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    ICICI Tax Saving Fixed Deposit

    With ICICI Tax Saving Fixed Deposit account, you get to choose from traditional plan and reinvestment plan. Traditional plan pays interest on a monthly or a quarterly basis at your convenience. Reinvestment plan on the other hand pays interest that is compounded quarterly and reinvested along with the principal amount.

    You can get tax exemptions under Section 80C of the Income Tax Act, 1961 on your savings.

    Eligibility Criteria for applying for ICICI Tax Saving Fixed Deposit

    To see if you are eligible to open a Tax Saving fixed deposit with ICICI bank just visit the nearest branch of the bank.

    Features of ICICI Tax Saving Fixed Deposit

    Account Type Joint or single

    Minimum – Rs.10,000

    Maximum – Rs.1,50,000

    Period The account can be opened for 5 years.
    Interest The interest for traditional scheme will be credited to the savings account on a monthly or a quarterly basis.
    TDS Yes, applicable tax is deducted at source from the interest earned on the Tax saving FD as per the Income Tax Act, 1961.
    Premature withdrawals Not allowed.
    Loan No loan against the Tax Saving FD can be extended.
    Auto Renewals Not available.
    Nomination Nomination facility is available.
    Documents required

    The customer must submit the following documents along with the duly filled up form:

      • Identity proof: Passport, PAN card, Voter ID, Driving Licence, Government ID Card or Senior Citizen ID Card.

      • Address proof: passport, telephone bill, electricity bill, bank statement with cheque, certificate or ID issued by post office.

    ICICI Tax Saving FD Interest Rates

    ICICI Bank offers a higher rate of interest for its medium and long term fixed deposits. The interest offered for Tax Saving Fixed Deposit scheme is 7.75% per annum and 8.25% per annum for senior citizens.

    Note: The interest rate mentioned are as of December, 2015. The interest rate are subject to change at the discretion of the bank.

    ICICI Tax Saving Fixed Deposit FAQs

    1. What is the minimum initial deposit amount?
    2. The minimum initial deposit is Rs.10,000 .

    3. What is the maximum deposit allowed?
    4. The maximum deposit allowed is Rs.1,50,000 .

    5. What is the tenure for ICICI Tax Saving Fixed Deposit?
    6. ICICI Tax Saving Fixed Deposit can be opened for 5 years.

    7. Will the benefits of deduction be extended to both the account holders?
    8. No, the benefit is available for first holder only.

    9. What is the frequency that I will receive interest on my Tax Saving Fixed Deposit?
    10. For the traditional scheme, the interest earned will be credited to the savings account on a monthly or on a quarterly basis.

    11. Is automatic renewal facility available?
    12. No, automatic renewal facility is not available.

    13. Can I take a loan against ICICI Tax Saving FD?
    14. No, loan cannot be taken against ICICI Tax Saving FD.

    15. Is premature withdrawal available?
    16. No, premature withdrawal facility is not available.

    Useful Information on ICICI Fixed Deposit

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