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ICICI Home Finance FD Calculator

ICICI Home Finance Fixed Deposit Interest Calculator

Last Updated 01st Mar 2021

ICICI Home Finance FDs have tenures ranging from 72 months to 120 months with maximum rate of interest of 6.45%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.70%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
12 months to 23 months 29 days 4.30% to 4.55% ₹ 1,04,370 - ₹ 1,09,453
24 months to 35 months 29 days 5.55% to 5.80% ₹ 1,11,654 - ₹ 1,18,833
36 months to 47 months 29 days 5.95% to 6.20% ₹ 1,19,385 - ₹ 1,27,875
48 months to 60 months 6.20% to 6.45% ₹ 1,27,902 - ₹ 1,37,703
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ICICI Home Finance Fixed Deposit Calculator

ICICI Home Finance 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 Home Finance. Bank may allow higher interest rate on larger deposits. ICICI Home Finance 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 Home Finance 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 Home Finance is 6.45% for deposit amount below Rs. 2 crore corresponding to a deposit tenure of 72 months to 120 months.
  • 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 4.30% for a 72 months FD and a rate of 6.45% for a 120 months 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 360 days at an interest rate of 4.30%. In this case, the maturity amount at the end of 360 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 Home Finance calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

ICICI Home Finance Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, ICICI Home Finance 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 Home Finance 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 Home Finance depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on ICICI Home Finance FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of ICICI Home Finance FD.

Suppose if you make an investment of ₹ 1,00,000 in ICICI Home Finance FD for a 5-year tenure at an interest rate of 6.45% for depositors below 60 years and 6.70% for senior citizens. The maturity amount for this deposit amount is ₹ 1,37,703 and the total interest earned is ₹ 37,703 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 39,407 which is higher. The maturity schedule of ICICI Home Finance FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 6.45% for Citizens below 60 years and at 6.70% 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
2021 ₹ 3,251 ₹ 1,03,251 ₹ 3,378 ₹ 1,03,378
2022 ₹ 6,823 ₹ 1,10,074 ₹ 7,102 ₹ 1,10,480
2023 ₹ 7,273 ₹ 1,17,347 ₹ 7,590 ₹ 1,18,070
2024 ₹ 7,754 ₹ 1,25,101 ₹ 8,112 ₹ 1,26,182
2025 ₹ 8,266 ₹ 1,33,367 ₹ 8,669 ₹ 1,34,851
2026 ₹ 4,336 ₹ 1,37,703 ₹ 4,555 ₹ 1,39,406

ICICI Home Finance 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 Home Finance 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

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What is the highest interest earned on ICICI Home Finance fixed deposit?

You can earn a maximum interest of 6.45% on ICICI Home Finance fixed deposit.

How is ICICI Home Finance FD interest calculated?

The formula to calculate interest on ICICI Home Finance 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 Home Finance?

The growth of ICICI Home Finance 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 Home Finance 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 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in ICICI Home Finance.

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

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

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ICICI Home Finance News - Jul 2021
  • 2021-03-01 : ICICI Home Finance revised its FD rates
    With effect from 25 February 2021 ICICI Home Finance Revised its FD rates. The FD rate for 12 to 24 months is 4.30%, for 24 to 36 months it is 5.55% and stands at 5.95% for 36 to 48 months. Further, the rate for 48 to 60 months is 6.20%; for 60 to 72 months it is 6.25% and stands at 6.45% for 72 to 120 months.
*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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