A fixed deposit is an attractive, risk-free method to grow your wealth. Here, in this guide, check out the interest rates offered by ICICI bank for fixed-term deposits.

Overview of ICICI Bank Fixed Deposits 

The primary reason most people opt for fixed deposits is that it’s safe and offers guaranteed returns. You can know exactly how much interest your money will earn when you open a fixed deposit. ICICI Bank also provides a handy interest rate calculator for fixed deposits to help you determine how much money you will earn at the end of the maturity period so that you can plan your investments accordingly.

ICICI bank allows customers to open fixed deposits from 7 days up to 10 years. Opening a deposit account is easy, and customers can use any one of the following channels: 

  • Internet banking

  • Phone banking 

  • Or by visiting your nearest ICICI bank branch 

Here are some of the top features of fixed deposits from ICICI bank

  • Easy liquidity – Depositors can make premature withdrawals subject to penalties. Additionally, they can also use it to avail OD, and loans for up to 90% of the deposit amount. 

  • Low Minimum Balance – Customers can open FDs starting at a minimum deposit of Rs. 10,000. The minimum deposit limit for minors is just Rs. 2000. 

  • Avail Loan against FD – ICICI bank offers secure loan facilities for holders of fixed deposit accounts. Loans up to 90% of the FD amount are available, and automatic renewal of loan is also allowed on completion of the loan tenure.

  • Avail an Instant Credit Card – ICICI bank offers instant credit cards against fixed deposits. It's a massive perk for customers who don't hold a salary bank account.

  • Nomination – Appoint a single nominee or joint nominee for your fixed deposits. 

Who can open a fixed deposit at ICICI Bank? 

  • All domestic customers including savings account holders, senior citizens, minors

  • NRO account holders

  • NRE account holders

Now that we’ve seen the primary benefits of fixed deposits at ICICI bank and the eligibility, let’s take a closer look at the prevailing interest rates. 

Interest Rates for Fixed Deposits at ICICI Bank 

The interest earned depends on the tenure as well as the amount deposited. First, let’s take a look at,

Interest rates for fixed deposits up to Rs. 2 crores

Fixed Deposit Tenure

Rate of Interest
General For Senior Citizens
7 days to 14 days 4 4.5
15 days to 29 days 4.25 4.75
30 days to 45 days 4.75 5.25
46 days to 60 days 5.25 5.75
61 days to 90 days 5.25 5.75
91 days to 120 days 5.25 5.75
121 days to 184 days 5.25 5.75
185 days to 289 days 5.75 6.25
290 days to less than 1 year 6 6.5
1 year to 389 days 6.2 6.7
390 days to 18 months 6.3 6.8
18 months to 2 years 6.3 6.8
2 years 1 day up to 3 years 6.4 6.9
3 years 1 day up to 5 years 6.4 6.9
5 years 1 day up to 10 years 6.4 6.9
5 Years Tax saver FD(Maximum deposit up to Rs. 1.50 lakhs) 6.4 6.9

 

Interest rates for fixed deposits of more than Rs. 2 crore

Fixed Deposit Tenure

Rate of Interest (w.e.f 28th February 2020)
2 crores to
5 crores
5 crores to
5.10 crores
5.10
crores to
24.90 crores
24.90
crores to
25 crores
25 crores to
100 crores
100 crores to
250 crores
250 crores to
500 crores
Above 500 crores
7 days to 14 days 4 4 4 4 4 4 4 4
15 days to 29 days 4 4 4 4 4 4 4 4
30 days to 45 days 4.5 4.25 4.5 4.25 4.5 4.5 4.5 4.5
46 days to 60 days 5 4.5 5 4.5 5 5 5 5
61 days to 90 days 5 4.5 5 4.5 5 5 5 5
91 days to 120 days 5 5 5 5 5 5 5 5
121 days to 150 days 5 5 5 5 5 5 5 5
151 days to 184 days 5 5 5 5 5 5 5 5
185 days to 210 days 5.5 5 5.5 5 5.5 5.5 5.5 5.5
211 days to 240 days 5.5 5 5.5 5 5.5 5.5 5.5 5.5
241 days to 270 days 5.5 5 5.5 5 5.5 5.5 5.5 5.5
271 days to 300 days 5.75 5 5.75 5 5.75 5.5 5.5 5.5
301 days to 330 days 5.75 5 5.75 5 5.75 5.5 5.5 5.5
331 days to < 1 year 5.75 5 5.75 5 5.75 5.5 5.5 5.5
1 year to 389 days 6 5.25 6 5.25 6 5.65 5.65 5.65
390 days to < 15 months 6 5.25 6 5.25 6 5.6 5.6 5.6
15 months to < 18 months 6 5.25 6 5.25 6 5.6 5.6 5.6
18 months to 2 years 6 5.25 6 5.25 6 5.6 5.6 5.6
2 years 1 day to 3 years 6 5.25 6 5.25 6 5.6 5.6 5.6
3 years 1 day to 5 years 6 5.25 6 5.25 6 5.6 5.6 5.6
5 years 1 day up to 10 years 6 5.25 6 5.25 6 5.6 5.6 5.6

 

Few Points to Note regarding Interest Rates of Fixed Deposits 

  • Interest rates can change without any prior notice. Make sure to check the prevailing interest rates, when you open a fixed deposit with the bank. 

