ICICI Tax Saving Fixed Deposit
The safest form of investment is probably putting your money in fixed deposit account. The returns you get are decent and the investment is not subject to market risk. With ICICI Tax Saving Fixed Deposit, you have the option to choose from two different plans—Traditional and Reinvestment Plan.
On top of that, you can enjoy tax exemptions on your savings.
For the Traditional Plan, the interest is paid monthly or quarterly. For the Reinvestment plan, the interest is compounded quarterly and then reinvested with the principal amount.
Features of ICICI Tax Saving Fixed Deposit
Account type | Joint or single |
Amount | Minimum: Rs.10,000Maximum: Rs.500 crore |
Period | 5 years |
Interest rate | 7.00% p.a. (for general citizens) 7.50% p.a. (for senior citizens) |
TDS | Deducted from the interest earned on the FD account, as per the Income Tax Act, 1961 |
Premature withdrawals | Withdrawal not allowed before the lock-in period of 5 years |
Loan | Loan against this FD isn't available |
Auto renewals | Auto renewal facility isn't available |
Nomination | Available |
ICICI Tax Saving FD Interest Rates
A general citizen & senior citizen can earn an interest of up to 7.00% and 7.50% p.a. on their savings.
Eligibility Criteria to apply for ICICI Tax Saver Fixed Deposit
The basic eligibility criteria for opening a Tax Saver Fixed Deposit with ICICI Bank are as follows:
- The applicant should be above 18 years of age
- The applicant should be either salaried or self-employed
- The applicant should be a citizen of India.
Documents Required
You need the following documents to submit while opening the account:
Identity proof:
- PAN (permanent account number) card
- Voter ID card
- Driving license
- Passport
- Government ID card
- Senior citizen ID card.
Address proof:
- Telephone bill
- Electricity bill
- Passport
- Bank statement with cheque
- ID card issued by post office.
FAQs on ICICI Tax saving FD
- What is the procedure to redeem my FD for the tax-saver plan?
Upon maturity of your term deposit, you can visit any ICICI Bank branch and claim your deposit by showing the FD receipt.
- I am a senior citizen. Am I eligible for extra benefits?
Yes, senior citizens can earn higher interest on their savings. Currently, the interest rate stands at 4.30% p.a. for senior citizens.
- Can I withdraw the amount before 5 years?
No, you can only withdraw after the lock-in period of 5 years is over.
- How can I open Tax Saving FD account from ICICI?
You can do that by following a few easy steps through the following channels:
- Internet Banking
- iMobile
- Customer care
- ICICI bank branch
- Where should I call in case of any query related to the account?
You can reach out to the customer support department by dialing 1860 120 7777 between 7:00 a.m. and 9:00 p.m.
- Will I get any receipt on opening my FD account?
Yes, you can request for a receipt after opening your account. The bank will dispatch it via courier to the address provided by you.
- How is the interest applied and at what frequency will get it?
For the Traditional Plan, the interest is credited to your savings account on a monthly or quarterly basis. For the Reinvestment Plan, the interest is compounded to the principal amount. However, the interest is credited only upon maturity.
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