|Listed on exchange as||ICICI Bank Ltd.|
|Tenure||Regular customers||Senior citizens|
For an ICICI FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.00% p.a. to 5.50% p.a. These deposits are known as short-term deposits as they have a tenure of less than 1 year.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 6.10% p.a.- 6.35% p.a.
These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 6.25%. Senior citizens can avail of 6.95% p.a.a for such FDs.
An ICICI Bank FD account can be opened via different modes such as Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the steps listed below to open an ICICI Bank FD account via internet banking-
2) Mobile App - ICICI Bank App
Follow the below-mentioned steps to open an FD account via ICICI Bank Mobile App-
3) Offline ICICI Bank FD Opening
For opening an ICICI Bank FD account offline, one has to visit the nearest ICICI Bank branch. An ICICI Bank FD application form will be required to be filled. Along with this, submit all the essential documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the ICICI bank.
The primary eligibility criterion that individuals need to fulfil to open an ICICI fixed deposit is –
The documents necessary to open a fixed deposit account with ICICI are listed below –
Proof of Identity
Individuals should provide the original copies for verification and photocopy of the necessary documents when opening an ICICI fixed deposit account.
It is also imperative to note that the bank might ask for additional documents at its discretion if the concerned authority finds it necessary.
An investment in ICICI bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other ICICI bank FDs entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from ICICI Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from ICICI Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Individuals can avail a loan of up to 90% against their ICICI fixed deposit balances (principal + interest), subject to the concerned authority’s discretion. Learn more on Loan against ICICI FD here.
All Fixed Deposits of ICICI bank can be withdrawn prematurely except for the tax-saving Fixed Deposits. The bank charge around 0.5%-1% penalty on the interest for all such premature withdrawals. The penalty is subject to modification according to the terms and conditions of ICICI Bank.
What is the minimum deposit amount needed to open the ICICI Regular FD account?
One can open a Regular ICICI FD account with Rs. 10,000.
What are the minimum and maximum deposits for Tax Saving FD?
To open a Tax Saving FD in ICICI Bank, one needs a minimum of Rs 10,000 and a maximum is Rs. 1.50 lakh.
What are the documents needed to open an FD account in ICICI Bank?
One can open an FD account in ICICI Bank with valid identity proof and address proof, such as PAN Card, driving license, voter ID card, passport.
What is the interest rate ICICI Bank is giving currently?
The current interest rate offered by ICICI bank ranges between 3.00%-6.25%. For senior citizens, the ICICI FD interest rates range between 3.50%-6.95%.