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ICICI Bank FD Interest Rates: Features, Types, and Loan

icici bank fd rates
icici bank fd rates

Introduction

ICICI Bank offers diverse options of FDs for multiple tenures with different interest rates for regular and senior citizens. It offers FDs for both residents and NRIs. ICICI Bank FD Interest rates are higher than their savings bank interest rate. The FD tenure ranges from 7 days to 10 years. One can invest in ICICI Bank FD without having a bank account in ICICI Bank. Upon maturity, one can automatically renew their ICICI Bank FD. Also, one can opt for a loan against their ICICI fixed deposit and get up to 90% of the deposit amount as loan.

ICICI Bank FD Interest Rates 2020

The interest rate for ICICI Bank FDs is given below.

TenureFixed Deposit Interest RatesSenior Citizen Fixed Deposit Interest Rates
7 days to 14 days2.50%3.00%
15 days to 29 days2.50%3.00%
30 days to 45 days3.00%3.50%
46 days to 90 days3.00%3.50%
91 days to 184 days4.10%4.60%
185 days to 289 days4.50%5.00%
290 days to 364 days4.75%5.25%
390 days to 17 months 29 days5.15%5.65%
18 months to 2 years5.35%5.85%
1 year to 389 days5.15%5.65%
2 years 1 day to 3 years5.35%5.85%
3 years 1 day to 5 years5.50%6.00%
5 years 1 day to 10 years5.50%6.00%

Note: ICICI Bank revises fixed deposit (FD) interest rates periodically 

The interest for ICICI Bank FD is calculated quarterly. The interest payment for deposited amounts is made monthly, quarterly, semi-annually, annually, or at the time of maturity as per investor’s choice. Investment in ICICI Bank FD doesn’t qualify for tax exemption under Section 80C of the Income Tax Act. However, tax savings FDs qualify for a tax exemption. A TDS of 10% is cut on interest if the interest income per annum is above INR 40,000 (INR 50,000 for senior citizens). Furthermore, if the investor doesn’t provide PAN details, the TDS would be 20% for interest above INR 40,000 (INR 50,000 for senior citizens).

Key Features of ICICI Bank Fixed Deposit

The features of ICICI Fixed Deposit are:

  • Assured Returns: ICICI Bank FD offers a guaranteed return on investment
  • Tenure: The FD tenure is between 7 days to 10 years
  • Minimum Amount: The minimum amount to open an FD with ICICI Bank is INR 10,000 and INR 2,000 for Minors.
  • Maximum Amount: There is no maximum limit
  • Interest Rate: ICICI FD offers interest rates in the range of 2.50% p.a to 5.50% p.a
  • Senior Citizens FD Rate: ICICI offers a higher interest rate for senior citizens. The rate varies between 3.00% p.a to 6.00% p.a
  • Safety: The Deposit Insurance Scheme covers ICICI Bank deposits. DICGC insures deposits up to INR 5,00,000.
  • Loan against FD: Depositors can avail loan on the ICICI Bank FDs. This is to help the depositors to meet their financial requirements without having to break the FD.
  • Nomination Facility: ICICI Bank allows depositors to nominate beneficiaries for the deposits.
  • Auto Renewal: The bank provides auto renewal facility of the FD account.
  • Convenience: Depositors can open FD investment anywhere at any time at their convenience. FD can be opened through Internet Banking, iMobile, ATMs, Bank Branch or through Customer Care.

Types of Fixed Deposits FD offered by ICICI Bank

  • Regular Fixed Deposit
  • Tax Saver Fixed Deposit: Traditional & Reinvestment
  • Money Multiplier Fixed Deposit
  • ICICI Bank Golden Years Fixed Deposit
  • Flexi Fixed Deposit
  • Short Term
  • Medium and Long Term

Types of Fixed Deposits FD: In Detail

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.
  • 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.

Tax Saver Fixed Deposit

  • The 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.
  • 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.

Money Multiplier Fixed Deposit

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

  • The ICICI Bank Golden Years FD 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.
  • Applicable duration for the FD is May 20, 2020, to September 30, 2020.
  • The scheme is applicable on single FD with an amount lower than INR 2 crore.
  • The premature withdrawal facility is available with a penalty.

Flexi Fixed Deposits

  • 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:
  • 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 nomination facility.

Short Term Fixed Deposit

  • 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.

