ICICI Bank NRI Fixed Deposit Calculator
Calculate Maturity Returns for NRE & NRO Deposits
Principal Amount:
₹ 0
Total Interest Earned:
₹ 0
Maturity Amount:
₹ 0
Understanding ICICI NRI Fixed Deposit Rates
For Non-Resident Indians (NRIs) looking to grow their savings in India, ICICI Bank offers various Fixed Deposit (FD) options. Choosing between NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts is the first step in your investment journey.
Types of NRI Deposits at ICICI Bank
- NRE Fixed Deposit: Ideal for placing your foreign earnings in Indian Rupees. The principal and interest are fully repatriable, and the interest earned is 100% tax-free in India.
- NRO Fixed Deposit: Suitable for managing income earned in India, such as rent, dividends, or pension. While the principal is repatriable within limits, the interest earned is subject to Tax Deducted at Source (TDS).
- FCNR (B) Deposit: Allows you to maintain your deposit in foreign currency (USD, GBP, EUR, etc.), protecting you from exchange rate fluctuations.
How Interest is Calculated
In India, most banks, including ICICI, follow a quarterly compounding convention for Fixed Deposits with a tenure of 6 months or more. For shorter durations (less than 181 days), simple interest is usually applied at maturity.
The formula used for quarterly compounding is:
A = P [1 + (r/n)]^(n*t)
Where:
- A = Maturity Amount
- P = Principal Amount
- r = Annual Interest Rate (decimal)
- n = Number of compounding periods per year (4 for quarterly)
- t = Tenure in years
Example Calculation
| Scenario | Details |
|---|---|
| Principal Amount | ₹ 1,000,000 |
| Annual Interest Rate | 7.00% |
| Tenure | 2 Years |
| Maturity Amount | ₹ 1,148,882 |
| Interest Earned | ₹ 148,882 |
Why Use the ICICI NRI FD Calculator?
Interest rates for NRI deposits fluctuate based on RBI policies and market liquidity. Using our tool helps you:
- Compare Tenures: See how a 1-year vs. a 3-year deposit affects your yield.
- Plan Liquidity: Know exactly how much you will receive at the end of the term to plan your financial goals.
- Evaluate Tax Impact: For NRO deposits, remember that the calculator shows gross interest; you should factor in a 30% (+ surcharge/cess) TDS unless DTAA benefits apply.
Key Eligibility and Documents
To open an ICICI NRI FD, you typically need a valid Passport, Visa/Work Permit, and proof of overseas address. The minimum tenure for NRE FDs is 1 year, whereas NRO FDs can be started for as little as 7 days.