  • The interest earned is credited to the depositor after the deduction of TDS (Tax Deducted at Source) as per prevailing income tax rules. 

  • The minimum tenure of a fixed deposit (Domestic and NRO deposits) is seven days. For NRE deposits, the minimum tenure is one year. 

  • No interest is payable on deposits that are prematurely withdrawn before the completion of the minimum tenure. 

  • Special interest rates are available for senior citizens only on domestic fixed deposits. 

  • Current and retired ICICI bank staff earn an additional 1% interest rate on domestic fixed deposits below Rs. 2 crores. 

  • If you opt for the Tax Saver FD, note that the maximum amount that can be deposited using a single PAN ID is Rs. 1.5 lakhs. The Tax-Saver FD cannot be closed prematurely and comes with a lock-in period of five years. 

Interest Rates for Premature Withdrawal of Fixed Deposits 

There may arise a situation where you require emergency funds, forcing you to withdraw your fixed deposits prematurely. Let’s take a look at how premature withdrawals of fixed deposits at ICICI bank impact the interest rates:

  • On early withdrawal, the interest is calculated at the rate at which the fixed deposit was held with the bank and not the original proposed tenure.

  • Additionally, penalties are also levied, based on the applicable rates. 

Penalty Rates for Premature Withdrawal of Fixed Deposits
Original Tenure For deposits less than Rs. 5 crore For deposits above Rs. 5 crore
Less than 1 year 0.50% 0.50%
1 year to 5 years 1.00% 1.00%
More than 5 years 1.00% 1.50%

 

Interest Rates for Fixed Deposits without premature withdrawal facility  

These fixed deposits cannot be withdrawn before the maturity period. This facility is available only for deposits of Rs. 2 crores and more.

Fixed Deposit Tenure

Rate of Interest (w.e.f 28th February 2020)
2 crores to
5 crores
5 crores to
5.10 crores
5.10
crores to
24.90 crores
24.90
crores to
25 crores
25 crores to
100 crores
100 crores to
250 crores
250 crores to
500 crores
Above 500 crores
7 days to 14 days 4 4 4 4 4 4 4 4
15 days to 29 days 4 4 4 4 4 4 4 4
30 days to 45 days 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5
46 days to 60 days 5 5 5 5 5 5 5 5
61 days to 90 days 5 5 5 5 5 5 5 5
91 days to 120 days 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1
121 days to 150 days 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1
151 days to 184 days 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1
185 days to 210 days 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6
211 days to 240 days 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6
241 days to 270 days 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6
271 days to 300 days 5.85 5.85 5.85 5.85 5.85 5.6 5.6 5.6
301 days to 330 days 5.85 5.85 5.85 5.85 5.85 5.6 5.6 5.6
331 days to < 1 year 5.85 5.85 5.85 5.85 5.85 5.6 5.6 5.6
1 year to 389 days 6.1 6.1 6.1 6.1 6.1 5.75 5.75 5.75
390 days to < 15 months 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7
15 months to < 18 months 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7
18 months to 2 years 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7
2 years 1 day to 3 years 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7
3 years 1 day to 5 years 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7
5 years 1 day up to 10 years 6.1 6.1 6.1 6.1 6.1 5.7 5.7 5.7

 

Few Points to Note regarding Fixed Deposits without Premature Withdrawal Facility  

For starting a fixed deposit without the premature withdrawal facility, get in touch with your relationship manager at ICICI Bank or visit your nearest ICICI bank branch. 

  • The interest rates are subject to change anytime, without prior intimation. 

  • Auto-renewal facilities are not available for these fixed deposits.

  • The minimum tenure for NRE FDs without premature withdrawal facility is one year, and the maximum tenure is ten years.

  • The minimum tenure for NRO FDs without premature withdrawal facility is three months, and the maximum tenure is ten years.

EndNote

Open a Fixed Deposit at ICICI Bank and Watch your Money Grow

With attractive interest rates, hassle-free deposit opening and maintenance, ICICI bank offers customers a convenient and smart way to grow their wealth. However, before you open an FD online or offline, make sure to check the prevailing interest rates, to help you choose the best option.