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ICICI FD Interest Rates 2021

ICICI FD Interest Rates

Last Updated 14th Jul 2021

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 6.30%.

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 3.50% 4.00%
Earn upto 6.95% on FD APPLY NOW

ICICI Fixed Deposit Features

ICICI Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of ICICI Bank Fixed Deposit 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% p.a to 6.30% 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 FD Interest Rates Today

Interest rates on ICICI Bank deposits are updated regularly by the Government of India. The following are updated ICICI Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 2.50%
15 days to 29 days 2.50%
30 days to 45 days 3.00%
46 days to 90 days 3.00%
91 days to 184 days 3.50%
185 days to 289 days 4.40%
290 days to 364 days 4.40%
390 days to 17 months 29 days 4.90%
18 months to 2 years 5.00%
1 year to 389 days 4.90%
2 years 1 day to 3 years 5.15%
3 years 1 day to 5 years 5.35%
5 years 1 day to 10 years 5.50%

ICICI Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, ICICI Bank offers a higher interest rate to senior citizens than the general public. Listed below are the ICICI Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 90 days 3.50%
91 days to 184 days 4.00%
185 days to 289 days 4.90%
290 days to 364 days 4.90%
390 days to 17 months 29 days 5.40%
18 months to 2 years 5.50%
1 year to 389 days 5.40%
2 years 1 day to 3 years 5.65%
3 years 1 day to 5 years 5.85%
5 years 1 day to 10 years 6.30%

Best FD Plan as per ICICI Bank FD Rates

To invest in ICICI Bank fixed deposit, you must compare ICICI Bank Fixed Deposit Rates for varying tenures. ICICI Bank FD Interest Rates 2021 are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current ICICI Bank Fixed Deposit Interest Rates is 5.50 p.a.

If you are looking to invest in short term deposits with ICICI Bank, the interest rate of ICICI Bank for FD ranges from 2.50% p.a. to 4.40% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term ICICI Bank Fixed Deposit Rates for senior citizens range from 3.00% to 4.90% p.a.

If you want to invest in long term deposits, ICICI Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.50%.ICICI Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.30% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in ICICI Bank:

  • Interest on deposit is paid only at the time of the maturity
  • ICICI Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is 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
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

ICICI Bank Fixed Deposit Rates – Premature Withdrawal

You can close your ICICI Bank FD account prematurely, however ICICI Bank charges a penalty of 0.50%-1% for premature withdrawal. Also, 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 loans 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 a 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 available 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 an ICICI Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of ICICI Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the ICICI Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in ICICI Bank, you can visit the official website and login to your account. Choose the 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 also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an ICICI Bank FD account. The 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 fixed deposit interest 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, ICICI Bank senior citizens FD are in the range of 3.00% to 6.30%.

What are the current ICICI Bank FD interest rates 2021?

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

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.

Did ICICI Bank increase FD rates in 2021?

Presently, ICICI Bank offers personal loans at an interest rate starting at 5.50%. There has been no change in personal loan rates of ICICI Bank for a long time and continue to stand at 5.50%.

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

  • Your 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

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

Yes, you can submit your application for opening an FD account on the website of ICICI Bank. After submitting the application, you will be contacted by the bank’s representative for the 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 the 5.50%. For ICICI Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13

What is the interest of 1 lakh in the ICICI Bank?

The interest on ICICI Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the ICICI Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 2.50%
15 days to 29 days 2.50%
30 days to 45 days 3.00%
46 days to 90 days 3.00%
91 days to 184 days 3.50%
185 days to 289 days 4.40%
290 days to 364 days 4.40%
390 days to 17 months 29 days 4.90%
18 months to 2 years 5.00%
1 year to 389 days 4.90%
2 years 1 day to 3 years 5.15%
3 years 1 day to 5 years 5.35%
5 years 1 day to 10 years 5.50%


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ICICI News - Jul 2021
  • 2021-06-30 : ICICI Bank has extended senior citizen special FD scheme till September 2021
    Amid the Covid pandemic last year, SBI, HDFC, ICICI and Bank of Baroda had introduced special FD schemes for senior citizens for the tenure of 5 years and more. These special fixed deposit (FD) schemes for senior citizens have been extended till 30 September 2021.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2020-10-15 : ICICI Bank revised its FD rates
    ICICI Bank revised its FD rates effective from 11 october 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 184 days, 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.
  • 2020-09-17 : 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.
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