ICICI Bank NRI Fixed Deposit Return Calculator
Calculate Maturity for NRE and NRO Accounts
Understanding ICICI NRI Fixed Deposit Options
Managing finances as a Non-Resident Indian requires specialized banking solutions. ICICI Bank offers two primary types of Rupee-denominated fixed deposits: NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. Each serves a distinct purpose regarding taxability and fund source.
NRE vs. NRO Fixed Deposits
- NRE Deposits: These are ideal for parking foreign earnings in Indian Rupees. The principal and the accrued returns are fully repatriable (transferable back to your country of residence). Notably, the returns earned on NRE accounts are exempt from tax in India.
- NRO Deposits: These are used to manage income earned within India, such as rental income, dividends, or pension. While the principal has repatriation limits, the returns earned are subject to Tax Deducted at Source (TDS) according to Indian income tax laws.
How the Calculation Works
ICICI Bank typically calculates returns on a quarterly compounding basis for deposits with a tenure of 6 months or more. For shorter durations, simple yield calculations are applied. This calculator uses the standard quarterly compounding formula to provide an estimate of your maturity proceeds:
A = P [1 + (r/n)]^(n*t)
Where A is the final maturity sum, P is the invested capital, r is the yearly yield rate, n is the number of compounding periods per year (4 for quarterly), and t is the total duration in years.
Example Calculation Table
| Capital (INR) | Yearly Yield | Duration | Maturity Sum |
|---|---|---|---|
| ₹2,00,000 | 7.00% | 1 Year | ₹2,14,372 |
| ₹5,00,000 | 7.10% | 3 Years | ₹6,17,458 |
| ₹10,00,000 | 7.25% | 5 Years | ₹14,32,324 |
Key Benefits for NRIs
Investing in ICICI NRI Fixed Deposits offers competitive returns compared to global savings accounts. Additionally, NRE deposits provide a hedge for future expenses in India and allow for seamless repatriation of funds without complex tax filings for the yield earned.