ICICI Home Finance FD Interest Rates 2022

ICICI Home Finance 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 Home Finance Fixed Deposit are:

• Deposit Amount : ICICI Home Finance FD can be opened with an amount as a low ₹ 10 to up to No Limit.
• FD Tenure : Ranges between 12 months to 120 months.
• Interest Rate Range : 4.30% p.a. to 6.45% p.a.
• Senior Citizens FD Rate : 4.55% p.a to 6.70% p.a.
• Highest Interest Rate : As per today’s rate, ICICI Home Finance’s highest interest rate on FD is 6.45% offered for a tenure of 120 months.
• Safety of ICICI Home Finance Deposits : ICICI Home Finance is a HFC and hence, its deposits are not covered under insurance. However, deposits of HFC are rated by rating agencies, which give a good understanding of your savings. AAA or AA rated deposits are considered have the highest safety
• Loan against FD : As per the policy of ICICI Home Finance. To be confirmed at the time of opening a FD.
• Auto- Renewal Facility : Available
• Nomination Facility : Available
• Popular FD Schemes : Fixed Deposits

Interest rates on ICICI Home Finance deposits are updated regularly by the Government of India. The following are updated ICICI Home Finance FD interest rates 2022:

Tenure	Interest Rate
12 months to 23 months 29 days	4.30%
24 months to 35 months 29 days	5.55%
36 months to 47 months 29 days	5.95%
48 months to 60 months	6.20%
60 months to 72 months	6.25%
72 months to 120 months	6.45%

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, ICICI Home Finance offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in ICICI Home Finance 2022 are as follows:

Tenure	Interest Rate for senior citizens
12 months to 23 months 29 days	4.55%
24 months to 35 months 29 days	5.80%
36 months to 47 months 29 days	6.20%
48 months to 60 months	6.45%
60 months to 72 months	6.50%
72 months to 120 months	6.70%

You can close your ICICI Home Finance FD account prematurely, however ICICI Home Finance charges a penalty of 1 for premature withdrawal. Also, The penal provisions for premature closure on ICICI Home Finance FD are subject to change from time to time and may also vary with deposit schemes.

ICICI Home Finance 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 Home Finance FD account. The nominee has to submit his/her identification proof at the time of claim.

Description:

• ICICI Home Finance offers FD to their customers to park their surplus savings for a fixed tenure. Under this, customer is required to make a lumpsum deposit once into their FD account at the time of opening of the account. It is a safe and secure investment and offers an attractive interest rate.
• AAA ratings by CRISIL, ICRA and CARE
• Online Paperless process
• Option to earn monthly interest
• Additional interest rate of 0.25% to senior citizens
• Loan against Fixed deposits available

Who is eligible?

• Indian residents above the age of 18 years is eligible

To earn ₹ 32,250 per lakh on an online FD for 60 months:-

• Investment Amount - ₹ 1,00,000
• FD Interest Rate - 6.45%
• Tenure - 60 months
• Calculation formula - Simple interest
• Interest Payout - ₹ 32,250
• FD Maturity Amount - ₹ 1,32,250

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

• Application form and full KYC documents required
• Age proof (Birth certificate, matriculation certificate, etc,)
• Passport size photographs
• Bank A/c details

To open an ICICI Home Finance Fixed Deposit, follow the steps as mentioned below:

• Visit the official website of ICICI Home Finance 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 Home Finance FD after reading the terms and conditions.

ICICI Home Finance offers loans up to 75% against its own deposit. Note that ICICI Home Finance will not give you loan against FD of any other bank. ICICI Home Finance offers Loan against FD at the rate of 5.3% to 7.45%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in ICICI Home Finance. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 75% against his FD at 10% interest rate. Now, if the borrower draws ₹ 75,000 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 ₹ 75,000 available for 1 month only. The amount he repays after 1 month is ₹ 75,000. So, the interest charged on the loan taken is ₹ 0.

✅What is the highest fixed deposit interest rate for ICICI Home Finance?

You can earn a maximum interest of 6.45% on ICICI Home Finance fixed deposit deposits for a tenure of 10 months.

✅Are there any special rates for senior citizens FD of ICICI Home Finance?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 4.30% to 6.45%. Compared to this, ICICI Home Finance senior citizens FD are in the range of 4.55% to 6.70%.

✅What are the current ICICI Home Finance FD interest rates 2022?

Current interest for FD in ICICI Home Finance ranges between 4.30% - 6.45%. for different tenure.The highest rate is offered on a tenure 6.70 months/years. For senior citizens the interest rates ranges bweteen 4.55% - 6.70%.

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

The minimum deposit amount required to book an FD with ICICI Home Finance is ₹ 10 and there is no limit for maximum amount.

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

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 Home Finance 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 Home Finance?

Yes, you can submit your application for opening an FD account on the website of ICICI Home Finance. 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 Home Finance?

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 6.45%. For ICICI Home Finance FD the number of years in which your FD will get doubled is; 72/6.45 = 11

✅What is the interest of 1 lakh in the ICICI Home Finance?

The interest on ICICI Home Finance fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 6.45% for tenure and banks offer senior citizens little more, which is 6.70%.