Overview of ICICI Bank Fixed Deposit

ICICI Bank offers Fixed Deposits (FDs) or Term Deposits at attractive interest rates and high returns. FDs allow one to park funds within a bank for a fixed tenure and fixed interest rate.

Types of ICICI Bank Term Deposit schemes

  • FD with Monthly Income option
  • FD (without premature withdrawal)
  • Tax Saving Fixed Deposit
  • Money Multiplier FD

Features of ICICI Bank FD scheme

  • One can pick a tenure for an FD within 7 days and 10 years.
  • Premature withdrawals can be made in multiples of Rs.1,000.
  • One needs to make a minimum deposit of Rs.10,000.
  • The FD scheme comes with a facility for automatic renewal upon maturity.
  • One can apply for a loan against the deposit for up to 90% of the deposit value.
  • The interest rates for the FD scheme fall between 2.75% p.a. and 5.50% p.a. for the general category.
  • The interest rates for the FD scheme fall between 3.25% p.a. and 6.30% p.a. for senior citizens.
  • The Term Deposit scheme is available in two variants:
    • Traditional Plan
    • Reinvestment Plan
  • In case of a Traditional Plan, one can choose to get the interest income on a monthly or quarterly basis.
  • For a Reinvestment Plan, the interest is compounded and renewed along with the principal.

Features of ICICI Bank FD with a Monthly Income option

  • ICICI Bank Fixed Deposits with a Monthly Income option comes with two phases:
    • Investment phase
    • Payout phase (Benefits phase)
  • Investment phase:
    • One can enjoy the investment benefits of a Cumulative FD scheme during this phase.
    • It lasts for at least 2 years and then in multiples of 1 month.
    • After the completion of this phase, the interest and returns will be invested in the Annuity FD.
  • Payout phase
    • One receives interest on a monthly basis during this phase.
    • This phase is for a minimum of 2 years and then in multiples of 12 months.
    • The monthly payouts will be transferred to the depositor’s Savings Account.
  • The FD account can only be maintained by individuals.
  • One can open the account as a joint account as well.
  • The maturity period of the FD would be the sum of Investment and Payout phases.
  • Once the depositor decides on a tenure, they cannot alter it again.
  • One must invest at least Rs.1 lakh to hold the account.
  • The interest income earned by the depositor will be taxed under Tax Deducted at Source (TDS).
  • One can prematurely close the FD account during either of the phases.
  • ICICI Bank does not allow premature withdrawals on FD with Monthly Income.

Features of ICICI Bank Tax Saving Fixed Deposit scheme

  • The tenure of a Tax Saving FD is 5 years.
  • One can enjoy tax exemptions as mandated under Section 80C of the Income Tax Act, 1961.
  • The scheme comes with a nomination facility.
  • One can invest within the range of Rs.10,000 and Rs.1.50 lakh.
  • The scheme does not allow premature withdrawals or avail loans against the deposit.
  • The interest rate for Tax Saving FD scheme is 5.50% p.a. for general public.
  • The interest rate for Tax Saving FD scheme is 6.00% p.a. for senior citizens.

Features of Multiplier Fixed Deposit

  • For this variant of Term Deposit, one links their FD account with their Savings Account.
  • The FD account will be maintained in multiples of Rs.5,000 for 12 months.
  • It will be created from funds in one's Savings Account which have to exceed Rs.10,000.
  • If the Savings Account's balance is less than Rs.10,000, funds will be automatically swept-in from the FD account.
  • This scheme comes with a facility of automatic renewal.

ICICI Bank Fixed Deposit rates: Under Rs.1 crore

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 16 June 2020.

Eligibility to apply for an ICICI Bank FD

The applicant must be a resident of India.

Documentation for ICICI Bank FD application

  • Government-validated ID proof:
    • Aadhaar Card
    • Permanent Account Number (PAN) Card
    • Voter’s Identity Card
    • Driving License
    • Passport
  • Government-validated address proof:
    • Electricity bill or Telephone bill
    • Passport
    • Bank Statement with Cheque

Does ICICI Bank offer Fixed Deposits to NRIs?

ICICI Bank offers fixed deposits for NRIs. There are different types of fixed deposit accounts offered by ICICI to meet the financial needs of its NRI customers. Listed below are the type of NRI fixed deposits offered to NRIs.

  1. NRE deposit (Non Resident External)- Offers free repatriability of investment including interest
  2. NRO deposit (Non Resident Ordinary)- Offers you the option of availing loans up to 90% of your fixed deposit
  3. FCNR deposit (Foreign Currency Non Resident)- Allows the customer to retain their earnings in foreign currency and lets them earn interest on the same
  4. RFC deposit(Resident Foreign Currency)- This account is perfect for returning NRIs who want to deposit their money in foreign currency and earn interest on the same

FAQs on ICICI Bank Fixed Deposit scheme

  1. What is the highest ICICI Bank Term Deposit rate?
  2. One can get a maximum rate of up to 5.05% p.a. for an ICICI Bank FD scheme under the general public category and 6.30% p.a. under the senior citizen category.

  3. What is the minimum amount of deposit needed to open an FD account?
  4. One needs to make a deposit of at least Rs.10,000 to maintain an ICICI Bank Fixed Deposit account.

  5. What is the tenure for Tax Saving FD scheme?
  6. Tax Saving FD comes with a maturity period of 5 years.

  7. Who is eligible to open an ICICI Bank FD account?
  8. Any resident of India of can open an ICICI Bank Fixed Deposit account.

  9. What is the tenure range for ICICI Bank FD scheme?
  10. The FD scheme lies within 7 days and 10 years.

  11. What is the minimum amount of deposit needed to open an FD account?
  12. One needs to make a deposit of at least Rs.10,000 to maintain an ICICI Bank Fixed Deposit account.

  13. What is the tenure for Tax Saving FD scheme?
  14. Tax Saving FD comes with a maturity period of 5 years.

  15. Who is eligible to open an ICICI Bank FD account?
  16. Any resident of India of can open an ICICI Bank Fixed Deposit account.

  17. What is the tenure range for ICICI Bank FD scheme?
  18. The FD scheme lies within 7 days and 10 years.

News About ICICI Fixed Deposit

  • Instant education loans provided to ICICI Bank customers against their FDs

    A new facility has been launched by ICICI Bank that allows its customers to avail an instant loan of up to Rs.1 crore against their FDs. The facility is available to pre-approved customers and the process is completely digital.

    The education loan that is availed by the customers can be used for the purposes of higher education for themselves, grand-children, siblings, and children. However, the course must be taken at an accredited university or college. The admission can be confirmed by providing the sanction letter. Some of the main features of the Insta Education Loan are tax benefits, high loan amount, flexibility, and a simple process to apply. Under Section 80E of the Income Tax Act, 1961, individuals will not have to pay tax for the interest they are paying. The loan comes with a repayment tenure of up to 8 years. Individuals can avail a loan ranging between Rs.10 lakh and Rs.1 crore. In the case of domestic institutes, the loan amount ranges between Rs.10 lakh and Rs.50 lakh. Up to 90% of the amount available in the FD can be availed as an education loan. Individuals will need to log in to their respective accounts and fill in the relevant details to apply for the loan.

    24 June 2020

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