ICICI offers a unique 3-in-1 NRI Account that includes ICICI Bank NRI Saving Account (NRE or NRO), ICICIDirect NRI Trading Account and ICICI Bank NRI Demat Account (NRE or NRO) for hassle-free, fast, and easy trading in shares online. NRIs cannot only trade in equity and derivatives but also can invest in Mutual Fund, Bond, NCD, FD, IPO, and ETF with ICICI. Having all three accounts with ICICI is compulsory. You cannot link other bank account with ICICI NRI trading and Demat Account and vice-versa.
ICICI Bank offers two types of NRI Savings Account- NRE Account and NRO Account. There are no charges for opening ICICI Bank NRI Savings Account however one has to maintain an average quarterly balance of Rs 10,000 in NRE or NRO bank account opened with ICICI Bank. A person can open both types of accounts with ICICI.
NRE Account is required if you want to repatriate the funds back to your country. NRE Account has to go through the Portfolio Investment Scheme (PIS). Since ICICI Bank is one of the designated banks for PIS, the NRE-PIS account with ICICI is seamless and hassle-free.
NRO Account is equivalent to an Indian Resident Account in terms of investment facility. NRO Account does not require PIS through Bank. This allows for transactions under Non-PIS on a Non-Repatriable basis.
ICICI Bank offers NRI Demat Account that can be NRE Demat Account or NRO Demat Account depending on the type of bank account you choose to link with it. ICICI Bank is DP with NSDL and CDSL. Demat Account is required to keep all your holdings of stocks, mutual funds, ETFs, bonds in one place.
NRI with NRI trading account can invest or trade in the Indian stock market. It facilitates trade in stocks, invest in bonds, NCD, ETF, etc on NSE and BSE. ICICIDirect NRI trading account can be opened along with ICICI NRI Savings Account and NRI Demat Account. The account opening charges is Rs 4000. Trading is only allowed in equity Delivery and equity derivatives (futures and options). Intraday trading is not allowed to NRIs in India. ICICI doesn’t offer commodity and currency trading.
Read detailed article on NRE and NRO account on NRI Trading in India.
Last updated on 28th Nov 2019
ICICI NRI Account is 3-in-1 Account having ICICI Bank Account (NRE or NRO), ICICI Bank Demat Account (NRE or NRO) and ICICI Securities NRI Trading Account linked to NRE or NRO Account.
ICICI NRI Account opening is not fully online. You required to print and send the form to the ICICI Office.
When in India, you can visit nearest ICICI Bank or ICICI Securities branch to fill the application form with the help of the representative.
ICICI has offices in Oman, Bahrain, Dubai, Abu Dhabi. If you are someone residing in these countries then you can fill the account opening form and submit at the nearest ICICI Offices.
Any individual cannot hold both the status i.e. Non-resident as well as resident at the same time. Therefore, if the individual is an NRI, he needs to close normal saving account and open NRE/NRO or both accounts. If the individual is resident Indian, then he needs to have a resident saving account and close NRE/NRO accounts.
You need to open NRO Account for the same. The money lying in resident saving account can be transferred to NRO account.