Is 5-year FD tax-free?

No, a 5-year FD is not tax-free. Interest earned on FDs is subject to taxation as per income tax rules.

Can we withdraw tax saver FD before maturity in ICICI?

No, tax-saver FDs typically come with a lock-in period, and premature withdrawal is not allowed.

What are the benefits of a tax saver FD?

The benefits include tax savings under Section 80C of the Income Tax Act, fixed returns, and safety of investment.

What is the difference between FD and tax saver FD?

The main difference is that tax-saver FDs offer tax benefits under Section 80C, have a lock-in period, and don't allow premature withdrawals, whereas regular FDs do not have these specific tax-saving features and offer more flexibility in terms of withdrawal.

ICICI Bank Tax Saver FD

ICICI Bank Tax Saver FD is a fixed deposit scheme that offers tax benefits under Section 80C of the Income Tax Act. It lets you save on taxes while earning a fixed interest rate for 5 years. You can invest a minimum of Rs. 10,000 and get tax benefits on the investment amount.

Returns as high
as 7.1%^##

Includes life cover

Completely Tax free^{^}

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9.7 Crore

Registered Consumer

Insurance Partners

4.9 Crore

Policies Sold

In-built life cover

Get Guaranteed returns upto 7.1%* With Life Cover

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We are rated⁺⁺

9.7 Crore

Registered Consumer

Insurance Partners

4.9 Crore

Policies Sold

What is ICICI Tax Saver FD (Fixed Deposit)?

ICICI Tax Saver FD, also known as the 5-Year Tax Saving FD, is an efficient financial product for tax planning. It offers tax-free returns, making it a smart choice for investors looking to save more and reduce tax liabilities. With a minimum investment of Rs 10,000, you can save up to Rs 46,800 in taxes. Lock in your money for 5 years and watch your savings grow with ICICI Bank Tax Saver FD.

Information About

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

Life Cover

Tax on Profit

Taxable

Risk

High Risk

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*For annual premium upto ₹5 Lacs

Key features of the ICICI Tax Saver FD

Dual benefits: Enjoy attractive interest rates and tax savings simultaneously.
Small investment start: Begin with just Rs 10,000, making it accessible to a wide range of investors.
Tax deduction: Get tax deductions of up to Rs 1,50,000 under Section 80C of the Income Tax Act.
Flexible interest payouts: Choose from monthly, quarterly, or reinvestment options to align with your financial goals.
Maximize savings: Potential tax savings can go as high as Rs 46,800, helping you build wealth while reducing tax liability.

People also read: ICICI Bank FD Interest Rates

How Does an ICICI Bank Tax Saver Fixed Deposit Work?

In ICICI Bank Tax Saver Fixed Deposit, you add a lump sum amount for a fixed tenure of 5 years.
You get a locked-in interest rate that applies throughout the tenure, protecting you from market fluctuations.
The deposit is safe and not exposed to market volatility.
You can renew the deposit at maturity if you don't want to withdraw.
It offers higher returns compared to a regular savings account.
Senior citizens get special interest rates.

FD interest rates India have fallen consistently over the last 12 years.

Invest in Plans that offer Guaranteed Returns for over 25 Years

Why Should You Invest in ICICI Tax Saver FD?

Here are some reasons why you should consider investing in ICICI Tax Saver FD:

Earn attractive FD interest rates and save tax up to ₹1,50,000 under Section 80C: You get to benefit from competitive interest rates on your fixed deposit while also reducing your taxable income.
Start investing with a minimum of ₹10,000: This makes it a good option for those who are just starting out with tax-saving investments.
Choose flexible interest payout options: You can choose to receive your interest payouts monthly or quarterly or reinvest them with the principal amount for even higher returns.

Things to Know Before Investing in ICICI Bank Tax Saver FD

Here are things to know before investing in ICICI Bank Tax Saver FD:

Lock-in period of 5 years. Your money will be locked in for the entire tenure.
Minimum investment of ₹10,000 and a maximum of ₹150,000.
No premature withdrawals are allowed. You cannot withdraw your money before the maturity date.
The interest earned is taxable.
The FD allows only a one-time lump sum deposit. You cannot add money to the deposit once it is opened.

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FAQs

Is 5-year FD tax-free?

No, a 5-year FD is not tax-free. Interest earned on FDs is subject to taxation as per income tax rules.
Can we withdraw tax saver FD before maturity in ICICI?

No, tax-saver FDs typically come with a lock-in period, and premature withdrawal is not allowed.
What are the benefits of a tax saver FD?

The benefits include tax savings under Section 80C of the Income Tax Act, fixed returns, and safety of investment.
What is the difference between FD and tax saver FD?

The main difference is that tax-saver FDs offer tax benefits under Section 80C, have a lock-in period, and don't allow premature withdrawals, whereas regular FDs do not have these specific tax-saving features and offer more flexibility in terms of withdrawal.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

#Discount offered by insurance company

## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