ICICI NRI Banking Review: Everything You Need to Know| North Loop Official Blog
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25 Mar 2020

ICICI NRI Banking Review: Everything You Need to Know

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Overview

ICICI offers a large number of NRI banking products. But high fees, low interest rates and a terrible customer service experience result in a terrible banking experience.

Pros
Global Support
Has Dedicated Remittance Service

Cons
ICICI Bank NRI customer service is terrible
High Fees
Low interest rates - higher rates can be found at other banks

Overall ICICI NRI Banking Review - 1.5/5

ICICI NRI Bank Accounts

ICICI NRI banking offers both NRE and NRO Accounts for non-resident Indians. These include:
  • ICICI Bank NRO Account
  • ICICI Bank NRE Account
  • ICICI Bank PIS Account
  • Other Financial Products

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Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

ICICI Remittances

ICICI has remittance for NRIs through its Money2India service. Here’s our Money2India in-depth review. Delivery times are up to 5 days (significantly slower than other methods). Money2India FX rates are also higher than other transfer services - on March 16th, 2020 Money2India was offering INR 73.21 for 1 Dollar, less than the interbank rate of 74.1 (as seen on CompareRemit)

ICICI NRI Account Opening

If you’re in India and moving overseas, you can visit an ICICI branch to open an account or convert your existing savings accounts to NRI Accounts. While ICICI has a lot of branches across the country, you will need to either make an appointment or wait before someone from the branch is ready to serve you.
If you’re overseas, you can go to ICICI NRI website and fill up a form after getting a call back from a bank representative. You will then need to print out a form and have physical copies of your KYC documents ready - ICICI will arrange a courier to come pick it up. Once ICICI India receives the documents, they will verify them and contact you if they need any further documents. Once all the documents are verified, your account will be ready. From our experience, it can take up to 4 weeks for you to open an NRI account with ICICI.

ICICI Interest Rates

ICICI offers interest rates on its savings accounts, as well as fixed deposits and NRE accounts.

Savings AccountFixed Deposits
ICICI Interest Rates3.50%6.20%


Check out our NRI interest rate comparison tool here.

ICICI NRI Fees and Account Minimums

If you’re in India and moving overseas, you can visit an ICICI branch to open an account or convert your existing savings accounts to NRI Accounts. While ICICI has a lot of branches across the country, you will need to either make an appointment or wait before someone from the branch is ready to serve you.
If you’re overseas, you can go to ICICI NRI website and fill up a form after getting a call back from a bank representative. You will then need to print out a form and have physical copies of your KYC documents ready - ICICI will arrange a courier to come pick it up. Once ICICI India receives the documents, they will verify them and contact you if they need any further documents. Once all the documents are verified, your account will be ready. From our experience, it can take up to 4 weeks for you to open an NRI account with ICICI.

ICICI NRI Fees and Account Minimums

ICICI NRI Similar to other legacy banks in India, ICICI has a complicated range of fees for a variety of transactions and NRI services. Here’s a sample of some fees.

Fee
Account MinimumINR 10,000
Non-ICICI ATM feesINR 100 + 5% of the shortfall in required minimum balance or INR 500 (whichever is lower)
NEFT TransferUpto INR 10,000 – INR 2.25 per transaction. INR 10.001 to INR 1 lakh – INR 4.75 per transaction. INR 1 lakh to INR 2 lakhs – INR 14.75 per transaction. Above INR 2 lakhs to 5 lakh- INR 24.75 per transaction.
Non-maintenance chargesINR 100 + 5% of the shortfall in required minimum balance or INR 500 (whichever is lower)


You can see all of ICICI’s fees here.

Overall Banking Experience

ICICI’s focus on customers is limited, and we were frustrated by the bureaucratic policies of the bank that resembled a government institution rather than a private company. Worst of all, a general apathy at the bank towards customers means that even as the bank frustrates you, they don’t seem to care about you either.
Forms - ICICI has a large number of forms you’ll need to sign over and over to do most of your NRI banking transactions. For example, a transfer from your NRO to NRE account is a largely tedious process of multiple physical forms being signed and given to an ICICI branch representative.
ICICI NRI Customer Care - customer support at ICICI is notoriously bad. Customer support representatives have limited authority to help you, and if you’re unable to access your phone number you’re largely out of luck as nearly everything requires an OTP. Over 30,000 reviews on Mouthshut have given ICICI a low rating of 2.2 / 5.

Online Banking Experience

The ICICI NRI net banking experience is definitely better than other legacy Indian banks. You can largely conduct a lot of your transaction banking on the ICICI. However, many features require physical forms that you need to send to ICICI. You can go to their website for ICICI NRI login to access your net banking.

North Loop NRI Banking

Save thousands of rupees every year vs ICICI with North Loop NRI Banking. It’s banking made simple. Zero balances. No fees. Sign up online in 5 minutes. Get 3-in-1 Accounts and free remittances. Click here to learn more.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.