• Fixed Deposit
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  • ICICI Bank Fixed Deposit
ICICI Bank Fixed Deposit

ICICI Bank Fixed Deposit

PrivateAAA 
Shield CheckDICGC

7%

Interest for 3 years

ICICI Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 29 days3%3.5%
30 days - 1 month 14 days3.5%4%
1 month 15 days - 1 month 29 days4.25%4.75%
2 months - 2 months 29 days4.5%5%
2 months 30 days - 6 months4.75%5.25%
6 months 1 day - 8 months 25 days5.75%6.25%
8 months 26 days - 11 months 29 days6%6.5%
1 year - 1 year 2 months 29 days6.7%7.2%
1 year 2 months 30 days - 2 years7.2%7.75%
2 years 1 day - 4 years 11 months 29 days7%7.5%
5 years - 9 years 11 months 28 days6.9%7.5%

Note: All interest rates shown above are as on 7th May 2024

About ICICI Bank FD

ICICI Bank is one of India’s large private sector banks offering a diversified portfolio of financial products and services to retail, corporate and SME customers. It was promoted in 1994 by ICICI Limited and has its headquarters in Mumbai. As of March 31st 2022, ICICI bank has 5,418 outlets across India and 13,626 ATMs/ Cash Withdrawal Machines. ICICI Bank Deposits stood at INR 10,645.72 billion as of March 2022. ICICI Bank’s Fixed Deposits have a AAA Credit Rating.

ICICI Bank FD

3% - 7.2%

FD Rate

3.5% - 7.75%

FD Rate for Seniors

₹ 10000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AAA

CRISIL Rating

ICICI Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7%For 5 years with interest of 7%
₹ 50,000 ₹ 61,646₹ 70,881
₹ 1 lakh ₹ 1,23,293₹ 1,41,763
₹ 2 lakh ₹ 2,46,585₹ 2,83,525
₹ 5 lakh ₹ 6,16,463₹ 7,08,813
₹ 10 lakh ₹ 12,32,926₹ 14,17,625

Compare ICICI Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Uttarbanga Kshetriya Gramin Bank FD
down-arrow
ICICI Bank FD
ICICI Bank FD
Maturity Amount 1,06,910 1,05,326
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained6,910 5,326

Compare ICICI Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Uttarbanga Kshetriya Gramin Bank FD
5.2% - 5.2%
Kotak Mahindra Bank FD
7% - 7.6%
Paschim Banga Gramin Bank FD
5.3% - 5.8%
Indian Overseas Bank FD
6.5% - 7%
HDFC Ltd FD
7.35% - 7.6%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Andhra Pragathi Grameena Bank FD
7% - 7.6%
Rajasthan Marudhara Gramin Bank FD
7.1% - 7.6%
Arunachal Pradesh Rural Bank FD
6.25% - 6.75%
State Bank of India FD
6.75% - 7.25%

Calculate ICICI Bank FD Returns

1,00,000

Total Investment

6,910

Wealth Gained

1,06,910

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

ICICI Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on ICICI FDs is higher in their savings account. One can invest in ICICI FDs through both online and offline modes with a minimum investment of INR 10,000. This article covers ICICI Bank FD, its features and interest rates in detail.

ICICI Bank Fixed Deposit Schemes

Following are the types of ICICI Bank fixed deposit schemes:

  • Regular Fixed Deposit
  • Tax Saver Fixed Deposit: Traditional & Reinvestment
  • Money Multiplier Fixed Deposit
  • ICICI Bank Golden Years Fixed Deposit
  • Flexi Fixed Deposit

ICICI Bank Regular Fixed Deposit

Regular FD provides depositors safety and flexibility. These fixed deposit schemes also earn returns based on the prevailing interest rates as declared by RBI. The scheme offers monthly or quarterly payouts.

