ICICI Bank Makes Revision In Schedule of Charges For NRI Savings Accounts

The service charges for Non-Resident Indian (NRI) Savings Accounts have been revised by ICICI Bank, a private sector lender. On April 1, 2022, the increased service charges will take effect on 1st April 2022. In this article, we will briefly outline the NRI Savings Account variation and the new service charges that apply.

1. NRI Regular Account: On this account, the bank allows a Monthly Average Balance (MAB) of Rs 10,000 at CASA level or Rs 25,000 at 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.

2. 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.

3. NRI Premia Account: A MAB of Rs 5,00,000 at CASA level or Rs 25,00,000 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.

4. 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.

5. 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%.

6. Sparsh Account: From the date of account establishment, 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. The bank has left 2 percent 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: Minimum Average 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: Monthly Average Balance in NRE Savings/Non-interest bearing Account + Monthly Average Balance in NRO Savings/Non-interest bearing Account +Month end balance in Fixed Deposit/s and Recurring Deposit/s, under the same Customer ID.
• In the event of non-maintenance of a minimum MAB, the bank will notify the customer with an e-mail/SMS/Letter that if the minimum balance is not restored in the account in the subsequent month, then non-maintenance of MAB charges will be applicable.
• In case the customer has not maintained a MAB for any consecutive month, then non-maintenance of MAB charges shall be applicable, for all consecutive months. The bank will notify the customer in the initial month, only in case of non-maintenance of MAB in the consecutive months.
• It is the Customer's responsibility to have a valid e-mail ID, mobile number and address updated with the bank at all times, failing which, the customer may not receive the notification(s).
• GST will be applicable on charges.

ICICI Bank NRI Savings Account Interest Rates

ICICI Bank is giving an interest rate of 3.00 percent for end-of-day balances under Rs 50 lakhs and 3.50 percent for end-of-day balances of Rs 50 lakhs and above as of June 4, 2020. These interest rates will be determined on a daily basis on the daily closing balance in the account, at the rate stated by ICICI Bank, for Domestic, NRE, and NRO Savings accounts.