Medium and Long Term Fixed Deposit

  • ICICI Bank offers multiple FDs for tenures ranging between one to ten years. Also, the interest varies with tenure.
  • For one-year FD, the interest rate is 5.15% p.a, and for senior citizens, it is 5.65% p.a.
  • For 18 months to three years is 5.35% p.a. and for senior citizens id 5.85%
  • Also, for three years to five years the rate is 5.50% p.a. and for senior citizens is 6%
  • Five years to 10 years the rate is 5.50% and for senior citizens is 6.30%

FD account opening process

To open an ICICI Bank FD offline, visit the nearest branch of ICICI Bank and take an FD application form and fill it. While filling the form, one has to select the type of FD, the tenure and interest payout frequency. Submit the same with all the necessary documents.

To open an ICICI bank FD online, log in to ICICI Bank website and select the FD to invest in. Proceed with filling the application form with all the necessary details. Submit the form along with all the necessary documents.

The documents required to open an FD in ICICI Bank if one doesn’t have a savings account with 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.

In addition to the above documents, one has to fill the FD application form. Also, 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)

Loan against FD account

ICICI Bank allows investors to take a loan against their FD investment. Investors get a loan up to 90% of FD amount. The interest rate on loan is 1-2% above the ICICI FD Interest Rate. The FD as collateral for the loan. The loan tenure is limited to the tenure of the FD. One cannot take a loan against tax saving FDs.

Loans such as loan against property (home loan), business loan, an education loan, etc., can be taken against an FD. The loan interest rate varies based on the bank and type of loan. One can always calculate their loan EMI using the loan EMI calculator. The loan EMI calculator works as a home loan calculator, personal loan calculator and car loan calculator. The investor can also use this EMI calculator in multiple scenarios by changing the car loan interest rate, personal loan interest rate, and home loan interest rate. 

Premature withdrawal

Premature withdrawal of ICICI Bank FDs is allowed. However, one has to pay the penalty to avail a premature withdrawal facility. The penalty is in the form of interest. For ICICI the penalty is 0.5%-1%. The investors will earn 0.5%-1% less on their FD interest rate.

What is the tenure range for ICICI Bank Fixed Deposit?

The tenure range for ICICI fixed deposit is seven days to 10 years. The tenure breakdown is given below:

Tenure
7 days to 14 days
15 days to 29 days
30 days to 45 days
46 days to 90 days
91 days to 184 days
185 days to 289 days
290 days to 364 days
390 days to 17 months 29 days
18 months to 2 years
1 year to 389 days
2 years 1 day to 3 years
3 years 1 day to 5 years
5 years 1 day to 10 years

What is the minimum amount that I have to give for opening a Fixed Deposit with ICICI Bank?

ICICI Bank offers six types of FD schemes. They are given below along with the minimum investment of each plan:

  • Fixed Deposit (regular plan) – INR 10,000
  • Fixed Deposit (without premature withdrawal facility) – INR 1 Cr
  • Tax-Saver FD – INR 10,000
  • Fixed Deposit with Monthly Income option – INR 1 lakh
  • Money Multiplier Plan – INR 5,000
  • FD Xtra suite of products – INR 2 lakh

There is no limit on the maximum investment amount.

Who is eligible for opening an FD account in ICICI Bank?

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)

What are the documents required to open an FD account in ICICI Bank?

The documents required to open an FD in ICICI Bank if one doesn’t have a savings account with 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.
  • In addition to the above documents, one has to fill the FD application form.

What is the current interest rate on FD in ICICI Bank?

The current fixed deposit rates of ICICI Bank are:

For regular citizens:

  • For a tenure of 7-29 days it is 2.5%
  • A tenure of 30-90 days it is 3%
  • For 91-184 days tenure it is 4.10%
  • The FD rate for 185-289 days is 4.5%
  • For 290 days to less than 1 year, it is 4.75%
  • For 1 year one day to less than 18 months, it is 5.15%
  • 18 months to 3 years it is 5.35%
  • Any FD with a tenure of 3-10 years is 5.50%

For senior citizens:

  • For a tenure of 7-29 days it is 3%
  • A tenure of 30-90 days it is 3.5%
  • For 91-184 days tenure it is 4.6%
  • The ICICI bank FD rate for 185-289 days is 5%
  • For 290 days to less than 1 year, it is 4.25%
  • For 1 year one day to less than 18 months, it is 5.65%
  • 18 months to 3 years it is 5.85%
  • 3-5 years the interest rate is 6%
  • Any FD with a tenure of 5-10 years id 6.3%

To calculate the maturity amount of an FD investment, one can use a fixed deposit calculator. Scripbox’s fixed deposit calculator is available online and is free to use.

Is PAN mandatory to open an ICICI Bank FD account?

A PAN card isn’t mandatory to open an ICICI Bank FD account. However, there are a few implications for the same.

  • Under section 206AA, TDS will be deducted at the rate of 20% instead of the regular 10%
  • The bank will not issue any TDS certificate.
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply.

Can I open an FD account without holding a bank account with ICICI Bank?

