The applicable interest rates will be offered based on the date and time of receipt of the funds by the Bank. The depositor shall ascertain the rates on the booking date of Fixed Deposit 4. Only Resident Indian Senior Citizens (of 60 years of age and above) are eligible for the Senior Citizen Interest rate specified. The Super Savings Account provides you a complete banking convenience and financial package to access your money with the ease. IDBI Bank offers you a range of savings account for optimal management of your money. With Account, you not only save your money but also make it grow. Account Advantage. Faster transfer of funds.

The United Arab Emirates has a substantial Indian expatriate population, with estimates ranging from 30% – 60% of the local population. Wikipedia cites that the labour force of the UAE are 99% foreign workers, and a substantial number of the workforce in Dubai and Abu Dhabi is compromised of Indian nationals.

In 2005, an estimated $7 Billion USD was remitted from the UAE to India, with more than $4 Billion of that being sent to the Kerala region alone.

Speaking to my Indian friends here I was initially quite shocked to hear that banks in the country offer Fixed Deposit rates of 9%+ with minimum deposit terms of only 1 year.
For example, take a look at the NRE Deposit rates offered by Standard Chartered Bank in India:
source

Now, to give this some relativity, the average return of the US S&P500 for the past 10 years was around 9.15%* this account offers almost the same rate of return without putting your capital at the mercy of the markets.

To understand what is going on here, we need to understand the difference between Nominal Interest Rates and Real Interest Rates.

Example

Imagine it is the 2nd may 2013, and our friend Sampat has USD$185,800 to invest or deposit somewhere.

Sampat decides to take up the offer of a Fixed Deposit at a 9% per year rate of nominal interest and transfers his USD$185,800 into INR₹10,000,000

One year later (today), Sampat looks in his account and can see that his INR₹10,000,000 has now become INR₹10,900,000
Sampat is very happy to have made INR₹900,000 on his capital.

Sampat decides he wants to take his money out of India now and use it to buy an apartment in Dubai.
He remembers that he deposited USD$185,800 and that his money has grown at 9%.
He quickly does the maths here:
$185,800 * 9% = $16,722
$185,800 + $16,722 = $202,522

Tropical bingo free download. Sampat transfers the money from his INR₹ account back to his USD account and is anticipating USD$202,522 – the bullshit Correspondent Bank Fees

But when the transfer goes though, he notices he only has USD$181,098.

Not only has his $185,800 deposit not gained any interest, it has in fact lost money and returned $4,702 LESS than he initially deposited.

Sampat would have been better off had he driven out to the desert and buried his $185,800 in the ground, then come back a year later and dug it up.
But his account grew at 9%.

So what has gone wrong here?!
2nd May 2013 INR₹10,000,000 = USD$185,800
2nd May 2014 INR₹10,900,000 = USD$181,098
Source – XE.com

Nominal Interest Rates vs Real Interest Rates

The headline rate of any savings account or investment product is, unless stated, the Nominal Interest Rate.
That is to say, the rate at which your capital will appreciate over the given time.

What we need to take into account is the impact of inflation.
Inflation is the enemy of interest.

Inflation is the reason that your rent goes up each year, or the reason you get a pay-rise each year.
Both of these are examples of when you either pay more for something (increased rent) or sell something for more money (your work for a higher salary)

Let’s imagine that you want to buy a milkshake that costs $100 and you live in a country that is experiencing 3% inflation per year.
To buy the same milkshake next year, you can expect to pay $103.

Today you know that you want to buy the same milkshake next year, so you place $100 into an investment that pays 3% per year.
Next year you take out the $103 in your investment ($100 +$3 interest) and buy the milkshake.

Here, your Nominal Rate of Interest is 3%
Your account grew by 3% and your $100 turned into $103.

But your Real Rate of Interest is 0%
Your Purchasing Power grew by 0% as the amount in your account could buy you the same stuff last 12 months ago as it can now.

As you can see, the Real Rate of Interest can be worked out using the following:

Nominal Rate of Interest – Inflation = Real Rate of Interest.

