The ICICI Bank has revised service charges for Non-Resident Indian (NRI) Savings Accounts. The revised charges will be effective from April 1, 2022.
Let us see how the revision would reflect in various accounts.
NRI Regular Account: On this Account, the bank allows an Average Monthly Balance (MAB) of Rs 10,000 at the CASA level or Rs 25,000 at the Customer ID level. The existing Non-maintenance of MAB charges is 5% of the shortfall in the required MAB or Rs 500, whichever is lower. However, the bank has increased it to 6% of the shortfall in the required MAB.
NRI Pro Account: The bank permits a MAB of Rs 2,00,000 at the CASA level and Rs 5,00,000 at the Customer ID level on this Account. The bank has increased service charges from 2% to 3% of the required MAB shortfall or Rs 500, whichever is lower.
NRI Premia Account: A MAB of Rs 500,000 at CASA level or Rs 2500,000 at Customer ID level is required on this Account. In the case of non-maintenance of MAB, the bank has increased service charges from 1% to 2% of the required MAB shortfall or Rs 500, whichever is lower.
NRI Student Account: A MAB of Rs 5,000 at the account level or Rs 5,000 at the customer ID level is required for this Account. Customers will now be charged a service fee of 6% of the shortfall in required MAB, rather than the previous 5% if MAB is not maintained.
NRI Low Balance account (Easy NRI Account): ICICI Bank permits a MAB of Rs 2,000 at the account level on this Account. In the event of non-maintenance of MAB, the bank will now levy a service fee of 6% of the shortfall in required MAB, rather than the previous 5%.
Sparsh Account: This Account requires a MAB of Rs 2,50,000 at CASA level or a minimum remittance of equal or above USD 2250 from Money2India/Wire transfer per quarter from the account establishment date. The bank has 2 per cent of the required MAB shortfall constant owing to failure to maintain the non-maintenance of MAB.
Points to remember as per ICICI Bank Account level: Average Minimum Balance maintained in each Savings/Non-interest bearing Account under the same Customer ID. CASA level: Cumulative Minimum Average Balance in all Savings/Non-interest-bearing Accounts under the same Customer ID.
Customer ID level can be defined as Average Monthly Balance in NRE Savings/Non-interest-bearing Account + Average Monthly Balance in NRO Savings/Non-interest-bearing Account +Month end balance in Fixed Deposit/s and Recurring Deposit/s, under the same Customer ID.
ICICI Bank NRI Savings Account Interest Rates ICICI Bank is giving an interest rate of 3.00 per cent for end-of-day balances under Rs 50 lakhs and 3.50 per cent for end-of-day balances of Rs 50 lakhs and above as of June 4, 2020. These interest rates will be determined daily on the daily closing balance in the Account, at the rate stated by ICICI Bank, for Domestic, NRE, and NRO Savings accounts.
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