This scheme is offered by the ICICI Bank to enable current and saving account holder to open fixed deposit account.
Eligibility Criteria for applying for ICICI Flexi Fixed Deposit Scheme
To open a flexi fixed deposit scheme with ICICI bank you must be:
Resident individual, single or joint
Minor can apply through his guardian
The customer must have current account or a savings account that can be linked with Flexi Deposit.
Features of ICICI Flexi Fixed Deposit Scheme
Account Type
Joint or single
Amount
The minimum balance in Flexi Deposit account
For saving bank account holder – Initial deposit is Rs.10,000
For current account holder – Initial deposit is Rs.20,000
Future deposits – Multiples of Rs.5,000
The minimum balance in saving bank account must be Rs.10,000.
Minimum balance in current account must be Rs.25,000.
Penalty for not maintaining minimum balance: Rs.100 is charged if the minimum balance is not maintained in the savings or current account.
Period
Flexi deposit account can be opened for:
Minimum – 15 days
Maximum – 91 days
Rate of Interest
Since Flexi Fixed deposit is a term deposit, the rate applicable to term deposit is applicable.
Auto Renewals
Facility of automatic renewal is available.
The customer can instruct the bank to renew the deposit automatically on its due date.
Reverse sweep facility
When a cheque or withdrawal is presented for payment in the savings or current account that is linked to the flexi fixed deposit account, number of units in the multiples of Rs.1,000 will be paid before maturity.
The premature payment is made on last in first out method.
Nomination
Nomination facility is available.
ICICI Flexi Fixed Deposit Scheme Interest Rates
ICICI Bank offers a higher rate of interest for its medium and long term fixed deposits. The interest offered for Flexi Fixed Deposit scheme ranges from 6 – 6.50% per annum.
Note: The interest rate mentioned are as of December, 2015. The interest rate are subject to change at the discretion of the bank.
ICICI Flexi Fixed Deposit Scheme FAQs
Who can open ICICI Flexi Fixed Deposit scheme?
The deposit account can be opened by a resident individual single or jointly. Minor can open the account through his guardian. The customer must have either a savings or a current account that can be lined to the flexi deposit account.
What is the minimum initial deposit amount?
The minimum initial deposit if you have a savings account is Rs.10,000 and if you have a current account, then it is Rs.20,000.
Should I maintain a minimum balance in my savings or current account?
Yes, you must maintain a minimum balance of Rs.10,000 in your savings account and Rs.25,000 in your current account.
Will there be any penalty if I don’t maintain the minimum balance in my savings or current account?
Yes, you will get a penalty of Rs.100 if the minimum balance is not maintained in your current or savings account.
What is the period for which I can open the ICICI Flexi Fixed Deposit account?
ICICI Flexi Fixed Deposit account can be opened for a period of 15 – 90 days.
What facilities are available with this scheme?
You get facility of reverse sweep and automatic renewal.
What is reverse sweep facility?
When a cheque or withdrawal is presented for payment in the savings or current account that is linked to the flexi fixed deposit account, number of units in the multiples of Rs.1,000 will be paid before maturity.
What is automatic renewal?
The customer can instruct the bank to renew the scheme automatically on its due date.
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I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
I opened fixed deposit with ICICI it gives tax benefits upto 80 c section, I invest Rs. 50,000 as a one time investment it has the term of five years. The online banking is good to deposit the money to take the liquidity, I have option to track the FD details also netbanking.
I have been taken my fixed deposit ICICI bank from long time, Their service is good, i have deposit certain amount which will get mature after five years once it will get mature again i will deposit , their interest rate is less comparing to other bank.
I did a Fixed deposit in ICICI BANK for my kids because I got my salary account and also have opened separate account for my kids and wife on the same bank so its easy to do the payment and linked together. The interest rate is 6.75% moreover the options are very flexible, the locking period is like 1month , 3 months, one year,etc and even the online services are enabled. Whenever I have good amount on the account so go for FD on the selected month, the interest amount will be credited into account.
