ICICI Senior Citizen FD Rates 2025

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, offering higher interest rates than regular FDs. ICICI Bank also offers a Tax-Saver FD for senior citizens, which comes with a 5-year lock-in period and allows tax deduction benefits under Section 80C of the Income Tax Act.

ICICI Bank offers flexible payout options for senior citizens, monthly, quarterly, semi-annual, or cumulatively. Those who prefer regular earnings can choose periodic payouts, while others can go for the cumulative option to receive the total interest at maturity. To see the latest returns on these deposits, you can check the current ICICI Bank FD interest rates.

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:

• 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 give clear instructions about 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 Bank’s 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.

ICICI Bank FD Rates for Senior Citizens

Below are the ICICI Bank Fixed Deposit interest rates across different tenures for senior citizens:

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

*ICICI Bank FD interest rates w.e.f. June 4, 2025

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

*ICICI Bank FD interest rates w.e.f. June 4, 2025

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

*ICICI Bank FD interest rates w.e.f. June 4, 2025

How to Open an ICICI Senior Citizen FD?

Opening an ICICI Senior Citizen Fixed Deposit 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:

   • Log in to your ICICI Bank account through Internet Banking or the iMobile Pay app.
   • Go to the “Accounts & Deposits” section and select “Open Fixed Deposit.”
   • Enter the deposit amount and select the desired tenure.
   • Choose “Senior Citizen FD” and select your interest payout mode – cumulative or regular.
   • Provide nominee details, review the information, and confirm.
   • Your FD will be opened instantly, and confirmation will be sent via SMS and email.

2. Offline Method

   If you prefer to open it at a branch:

   • Visit the nearest ICICI Bank branch.
   • Request and fill out the Fixed Deposit application form.
   • Submit valid age proof (like Aadhaar, PAN, or Voter ID), one passport-size photo, and your ICICI account details.
   • Make the deposit via cash or cheque.
   • Once processed, the bank will provide a receipt confirming FD creation.

Taxation on ICICI Bank Senior Citizen FD Interest

Interest earned on ICICI Bank Senior Citizen Fixed Deposits is fully taxable and added to your total income under the Income Tax Act. It is taxed according to your applicable income slab. From April 1, 2025, TDS is deducted only if the total interest earned in a financial year exceeds ₹1 lakh. If your income is below the taxable limit, you can submit Form 15H to avoid TDS. Senior citizens are also eligible for a deduction of up to ₹50,000 under Section 80TTB on interest income from bank and post office deposits. ICICI Bank's Tax-Saver FD qualifies for deduction under Section 80C, but the interest earned on it remains taxable.

Key Takeaways

The ICICI Senior Citizen FD provides higher interest rates compared to regular fixed deposits, with rates varying based on tenure, deposit amount, and type, callable or non-callable. It offers flexible interest payout options and clear terms for premature withdrawal. In callable FDs, premature withdrawal is allowed, while non-callable FDs offer slightly higher interest but cannot be withdrawn before maturity. These features make it a structured and reliable savings choice for senior citizens.