ICICI Bank Fixed Deposit

Highlights

  • What features make ICICI Bank Fixed Deposit the best for you?
  • What are the various ICICI Bank Fixed Deposit schemes that you can opt for?

Fixed deposits are one of the investment products offered by banks for all working as well as non-working professionals and individuals. 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. Being one of the leading private banks in India, ICICI Bank that provides a range of banking products. ICICI Bank Fixed Deposit is one of the most preferred products among customers of all.

FD @ 8.00%* Rate

ICICI Bank FD Interest Rates October 2020

Fixed deposits are available to general as well as senior citizens with one of the highest interest rates on the Fixed Deposit account. The fixed deposit scheme of ICICI bank is available with a premature withdrawal facility as well as without a premature withdrawal facility. What this means is that you can withdraw the amount before the maturity date if you like to. The highest interest rate on the FD for general depositors with the amount less than ₹ 2 Crore is 6.40% per annum and for senior citizens, it is 6.90% per annum. Senior Citizens will get an extra 0.50% on every tenure.

ICICI Bank Fixed Deposit (with premature withdrawal facility)

Interest rates on Domestic, NRO & NRE deposits on Less than ₹2 Crore

TenureInterest Rates (in % Per Annum) 
General For Senior Citizens
7 days - 14 days44.5
15 days - 29 days4.254.75
30 days - 45 days4.755.25
46 days - 60 days5.255.75
61 days - 90 days5.255.75
91 days - 120 days5.255.75
121 days - 184 days5.255.75
185 days - 289 days5.756.25
290 days - less than 1 Year66.5
1 Year - 389 days6.26.7
390 days - less than 18 months6.36.8
18 months - less than 2 years6.36.8
2 Years - 10 Years6.46.9
5 Years Tax Saver FD (Max upto ₹ 1.50 lakhs)6.46.9

Interest rates on Domestic, NRO & NRE deposits on ₹2 Crore and above

TenureInterest Rates (in % Per Annum)
7 days - 14 days4
15 days - 29 days4
30 days - 45 days4.25 - 4.50
46 days - 60 days4.50 - 5.00
61 days - 90 days4.50 - 5.00
91 days - 120 days4.75 - 5.00
121 days - 184 days4.75 - 5.00
185 days - 270 days4.75 - 5.50
271 days - less than 1 Year5.00 - 5.75
1 Year - 2 years5.00 - 6.00
2 years 1 day - less than 3 years5.00 - 6.20
3 years 1 day - 5 years5.00 - 6.30
5 years 1 day upto 10 years5.00 - 6.10

ICICI Bank Fixed Deposit (without premature withdrawal facility)

Interest rates on Domestic, NRO & NRE deposits on ₹2 Crore and above

TenureInterest Rates (in % Per Annum)
7 days - 14 days4
15 days - 29 days4
30 days - 45 days4.5
46 days - 60 days5
61 days - 90 days5
91 days - 120 days5.1
121 days - 184 days5.1
185 days - 270 days5.6
271 days - less than 1 Year5.85
1 Year - 2 years6.1
2 years 1 day - less than 3 years6.3
3 years 1 day - 5 years6.4
5 years 1 day upto 10 years6.2

ICICI Bank FD Plans

Traditional Plan

In this ICICI fixed deposit plan, the depositor can earn interest on a monthly or 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 for general individuals while for minors, it is only ₹2,000. Here are the details of this plan.

Particulars Details
Minimum Investment Amount₹ 10,000 for General Individuals and ₹ 2,000 for Minors
Maximum Investment AmountNo Upper Ceiling
Minimum Tenure7 Days
Maximum Tenure10 Years
Partial WithdrawalAvailable in multiples of ₹ 1,000
Premature WithdrawalPermitted (With 0.50% to 1.5% penalty charged)
TDSApplicable (If Interest paid by bank exceeds ₹ 10,000)
Interest Payout FrequencyMonthly or Quarterly Payout as per your choice
Loan FacilityAvailable upto 90% of principal and accrued interest
Auto-renewal FacilityAvailable
Nomination FacilityAvailable

Reinvestment Plan

In this FD plan by ICICI bank, the interest is compounded on a quarterly basis and reinvested in the principal amount with a maturity period ranging from 6 months to 10 years. You can have a detailed look at this plan below.