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3
DURGA PRASAD VADLAMUDI
, hyderabad
Reviewed on Jun 11, 2019
I have Fixed Deposit with ICICI also which was matured earlier even it was a tax free accounts they are charging some amount. Before the financial year completion, i need to submit the document to income department to get my fund but the procedure is too long and I did not get the money. I had done investment of 1L and 0.50L which am unhappy. I would suggest them to provide the bills on time after this experience have stopped investing with them.
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6
HARITHA NARRA
, hyderabad
Reviewed on May 12, 2019
My fixed deposit with ICICI, I have opened the account through online just from the I mobile. I invested around Rs. 1 lakh its for long duration. The interest is good, I can withdraw the money through online banking without any charges. I am very fine with them.
My fixed deposit is with ICICI Bank. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
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7
RAMANATHAN RAMALINGAM
, chennai
Reviewed on Mar 10, 2019
As per the current financial year they are providing 7.2% of interest on the fixed deposit, I can deposit minimum of Rs. 5000 to upto 5 crores. I have activated ICICI Fixed deposit through online, the account got activated on the same day. There is no charges for prematurity .
I do have a fixed deposit account with ICICI and it was taken recently. I have chosen ICICI because my salary and saving account was maintained with them. I am getting good response from the customer service. They are giving average interest rate. I do monthly deposit of less than 50K.
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6
PARESH THAKOR RANA
, mumbai
Reviewed on Feb 09, 2019
In ICICI fixed deposit interest rate is around 6.75% per annum, I opened the FD through online. I have invested Rs. 1 lakh they wont take any charges for the pre matured fixed interest. I believe the interest rate is good compared to the government bank.
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5
AMIT KUMAR
, yamuna nagar
Reviewed on Jan 10, 2019
I have invested a fixed deposit with ICICI. There is no reason for selected this bank. They have offered me a interest rate of 6.5% and there is no processing fee. I have invested the money 8 months before. This is a one year plan. I'm happy about the services provided by the ICICI for this account
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3
ARUMBAKKAM NANDAKUMAR PRASANNA
, thane
Reviewed on Jan 04, 2019
My fixed deposit is with ICICI Bank. I had to go to the bank and meet the executive and open the account. I can close the account online. There is a lock in period for 12 to 13 months. The interest I earn is satisfactory. I have a deposit of 70K. Overall good.
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4
VIVEK KUMAR CHAUHAN
, new delhi
Reviewed on Dec 07, 2018
In 2010, i have done a fixed deposit with ICICI. Every year its been renewing automatically. Since my working in ICICI bank, he has recommended me about the fixed deposit plan. The amount was Rs. 2 lakhs. They have given me a interest rate 7.8% and they have increased the interest rate last year. The ICICI services are upto the mark.
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5
PADMINI GANGADHARAN JITHESH
, chennai
Reviewed on Nov 30, 2018
I don't get any attractive offers but they are providing standard interest for the Fixed deposit being an existing customer of ICICI bank. Right now the government is providing around 6% of interest for FD account for per annum. I can access FD bank through online banking.
ICICI bank fixed deposit interest rate is good as per the RBI guidelines, I have selected the period of five years on FD account. So far I have deposited some good amount, as per my experience its good. I could make the payment through online as well.
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7
BHASKAR BHASKAR ARIYAPADI NAGASUNDARAM
, chennai
Reviewed on Nov 12, 2018
I have all my products with ICICI, even I do have fixed deposit with them. I used to deposit the money on yearly basis around Rs. 50,000. I opened this account before one year, the bank will provide the interest rate upto 7.25% of yearly basis.
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3
BISWANATH SAMANTARAY
, bhubaneshwar
Reviewed on Nov 02, 2018
I have taken Fixed deposit account from Icici bank where am getting income tax benefits from them . There is no charges for the account . Where they are giving good rate of interest i have chosen 5 years of tenure plan for the deposit . Overall am satisfied with the service and response .
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7
DAVIES JOSEPH
, hyderabad
Reviewed on Oct 26, 2018
I have taken fixed deposit account in ICICI Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
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5
SANTOSH KUMAR NAMALA
, hyderabad
Reviewed on Oct 06, 2018
Fixed Deposit
