ICICI Bank is one of India’s most well-known financial institutions. With its diverse range of financial services and products, it not only facilitates the mobilisation of savings in the economy but also enables people to develop financial discipline. ICICI provides fixed deposit services to its customers who want to place their money without exposing it to market fluctuation as a way to facilitate savings.
Customers may open fixed deposit (FD) accounts with ICICI Bank and choose from a variety of deposit terms and interest rates. The available FD schemes meet the demands of customers from various backgrounds. Here is all you need to know before deciding how to manage your savings.
ICICI Bank FD Interest Rates on Domestic Deposits (less than ₹2 crore)
| 7 days to 14 days |
3.00% |
3.50% |
| 15 days to 29 days |
3.00% |
3.50% |
| 30 days to 45 days |
3.50% |
4.00% |
| 46 days to 60 days |
4.25% |
4.75% |
| 61 days to 90 days |
4.50% |
5.00% |
| 91 days to 120 days |
4.75% |
5.25% |
| 121 days to 150 days |
4.75% |
5.25% |
| 151 days to 184 days |
4.75% |
5.25% |
| 185 days to 210 days |
5.75% |
6.25% |
| 211 days to 270 days |
5.75% |
6.25% |
| 271 days to 289 days |
6.00% |
6.50% |
| 290 days to less than 1 year |
6.00% |
6.50% |
| 1 year to 389 days |
6.70% |
7.20% |
| 390 days to < 15 months |
6.70% |
7.20% |
| 15 months to < 18 months |
7.10% |
7.65% |
| 18 months to 2 years |
7.10% |
7.65% |
| 2 years 1 day to 3 years |
7.00% |
7.50% |
| 3 years 1 day to 5 years |
7.00% |
7.50% |
| 5 years 1 day to 10 years |
6.90% |
7.50% |
| 5 Years (80C FD) |
7.00% |
7.50% |
ICICI Bank FD Interest Rates on Domestic Deposits (₹2 crore-₹5 Crores)
| 4.75% |
4.75% |
| 4.75% |
4.75% |
| 5.50% |
5.50% |
| 5.75% |
5.75% |
| 6.00% |
6.00% |
| 6.50% |
6.50% |
| 6.50% |
6.50% |
| 6.50% |
6.50% |
| 6.75% |
6.75% |
| 6.75% |
6.75% |
| 6.85% |
6.85% |
| 6.85% |
6.85% |
| 7.25% |
7.25% |
| 7.25% |
7.25% |
| 7.05% |
7.05% |
| 7.05% |
7.05% |
| 7.00% |
7.00% |
| 7.00% |
7.00% |
| 7.00% |
7.00% |
| NA |
NA |
Features of ICICI Bank Fixed Deposit
1. Simple Investment with Liquidity and Flexibility : ICICI Bank Fixed Deposit is a secure investment option that provides guaranteed returns on investment.Fixed deposit returns are unaffected by any external circumstances.
2. Flexible Tenure : Customers can choose from a variety of terms ranging from 7 days to 10 years with ICICI Bank Fixed Deposit. Customers will not only have more flexibility, but they will also be able to plan their investment horizon based on their goals.
3. Premature/partial Withdrawal : ICICI Bank Fixed Deposits are a very liquid investment option in times of emergency.You can close your deposits partially or fully before their maturity date and have funds credited to your account for emergency use.
4. Additional Interest : Senior citizens get an extra 0.50% interest rate on top of the regular Fixed Deposit interest rate. This will allow our esteemed customers to earn better interest rates on their hard-earned money.
5. Overdraft Against FD : Overdraft against Fixed Deposit is also available from ICICI Bank. This is a great way to get instant liquidity against a fixed deposit without breaking it.
6. Automatic Renewal Facility : You can open an ICICI Bank Fixed Deposit that will automatically renew. This ensures that your FD is automatically renewed for the same term on the maturity date, resulting in no interest loss.
Types of ICICI Bank FD Schemes
1. ICICI Bank Regular Fixed Deposit
Regular FDs provide depositors with safety and flexibility. These fixed deposit programmes likewise earn returns based on the current interest rates set by the RBI. The scheme pays out monthly or quarterly interest.
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7 days to 10 years
|
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Minimum ₹10000
Maximum – No limit
|
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Available as an Overdraft limit upto 90% of deposited Amount
|
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Available
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The scheme pays out quarterly interest.
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2. ICICI Bank Tax Saver FD
The ICICI bank tax saver FD offers its depositors guaranteed returns as well as tax savings.
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In this plan there is Tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
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5 years Fixed tenure
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Minimum – ₹10,000
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Available as an Overdraft limit upto 90% of deposited Amount
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Doesn’t offer Premature or partial withdrawl
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The scheme pays out monthly or quarterly interest or at the time of maturity.
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3. ICICI Bank Money Multiplier Fixed Deposit FD
The benefits of a savings account and a fixed deposit are combined in the ICICI Money Multiplier FD. The scheme offers the liquidity features of a savings account as well as the high interest rates of an FD.
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For Saving account member tenure is one year
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Minimum – ₹15000
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Auto renewal mode
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The interest rate on the Fixed Deposit will be the same as the rate applicable for the appropriate term as on the auto renewal date.
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For the reverse sweep, the FDs will be broken on a Last-In-First-Out (LIFO) basis.
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Residents in India, HUFs, Trusts, Private and Public Limited Companies, and Partnership Firms all these are eligible.
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4. ICICI Bank Golden Years Fixed Deposit – Senior Citizen FD
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This is only for senior citizen who is having saving account in ICICI Bank
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5 years one day to 10 years
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Only single FD with an amount lower than INR 2 crore.
