Terms and Conditions for Callable and Non-Callable NRI FDs:

For callable FD

• Only simple interest as applicable shall be payable on Deposits with a tenure of 12 months and for Deposits with a tenure exceeding 12 months, interest shall be compounded annually.


• ICICI Bank Limited, IBU GIFT City branch (“Bank”) shall have the right to change the interest rates as per applicable laws and regulations from time to time or otherwise and it is my/our responsibility to keep ourselves updated of the interest rates, by checking the Bank’s website and / or by checking with the respective relationship managers (RM/s).


• The Deposits are not covered by the deposit insurance system established by Reserve Bank of India (“RBI”).
  


• In case auto-renewal is opted for:



• The Deposit shall be auto renewed for the original period of the Deposit




• The interest payable shall be fixed basis the prevailing rate of interest at the time of auto renewal




• The mode of operation shall continue to be the same as at the time of booking the Deposit.

 

• In case of premature withdrawal of the Fixed Deposit:



• The date of premature withdrawal will be the date of request sent to the Bank for such premature withdrawal.




• Interest will be paid at the rate applicable on the effective date of such Deposit up to the period for which such Deposit remained with the Bank and will be subject to payment of applicable penal charges as stated in the Terms and Conditions.




• The Bank shall have the right to set-off such penal charges against the Deposit and deduct the applicable penal charges or any other charges (if due and payable). No interest will be paid if the Deposit is withdrawn within seven (7) days.

 

 

For Non-callable FD Interest Rates (For Non-callable FD Interest Rate, please contact branch)

• The Non-callable FDs can ONLY be provided to Assessed Professional Clients^ only.
  ^As defined in IFSCA Banking Handbook: Conduct of Business Directions, as may be further updated from time to time


• No premature withdrawal is allowed. However, premature withdrawals under the conditions of Government orders /regulatory orders/ bankruptcy/legal orders/deceased settlement claims will be exempted from this clause. The Bank will not pay any interest on the principal amount of Deposit (except in case of deceased claim upon death of the individual depositor, where interest will be paid for the period the Deposit has remained with the Bank at the rate that prevailed for Deposits at the time of booking the Deposit and not at the contracted rate) in the event of premature closure.


• Any interest credited or paid, up to the date of such premature closure will be recovered from the Deposit amount.


• No Credit facility is permitted against this Deposit.


• Only simple interest as applicable shall be payable on Deposits with a tenure of 12 months and for Deposits with a tenure exceeding 12 months, interest shall be compounded annually.


• This Deposit is not covered by the deposit insurance system established by Reserve Bank of India (“RBI”) and/or International Financial Services Centres Authority (“IFSCA”).


• The Deposit will be auto- closed upon maturity. Auto renewal facility is not available for this Deposit.

Governance & Compliance

• All deposits are governed by the Application Form submitted by the customer and ICICI Bank Limited – GIFT IBU General Terms & Conditions, which may be updated from time to time. 


• The latest interest rates apply to both new and renewed FDs.