  • The interest payment is done only at the time of maturity.
  • Depositors can avail loan facility up to 90%. Also, the scheme offers a nomination facility.
  • The minimum amount is INR 10,000, and the tenure ranges between 7 days to 10 years.
  • Additionally, these fixed deposit schemes provide an option for premature or partial withdrawal in case of emergencies.
  • Resident Indian Citizens, HUFs, Trusts, Private and Public Limited Company, and Partnership Firms are eligible to open a regular fixed deposit account.
  • The ICICI FD Interest Rate varies depending on the tenure of the deposit.

ICICI Bank Tax Saver Fixed Deposit

The ICICI bank tax saver FD offers assured returns and as well as tax saving benefit to its depositors.

  • The scheme is eligible for tax deduction up to INR 1,50,000 under Section 80C of the Income Tax Act.
  • The minimum investment in the scheme is INR 10,000.
  • The scheme has a fixed tenure of five years.
  • Also, the tax saver FD doesn’t offer premature withdrawals or auto-renewal facility.
  • The interest earned is taxable.
  • Resident Indians, senior citizens and non-resident Indians are eligible for opening tax saver fixed deposits.

ICICI Bank Money Multiplier Fixed Deposit FD

The ICICI Money Multiplier FD offers the benefits of both a savings account and a fixed deposit. The scheme provides liquidity benefits of a savings account and high-interest rates of an FD.

  • The minimum balance is INR 15,000.
  • The minimum tenure for the scheme is one year for Savings Account customers.
  • For individual customers, when the balance in the Savings Account falls below INR 10,000, the account is enabled for the automatic reverse sweep. For the reverse sweep, the FD is broken on Last-In, First Out basis.
  • The deposit account is opened with an auto-renewal option. The renewal is done for the same tenure as the original scheme tenure. The interest rate for auto-renewal is based on the prevailing rate as on the date of renewal.
  • Resident Indian Citizens, HUFs, Trusts, Private and Public Limited Company, and Partnership Firms are eligible to open money multiplier fixed deposit accounts.

ICICI Bank Golden Years Fixed Deposit – Senior Citizen FD

The ICICI Bank Golden Years FD is for senior citizens. The scheme offers an additional interest rate of 0.30% per annum for fixed deposits above five years’ tenure.

  • The additional rate is applicable on deposits renewed during the period and on fresh deposits as well. The FD tenure is between 5 years one day to 10 years.
  • The applicable duration for the FD is May 20, 2020, to September 30, 2020.
  • The scheme is applicable on a single FD with an amount lower than INR 2 crore.
  • The premature withdrawal facility is available with a penalty.

ICICI Bank Flexi Fixed Deposits

The ICICI Bank Flexi fixed deposit scheme allows saving and current account holders to open a fixed deposit account. The minimum balance in the Flexi deposit account is:

  • For current account holder – INR 20,000 (initial deposit)
  • For savings bank account holder – INR 10,000 (initial deposit)
  • Also, future deposits can be made in multiples of INR 5,000.
  • Additionally, the minimum balance to be maintained in savings and the current account is INR 10,000 and INR 25,000, respectively.
  • Moreover, the scheme charges a penalty of INR 100 if the minimum balance isn’t maintained in the account.
  • The Flexi FD can be opened for a minimum of 15 days and a maximum of 91 days.
  • The interest rate applicable is the same as that of a term deposit.
  • Also, the fixed deposit scheme offers auto-renewals and a nomination facility.

Key Features of ICICI Bank Fixed Deposit Schemes

  • Premature withdrawal: All ICICI bank FDs can be withdrawn prematurely except for tax saving FDs. ICICI Bank charges a 0.5%-1% penalty on the interest for premature withdrawals. However, the penalty is subject to change as per ICICI Bank terms and conditions.
  • Nomination facility: ICICI FD investors can nominate beneficiaries for their FDs.
  • Auto-renewal: Investors can opt for auto-renewal of their ICICI FDs.
  • Safety: The Deposit Insurance Scheme of RBI covers all ICICI bank deposits. The scheme covers all ICICI bank deposits up to INR 5,00,000.
  • Additional payments: Investors cannot deposit an additional amount in an ICICI Bank FD once it has commenced. However, they can open a fresh ICICI FD with the new amount.

