ICICI Fixed Deposits

ICICI Bank provides a number of FD options to park your savings for a particular timeframe. They work as emergency funds to meet your urgent requirements. You just need to deposit the amount once in your fixed deposit account while opening the FD account with ICICI bank.

However, you are not allowed to withdraw or deposit extra money during the tenure of your ICICI FD account.

ICICI Fixed Deposits offers a higher interest rate in comparison to their other saving deposit options.

Icici Bank FD Rates in India
Tenure	General Public FD Rates	Senior Citizen FD Rates
7 days to 14 days	2.75%	3.25%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.25%	3.75%
46 days to 90 days	3.50%	4.00%
91 days to 184 days	4.10%	4.60%
185 days to 289 days	4.50%	5.00%
290 days to 364 days	4.75%	5.25%
390 days to 17 months 29 days	5.15%	5.65%
18 months to 2 years	5.35%	5.85%
1 year to 389 days	5.15%	5.65%
2 years 1 day to 3 years	5.35%	5.85%
3 years 1 day to 5 years	5.50%	6.00%
5 years 1 day to 10 years	5.50%	6.00%

Benefits of opening an ICICI Fixed Deposit Account

The advantages of an ICICI FD are -

Earn higher returns against the amount deposited
Up to 90 percent of loan facility is available on the fixed deposit
You can also avail the nomination facility
You earn the interest on deposit once the FD gets matured

ICICI Bank FD Rates (with premature withdrawal)

Interest rates on NRE, Domestic, & NRO deposits less than Rs. 2 crore

FD Tenure	< 2 Crore Rupees
FD Tenure	Senior Citizen FD Interest Rates (in %)	General Interest Rates ( in % )
B/w 7 days & 14 days	4.00	4.50
B/w 15 days & 29 days	4.25	4.75
B/w 7 30 days & 45 days	5.00	5.50
B/w 7 46 days & 60 days	5.50	6.00
B/w 7 61 days & 90 days	5.50	6.00
B/w 7 91 days &120 days	5.50	6.00
B/w 7 121 days & 184 days	5.50	6.00
B/w 7 185 days & 289 days	6.00	6.50
B/w 7 290 days & 1 year	6.25	6.75
B/w 1 year & 389 days	6.60	7.10
B/w 390 days & 2 years	6.60	7.10
B/w 2 yrs. 1 day & 5 yrs.	6.90	7.40
B/w 5 yrs. 1 day & 10 yrs.	6.90	7.40
5 Yrs. Tax saver FD (Max up to 1.50 lakh rupees)	6.90	7.40

Applicable interest rates on NRO, Domestic & NRE deposits above INR 1 crore

Single FD Period	FD Interest Rate Per Annum in 2018
Single FD Period	B/w 1 crore & 5 crore	B/w 5 crore & 5.10 crore	B/w 5.10 crore & 24.90 crore	B/w 24.90 crore & 25 crore	B/w 25 crore & 100 crore	B/w 100 crore & ₹ 250 crore	B/w 250 crore & 500 crore	> 500 crore
B/w 7 & 14 days	5.75	5.75	5.75	5.75	5.75	5.75	5.75	5.75
B/w 15 days & 29 days	5.75	5.75	5.75	5.75	5.75	5.75	5.75	5.75
B/w 30 days & 45 days	6.50	6.50	6.50	6.50	6.50	6.50	6.50	6.50
B/w 46 days & 60 days	6.75	6.50	6.75	6.50	6.75	6.75	6.75	6.75
B/w 61 days & 90 days	7.00	6.50	7.00	6.50	7.00	7.00	7.00	7.00
B/w 91 days to 120 days	7.25	6.75	7.25	6.75	7.25	7.25	7.25	7.25
B/w 121 days & 150 days	7.25	6.75	7.25	6.75	7.25	7.25	7.25	7.25
B/w 151 days & 184 days	7.25	6.75	7.25	6.75	7.25	7.25	7.25	7.25
B/w 185 days & 210 days	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 211 days & 240 days	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 241 days & 270 days	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 271 days to 300 days	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 301 days & 330 days	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 331 days & year	7.50	6.75	7.50	6.75	7.50	7.50	7.50	7.50
B/w 1 year & 389 days	7.75	7.00	7.75	7.00	7.75	7.75	7.75	7.75
B/w 390 days & 15 months	7.50	7.00	7.50	7.00	7.50	7.50	7.50	7.50
B/w 15 months & 18 months	7.50	7.00	7.50	7.00	7.50	7.50	7.50	7.50
B/w 18 months & 2 years	7.50	7.00	7.50	7.00	7.50	7.50	7.50	7.50
B/w 2 years 1 day & 3 years	7.50	7.00	7.50	7.00	7.50	7.50	7.50	7.50
B/w 3 years 1 day & 5 years	7.50	7.00	7.50	7.00	7.50	7.50	7.50	7.50
B/w 5 years 1 day & 10 years	7.25	7.00	7.25	7.00	7.25	7.25	7.25	7.25

ICICI Bank Tax Saver Fixed Deposits 2018

There are two types of tax saving FD plans offered by ICICI Bank–

1. Traditional Plan - It offers interest on a quarterly and monthly basis

2. Reinvestment Plan - In this plan the interest is compounded quarterly and it is then invested again with the principal amount. It requires a minimum investment INR 10,000 and a maximum of INR 1.5 lacs for a span of 5 years.

