ICICI Bank

ICICI Bank FD Features and Benefits

• The minimum amount required to open a fixed deposit account is INR 10,000.

• The interest is compounded quarterly.

• Enjoy a flexible deposit tenure ranging from 7 days to 10 years.

• Overdraft against a regular fixed deposit is available.

• Premature/partial withdrawal is allowed in regular FDs.

Penalty on Premature Withdrawal

ICICI Bank allows premature withdrawals from fixed deposits to help investors meet their instant liquidity needs. It incurs a penalty on the interest rate applicable for the time the deposit is held with the bank. Deposits less than INR 5 crore attract a penalty of 0.50% and 1%, respectively, on premature withdrawals before a year and within 1-5 years. Premature withdrawals made in 5 years and above will account for a 1.50% interest penalty.

ICICI Bank FD Rates vs Other Bank FD Rates

Different Types of ICICI Bank FD Schemes

ICICI Bank offers various fixed deposits with different features and benefits. Let's have a look at each of them.

Regular Fixed Deposit

• You need to deposit a minimum of INR 10,000 to open this bank account.

• Enjoy a flexible deposit tenure ranging from seven days to 10 years.

• Earn interest compounded on a quarterly basis.

• An overdraft facility against a fixed deposit is available.

• Choose from a partial or premature withdrawal facility.

• You can open it through iMobile Pay, ATM, Internet Banking or at the nearest ICICI Bank branch.

Standalone Fixed Deposit

• This fixed deposit does not require opening an ICICI Bank savings account.

• The minimum deposit amount required is INR 10,000.

• You need to stay invested for a minimum of six months.

• No branch visits are required.

• Open an account online.

• A premature withdrawal facility whenever you need it.

Monthly Payout FD

• The minimum amount required to open this account is INR 10,000.

• You need to stay invested for a minimum of three months.

• The maximum tenure allowed for this FD is 10 years.

• Earn fixed monthly interest payouts.

• It's a good plan for retirees seeking a monthly income option.

• Both partial and premature FD withdrawal options are available.

Tax Saver FD

• Enjoy tax deductions of up to INR 1.5 lakh in a financial year under Section 80C of the Income Tax Act.

• Invest a minimum of INR 10,000 to open this FD account.

• The tenure for this FD is five years.

• Interest payout options are monthly and quarterly.

• A principal reinvestment option is also offered.

• No premature withdrawal and auto renewal facility is available.

Money Multiplier FD

• This is a savings account linked fixed deposit account.

• Enjoy enhanced liquidity of a savings account and earn high returns of an FD.

• The minimum tenure for this account is one year.

• Balances exceeding INR 10,000 in a savings bank account will be transferred into a fixed deposit.

• Once the balance falls below INR 10,000, the FD account will be broken and get back to the savings account, helping you adhere to minimum balance requirements.

• You need to deposit a minimum of INR 5,000 for this account.

Term-wise ICICI Bank Fixed Deposit Rates

Short-term Fixed Deposit Rates

ICICI Bank fixed deposit interest rates for a period of up to a year range from 3.00%-7.40% per annum.

Medium-term Interest Rates

ICICI Bank offers interest rates of 6.70%-7.85% per annum for 1-5 years to fixed deposit investors.

Long-term Interest Rates

The interest rates for a period of 5-10 years range from 5.00%-7.40% per annum.

How to Invest in an ICICI Bank FD?

You can invest in ICICI Bank FDs using any of the following ways -

Internet Banking

• Log in to your account using your User ID and password.

• Go to the 'FD Form' page.

• Choose your investment amount and tenure.

• Select the interest payout or reinvestment option

• Pay the required amount online to book your ICICI Bank FD account.

Mobile Banking

• Download the iMobile Pay app online.

• Visit the 'FD Form Page'.

• Select your investment amount and tenure.

• Choose from monthly and quarterly interest payout options.

• If you want an accumulation of interest, choose the interest reinvestment option.

• Make the payment online to book an FD account with ICICI Bank.

Offline Method

• Visit the nearest ICICI Bank branch.

• Ask the bank official to hand you a fixed deposit application form.

• Fill in the details correctly in the form, including your name, address, contact details, nomination, maturity instructions, etc.

• Hand over the form along with the fixed deposit cheque to the concerned bank official.

• Upon successful verification and cheque realisation, your ICICI FD account will be opened.

Documents Required to Open an ICICI Bank FD Account

Identity Proof

Any One of

• PAN Card

• Aadhaar Card

• Voter ID

• Passport

• A Government-issued NREGA Card

• A Letter from the National Population Register

Address Proof

Any One of

• Aadhaar Card

• Voter ID

• Passport

• A Government-issued NREGA Card

• A Letter from the National Population Register

• Electricity, Telephone, Mobile, Water, Piped Gas, Water Bill for Not More Than 2 Months

• Property Tax or Municipal Tax Receipt Collected within a Year

• An Accommodation Allotment Letter from the Employer Issued by the Central or State Governments, Regulatory or Statutory Bodies, Financial Institutions, Scheduled Commercial Banks and Listed Companies

• Leave and Licence Agreement with Any of These Employers

• Pension or Family Pension Payment Orders Issued to Retired Employees by the PSU or Government Units Provided They Contain the Address

Note - PAN Card is mandatory for fixed deposits worth INR 50,000 and beyond.

ICICI Bank Fixed Deposit Sweep-in

ICICI Bank provides a fixed deposit sweep-in facility through a Money Multiplier Fixed Deposit Account. Here are its salient features -

• It's a savings bank account with a linked fixed deposit.

• As an investor, you get the liquidity of a savings account while earning higher interest rates applicable to a fixed deposit.

• As the savings account balance exceeds INR 10,000, it will convert into a fixed deposit that earns you higher interest.

• When the balance falls below INR 10,000, the money swept into an FD account will be returned to the savings bank account, helping investors maintain the minimum balance requirements.

• The minimum amount required to open this account is INR 5,000.

Eligibility to Open an ICICI Bank FD Account

Any of the following is eligible to open an FD account with ICICI Bank.

• Resident Indians

• Non-resident Indians (NRIs)

• Hindu Undivided Families (HUFs)

• Sole Proprietorship Firms

• Partnership Firms

• Limited Companies

• Trust Accounts

• Minors (Through Guardians)

Tax on ICICI Bank Fixed Deposit

• ICICI Bank offers a tax saver fixed deposit account that helps you garner tax deductions of up to INR 1.5 lakh in a financial year under Section 80C of the Income Tax Act.

• You need to invest a minimum of INR 10,000 in an ICICI Bank tax saver FD account.

• The tenure for this FD account is five years.

• Interest payout intervals - Monthly and Quarterly

• A principal reinvestment option is available.

• You can't avail of a premature withdrawal or auto renewal facility.

Loan Against ICICI Bank FD

ICICI Bank grants you an overdraft against a fixed deposit account to help you meet your liquidity needs. You can get up to 90% of the fixed deposit value as an overdraft. There is no processing or foreclosure fee applicable to this facility. Get an overdraft at attractive interest rates for a smooth repayment experience.