ICICI Flexi Fixed Deposit Scheme

ICICI Flexi Fixed Deposit Scheme enables the saving and current account holders to open FD in the bank.

Eligibility required to open flexi fixed FD in the bank:   

One must fulfill below-given eligibility to open the FD-

  • Individual residents can open this FD singly or jointly. 
  • Minors can also open the FD through their guardians.
  • The depositor should possess a saving or a current account to be linked with the FD.
Characteristics of the Plan:

Type of Account

Single/ Joint

Amount

Minimum balance required:

Saving account: Initial deposit should be ten thousand rupees. Minimum balance to be maintained is also ten thousand rupees.

Current account: Initial deposit should be twenty thousand rupees. Minimum balance to be maintained is twenty-five thousand rupees.

Deposits in future : Multiples of five thousand rupees

Penalty charge  in case minimum balance is not maintained for both types of accounts : 100 rupees

Duration

Minimum duration : Fifteen days

Maximum duration : Ninety-one days

Interest Rate

Interest rates which are applicable for term deposit are applicable for this as it is a term deposit

Auto Renewal

Facility

Auto renewal facility is provided.

The bank can be instructed by the customer for automatic renewals of deposit on the due date.

Facility  of Reverse Sweep

Whenever a withdrawal or cheque is brought for the payment in current or savings account which is connected with the flexi FD account, then before maturity, the units number is paid in multiples of thousand rupees.

 

Premature payment is done on the method of last in first out.

Facility of Nomination

Facility of nomination is provided.

 

Rates of interest offered by Flexi Fixed FD Scheme by ICICI Bank:

Interest rates offered on medium and long duration FDs, are higher than short duration FDs. These rates can range from 6 to 6.5% p.a.

The rates can be changed by the bank. So, one should be updated about the rates before applying.

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