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ICICI FD Calculator – ICICI Bank Fixed Deposit Calculator Online
ICICI Bank is counted among the most reputed financial institutions in India. With its array of financial services and products, it does not just help mobilise savings in the economy but also allows individuals to inculcate a discipline towards the same.
As a means to facilitate savings, ICICI extends fixed deposit facilities to its customers who wish to park their money without exposing it to market fluctuations.
Banks offer both short-term and long-term fixed deposit facilities to its customers and offer an attractive rate of interest on them.
Individuals can use the ICICI fixed deposit calculator to calculate the earnings they will generate by investing in FD. It will further offer them an idea to gauge the profitability of their investment.
How will ICICI FD Calculator Help You?
Interest rates applicable to ICICI FDs are susceptible to variation and are dependent on their term of investment or tenure.
In case of short-term, the tenure ranges between 7-289 days and accrues interest at a rate ranging between 4% – 6.25%.
Similarly, for long-term, the tenure ranges between 1-10 years and accrues interest at a rate ranging between 6.6% – 7%. Senior citizens can accrue a higher rate of interest when compared to the regular FD holders.
The table below highlights the different interest rates applicable to regular FD holders and senior citizens.
|Term of Investment||For Regular FD holders||For Senior Citizens|
|7 days – 14 days||4%||4.5%|
|15 days – 29 days||4.25%||4.75%|
|30 days – 45 days||5.25%||5.75%|
|46 days – 60 days||5.75%||6.25%|
|61 days – 184 days||6%||6.5%|
|185 days – 289 days||6.25%||6.75%|
|290 days – 364 days||6.5%||7%|
|390 days – 2 years||6.8%||7.3%|
|1 year – 389 days||6.7%||7.2%|
|2 years and a day – 3 years||7.1%||7.6%|
|3 years and a day – 5 years||7%||7.5%|
|5 years and a day to 10 years||7%||7.5%|
All these details complicate the process of calculating the maturity amount and the interest accrued manually.
The ICICI fixed deposit calculator helps to avoid such complications and extends additional benefits to–
- Save time and energy.
- Calculate the maturity amount and accrued interest accurately.
- Compare the returns of short-term and long-term investment better.
How Does the ICICI Bank Fixed Deposit Calculator Work?
The ICICI Bank fixed deposit calculator uses the formula mentioned below to calculate the maturity amount –
A = P (1 + r/n) ^ n*t
- ‘A’ stands for maturity amount.
- ‘P’ stands for the sum of investment.
- ‘r’ stands for the annual rate of investment.
- ‘n’ stands for the number of times the interest applied would be compounded.
- ‘t’ is the term of the investment.
Consider the example mentioned below to understand how the ICICI Bank FD calculator uses the formula –
Riya invested Rs. 10,000 in ICICI FD for 4 years at a rate of 6.9% that is calculated annually.
- P = 10,000
- r= 6.9%
- n= 1
- t = 4
As per formula –
A = P (1 + r/n) ^ n*t
= 10,000 (1+6.9%/1) ^ 1*4
Therefore, the amount received at maturity would be Rs. 13147 and interest accrued on the sum would be Rs. 3147. Individuals could have easily calculated the same with the help of an ICICI Bank FD calculator.
Advantages of Using Groww ICICI Bank Fixed Deposit Calculator
By using Groww’s ICICI Bank fixed deposit calculator, individuals can avail these following benefits –
- It is user-friendly and easy to use.
- It helps plan the investment portfolio in a quick and hassle-free manner.
- Taxpayers can determine the precise maturity amount of post TDS.
Therefore, it is safe to say that by using ICICI FD Calculator 2019, individuals will able to compute their income from the scheme quickly and without much hassle. Additionally, they will be able to keep a better track of their budget and investment portfolio.
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Frequently Asked Questions
Is the ICICI FD 2019 calculator free?
Yes, the ICICI FD calculator 2019 is free to use.
What is the maximum and minimum limit for investing in an ICICI FD?
The minimum amount that individuals can invest in ICICI FD is Rs. 1,000, while there is no upper-limit to invest in them.
Can I withdraw my ICICI Bank FD prematurely?
Yes, fixed deposit holders can withdraw their ICICI Bank FD prematurely. In the event of same, they will be liable for a penalty.
What is the penalty charge for withdrawing an ICICI FD before its maturity?
FD holders will have to penalty charge that would be calculated on the term the deposit was kept with the financial institution.
In a case, it is held for less than a year, it will incur a penalty at the rate of 0.50%, and same will be charged at the rate of 1% if the holding period ranges between 1 – 5 years.
However, investment sum over Rs. 5 Crore would incur a penalty at the rate of 1.5%.