Offering a bunch of banking options to its customers, ICICI Bank also excels in providing its customer base with a variety of fixed deposit options to choose from. These schemes are backed with quite competitive ICICI Bank FD Rates thus letting investors earn good returns on their money. Since the fixed deposit interest rates keep on changing from time to time, it is imperative to check these rates prior to buying any FD scheme. Check out the latest ICICI Bank FD interest rates below along with other important details.
ICICI Bank Fixed Deposit Rates 2020
- Domestic deposits below Rs. 2 crore
|ICICI Bank Rate of Interest (p.a.)|
|Tenure||Regular Individuals||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||4.75%||5.25%|
|46 days to 60 days||5.25%||5.75%|
|61 days to 90 days||5.25%||5.75%|
|91 days to 120 days||5.25%||5.75%|
|121 days to 184 days||5.25%||5.75%|
|185 days to 289 days||5.75%||6.25%|
|290 days to less than 1 year||6.00%||6.50%|
|1 year to 389 days||6.20%||6.70%|
|390 days to <18 months||6.30%||6.80%|
|18 months to 2 years||6.30%||6.80%|
|2 years 1 day up to 3 years||6.40%||6.90%|
|3 years 1 day up to 5 years||6.40%||6.90%|
|5 years 1 day up to 10 years||6.40%||6.90%|
|5 Years Tax saver FD (Max up to Rs. 1.50 lac)||6.40%||6.90%|
Note: The aforementioned ICICI Bank fixed deposit interest rates are applicable to deposits less than Rs. 2 crore w.e.f. December 07, 2019. These rates are subject to change without notifying in prior.
- Bulk domestic deposits of Rs. 2 crore to Rs. 5 crore
|Tenure||ICICI FD Rates|
|₹ 2.00 crore to < ₹ 5.00 crore||₹ 5.00 crore to < ₹ 5.10 crore|
|7 days to 14 days||4.00%||4.00%|
|15 days to 29 days||4.00%||4.00%|
|30 days to 45 days||4.50%||4.25%|
|46 days to 60 days||5.00%||4.50%|
|61 days to 90 days||5.00%||4.50%|
|91 days to 120 days||5.00%||5.00%|
|121 days to 150 days||5.00%||5.00%|
|151 days to 184 days||5.00%||5.00%|
|185 days to 210 days||5.50%||5.00%|
|211 days to 240 days||5.50%||5.00%|
|241 days to 270 days||5.50%||5.00%|
|271 days to 300 days||5.75%||5.00%|
|301 days to 330 days||5.75%||5.00%|
|331 days to < 1 year||5.75%||5.00%|
|1 year to 389 days||6.00%||5.25%|
|390 days to < 15 months||6.00%||5.25%|
|15 months to < 18 months||6.00%||5.25%|
|18 months to 2 years||6.00%||5.25%|
|2 years 1 day to 3 years||6.20%||5.25%|
|3 years 1 day to 5 years||6.30%||5.25%|
|5 years 1 day up to 10 years||6.20%||5.25%|
Note: ICICI FD interest rates for bulk deposits are as per December 30th, 2019 and subject to change with no prior notice. For FD rates of deposits worth Rs. 5.10 crore or more, please visit ICICI Bank’s official website.
Term Wise ICICI FD Rates 2020
Customers of ICICI domestic fixed deposit schemes can earn returns at 4% – 6.60% on tenor ranging from 7 days to 10 years (for below Rs. 2 crore deposits). Senior citizens enjoy higher ICICI FD interest rates at an additional 0.5% applicable to each tenor.
However, this additional interest rate is not applicable on bulk deposits (Rs. 2 crore and more).
ICICI fixed deposit interest rate for tax saver FD is 6.60% for regular citizens whereas for senior citizens it is 7.10%.
For short term FDs, i.e. ones maturing in 1 year ICICI Bank offers interest rates at 6.35% and for longer duration like 2, 3, 5 and 10 years, it is 6.60% currently.
