Steps to apply for ICICI HFC Fixed Deposit
ICICI Bank offers its customers HFC fixed deposit. The minimum amount for the fixed deposit is Rs.10,000. The tenure for the fixed deposit is between 12 months to 120 months. ICICI HFC fixed deposit allows its customers withdrawal of the money from their fixed deposit scheme.
Features of ICICI HFC Fixed Deposit
The various features of ICICI HFC fixed deposit are mentioned below -
Deposit | Minimum – Rs.10,000 |
Tenure | Minimum – 12 months Maximum – 120 months |
Withdrawal | Allowed |
Loan against deposit | Available |
How to Apply for ICICI HFC Fixed Deposit Online
Follow the steps mentioned below to apply for ICICI HFC fixed deposit scheme online
Step 1: Open the official website of ICICI bank.
Step 2: On the home page, click on the ‘Apply for FD.’
Step 3: Next, select the ICICI HFC fixed deposit scheme.
Step 4: Update your bank details for maturity payment and interest payment.
Step 5: Fill out the form with your basic information and upload the KYC (Know Your Customer) documentation.
Step 6: Next, you would be asked to make a payment. After the payment, an application form will be generated.
Step 7: Take the application form along with the KYC documents and submit it at your nearest ICICI branch.
Step 8: A fixed deposit receipt will be issued to your registered mobile number within three business days after the bank receives your physical application form.
Alternatively, you can visit your nearest ICICI Bank branch. A bank representative will help you open a fixed deposit account.
ICICI HFC Fixed Deposit Interest Rates
Tenure | Interest Rate |
12 months to less than 18 months | 6.15% |
More than 18 months to less than 24 months | 6.40% |
More than 24 months to less than 36 months | 6.70% |
More than 36 months to less than 60 months | 6.90% |
More than 60 months to less than 84 months | 7.00% |
More than 84 months to less than 120 months | 7.10% |
Note – The interest rates might change as per the bank’s rules and regulations. The rates mentioned here are effective from 18 October 2022.
ICICI HFC Fixed Deposit Eligibility Criteria
To open an ICICI HFC fixed deposit account, you must be -
- An Indian citizen
- Hindu Undivided Family (HUF)
- Non-Resident Indian and Person of Indian Origin
- Public or private firm, company, and foundation
- Other entities like Association of Persons, Societies, or Trusts
Documents Required for ICICI HFC Fixed Deposit
The documents required to open an ICICI HFC fixed deposit account are mentioned below
- Identity proof: Passport, PAN card, Voter ID card, Driving Licence, Government ID card, Photo ration card, and Senior citizen ID card.
- Address proof: Passport, telephone bill, electricity bill, bank statement with cheque, certificate/ ID card issued by Post office
ICICI HFC FD Calculator
The FD calculator offered by ICICI HFC is a simple online tool that can be used to calculate the interest and the amount that will accrue at maturity. To avail this tool, follow these steps:
Step 1: Open the ICICI HFC FD Calculator.
Step 2: Choose the type of customer and interest payout option.
Step 3: Enter the FD amount and select the desired tenure.
Step 4: Click on the ‘Calculate’ button.
Step 5: The interest and maturity amount will be displayed on the screen.
FAQs on How to apply for ICICI HFC Fixed Deposit
- What day does interest on ICICI HFC fixed deposit begin to accrue?
Subject to receipt of the FD Application Form and other KYC papers to the satisfaction of ICICI HFC, interest will begin to accrue for all deposit products on the date that the cheque, demand draft, or credit of funds in the company's account is realized.
- Can I apply for a fixed deposit with ICICI HFC online?
Yes, you can apply for a fixed deposit with ICICI HFC online and offline.
- Will I receive the ICICI HFC fixed deposit receipt?
Yes, ICICI HFC will provide us with an FD receipt as proof that the funds you placed have reached us.
- How are ICICI HFC fixed deposit interest payments made?
Either the cumulative or non-cumulative schemes both allow you to open a fixed deposit in auto closure/auto-renew mode. Interest would be paid on a monthly, quarterly, or annual basis under the non-cumulative plan. In cumulative deposits, interest is compounded annually along with the deposit amount and is thus once more eligible to earn interest. The customer only receives their principal and accrued interest when the loan matures or is prematurely withdrawn.
- Is it possible to open multiple FD accounts?
Yes, you can open multiple FD accounts. However, note that the interest income will be combined.
- Is a minor eligible to open fixed deposit with ICICI HFC?
Yes, the FD application form can be signed by the minor's guardian on their behalf.
- Can I open a fixed deposit account in joint names?
Yes, you can open a fixed deposit account in joint names with a total of three people.
- How to update the address during the duration of my fixed deposit?
You need to submit an application to alter the address, bank account information, etc., along with proof such as a cancelled cheque or new address proof. The application must be signed by all account holders.
- Will senior citizens receive any extra interest benefits?
Yes, senior citizens will be entitled to an additional interest rate of 0.25% p.a. on fixed deposits.
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