What is ICICI NRI Account?

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ICICI NRI Account is a bank account for Non-resident Indian (NRI) to invest their foreign earnings in India or to manage the money they are earning in India.

NRI customers who would like to invest in India stock market, Mutual funds, IPO, FDs, etc. need an NRI account. Almost all large banks in India offers NRI account.

ICICI Bank offers two types of saving bank accounts to NRI:

  1. NRE Account - To transfer and invest foreign earning in India.
  2. NRO Account - To manage money earned by NRIs in India i.e rental income, dividends, etc.

Visit NRE Vs NRO Bank Account to find the difference between NRE and NRO account.

Note:

  • NRI account is optional.
  • Relationship managers at banks like ICICI push NRIs to open an NRI account as soon as they land to foreign country. You should carefully understand the pros and cons before opening the account. NRI's, who don't need it, should avoid opening it. An NRI account requires a lot of paperwork, compliance issues and bank charge annual maintenance charges even when you don't use it.
  • An NRI should have a clear understanding of the type of accounts, tax liabilities, and FEMA and FATCA regulations.



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