ICICI NRI FD Rates 2020
- ICICI NRE FD Rates
NRE or Non-Resident External Fixed Deposit can be booked by Non-Resident Indians to park their savings in foreign currency. Interest earned on this type of fixed deposit is exempt from income tax in India.
|Tenure||ICICI NRE FD Rates|
|1 year to 389 days||6.20%|
|390 days to less than 18 months||6.30%|
|18 months to up to 2 years||6.30%|
|2 years 1 day to up to 3 years||6.40%|
|3 years 1 day to up to 5 years||6.40%|
|5 years 1 day to up to 10 years||6.40%|
Note: The aforementioned ICICI NRE FD rates are applicable to deposits below Rs. 20 million or Rs. 20 lakh w.e.f. December 7th, 2019. No differential rate of interest for senior citizens.
- ICICI NRO FD Rates
NRE FD or Non-Resident Ordinary Fixed Deposit account can be opened by NRIs to invest their savings in Indian Rupee. The proceeds of such an investment are taxable in India at 30%.
|7 to 14 days||4.00%|
|15 to 29 days||4.25%|
|30 to 45 days||4.75%|
|46 to 60 days||5.25%|
|61 to 90 days||5.25%|
|91 to 120 days||5.25%|
|121 to 184 days||5.25%|
|185 to 289 days||5.75%|
|290 days to less than 1 year||6.00%|
|1 year to 389 days||6.20%|
|390 days to less than 18 months||6.30%|
|18 months – up to 2 years||6.30%|
|2 years 1 day up to 3 years||6.40%|
|3 years 1 day up to 5 years||6.40%|
|5 years 1 day up to 10 years||6.40%|
|5 Years (80C FD)||6.40%|
Note: The aforementioned ICICI Bank fixed deposit interest rates are applicable to NRO deposits w.e.f. December 07, 2019. These rates are subject to change without notifying in prior.
- ICICI FCNR FD Rates
NRIs or Non-Resident Indians who wish to invest their savings earned in foreign currency and proceeds are also payable in the same. Interest earned in such deposits is not taxable in India and is it not repatriable (cannot be withdrawn in foreign country).
|>= 12 months < 24 months||2.49||2.24||0.99||0.01||0.01||2.35||1.47||1.66||2.16|
|>= 24 months < 36 months||2.38||2.13||1.03||–||0.01||2.14||1.46||1.65||1.99|
|>= 36 months < 48 months||2.07||1.82||0.78||–||–||1.87||1.33||1.41||1.95|
|>= 48 months < 60 months||2.06||1.81||0.80||–||–||1.86||1.36||1.44||1.91|
Note: The aforementioned ICICI Bank FCNR FD rates are applicable w.e.f. December 17, 2019. These rates are subject to change without notifying in prior.
- ICICI RFC FD Rates Currency account
RFC or Resident Foreign Currency Account can be opened by residents in foreign currency. NRIs who have returned to India can also deposit their foreign savings in this account to earn returns on the same. Proceeds of this fixed deposit are taxable in India.
|30 days to less than 6 months||2.16%||0.79%||0.01%||0.01%|
|6 months to less than 1 year||2.15%||0.86%||0.01%||0.01%|
|>= 12 months < 24 months||2.49%||0.99%||0.01%||0.01%|
|>= 24 months < 36 months||2.38%||1.03%||–||0.01%|
Note: The aforementioned ICICI Bank RFC rates are applicable w.e.f. December 1, 2019. These rates are subject to change without notifying in prior.
Features & Benefits of Investing in ICICI Fixed Deposit Schemes
Below are the points highlighting features of various fixed deposit schemes provided by ICICI Bank:
- Tenure ranges from 7 days to 10 years, thus providing short term, mid-term as well as long term FD investment options
- Minimum deposit amount starts from Rs. 10,000 (Rs. 2,000 for minors)
- Tax saving fixed deposit scheme enabling investors save income tax up to Rs. 1.5 lakh (u/s 80C)
- Bulk deposits worth Rs. 2 crore or more can be made in domestic FD and NRI FD as well
- Preferential ICICI Bank FD rates for senior citizens (+ 0.5%)
ICICI FD schemes benefit investors in the following ways:
- Investors are provided with insurance cover of Rs. 1 lakh to cope against instances like bankruptcy, etc.
