ICICI NRI Bank Account in UAE: Types, Features & How To Open

For a Non-resident Indian (NRI) living in UAE, managing finances back home can often feel like a tedious task. Thankfully, institutions like ICICI Bank offer some tailored solutions that simplifies this process. Thus, providing a bridge between life in UAE and financial interests in India.

Opening an ICICI NRI bank account from UAE is a potential gateway to convenient remittances and investments. Let's explore the process of opening an ICICI NRI account from the UAE and how it can help you to simplify your everyday banking problems.

ICICI NRI Account: Features, Benefits and Interest Rates​

ICICI Bank offers Non-Resident External (NRE), Non-Resident Ordinary (NRO) and Foreign Currency Non-Resident Bank (FCNR (B)) accounts/deposits to NRIs to cater to their banking needs  

ICICI Bank also offers a GIFT City Offshore Account. It is a relatively new type of account available for NRIs that allows them to hold their funds in currencies like USD, GBP, Euro, etc. These accounts offer fixed deposits in international currencies, which are like FCNR deposits but of shorter tenures. 

You can also read more about the comparison between NRE, NRO, GIFT City and FCNR accounts here. 

Features and Benefits of ICICI NRI Account

There are several advantages of opening an ICICI NRI account.

• Effortless Fund Transfers: It lets you transfer through various channels like online transfers, Smart Wire and Wire Transfer.

• Digital Convenience: You can manage your accounts such as check balance, make payments with ICICI's internet banking and mobile apps (like iMobile).

• Dedicated Support: Get personalised assistance with a dedicated Relationship Manager in the UAE or India, offering guidance on your financial queries.

• Family Banking: Now, families (comprised of both NRIs and residents) can avail special advantages via ICICI’s family banking. The only step required is linking the accounts via the Pro or Premia program.

• Strategic Investment Options: With the UAE being a hub for wealth generation, ICICI's NRI accounts provide direct access to attractive investment options in India. This includes:

• High-interest Fixed Deposits: ICICI Bank offers competitive interest rates on NRE, NRO and FCNR fixed deposits.

• 3-in-1 Account (Savings, Demat, and Trading): ICICIDirect portal helps you to invest in the Indian stock market (equities, mutual funds, IPOs, ETFs), trade in derivatives and manage your wealth. 

• Portfolio Investment Scheme (PIS): You can invest in Indian equities and convertible debentures.

• Ease of Access: You can manage your Indian finances from UAE easily with digital banking tools and a dedicated NRI support. This helps in eliminating the need for frequent trips to India for banking purposes.

Eligibility and Documentation for UAE-based NRIs

To open an ICICI NRI account from the UAE, you generally need to meet the following eligibility criteria and provide specific documents:

Eligibility Criteria:

• You must be a Non-Resident Indian (NRI), a Person of Indian Origin (PIO) or an Overseas Citizen of India (OCI).

• You must be at least 18 years of age.

Documentation Required:

• Valid Passport: First and last four pages should clearly show your name, photo, date of birth, place of issue, and signature.

• Valid Visa/Work Permit/Overseas Resident Card: Proof of your NRI status in the UAE.

• Permanent Account Number (PAN) Card: Mandatory for financial transactions in India. If you don't have one, you might need to fill out Form 60.

• Proof of Overseas Address: Utility bill, driving license, bank statement, or any government issued ID showing your current UAE address.

• Passport-sized Photographs: Recent ones, adhering to bank guidelines.

• Initial Payment: A cheque or draft from your own account to activate/authenticate the account.

Note: It's always advisable to check the latest and most comprehensive list of documents on the official ICICI Bank NRI website or by contacting their customer service, as requirements can sometimes vary.

The Account Opening Process: Online or Offline

ICICI Bank offers convenient ways to open your NRI account from the UAE:

Online Process:

1. Request a Callback: Initiate the process by requesting a callback through the ICICI Bank NRI website.

2. Online Application Form: Fill out the application form online, often with live assistance from a bank representative.

3. Physical Verification: You will have to either courier your notarised KYC documents to the bank or visit the branch with the documents yourself.

4. Account Activation: Upon successful receipt and processing of your documents in India, your account will typically be set up within a few days, and you'll receive a welcome email with your account details.

Offline Process:

1. Download Form: Download the NRI account opening form from the ICICI Bank website.

2. Fill and Collect Documents: Fill out the form diligently and gather all the required physical documents.

3. Notarisation: Ensure your documents are attested by authorised personnel of overseas branches of Indian banks, an overseas Notary Public, a Court Magistrate, a Judge, or the Indian Embassy/Consulate in the UAE.

4. Submission: Submit the complete application kit either by courier to ICICI Bank's processing centre in India or through a designated ICICI Bank representative or partner in the UAE (if available).

ICICI Bank Branch Locations Within UAE

Please note: Specific hours for the representative office are not widely published. 

To conclude, an ICICI NRI bank account helps NRIs in UAE to maintain a connection in India for their banking needs. The various account types, eligibility and simple opening process simplify cross-border financial management for NRIs.