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For opening a fixed deposit with ease, and at attractive interest rates, ICICI Bank Fixed Deposit is a good move. Let us look at the different topics covered in this article, related to Fixed Deposit:

  1. ICICI FD Interest Rates for different Investment Periods
  2. ICICI FD Interest Rates
  3. FD in ICICI – Premature Withdrawal
  4. Loan against Fixed Deposit ICICI
  5. Documents required to open Fixed Deposit Account in ICICI

1. ICICI FD Interest Rates for different Investment Periods

 

Investment period FD rates for regular deposit FD rates for Senior Citizens
7 days to 14 days 4.00% 4.50%
15 days to 29 days 4.25% 4.75%
30 days to 45 days 5.50% 6.00%
46 days to 60 days 5.75% 6.25%
61 days to 184 days 6.00% 6.50%
185 days to 289 days 6.25% 6.75%
290 days to 364 days 6.50% 7.00%
1 year to 2 years 6.75% 7.25%
2 years 1 day to 5 years 6.50% 7.00%
5 years 1 day to 10 years 6.50% 7.00%

* The above rates are applicable for deposits of below Rs. 1 crore.
** Figures mentioned in the above table are subject to change without prior information.

2. ICICI FD Interest Rates

ICICI Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of ICICI Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in ICICI Bank are:

  • Loan facility up to 90 percent is available on the deposit
  • Nomination facility available
  • Earn higher returns on the money deposited
  • Interest on deposit is paid only at the time of the maturity

ICICI Bank Fixed Deposit Interest Rate

3. FD in ICICI – Premature Withdrawal

Premature closure of Term Deposit with ICICI Bank is along with the lower interest rate of 0.50%-1% than the contracted rate. The penal provisions for premature closure on ICICI Bank FD are subject to change from time to time and may also vary with deposit schemes.

4. Loan against Fixed Deposit ICICI

ICICI Bank offers loan up to 90% against its own deposit. Note that ICICI Bank will not give you the loan against FD of any other bank. ICICI Bank offers Loan against FD at the rate of 5% to 7.75%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration – Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in ICICI Bank. The borrower later decided to take the loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

5. Documents required to open Fixed Deposit Account in ICICI

Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque

2x higher returns than FD / RD

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