ICICI Fixed Deposit

ICICI Bank’s FD Interest Rate(Deposits up to Rs.2 crores)

Rate of Interest (% p.a.) w.e.f June 17, 2019
Tenure	Interest Rate
7 days to 14 days	4
15 days to 29 days	4.25
30 days to 45 days	5.5
46 days to 60 days	6
61 days to 90 days	6
91 days to 120 days	6
121 days to 184 days	6
185 days to 289 days	6.5
290 days to less than 1 year	6.75
1 year to 389 days	6.9
390 days to 2 years	7
2 years 1 day upto 3 years	7.3
3 years 1 day upto 5 years	7.25
5 years 1 day upto 10 years	7
5 Years Tax saver FD(Max upto Rs. 1.50 lac)	7.25

ICICI Bank offers the Fixed Deposit account to customers in order to enable them to invest their money without any risk and earn attractive returns for their investment.

Types of ICICI Bank FD

1. ICICI Bank Simple Fixed Deposit Account
2. ICICI Bank Tax Saving Fixed Deposit Account
3. ICICI Bank Money Multiplier Fixed Deposit Account
4. ICICI Bank Security Deposit Account

1. ICICI Bank Simple Fixed Deposit Account

• The minimum deposit amount is ₹ 10,000.
• There is no limit on the maximum deposit amount.
• Minors can open the FD account with an investment of ₹ 2,000.
• Partial withdrawal is allowed from the deposit account in multiples of ₹ 1000.
• A loan or overdraft of up to 90% of the deposit account can be availed.
• The customer can select from a choice of 2 investment plans:
• Traditional Plan: The customer can choose to earn interest quarterly or monthly.
• Reinvestment Plan: The interest is earned at a compounded rate quarterly and reinvested with the principal amount to earn further interest.
• The FD account can be automatically renewed in the absence of any instructions on maturity.
• Nomination facility is available under this scheme.

2. ICICI Bank Tax Saving Fixed Deposit Account

A tax saving FD scheme is specially designed for saving tax under Section 80C. The features of the ICICI Tax Saving Fixed Deposit are as follows:

• The minimum deposit amount is ₹ 10,000.
• The maximum deposit amount is ₹ 1.5 lakhs per year.
• The duration of the deposit is fixed for a period of 5 years.
• Tax is exempted on the savings under Section 80C of the Income Tax Act.
• The customer can select from a choice of 2 investment plans
• Traditional Plan: The customer can choose to earn interest quarterly or monthly.
• Reinvestment Plan: The interest is earned at a compounded rate quarterly and reinvested with the principal amount to earn further interest.
• The deposit can also be made through the International Debit Card.
• Premature withdrawal is not applicable to this scheme.
• Loans taken against the deposit cannot be availed under this deposit scheme.
• There will be no automatic renewal of the deposit on maturity.
• The customer will have to withdraw the deposit on maturity or it will be credited to his or her respective savings account.

3. ICICI Bank Money Multiplier Fixed Deposit Account

ICICI Bank Money Multiplier Fixed Deposit is a combination of a FD and a savings account offering maximum flexibility to the account holder. The features of the ICICI Bank Money Multiplier Fixed Deposit account are as follows:

• The FD account is linked to the savings account of the customer
• In case the balance in the savings account crosses the minimum requirement of ₹ 10,000, the excess amount is transferred to the FD account in minimum multiples of ₹ 5,000 that earns higher interest than that in the savings account
• The customer has to provide instructions for activating the service to the bank through net banking, phone banking or by visiting the branch.
• The deposit period is of a minimum of 1 year or above as chosen by the customer.
• The customer can withdraw funds from the savings account.
• In case the balance in the savings account falls below the minimum requirement of ₹ 10,000, the FD account will be debited through the reverse auto-sweep in facility in multiples of ₹ 5,000 to maintain the minimum balance requirement in the savings account.
• The debiting of the FD account is on a Last in First Out basis (LIFO).
• The amount debited from the savings account will earn the higher FD interest rates for the period it was held in the deposit account while the remaining balance in the FD account will continue to earn the higher rate of interest
• The scheme has the feature of automatic renewal wherein the bank renews the deposit account automatically. The principal and the accrued interest are reinvested as per the original tenure which the customer has chosen.

4. ICICI Bank Security Deposit Account

ICICI Bank Security Deposit is an FD scheme for employees of a corporate company that can be withdrawn only with the consent of the company. The features of the ICICI Bank Security Deposit are as follows:

• It is available under the single mode of operation
• The minimum deposit tenure is 6 months.
• The maximum deposit tenure is 10 years.
• The minimum amount of deposit required for opening the account is ₹ 10,000.
• There is no limit on the maximum deposit amount under this scheme.
• Interest is calculated on a compounded basis and accrues quarterly.
• Interest is reinvested with the principal amount whenever it accrues to earn further interest.
• The interest earned is subject to TDS as per applicable tax laws.
• The FDs cannot be automatically renewed.

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