ICICI Bank was founded as a wholly-owned subsidiary in 1994 by India’s Industrial Credit and Investment Corporation.
ICICI Bank is considered to be one of India’s Major Four Banks. In terms of assets under management and market capitalization since 2018, it is also India’s second-largest bank. It is headquartered in Mumbai and has its registered office in Vadodara.
ICICI Bank has more than 4800 branches in India, and the number increases every day. ICICI Bank also operates in 16 different countries, including the UK, the USA, China, the UAE, Canada, etc., in addition to India.
It offers a wide variety of financial services, with ICICI Bank fixed deposits being one of its main retail services. The fixed deposit is the key to investment, and by digitally simulating the service, the bank has made it considerably simpler.
TYPES OF ICICI BANK FIXED DEPOSIT ACCOUNT
The different types of fixed deposit accounts offered by ICICI Bank are:
- Regular FD account: There are two types of ICICI-provided standard fixed deposit accounts-cumulative and non-cumulative. Interest is compounded quarterly in total FD accounts and is added to the principal sum. Interest is disbursed periodically in the case of non-cumulative FD accounts. For such an account, the minimum deposit balance is Rs. 10,000.
- Tax-saving FD account: ICICI Bank also provides the facility to open a tax-saving FD account that allows individuals to benefit from a tax exemption under Section 80C amounting to Rs. 1.5 lakh. It comes with a strict lock-in period of 5 years during which no premature withdrawals can be made by account holders. As a tax-saving FD, individuals may either open a cumulative account or a non-cumulative one.
- FD with GTP Life Cover: With this account, people will enjoy the benefits of a standard FD account while still ensuring the benefits of ICICI Bank’s Community Term Plan Life cover. For this form of account, the minimum deposit sum is Rs. 3 lakh and it has a minimum lock-in duration of 2 years.
- FD Income Plan: There are two critical phases in this form of FD account the investment phase and the payout phase. Interest is compounded quarterly in the investment period and account holders are not permitted to withdraw any amount from the scheme. Monthly pay-outs from the accrued corpus will be rendered to the bank account of the account holder after the lapse of the investment stage or reinvested in an Annuity Fixed Deposit account.
ICICI BANK LATEST FD INTEREST RATES (BELOW ₹2 CRORE)
|For General Public||For Senior citizens|
|7 days to 14 days||2.50%||3%|
|15 days to 29 days||2.50%||3%|
|30 days to 45 days||3%||3.5%|
|46 days to 60 days||3%||3.5%|
|61 days to 90 days||3%||3.5%|
|91 days to 120 days||3.5%||4%|
|121 days to 184 days||3.5%||4%|
|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 to less than 1 year||4.40%||4.90%|
|1 year to 389 days||4.9%||5.4%|
|390 days to < 18 months||4.9%||5.4%|
|18 months days to 2 years||5%||5.5%|
|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%|
Senior citizens will continue to get a 50 basis points (bps) higher interest rate than others. After the latest revision, senior citizens will get interested ranging from 3% to 6.3% on FDs maturing in 7 days to 10 years.
DOCUMENTS REQUIRED TO INVEST IN ICICI BANK FD
The documents necessary to open a fixed deposit account with ICICI are listed below –
- Proof of Identity: PAN card, Voter ID card, Passport, Driving license (if any), Photo ration card, Government ID card, Senior citizen ID card (if applicable).
- Residential Proof: Electricity bill, Telephone bill, Bank statement along with a cheque, An ID card or certificate issued by Post Office.
When opening an ICICI fixed deposit account, individuals should have the original copies for verification and photocopy of the appropriate documents.
It is also imperative to remember that if the authority concerned finds it appropriate, the bank should request additional documents at its discretion.
TERMS AND CONDITIONS FOR PREMATURE WITHDRAWALS OR CLOSURE OF ICICI BANK FIXED DEPOSITS
In the event that an ICICI Bank FD account is closed prior to its maturity date, interest will be charged only for the period of time during which the deposit was parked with the bank. As stated by the bank on the opening date of such a deposit, the bank may also decide to levy a penalty fee.
In case of partial withdrawal before the date of maturity, interest will be paid on such withdrawn amount till the date it has been with the bank and the balance amount will be subject to interest rates ascertained on the opening date of such deposit.
SPECIAL FORMS TO FILL
Form 15 G will be submitted if, in one financial year, the annual interest income is less than Rs. 40,000. Senior citizens can enjoy tax exemptions by submitting form 15H if the gross interest income is less than Rs. 50,000.
In addition to these types, account holders must also send their PAN cards to the banking authorities concerned. ICICI Bank also offers the facility to apply Form 15G / H via the mobile app of Net Banking or the dedicated mobile application of ICICI Bank.
LOAN AGAINST ICICI BANK FIXED DEPOSIT
A loan of up to 90 percent can be used by individuals against their ICICI fixed deposit balances (principal + interest), which is subject to the discretion of the competent authority.