ICICI Bank Fixed Deposit Interest Rates 2022

ICICI Bank Fixed Deposit (FD) Interest Rates Highlights 2022

Interest Rates as of 16th May 2022

ICICI Bank FD Interest Rates 2022

ICICI FD Interest Rates on Domestic/NRO/NRE Deposits of less than Rs 2 crore w.e.f. 16 May 2022

Note:

• NRE rates are applicable for a tenure of 1 year and above only.
• The additional senior citizen rates are applicable to domestic term deposits only.

ICICI Bank Tax Saver Deposit

Fixed Deposit Interest Rates on Domestic/NRO/NRE Deposits of Rs. 2 Crore to less than Rs. 5 Crore w.e.f. 19 May 2022

Note: 1. NRE rates are applicable for a tenure of 1 year and above only.

2. The additional senior citizen rates are applicable to domestic term deposits only.

FCNR Fixed Deposit Interest Rates w.e.f. April 11, 2022

RFC Fixed Deposit Interest Rates w.e.f. April 11, 2022

Types of ICICI Bank Fixed Deposit Schemes

Regular Fixed Deposits

• This FD can be opened instantly through both iMobile app and internet banking.
• Tenure: 7 days to 10 years
• Deposit Amount: At least Rs 10,000
• Overdraft (OD) facility is available for up to 90% on principal plus accrued interest
• Premature/partial withdrawal facility is available

ICICI Bank Golden Years FD (for senior resident citizens)

• This FD scheme is for resident senior citizens only.
• Eligible depositors get an additional interest rate of 0.10% p.a. over and above the existing additional rate of 0.50% p.a.
• The additional interest rate of 0.10% p.a. is applicable on FD tenure of 5 years and 1 day to 10 years.
• The additional interest rate of 0.10% p.a. is applicable on a single FD amount of less than Rs 2 Crore and from 20^th May 2020 to 07^th October 2022.
• Premature withdrawal: If the deposit is prematurely withdrawn/ closed, on/after 5 years 1 day, the applicable penal rate of 1.10% will be charged. In other cases, the prevailing premature withdrawal policy will be applicable

Money Multiplier FD

• This FD scheme gives you the liquidity of a Savings Account with the high earnings of a Fixed Deposit.
• In this scheme, the FD account is linked to an existing savings bank account, thus, facilitating an automatic reverse sweep when the balance in the linked savings account falls below Rs 10,000 for individual customers.
• The linked FDs will be the same Customer ID and will be for a minimum tenure of one year for savings account customers.
• The FDs will be broken on Last-In First-Out (LIFO) basis for the reverse sweep.
• The Fixed Deposit will be opened in auto-renewal mode.
• The deposit will be renewed for the same tenure as the original tenure.

Flexi FD for Current Account Customers

• In the Flexi FD, the bank links your FD to your current account, thereby, giving you the liquidity of a Current Account and high earnings of a Fixed Deposit.
• The minimum balance in the Current Account should be Rs 1.05 lakh to generate a linked FD request.
• All FDs linked to the account will be enabled for the automatic reverse sweep when the balance in the Current Account falls below Rs 1 lakh for individual customers.
• The linked FDs will be under the same Customer ID for Current Account customers.
• FDs will be broken on the Last-In First-Out (LIFO) basis for reverse sweep.
• The Fixed Deposit will be opened in auto-renewal mode. The deposit will be renewed for the same tenure as the original tenure.
• The interest rate on such Fixed Deposit will be the rate applicable for the respective period, prevailing as on the date of such auto-renewal.

Express Fixed Deposit

• It is a digital fixed deposit product, which can be funded within 3 minutes from any savings bank account.
• Deposit Amount: Rs 5,000 to Rs 90,000
• Tenor: 6 months to 12 months (364 days)
• Zero issuance fees
• Withdraw up to 25% of your FD amount without any penalty of charges
• Available only for single account holders

Tax Saver FD

• In this scheme, get a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
• Minimum Deposit: Rs 10,000
• Tenure: Fixed for 5 years
• Interest payout options: Monthly, Quarterly or Reinvestment in principal
• No premature withdrawal and auto-renewal facility
• Interest earned is taxable

Tax Saver Fixed Deposit

• This fixed deposit scheme comes with tax benefits under Section 80C of the Income Tax Act.
• Deposit Amount: Rs 100 to Rs 1.5 lakh
• Has a lock-in period of up to 5 years
• Deposit Types: Reinvestment Deposit, Quarterly Interest Payout or Monthly Interest Payout
• Zero issuance fees
• Withdraw up to 25% of your FD amount without any penalty of charges
• Available only for single account holders

