Fixed deposits are one of the investment products offered by banks for all working as well as non-working professionals. As the name suggests, a fixed deposit is a deposit wherein the person has to fix a certain amount of money for a particular tenure. The maximum and minimum limit of the amount, interest rate, and tenure are subject to change from one bank to another.

ICICI Bank FD Interest Rates

ICICI Bank offers fixed deposit to general as well as senior citizens with one of the highest rates on FD account. The fixed deposit scheme of ICICI bank is available with premature withdrawal facility as well as without premature withdrawal facility. The highest interest rate on the FD for general depositors with the amount less than ₹ 1 Crore is 6.75% p.a. and for senior citizen, it is 7.25% p.a.

  1. ICICI Bank Fixed Deposit (with premature withdrawal facility)

Interest rates on Domestic, NRO & NRE deposits on Less than ₹1 Crore w.e.f July 19, 2017

Tenure

Interest rate (% p.a.)

 GeneralSenior Citizen

7 days to 14 days

4.00

4.50

15 days to 29 days

4.25

4.75

30 days to 45 days

5.50

6.00

46 days to 60 days

5.75

6.25

61 days to 184 days

6.00

6.50

185 days to 289 days

6.25

6.75

290 days to less than 1 year6.507.00

1 year to 2 years

6.75

7.25

2 years 1 day up to 5 years

6.50

7.00

5 years 1 day up to 10 years

6.50

7.00

5 Years Tax saver FD(Max up to ₹1.50 lac)

6.50

7.00

 
  1. ICICI Bank Fixed Deposit (without premature withdrawal)

Interest rates on Domestic, NRO & NRE deposits ₹ 1 Crore and above w.e.f July 31, 2017

Single Deposit

Interest Rate (% p.a.)

Tenure

₹ 1 Crore to ₹ 500 Crores & above

7 days to 29 days

5.25

30 days to 45 days5.50

46 days to 90 days

5.75

91 days to 270 days

6.05

271 days to 364 days

6.30

1 year to less than 18 months

6.55

18 months to 10 years6.45

ICICI Bank FD Plans

  • Traditional Plan-In this plan, the depositor can earn interest monthly/quarterly basis as per his/her convenience with the maturity period between 7 days to 10 years. The minimum amount of investment is ₹ 10,000. Here are the details of this plan:

Particulars

Details

Minimum Investment Amount

₹ 10,000 (General), ₹ 2,000 (Minor)

Minimum Tenure

7 days

Maximum Tenure

10 years

Partial Withdrawal

Available in multiples of ₹ 1,000

Premature Withdrawal

Permitted (Penalty charged)

Interest Payment

Compounded quarterly and reinvested with the principal amount

Auto Renewal Facility

Available

Nomination Facility

Available

TDS

Applicable (if interest paid by the bank exceeds the threshold limit of ₹ 10,000)

Loan Facility

Available up to 90% of the principal and accrued interest

  • Reinvestment Plan-In this plan, the interest is compounded on the quarterly basis and reinvested in the principal amount with a maturity period ranging from 6 months to 10 years.

Particulars

Details

Minimum Investment Amount

₹ 10,000 (General), ₹ 2,000 (Minor)

Minimum Tenure

6 months

Maximum Tenure

10 years

Partial Withdrawal

Available in multiples of ₹ 1,000

Premature Withdrawal

Permitted (Penalty charged)

Interest Payment

Compounded quarterly and reinvested with the principal amount

Auto Renewal Facility

Available

Nomination Facility

Available

TDS

Applicable (if interest paid by the bank exceeds the threshold limit of ₹ 10,000)

Loan Facility

Available up to 90% of the principal and accrued interest

ICICI Bank FD Calculator

An FD calculator is an online calculator with the help of which a depositor can know in advance the maturity value of the deposit. With the help of this calculator, the depositor can get the idea about the overall profit on the deposited amount at the chosen maturity period. Other than this, it also becomes easier for the depositor to decide the investment amount and tenure if the present hike in the amount in not so attractive.

