### ICICI Bank FD Calculator

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MONTHS
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Total interest
Deposit amount
Maturiity amount

The ICICI Bank FD interest rates 2024 calculator can effectively help in financial planning. This is how it is possible:

Helping to shape financial goals:  The  ICICI FD interest rates 2024 calculator allows individuals to input their targeted deposit amount, preferred tenure, and current interest rate. The calculator displays a clear estimation of the maturity amount. It is also possible for you to explore various deposit amounts and tenures, and you gain the power to shape your financial goals more precisely.

Projection minus the risk:  The ICICI FD monthly interest calculator can project your investment's growth minus any uncertainty. With the assistance of the FD calculator, you can project your maturity amount with certainty. This assurance helps in adequate financial planning that is based on informed decisions.

Tenure customisation: The ICICI FD calculator allows you to customise your investment tenure to suit your financial needs. You understand how time impacts your returns as you enter different tenures into the calculator. The calculator's visual representation of how varying tenures affect your maturity amount helps you make informed decisions about the time span that complements your financial strategy.

## How does an ICICI Bank FD Calculator Work ?

Using an ICICI Bank FD calculator is quite easy. You can calculate the estimated maturity amount in four simple steps:

• Input the ‘Total Deposit Amount’ box with the amount you wish to invest in ICICI FD.
• Select the investment tenure under the ‘Number of years’ box.
• Enter the ICICI FD interest rate according to the chosen tenure.
• The invested amount, interest amount and total maturity amount will be shown on the screen.

## How to use ICICI fixed deposit calculator?

It is possible to use the FD calculator to calculate the interest and maturity amount on the FD as follows:

• Enter the deposit amount
• Select the FD tenure and interest rate
• The interest amount, deposit amount and the total maturity amount are displayed

## Formula to determine ICICI FD returns

The formula to determine ICICI FD returns is: A= P (1+r/n)^n x t

In which,

A=FD maturity amount that you will generate at the end of the investment tenure

P= the amount invested in an ICICI Bank FD scheme

r=the applicable FD interest rate

n=the number of times the interest is calculated on an FD within a year

t=investment tenure

### Example:

Let’s assume you invest Rs 1,00,000 in ICICI fixed deposit for 5 years at an interest rate of 7%. The maturity amount, when calculated using the interest formula, will be:

A = 1,00,000 (1 + 7%/2) ^ 2 x 5

Therefore, the maturity amount is Rs 1,41,478.

## ICICI Fixed Deposit Interest Rates on Domestic/ NRE /NRO Deposits of less than Rs 2 crore - Senior Citizens

Note: All interest rates shown above are as on October 16, 2023

## ICICI Bank Fixed Deposit Interest Rates 2024

Note: All the above interest rates are as of January 15, 2024

## Benefits of the ICICI FD Calculator

You can make well-informed decisions and choose the right investment options to align your financial goals with the investment’s objective by using the ICICI FD calculator. It will aid in providing an estimate of the maturity amount from the investment.

Some of the benefits of using the ICICI FD Calculator include:

Easy to operate: The ICICI FD calculator is a tool and is easy to operate. The investor has to just key in the relevant  inputs and get the output. Besides, it also has sliders to adjust the tenure and interest rate, making it flexible to use in multiple cases.

Free to use: The online ICICI FD calculator is free to use as often as possible.

Compare results: You can use the ICICI deposit calculator to compare results by changing the interest rate or tenure to see which scenario will help you to reach your financial goals. You can also compare the results of the ICICI FD Calculator with the other investment returns and see which investment provides higher returns.

What is the minimum amount of investment for FDs in ICICI Bank?

The minimum investment amount for ICICI Bank FD is Rs 10,000 for adults and Rs 2,000 for minors.

Who is eligible to open an ICICI Bank fixed deposit account?

Any Indian citizen is eligible to open an ICICI Bank FD account.

In how many years has FD doubled in ICICI Bank?

It is possible to calculate the years required to double the FD amount in ICICI bank by using the Rule of 72. According to this rule, you need to divide 72 by the interest rate you are eligible for, depending on the chosen tenure. For example, suppose ICICI offers you an interest rate of 7.05% on your FD amount. By the application of the Rule of 72, which is 72/7.05, it will take at least 10.21 years to double the FD amount.

Can the ICICI Bank FD account be closed online?

Yes, FD account holders can close an ICICI Bank FD account online if they have an Internet banking facility.

Can I opt for the auto-renewal facility on the FD account?

You can opt for auto-renewal at the time of opening an FD or any time before the FD matures. With the auto-renewal facility,  your FD gets renewed automatically for the same period as the original. It is important to note that under the auto-renewal option, the FD receipt is in a bank’s custody and Memorandum of Deposit (MOD) is issued in lieu of the fixed deposit receipt.

Can I open an FD account online?

Yes, you can open an FD account through any of the following modes, such as iMobile Pay app, internet banking, branch visit, ATM or by contacting customer care.

Are senior citizens provided an additional interest rate?

ICICI Bank offers interest rates of 7.65% per annum for senior citizens (above the age of 60 years) and up to 7.1% per annum for citizens below 60 years of age.

Is the ICICI FD calculator free?

Yes, the ICICI FD calculator is free to use as per your convenience.

What is the maximum and minimum limit for investing in an ICICI FD?

The minimum amount that a person can invest in ICICI FD is Rs 1,000, while there is no upper-limit as such to invest in them.

Can I withdraw my ICICI Bank FD prematurely?

Yes, you can withdraw your ICICI Bank FD prematurely. However, you would be liable to pay the penalty, which is directly proportional to the tenure.

What is the penalty charge for withdrawing an ICICI FD before its maturity?

The penalty charge would be calculated on the term the deposit was kept with the ICICI Bank.

An FD that’s held for less than a year will incur a penalty of 0.50%, and the same will be charged at the rate of 1% if the holding period ranges between one and five years.

However, an investment sum of more than Rs 5 crore would incur a penalty at the rate of 1.5%.

How are ICICI FD interest rates calculated?

Usually, the ICICI FD interest rates are calculated on a quarterly basis. The interest is compounded quarterly and added to the principal amount, which results in the maturity amount. Typically, the interest is calculated based on the actual number of days in a year, which could be 365 or 366 days, depending on whether it's a leap year.

Can I prematurely withdraw my ICICI FD?

Yes, you can withdraw your ICICI Bank FD prematurely. However, you will be liable to pay a penalty.

Can I change the tenure of my ICICI FD after opening it?

Mostly, once you've opened an ICICI FD account, the tenure is fixed and cannot be changed. FDs are supposed to be long-term investments, and changing the tenure after opening the FD may not be allowed. Choosing a tenure that aligns with your financial goals from the beginning is crucial.

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