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.
To see if you are eligible to open a Tax Saving fixed deposit with ICICI bank just visit the nearest branch of the bank.
|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.|
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 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.
The minimum initial deposit is Rs.10,000 .
The maximum deposit allowed is Rs.1,50,000 .
ICICI Tax Saving Fixed Deposit can be opened for 5 years.
No, the benefit is available for first holder only.
For the traditional scheme, the interest earned will be credited to the savings account on a monthly or on a quarterly basis.
No, automatic renewal facility is not available.
No, loan cannot be taken against ICICI Tax Saving FD.
No, premature withdrawal facility is not available.
Useful Information on ICICI Fixed Deposit