To work out the Real Rate of Interest on the 9% fixed deposit that Sampat took out, we need to know the Inflation rate in India in order to complete the missing data point in the equation.

As of March 2014, the rate of inflation in India is given as 8.31%
For the previous 12 months the inflation rate we between 8.03% and 11.16% and was above 9% for 8 of the 12 months.
If we consider the impact of the compounding growth rate here, the average rate of inflation can be approximated at around 9.8% for the year.

• May 2013: 9.31%
• June 2013: 9.87%
• July 2013: 9.64%
• August 2013: 9.52%
• September 2013: 9.84%
• October 2013: 10.17%
• November 2013: 11.16%
• December 2013: 9.87%
• January 2014: 8.79%
• February 2014: 8.03%
• March 2014: 8.31%
• April 2013: 8.31%*estimated

CAGR 9.8172%**

Now, we know the Fixed Deposit account paid Sampat a return of 9%.
The Inflation rate was 9.82%

Nominal Rate of Interest – Inflation = Real Rate of Interest.
9% – 9.82% = -0.82%

The Real Rate of Interest is -0.82%.

This, combined with the weakening of the INR₹ against the USD come together to mean that in our scenario Sampat realizes a return of -2.53% on his $185,800 over the 12 month period.

*source
**source

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NRI Savings Account with ICICI Bank Limited (ICICI Bank India)

The NRI Savings Account offers a fulfilling banking experience, anytime and anywhere. Our NRI Savings Account comes with competitive interest rates. ICICI Bank India offers a range of NRI Savings Accounts to choose from. Select one that fits the best with your requirements.

India Linked Savings Account

ICICI Bank India’s Savings Account offers:

• Competitive interest rates
• Interest earned is fully repatriable (i.e. can be transferred to the UK)
• Easy access to your account through internet banking and I mobile app

Click here to apply for a free call back facility to open an NRI account.

Please note: These products and services are not regulated by Financial Conduct Authority. Protections offered by UK regulatory system, including Financial Services Compensation Scheme (FSCS) shall not apply.

Overview

Product Summary

Please Note: Interest rates are subject to change.

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Read our FAQs section to know more about this scheme

Key Facts

Who offers India Linked savings accounts?
All India Linked deposit products and services are offered by ICICI Bank India.

Are India Linked savings accounts regulated by the Financial Conduct Authority?
India Linked deposit products and services are not regulated by the Financial Conduct Authority. Hence, rules made under the UK Financial Services and Markets Act 2000 for the protection of customers do not apply.
Are India Linked savings accounts protected under the Financial Services Compensation Scheme (FSCS)?
Protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS), does not apply.
What is the role of ICICI Bank UK PLC in providing India Linked Savings Accounts?
ICICI Bank UK PLC is acting as an introducer and is facilitating documentation to initiate the relationship with the respective ICICI Group Company offering such product or service.
Who regulates India linked product and services?
All India linked products and services are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India.
What should I do if I have a complaint? Planet 7 no deposit bonus codes june 2020.

Savings Bank Interest Rates India

If you wish to register a complaint, please contact us at:

ICICI Bank UK PLC,

Customer Relations,

2nd Floor,

One Thomas More Square,

London E1W 1YN

Indian Bank Savings Account Interest Rates

or

Call our Customer Service Centre at 08081 31 41 51 (freephone from a UK landline)

or

Email us at nrinfo@icicibank.com.

Please note: ICICI Bank UK PLC is responsible for resolving pre-sales complaints and ICICI Bank India is responsible for resolving post-sale complaints

• Approved for the purpose of Section 21 of the Financial Services and Markets Act, 2000 (FSMA) by ICICI Bank UK PLC (Company No. 04663024) having its registered office at One Thomas More Square, London E1W 1YN. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA) and PRA.