Particulars Details
Minimum Investment Amount₹ 10,000 for General Individuals and ₹ 2,000 for Minors
Maximum Investment AmountNo Upper Ceiling
Minimum Tenure6 Months
Maximum Tenure10 Years
Partial WithdrawalAvailable in the multiples of ₹ 1,000
Premature WithdrawalPermitted (With 0.50% to 1.5% penalty charged)
TDSApplicable (If Interest paid by bank exceeds ₹ 10,000)
Interest Payout FrequencyCompounded Quarterly and Reinvested with the principal amount
Loan FacilityAvailable upto 90% of principal and accrued interest
Auto-renewal FacilityAvailable
Nomination FacilityAvailable

ICICI Bank FD Calculator

An FD calculator is an amazing tool with the help of which a depositor can have an estimate about the maturity value of the deposit. With the help of this calculator, the depositor can get an 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 is not so attractive as per expectation.

Here is an example of the FD of ₹ 10,000 for a 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.

YearInterest Rate (% per annum) Opening Balance (in ₹)Interest Earned (in ₹)Closing Balance (in ₹)
16.51000066610666
26.51066671011376
36.51137675812134
46.51213480812942
56.51294286213804
66.51380491914723
76.51472398115704
86.515704104616750
96.516750111617866
106.518766119019056

How to Apply for ICICI Fixed Deposit

Now you have got enough information about the fixed deposit plans by ICICI, then you must want to know about how you can apply for it. Well, ICICI Bank has provided a totally hassle-free process through which you can apply both online and offline. Here are the steps to follow for opening an FD account at ICICI Bank.

  • First of all, Download the application form from the official website of ICICI Bank.
  • Fill up the application form with the required details.
  • Select the deposit option between traditional and reinvestment plan.
  • 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 Criteria and Documents Required

In order to apply for an ICICI FD plan, you need to be eligible. And, for that. there are certain documents that you have to submit. You can have a look at both of them in the below-given table.

EligibilityRequired Documents 
Identity Proof
Address Proof
Resident Indian PAN Card
Passport
Voter ID Card
Photo Ration Card
Driving Licence
Government ID Card
Senior Citizen Card
Telephone Bill
Passport
Electricity Bill
Bank Statement Cheque
Certificate ID/ Card issued by Post Office

What are Some Amazing Features of ICICI Bank FD?

  • The minimum amount of deposit is ₹ 10,000 for all the general individuals. But, minors can open a fixed deposit plan with a minimum amount of ₹ 2,000.
  • You can enjoy the tenure ranging from 7 days to 10 years.
  • You can have a partial withdrawal in multiples of ₹ 1,000 anytime you want.
  • Senior citizens can enjoy an extra 0.50% interest rate on all fixed deposit plans.
  • With the Automatic renewal facility, you don’t have to remember to renew your FD plan.
  • You can opt for Premature withdrawal by paying the panel charges for this facility.
  • You can also get an additional interest if you do not withdraw the amount before maturity.
  • ICICI Bank also provides a nomination facility to the customers.
  • You can also apply for a Loan facility against your FD up to 90% of the principal and accrued interest.

ICICI Bank Money Multiplier Plan

As the name simply suggests, this scheme helps depositor in getting the high earnings of a fixed deposit plan with as well as the liquidity of savings account. You can achieve this by applying for an FD linked to the savings account. You can have a look at the following benefits.

High returns: With the help of this ICICI Bank multiplier scheme, a depositor can get a higher rate of interest. The Fixed Deposit will be in the multiples of ₹ 5,000 for a tenure of a year or more. You can choose this tenure by yourself. You can choose through the ICICI Bank branch or phone banking or Internet Banking for the creation of FD. You can use the surplus funds in your savings account with the minimum balance of ₹ 10,000. This way, your money in the savings account never sits unused.

Maximum Liquidity: The depositor is free to withdraw the funds from the savings account from the ATM or internet banking or through cheque. 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. Apart from this, the reverse swept amount will earn interest rates at the applicable rate for the period that the deposit was held initially. All the remaining amount will continue to earn higher interest at the original rate given to the FD plan.

Auto-Renewal: You don’t need to remember the exact date of renewal. Because the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit.

A Quick Review of ICICI Bank Money Multiplier Plan

ParticularsDetails
Minimum Investment Amount₹ 10,000
Maximum Investment Amount₹ 1,50,00
Tenure5 Years
Premature WithdrawalNot Permitted
Loan FacilityNot Available
Auto-renewal FacilityAvailable
Nomination FacilityApplicable

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