ICICI Bank Fixed Deposit Rates 2020

ICICI Bank offer individuals the opportunity of opening an fixed deposit account. The bank provides different type of tenures and the rate of return offered on the deposits is in the range of 2.75% p.a. to 5.50% p.a. for general citizens.

ICICI FD Interest Rates for deposits below Rs.2 crore (with premature withdrawal facility)

Listed in the table below are the interest rates offered by the bank on term deposits before Rs.2 crore. The interest rates mentioned here are for deposits which have the premature withdrawal facility:

Tenure Interest rate for General Citizens (p.a.) Interest rate for Senior Citizens (p.a.)
7 days to 14 days 2.75% 3.25%
15 days to 29 days 3.00% 3.50%
30 days to 45 days 3.25% 3.75%
46 days to 60 days 3.50% 4.00%
61 days to 90 days 3.50% 4.00%
91 days to 184 days 4.10% 4.60%
185 days to 289 days 4.50% 5.00%
290 days to less than 12 months 4.75% 5.25%
12 months to 389 days 5.15% 5.65%
390 days to less than 18 months 5.15% 5.65%
18 months to 36 months 5.35% 5.85%
36 months 1 day to 60 months 5.50% 6.00%
5 years 1 day up to 10 years 5.50% 6.30%
60 months (Tax Saver FD) 5.50% 6.00%

Note: The interest rates mentioned here are effective from 16 June 2020.

ICICI FD Interest Rates for deposits above Rs.2 crore (with premature withdrawal facility)

Tenure Interest Rate (p.a.)
Rs.2 crore to less than Rs.5.00 crore Rs.5 crore to less than Rs.5.10 crore Rs.5.10 crore to less than Rs.24.90 crore Rs.24.90 crore to less than Rs.25 crore Rs.25 crore and above
7 days to 14 days 2.50% 2.50% 2.50% 2.50% 2.50%
15 days to 29 days 2.50% 2.50% 2.50% 2.50% 2.50%
30 days to 45 days 3.00% 2.50% 3.00% 2.50% 3.00%
46 days to 60 days 3.00% 2.75% 3.00% 2.75% 3.00%
61 days to 90 days 3.00% 2.75% 3.00% 2.75% 3.00%
91 days to 184 days 3.50% 3.00% 3.50% 3.00% 3.50%
185 days to 270 days 4.00% 3.25% 4.20% 3.25% 4.00%
271 days to less than 12 months 4.25% 3.25% 4.25% 3.25% 4.25%
1 year to less than 18 months 4.75% 3.25% 4.75% 3.25% 4.75%
18 months to 2 years 5.00% 3.25% 4.75% 3.25% 4.75%
2 years 1 day to 3 years 5.00% 3.25% 4.75% 3.25% 4.75%
3 years 1 day to 5 years 5.00% 3.25% 4.85% 3.25% 4.85%
5 years 1 day to 10 years 5.00% 3.25% 4.75% 3.25% 4.75%

Note: The interest rates mentioned here are effective 3 June 2020.

ICICI FD Interest Rates for deposits less than Rs.2 crore (without premature withdrawal facility)

Tenure Rs.2 crore to Rs.25 crore
7 days to 14 days 2.50% p.a.
15 days to 29 days 2.50% p.a.
30 days to 45 days 3.00% p.a.
46 days to 60 days 3.00% p.a.
61 days to 90 days 3.00% p.a.
91 days to 150 days 3.60% p.a.
151 days to 184 days 3.60% p.a.
185 days to 270 days 4.10% p.a.
271 days to less than 1 year 4.35% p.a.
1 year to less than 18 months 4.85% p.a.
18 months to 10 years 5.10% p.a.

Note: The interest rates mentioned here are effective 3 June 2020.

ICICI NRO and NRE Fixed Deposits Rates

The interest rates offered by the bank on NRO and NRE fixed deposits are the same as the interest rates offered on domestic term deposits.

