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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.
Maturity Period |
Interest rates (per annum) on single deposits less than ₹2 Crores |
Interest rates (per annum) on single deposits of ₹2 Crores and above but less than ₹5 Crores |
||
General |
Senior Citizen |
General |
Senior Citizen |
|
7 days to 14 days |
3.00% |
3.50% |
3.75% |
3.75% |
15 days to 29 days |
3.00% |
3.50% |
3.75% |
3.75% |
30 days to 45 days |
3.50% |
4.00% |
4.75% |
4.75% |
46 days to 60 days |
3.50% |
4.00% |
5.00% |
5.00% |
61 days to 90 days |
3.75% |
4.25% |
5.25% |
5.25% |
91 days to 120 days |
4.25% |
4.75% |
5.50% |
5.50% |
121 days to 150 days |
4.25% |
4.75% |
5.50% |
5.50% |
151 days to 184 days |
4.25% |
4.75% |
5.50% |
5.50% |
185 days to 210 days |
5.00% |
5.50% |
5.75% |
5.75% |
211 days to 270 days |
5.00% |
5.50% |
5.75% |
5.75% |
271 days to 289 days |
5.00% |
5.50% |
6.00% |
6.00% |
290 days to less than 1 year |
5.00% |
5.50% |
6.00% |
6.00% |
1 year to 389 days |
5.80% |
6.30% |
6.50% |
6.50% |
390 days to less than 15 months |
5.80% |
6.30% |
6.50% |
6.50% |
15 months to less 18 months |
5.80% |
6.30% |
6.50% |
6.50% |
18 months to 2 years |
5.80% |
6.30% |
6.50% |
6.50% |
2 years 1 day to 3 years |
6.00% |
6.50% |
6.50% |
6.50% |
3 years 1 day to 5 years |
6.20% |
6.70% |
6.25% |
6.25% |
5 years 1 day to 10 years |
6.10% |
6.75% |
6.25% |
6.25% |
5-years FD u/s 80C (Up to ₹1.50 Lakh) |
6.20% |
6.70% |
NA |
NA |
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.
Tenor |
Non-Senior Citizen |
Senior Citizen |
||||
Interest Rate |
Interest Earned |
Maturity Amount |
Interest Rate |
Interest Earned |
Maturity Amount |
|
1 year |
5.80% |
₹5,927 |
₹1,05,927 |
6.30% |
₹6,450 |
₹1,06,450 |
2 years |
5.80% |
₹12,206 |
₹1,12,206 |
6.30% |
₹13,317 |
₹1,13,317 |
3 years |
6.00% |
₹19,562 |
₹1,19,562 |
6.50% |
₹21,341 |
₹1,21,341 |
4 years |
6.20% |
₹27,902 |
₹1,27,902 |
6.70% |
₹30,445 |
₹1,30,445 |
5 years |
6.20% |
₹36,019 |
₹1,36,019 |
6.70% |
₹39,407 |
₹1,39,407 |
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.
1. 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.
2. 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.
3. 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.
Maturity amount = P (1 + r/n)nt |
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.
FAQs
-
✔️Does ICICI Bank offer a premature FD withdrawal facility?
Yes, a premature withdrawal facility is available on an ICICI Bank FD . If the FD is prematurely withdrawn before 5 years and 1 day from the opening, the prevailing premature withdrawal policy will be applicable. But if the ICICI Bank FD is prematurely withdrawn on or after 5 years and 1 day from its opening, a penalty of 1.10% is levied on the amount.
-
✔️How can I extend the tenor of an ICICI Bank FD?
You cannot extend the tenor of an ICICI Bank fixed deposit before maturity. That said, if your fixed deposit has been opened in the auto renewal mode, it will automatically be renewed for the same period as the original tenor.
-
✔️Can I obtain a loan from ICICI Bank on the security of my ICICI Bank FD?
Yes, the loan facility is available on ICICI Bank FDs for up to 90% of principal and accrued interest. You can either contact the bank via customer care or visit the nearest branch directly to avail a loan against your FD.
-
✔️Who receives the ICICI Bank FD amount after the death of the account holder?
The nominee will get the principal amount and the interest that has been accumulated when the account holder dies. In case no nominees have been added to the account, the ICICI Bank FD amount can be accessed by the legal heirs.
-
✔️What are the types of forms used to open an ICICI Bank FD?
You can use an online ICICI Bank FD form if you wish to open an account through the internet banking portal. Alternatively, if you visit a bank branch for FD account opening, you can use a physical ICICI Bank FD form.
-
✔️Are there any ICICI Bank fixed deposits that offer tax benefits?
Yes, ICICI Bank offers a 5-year Tax Saver Fixed Deposit investment plan.
-
✔️How can I apply for a Tax Saver Fixed Deposit plan in ICICI Bank?
You can apply for a Tax Saver Fixed Deposit plan in ICICI Bank via internet banking or by using the iMobile app. Alternatively, you can also do this by visiting a bank branch.
-
✔️Is TDS deducted at the ICICI Bank FD rate?
No, tax will be deducted on your FD interest at 10% per annum, if your total interest income exceeds ₹40,000 during a financial year or ₹50,000 if you are a senior citizen. If you have not provided a PAN, the rate of tax deduction will be 20%.
-
✔️How to claim a TDS refund on an FD in ICICI Bank online?
You can claim a refund of the tax deducted online, via the income tax department’s web portal.
-
✔️What is the time period taken for the TDS refund process of ICICI Bank FD?
The refund process can take 3 to 6 months to be completed.
-
✔️Is there any nomination facility in the ICICI Bank FD plan?
Yes, you can (and should) appoint a nominee for your ICICI Bank FD. You can do this via internet banking, the bank’s iMobile app or offline at any of the bank’s branches.
-
✔️Does the ICICI Bank FD plan offer a loan facility?
Yes. You can avail a loan if you have a ICICI Bank FD. The maximum amount of loan you can borrow is 90% of your FD account balance.
-
✔️Can I avail the credit card facility if I have opened an account under the ICICI Bank FD plan?
Yes, ICICI Bank issues secured credit cards against the security of the ICICI Bank FDs . These FD cards can be availed for any ICICI Bank fixed deposits and offer credit limits equal to 90% of your FD amount.
-
✔️Who is eligible to open an ICICI Bank FD account?
Any Indian resident can open a fixed deposit with ICICI Bank.
-
✔️What is the tenor range for ICICI Bank FD?
If you want to open an FD with ICICI Bank, you can choose from flexible tenor options that start at 7 months and go up to 10 years.
