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ICICI Bank provides a number of fixed deposit options to the customers where they can secure their money for a fixed tenure. ICICI FD interest rates are one of the best, the market has to offer. The depositor has to deposit the money one time at the time of opening the account. Any additional amount cannot be deposited into the account once it is opened. Compared to their saving deposits, ICICI Bank offers higher interest rates on fixed deposit scheme.

ICICI Bank FD Rates

ICICI FD Interest rates as of 14th July 2020 are as follows:

TenureFD RatesSenior Citizen FD Rates
7 days to 14 days2.50%3.00%
15 days to 29 days2.50%3.00%
30 days to 45 days3.00%3.50%
46 days to 60 days3.00%3.50%
61 days to 90 days3.00%3.50%
91 days to 120 days4.10%4.60%
121 days to 184 days4.10%4.60%
185 days to 210 days4.50%5.00%
211 days to 270 days4.50%5.00%
271 days to 289 days4.50%5.00%
290 days to less than 1 year4.75%5.25%
1 year to 389 days5.15%5.65%
390 days to < 18 months5.15%5.65%
18 months days to 2 years5.35%5.85%
2 years 1 day to 3 years5.35%5.85%
3 years 1 day to 5 years5.50%6.00%
5 years 1 day to 10 years5.50%6.30%
5 Years (80C FD) – Max to ₹ 1.50 lac5.50%6.00%

The ICICI Bank FD tenure ranges from 7 days to 10 yearsFeatures of ICICI Bank FD Interest Rates

  • Senior citizens get an additional interest rate of 0.50% p.a. over regular rates
  • The minimum deposit to open an FD account in ICICI bank is Rs. 10,000. However, minors can open an account with Rs. 2000
  • Nomination facility is offered by the bank
  • Loan facility of up to 90% of the deposit is available
  • Interest on deposit will be paid only on maturity
  • ICICI provides 6 types of FD schemes, viz. Fixed Deposit (regular plan), Fixed Deposit (without premature withdrawal facility), Tax-Saver FD, Fixed Deposit with Monthly Income option, Money Multiplier Plan, and FD Xtra with an extra suite of products

Types of ICICI Bank Fixed Deposits

ICICI provides 6 types of fixed deposit schemes to its customers, viz.

  • Regular Fixed Deposit
  • Tax saving fixed deposit
  • Security deposit
  • Money Multiplier Fixed Deposit
  • Fixed deposit with monthly income option
  • FD Xtra suite of products

Regular Fixed Deposit

  • This is the basic deposit scheme in which the depositor is allowed to choose their preferred tenure and deposit amount and the amount is deposited at the time of opening the account.
  • The minimum amount needed to open this account is Rs. 10,000
  • It offers an attractive rate of interest
  • Loan facility up to 90% of the deposit is available
  • Interest is paid only at the time of maturity
  • Resident individuals, HUFS, public or private limited company, partnership firm and trusts are eligible

 Tax Saving Fixed Deposit

  • As the name suggests, this scheme has been designed to facilitate tax savings on the money by resident individuals and make the most out of their fixed deposits in the form of effective yields and returns.
  • The minimum amount needed to open this account is Rs. 10,000
  • One can choose between the traditional plan and reinvestment plan
  • Nomination facility is available
  • Auto-renewal facility is available
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961
  • Resident/Non-Resident Indians and senior citizens above 60 years of age are eligible

Security Deposits

  • This deposit scheme allows corporate employees to make contributions to their savings account in the form of fixed deposit. The amount deposited under these schemes can be withdrawn with the consent of the company.
  • Interest is compounded on a quarterly basis
  • Customers have a flexible time period to invest
  • Corporate employees are eligible for this scheme

 Money Multiplier Fixed Deposit

  • This is a special kind of scheme which offers a blend of savings account liquidity clubbed with high earnings of a fixed deposit by creating a fixed deposit linked to a savings account.
  • The minimum amount to open this account is Rs. 5000
  • Loan facility is available up to 90% of the deposit amount
  • Nomination facility is available
  • Interest is paid only at the time of maturity
  • Tax benefits available under section 80C of Income Tax Act, 1961
  • Resident Indians, HUFs, public or private limited company, trust, and partnership firm are eligible

Fixed Deposit with Monthly Income Option

  • A scheme with features of a cumulative fixed deposit in the investment phase and monthly income in the payout phase.
  • The scheme is divided into the investment phase and payout phase.
  • The investment phase is where the depositor opens a cumulative Fixed Deposit (FD) account. Once this phase is completed, the entire maturity amount (FD Amount + Interest) will be invested in the Annuity Fixed Deposit for the payout period
  • The payout phase is where you will receive the benefits of the amount you have invested along with the interest on a monthly basis
  • Next is Annuity FD where the accumulated corpus will be reinvested and the payout will be given to the depositor on a monthly basis along with the interest
  • The duration of the deposit will be for the investment phase will be for a minimum period of 24 months and in multiples of 1 month. The maximum will be 8 years
  • The payout phase will be for a minimum period of 24 months and in multiples of 12 months
  • The minimum amount of deposit will be Rs. 1 lakh and thereafter in multiples of Rs 25,000

FD Xtra suite of products

This scheme offers a free insurance cover and a plethora of other benefits to the customers. The scheme is specially designed to meet life-stage needs and goals of customers including term insurance, saving for the down payment of home and car, child education, retirement planning, and fulfilling travel goals among others.

ICICI Bank FD Term Wise Interest Rates

One of the safest ways of investing your money and earn a profit is parking your surplus amount in FDs. Depending on the tenures, these FDs are further categorized as short-term, medium-term, and long-term deposits.

Short-term Deposits: For an ICICI FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 4.00% p.a. to 6.25% p.a. These deposits are known as short term deposits as they have a tenure less than 1 year. For senior citizens, short term ICICI FD rates range from 5.00% p.a. to 6.30% p.a.

Medium-term Deposits: Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 6.25% p.a.-6.85% p.a.

Long-term Deposits: These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 6.75%. Senior citizens can avail of 6.60% p.a.a for such FDs.

ICICI Bank Senior Citizen Fixed Deposit Interest Rates

Citizens above the age of 60 years come under the category of senior citizens. ICICI bank offers an additional interest of 0.50% p.a. to senior citizens. The interest availed by them ranges between 4.50% p.a. – 7.45% p.a.

ICICI Fixed Deposit Rates – FAQs

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 deposit 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 a 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 4.00%-6.40%. For senior citizens, the ICICI FD interest rates range between 4.50%-6.90%.

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