ICICI Bank Fixed Deposit (FD)Rates


ICICI Bank Fixed Deposit(FD) Rates

Fixed deposit schemes are the most popular saving option chosen by the greatest number of peoples. ICICI bank being one of the largest banks in the country offers very attractive FD schemes with lucrative interest rates and provides a high level of security for your investment. Through the ICICI bank Fixed Deposit(FD) plans investors can earn a handsome amount of interest and can save their money in a trusted way.

Here we have covered all the details related to ICICI bank fixed deposit that a user is willing to know before opting any FD plan.

ICICI Bank FD rates

TenureFD ratesSenior Citizen FD rates
7 days to 14 days4.00%4.50%
15 days to 29 days4.25%4.75%
30 days to 45 days5.50%6.00%
46 days to 60 days6.00%6.50%
61 days to 184 days6.25%6.75%
185 days to 289 days6.50%7.00%
290 days to 364 days6.75%7.25%
1 year to 389 days  6.90%7.40%
390 to 2 years7.10%7.60%
2 years 1 day to 3 years7.50%8.00%
3 years 1 day to 5 years7.25%7.75%
5 years 1 day to 10 years7.00%7.50%

ICICI Fixed deposit interest rates in comparison with other banks FD rates

OVERVIEWICICI BANKBANK OF BARODAKOTAK BANK
Interest rates (General)4.00% – 7.50%4.50% – 6.85%3.50% – 7.40%
Interest rates (Senior citizen)4.50% – 8.00%5.00% – 7.35%4.00% – 7.90%
Highest interest rate7.50% – 2 years 1 day – 3 years6.85% – 1 year 1 day to 400 days7.40% – 390 days to 1 year 364 days


Benefits of Opening ICICI FD Account

Undoubtedly ICICI bank’s fixed deposit scheme is highly recommended if you are willing to invest your money on a regular basis and want to get interested over the amount invested. In such case, ICICI Fixed deposit account is a good option to go for. Let’s understand the benefits under it-

  • A good option for the custody of your fixed deposit.
  • Automatic renewal facility is available.
  • Up to 90 % of the principal amount facility of loan is available.
  • To suit your investment plan, tenure ranging from  7 days to 10 years is available.

ICICI Fixed deposit details in comparison with other banks FD details

OVERVIEWICICI BANKBANK OF BARODAKOTAK BANK
Period of Deposit  7 days to 10 years7 days to 10 years7 days to 10 years
Minimum Deposit AmountRs.10,000Rs.10,000Rs. 10,000 for existing customersRs.25,000 for new customers
Maximum Deposit Amount No LimitUpto 1 croreNo Limit
Breaking of FD provision0.50% – 1 %1% for deposits above Rs.5 lakh0.50% for deposits held more than 181 days
Loan AgainstUpto 90%Upto 95%Upto 85%

Premature withdrawals of FD in ICICI Bank

If a scheme offers better interest rates than the present, then no penalty is levied. If the face value of the deposit is less than 5 lakh and deposit has been in the bank for at least 12 months no penalty is incurred. Other than these cases for the premature withdrawals,0.5% to 1% interest would be deducted from the original contract rate at the time of account release.


What is the FD  interest rate with a premature withdrawal facility?

Period of FD TenureInterest Rate w.e.f. 18th November, 2018
General Interest RateInterest Rate for Senior Citizen
7 days to 14 days 4.004.50
15 days to 29 days 4.254.75
30 days to 45 days 5.506.00
46 days to 60 days 6.006.50
61 days to 90 days 6.256.75
91 days to 120 days 6.256.75
121 days to 184 days 6.256.75
185 days to 289 days 6.507.00
290 days to less than 1 year6.757.25
1 year to 389 days 6.907.40
390 days to 2 years 7.107.60
2 years 1 day upto 3 years 7.508.00
3 years 1 day to 5 years 7.257.75
5 years 1 day upto 10 years 7.007.50
5 years Tax Saver FD (Max upto Rs.1.50 lakh)7.257.75


What is the FD  interest rate without premature withdrawal facility?

Period of FD TenureInterest Rate(% p.a) w.e.f. 22nd February, 2019
Rs. 1.00 crore to < Rs.5.00 croreRs. 5.00 crore to < Rs.5.10 croreRs. 5.10 crore to < Rs.24.90 croreRs. 24.90 crore to < Rs.25.00 croreRs. 25.00 crore to < Rs.100.00 croreRs. 100.00 crore to < Rs.250.00 croreRs. 250.00 crore to < Rs.500.00 crore>= Rs.500.00 crore
7 days to 14 days 5.755.755.75
5.755.755.755.755.75
15 days to 29 days 5.75


5.755.755.755.755.755.755.75
30 days to 45 days 6.256.256.256.256.256.256.256.25
46 days to 60 days 6.506.506.506.506.506.506.506.50
61 days to 90 days 6.756.756.756.756.756.756.756.75
91 days to 120 days 7.157.157.157.157.157.157.157.15
121 days to 150 days7.307.307.307.307.307.307.307.30
151 days to 184 days7.307.307.307.307.307.307.307.30
185 days to 210 days7.507.507.507.507.507.507.507.50
211 days to 240 days7.507.507.507.507.507.507.507.50
241 days to 270 days7.50
7.507.507.507.507.507.507.50
271 days to 300 days 7.60


7.60
7.607.60

7.607.607.607.60
301 days to 330 days 7.607.607.607.607.607.607.607.60
331 days to <1 years 7.607.607.607.607.607.607.607.60
1 year to 389 days 7.757.757.757.757.757.757.757.75
390 days to <15 months 7.607.607.607.607.607.607.607.60
15 months to <18 months 7.607.607.607.607.607.607.607.60
18 months to 2 years 7.607.607.607.607.607.607.607.60
2 years 1 day to 5 years 7.607.607.607.607.607.607.607.60
3 years 1 day to 5 years 7.607.607.607.607.607.607.607.60
5 years 1 day upto 10 years 7.607.607.607.607.607.607.607.60

Tax Benefits on ICICI Fixed deposits

It has a tax saving FD option with a lock-in period of 5 years. You can avail for this FD deposit scheme to avail the tax benefits under the section 80C of the Income Tax Act,1961 if you are an individual, minor or an HUFs.

Note: If the interest earned is more than 10000 on FD, then a TDS of 10% is deducted by the bank. The tax levied is depend on the which tax bracket you in irrespective of the FD deposits and tenure.


FAQs

1)     How much time it takes for premature withdrawal of the FD/RD?

Banks can refuse for the premature withdrawal of the fixed deposits as per RBI guidelines.

It will take 1 to 2 working days to process the premature withdrawal of FD/RD.

2)     Can I cancel the premature withdrawal of the Fixed Deposit?

Request once placed for premature closure of FD(Fixed Deposit) cannot be canceled by you.

3) What is the minimum amount of requirement to open an FD account with ICICI?

You will have to deposit a minimum of 10,000 rs to open a Fixed Deposit account with ICICI.

4) What is the duration of term for an ICICI fixed deposit account?

In ICICI Bank FD account, the amount can be deposit for a minimum period of 7 days to a maximum period of 10 years.

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.