ICICI Bank Tax Saver FD

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.

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.

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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.

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.

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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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