ICICI Bank Fixed Deposit Account

ICICI Bank has emerged as India’s largest bank among private sectors. Approximately, the bank holds 12,012 ATMs and 3,845 branches in India.

ICICI Bank is popular among its customers for offering suitable facilities that corresponds to every individual and also for their safe and flexible Fixed Deposit policies.

FDs Offered by ICICI Bank

ICICI Bank delivers to its customer viable rates on several FD policies. The FD policies maintain stability in returns and liquidity, benefiting customers who emphasize on protection and safety of their capital. Customers get to plan their suitable investments with the flexible options of pay-out and sustainable periods.

Eligibility criteria for opening an FD in ICICI bank

  • Resident or non-resident Indian Individual, major or minor Any Indian individual or minor (parents as co-signee

ICICI Bank provides the following Fixed Deposit Policies:

  • Traditional fixed deposit plans
  • Reinvestment Plan
  • Tax Saver FDs 
  • FD for senior citizens.

Minimum amount for opening an FD in ICICI Bank:

  • 2,000 Rupees for minors
  • 10,000 Rupees for general investors

Maximum amount allowable to deposit in an FD in ICICI bank:

No maximum limit.

Minimum and maximum periods to uphold funds in an FD in ICICI bank:  

Minimum period to open an FD is one week and maximum is ten years.

Procedures for opening an FD in ICICI Bank:

  • An FD can be initiated through ATM facility (accounted below ₹ 50,000)
  • Via ICICI’s facility of phone-banking or net-banking.
  • Visiting nearest ICICI bank branch.

The FD will be processed by the bank after the customer submits the KYC documents and the amount either through demand graft or cash/cheque.

Interest rates offered by FDs of ICICI bank:

ICICI Bank presents alluring interest rates on FDs to its customers that ranges from 4.5-8.5%. Depositors upholding the Traditional Plan make interests at the end of every month while depositors upholding the Reinvestment Plan earn interest quarterly.

Taxability features if ICICI bank’s FD accounts:

ICICI bank charges tax on the earned interest of FD accounts. According to Income Tax Act of 1961 provisions, tax is subtracted. Individuals wanting exemption from the TDS, have to submit form 15H /15G (duly filled).

Main characteristics of ICICI’s FD policies:

  • Protection and safety of capital.
  • Flexible transactions with untimely loan and withdrawal options.
  • Nomination amenities.
  • Protected supervision of the fixed deposit receipts.

ICICI bank provides loans against FDs:

A customer can benefit a loan of 90% of the fixed deposit money and the ensued interest too.  Premature withdrawals are also permissible in terms of 1,000 Rupees.

ICICI bank offers special interest rates to senior citizens on fixed deposits:

ICICI assures a special interest rate on domestic term-deposits that is 0.50% higher than the consistent rates.

ICICI Bank offers the facility of usage of credit cards alongside the fixed deposit:

ICICI Bank provides the facility of issuing credit cards against Fixed Deposit account, having a credit limit of 85% of the total fixed deposit amount.  

ICICI Bank provides Fixed Deposits facility to NRIs:

ICICI Bank offers its facilities of fixed deposits to NRIs. The bank offers several types of Fixed Deposit accounts to NRI customers that will suit their financial need appropriately.  The type of NRI FDs offered to NRI customers are as follows:

  1. NRO deposits: This type of FD offers the facility of proclaiming a loan of 90% of the total fixed deposit amount.
  2. NRE deposits: This type of FD extends free restoration of savings and assets including interest as well.
  3. FCNR deposits: This type of FD permits the NRI customer to retain the foreign currency and earn interest on their savings.
  4. RFC deposits: This type of FD is helpful for those NRIs who want to deposit their earning, which is in terms of foreign currency and earn interests from it too.