How to Open an ICICI Bank FD Deposit Account?

One can open an ICICI Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open an ICICI Bank FD account through internet banking:

  • Log in to the Internet Banking account with the User id and password.
  • Next, select the ‘Open Fixed Deposit’ option.
  • Provide all the required personal information and nominee details.
  • Submit, and the FD account opens instantly.

Through Mobile App

ICICI Bank App

The following steps will guide in opening an FD account through ICICI Bank Mobile App:

  • Download the ICICI Bank App and log in.
  • Select the ‘Open Fixed Deposit’ option.
  • Provide all the required personal information and nominee details.
  • Submit, and the FD account opens instantly.

Offline ICICI Bank FD Opening

To open an ICICI Bank FD account offline, one has to visit the nearest ICICI Bank branch. Fill the ICICI Bank FD application form and submit all the necessary documents along with the deposit amount. Upon successfully processing the application, ICICI bank will provide an FD receipt.

Documents Required to Open ICICI Bank FD

Following are the documents required to open an FD in ICICI Bank are:

  • 2 Photographs
  • Identity Proof as per KYC norms. (PAN Card, Voter ID Card, Passport, Driving License)
  • Address proof as per KYC norms. (PAN Card, Voter ID Card, Passport, Driving License)
  • Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
  • Senior Citizen ID Card (for senior citizens)
  • Any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Eligibility  to Open ICICI Bank FD

Only eligible investors can invest in ICICI Bank FD. The eligibility criteria to invest in ICICI Bank FD is:

  • Resident Individual
  • Partnership Firms
  • Private and Public Companies
  • NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

Does ICICI Bank Offer Recurring Deposits?

ICICI Bank offers recurring deposits to its depositors. ICICI recurring deposits have a minimum tenure of six months and a maximum tenure of 10 years. Depositors can open an RD account either by going to the ICICI bank branch or online using internet banking.

Is FD Interest Taxable?

Only investment in ICICI bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other ICICI bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from ICICI FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to TDS of 10% if the income from ICICI Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to ICICI Bank, then the TDS rate will be 20%.

Frequently Asked Questions

What is the highest ICICI Bank FD rate today?

The highest ICICI Bank FD rates for general citizens is 7.2% p.a. and 7.75% p.a. for senior citizens.

What is the highest interest rate on ICICI Bank 1 year FD scheme?

The highest interest rate on ICICI Bank 1 year FD scheme is 6.7% p.a.

What is ICICI Bank FD scheme interest rate for 5 years?

7% p.a is the interest rate for 5 years on ICICI Bank FD scheme.

How many years FD will double in ICICI Bank?

To know in how many years ICICI Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years ICICI Bank Bank FD will double. The current highest ICICI Bank FD interest rate is 7.2% so investors will double the investment in 10.00 years. Similarly, senior citizen depositors will double their FD investment in 9.29 years, where the highest FD rate for senior citizens is 7.75%.

What is ICICI Bank FD minimum deposit amount?

The minimum investment in ICICI Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in ICICI Bank FD.

What is senior citizen fixed deposit interest rates in ICICI Bank?

The senior citizen fixed deposit interest rates in ICICI Bank range between 3.5% to 7.75% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in ICICI Bank?

ICICI Bank FD tenure ranges from 7 days to 9 years 11 months 28 days

What is ICICI Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the ICICI Bank FD calculator for 10 lakh deposit for 1 year will be INR 69,096. The maturity value will be INR 10,69,096. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in ICICI Bank?

You can check ICICI Bank FD balance either online or offline mode. For online mode, log in to the ICICI Bank internet banking portal. Alternatively, you can visit the nearest ICICI Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in ICICI Bank?

There is no restriction on the number of FDs you can open with ICICI Bank.