Term wise ICICI Bank FD Interest Rates

ICICI Bank Short-term Fixed Deposit Interest Rates (Below Rs.2 crore)

ICICI Bank offers interest in the range of 2.75% p.a. to 4.75% p.a. for opening a short-term fixed deposit account. Short-term fixed deposit tenures are those which are between 7 days and less than 12 months.

ICICI Bank Medium-term Fixed Deposit Interest Rates (Below Rs.2 crore)

Medium-term fixed deposit are those which have a tenure between 12 months and 60 months. The rate of return offered by ICICI Bank on such deposits range between 5.15% p.a. to 5.50% p.a.

ICICI Bank Long-term Fixed Deposit Interest Rates (Below Rs.2 crore)

Any FD account that is opened for a period of 5 years and above are termed as long-term fixed deposits. The lender offers interest of 5.50% p.a. on such deposits.

ICICI Bank Senior Citizen Fixed Deposit Interest Rates (Below Rs.2 crore)

Citizens above the age of 60 years fall in the category of senior citizens. ICICI Bank offer them additional interest of 0.50% p.a. on all fixed deposit tenures. The payable interest range between 3.25% p.a. to 6.30% p.a.

ICICI Bank 5-year Tax Saver FD rate

The interest rate on 5-year Tax-saver Fixed Deposit account offered by the bank is 5.50% p.a. for regular citizens and 6.00% p.a. for senior citizens.

The maximum amount for this deposit is Rs.1.5 lakh, as per the requirements of Section 80C of the Income Tax Act. Please note that you cannot withdraw a tax-saver FD before the maturity period ends.

How to Calculate ICICI FD Interest Rates

The interest earned on your FD depends on factors such as the principal amount, tenure, declared rate of interest, and how often interest is paid out. Instead of manually calculating, find FD maturity amount and interest earned using our ICICI FD Calculator and get the information you need instantly.

To use the tool, enter your initial investment (deposit amount), interest rate, and duration of investment. Here’s an illustration to make it clear. Suppose you have put Rs.3.5 lakh in your ICICI FD account for a period of 3 years. Your maturity amount at a rate of 5.75% p.a. would be Rs.4.1 lakh. This means that the interest earned is Rs.60,000.

Features of ICICI Fixed Deposits

  • Six types of FD schemes: Fixed Deposit (regular plan), Fixed Deposit (without premature withdrawal facility), Tax-Saver FD, Fixed Deposit with Monthly Income option, Money Multiplier Plan, and FD Xtra suite of products.
  • Minimum deposit amount: Rs.1 lakh for FD Monthly Income Option; Rs.1 crore for FD without premature withdrawal; Rs.10,000 for Tax-saver FD and regular FD; and Rs.5,000 for Money
    Multiplier Plan.
  • Pledge as loan collateral: Up to 90% of the FD amount (principal + interest accumulated) can be taken as loan.
  • Nomination: Nominate someone to get the maturity amount in case of your demise. Also available for corporate clients.

Other Benefits:

  • Minimum deposit of Rs.2,000 for minors
  • Single and joint account-holding available
  • Quarterly, monthly, annual or lumpsum payouts
  • Payouts/maturity amount credited to the linked savings account
  • Premature withdrawals in multiples of Rs.1,000

FAQs on ICICI Bank FD schemes

  1. What is the deposit limit for Tax Saving FD?

    One can make a deposit within Rs.10,000 and Rs.1.50 lakh for ICICI Bank Tax Saving FD.

  2. What is the tenure for Tax Saving FD?

    The Tax Saving FD comes within a lock-in period of 5 years.

  3. What is tenure for regular FD?

    The tenure period for a regular FD lasts between 7 days and 10 years.

  4. Do senior citizens get an additional interest rate on FDs?

    Yes, senior citizens can enjoy an additional interest rate of 0.50% on select FD schemes.

  5. Is the interest income on FD taxed?

    Yes, the interest income is taxed as per Tax Deducted at the Source (TDS) according to the Income Tax 1961.

  6. Does ICICI bank provide the option of auto renewal on FDs?

    Yes, the facility of auto-renewals on FDs. You can opt for it at the time of opening the FD account or any time before it matures.

