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ICICI Bank FD Calculator

ICICI Bank Fixed Deposit Calculator 2020

Last Updated 21st Sep 2020

ICICI Bank FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.00%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 2.50% to 3.00% ₹ 1,00,048 - ₹ 1,00,115
15 days to 29 days 2.50% to 3.00% ₹ 1,00,103 - ₹ 1,00,238
30 days to 45 days 3.00% to 3.50% ₹ 1,00,247 - ₹ 1,00,432
46 days to 90 days 3.00% to 3.50% ₹ 1,00,378 - ₹ 1,00,863
ICICI Bank FD Maturity Calculator
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ICICI Bank Fixed Deposit Calculator

ICICI Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. ICICI Bank offers deposit amount in the range of 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 5.50% 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 2.50% for a 3 years 1 day FD and a rate of 5.50% 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
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.50%. 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 tax saving scheme to save tax on fixed deposit.

ICICI Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of ICICI Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in ICICI Bank FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. The maturity schedule of ICICI Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at % for Citizens below 60 years and at % 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
2020 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2021 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2022 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2023 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2024 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2025 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000

ICICI Bank FD Calculator Formula

Along with 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

FAQs

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

You can earn a maximum interest of 5.50% on ICICI Bank fixed deposit.

How is ICICI Bank FD interest calculated?

The formula to calculate interest on ICICI Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. 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.


ICICI News - Sep 2020
  • 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.
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-05-21 : ICICI Bank launched special FD for senior citizens with higher interest
    ICICI Bank has introduced a special fixed deposit scheme for senior citizens named ICICI Bank Golden Years FD. It offers an interest rate of 6.55% per annum, which is 80 bps more than what is applicable to the general public for the same deposit amount and tenor. The scheme was launched to assist the senior citizens amid reduced interest rate regime due to the economic crisis.
  • 2020-05-15 : ICICI Bank revised FD rates
    ICICI Bank changed its FD rates effective from 11 May 2020. The FD rate for 7 to 14 days is 3.25%, the rate for 15 to 29 days is 3.50%, and it stands at 3.75% for 30 to 45 days. Further, the fixed deposit rate for 46 to 184 days is 4.25%, for 185 to 289 days is 4.75% and for 290 days to less than one year it is 5.25%. The rate for one year to less than 18 months is 5.70%, and for 18 months to upto ten years it is 5.75%
  • 2020-03-31 : ICICI Bank introduced ICICIStack
    ICICI Bank introduced ICICIStack; customers can now undertake almost all banking services digitally. ICICIStack’ offers the first digital service that enables instant opening of savings to account along with an instant FD or instant PPF, among others.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More