ICICI Bank FD Interest Rates

ICICI Bank provides several FD options to park your savings for a particular timeframe. They work as emergency funds to meet your urgent financial requirements. You just need to deposit the amount in your fixed deposit account once 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 offer a higher ICICI Bank FD rates 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%

Icici Bank FD Rates Today

Investment Amount Minimum - Rs. 10,000  Maximum- No Maximum Limit
Tenure Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 2.75 %Maximum- 5.50%

Features and Benefits of ICICI Bank Fixed Deposits

The features and benefits of these fixed deposits are:

  • A Simple Investment Tool that Provides Flexibility, Liquidity, and Safety: The fixed deposits of ICICI Bank offer a safe option for investment that provides fixed returns. The ICICI Bank FD rates do not change by any of the external factors.
  • Option for Premature or Partial Withdrawal: In case of any urgent requirements of your invested amount, you can opt for a premature or partial fund withdrawal option of ICICI FD. You can close your Fixed Deposit account with ICICI Bank completely or partially before the maturity and get the funds credited to your account at the time of emergency.
  • Flexible Investment Tenure: The FDs of ICICI Bank offers flexible tenure options that range from 7 days to 10 years. This not only provides flexibility but the customer can as well plan their investment horizons according to their goals.
  • Additional Rate of Interest for Senior Citizens: The senior citizens who invest in this plan get an additional rate of interest of 0.50% on the regular ICICI Bank fixed deposit rates. This helps the high esteemed depositors of ICICI banks earn higher interest rates on their money.
  • The Option of Automatic FD Renewal: You can select auto-renewal mode for your ICICI Bank Fixed Deposits. With this, you can make sure that your fixed deposit is renewed for the same period on its maturity date without any intervention and it results in no loss of interest.
  • The Facility of Overdraft: ICICI Bank as well provides the facility of overdraft on its fixed deposits. This provides an option to get instant money against your FD without breaking it.

Types of ICICI Bank Fixed Deposits

  • Regular Fixed Deposit
  • Money Multiplier Fixed Deposit
  • ICICI Bank Golden Years FD
  • Tax Saver FD

Regular Fixed Deposit by ICICI Bank

  • A simple investment policy that offers the liquidity, safety, assured returns, and flexibility.
  • A flexible tenure ranges from seven days to 10 years.
  • Open FD account instantly through internet banking or iMobile.
  • The facility of overdraft against the fixed deposit up to 90% of the fixed deposit amount.
  • The option of partial or premature withdrawal for urgent requirements of funds.

Money Multiplier Fixed Deposit by ICICI Bank

The feature of Money Multiplier offers you the liquidity of a Savings Account that is coupled with higher earnings of FD. This unique facility can be achieved by linking a fixed deposit account with a savings account:

  • The minimum balance in your savings or current account has to be Rs.15, 000 for generating a request for linked FD.
  • The linked fixed deposits will be for a minimum of one year and in the same Customer ID of the Savings Account.
  • All the fixed deposits linked to the savings account will also be enabled for the automatic reverse sweep when Savings Account balance falls below Rs.10, 000.
  • You can break your fixed deposit in LIFO (Last-In-First-Out) basis for the process reverse sweep.
  • The ICICI Bank FD rates on such deposits will be the rate that is applicable for the specific period, prevailing as on the date of auto-renewal.

ICICI Bank Golden Years Fixed Deposit

The ICICI Bank FD rates for fixed deposits more than 5 years is 0.30% extra per annum.

  • The senior citizen residents of India will get additional ICICI Bank FD rates of 0.30% for a specific period above than the existing additional interest rate of 0.50% / year.
  • The additional ICICI Bank FD rates will be available for fresh fixed deposits opened and the FDs that are renewed during the period of the scheme.
  • Applicable duration is 20th May 2020 to 30th September 2020.
  • The eligible tenure of FD is five years one day to 10 years.
  • The plan applies to a single fixed deposit amount that is less than Rs.2 Crore.
  • In case of premature withdrawal on or after five years one day, then the applied penal rate will be around 1.30%. If the deposit is closed or withdrawn before completion of five years one day, then the prevailing policy of premature will be applied.
  • The features and terms & conditions of other fixed deposit plans will be applied in this scheme as well.