The interest rate for tax saver FDs is 7.25% for individuals and general investors. And for senior citizens, the rate of interest is 7.75%.

ICICI Bank Short-Term FD Interest Rates

You can invest your money in a short-term FD for as short as 7 days and up to 289 days. However, the rate of interest for short-term FDs is listed in the table below-

Policy Term	Annual Rate of Interest
7 & 14 days	4%
15 & 30 days	4.25%
B/w 46 & 60 days	5.75%
B/w 61 &184 days	6.00%
B/w 185 & 289 days	6.25%
B/w 290 days & 1 year	6.50%

The rate of interest varies for senior citizens. For FD duration of 46 to 60 days, the interest rate is 6.25 percent. Whereas for a duration of 185 to 290 days the rate of interest earned is 6.75 percent and for an FD period of 290 days to 1 year, the rate of interest is 7 percent.

ICICI Bank Interest Rates for Medium & Long-Term FDs

There are multiple tenure options ranging between 1 and 10 years to deposit your money and the rate of interest earned for each duration will also vary-

For one-year deposits, the interest rate is 6.60 percent for general people. And for senior citizens, the rate of interest applicable is 7.10 percent.
The interest payable for senior citizen FDs ranging between 390 days and 2 years is 7.25 percent per annum.
If you choose a period of 2 to 10 years, then the rate of interest applicable is 7 percent per annum for regular FD holders. For senior citizens, the rate of interest applicable is 7.5 percent for the same time frame.

Charges for Premature Withdrawal

For withdrawing your deposits before the maturity date, the interest will be calculated for the duration the deposits were kept with the ICICI Bank.

A penalty will be levied as per the rates applicable as mentioned in the below table -

Original FD Term	Penalty Rates ( subject to change without prior notice)
Original FD Term	Less than INR 5 crore	5 crore & above
Lesser than 1 year	0.50%	0.50%
Between 1 and 5 years	1.00%	1.00%
More than 5 years	1.00%	1.50%

How is Interest on Fixed Deposit Calculated by ICICI Bank?

There are a number of FD schemes offered by ICICI Bank. It is quite simple to calculate your ICICI FD interest rate and you can easily do that using an online fd interest rates calculator.

You can calculate the total interest earned on your FD by using an ICICI FD calculator online.

To know the maturity amount, you will have to provide the following details in the tool-

The invested amount or the principal amount
FD term
The rate of interest
Tax deduction
The frequency of the compound interest

An FD calculator is a simple tool that aids in the calculation of interest when all parameters are provided.

* Interest rates are subjected to change as per the discretion of the bank

ICICI NRI Fixed Deposit Interest Rates

ICICI bank offers a myriad of lucrative investment options for all the NRIs or Non-Resident Indians. Some of the FD options that are available are NRE, NRO, and FCNR accounts.

NRI fixed deposits by ICICI Bank provide competitive interest rates along with the tax exemption benefits.

NRE or a Non-Resident External Account is a great option for foreigners who want to deposit their funds in rupees. The interest rate for NRE ranges from 6.5 percent to 6.75 percent.

You can also park your funds in Non-Resident Ordinary deposits to earn an interest ranging between 6.4 to 7 percent. These are low maintenance funds with higher tax benefits*.

Furthermore, the interest earned on FCNR deposits is non-taxable in India.

Loans on ICICI Fixed Deposits

You can get up to a maximum of 90 percent loan against your FD deposits.

You can only get a loan for ICICI FDs and not for fixed deposits in some other bank. You can avail loan at the rate of 5 to 7.75% and tenure of the loan will be similar to the duration of the fixed deposits.

FAQs

Q1. What is the interest rate for ICICI Bank senior citizens’ FDs?

Ans:. The rate of interest on senior citizen fixed deposit accounts is higher in comparison to general FD rates. Senior citizens earn 5 percent extra interests on their fixed deposits.
Q2. Is it possible to deposit an additional amount in ICICI Fixed Deposits?

Ans:. No, it is not possible to deposit extra money in your ICICI bank FD account.
Q3. What is the term duration for an ICICI Bank FD Account?

Ans:.You can deposit your money for a minimum of 7 days and a maximum for 10 years.
Q4. What is the minimum limit to open a Fixed Deposit with ICICI Bank?