- Returns are guaranteed at fixed rate of interest agreed at the time of booking the FD
- Options are given with and without premature withdrawal facility (rates vary accordingly)
- Option to receive interest on regular basis or to get it reinvested to be paid on maturity leading to higher returns (compounding)
- Premature withdrawal to help in financial emergencies
- Option to apply loan against FD
- Automatic renewal can be opted at the time of booking the FD
- Depositors can and should exercise the nomination facility
- FD Xtra providing insurance, investment in market linked options (Mutual Fund, etc.), annuity, medical aid with critical Illness cover and credit card benefits
Types of ICICI FD Schemes
ICICI Bank provides the following fixed deposit schemes to benefit its customers with safe investment options:
- Regular Fixed Deposit (with premature withdrawal facility)
- Fixed Deposit with Monthly Income Option
- Regular Fixed Deposit (without premature withdrawal facility)
- FD Xtra
- Tax Saving FD
- Money Multiplier FD
Read more about : Types of ICICI Bank FD Schemes
ICICI FD Calculator
When investing in any of the above-stated ICICI fixed deposit schemes, it is strongly recommended to check the potential returns using the ICICI FD calculator available at Paisabazaar.com. FD calculator is an online free-to-use tool which calculates the maturity amount one shall get on investing in a fixed deposit scheme for a said tenure. The tool calculates maturity amount at the prevailing ICICI fixed deposit rates for a fixed amount.
ICICI Bank Fixed Deposit Premature Withdrawal
Premature withdrawal means taking out funds from the fixed deposit before the tenure matures. This facility is provided in FD schemes provided by the bank except for the Tax Saving FD. In some schemes, investors can opt for partial withdrawal too. In case of complete withdrawal of funds prematurely, ICICI bank levies penalty at the following rates:
|Original Tenure||Penal Rates (%)|
|Less than 1 year||0.50%|
|1 years & above but less than 5 years||1.00%|
|5 years & above||1.00%|
Note: The above-mentioned rates can be revised without prior notice.
ICICI Bank Loan against FD
To fulfil certain financial requirements, people often tend to take loans from banks or other financial institutions. ICICI Bank provides the facility of availing loan against its FD schemes. This way, investors can keep earning high return on their fixed deposit while making up for the monetary dent. The respective FD is kept as collateral, thus recovery of the loan amount is certain.
TDS on ICICI Fixed Deposit
Interest earned on ICICI fixed deposits is taxable as per the Income Tax Act, 1961. This deduction is termed as Tax Deducted at Source or TDS.
The following points must be considered to comprehend TDS deduction on ICICI FD schemes:
- No TDS will be deducted on interest earned up to Rs. 40,000 (Rs. 50,000 for senior citizens)
- TDS is calculated at 10% if the interest earned goes beyond the limit of Rs. 40,000 or Rs. 50,000 for senior citizens
- On non-submission of PAN, TDS will be calculated at 20%
- To avoid TDS deduction (if annual income up to Rs. 2.5 lakh), Form 15G can be submitted; Form 15H for senior citizens
- For NRIs investing in NRO FDs, tax is chargeable at 30%
Click here to know more about TDS on FD.
Important Information before Opening ICICI FD
Important Information before Opening ICICI FD
- Eligibility Criteria
A person or entity falling in any of the following options can apply for fixed deposit schemes with ICICI Bank:
- Resident Individual
- Partnership Firms
- Private or public enterprise
- NRIs (Non-Resident Indian) and/or PIOs Person of Indian Origin (individually or jointly where NRI must be the primary account holder)
Note: This is an indicative list.
- Documents Required to Open ICICI Fixed Deposit
To open a fixed deposit account with ICICI Bank, customers are advised to keep the following list of documents in check and avoid delay related to the documentation:
- Duly filled-in and signed application form
- KYC documents for ID proof, residence proof, age proof, etc. (Aadhaar Card, passport, voter’s ID card, driving license, etc.)
- PAN Card
- Passport size photograph(s)
Note: This is not an exhaustive list. Further alterations in the same can be expected.
Frequently Asked Questions (FAQs)
Q. Are ICICI Bank FD rates higher than the interest rates of its savings account?
A. Investors always earn higher returns on investing in an FD as compared to savings account. Thus, ICICI FD rates are higher than rates of savings account.