Tax Saver Fixed Deposit by ICICI Bank

It is a unique fixed deposit product that provides the dual benefit of tax savings and returns. A tax saver fixed deposit provides a tax deduction of up to Rs.1, 50, 000 u/s 80C of the IT Act. The features of this policy are:

  • You can invest as small as Rs.10, 000.
  • Offers tax deduction of up to Rs.1, 50, 000 u/s 80C.
  • Provides fixed returns for five years.
  • Flexible pay-out options for interest, which are – quarterly, monthly, and reinvestment in principal.
  • The interest that you earn is taxable.
  • The facility of auto-renewal and no premature withdrawal.

ICICI Bank FD Interest Rates (With Premature Withdrawal)

ICICI Bank FD Interest Rates on NRE, Domestic & NRO Deposits of Less Than Rs 5 Crore

FD Tenure

Original FD  Term Penalty Rates ( subject to change without prior notice)

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%

Applicable ICICI Bank FD Interest Rates on NRO, Domestic & NRE Deposits Above Rs 5 Crore:

Single FD Period

FD Interest Rate Per Annum in 2020 ( in % )

B/w Rs 5 Crore & Rs 5.10 Crore

B/w Rs 5.10 Crore & Rs 24.90 Crore

B/w Rs 24.90 Crore & Rs 25 Crore

B/w Rs 25 Crore & Rs 100 Crore

B/w Rs 100 Crore & Rs 250 Crore

B/w Rs 250 Crore & Rs 500 Crore

> Rs 500 Crore

B/w 7 & 14 days

2.50

2.50

2.50

2.50

2.50

2.50

2.50

B/w 15 days & 29 days

2.50

2.50

2.50

2.50

2.50

2.50

2.50

B/w 30 days & 45 days

2.50

2.75

2.50

2.75

2.75

2.75

2.75

B/w 46 days & 60 days

2.50

2.75

2.50

2.75

2.75

2.75

2.75

B/w 61 days & 90 days

2.75

3.00

2.75

3.00

3.00

3.00

3.00

B/w 91 days to 120 days

2.75

3.00

2.75

3.00

3.00

3.00

3.00

B/w 121 days & 150 days

2.75

3.00

2.75

3.00

3.00

3.00

3.00

B/w 151 days & 184 days

2.75

3.00

2.75

3.00

3.00

3.00

3.00

B/w 185 days & 210 days

3.00

3.50

3.00

3.50

3.50

3.50

3.50

B/w 211 days & 240 days

3.00

3.50

3.00

3.50

3.50

3.50

3.50

B/w 241 days & 270 days

3.00

3.50

3.00

3.50

3.50

3.50

3.50

B/w 271 days to 300 days

3.00

3.65

3.00

3.65

3.65

3.65

3.65

B/w 301 days & 330 days

3.00

3.65

3.00

3.65

3.65

3.65

3.65

B/w 331 days & 1 year

3.00

3.65

3.00

3.65

3.65

3.65

3.65

B/w 1 year & 389 days

3.15

3.75

3.15

3.75

3.75

3.75

3.75

B/w 390 days & 15 months

3.15

3.75

3.15

3.75

3.75

3.75

3.75

B/w 15 months & 18 months

3.15

3.75

3.15

3.75

3.75

3.75

3.75

B/w 18 months & 2 years

3.15

3.75

3.15

3.75

3.75

3.75

3.75

B/w 2 years 1 day & 3 years

3.15

4.25

3.15

4.25

4.25

4.25

4.25

B/w 3 years 1 day & 5 years

3.15

4.25

3.15

4.25

4.25

4.25

4.25

B/w 5 years 1 day & 10 years

3.15

4.25

3.15

4.25

4.25

4.25

4.25

ICICI Bank Tax Saver Fixed Deposits 2020

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

  • Traditional Plan - It offers interest on a quarterly and monthly basis.
  • Reinvestment Plan - In this plan, the interest is compounded quarterly and it is, then, invested again with the principal amount.

Tax saver FD requires a minimum investment of Rs 10,000 and a maximum of Rs 1.5 lakh for 5 years.

The interest rate for tax saver FDs is 5.35% for individuals and general investors. For senior citizens, the ICICI Bank FD interest rates are 5.85%.

