ICICI Bank Fixed Deposit
Last Updated : April 16, 2020, 11:21 p.m.
Fixed deposits are one of the investment products offered by banks for all working as well as non-working professionals and individuals. As the name suggests, a fixed deposit is a deposit wherein the person has to fix a certain amount of money for a particular tenure. The maximum and minimum limit of the amount, interest rate, and tenure are subject to change from one bank to another. Being one of the leading private banks in India, ICICI Bank that provides a range of banking products. ICICI Bank Fixed Deposit is one of the most preferred products among customers of all.
ICICI Bank FD Interest Rates April 2024
Fixed deposits are available to general as well as senior citizens with one of the highest interest rates on the Fixed Deposit account. The fixed deposit scheme of ICICI bank is available with a premature withdrawal facility as well as without a premature withdrawal facility. What this means is that you can withdraw the amount before the maturity date if you like to. The highest interest rate on the FD for general depositors with the amount less than ₹ 2 Crore is 6.40% per annum and for senior citizens, it is 6.90% per annum. Senior Citizens will get an extra 0.50% on every tenure.
ICICI Bank Fixed Deposit (with premature withdrawal facility)
Interest rates on Domestic, NRO & NRE deposits on Less than ₹2 Crore
| Tenure | Interest Rates (in % Per Annum) | |
|---|---|---|
| General | For Senior Citizens | |
| 7 days - 14 days | 4 | 4.5 |
| 15 days - 29 days | 4.25 | 4.75 |
| 30 days - 45 days | 4.75 | 5.25 |
| 46 days - 60 days | 5.25 | 5.75 |
| 61 days - 90 days | 5.25 | 5.75 |
| 91 days - 120 days | 5.25 | 5.75 |
| 121 days - 184 days | 5.25 | 5.75 |
| 185 days - 289 days | 5.75 | 6.25 |
| 290 days - less than 1 Year | 6 | 6.5 |
| 1 Year - 389 days | 6.2 | 6.7 |
| 390 days - less than 18 months | 6.3 | 6.8 |
| 18 months - less than 2 years | 6.3 | 6.8 |
| 2 Years - 10 Years | 6.4 | 6.9 |
| 5 Years Tax Saver FD (Max upto ₹ 1.50 lakhs) | 6.4 | 6.9 |
Interest rates on Domestic, NRO & NRE deposits on ₹2 Crore and above
| Tenure | Interest Rates (in % Per Annum) |
|---|---|
| 7 days - 14 days | 4 |
| 15 days - 29 days | 4 |
| 30 days - 45 days | 4.25 - 4.50 |
| 46 days - 60 days | 4.50 - 5.00 |
| 61 days - 90 days | 4.50 - 5.00 |
| 91 days - 120 days | 4.75 - 5.00 |
| 121 days - 184 days | 4.75 - 5.00 |
| 185 days - 270 days | 4.75 - 5.50 |
| 271 days - less than 1 Year | 5.00 - 5.75 |
| 1 Year - 2 years | 5.00 - 6.00 |
| 2 years 1 day - less than 3 years | 5.00 - 6.20 |
| 3 years 1 day - 5 years | 5.00 - 6.30 |
| 5 years 1 day upto 10 years | 5.00 - 6.10 |
ICICI Bank Fixed Deposit (without premature withdrawal facility)
Interest rates on Domestic, NRO & NRE deposits on ₹2 Crore and above
| Tenure | Interest Rates (in % Per Annum) |
|---|---|
| 7 days - 14 days | 4 |
| 15 days - 29 days | 4 |
| 30 days - 45 days | 4.5 |
| 46 days - 60 days | 5 |
| 61 days - 90 days | 5 |
| 91 days - 120 days | 5.1 |
| 121 days - 184 days | 5.1 |
| 185 days - 270 days | 5.6 |
| 271 days - less than 1 Year | 5.85 |
| 1 Year - 2 years | 6.1 |
| 2 years 1 day - less than 3 years | 6.3 |
| 3 years 1 day - 5 years | 6.4 |
| 5 years 1 day upto 10 years | 6.2 |
ICICI Bank FD Plans
Traditional Plan
In this ICICI fixed deposit plan, the depositor can earn interest on a monthly or quarterly basis as per his/her convenience with the maturity period between 7 days to 10 years. The minimum amount of investment is ₹ 10,000 for general individuals while for minors, it is only ₹2,000. Here are the details of this plan.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 10,000 for General Individuals and ₹ 2,000 for Minors |
| Maximum Investment Amount | No Upper Ceiling |
| Minimum Tenure | 7 Days |
| Maximum Tenure | 10 Years |
| Partial Withdrawal | Available in multiples of ₹ 1,000 |
| Premature Withdrawal | Permitted (With 0.50% to 1.5% penalty charged) |
| TDS | Applicable (If Interest paid by bank exceeds ₹ 10,000) |
| Interest Payout Frequency | Monthly or Quarterly Payout as per your choice |
| Loan Facility | Available upto 90% of principal and accrued interest |
| Auto-renewal Facility | Available |
| Nomination Facility | Available |
Reinvestment Plan
In this FD plan by ICICI bank, the interest is compounded on a quarterly basis and reinvested in the principal amount with a maturity period ranging from 6 months to 10 years. You can have a detailed look at this plan below.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 10,000 for General Individuals and ₹ 2,000 for Minors |
| Maximum Investment Amount | No Upper Ceiling |
| Minimum Tenure | 6 Months |
| Maximum Tenure | 10 Years |
| Partial Withdrawal | Available in the multiples of ₹ 1,000 |
| Premature Withdrawal | Permitted (With 0.50% to 1.5% penalty charged) |
| TDS | Applicable (If Interest paid by bank exceeds ₹ 10,000) |
| Interest Payout Frequency | Compounded Quarterly and Reinvested with the principal amount |
| Loan Facility | Available upto 90% of principal and accrued interest |
| Auto-renewal Facility | Available |
| Nomination Facility | Available |
ICICI Bank FD Calculator
An FD calculator is an amazing tool with the help of which a depositor can have an estimate about the maturity value of the deposit. With the help of this calculator, the depositor can get an idea about the overall profit on the deposited amount at the chosen maturity period. Other than this, it also becomes easier for the depositor to decide the investment amount and tenure if the present hike in the amount is not so attractive as per expectation.