Q. How often does the ICICI FD rates change?
A. Fluctuation of ICICI Bank FD rates depend on economic conditions and decisions by the RBI from time to time. Thus, there is no set time period in which fixed deposit rates change.
Q. Can one book ICICI Bank FD using any other bank’s card?
A. ICICI Bank allows booking of FD using other bank’s VISA debit card. While applying online for fixed deposit at the official website of ICICI Bank, select ‘Other bank VISA Debit Card’ under the ‘Payment Options’ and proceed with further steps that’ll appear thereafter. Customers will be required to provide their ICICI Bank ATM/debit card number and PIN along with the other bank’s debit card details from which amount to be deposited shall be debited. On successful payment, an email/SMS shall be sent to the registered email ID/mobile number of the investor.
Q. Does the FD calculator give exact maturity amount?
A. FD calculator provides the closest estimate of the maturity amount one may get on investing in the bank’s fixed deposit. Actual amount may vary depending on various factors including the fluctuating ICICI FD rates.
ICICI Bank FD News
|ICICI Bank FD rates revised across tenure|
|22nd November, 2019|
ICICI Bank has again revised its fixed deposit rates by up to 25 basis points. This change has come into effect since 20th November, 2019 for terms ranging from 185 days to 10 years. Interest rates for 5-year tax saver FD has also been sliced down 15 bps (6.75% to 6.60%). Senior citizens continue to get the additional benefit of an extra 0.50% on default ICICI Bank FD rates.
NRE FD Rates have also been cut down from 15 to 25 bps for all periods ranging from 1 year to 10 years. NRO deposit rates from 185 to 289 days – 5 years 1 day up to 10 years by up to 25 basis points of 0.25%.
|ICICI Bank FD rates revised|
|23rd October 2019|
Effective from 23rd October 2019, ICICI bank has revised its fixed deposit interest rates for select tenure. This revision of rates is due to many reasons one of which is cut in repo-rate by Reserve Bank of India (RBI).The bank has cut down rates by 15 basis points for tenure ranging from 1 year to 10 years (domestic deposits of less than Rs. 2 crore). NRE FD rates have been reduced by 10 basis points.
|ICICI Bank cuts down FD Rates again|
|23rd September 2019|
With effect from September 20th, 2019, private sector bank, ICICI has revisited its FD interest rates. Rates for tenure of 30 days to 45 days – 5 years, have been slashed down by up to 25 bps. Post-revision, bank shall now provide 6.25% interest rate for FDs of 290 days to less than 1 year whereas for tax-saver FDs, i.e. deposits maturing in 5 years, rates have been reduced from 7.00% to 6.90%. Senior citizens shall continue to get 0.50% higher interest rate than regular citizens.
|ICICI Bank Revises Fixed Deposit Rates|
|19th August 2019|
ICICI Bank revises its fixed deposit interest rates with effect from 14 August 2019. The bank is offering 4.25% for a period of 15 days to 29 days; 5.25% for 30 days to 45 days; 5.75% for 46 days to 120 days; 6.25% for 185 days to 289 days and 6.50% for tenure of 290 days to less than 1 year. Moreover, for FDs maturing between 1 year to 389 days, 390 days to less than 18 months, 18 months to 2 years, 2 years 1 day up to 3 years, 2 years 1 day up to 3 years, 3 years 1 day up to 5 years, and 5 years 1 day up to 10 years the bank is offering an interest rate of 6.70%, 6.80%, 7.10%, 7.10%, 7.00%, 7.00%, respectively.
|ICICI Bank Increases Fixed Deposit Interest Rates|
|16th August 2018|
Mumbai based private sector lender, ICICI Bank has increased the fixed deposit interest rates with effect from 14th August, 2018. ICICI Bank has increased the FD rates between 15 basis points (0.15%) to 25 basis points (0.25%). The employees of ICICI Bank will get an additional 1% interest on domestic term deposits less than Rs. 1 crore. The increase in fixed deposit interest rates has come after the Reserve Bank of India hiked its key lending rate this month..Read more