ICICI Bank is India's largest private sector bank with total assets of ₹ 5,946.42 billion and profit after tax ₹ 98.10 billion for the last financial year. The bank has spread to every nook and corner of India with 3,845 Branches and 12,012 ATMs.
ICICI Bank offers banking products to suit every individual’s financial needs. Its fixed deposits offer safety with liquidity and are popular among depositors.
As a leading private bank in India, ICICI Bank offers its customers very competitive rates on its various fixed deposit schemes. As viable savings solutions for investors who prioritise safety and capital protection, these FD schemes allow for an optimal balance between liquidity and returns. Flexible payout options and holding periods let depositors plan their investments so as to suit individual investment goals.
Any Indian individual or minor with KYC documents can open a fixed deposit with ICICI. In case of minor, parent/guardian will be the co-signee. ICICI Bank FDs are also open to non-resident Indians.
BankBazaar allows its users to compare various FDs and apply for an ICICI Bank online. The customer fills in his details to proceed to completing the application.
The minimum amount to open an FD is ₹ 2000 for minors and ₹ 10,000 for general customers.
There is no maximum limit on fixed deposits at ICICI Bank.
Minimum tenure for opening an FD with ICICI Bank is 7 days and the maximum is 10 years.
A fixed deposit can be opened via ATMs (for amounts below ₹ 50,000), net banking or phone banking by ICICI Bank customers, in addition to walking into the nearest branch. Customers may also submit their details on third-party websites like BankBazaar.com and receive a call to submit their particulars and open an FD. The bank will open the FD after submission of KYC documents and depositing the amount by cash/ cheque or demand draft.
ICICI Bank offers very attractive interest rates on its fixed deposit accounts ranging from 4.5% to 8.5% ranging on the chosen tenure which can vary from as short as 7 days to as long as 10 years.
Depositors under the Traditional Plan earn interest on a monthly basis or on a quarterly basis while it is quarterly interest under the Reinvestment Plan.
Yes, ICICI Bank has Tax Saver deposits which allow up to ₹ 1.50 lakh to be deposited in an FD in a single year. These FDs cannot be prematurely withdrawn before 5 years nor can be pledged to avail loans.
Yes, interest earned on fixed deposits at ICICI Bank are taxable. Tax is deducted at as per the provisions of the Income Tax Act,1961. Individuals who wish to avail exemption from TDS should submit duly filled in Form 15G/15H.
Safety that comes with a trusted brand like ICICI Bank, liquidity with premature withdrawal and loan options, nomination facilities, safe custody of FD receipts are some of the main features of ICICI Bank FDs.
Yes, you can avail a loan up to 90 % of the fixed deposit amount and accrued interest. Premature withdrawals in units of ₹ 1,000 are also permitted.
Yes, ICICI Bank offers special interest rate up to 0.50 % more than regular rates on their domestic term deposits to senior citizens.
Yes, ICICI Bank issues credit cards against FDs. The credit limit of these cards will be up to 85 % of the FD amount.
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.
ICICI Bank has launched Video Banking for its NRI customers who can now avail this service throughout the day, all days of the week from whichever location they are at. The service is available in the form of Mobile Application which has been rolled out for iOS as well as Android platforms. With the video banking feature, customers can perform all those functions that they would do through their mobile banking application. These services include bill payment, opening a fixed deposit, money transfer and many more such financial transactions.
ICICI Bank is one of the leading private banks of the country with a huge customer base. The bank has been specializing in a variety of financial products and services and has been an extremely innovative player when it comes to rolling out new features. Video Banking by ICICI Bank is an amazing product for NRI customers who find it extremely difficult to call up or visit physically bank branches owing to their distance as well as time zone difference. ICICI has subsidiaries that function in the insurance, mutual funds and brokerage domain.
16th March 2015
ICICI Bank has introduced a new personal finance product called ‘Smart Star’ for minors above the age of 10 years. This is a savings account that minors can open and operate in their own name. As part of the offer, the minor account holder will receive a cheque book and debit card.
They will have access to a host of banking facilities including opening and maintaining fixed and recurring deposits.However, they will not be allowed any credit facilities including overdrafts. This account can be used for a host of transactions - to pay bills, recharge cell phones, access ATM's and even transact using mobile and internet banking.
Accounts for minors are RBI-approved and are aimed at promoting healthy banking and saving habits among younger generations. This bodes well for ICICI Bank who aims to connect its services to the youth in the country thereby enhancing their customer base.
30th September 2014