  7. How can I approach the bank of opening a ICICI FD account?

    An FD account with ICICI Bank can be opened in the following ways:

    • Visit the nearest bank branch
    • Call the customer care executives
    • Logging into iMobile or the bank’s website.
    • Visiting the nearest ICICI ATM
  8. Is TDS deducted on the interest earned?

    TDS is applicable only if the interest earned on the FD account is more than Rs.10,000. If the interest earned is less than Rs.10,000, TDS is not applicable under Section 194A.

  9. Can I redeem my term deposit before the end of the tenure?

    In order to redeem the term deposit before the end of the tenure, you can either use the internet banking facility or iMobile facility or call the customer care executives. While the internet banking and iMobile facility can be used at any time, you can call the customer care executives between 7 a.m. and 9.00 p.m. from the registered mobile number.

  10. What is the process of changing the status of auto renewal facility?

    To change the status of auto-renewal facility of the fixed deposit, you need to follow the steps mentioned below:

    • Login to internet banking
    • Click on ‘customer service’
    • Select ‘Service Request’
    • Click on ‘Deposits’
    • Select ‘Closure/Renewal of Existing Fixed/Recurring Deposit’
    • Next click on ‘Request for Closure of FD on maturity date’ and press continue
    • Finally enter the FD account number, FD number and Submit

News About ICICI Bank Fixed Deposit

  • ICICI Bank cut down Fixed Deposit Interest Rate

    ICICI Bank has cut down its interest rates for their fixed deposit accounts and will be effective from 17 June 2020. This move by the bank is like many others who have cut down their deposit rates due to surplus liquidity.

    On 4 June 2020, ICICI Bank had cut down their interest rates on their savings account for deposits less than Rs.50 lakh to 3% compared to 3.25% previously. For the deposits of Rs.50 lakh and more, the interest given by the bank was changed from 3.75% to 3.50%.

    17 June 2020

  • ICICI Bank reduces FD rates by up to 0.50%

    The private sector bank, ICICI Bank has now cut its rates on term deposit by up to 50 basis points (bps) with effect from 11 May. All the deposits up to one year will earn you an interest of 5.25% and those over a year will fetch an interest of 5.7%-5.75%. The cut in rate by ICICI Bank takes off the heel of a few reports that the banks are flushed with deposits and reduced scope for more lending during a lock-down. The State Bank of India (SBI), had made an announcement of a cut by 20 basis points (bps) in its interest on FDs.

    After the latest revision, ICICI Bank will give 5.75% interest on its FDs that mature between 2 years and 10 years. All senior citizens will be provided with an additional 50 basis points (bps) interest - 6.25%- for the tenure. ICICI Bank used to earlier give 25-50 basis points higher interest on the deposits. This is good news for all prospective borrowers as they can now expect a lower interest in loans. A lower interest rate on FDs will aid the bank in reducing its cost of funds, and the MCLR, the benchmark lending rate, to which their loans are now linked.

    13 May 2020

  • ICICI Bank’s new FD scheme offers critical illness cover

    ICICI Bank launched their latest FD scheme FD Health. The bank is offering the dual benefit of allowing a customer invest in the scheme and a critical illness scheme. You can enjoy an insurance cover provided to you free of cost for the first year with the option or renewing it for the second year.

    The bank will allow you to withdraw a said amount partially as well as prematurely.

    4 November 2019

  • New Fixed Deposit Rates from ICICI Bank

    The fixed deposit interest rates of ICICI Bank have been revised. The private sector lender offers fixed deposits with maturity periods ranging from 7 days to 10 years. Senior citizens will continue to get 50 bps higher interest rates than others. The last revision was done by the bank on 20 September 2019. The latest revision has been made on 23 October 2019.

    The interest rates have remained unaltered for short-term deposits, i.e. for deposits with a maturity period of 7 days to 1 year. The rates of interest for the short-term fixed deposits can be summed up as follows: 4% for deposits maturing in 7 days to 14 days, 4.25% for deposits maturing in 15 days to 29 days, 5% for deposits maturing in 30 days to 45 days, 5.50% for deposits maturing in 46 days to 184 days, 6% for deposits maturing in 185 days to 289 days, and 6.25% for deposits maturing in 290 days to 365 days. For fixed deposits with a maturity period of up to 10 years will earn 6.75%.

