ICICI Fixed Deposit Rate

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ICICI Bank Fixed Deposit Rate

ICICI Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving and investment. The downside to opening a Fixed Deposit Account is that the rewards are proportionately low— when compared to other forms of investment, such as investing in the stock market —but is free from volatility and fluctuation.

Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% sometimes even higher, depending on the tenure and amount, among other factors. If you have some extra money that you wish to invest, opening an FD is the simplest form of investment, which requires minimal documentation.

Apart from banks, NBFCs and corporates too offer fixed deposits.

ICICI Bank deposit rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. ICICI Bank Interest Rates typically range from 4%–9% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Banks offer FDs with a higher rate of interest as compared to a savings account to make up for the low liquidity. /p>

Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened. The money deposited earns the same fixed rate of interest throughout the entire FD period.

ICICI Bank FD rates

Following is an overview of ICICI Bank Term Deposit Rates and ICICI Bank Short-Term Fixed Deposit Interest Rates.

ICICI Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with ICICI Bank directly.)

Interest rates on Domestic, NRO & NRE deposits (Less than Rs. 1 crore) With Premature Withdrawal Facility:

Tenure Interest Rate (per annum)
7 days to 14 days 4.00%
15 days to 29 days 4.25%
30 days to 45 days 5.50%
46 days to 60 days 6.25%
61 days to 90 days 6.25%
91 days to 120 days 6.50%
121 days to 184 days 6.75%
185 days to 289 days 6.75%
290 days to less than 1 year 7.00%
1 year to 389 days 7.25%
390 days to 5 years 7.25%
5 years 1 day up to 10 years 7.25%
5 Years Tax saver FD (Max up to Rs. 1.50 lac) 7.25%

Interest rates on Domestic, NRO & NRE deposits (Rs. 1 crore and above)

Tenure Period Rs. 1 crore to less than Rs. 5 crore Rs. 5 crore to less than Rs. 25 crore Rs. 25 crore to less than Rs. 250 crore Rs. 250 crore to less than Rs. 500 crore Rs. 500 crore & above
7 days to 14 days 5.75% 5.75% 5.75% 5.75% 5.75%
15 days to 29 days 5.75% 5.75% 5.75% 5.75% 5.75%
30 days to 45 days 6.00% 6.00% 6.00% 6.00% 6.00%
46 days to 60 days 6.00% 6.00% 6.00% 6.00% 6.00%
61 days to 90 days 6.25% 6.25% 6.25% 6.25% 6.25%
91 days to 120 days 6.50% 6.50% 6.50% 6.50% 6.50%
121 days to 150 days 6.60% 6.60% 6.60% 6.60% 6.60%
151 days to 184 days 6.60% 6.60% 6.60% 6.60% 6.60%
185 days to 210 days 6.75% 6.75% 6.75% 6.75% 6.75%
211 days to 240 days 6.75% 6.75% 6.75% 6.75% 6.75%
241 days to 270 days 6.75% 6.75% 6.75% 6.75% 6.75%
271 days to 300 days 7.00% 7.00% 7.00% 7.00% 7.00%
301 days to 330 days 7.00% 7.00% 7.00% 7.00% 7.00%
331 days to 364 days 7.00% 7.00% 7.00% 7.00% 7.00%
1 year to 389 days 7.25% 7.25% 7.25% 7.25% 7.25%
390 days to less than 15 months 7.25% 7.25% 7.25% 7.25% 7.25%
15 months to less than 18 months 7.25% 7.25% 7.25% 7.25% 7.25%
18 months to 2 years 7.25% 7.25% 7.25% 7.25% 7.25%
2 years 1 day to 3 years 7.25% 7.25% 7.25% 7.25% 7.25%
3 years 1 day to 5 years 7.25% 7.25% 7.25% 7.25% 7.25%
5 years 1 day to 7 years 7.25% 7.25% 7.25% 7.25% 7.25%
7 years 1 day to 10 years 7.25% 7.25% 7.25% 7.25% 7.25%

ICICI Bank FD Interest Rates for Senior Citizens

ICICI Bank offers special Senior Citizen FD Rates which is generally a small percentage over the rates as applicable for a regular FD.

ICICI Bank Senior Citizen FD Rates:

Tenure Interest Rate (per annum)
7 days to 14 days 4.50%
15 days to 29 days 4.75%
30 days to 45 days 6.00%
46 days to 60 days 6.75%
61 days to 90 days 6.75%
91 days to 120 days 7.00%
121 days to 184 days 7.25%
185 days to 289 days 7.25%
290 days to less than 1 year 7.50%
1 year to 389 days 7.75%
390 days to 5 years 7.75%
5 years 1 day up to 10 years 7.75%
5 Years Tax saver FD (Max up to Rs. 1.50 lac) 7.75%

How to Calculate ICICI Bank Fixed Deposit Interest

You can use ICICI Bank FD calculator to work out the annualized interest rate on your investment, which would help you decide how much to invest, or to see how much money your investment could earn for you. ICICI Bank provides an online calculator, just for this purpose. Apart from this, there are several online sites that allow you to instantly calculate the interest earned.

All you have to do is enter the FD amount, tenure and rate of interest and the kind of FD scheme you want to enter into – the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount. You can enter as many combinations as you want, and the calculator will give you instant and accurate results.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate ICICI FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

ICICI Bank FD Premature Withdrawal Penalty

Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of a medical crisis or other emergency.

In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. The amount of penalty depends on the kind of FD scheme you have opted for. This is subject to the terms agreed upon at the time of placing the deposit. For such premature withdrawals, the bank typically charges a small penalty. All such penal charges are communicated to you at the time of application of FD Deposit.

ICICI Bank FD – FAQS

What is the eligibility for opening an FD account with ICICI Bank?

All resident individuals including minors and Hindu undivided families are eligible to open an FD account with ICICI Bank.

What is the documentation required for individuals to open an FD account in ICICI?

In addition to the usual Identity proof, Address proof, Signature proof and Age proof (for senior citizens), the bank could ask for other additional documents as it sees fit.

For how long can I keep my deposit?

You can open a fixed deposit account for any period ranging from 7 days to as long as 10 years.

What is the minimum amount to be deposited in my FD account?

To open an FD with ICICI, you need to deposit a minimum of Rs. 10,000.

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