Yes, one can open an FD in ICICI Bank without having a bank account in ICICI. The individual has to submit the following documents for the same.

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

Can I take a loan against a fixed deposit?

ICICI Bank allows investors to take a loan against their FD investment. Investors get a bank loan up to 90% of FD amount. The interest rate on loan is 1-2% above the FD interest rate. The FD as collateral for the bank loan. The loan tenure is limited to the tenure of the FD. One cannot take a loan against tax saving FDs.

Loans such as loan against property (home loan), business loan, an education loan, etc., can be taken against an FD. The loan interest rate varies based on the bank and type of loan. One can always calculate their loan EMI using the loan EMI calculator. The loan EMI calculator works as a home loan calculator, personal loan calculator and car loan calculator. The investor can also use this EMI calculator in multiple scenarios by changing the car loan interest rate, personal loan interest rate, and home loan interest rate.

Does ICICI Bank offer Recurring Deposits?

Yes, ICICI Bank offers recurring deposits for its depositors. The recurring deposits have a minimum tenure of 180 days. The maximum tenure of the recurring deposit is ten years. Depositors can open an RD account either by going to the bank branch or online using net banking. Below are the ICICI Bank RD interest rates for different tenures.

TenureRegualr CitizensSenior Citizens
6 months4.10%4.60%
9 months4.50%5.00%
12 months5.15%5.65%
15 months5.15%5.65%
18 months5.35%5.85%
21 months5.35%5.85%
24 months5.35%5.85%
27 months5.35%5.85%
30 months5.35%5.85%
33 months5.35%5.85%
36 months5.35%5.85%
Above 3 years upto 5 years5.50%6.00%
Above 5 years upto 10 years5.50%6.30%

Note: ICICI Bank revises RD interest rates periodically 

Does ICICI Bank offer Recurring Deposits?

Yes, ICICI Bank offers recurring deposits for its depositors. The recurring deposits have a minimum tenure of 180 days. The maximum tenure of the recurring deposit is ten years. Depositors can open an RD account either by going to the bank branch or online using net banking. Below are the ICICI Bank RD interest rates for different tenures.

TenureRegualr CitizensSenior Citizens
6 months4.10%4.60%
9 months4.50%5.00%
12 months5.15%5.65%
15 months5.15%5.65%
18 months5.35%5.85%
21 months5.35%5.85%
24 months5.35%5.85%
27 months5.35%5.85%
30 months5.35%5.85%
33 months5.35%5.85%
36 months5.35%5.85%
Above 3 years upto 5 years5.50%6.00%
Above 5 years upto 10 years5.50%6.30%

Note: ICICI Bank revises RD interest rates periodically 

What are the tax implications of fixed deposits?

5-year tax saving FDs and FCNR FDs (NRI FD) are the only two FDs whose investment qualifies for tax exemption. However, all the FDs are subject to TDS of 10%. TDS is charged only if the interest earned is above INR 40,000 and (INR 50,000 for senior citizens).  To know the interest earned is above or below the TDS threshold limit, one can use multiple bank FD calculators available online.

One can use the Income Tax Calculator to calculate their tax liability. Scripbox’s Income Tax Calculator is online and free to use.

Frequently Asked Questions

What is the highest FD rate for ICICI Bank?

The highest ICICI bank FD rate is 5.5% for a regular investor for the tenure of 3 years to 10 years. For the same tenure, the senior citizen FD rate is 6%. Returns from ICICI Bank fixed deposits can be calculated using ICICI Bank FD calculators.
To calculate the maturity amount of an FD investment, one can use a fixed deposit calculator. Scripbox’s fixed deposit calculator is available online and is free to use. 

Can I deposit an additional amount in my FD account?

No, one cannot add an additional amount to the ICICI Bank FD once it is opened. However, if one wants to add an additional amount, then they will have to open a fresh FD.

How can I change the tenure of my existing fixed deposit account with ICICI Bank?

One cannot change the tenure of an existing FD. Once an FD is opened, the tenure cannot be changed. However, one can close the existing FD and start a new FD with the desired tenure.

What is cumulative FD and traditional FD?

Cumulative FD is an FD where interest is compounded monthly and paid at the time of maturity. The interest earns interest in cumulative FD. Traditional FD or non-cumulative FD is the one where interest is paid out monthly, quarterly, half-yearly, or annually as per the investor’s choice.

Is the penalty changed for early withdrawal?

Premature withdrawal of ICICI Bank FD schemes is allowed. However, one has to pay the penalty for the same. The penalty is in the form of interest. For ICICI the penalty is 0.5%-1%. The investors will earn 0.5%-1% less on their FD interest rate.

Published on July 28, 2020