NRE accounts are generally opened by a non-resident Indian or a person of Indian origin. It assists in saving your funds in India and can be easily converted into foreign currency as and when required. ICICI Bank like many other banks also offer to open NRE accounts for those in need. The amount saved in this is fully tax free and the interest earned on it too. ICICI Bank gives you the privilege to easily control you funds from anywhere across the globe.
ICICI NRE Account Features
– NRE account allows users to easily park your funds in Indian currency.
– The Principal as well the interest of this account is tax free.
– The ICICI NRE account offers an interest rate is 4% per annum. Interest is paid half yearly in June and December.
– The average monthly balance is 10000.
– Free repairability of Principal as well as interest anywhere in India.
– You can jointly hold this account with another Indian or NRI. They are also given an ATM card and cheque book mandatory.
– You can easily keep a tab on the funds through online banking and allow online transfer of funds to over a hundred banks.
– The debit card gives access to over 11000 ATM‘s and 3000 branches in India.
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ICICI NRE Account Documents Required
Passport copy including id proof, address proof
Valid visa copy/work permit
A self-drawn initial funding cheque.
ICICI NRE Account Eligibility
An Indian who is residing abroad for employment, studies or business.
ICICI NRE Account Fees
|Type of Account||Minimum Balance||Charges||Debit Card(Visa) Annual Charges|
|NRE||Rs 10000||Rs 350 per month||199 +service charges|
ICICI NRE Account Review
ICICI were the first ones to introduce the most innovative banking solutions. Online transfer of funds, ATM facility, and customer support for all the banking needs and many more. As compared to government recognized banks they’re charges are pretty high but this comes with an assurance for better banking solution.
The biggest advantage is the easy transfer of foreign funds which can be done online. Non-resident Indians can easily park their funds and make it even accessible to their relatives by joining them in too. They are also provided a cheque book and ATM card too.
The average minimum balance requirement is 10000 which is not high but many banks like SBI do not have this criteria. The amount is not at all high but huge funds tend to be locked up and it could fetch higher returns if invested in other mediums.
Keeping funds in NRE account is beneficial for customers as it is exempted from tax and they get higher interest rates. The fluctuations in the foreign exchange market could create loss for the customer. But you have options to convert the funds including the principal as well as the interest into foreign currency when it is favorable.
The paper work involved and their numerous procedures is one major drawback to their services. Customers get frustrated with the hassle involved in getting the work done. As compared to many other banks like HDFC, Citibank, SBI they tend to take a lot of time and their fees are pretty high too. If this issue could be sorted out they would be able to win better customer confidence.