convenience to access your account and avail benefits.

TDS & DTAA

• 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 Double Taxation Avoidance Agreement (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
• Click here for the list of documents. The documents would need to be submitted every year to continue to avail DTAA benefit.

Eligibility

You are eligible to open an NRO Account if you are at least 18 years of age and are:

• OCI/NRI/PIO and their spouses, OR
• Any foreign national, who is not a citizen of India, OR
• An Indian sent abroad by the Government of India/Public sector undertaking.

Maintain a minimum monthly average balance of Rs 10,000 at account level or Rs 25,000 at Customer ID# level (Regular NRO). Customer ID# level: Monthly average balance in NRE/NRO Savings/Non-interest bearing Account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID

Non-maintenance charges: as applicable for variants

Documents - NRI (Non-Resident Indian)

Documents required for the application - NRO Savings Account Documents.

1. When you submit an application for account opening (Download here) at any ICICI Bank Branch in India or overseas, you will need:

• Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature)
• Valid work permit/Employment Visa/Residence Visa/Residence Permit
• PAN Card copy or Form 60 (If not applied for a PAN Card)
• FATCA/CRS Declaration
• CKYC Annexure
• The photocopies provided will require self-attestation i.e. signature of the applicant on it confirming that the document is a true copy and it belongs to the applicant
• Address proofs: View complete list of Indian and overseas address proofs here.

2. When you submit an application for account opening from outside India, you will need:

• Photocopies of the following documents which will require self-attestation by the document holder and additional attestation of documents by a Banker/Notary/Embassy Official/Consulate Official
• Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature)
• Valid work permit/Employment Visa/Residence Visa/Residence Permit
• PAN Card copy or Form 60 (If not applied for a PAN Card)
• FATCA/CRS Declaration
• CKYCAnnexure
• Address proofs: View complete list of Indian and overseas address proofs here

Additionally, funding from customer’s self-KYC complied account through cheque, DD, inward remittance (Wire, Vostro, Money2India) is mandatory. In case of cheque, ensure that signature on the cheque and the application form match. In case of DD, customer’s name should be mentioned as purchaser in the DD advice. In case of Inward remittance, customer’s name and country mentioned in the SWIFT message should match with the name and country of residence as per the Account opening form.

The photocopies provided will require self-attestation i.e. signature of the applicant and additional attestation of documents by a Banker/Notary/ Embassy Official/Consulate Official.

Forms to download for the application

1. When you submit an application for account opening at any ICICI Bank branch in India or overseas, you will need:

• Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature)
• PIO card or past Indian passport of self/parent/grandparent along with a self-declaration about Indian origin OR self-declaration for PIO as given on the relationship form
• Valid work permit/employment visa if the country of residence is different from the Passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted
• PAN Card copy or Form 60(If not applied for a PAN card)
• FATCA / CRS Declaration
• CKYC Annexure
  The photocopies provided will require self-attestation i.e. signature of the applicant on it confirming that the document is a true copy and it belongs to the applicant.
• Address proofs: View completelist of Indian and overseas address proofs here.

2. When you submit an application for account opening from outside India, you will need:

• Photocopies of the following documents which will require self-attestation by the document holder and additional attestation of documents by a Banker/ Notary/Embassy Official/Consulate Official
• Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature)
• PIO card or past Indian passport of self/parent/grandparent along with a self-declaration about Indian origin OR self-declaration for PIO as given on the relationship form
• Valid work permit/Employment Visa the country of residence is different from the Passport issuing country. If your visa has expired, acknowledged renewal requests made to the visa authorities will be accepted
• PAN Card copy or Form 60 (If not applied for a PAN card)
• FATCA / CRS Declaration
• CKYC Annexure
• Address proofs: View complete list of Indian and overseas address proofs here

Additionally, funding from the customer’s self-KYC complied account through cheque, DD, inward remittance (Wire, Vostro, Money2India) is mandatory. In case of cheque, ensure that signature on the cheque and the application form match. In case of DD, the customer’s name should be mentioned as the purchaser in the DD advice. In case of Inward remittance, the customer’s name and country mentioned in the SWIFT message should match with name and country of residence as per the Account opening form.

The photocopies provided will require self-attestation i.e. signature of the applicant and additional attestation of documents by a Banker/Notary/ Embassy Official/Consulate Official.

Others Documents DTAA

Submit the following physical documents for availing the DTAA benefits

• Proof of Residency - Original or certified true copies* of the Tax Residency Certificate# (TRC) for financial year for which you are availing DTAA benefit
• Form 10F
• Self attested copy of PAN card (not required if PAN is upated in the account)

All the above documents are mandatory and can be submitted at any ICICI Bank branch in India or sent by courier or registered post at the following address:

ICICI Bank Limited,
NRI Cell, 5th Floor, A-Wing, Autumn Estates,
Chandivali Farm Road, Chandivali.
Andheri-East, Mumbai - 400072 INDIA

Please mention your full name and Account number / Customer ID on all the documents.

Please note that DTAA benefit would be effective post the date of last interest payout and will be valid for that Financial Year only or till last date of validity of the TRC whichever is earlier, only after receipt and acceptance of all necessary DTAA documents by ICICI Bank, India. Fresh documents need to be submitted every financial year. You will need to request for DTAA benefit to be applied to every new NRO FD or SB account subsequently opened.

#TRC can be issued by any government authority of the overseas country of residence. In case TRC is in local language, please provide the translated copy of the same in English.

*Attested by overseas local tax authority / overseas local banker / Indian embassy / Notary Authority.

Forms to download for the application

• Existing Customer - Upgrade form
• For Product Terms and Condition, Click here.