NRI Recurring Deposit (RD) FAQs

No, interest earned on NRE accounts is not taxable in India.

Yes, the principal amount and interest earned are fully repatriable.

Yes, you can hold the account jointly with other Non-Resident Indians (NRIs).

Upon maturity, the proceeds will be credited to your NRE Savings Account with ICICI Bank.

Yes, you can close your NRE Recurring Deposit before maturity. Interest will be calculated at the applicable rate for the period the deposit remained with ICICI Bank, plus any applicable penalty.

If the RD is closed earlier than 12 months from the date of deposit opening, no interest is payable.

In case of delay in the payment of any instalment for an NRE Recurring Deposit, a penalty of ₹ 12/- per ₹ 1,000 per instalment will be levied.

• Minimum Tenure: 1 year (with subsequent multiples of 3 months)
• Maximum Tenure: 10 years

You can request the closure of Recurring Deposits online via the ‘Service Request’ option in your Internet Banking account. Alternatively, you can download the request form and mail it to the ICICI Bank India address. For NRIs in countries like USA, UK, Canada, Australia, Singapore and UAE, you can send documents to the local P.O. Box in your respective countries.

No, mandate holders can only be appointed to operate Savings Accounts.

To register a nominee, download the "Add a Nominee - DA1 form," fill it up, and mail it to the ICICI Bank India address. The nomination form must be signed by all account holders and witnessed by someone known to both the account holder and the nominee.

Yes, you can specify a nominee for your account by filling and submitting the necessary forms. You may change the nominee during the deposit period by submitting a new declaration.

To update a nominee, download the "Nominee Updation - DA3 form," complete it, and mail it to the ICICI Bank India address. Alternatively, you can visit any ICICI Bank branch in India to submit the form.

To declare "No Nominee," download the "No Nominee Declaration" form and mail it to the ICICI Bank India address. You can also visit an ICICI Bank branch in India to submit the form.

No, only one person can be nominated for a RD.

Yes, you can assign separate nominees for different RD.

No, you do not need to repeat the process for every new deposit. ICICI Bank allows you to give a one-time instruction to apply the nominee to all RD.

Yes, you can close your NRO Recurring Deposit before maturity. Interest will be calculated at the applicable rate for the period the deposit remained with ICICI Bank, plus any applicable penalty.

Yes, you can assign a nominee for the RD by completing the necessary forms. You may change the nominee during the deposit period by submitting a new declaration.

On maturity, the proceeds will be credited to your NRO Savings Account with ICICI Bank.

In case of delay in the payment of any instalment for the NRO Recurring Deposit account, a penalty of ₹ 12 per ₹ 1,000 per instalment will be levied.

Yes, Interest earned on NRO RD is taxable.

• Minimum Tenure: 6 months (with subsequent multiples of 3 months)
• Maximum Tenure: 10 years