• These products and services are not authorized and regulated by the FCA and PRA, hence rules made under the Financial Services and Markets Act 2000 (“FSMA”) for the protection of customers do not apply. Protection offered by the UK regulatory system, including the Financial Services Compensation Scheme (“FSCS”) will not apply. The products and services mentioned here are offered by ICICI Bank Limited (“ICICI Bank”). ICICI Bank Limited is incorporated in India and is regulated by the Reserve Bank of India (“RBI”) and having its corporate office in Mumbai, India. The products and services mentioned are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India. The deposits mentioned are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions.

Non-Resident External (NRE) Savings Account

The NRE Savings Account gives you the opportunity to deposit your UK income in India and the flexibility to repatriate the entire deposit and interest earned Whether you are a student, a professional, a salaried employee or an entrepreneur, our NRE Savings Account offers ease of use with the below benefits:

Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level.

(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 within the same customer ID.)

• Interest earned is not taxed at source
• Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
• Competitive interest rates – interest is paid quarterly. Click here to check the current rates.
• Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
• This account allows full repatriation of your deposit and the interest earned
• Option to hold a joint account with NRI

Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.

Non-Resident Ordinary (NRO) Savings Account

ICICI Bank India NRO Savings Account allows you to deposit and efficiently manage what you earn in India, such as pension payments, investment dividends and rent, while you live in the UK. The account features include:

Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level. (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 within the same customer ID.)

• Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
• Competitive interest rates – interest is paid quarterly. Click here to check the current rates
• Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
• Interest earned within a financial year is fully repatriable (can be transferred to the UK) after deducting tax at source. Funds in an NRO account can be repatriated up to USD one million per financial year
• Option to hold a joint account with another NRI / resident Indian

Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.

How to Apply

Click here to apply for a free call back facility to open an NRI account or apply by visiting any of our UK branches. Click here to find your nearest ICICI Bank UK branch.

For further help, please get in touch with our customer care executive at 08081 31 41 51 (free call from a UK landline), or write to us at nrinfo@icicibank.com.

Bank Interest Rates For Savings

Below are the documents that you will need to provide when applying for our India Linked Savings Account:

Indian Bank Savings Account Interest Rate Calculator

• Passport: The page(s) of your passport with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India.
• Address proofs: Your proof of address must be issued by a recognised authority, bank or utility company and should include your full address.
• Driving Licence: Address mentioned in DL
• Utility Bill: (Electricity, Telephone, Postpaid Mobile/Phone, Sewage & Water bill, Piped gas, Internet or broadband) Not >2 months old
• Bank a/c or Post Office savings bank a/c statement: Bank statement/passbook (Not more than 3 months) with one customer induced transaction in 90 days
• Visa, Residence permit, PIO/OCI Card issued by foreign jurisdictions
• Leave and License agreements with employers being State/Central Govt, statutory/regulatory bodies, public sector, scheduled commercial banks, financial institutions and listed companies
• Letter of allotment of accommodation from employer issued by State/Central Govt, statutory/ regulatory bodies, public sector, scheduled commercial banks, financial institutions & listed companies
• Property or Municipal Tax receipt: Receipt/Invoice not older than 1 calendar year
• Registered Purchase / Sale Deed or agreement made between 2 individuals or between individuals and company.
• Credit Card Statement: One month credit card statement with minimum one customer induced debit or credit transaction and should be issued within last 2 months. The Credit card statement with list of banks accepted for overseas address proof as follows: Sainsbury Bank, Barclays Bank, Creation Bank, Lloyds Bank, Santander Bank, Tesco Bank, American Express.
• A recent (taken within last 6 months) photograph for each account holder.
• Non-Resident Indians must also provide a valid visa.
• OCI/PIO Card: applicable for persons holding passport issued by country other than India.
• In case OCI card /PIO card is not available then a self-declaration with document evidencing proof of India connect
• PAN / Form 60: In case PAN not held currently / not applicable as annual income in India is NIL or less than threshold limit of 2.50 lacs then Form 60.
• FATCA/CRS declaration: Tax identification number or Functional equivalent of overseas country.
• Initial Funding.