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ICICI FD - Scheme, Eligibility, Documents

ICICI Bank Fixed Deposit Highlights

Last Updated 14th Jul 2021

ICICI Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.50% to 5.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    ICICI Bank FD

    ICICI Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, ICICI Bank FD offers regular returns on fixed deposits ranging between 2.50% to 5.50%. For senior citizens, the interest rates on fixed deposits range between 3.00% to 6.30%. In addition to that, ICICI Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of ICICI Bank Fixed Deposit Schemes

    Different type of ICICI Bank term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • 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

    Eligibility:

    • 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

    Eligibility:

    • 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

    Eligibility:

    • 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.

    Eligibility:

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

    Benefits of ICICI Bank FD

    ICICI Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about ICICI Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, ICICI Bank offers FD rates up to 5.50%. The interest rates offered on ICICI Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, ICICI Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because ICICI Bank fixed deposit allows one to borrow a secured loan against ICICI Bank FD. Benefits of Loan Against FD of ICICI Bank are as follow:
      • Loan against FD of ICICI Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the ICICI Banks flexible repayment options.
      • The processing fee of Loan Against FD in the ICICI Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: ICICI Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. ICICI Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. ICICI Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, ICICI Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000. Apart from that, one can invest in the ICICI Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with ICICI Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from ICICI Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of ICICI Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for ICICI Bank FD

    ICICI Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for ICICI Bank FD

    ICICI Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against ICICI Bank FD

    Credit Cards againstICICI Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against ICICI Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in ICICI Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. ICICI Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under ICICI Bank?

    ICICI Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 10,000.

    What is the minimum amount for a fixed deposit in ICICI Bank?

    The minimum amount required for a fixed deposit investment in ICICI Bank fixed deposit is Rs. 10,000.

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

    Currently, ICICI Bank offers an interest rate ranging between 2.50% to 5.50% on its fixed deposits.

    What is the penalty for early withdrawal in ICICI Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in ICICI Bank?

    ICICI Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the ICICI Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my ICICI Bank 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 KYC documents and Passport size photos.

    In how many years FD doubled in the ICICI Bank?

    The time ICICI Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the ICICI Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a ICICI Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in ICICI Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the ICICI Bank safe for FD?

    Yes, the ICICI Bank is one of the safest avenues for any investments. ICICI Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the ICICI Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from ICICI Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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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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