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.
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.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator ICICI Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of ICICI Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the ICICI Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your ICICI Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
ICICI Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
ICICI Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
19th Jan 17 ICICI Bank targets to increase number of merchants on its electronic payment platform
ICICI Bank is trying to increase the number of merchants on its electronic payment platforms through its Point of Sale terminals and Easypay mobile application. The bank expects to increase the merchants using its electronic payment platform to 5 lakh. ICICI Bank has so far deployed 2.4 lakh Point of Sale terminals.
17th Jan 17 ICICI Bank blocks payments for its customers on Flipkart wallet PhonePe
ICICI Bank has blocked payments for its customers on Flipkart wallet PhonePe due to security concern on customer data. The bank has barred the payment services since 13th January, 2017.
13th Jan 17 ICICI Bank cuts base rate by 0.5 percent
ICICI Bank has reduced its base rate by 5 basis points to 9.25 percent as compared to 9.30 percent earlier. The rate is effective from 3rd January, 2017.
12th Jan 17 ICICI Bank successfully executes digitized invoice discounting transaction to offer low cost working capital loans to MSMEs
ICICI Bank has announced a successful execution of digitized invoice discounting transaction on Receivables Exchange of India (a TReDS exchange). The bank will operate as a financier in RXIL and offer low cost working capital loans to SMEs through invoice discounting. The initiative is expected to improve access to low cost financing for MSMEs.
03rd Jan 17 ICICI cuts MCLR by 70 basis points
ICICI Bank has reduced its overnight and three months marginal cost of lending rates to 8 and 8.10 percent respectively. The revised MCLR for six months now stands at 8.15 percent as compared to 8.85 percent earlier. Similarly, the bank has reduced its one year MCLR to 8.20 percent as compared to 8.90 percent earlier. The new rates are effective from 3rd January, 2017.
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