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ICICI Home Finance FD - Scheme, Eligibility, Documents

ICICI Home Finance Fixed Deposit Highlights

Last Updated 01st Mar 2021

ICICI Home Finance 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 4.30% to 6.45%
Minimum Tenure 1 Year
Maximum Tenure 10 Years
Deposit Amount Rs. 10.000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    ICICI Home Finance FD

    ICICI Home Finance is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 1 Year to 10 Years. Apart from that, ICICI Home Finance FD offers regular returns on fixed deposits ranging between 4.30% to 6.45%. For senior citizens, the interest rates on fixed deposits range between 4.55% to 6.70%. In addition to that, ICICI Home Finance fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of ICICI Home Finance Fixed Deposit Schemes

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

    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

    Eligibility:

    • Indian residents above the age of 18 years is eligible

    Benefits of ICICI Home Finance FD

    ICICI Home Finance 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 Home Finance 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 Home Finance offers FD rates up to 6.45%. The interest rates offered on ICICI Home Finance 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. As ICICI Home Finance is a HFC, deposits are not covered under insurance. However, credit rating agencies give ratings to your deposits, which give a good understanding of savings. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, ICICI Home Finance 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 Home Finance fixed deposit allows one to borrow a secured loan against ICICI Home Finance FD. Benefits of Loan Against FD of ICICI Home Finance are as follow:
      • Loan against FD of ICICI Home Finance 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 Home Finances flexible repayment options.
      • The processing fee of Loan Against FD in the ICICI Home Finance is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: ICICI Home Finance FD offers the investors the flexibility to choose the investment tenure as per their convenience. ICICI Home Finance offers fixed deposit for a minimum tenure of 1 Year up to a maximum tenure of 10 Years. ICICI Home Finance offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, ICICI Home Finance 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 Home Finance FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with ICICI Home Finance 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 Home Finance 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 Home Finance fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for ICICI Home Finance FD

    ICICI Home Finance 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 Home Finance FD

    ICICI Home Finance 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 Home Finance FD

    Credit Cards againstICICI Home Finance 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 Home Finance 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 Home Finance?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. ICICI Home Finance 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 Home Finance?

    ICICI Home Finance 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 Home Finance?

    The minimum amount required for a fixed deposit investment in ICICI Home Finance fixed deposit is Rs. 10.000.

    What is the current interest rate on FD in ICICI Home Finance?

    Currently, ICICI Home Finance offers an interest rate ranging between 4.30% to 6.45% on its fixed deposits.

    What is the penalty for early withdrawal in ICICI Home Finance?

    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 Home Finance?

    ICICI Home Finance fixed deposit can be opened with a minimum tenure of 1 Year. The tenure of the ICICI Home Finance fixed deposits ranges from 1 Year to 10 Years.

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

    In how many years FD doubled in the ICICI Home Finance?

    The time ICICI Home Finance 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 Home Finance FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a ICICI Home Finance fixed deposit account?

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

    Is the ICICI Home Finance safe for FD?

    Yes, the ICICI Home Finance is one of the safest avenues for any investments. ICICI Home Finance 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 Home Finance?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from ICICI Home Finance 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 Home Finance News - Jul 2021
    • 2021-03-01 : ICICI Home Finance revised its FD rates
      With effect from 25 February 2021 ICICI Home Finance Revised its FD rates. The FD rate for 12 to 24 months is 4.30%, for 24 to 36 months it is 5.55% and stands at 5.95% for 36 to 48 months. Further, the rate for 48 to 60 months is 6.20%; for 60 to 72 months it is 6.25% and stands at 6.45% for 72 to 120 months.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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