Here is an example of the FD of ₹ 10,000 for the period of 10 years and the chosen option of interest is quarter compounding. At ICICI bank, the interest on the deposit with the above data is 6.50% p.a. So, the total amount after 10 years comes out to be ₹ 19,056.

Year

Opening Balance (₹)

Interest Earned (₹)

Closing Balance (₹)

1

10,000

666

10,666

2

10,666

710

11,376

3

11,376

758

12,134

4

12,134

808

12,942

5

12,942

862

13,804

6

13,804

919

14,723

7

14,723

981

15,704

8

15,704

1,046

16,750

9

16,750

1,116

17,866

10

17,866

1,190

19,056

How to Apply for ICICI Fixed Deposit

The process to apply for is simple and quick both online and offline. Here are the steps to follow for opening an FD account at ICICI Bank.

  • Download the application form

  • Fill up the application form and submit it to the nearest bank branch

  • Select the deposit option

  • Enter the ICICI Bank ATM/Debit card no. and pin

  • Fill the FD details

  • Pay online with another bank VISA Debit Card and authenticate using 3D secure- VBV (Verified by Visa)

Eligibility & Documents

The eligibility criteria and documents required to open an FD account at ICICI Bank is as follows:

Eligibility

Documents

 
 Identity ProofAddress Proof

Resident Indian

  • Passport

  • PAN Card

  • Voter ID Card

  • Driving License

  • Government ID Card

  • Photo Ration Card

  • Senior Citizen ID Card

  • Passport

  • Telephone Bill

  • Electricity Bill

  • Bank Statement with Cheque

  • Certificate/ID Card issued by Post Office

Features of ICICI Bank FD

  • Minimum amount of deposit is ₹10,000

  • Tenure ranging from 7 days to 10 years

  • Partial withdrawal in multiples of ₹1,000

  • Interest benefit of 0.50% for senior citizen

  • Automatic renewal facility

  • Premature withdrawal is permitted but subjected to penal charges

  • Additional interest is paid if the amount is not withdrawn before the maturity

  • Registration of the nominee if permitted

  • Loan facility up to 90% of the principal and accrued interest

ICICI Bank FD Schemes

  1. Money Multiplier Plan-This scheme gives the depositor the liquidity of a savings account coupled with high earnings of a Fixed Deposit. It can be done by creating an FD linked to the savings account with the following benefits:

    • High returns: With the help of this linked FD with the savings account, a depositor can get the higher rate of interest. The Fixed Deposit will be created in the multiples of ₹5,000 for a tenure of a year or more as per the instructions. You can issue instructions through the ICICI Bank branch or ICICI Bank phone banking and ICICI Bank Internet Banking for the creation of FD from the surplus funds in your savings account with the minimum balance of ₹ 10,000.

    • Maximum Liquidity: The depositor is free to withdraw the funds from the savings account from the ATM or internet banking or through cheque, etc. In this scheme, all linked FD will be enabled for automatic Reverse Sweep in multiples of ₹ 5,000 on a Last-In-First-Out (LIFO) basis when the balance in the Savings Account falls below ₹ 10,000. In addition to this, the amount reverse swept will earn interest rates at the applicable rate for the period that the deposit was held and the remaining amount will continue to earn higher interest at the original rate applicable to the Fixed deposit.

    • Auto-Renewal: Under this facility, the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit.

  1. Tax Saving-Under Section 80C of Income Tax Act, 1961, the depositor can save tax on his/her savings. The minimum amount of investment, in this case, is ₹ 10,000 and the maximum is ₹ 1,50,000.

Particulars

Details

Minimum investment amount

₹ 10,000

Maximum investment amount

₹ 1,50,000

Tenure

5 years

Premature withdrawal facility

Not permitted

Loan Facility

No

Auto Renewal Facility

No

Nomination Facility

Applicable