Here is an example of the FD of ₹ 10,000 for a period of 10 years and the chosen option of interest is quarter compounding. At ICICI bank, the interest on the deposit with the above data is 6.50% p.a. So, the total amount after 10 years comes out to be ₹ 19,056.
| Year | Interest Rate (% per annum) | Opening Balance (in ₹) | Interest Earned (in ₹) | Closing Balance (in ₹) |
|---|---|---|---|---|
| 1 | 6.5 | 10000 | 666 | 10666 |
| 2 | 6.5 | 10666 | 710 | 11376 |
| 3 | 6.5 | 11376 | 758 | 12134 |
| 4 | 6.5 | 12134 | 808 | 12942 |
| 5 | 6.5 | 12942 | 862 | 13804 |
| 6 | 6.5 | 13804 | 919 | 14723 |
| 7 | 6.5 | 14723 | 981 | 15704 |
| 8 | 6.5 | 15704 | 1046 | 16750 |
| 9 | 6.5 | 16750 | 1116 | 17866 |
| 10 | 6.5 | 18766 | 1190 | 19056 |
How to Apply for ICICI Fixed Deposit
Now you have got enough information about the fixed deposit plans by ICICI, then you must want to know about how you can apply for it. Well, ICICI Bank has provided a totally hassle-free process through which you can apply both online and offline. Here are the steps to follow for opening an FD account at ICICI Bank.
- First of all, Download the application form from the official website of ICICI Bank.
- Fill up the application form with the required details.
- Select the deposit option between traditional and reinvestment plan.
- Enter the ICICI Bank ATM/Debit card no. and PIN.
- Fill the FD details.
- Pay online with another bank VISA Debit Card and authenticate using 3D secure- VBV (Verified by Visa)
Eligibility Criteria and Documents Required
In order to apply for an ICICI FD plan, you need to be eligible. And, for that. there are certain documents that you have to submit. You can have a look at both of them in the below-given table.
| Eligibility | Required Documents | |
|---|---|---|
| Identity Proof | Address Proof | |
| Resident Indian | PAN Card Passport Voter ID Card Photo Ration Card Driving Licence Government ID Card Senior Citizen Card | Telephone Bill Passport Electricity Bill Bank Statement Cheque Certificate ID/ Card issued by Post Office |
What are Some Amazing Features of ICICI Bank FD?
- The minimum amount of deposit is ₹ 10,000 for all the general individuals. But, minors can open a fixed deposit plan with a minimum amount of ₹ 2,000.
- You can enjoy the tenure ranging from 7 days to 10 years.
- You can have a partial withdrawal in multiples of ₹ 1,000 anytime you want.
- Senior citizens can enjoy an extra 0.50% interest rate on all fixed deposit plans.
- With the Automatic renewal facility, you don’t have to remember to renew your FD plan.
- You can opt for Premature withdrawal by paying the panel charges for this facility.
- You can also get an additional interest if you do not withdraw the amount before maturity.
- ICICI Bank also provides a nomination facility to the customers.
- You can also apply for a Loan facility against your FD up to 90% of the principal and accrued interest.
ICICI Bank Money Multiplier Plan
As the name simply suggests, this scheme helps depositor in getting the high earnings of a fixed deposit plan with as well as the liquidity of savings account. You can achieve this by applying for an FD linked to the savings account. You can have a look at the following benefits.
High returns: With the help of this ICICI Bank multiplier scheme, a depositor can get a higher rate of interest. The Fixed Deposit will be in the multiples of ₹ 5,000 for a tenure of a year or more. You can choose this tenure by yourself. You can choose through the ICICI Bank branch or phone banking or Internet Banking for the creation of FD. You can use the surplus funds in your savings account with the minimum balance of ₹ 10,000. This way, your money in the savings account never sits unused.
Maximum Liquidity: The depositor is free to withdraw the funds from the savings account from the ATM or internet banking or through cheque. In this scheme, all linked FD will be enabled for automatic Reverse Sweep in multiples of ₹ 5,000 on a Last-In-First-Out (LIFO) basis when the balance in the Savings Account falls below ₹ 10,000. Apart from this, the reverse swept amount will earn interest rates at the applicable rate for the period that the deposit was held initially. All the remaining amount will continue to earn higher interest at the original rate given to the FD plan.
Auto-Renewal: You don’t need to remember the exact date of renewal. Because the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit.
A Quick Review of ICICI Bank Money Multiplier Plan
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 10,000 |
| Maximum Investment Amount | ₹ 1,50,00 |
| Tenure | 5 Years |
| Premature Withdrawal | Not Permitted |
| Loan Facility | Not Available |
| Auto-renewal Facility | Available |
| Nomination Facility | Applicable |
