• Plan
  • Fixed Deposit Calculator
  • ICICI Bank FD Calculator

ICICI FD Calculator

With the ICICI FD Calculator, you can calculate the maturity amount for a fixed deposit in the ICICI Bank. The FD Calculator estimates the amount you will get once the ICICI Deposit matures. You need to input the following information, investment amount, tenure and compounding period to determine the ICICI Bank Fixed Deposit interest and maturity amount.

ICICI Fixed Deposit Features

ICICI FD is one of the popular savings schemes amongst investors who prefer fixed income with low risk. The following are the features of this savings scheme:

  • Guaranteed Returns: ICICI Bank FD schemes offer guaranteed income at a fixed interest rate.
  • Tenure: The deposits tenure ranges from 7 days to 10 years
  • Minimum Deposit Amount: The minimum amount to open an FD account is INR 10,000 and INR 2,000 for minors.
  • Maximum Amount: There is no limit on the maximum deposit amount.
  • Fixed Deposit rates: The ICICI bank fixed deposit interest rate ranges between 2.50% to 5.50% p.a.
  • Senior Citizens FD Rate: ICICI bank offers higher fixed deposit interest rates for its senior citizen depositors. The interest rate varies between 3% to 6% p.a.
  • Interest Payouts: Depositors have an option to choose their interest payout frequency (monthly or quarterly).
  • Safety: The Deposit Insurance Scheme insures the ICICI Bank deposits up to INR 5,00,000.
  • Loan against FD: ICICI Bank allows its depositors to avail a loan against their FDs. This is to help the investors meet their financial gaps without having to withdraw or break the deposit.
  • Nomination Facility: ICICI Bank fixed depositors can nominate beneficiaries while opening the account.
  • Auto-Renewal: ICICI bank provides an auto-renewal facility of the fixed deposit account.

What is an ICICI FD Calculator?

An ICICI FD Calculator is a simple tool that helps in estimating the returns from an ICICI FD. It calculates the wealth gained and maturity amount that investors might receive if they invested in the ICICI FD Scheme. The ICICI FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.
ICICI FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the ICICI fixed deposit calculator only provides an estimation of wealth that one can earn based on the inputs provided. It doesn’t guarantee any returns. The ICICI FD calculator is a simple tool available online for free. It can be used multiple times to estimate the returns from an ICICI FD investment.

How to use the ICICI FD Calculator?

Investor’s always check the return from an investment before investing. Investors understand it better when it’s in terms of money rather than in terms of percentage. Using an ICICI FD calculator will help them estimate the return from the investment and make well-informed decisions. The ICICI FD calculator is an easy-to-use tool and requires simple inputs to give the required outputs. There are two ways one can estimate the returns from FD investment using Scripbox ICICI FD Calculator, and they are the invest amount approach and target amount approach.

Investment Amount Approach

Following are steps that you can follow to use the ICICI FD Calculator using the Investment Amount Approach:

  • Firstly, enter the investment amount that you intend to invest in the ICICI FD scheme.
  • Now, enter the tenure of the investment. For ICICI FD, the tenure usually varies from 7 days to 10 years.
  • Then, use the slider to select the interest rate on the ICICI FD.
  • Lastly, select the compounding frequency from the available alternatives. Compounding frequency is the number of times the interest earns interest in a year.

The ICICI FD calculator automatically shows the interest and maturity amount. The ICICI FD calculator shows a tabular format of the interest earned each year along with the opening and closing balance. Moreover, the ICICI FD calculator gives a graphical representation of the initial investment and maturity amount.

Target Amount Approach

While the investment amount approach requires you to enter the investment amount, the target amount approach estimates the investment amount based on the amount you expect from the ICICI FD investment. Following are the steps that you need to follow to use the ICICI FD Calculator using the Target Amount Approach:

  • Firstly, select how you want to receive the interest from ICICI FD, as a regular income or in a lump sum.
  • Secondly, enter the target amount you want to receive from ICICI FD investment.
  • Lastly, enter the during, interest rate and compounding frequency that the ICICI FD offers.
  • The ICICI FD calculator gives the investment amount needed to achieve the target and estimates the interest you might earn. Moreover, the ICICI FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.

Benefits of using ICICI FD Calculator

Investors can make well-informed decisions and choose the right investment options when they align their goals with the investment’s objective. By knowing how much will an investment reap, an investor will know if they will achieve their goal or not. An ICICI FD Calculator will help estimate the maturity amount from the investment and enable investors to make a well-informed decision. Following are the benefits of using the ICICI FD Calculator:

  • Easy to use: The ICICI FD calculator is a simple tool and is very easy to use. The investor has to just enter the necessary inputs and get the output. The ICICI FD calculator also has sliders to adjust the tenure and interest rate, making it very flexible to use in multiple scenarios.
  • Free to use: The ICICI FD calculator is available online and is free to use multiple times.
  • Comparing results: Investors can use the ICICI deposit calculator to compare results by tweaking the interest rate or tenure to see which scenario will help them reach their goals. They can also compare the results of the ICICI FD Calculator with the returns from other investments and see which investment gives higher returns. For example, an investor who wants to compare the results of the ICICI FD investment with PPF can use the Scripbox PPF Calculator and ICICI FD Calculator.
  • Report: Scripbox ICICI FD Calculator provides a downloadable report with a detailed analysis of the investment regarding payout and wealth gained.

How is ICICI Bank interest calculated?

Let us understand how one can calculate ICICI FD interest with the following example.
Ms Kirti wants to invest an amount of INR 4 lakhs in ICICI bank FD for a tenure of 7 years. The interest rate for seven years is 5.5%. She wants the interest at the time of maturity.
To calculate ICICI FD interest amount and maturity value, one can use the FD formula.
A = 400000* (1+5.5%/1)^(1*7)
A = INR 5,81,872
The maturity amount for Ms Kirti is INR 5,81,872
Also, the interest earned is INR 1,81,872
ICICI bank offers a higher interest rate on FD than its saving account. Investors can choose the frequency of interest payment. The interest is taxable in the hands of the investor at their respective tax slab rates. Also, a TDS of 10% is cut on interest income above INR 40,000 (50,000 for senior citizens).

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 5 years one day to 10 years. For the same tenure, the senior citizen FD rate is 6.3%. Returns from ICICI Bank fixed deposits can be calculated using ICICI Bank FD calculators.
One can use a fixed deposit calculator to calculate the maturity amount of an FD investment. Scripbox’s ICICI fixed deposit calculator is available online and is free to use.

Is there a Premature withdrawal facility available with ICICI?

Yes, a premature withdrawal facility for ICICI Bank FDs is available. However, one has to pay the penalty to avail the same. The penalty is in the form of interest. For ICICI the penalty is 0.5%-1%. This means the investors will earn 0.5%-1% less on their FD interest rate if their FDs are prematurely withdrawn.

Does ICICI provide Loan against FD?

Yes, ICICI Bank provides a loan against FD accounts. Investors can take a loan up to 90% of the FD amount. The interest rate on the loan is 1-2% above the ICICI FD Interest Rate, and the bank uses a fixed deposit as collateral for the loan. Also, the loan tenure is limited to the tenure of the FD. One cannot take a loan against tax-saving FDs.

Discover Fixed Deposit in Detail

Start investing in fixed deposits based on various categories provided by top banks

FD Interest Calculators

Top Bank FD Calculator

Learn more about FDs

Knowledgebase on fixed deposit in India