ICICI Bank Short-Term FD Interest Rates

ICICI Bank allows you to invest your money in a short-term FD with a tenure of as short as 7 days to up to 1 year. The ICICI Bank FD rates for short-term deposits are listed in the table below-

Policy Term

Annual Rate of Interest

7 & 14 days

2.75%

15 & 29 days

3.00%

B/w 30 & 45 days

3.25%

B/w 46 &90 days

3.50%

B/w 91 & 184 days

4.10%

B/w 185 days & 289 days

4.50%

B/w 290 days &364 days

4.75%

The ICICI Bank FD rates vary for senior citizens. For an FD duration of 7 days to 14 days, the interest rate is 3.25 percent whereas, for a duration of 15 days to 29 days, the rate of interest is 3.50 percent. While the interest rate for an FD duration of 30 days to 45 days is 3.75 percent, the rate of interest earned for an FD of 46 days to 90 days is 4.00 percent. Moreover, for an FD period of 91 days to less than 184 days is 4.60%, whereas for 185 days to 289 days it is 5.00%. The rate of interest for 290 days to 364 days is 5.25 percent.

ICICI Bank Interest Rates for Medium & Long-Term FDs

Multiple tenure options are ranging between 1 year to 10 years, to deposit your money. The ICICI Bank FD rates earned for each duration also varies-

  • For one-year deposits, the interest rate is 4.75 percent for general people. And for senior citizens, the rate of interest applicable is 5.25 percent.
  • The interest payable for senior citizen FDs ranging between 18 months and 2 years is 5.85 percent per annum.
  • If you choose a period of more than 3 years to 5 years, then the rate of interest applicable is 5.50 percent and for an FD of more than 5 years but less than 10 years, the interest rate is 5.50% per annum for regular FD holders. For senior citizens, the rate of interest applicable is 6.00 percent and 6.00 percent respectively 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 ICICI Bank FD interest rates applicable.

Penalty Rates for Premature Withdrawal of FD

Original FD Term

Penalty Rates (Subject to Change Without Prior Notice)

Less than Rs 5 Crore

Rs 5 Crore & Above

Less than 1 year

0.50%

0.50%

Between 1 year and 5 years

1.00%

1.00%

More than 5 years

1.00%

1.50%

How are ICICI Bank FD Interest Rates Calculated?

There are several FD schemes offered by ICICI Bank. It is quite simple to calculate your ICICI Bank FD interest rates 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 ICICI Bank FD rates
  • 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.

* ICICI Bank FD 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 provide competitive ICICI Bank FD rates along with the tax exemption benefits.*

*Tax benefit is subject to changes in tax laws

NRE or a Non-Resident External Account is a great option for foreigners who want to deposit their funds in Indian rupees. The ICICI Bank FD rates for NRE ranges from 2.50 percent to 3.15 percent.

You can also park your funds in Non-Resident Ordinary (NRO) deposits to earn an interest ranging between 2.50 percent to 3.15 percent. These are low maintenance funds with higher tax benefits*.

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

*Tax benefit is subject to changes in tax laws

Loans on ICICI Bank 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 of the loan with a tenure similar to the duration of the fixed deposits.

The rate of interest that is charged on loans against ICICI Bank FDs ranges from 3.5% to 6.5%.

FAQs

News

  • ICICI Bank Slashes Fixed Deposit Interest Rates

    The ICICI Bank has made a sharp reduction in its fixed deposit interest rates across all maturity periods. As per the official website of ICICI Bank, the new FD rates came into effect from 7th September 2020 and are applicable on all deposits of Rs 2 crore or less.

    According to the latest fixed deposit rates, the private sector Bank will offer a minimum interest of 2.50 per cent to a maximum of 5.50 per cent to the general public for a maturity period ranging between 7 days to up to 10 years. People with a fixed deposit of one year will earn interest at a rate of 5.00 per cent.

    Senior citizens holding a fixed deposit of up to Rs 2 crore in ICICI Bank will earn an additional interest rate of 50 basis point in comparison to the general public. As a result, the ICICI Bank FD rates for senior citizens range between 3.00 per cent to 6.30 per cent for a minimum maturity period of 7 days to a maximum of 10 years. Moreover, they are eligible to earn an FD rate of 5.50 per cent for a deposit of one year.

    However, ICICI Bank offers interest at a rate of 6.55 per cent to senior citizens under the recently introduced ‘ICICI Bank Golden Years FD’ scheme on deposits of Rs 2 crore or less with a maturity period of above five years to up to 10 years. ..

  • 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.

Written By: PolicyBazaar - Updated: 09 October 2020
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