It's crucial for depositors to be aware of these penalties when considering premature withdrawal from their ICICI NRE FD. Additionally, a penalty will be levied as follows: After 1 year: For premature withdrawal after one year, the interest will be calculated at the rate applicable for the period the deposit remained with the bank or the contracted rate, whichever is lower.Before 1 year: If the NRE FD is closed before completing one year, no interest will be payable, and there won't be any penalty charges.While the ICICI NRE FD offers attractive interest rates and other benefits, it's essential to be aware of the terms related to premature withdrawal. Interest Payout: The interest on the ICICI NRE FD can be paid out on a monthly, quarterly, half-yearly, or annual basis, depending on the depositor's preference.This feature provides liquidity to depositors without them having to break their FD. They can get a loan of up to 90% of their deposit value. Loan against FD: ICICI Bank allows NRIs to avail a loan against their NRE FD.This provides flexibility to NRIs to choose a tenure that aligns with their financial goals. Tenure: The ICICI NRE FD can be opened for a minimum period of one year and a maximum period of ten years.This means NRIs can transfer their funds (both principal and interest) back to their foreign accounts without any restrictions. Repatriation: Both the principal amount and the interest earned on the ICICI NRE FD are fully repatriable.This makes it a lucrative option for NRIs looking to earn tax-free interest on their deposits. The interest earned on the NRE FD is exempt from income tax in India.

Tax Benefits: One of the most significant advantages of the ICICI NRE FD is the tax exemption.organizations and officials deputed abroad by the Government of India or public sector undertakings on temporary assignments are also eligible. This means that Indian citizens who reside outside India for employment, business, or any other purpose indicating an indefinite period of stay abroad are eligible.

Eligibility and Features of ICICI NRE FDĮligibility: The primary eligibility criterion for opening an ICICI NRE FD is that the individual must be a Non-Resident Indian (NRI) of Indian nationality or origin. It's essential to note that these rates are subject to change, and it's always a good idea to check the latest ICICI FD rates NRE before making a deposit. The rates mentioned above are effective as of 24 February 2023.įor those keen on understanding the interest they can earn on their deposits, the ICICI NRE FD interest rates table provides clarity on the returns based on the chosen tenure.

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