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Facility available but with the penalty
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Senior Citizens will get an exclusive additional interest rate of 0.10%
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5. ICICI Bank FD Xtra
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This scheme is for the customer who are looking for some extra products benefits.
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FD Life, FD Invest, FD Income and FD Card
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This variant of FD offers the benefits of returns and security of Fixed Deposit and the protection of a Life Cover.
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This offers depositors regular income for a tenure of their choice.
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It offers Instant FD card for the customer with upto 90% of the deposit limit.
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How to Invest in ICICI Bank FD?
There are several ways to create an ICICI Bank FD account, including offline, Internet Banking, and using a mobile app.
1. Internet Banking
To start an ICICI Bank FD account using internet banking, follow the procedures outlined below :
1. Login to your ICICI Bank NetBanking account.
2. Select the option from the ‘Online Term Deposit’ menu.
3. Read and thoroughly review all of the ‘Terms & Conditions’ before proceeding to fill out all of the required information.
4. Select the amount as per your need and Using a one-time password (OTP), authenticate the transaction.
5. The FD account will be opened after successful login. Its acknowledgement slip will also be accessible for download.
2. Mobile App – ICICI Bank App
To create an FD account using the Indian Bank Mobile App, follow the procedures outlined below :
1. Sign in to the ICICI Bank App after downloading it.
2. To proceed, select the Term Deposits option.
3. Fill out all of the information, including personal information, nominee information, and maturity instructions.
4. Using a one-time password (OTP), authenticate the transaction.
5. The FD account will be opened after successful login. Its acknowledgement slip will also be accessible for download.
3. Offline ICICI Bank FD Opening
To open an ICICI Bank FD account offline, go to your local ICICI Bank branch. Fill up the ICICI Bank FD application form and submit it together with all required papers and the deposit amount. When the application is properly processed, the Indian bank will provide an FD receipt.
Eligibility to Open an ICICI Bank FD Account
When considering to invest in ICICI bank FDs, investors have to fulfil the following criteria:
1. You must have an individual or joint FD account with the bank.
2. NRIs can only invest through NRE and NRO accounts.
3. Investor should be memeber of HUF which stands for Hindu undivided family.
4. Minors can invest in these FDs as well, but they must be accompanied by their parents or guardians.
5. For these sort of Investments ,Trusts, public and private limited companies, partnerships, and sole proprietorships are also eligible.
Documents Required to Open ICICI Bank FD
For Opening an FD in ICICI BANK Investors must ensure that they have the following documents with them :
1. Proof of Identity
- Pan card
- Voter ID
- Aadhaar card
- Ration card including a photograph
- Driving license
- Senior citizen ID
- Passport
2. Proof of Address
- Electricity bill
- Telephone bill
- Bank statement with cheque
- Passport
- Identity card issued by Post Office
Customers also need to give their two passport-sized photographs at the time of opening the deposit account.
Tax on ICICI Bank Fixed Deposit
The Tax Saver Fixed Deposit schemes from ICICI Bank provides reasonable returns as well as income tax benefits. Under Section 80C of the Income Tax Act of 1961, you can deposit up to Rs.1.5 lakh and get a tax deduction. There is a minimum deposit of Rs. 10,000 that can be made into the account. The scheme has a five-year lock-in period of time.
You have the option of selecting a monthly, quarterly, or annual interest payout frequency. In this Scheme , Premature withdrawal and auto-renewal are not permitted. It is important to note that the interest collected on FD accounts is taxable under certain conditions. In other words, if the total interest received from FD and accounts exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a fiscal year, the bank would deduct tax at the source.
You can use Form 15G/15H to request the bank not to deduct tax at the source.If your annual income does not exceed the basic exemption limit then only this strategy remains effective.
Loan Against ICICI Bank FD
To meet urgent personal or business financial demands without compromising the FD. Depositors can borrow up to 90% of their FD as an overdraft facility at nominal interest rate with no processing fees and foreclosure charges.
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2-3% premium over the interest offered to the deposit.
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₹10,000 to ₹10 Crore
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Overdraft Facility upto 90 % of the FD amount.
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Zero processing fees and prepayment penalties
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Premature Closure of ICICI Bank Fixed Deposit
FD interest will be calculated at the relevant rate for the period in which the deposit was held with the bank or the contracted rate of the deposit whichever is lower, plus a penalty calculated as follows:
| Less than 1 year |
0.50% |
0.50% |
| 1 year & above but less than 5 years |
1.00% |
1.00% |
| 5 years and above |
1.00% |
1.50% |
Frequently Asked Questions (FAQs)
1. Is it possible to open a joint account and still receive the additional 0.30% interest on the ICICI Bank Golden Years FD?
Answer:
The extra interest rate of 0.30% is available only on single accounts with deposits of less than ₹2 crore. Also, keep in mind that the offer applies to both new and renewal deposits.
2. What are the maximum and minimum investment limits in an ICICI FD?
Answer:
Individuals can invest in ICICI FDs for as little as ₹1,000, with no maximum investment restriction.
3. Is it possible to withdraw my ICICI Bank FD prematurely?
Answer:
Yes, ICICI Bank FD holders can withdraw their funds prematurely. They will be penalised if this occurs.
4. Is it feasible to deposit more money in ICICI Fixed Deposits?
Answer:
No, you cannot deposit more funds into your ICICI bank FD account.
5. Can I extend the maturity date of my present ICICI FD account?
Answer:
You cannot modify the term of an existing FD account with ICICI Bank. However, the present fixed deposit account can be closed and a new account with the required tenure choice can be opened.
6. Are ICICI Bank’s FD rates higher than its savings account rates?
Answer:
When compared to a savings account, investors always get higher returns while investing in an FD. Thus, ICICI FD rates are higher than savings account rates.
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