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ICICI FD Calculator

ICICI Bank Fixed Deposit Calculator 2022

Last Updated 20th Jan 2022

ICICI Bank FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 4.70%. Interest rates for senior citizens are higher than the normal rates and ranges upto 4.70%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 2.75% 2.75% ₹ 1,00,053 - ₹ 1,00,105
15 days to 29 days 2.75% 2.75% ₹ 1,00,113 - ₹ 1,00,218
30 days to 45 days 3.00% 3.00% ₹ 1,00,247 - ₹ 1,00,370
46 days to 90 days 3.00% 3.00% ₹ 1,00,378 - ₹ 1,00,740
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ICICI Bank Fixed Deposit Calculator

ICICI Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in ICICI Bank. Banks may allow a higher interest rate on larger deposits. ICICI Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. ICICI Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by ICICI Bank is 4.70% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.75% for a 3 years 1 day FD and a rate of 4.70% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.75%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      ICICI Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

ICICI Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, ICICI Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a ICICI Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is ICICI Bank FD Rate Calculated?

ICICI Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

ICICI Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in ICICI Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on ICICI Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in ICICI Bank FD for a 5-year tenure at an interest rate of 4.70% for depositors below 60 years and 4.70% for senior citizens.The maturity schedule of ICICI Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 4.70% for Citizens below 60 years and at 4.70% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 4,783 ₹ 1,04,783 ₹ 4,783 ₹ 1,04,783
2023 ₹ 5,012 ₹ 1,09,795 ₹ 5,012 ₹ 1,09,795
2024 ₹ 5,252 ₹ 1,15,047 ₹ 5,252 ₹ 1,15,047
2025 ₹ 5,503 ₹ 1,20,550 ₹ 5,503 ₹ 1,20,550
2026 ₹ 5,766 ₹ 1,26,316 ₹ 5,766 ₹ 1,26,316

ICICI Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on ICICI Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on ICICI Bank fixed deposit?

You can earn a maximum interest of 4.70% on ICICI Bank fixed deposits.

How many years FD will double in ICICI Bank?

The growth of ICICI Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in ICICI Bank FD.You can also use ICICI Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in ICICI Bank.

What are the minimum and maximum amounts that I can invest in an ICICI Bank FD?

The minimum investment limit in ICICI Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from ICICI Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 0.50%-1% of FD amount for premature withdrawal.

How can I calculate ICICI Bank premature FD amount?

To calculate premature FD amount you can use ICICI Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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ICICI News - Jan 2022
  • 2021-12-24 : ICICI Bank Revises Fixed Deposit Rates
    ICICI Bank has revised fixed deposits of more than Rs 2 Cr from December 23, 2021. As a result, the rates are in the range of 2.50 per cent to 4.60 per cent.
  • 2021-06-30 : ICICI Bank has extended senior citizen special FD scheme till September 2021
    Amid the Covid pandemic last year, SBI, HDFC, ICICI and Bank of Baroda had introduced special FD schemes for senior citizens for the tenure of 5 years and more. These special fixed deposit (FD) schemes for senior citizens have been extended till 30 September 2021.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2020-10-15 : ICICI Bank revised its FD rates
    ICICI Bank revised its FD rates effective from 11 october 2020. The FD rate for 7 to 29 days is 2.50%, the rate for 30 to 90 days is 3%, and it stands at 3.50% for 91 to 184 days, for 185 to less than 1 year it is 4.40% and for 1 year to less than 18 months it is 5%. The rate for 18 months to two years is 5.10%, and for 2 years 1 day to 3 years is 5.15%. The rate for 3 year one day to 5 years is 5.35% and it stands at5.50% for 5 years one day to 10 years.
  • 2020-09-17 : ICICI Bank changed its Fixed deposit rates
    ICICI Bank changed its FD rates effective from 11 September 2020. The FD rate for 7 to 29 days is 2.50%, the rate for 30 to 90 days is 3%, and it stands at 3.50% for 91 to 120 days. Further, the fixed deposit rate for 121 to 184 days is 3.50%, for 185 to less than 1 year it is 4.40% and for 1 year to less than 18 months it is 5%. The rate for 18 months to two years is 5.10%, and for 2 years 1 day to 3 years is 5.15%. The rate for 3 year one day to 5 years is 5.35% and it stands at5.50% for 5 years one day to 10 years.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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