Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 29 days||2.5%||3%|
|30 days - 2 months 29 days||3%||3.5%|
|2 months 30 days - 6 months 2 days||3.5%||4%|
|6 months 3 days - 11 months 29 days||4.4%||4.9%|
|1 year - 1 year 5 months 23 days||4.9%||5.4%|
|1 year 5 months 24 days - 2 years||5%||5.5%|
|2 years 1 day - 2 years 11 months 29 days||5.15%||5.65%|
|3 years - 4 years 11 months 29 days||5.35%||5.85%|
|5 years - 9 years 11 months 28 days||5.5%||6.3%|
ICICI Bank Ltd. is a leading private sector bank in India. ICICI Bank was originally promoted in 1994 by ICICI Limited. ICICI Bank is a large private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. The Bank has an extensive network of branches, ATMs and other touchpoints. It is at the forefront of leveraging technology and offering services through digital channels like mobile and internet banking The bank has a balance sheet size of Rs. 10.9 Lakh Crs as on 31st March 2020 The bank recorded a profit of Rs 7930 Crs in FY20
2.5% - 5.5%
3% - 6.3%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.5%||For 5 years with interest of 5.5%|
|₹ 1 lakh||₹131570||₹131570|
|₹ 2 lakh||₹263141||₹263141|
|₹ 5 lakh||₹657852||₹657852|
|₹ 10 lakh||₹1315704||₹1315704|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105012||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5012|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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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.
Following are the types of ICICI Bank fixed deposit schemes:
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 tax saver FD offers assured returns and as well as tax saving benefit to its depositors.
The 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 ICICI Bank Golden Years FD offers an additional interest rate of 0.30% per annum for fixed deposits above five years’ tenure.
The 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:
Short term fixed deposits allow investors to invest money for as short as seven days and up to 289 days. However, the interest rate varies with duration.
The interest rate for short term deposit ranges between 2.5% p.a to 4.75% p.a. Also, the interest rate varies for senior citizens and is between 3.00% p.a to 5.25% p.a.
ICICI Bank offers multiple FDs for tenures ranging between one to ten years. Also, the interest varies with tenure.
One can open an ICICI Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an ICICI Bank FD account through internet banking:
The following steps will guide in opening an FD account through ICICI Bank Mobile App:
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.
Following are the documents required to open an FD in ICICI Bank are:
Only eligible investors can invest in ICICI Bank FD. The eligibility criteria to invest in ICICI Bank FD is:
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. The interest rate for regular citizens on ICICI RDs is in the range of 3.5% to 5.35%, and for senior citizens, it is in the range of 4% to 5.85%.
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%.
To know in how many years ICICI 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 FD will double. For example, for a tenure of 5 to 10 years, the FD interest rate for senior citizens is 6.3%. An investor can double the investment amount by investing for this tenure in ICICI FD in 11.42 years (72/6.3).
ICICI Bank FD rates range between 2.5% and 5.5% for regular citizens and between 3% and 6.3% for senior citizens. Moreover, ICICI Bank offers an additional 0.5% interest to senior citizens on their FDs. ICICI gives the choice of interest payout frequency to the investors, and they can choose from the following – monthly, quarterly, half-yearly, yearly, or at maturity.
The highest FD rate for ICICI Bank is 5.5% for a tenure of 5 years, one day to 10 years. For senior citizens, the highest ICICI FD rate is 6.3% for a tenure of 5 years, one day to 10 years.
The minimum investment in ICICI FD is INR 10,000. However, there is no limit on the maximum amount of investment in ICICI FD.
Individuals, NRIs, PIO, private and public limited companies, and partnership firms are eligible to open an ICICI FD account.
Yes, one can open an ICICI Bank FD account online through internet banking.
Yes, you would need an ICICI Savings account to invest in an ICICI Bank FD.
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