ICICI FD Xtra
The ICICI FD Xtra is a range of five different fixed deposit options offered by ICICI Bank. These FD schemes offer attractive interest rates that ensure good returns along with growth and security as well.
Interest rates range from 5.15% p.a. to which is based on the tenure for each scheme . Each of these schemes has a set of features and benefits that cater to the unique requirements of different demographic groups.
Features and Benefits of ICICI FD Xtra Schemes
The five different schemes under the ICICI FD Xtra umbrella are as given below:
- FD Life - This is a fixed deposit along with a life insurance cover with the following features:
- For deposits of Rs.3 lakh and above for a minimum tenure of 2 years, complimentary life insurance policy of Rs.3 lakh of one-year duration.
- Mode of holding can be joint or single.
- For joint FD, the life cover will be for the primary holder only.
- For NRI customers in India, life cover with NRI FD is provided.
- Resident Individuals between the age of 18 and 50 are eligible.
- Partial or premature withdrawal is permitted according to terms and conditions.
- Interest earned is subject to TDS (Tax Deducted at Source).
- Interest rate effective 21 October 2020 for tenures above 3 years to 10 years is 5.35% p.a. to 5.50% p.a.
- Can be opened through ICICI Bank internet banking or by visiting the nearest branch.
- FD Invest - The interest earned in this FD scheme is invested into a Systematic Investment Plan (SIP) of a mutual fund. This scheme has the following features:
- Minimum investment of Rs.2 lakh.
- Tenure ranges from 1 year to 10 years.
- Interest rate ranges from 4.90% p.a. to 5.50% p.a. effective 21 October 2020.
- Auto renewal and auto-closure facility is available.
- Additional interest rate of 0.50% p.a. for senior citizens.
- SIP minimum amount is Rs.1,000 with SIP minimum tenure of 1 year.
- Wide range of ICICI Prudential Mutual Funds to choose from.
- Only single holding mode is available.
- Resident individuals with an active ICICI Bank savings account and a valid PAN.
- Can be opened at the bank's branch.
- FD Income - This FD scheme offers a regular monthly income through the interest accumulated on a one-time lumpsum deposit amount. The features of this scheme are:
- Can be held singly or jointly.
- Can be opened by Resident individuals.
- Minimum Rs.1 lakh deposit and multiples of Rs.25,000 thereafter.
- Deposit tenure is a combination of the Investment phase and the Benefit or Payout phase.
- Minimum tenure is 24 months for both with multiples of one month for the Investment phase and multiples of 12 months for the Benefit phase.
- Interest rate from 5.15% p.a. to 5.50% p.a. effective 21 October 2020.
- Monthly payout credited to savings account.
- FD Card - This scheme offers 3 credit card variants along with the FD. The features are:
- Credit limit is 90% of FD amount.
- Minimum deposit amount of Rs.10,000 with tenure exceeding 6 months.
- Can only be opened in auto-renewal mode.
- Cumulative FD with interest reinvestment and Traditional FD with interest payout options.
- Resident individuals can open the account.
- Single and joint holding available.
- Can be opened through ICICI's internet banking and mobile application (iMobile).
- Interest rate from 4.40% p.a. to 5.50% p.a. effective 21 October 2020.
- Interest earnings are subject to TDS.
- FD Health - This scheme offers complimentary illness cover with the FD scheme. The features of the scheme are:
- Deposit amount ranges from Rs.2 lakh to Rs.3 lakh.
- Minimum tenure of 2 years.
- Critical illness cover is valid for one year from opening the FD.
- Single and joint holding is available.
- For joint accounts, insurance coverage is only for the primary holder.
- Resident individuals between the age of 18 and 50 can open the account.
- Partial or premature withdrawal is allowed subject to terms and conditions.
- Interest rate from 5.00% p.a. to 5.50% p.a. effective 21 October 2020.
- Interest earned is subject to TDS.
Documents Required to Open ICICI FD Xtra Schemes
The following documents are required to open any of the schemes listed above:
For proof of address, one of the following:
- Utility bills
- Passport
- Certificate or ID card issued by the Post office
- Bank Statement with cheque
For proof of identity, one of the following:
- Voter ID card
- PAN card
- Photo ration card
- Driving licence
- Passport
- Senior citizen ID card
- Government ID card
FAQs on ICICI FD Xtra Scheme
- What are the different credit cards offered under the ICICI FD Xtra FD card scheme?
The credit card variants offered under this scheme are the Platinum card, Coral Card, and Rubyx card.
- Are the ICICI FD Xtra schemes open to NRIs?
The ICICI FD Xtra schemes are only open to resident Indians.
- Do senior citizens get additional interest rates under the ICICI FD Xtra FD schemes?
The interest rates for the ICICI FD Xtra schemes are the same as for the standard FD schemes for which senior citizens get an additional 0.50% interest rate per annum.
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