|Listed on exchange as
|ICICI Bank Ltd.
Fixed deposit FD plans from ICICI Home Finance Bank provide higher yields than savings bank accounts. The following are the major characteristics of ICICI HFC fixed deposits:
The Period that begins from 12 Months to 35 Months are known as short term fixed deposits, and their interest rates start from 4.30% to 5.55% depending on the number of days of the deposit for general customers, and it is from 4.55% to 5.80% for the senior citizens.
A Medium-term fixed deposit, that is, from 36 months to 72 months, they withhold interest rates is 5.95% to 6.25% for general customers and is 6.20% to 6.50% for senior citizens according to the period of lock-in.
An ICICI HFC FD account can be opened through online and offline modes-
1) Online Method
2) Offline Method
For opening an ICICI HFC FD account via offline mode, one has to visit the nearest ICICI HFC branch. Fill out the ICICI HFC FD application form and present all the necessary documents with the deposit amount. On successful verification of the application, an FD will be opened.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in ICICI HFC bank –
The following documents have to be furnished for opening an ICICI HFC FD –
The income from interest from Fixed Deposits is completely taxable. Therefore, an investor should add it to the total income under ‘Income from Other Sources’ while filing tax returns. The applicable tax rate depends on the income slab and the limit of the taxable amount.
An investor can get a loan against 75% of the deposit amount depending on the rules set by HFC. Note that the investor has to pay 2% higher rate of interest than the applicable rate of interest on a Fixed Deposit.
According to ICICI HFC FD rules, fixed deposits cannot be prematurely withdrawn in the first 3 months of making a deposit. However, a premature withdrawal of deposit is allowed in case of the death of the depositor.
On premature withdrawal between 3-6 months, the maximum interest payable will be the minimum savings bank interest rate offered by ICICI Bank (not surpassing 4% p.a.) for individual depositors. Also, if the deposits are withdrawn between 6-12 months, the interest rates earned by the depositor would be 2% lower than the minimum rate at the time of opening the Fixed Deposit.
Deposits withdrawn after 12 months but before the date of maturity will attract a 1% lower rate of interest than the rate of interest the HFC would have paid had the deposit been opened for the period the deposit remained with the ICICI HFC.
How frequently do ICICI HFC fixed deposit rates change?
The ICICI HFC rates for FD fluctuate in response to RBI policies and economic factors. There is no defined length of time during which fixed deposit rates will fluctuate.
Is it possible to set up recurring deposits with ICICI Home Finance?
No, ICICI Home Finance does not provide a recurring deposit plan.
Is the ICICI Home Finance FD secure?
ICICI Home Finance Company FDs provide interest-bearing returns. The interest is paid either on a regular basis or at maturity, according to the investor's preference. Furthermore, these FDs are accredited by the most reputable credit organizations, including CRISIL, ICRA, and CARE. ICICI Home Finance Company FDs received the highest credit rating from these agencies.
Are ICICI Bank's fixed deposit rates greater than the bank's savings account interest rates?
When you invest in a fixed deposit rather than a savings account, you will receive better returns as an investor.
Can I book an ICICI Bank fixed deposit with a card from another bank?
Yes, you may book an ICICI Bank fixed deposit using a VISA debit card from another bank. When applying for a fixed deposit online, choose ‘Other bank VISA Debit Card.' You must next enter your ICICI Bank ATM/debit card number and PIN.
Who is eligible for the ICICI HFC FD scheme?
One must be qualified to open a fixed deposit account with ICICI Bank. The persons listed below are eligible to invest in ICICI HFC FDs.
What are the documents needed for the ICICI HFC scheme?
The following papers are required to open a fixed deposit account with ICICI HFC.
Can I withdraw the money before the FD tenure is over?
Premature withdrawals of FDs are permitted by ICICI Home Finance Bank, subject to specific circumstances.