FD Xtra

• FD Xtra is a suite of products for customers who are looking for extra benefits
• FD Xtra Variants: FD Life, FD Invest, FD Income and FD Card
• FD Life: This FD Xtra variant offers the benefits of returns and security of Fixed Deposit and the protection of a Life Cover.
• FD Invest: This FD Xtra scheme offers the safety of an FD and growth opportunity of a Mutual Fund Systematic Investment Plan (SIP). It helps depositors earn monthly interest on the principal invested and the same interest is invested in Mutual Fund SIP providing the Xtra opportunity.
• FD Income: This FD Xtra scheme offers depositors regular income for a tenure of their choice.
• FD Card: This FD Xtra variant offers an instant FD-backed Credit Card with 90% of your FD amount as the credit limit on your Credit Card.

ICICI Bank Fixed Deposit Schemes for NRIs

NRE FD Account

• NRE Fixed Deposits are a high-return Rupee deposit option to invest your foreign income.
• Principal amount and interest earned are fully repatriable
• Loan against FD: Loans of up to 90% of your deposit are available
• Minimum deposit amount: Rs 25,000
• Tenure: 1 year to 10 years
• Automatic renewal of your principal and interest on maturity

NRO FD Account

• NRO Fixed Deposits are an excellent option to earn high returns on funds generated in India.
• Joint holdings with Indian residents and non-residents.
• Minimum deposit amount: Rs 25,000
• Tenure: 7 days to 10 years
• Interest earned in a current financial year is fully repatriable (after deducting tax). Funds in the NRO account can be repatriated up to USD 1 million per financial year for all bonafide purposes.
• Loan against FD: Loans of up to 90% of your deposit (up to Rs 5 crores) are available.
• Automatic renewal of your deposits on maturity
• Interest earned on NRO deposits is subject to the applicable tax deduction at source.
• Depositors can reduce this TDS by availing Double Taxation Avoidance Agreement (DTAA) facility.
• Depositors can avail of the DTAA benefit on their NRO accounts by providing a self-declaration in the prescribed format, self-attested PAN card copy, Form 10F and tax residency certificate for the current year.

NRO Tax Saver

• Get tax deduction up to Rs 1.5 lakh under Section 80C in the year of investment
• Minimum deposit amount: Rs 25,000
• Maximum deposit amount: Rs 1.5 lakh
• Tenure: 5 year lock-in period
• Interest Payout Options: Monthly, Quarterly or Reinvestment in principal
• Joint holder option: Add Indian Resident or Non-Resident Indian as joint holder.
• Interest earned in the current financial year is fully repatriable (after deducting tax). Funds in the NRO Account can be repatriated up to USD 1 million per financial year for all bonafide purposes.
• Interest earned on NRO deposits is subject to the applicable tax deduction at source.
• Depositors can reduce this TDS by availing Double Taxation Avoidance Agreement (DTAA)
• No premature withdrawal and auto-renewal facility
• FD allows only a one-time lump sum deposit.

Rupee Plus Plan

• Flexibility in currency: Fund your account with 6 convertible foreign currencies: USD, GBP, EUR, JPY, CAD & AUD.
• Minimum deposit: USD 2,500/ EUR 2,500/ GBP 1,000/ JPY 2,00,000/ AUD 2,000/ CAD 2,000/ Rs 1,00,000.
• Tenure: 1 year and 1 day
• No premature closure of deposit is allowed
• Future movements in currency markets cannot affect your returns once the deal is booked.
• Interest earned is tax-free in India
• Funds are fully repatriable

Premature Withdrawal of Fixed Deposits – Penalty Charges

The interest will be calculated at the rate applicable for the period for which the deposit was held with ICICI Bank or contracted rate of the deposit, whichever is lower, plus applicable penalty as in the table. The penalty will be levied on the rate applicable as per the table below:

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 FD calculator available at Paisabazaar.com. FD calculator is an online free-to-use tool that calculates the maturity amount one shall get on investing in a fixed deposit scheme for a said tenure. The tool calculates the maturity amount at the prevailing ICICI fixed deposit rates for a fixed amount.

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.

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 a savings account. Thus, ICICI FD rates are higher than rates of savings account.

Q. How often do the ICICI FD rates change?

A. Fluctuation in ICICI Bank FD rates depends 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 use any other bank’s card?

A. ICICI Bank allows the booking of FD using other banks’ VISA debit cards. While applying online for a 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 the 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 the 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. The actual amount may vary depending on various factors including the fluctuating ICICI FD rates.