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.
|Account type||Joint or single|
Maximum: Rs.500 crore
|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|
A general citizen & senior citizen can earn an interest of up to 4.30% p.a. on their savings.
You need the following documents to submit while opening the account:
Yes, senior citizens can earn higher interest on their savings. Currently, the interest rate stands at 4.30% p.a. for senior citizens.
No, you can only withdraw after the lock-in period of 5 years is over.
You can do that by following a few easy steps through the following channels:
You can reach out to the customer support department by dialing 1860 120 7777 between 7:00 a.m. and 9:00 p.m.
Yes, you can request for a receipt after opening your account. The bank will dispatch it via courier to the address provided by you.
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.
Upon maturity of your term deposit, you can visit any ICICI Bank branch and claim your deposit by showing the FD receipt.
Useful Information on ICICI Fixed Deposit
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