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ICICI Bank offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. ICICI Bank Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
Fixed Deposit (FD) or Term Deposit is a popular financial instrument available in the country. It is considered to be the least risky and a very dependable investment option. It offers a higher rate of interest over your regular savings bank account. The Fixed Deposits are secure from market volatility and fluctuations. There is a guaranteed return on your deposit.
One can earn interest on a quarterly or a monthly basis with ICICI Bank fixed deposits and investment can be made for a tenure ranging from 7 days to 10 years. The minimum amount required to book a deposit is Rs. 10,000 for general customers and Rs. 2000 for minors. One can create a fixed deposit either online or by visiting the nearest bank branch. ICICI Bank fixed deposit rates are quite competitive in the market.
Apart from the regular Fixed Deposit scheme, the bank offers other options like Recurring Deposit, iWish flexible recurring Deposit, Tax Saving Fixed Deposit, Money Multiplier Fixed Deposit and Security Deposit.
About ICICI Bank Fixed Deposit Rate
A normal fixed deposit can be booked for a tenure of 7 days or upto 10 years. A minimum balance of Rs. 10,000 needs to be made. The bank offers two plans under this scheme – Traditional and Reinvestment Plans. In the traditional plan, you can earn interest on a quarterly or monthly basis with a maturity period of 7 days upto 10 years. In the reinvestment plan, the interest is compounded on a quarterly basis and reinvested with the principal amount. The tenure varies from 6 months to 10 years.
The ICICI Bank Tax Saving Fixed Deposit helps in getting a tax exemption under Section 80C of the Income Tax Act, 1961. You have the option of choosing from a traditional plan that will pay interest on a quarterly or monthly basis or the Reinvestment Plan wherein the interest is compounded on a quarterly basis and reinvested with the principal amount. A minimum investment of Rs. 10,000 and maximum of Rs.1,50,000 can be made for a 5-year period.
ICICI Bank Money Multiplier Deposit offers the liquidity of a savings account and the high returns of an FD. The Fixed Deposit is linked to your savings bank account. Under this scheme, the 390 days Money Multiplier deposit offers an attractive rate of interest for 390 days. The linked FD offers high rate of interest on the Savings Bank Deposits. The FD needs to be created in multiples of rs. 5000/-for a minimum tenure of one year.
This scheme is targeted at employees of corporate companies. It helps in keeping tabs on the attrition rate while helping the employees make their own savings. It offers the employees to create a Security Deposit in the form of a Fixed Deposit that can be withdrawn only with the consent of the company. There are higher earnings on this type of deposit.
The interest rate on Fixed Deposit with ICICI Bank varies with the amount deposited and maturity period. The interest rate varies from 3% up to 7.75%.
In a fixed deposit, the invested money cannot be taken out before the maturity period ends. If you end up pulling out the money, it will attract penalty. Once the deposit matures, the bank credits the principal amount plus the interest to the bank account. It is a fixed rate of interest that is earned on the investment throughout the tenure except in case of floating rate.
ICICI Bank offers competitive interest rates on fixed deposits in the market. It is critical to note that these interest rates are subject to change any time. It is required to check the prevailing rates before booking a deposit. An overview of the interest rates offered by ICICI Bank is mentioned below.
Interest Rates on Domestic, NRO and NRE Deposits (less than Rs. 1 cr)
Interest Rates on Domestic, NRO and NRE Deposits (More than Rs. 1 cr)
ICICI Bank has created a comprehensive Fixed Deposit calculator to calculate your earnings through the term deposits. It is quite simple and easy tool to use and is available on the bank’s website. You can work out the annualized interest rate on your investment. You need to fill in some details of your investment to get a detailed result of your maturity amount. The fixed deposit principal amount, period of investment, type of Fixed Deposit are some of the information to be entered into this calculator. The result is shown in simple numbers as well as graphical method for ease of understanding.
There are times when we need immediate liquidity to meet our financial requirements or there is a financial emergency when money is required. It is possible to break an FD to plug in this need. The bank charges a penalty in such situations depending on a full closure or a partial withdrawal. The minimum penalty charged is 0.50% depending on the period of FD. Once a request has been placed for breaking a FD, it cannot be cancelled.
1. What is the maximum amount that can be deposited in the ICICI Bank Tax Saver Fixed Deposit?
You can invest a maximum of Rs. 1, 50,000 in the ICICI Bank Tax Saver Fixed Deposit plan.
2. Is TDS applicable on the interest earnings of ICICI Bank Tax Saver Fixed Deposit plan?
Yes, tax is deducted at source as per the IT Act, 1961.
3. What is reinvestment or cumulative FD?
In this type of FD, the interest is compounded on a quarterly basis and reinvested with the principal amount. Maturity period varies from 6 months to 10 years.
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