Ans:.You need to deposit a minimum of Rs. 10,000 in ICICI Bank Fixed Deposits.
Q5. Who is eligible for opening an FD account in ICICI Bank?

Ans:.Any Indian Resident can open FD with the ICICI Bank. However, NRIs, HUFs, and firms can also open a fixed deposit account with the ICICI Bank.
Q6. What documents are required to open an FD account in ICICI Bank?
Ans:.You need to furnish the below-listed documents with the ICICI Bank-
Identity Proof:
Address Proof:
* Other documents may be required subject to the bank’s discretion.
Q7. What will happen if open my fixed deposit account without a Pan Card?
Ans:. There are certain consequences of not having a Pan card while opening a fixed deposit account-
- 20% TDS deduction will be applicable as compared to 10 percent under the purview of the Sec. 206AA
- The Income tax department will also not give you TDS credit without a PAN card
- Certificate of TDS will not be issued if you don’t have a Pan Card
- Penal TDS will also apply
- Form 15G/H all the exemption certificates and Form 15G/H will not be valid
Q8. Can I change the term of my current ICICI FD account?

Ans:. ICICI bank does not allow you to change the tenure of an existing FD account. However, it is possible to close the current fixed deposit account and then open a new account with the desired tenure option.

News

Check the Latest News Related to Decreased Rates of ICICI Fixed Deposits

Presently, the banks have enough liquidity as there is comparatively less demand for loans because of the lockdown.
This has impacted the interest rates of FDs.

ICICI Bank is cutting down its FD rates. However, this is not the case with ICICI Bank only, but most of the Banks are lowering their FD rates because of the surplus liquidity. The main reason for surplus liquidity with banks is a lesser demand for loans due to this pandemic and resultantly lockdown.

Most of the private sector lenders including ICICI Bank have cut down the interest rates on their deposits of savings accounts that are less than Rs.50, 00, 000 to 3% from 3.25%. In the same manner, the deposits of Rs.50, 00, 000, and more have also seen reduced rates of interest from 3.75% to 3.50%.

The main reason for the reduced rates is lockdown due to which there is less demand for loans and banks have ample liquidity. This is putting pressure on the banks and thus they have to reduce the interest rates.

Almost all the FDs starting from 7 days to 5 years and more all have seen a cut down in their interest rate.

On the other hand, the FDs for senior citizens are getting an additional interest rate of fifty basis points in all the maturities.

Let us see a brief chart of FD rates for the general public and senior citizens to get a clear picture of this:

FD Rates of ICICI Bank on the Deposits Less than Rs.2 Crore for General Public:

Tenure	Interest Rate (%)
Seven to Fourteen Days	2.75
Fifteen to Twenty-Nine Days	3.00
Thirty to Forty-Five Days	3.25
Forty-Six to Sixty Days	3.50
Sixty-One to Ninety Days	3.50
Ninety-One to One-Twenty Days	4.10
One-Twenty-One to One-Eighty-Four Days	4.10
One-Eighty-Five to Two-Hundred-Ten Days	4.50
Two-Hundred-Eleven to Two-Hundred-Seventy Days	4.50
Two-Hundred-Seventy-One to Two-Hundred-Eighty-Nine Days	4.50
Two-Hundred-Ninety to less than one year	4.75
One year to Three-Eighty-Nine days	5.15
Three-Ninety days to less than Eighteen months	5.15
Eighteen months one day to two years	5.35
Two years one day to three years	5.35
Three years one day to Five years	5.50
Five years one day to Ten years	5.50
Five years (FD of 80C) Maximum Rs.1.50 Lakh	5.50

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FD Rates of ICICI Bank on the Deposits Less than Rs.2 Crore for Senior Citizens:

Tenure	Interest Rate (%)
Seven to Fourteen Days	3.25
Fifteen to Twenty-Nine Days	3.50
Thirty to Forty-Five Days	3.75
Forty-Six to Sixty Days	4
Sixty-One to Ninety Days	4
Ninety-One to One-Twenty Days	4.6
One-Twenty-One to One-Eighty-Four Days	4.6
One-Eighty-Five to Two-Hundred-Ten Days	5
Two-Hundred-Eleven to Two-Hundred-Seventy Days	5
Two-Hundred-Seventy-One to Two-Hundred-Eighty-Nine Days	5
Two-Hundred-Ninety to less than one year	5.25
One year to Three-Eighty-Nine days	5.65
Three-Ninety days to less than Eighteen months	5.65
Eighteen months one day to two years	5.85
Two years one day to three years	5.85
Three years one day to Five years	6
Five years one day to ten years	6.3 (ICICI Bank Golden Years FD)
Five years (FD of 80C) Maximum Rs.1.50 Lakh	5.50