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 10000, 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.
02nd Dec 16 ICICI Bank reduces its MCLR by 5 basis points
ICICI Bank has reduced its overnight and three months marginal cost of lending rate by 5 basis points to 8.70 and 8.80 percent respectively. ICICI Bank has also reduced its one year lending rate to 8.90 percent from 8.95 percent earlier. Revised rates are effective from 1st December, 2016.
30th Nov 16 ICICI Bank fixed deposit rates cut by 55 basis points
ICICI Bank has reduced its one year bulk fixed deposit (more than Rs. 1 crore) rate by 55 basis points. The revised fixed deposit rate of ICICI Bank is now 6 percent. New rates are effective from 29th November, 2016.
29th Nov 16 ICICI Bank to transform 100 villages into digital villages
Given the trend of going cashless in payments and transactions post demonetization, ICICI Bank has decided to transform 100 villages into digital villages across the country in 100 days. Under the plan, the bank will work towards providing cashless payment system, vocational training and credit linkages to the villagers.
18th Nov 16 ICICI Bank fixed deposits rate cut by 15 to 25 basis points
ICICI Bank has reduced its fixed deposits rates by 25 basis points to 7 percent for one year to 389 days. Fixed deposits rate for 390 days to two years tenure is also reduced by 15 basis points to 7.10 percent from 7.25 percent. The revised fixed deposits rates for two to five year ICICI Bank FD are now 7 percent instead of 7.25 earlier. New rates would be effective from 17th November, 2016.
08th Nov 16 ICICI profit rises modestly as bad loans surge
ICICI Bank reported a modest 2 percent rise in net profit in September quarter to Rs. 3,102 crores. Bank posted its highest quarterly increase in bad loans in ten years. ICICI gross NPAs more than double to Rs. 32,158 crores from Rs. 15,857 crores in the same quarter last year.
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