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ICICI Bank offers fixed deposit (FD) accounts to its customers with a range of deposit tenures and interest rates. The FD schemes offered suit the needs of customers from different backgrounds. Here is all the information you may want to know before you decide on how you have to deal with your savings.
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
The interest rates shown in the table below apply to domestic, NRO, and NRE fixed deposits with premature withdrawal facility for a sum less than Rs.2 crore. The rates are effective from 21 October 2020.
|Deposit Tenure||Interest Rate for General Customers (% p.a.)*||Interest Rate for Senior Citizens (% p.a.)*|
|7 days to 14 days||2.50||3.00|
|15 days to 29 days||2.50||3.00|
|30 days to 45 days||3.00||3.50|
|46 days to 60 days||3.00||3.50|
|61 days to 90 days||3.00||3.50|
|91 days to 120 days||3.50||4.00|
|121 days to 184 days||3.50||4.00|
|185 days to 210 days||4.40||4.90|
|211 days to 270 days||4.40||4.90|
|271 days to 289 days||4.40||4.90|
|290 days < 1 year||4.40||4.90|
|1 year to 389 days||4.90||5.40|
|390 days < 18 months||4.90||5.40|
|18 months to 2 years||5.00||5.50|
|2 years 1 day to 3 years||5.15||5.65|
|3 years 1 day to 5 years||5.35||5.85|
|5 years 1 day to 10 years||5.50||6.30#|
|5 years (Tax Saver FD)||5.35||5.85|
*Interest rates are subject to change from time to time. #The additional 0.30% rate over and above the additional 0.50% is applicable only if senior citizens open the ICICI Bank Golden Years FD between 20 May 2020 and 31 December 2020.
This is a simple FD product that offers features, such as safety, flexibility, liquidity, and more. You can open the account with a minimum sum of Rs.10,000 for a period ranging from 7 days up to 10 years. Get loan/overdraft facility on 90% of the deposit amount plus interest accrued. Partial/premature withdrawal is allowed under this scheme.
Resident senior citizens can open FD accounts under this scheme to avail an additional interest rate of 0.50% over and above the interest rate offered for general customers. At times, the bank comes up with special offers where an even higher interest rate is provided that is valid for a specified period.
This scheme uniquely combines the liquidity of a savings account with high earning of a fixed deposit. That is your savings account will be linked to the FD account under the same customer ID. The minimum tenure for the account is one year. Your savings/current account must have a minimum balance of Rs.15,000 to open an FD account under this scheme. An automatic reverse sweep technique will be used when the savings account balance falls below Rs.10,000.
The Flexi FD scheme offers the liquidity of a current account along with the interest rate of an FD account. Maintain a minimum balance of Rs.1,05,000 in your existing account to open a linked FD account. The auto-reverse sweep facility is available once the current account balance falls below Rs.1 lakh. It works similar to that of the Money Multiplier FD scheme.
Carry your original documents for verification along with a photocopy of each document.
ICICI Bank’s Tax Saver Fixed Deposit scheme offers reasonable returns coupled with income tax benefits. You can deposit up to Rs.1.5 lakh and get tax deduction under Section 80C of the Income Tax Act, 1961. The minimum sum you can deposit in the account is Rs.10,000. The scheme comes with a lock-in period of five years.
You have the freedom to choose the interest payout frequency, i.e. monthly, quarterly, or interest reinvestment. However, premature withdrawal and auto-renewal are not allowed. Note that the interest earned on FD accounts are taxable subject to certain conditions. That is, if the total interest earned from FD and RD accounts exceed Rs.40,000 (Rs.50,000 for senior citizens) per financial year, the tax will be deducted at source by the bank.
You can submit Form 15G/15H is applicable to request the bank not to deduct tax at source. This method stays valid only if your annual income does not exceed the basic exemption limit.
Our easy-to-use FD calculator page helps you understand the possible returns you may receive upon depositing your money in a fixed deposit account.
No, the additional interest rate facility offered for senior citizens applies only to domestic customers and not for NRIs.
Yes, ICICI bank staff, including the retired staff, get an additional 1% interest rate over and above the interest rates set for general customers for deposits below Rs.2 crore. The additional rate is only applicable to domestic deposits.
The additional interest rate of 0.30% is offered only on single accounts with a deposit below Rs.2 crore. Further, note that the offer is valid on fresh deposits as well as renewed deposits.
Premature withdrawals are allowed on certain schemes with a penal charge of up to 1.30% on the applicable interest rate. Further, the event will be dealt with as per the premature withdrawal policy.
When it comes to reverse sweep, the deposit in the FD account will be broken as per the Last-In-First-Out method. This method is the best way to earn higher returns on the FD balance.