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ICICI FD Interest Rates

ICICI FD Rates 2020

Last Updated 21st Sep 2020

ICICI Bank is one of most reliable FD providers amongst a number of FD providers in the market. ICICI Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on ICICI Bank FD is 5.50%. Latest ICICI Bank FD interest rate for senior citizens, on the other hand ranges between 3.00% to 6.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 90 days 3.00% 3.50%
91 days to 184 days 4.10% 4.60%

ICICI Fixed Deposit (FD)

ICICI Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of ICICI Bank FD are:

  • Deposit Amount: ICICI Bank FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.50% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate: 3.00% to 6.00% p.a.
  • Highest Interest Rate: As per today’s rate, ICICI Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of ICICI Bank Deposits: ICICI Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: ICICI Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposit, ICICI Bank Tax Saving Fixed Deposit, Security Deposits, Money Multiplier Fixed Deposit, Flexi Deposit Scheme

ICICI Bank Best FD Plan

We need to compare tenure wise latest FD rate of ICICI Bank to choose the tenure at which it provides the highest interest rate. ICICI Bank FD rates are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current FD rate of interest is 5.50% p.a

If one is looking to invest in short term deposits with ICICI Bank, FD interest rates range from 2.50% p.a. to 4.75% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term ICICI Bank FD rates for senior citizens range from 3.00% to 5.25% p.a.

If one is looking to invest in long term deposits, ICICI Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of ICICI Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in ICICI Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in ICICI Bank

  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque

FD in ICICI Bank – Premature Withdrawal

Premature closure of Term Deposit with ICICI Bank is along with the lower interest rate of 0.50%-1% than the contracted rate. The penal provisions for premature closure on ICICI Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit ICICI Bank

ICICI Bank offers loan up to 90% against its own deposit. Note that ICICI Bank will not give you loan against FD of any other bank. ICICI Bank offers Loan against FD at the rate of 3.5% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in ICICI Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at ICICI Bank

To open a Fixed Deposit account in ICICI Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the ICICI Bank FD after reading the terms and conditions.

Nomination Facility on ICICI Bank FD

ICICI Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a ICICI Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

ICICI Bank Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Loan facility upto 90 per cent is available on the deposit
  • Nomination facility available
  • Earn higher returns on the money deposited
  • Interest on deposit is paid only at the time of the maturity

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, partnership firm and trust
ICICI Bank Tax Saving Fixed Deposit

Description:

  • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
  • Offers the convenience to choose between traditional plan and reinvestment plan
  • Nomination facility available
  • Availability of auto renewal facility
  • Interest on deposit is paid only at the time of the maturity
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961

Who is eligible?

  • Resident Indians, non resident Indians and senior citizens above 60 years of age
Security Deposits

Description:

  • This deposit scheme has been designed to help employees of corporates to make contributions into their savings account in the form of fixed deposit. The amount deposited under security deposits can be withdrawn with the consent of the company.
  • Interest is compounded quarterly on this deposit
  • Earn higher returns on the money deposited
  • Interest on deposit is subject to TDS
  • The fixed deposit is available in a single mode of operation
  • Offers a flexible time period to invest

Who is eligible?

  • Employees/recruits of corporates
Money Multiplier Fixed Deposit

Description:

  • This deposit scheme gives you the liquidity of a savings account coupled with high earnings of a?fixed deposit by creating a fixed deposit linked to a savings account.
  • Loan facility upto 90 per cent is available on the deposit
  • Nomination facility available
  • Interest on deposit is paid only at the time of the maturity
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
Flexi Deposit Scheme

Description:

  • ICICI Bank Flexi deposit scheme merges the fixed deposit with a savings or a current account. However, it is important to maintain a minimum balance in the savings or current account. A minimum of Rs 10,000 is required for a savings account and Rs 20,000 for a current account.
  • The Flexi fixed deposit allows one to invest funds as per their choice; thus, any minimum amount can be invested.
  • Apart, investors also have the ability to invest funds as per the tenure of their choice.

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

FAQs

What is the highest FD rate for ICICI Bank?

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

Are there any special rates for senior citizens FD of ICICI Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.50%. Compared to this, the rate of senior citizens FD are in the range of 3.00% to 6.00%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with ICICI Bank?

The minimum deposit amount required to book an FD with ICICI Bank is ₹ 10,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in ICICI Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in ICICI Bank?

The documents required to open an FD account in ICICI Bank includes Identity Proof: PAN Card, Voter ID Card, Passport, Driving License, Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque.

Is it possible to change the tenure of my existing fixed deposit account with ICICI Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with ICICI Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in ICICI Bank?

Current interest for FD in ICICI Bank ranges between 2.50% - 5.50%.

Can a customer open a FD account online in ICICI Bank?

Yes, you can submit your application for opening a FD account on the website of ICICI Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in ICICI Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.50%. For ICICI Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13


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.
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