ICICI FD Interest Rate & Calculator

A fixed deposit is one of the safest financial instruments you can invest in for steady returns. Investing in an ICICI Bank FD is a wise choice if you want to earn relatively higher interests when compared to a regular savings account. You can invest a lump sum amount at fixed ICICI Bank FD rates for flexible tenors. To plan your investment efficiently, you can even make use of an ICICI Bank FD calculator.

The ICICI Bank FD interest rates remain unaffected by market changes too, and on maturity, you are assured guaranteed returns. You can even choose to reinvest your interest or have it paid out to you on a monthly, quarterly, half-yearly, or annual basis. The ICICI Bank FD rates range 3% per annum to 6.50% per annum. The ICICI Bank senior citizen FD rates are slightly higher than the rates offered to non-senior citizens. 

Check out the ICICI Bank FD rates for different amounts and tenors in the table below. 

Note: The above interest rates are as of October, 2022 and are applicable for retail domestic fixed deposits. They are subject to change from time to time depending on the bank’s policies.

ICICI Bank Fixed Deposit Calculator

Using the ICICI Bank FD calculator, you can calculate the interest you will earn on the amount invested for the tenor of your choice. In addition to this, the ICICI FD calculator also helps you plan your fixed deposit investment more prudently.

Features and Benefits of ICICI Bank Fixed Deposit

The attractive ICICI Bank FD rates are not the only beneficial features of investing in a deposit with this bank. Check out the other top features and benefits of ICICI Bank fixed deposit below. 

• Safe and Guaranteed Returns

You get safe and guaranteed returns at the ICICI Bank FD rates applicable on the tenor chosen by you. These returns are unaffected by market movements too. 

• Flexible Investment Tenor

The investment tenor for your ICICI Bank fixed deposit is flexible. You can choose tenors ranging from 7 days to 10 years, depending on your financial needs and goals. 

• Additional ICICI Bank FD Rates for Senior Citizens

Senior citizens also get the added advantage of higher ICICI Bank FD rates when compared with regular fixed deposit rates. 

• Loan Against FD

You will also be eligible to avail a loan against your ICICI Bank FD, up to 90% of the amount deposited and the interest accrued thereon. 

• Automatic Renewal

If you open an ICICI Bank fixed deposit in the auto renewal mode, your deposit will automatically be renewed at maturity for a period equal to the original tenor.

• Easy FD Booking

It is also extremely easy to book an FD with ICICI Bank, because you can do this online or offline as per your convenience. 

ICICI Bank FD Interest Rates for Senior Citizens and Others for up to 5 Years

ICICI Bank fixed deposit interest rates are not constant across all investment tenors. They vary depending on the investment period, the amount and the age of the investor. Check out the table below to get a better idea of the ICICI Bank FD rates, the interest and the maturity amount you will get if you invest ₹1 Lakh, depending on whether or not you are a senior citizen. 

Note: The above interest rates are as of October, 2022 and are applicable for retail domestic fixed deposits. They are subject to change from time to time depending on the bank’s policies.

Eligibility Criteria and Documents Required for Opening an FD in ICICI Bank

In order to open a fixed deposit with ICICI Bank, you need to be eligible for the same. Additionally, even if you are eligible, you need to submit the relevant documents along with your application form. Let’s take a closer look at the eligibility criteria and the documents required to open an ICICI Bank fixed deposit.

Eligibility Criteria

The following categories of persons are eligible to open a fixed deposit with ICICI Bank. 

• Resident Indian individuals above 18 years of age

• Non-Resident Indians (NRIs) above 18 years of age

• Hindu Undivided Families (HUFs)

• Partnership firms

• Private sector companies

• Public sector companies

• Trusts

Documents Required

You will have to submit the following documents along with your fixed deposit application.

• Proof of identity such as your passport, PAN card, voter ID card, driving licence, or any other government ID card

• Proof of address such as your passport, telephone bill, electricity bill , bank statement with cheque etc. 

• Latest passport size photograph of the applicant

How to Open FD in ICICI Bank

You can open an ICICI Bank FD either online or offline. If you opt for the online mode, you can use the internet banking facility or the ICICI Bank iMobile app. 

Via Internet Banking 

Here is what you need to do to open an ICICI Bank FD via the internet banking portal. 

