ICICI FD Calculator
ICICI FD calculator is a tool that helps in estimating the returns from an FD investment. The ICICI FD calculator determines the maturity amount along with interest earned on the FD investment. The tool is available online and is simple to use. In this article, we have covered the ICICI Bank FD calculator, its benefits and ICICI FD interest calculation in detail.
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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.
Convenience: Depositors can open their FD scheme investments at their convenience. In other words, one can open the deposit account either through net banking or by visiting the nearest bank branch.
Types of ICICI bank fixed deposits
- 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
What is an ICICI FD Calculator?
ICICI FD calculator is a tool that helps in estimating the potential returns from an FD investment. It calculates the maturity amount as well as the interest earned on the FD. The tool is available online, and one has to enter the following details in the ICICI FD calculator:
Investment amount: It is the initial amount an investor wants to invest in the FD.
Interest rate: The interest rate is the return one can expect on an FD. Individual banks set the rate.
FD period: The tenure of an FD investment is the FD period. Investors must stay invested in the FD for this tenure.
Compounded: Investors can choose when they want to receive interest on their FD. It can be regularly (monthly, quarterly, semi-annually, or annually) or directly at the time of maturity.
The calculator gives the following outputs for the inputs entered.
Total investment: It is the initial investment made in the FD.
Wealth gained: It is the interest earned on the FD investment.
Total corpus created: It is the sum total of total investment and wealth gained. It is the maturity amount that one will receive after the investment tenure ends.
The following are the benefits of using an FD calculator:
Simple and easy to use: ICICI FD calculator is a simple tool. It is user friendly, and one can easily use it to calculate the returns from an FD investment.
Saves time: ICICI FD calculator performs complex calculations within seconds and saves the time of investors.
Accurate results: The results of the calculator are quite accurate with a zero chance of error.
Comparison: One can compare the results of the calculator of multiple FDs and choose the one that best suits their goals.
Future planning: Since, the calculator estimates the future value of an FD investment, it enables an investor to plan his/her investments and financial goals.
Free to use: The calculator is a free tool and is available online. One can use it multiple times to calculate their potential return from FD investments.
How does an ICICI FD Calculator work?
The ICICI FD calculator is available online and one can use it for free. To determine the maturity value, one has to enter a few basic details like investment amount and interest rate. The calculator uses the future value formula to determine the value of an investment. Let's understand how the ICICI Bank FD calculator works with an example.
Ms Vidya wants to invest INR 2,50,000 in a Fixed Deposit scheme for a period of ten years. The ICICI bank FD interest rate is 5.50%. Also, she wishes to receive the interest amount annually. The maturity value using the ICICI FD calculator for the investment is as follows:
Following are the calculator inputs:
Investment amount: INR 2,50,000
Interest Rate: 5.50%
FD period: 10 years
With the above inputs, the calculator computes the following:
Total Investment: INR 2,50,000
Wealth Gained: INR 1,77,036
Total Corpus Created: INR: 4,27,036
The investment of INR 2,50,000 made today at 5% interest per annum would be INR 4,27,036 in ten years. The interest income for Ms Vidya will be INR 1,77,036.
Formula to calculate fixed deposit maturity value
The FD calculator uses the future value formula to determine the maturity value.
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n - Number of times the interest is compounded
t - Investment tenure
How is FD 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).
ICICI Bank FD interest rates
The average interest rate for Indian banks is 5%. However, for ICICI fixed deposit schemes, following are the interest rates:
The ICICI Fixed Deposit rates for regular citizens:
- For an FD tenure ranging between 7 days to 29 days, it is 2.5%
- For the tenure ranging between 30 days to 90 days, it is 3%
- The FD rate for 91 to 184 days is 3.5%
- For 185 to 364 days, it is 4.4%
- One year to 17 months 29 days it is 5%
- From 18 months to 2 years it is 5.1%
- From 2 years one day to 3 years, it is 5.15%
- Three years to 5 years it is 5.35%
- Any FD with a tenure of 5-10 years is 5.5%
ICICI bank offers 0.5% additional interest rate for senior citizens on all their FDs. The ICICI Fixed Deposit rates are as follows:
- For an FD tenure ranging between 7 days to 29 days, it is 3%
- For the tenure ranging between 30 days to 90 days, it is 3.5%
- The FD rate for 91 to 184 days is 4%
- For 185 to 364 days, it is 4.9%
- One year to 17 months 29 days it is 5.5%
- From 18 months to 2 years it is 5.6%
- From 2 years one day to 3 years, it is 5.65%
- Three years to 5 years it is 5.85%
- Any FD with a tenure of 5-10 years is 6.3%
What are the documents required to open a Fixed Deposit account in ICICI Bank?
The documents required to open an FD in ICICI Bank are:
- 2 Photographs
- Address proof as per KYC norms. (Aadhar Card, PAN Card, Driving License, Voter ID Card, and Passport)
- Identity Proof as per KYC norms. (Aadhar Card, PAN Card, Driving License, Voter ID Card, and Passport)
- Senior Citizen ID Card (for senior citizens)
- Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
- Any other documents as applicable for HUF, partnership, company, association, institution and proprietorship.
In addition to the above documents, one has to fill the ICICI FD application form.
Also, only eligible investors can invest in ICICI Bank FD. The eligibility criteria for investing in ICICI Bank FD is:
- Resident Individual
- NRIs and PIOs (Non Resident Indians and Persons of Indian Origin)
- Associations or institutions
- Partnership Firms
- Private and Public Companies
To calculate the maturity amount of an ICICI FD investment, one can use the ICICI fixed deposit calculator. Scripbox's ICICI fixed deposit calculator is available online and is free to use.
Fixed Deposits are the most popular investment option as they guarantee returns. However they lack liquidity. Investors can instead choose debt mutual funds that offer higher returns than FDs and at the same time offer high liquidity to the investment.
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.
How are FDs Taxed?
Interest on fixed deposits is taxable as per the individual's respective income tax slab rate. Additionally, a TDS is cut on the interest. The TDS rate is 10% and 20% if PAN card is not provided. The TDS threshold limit is INR 40,000 (INR 50,000 for senior citizens) from AY 2020-2021.Furthermore, investment in tax saving FDs qualify for tax exemption under Section 80C of the Income Tax Act. Another FD that qualifies for tax saving is FCNR FD (NRI FD).One can use Scripbox's Income Tax Calculator to determine their taxable income. Also, they can determine the amount of taxes they can save by investing in different tax saving schemes.
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 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.ICICI offers loans such as business loans, loans against property (home loan), education loans, etc., against an FD. One can use the Scripbox loan EMI calculator to calculate their loan EMI amount. This loan EMI calculator works as a car loan EMI calculator, home loan EMI calculator, and personal loan EMI calculator. The investor can also use this EMI calculator in multiple scenarios by changing the home loan interest rate, car loan interest rate, and personal loan interest rate.
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.
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