ICICI Bank Senior Citizen FD Rates

What is the ICICI Bank Senior Citizen FD?

An ICICI Senior Citizen FD is a special fixed deposit scheme for individuals aged 60 and above. You deposit a fixed amount for a chosen tenure and earn guaranteed returns at ICICI Bank FD interest rates, which are typically higher than regular FD rates. The applicable rate depends on factors like the investment amount and tenure selected, based on your financial goals.

While a 5-year lock-in plan offers stability and may qualify for tax-saving benefits under Section 80C, investors often compare these returns with the latest senior citizen FD rates across other banks to ensure they're getting the best possible returns for their retirement corpus.

ICICI Bank Senior Citizen FD Rates: Highlights

ICICI Bank FD Rates for Senior Citizens

Below are the ICICI Bank Senior Citizen FD rates across various tenures:

Senior Citizen FD Rates ICICI Bank (Less Than ₹3 Crores)

*ICICI Senior citizens FD interest rates w.e.f. July 1, 2026

Senior Citizen FD Rates ICICI Bank (₹3 Crores to ₹5 Crores)

*ICICI Senior citizens FD interest rates w.e.f. July 1, 2026

How to Open an ICICI Senior Citizen FD?

Opening an ICICI Bank FD senior citizens is simple and convenient. You can open it online or by visiting your nearest ICICI Bank branch.

1. Online Method

   If you have Internet Banking or iMobile Pay access with ICICI Bank:

   • Step 1: Net Banking and iMobile Application: Log in to your ICICI Bank account using your credentials
   • Step 2: Search for FD Options: Go to the “Accounts & Deposits” section and select “Open Fixed Deposit.”
   • Step 3: Enter the Amount: Enter the deposit amount and select the desired tenure.
   • Step 4: Select Interest Payment Option: Choose “Senior Citizen FD” and select your interest payout mode
   • Step 5: Add Nominee: Provide nominee details, review the information, and confirm.
   • Step 6: Confirmation: Your FD will be opened instantly, and you will receive confirmation via SMS and email.

2. Offline Method

   If you prefer to open it at a branch:

   • Step 1: Go to the nearest branch: Visit the nearest ICICI Bank branch.
   • Step 2: Fill Application Form: Request and fill out the Fixed Deposit application form.
   • Step 3: Submit Documents: Submit valid age proof, one passport-size photo, and your ICICI account details.
   • Step 4: Make Payment: Deposit cash or a cheque.
   • Step 5: Collect Receipt: Once processed, the bank will provide a receipt confirming FD creation.

Eligibility to Open an ICICI Bank Senior Citizen FD Account

The following candidates are eligible to open an FD for senior citizens in ICICI Bank:

• Must be 60 years or older
• Must be a resident of India
• Can open the account individually or jointly

Documents Required to Open an ICICI Bank Senior Citizen FD Account

The documents required to open an ICICI Bank Senior Citizen FD account are:

• Proof of Identity (Aadhaar Card, PAN Card, Passport, etc.)
• Proof of Address (Utility bill, Aadhaar, Passport, etc.)
• Proof of Age (Any document showing date of birth)
• Recent Passport-sized Photograph
• PAN Card

Key Benefits of ICICI Bank Senior Citizen FD

ICICI Bank offers a range of benefits to senior citizens. The following are some of the important benefits provided to senior citizens:

• Safe Investment Option: The ICICI Bank FD scheme is one of the best investment options for senior citizens, as it helps secure your money and provides a fixed income stream, especially during your retirement years.
• Flexible Tenure Options: Senior citizens can choose deposit periods with ICICI Bank ranging from 7 days to 10 years, depending on their financial needs.
• Autorenewal Facility: Senior citizens who may find it difficult to visit the branch can opt for automatic FD renewal. The deposit will be renewed at the prevailing interest rate, and they can also provide clear instructions on the renewal amount or duration, as per their preference.
• Interest Payout Options: ICICI Bank offers senior citizens three ways to receive interest: Monthly Payout, where interest is credited every month at a slightly lower rate; Quarterly Payout, where interest is credited every three months; and Cumulative (Reinvestment), where interest is added to the deposit every quarter and paid in full at maturity. This flexibility helps senior citizens choose a payout method that suits their income needs.
• Sweep-in and Sweep-out (Money Multiplier): ICICI Money Multiplier allows senior citizens to link their ICICI savings account to a fixed deposit. Extra money above ₹10,000 is moved to an FD (sweep-in) to earn higher interest, and if the balance drops, funds are pulled back (sweep-out). This helps senior citizens earn better returns while keeping their money accessible.
• Tax Benefits (Tax-Saving FD): Senior citizens investing in a 5-year tax-saving FD can claim deductions up to ₹1.5 lakh under Section 80C of the Income Tax Act, making it a dual-purpose option for saving and tax planning.
• Higher TDS Exemption Limit: Senior citizens enjoy a higher TDS exemption threshold on FD interest income compared to regular depositors, and can submit Form 15H to avoid TDS deduction.
• Loan Against FD: Senior citizens can avail a loan or overdraft against their ICICI FD to meet urgent financial needs, without breaking the deposit or losing accrued interest.

Taxation on ICICI Bank Senior Citizen FD Interest

TDS (Tax Deduction at Source): As of April 1, 2025, banks will only deduct TDS if the total interest you earn in a financial year from all your deposits exceeds ₹1 lakh. The standard rate is 10%.

Tax-Saver FDs: If you invest in an ICICI tax-saving FD, you get a tax deduction on the amount you invest under Section 80C, but the interest you earn on it is still taxable.

Key Takeaways

ICICI Bank Senior Citizen FD offers 0.50% higher interest rates than regular FDs, with flexible payout options and tenures ranging from 7 days to 10 years. Open to Indian residents aged 60 and above, this FD is a secure way to grow your savings with guaranteed returns, and deposits are insured up to ₹5 lakh under the DICGC scheme. Senior citizens can also access funds early if needed or take a loan against FD without breaking the deposit. Explore different FD rates to find the best option for your financial goals.