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ICICI Home Finance FD Interest Rates

ICICI Home Finance FD Rates 2021

Last Updated 21st Sep 2020

ICICI Home Finance is one of most reliable FD providers amongst a number of FD providers in the market. ICICI Home Finance 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 Home Finance FD is 6.50%. Latest ICICI Home Finance FD interest rate for senior citizens, on the other hand ranges between 6.25% to 6.75%.

Tenure FD interest rates Senior Citizen FD interest rates
12 months to 23 months 29 days 6.00% 6.25%
24 months to 35 months 29 days 6.20% 6.45%
30 months 6.30% 6.55%
36 months to 47 months 29 days 6.30% 6.55%
45 months 6.45% 6.70%
Earn upto 6.95% on FD APPLY NOW

ICICI Home Finance Fixed Deposit Features

ICICI Home Finance 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 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 65 months.
  • Interest Rate Range: 6.00% p.a. to 6.50% p.a.
  • Senior Citizens FD Rate: 6.25% to 6.75% p.a.
  • Highest Interest Rate: As per today’s rate, ICICI Home Finance’s highest interest rate on FD is 6.50% offered for a tenure of 65 months.
  • Safety of SBI 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

ICICI Home Finance Best FD Plan

We need to compare tenure wise latest FD rate of ICICI Home Finance to choose the tenure at which it provides the highest interest rate. ICICI Home Finance FD rates are best for the deposits with a tenure of 65 months to 65 months, wherein the current FD rate of interest is 6.50% p.a

If one is looking to invest in long term deposits, ICICI Home Finance FD interest rates with tenure of 5 years to 120 months are a good choice with interest rates on deposits with a tenure of 120 months at 6.35%. Senior citizens are offered special rates from bank with highest deposit rates of 6.60% p.a. on long term FDs.

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

  • Application form and full KYC documents required

ICICI Home Finance Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with ICICI Home Finance is along with the lower interest rate of 1 than the contracted rate. 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.

Loan against Fixed Deposit ICICI Home Finance

ICICI Home Finance offers loan 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 7% to 7.5%

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 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 availed for 1 month only. The amount he repays after 1 month is ₹ 75,000. So, the interest charged on the loan taken is ₹ 0.

FD Account Opening Process at ICICI Home Finance

To open a Fixed Deposit account in ICICI Home Finance, 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 Home Finance FD after reading the terms and conditions.

Nomination Facility on ICICI Home Finance FD

ICICI Home Finance 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 Home Finance fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

ICICI Home Finance Fixed Deposit Scheme

Fixed Deposits

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

FAQs

What is the highest FD rate for ICICI Home Finance?

You can earn a maximum interest of 6.50% on ICICI Home Finance fixed deposit.

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 6.00% to 6.50%. Compared to this, the rate of senior citizens FD are in the range of 6.25% to 6.75%.

What are the current ICICI Home Finance FD interest rates 2021?

Current interest for FD in ICICI Home Finance ranges between 6.00% - 6.50%.

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.

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 Home Finance?

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 Home Finance?

The documents required to open an FD account in ICICI Home Finance includes Application form and full KYC documents required.

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

  • 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 a FD account online in ICICI Home Finance?

Yes, you can submit your application for opening a FD account on the website of ICICI Home Finance. 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 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 with the 6.50%. For ICICI Home Finance FD the number of years in which your FD will get doubled is; 72/6.50 = 11


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