• Step 1: Login to the internet banking portal on the official ICICI Bank website using your user ID and password.

• Step 2: Under the ‘Bank Accounts tab, select the ‘Deposits’ option.

• Step 3: Then, choose ‘Fixed Deposits’ and click on ‘Open FD Account.’

• Step 4: You will then be directed to the FD application form, where you need to fill in the details required like the investment amount, the tenor and the interest payout option.

• Step 5: Agree to the terms and conditions to book your FD. 

Via the ICICI Bank iMobile App

To invest in an ICICI Bank fixed deposit through the iMobile app, you need to follow the steps listed below.

• Step 1: Install the iMobile app from Google Play Store or Apple Play Store and login to your account.

• Step 2: In the ‘Accounts and Deposits’ section, click on the ‘Fixed Deposits’ option. 

• Step 3: Then, click on the ‘Open FD’ option. 

• Step 4: Select the investment amount, tenor, interest payout option and FD maturity options you prefer.

• Step 5: Click on ‘Submit’ to book your FD. You will be able to view your ICICI Bank FD Certificate in the iMobile app itself.

Via an ICICI Bank Branch

If you prefer opening a fixed deposit in person, you can follow the steps outlined below to book an FD offline.

• Step 1: Visit the nearest branch of ICICI Bank.

• Step 2: Fill out the ICICI Bank FD application form.

• Step 3: Submit the documents required.

• Step 4: You will receive your FD receipt once your application is processed.

How to Use the ICICI Bank Fixed Deposit Calculator? 

If you want to plan your investments or get a better idea of the amount that you earn from your ICICI Bank fixed deposit, you can always make use of the ICICI Bank fixed deposit calculator. This simple online tool shows you the interest that you will earn from your FD as well as the maturity amount. Using the ICICI Bank FD calculator is extremely easy too. All you need to do is follow the steps listed below. 

Step 1: Enter the Investment Amount

You will find a field in the ICICI Bank FD calculator asking you to enter the investment amount. The investment amount is the sum that you wish to deposit in your FD. 

Step 2: Enter the Investment Tenor

Next, in the ICICI Bank FD calculator, fill in the period for which you wish to invest the sum. This is your preferred FD investment tenor, and it can range from 7 days to 10 years. 

Step 3: Fill in the ICICI Bank FD Rates

The ICICI Bank FD rates depend on the investment amount and investment period. Enter the ICICI Bank fixed deposit rate applicable for the deposit amount and the investment tenor chosen by you. 

Step 4: Select your Investor Category

Select the investor category you belong to in ICICI Bank FD calculator, namely senior citizens or non-senior citizens. 

Step 5: Submit the Details 

Submit all the details that you entered above and click on ‘Calculate.’ The maturity amount for the fixed deposit will be displayed by the ICICI Bank FD calculator.

How is the ICICI Bank FD Maturity Amount Calculated?

The maturity amount for your ICICI Bank FD is calculated using a simple mathematical formula. Check out this formula below. 

Here, P is the amount deposited in the FD, r is the ICICI Bank FD rate, n is the number of times the interest is compounded during the year and t is the investment tenor in years.

Let’s take up a small example to understand the maturity amount calculation better. Say you are a 35-year old investor who wants to invest ₹10 Lakh in an ICICI Bank fixed deposit for a tenor of 5 years. In this case, the ICICI Bank FD rate applicable on your FD will be 6.20% per annum, and the interest is compounded quarterly. Using the formula, we get the following maturity amount for your FD.

Maturity amount:

= P (1 + r/n)nt

= ₹10,00,000 x (1 + 0.0620/4)4X5

= ₹10,00,000 x (1 + 0.155)20

= ₹10,00,000 x (1.155)20

= ₹10,00,000 x 1.360187

= ₹13,60,187

Calculating the maturity amount manually can be overwhelming, not to mention prone to errors and mistakes. Here is where an ICICI Bank FD calculator can help. By using the steps outlined in the previous section, you can make use of an ICICI Bank FD calculator to compute the interest amount and the maturity amount as many times as you want, free of cost. 

This should give you a better idea of the ICICI Bank FD rates and the key features and benefits of this investment option. If you choose to invest in a fixed deposit with the bank, make sure that you use an ICICI Bank FD calculator to see how much your deposit will grow over the tenor and plan your investments accordingly.