    23 October 2019

  • FD with free insurance introduced by ICICI Bank

    A new Fixed Deposit (FD) scheme called FD Health has been launched by ICICI Bank. Under the new scheme, free critical illness cover with a sum assured of Rs.1 lakh is provided along with the FD.

    According to the Head of Retail Liabilities of ICICI Bank, Pranav Mishra, the scheme is a first in the industry as safety and growth features along with critical illness cover is provided. He further added that 33 critical illnesses are covered for a duration of one year. Under the scheme, individuals who are diagnosed with any of the critical illnesses that are listed will not have to liquidate their FD funds when they make a claim. Some of the critical illnesses that are included in the scheme are certain severities that are related to liver disease, kidney failure, lung disease, and cancer. Complimentary critical illness cover is provided for an FD with a tenure of at 2 years and the investment should range between Rs.2 lakh and Rs.3 lakh. However, only individuals who are between the ages of 18 years and 50 years will be eligible for the complimentary critical illness cover.

    16 October 2019

  • ICICI Bank’s New FD Scheme Provides Critical Illness Cover

    ICICI Bank launched a new Fixed Deposit (FD) scheme called FD Health which provides critical illness coverage. The scheme provides insurance cover free for the first year. Investors can choose to renew the cover if they wish.

    FD Health provides complimentary critical illness cover of Rs.1 lakh (through ICICI Lombard General Insurance) for opening an FD between Rs.2 lakh and Rs.3 lakh for a tenure of atleast 2 years. The critical illness insurance covers 33 illnesses such as cancer, lung disease, Parkinson’s disease etc.

    This is the second such country-first product the bank has launched. It had also launched FD Life, a fixed deposit scheme that also offers term insurance.

    14 October 2019

  • ICICI Bank among other banks revise Fixed Deposit interest rates

    ICICI Bank which is one of the largest private sector banks in the country which has revised their fixed deposit rates recently. After the Reserve Bank of India cut the interest rate for the fourth time in this year, there were many banks including ICICI Bank who have revised the FD rates.

    ICICI Bank offers fixed deposits for a duration of 7 days to a maximum of 10 years and senior citizens receive an interest rate which is 50 bps higher than regular citizens. According to the latest FD rates, for a tenure of 7 days and 14 days, the bank is offering an interest rate of 4%.

    According to the latest rates. for fixed deposits between 1 year to 389 days, ICICI Bank is offering 6.70%, interest rate for 390 days to less than 18 months will be 6.80%, interest rate will be 7.10% for a duration ranging from 18 months to 2 years, for a long-term fixed deposit ranging from 2 years 1 day up to 3 years, the interest rate will be 7.10%, from 3 years 1 day up to 5 years, the rate of interest will be 7.00%, and 5 years 1 day up to 10 years, the rate of interest will be 7.00%.

    The rate of interest for the ICICI Bank 5-year Tax-Saver FD, the rate of interest offered will be 7.00%. The maximum amount for the Tax-Saver FD will be Rs.1,50,000.

    19 August 2019

  • Banks revise FD rates after RBI cuts repo rate

    Recently Reserve Bank of India (RBI) cut its repo rate by 25 basis points prompting lenders to revise their existing fixed deposit rates. As per reports, leading financial institutions like ICICI Bank, Axis Bank, and Kotak Mahindra, among others have already revised their FD rates.

    ICICI Bank has reportedly lowered their rates between 10 basis points and 25 basis points for domestic deposits below Rs.2 crore. As per the new rates, customers will get to earn an interest of 6% on the deposits made for tenures ranging from 61 days to 184 days. Earlier, the interest rate for the tenure was 6.25%. The rates for maturity period of 390 days to 2 years have been slashed to 7% from 7.10%.

    Like ICICI, Axis Bank has also reduced its rates for domestic deposits. The bank is offering 7.10% interest rate for 1-year tenure as opposed to 7.3% earlier.

    28 June 2019

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