ICICI Bank offers very competitive fixed deposit interest rate schemes allowing investors to maintain an optimal balance between liquidity and returns on their deposits. The flexible payment options and holding periods facilitates better investment planning according to one’s individual investment goals. Traditional Plan Fixed Deposits, Tax Saver FDs and Reinvestment Plan for senior citizens are among some of the offerings by ICICI Bank. Any Indian individual with basic documents can open a fixed deposit with ICICI. ICICI Bank fixed deposit rates on various kinds of FD accounts are as follows:
Rate of Interest ( in % )
|7 days to 14 days||4.00||4.50|
|15 days to 29 days||4.25||4.75|
|30 days to 45 days||5.50||6.00|
|46 days to 60 days||5.75||6.25|
|61 days to 90 days||6.25||6.75|
|91 days to 120 days||6.25||6.75|
|121 days to 184 days||6.25||6.75|
|185 days to 289 days||6.25||6.75|
|290 days to less than 1 year||6.50||7.00|
|1 year to 389 days||6.90||7.40|
|390 days to 2 years||6.90||7.40|
|2 years 1 day upto 5 years||6.75||7.25|
|5 years 1 day upto 10 years||6.50||7.00|
|5 Years Tax saver FD(Max upto Rs. 1.50 lac)||6.75||7.25|
On pre-mature withdrawals, the bank charges a penalty from the account holder. Below mentioned are the rates at which the penalty is charged by ICICI Bank.
|Original Tenure||Penalty Rate|
|Less than Rs 5 Crores||Rs 5 Crores and above|
|Less than 1 year||0.50%||0.50%|
|1 year & above but less than 5 years||1.00%||1.00%|
|5 years and above||1.00%||1.50%|
The interest rate offered for Flexi Fixed Deposit scheme ranges from 4.25% to 6.50 % per annum and such deposits can be held with the bank for a minimum of 15 days to up to 91 days. The bank can change the interest rate at its discretion. The depositor also gets the facility to add a nominee in this scheme.
The account holder having savings account has to deposit a minimum of Rs 10,000 when they open the Flexi Deposit account whereas the current account holder can open this account with a minimal initial deposit of Rs 20,000. In case the account holder wants to make further deposits, these deposits can be made in multiples of Rs 5,000.
The minimum balance to be maintained in case of savings account is Rs 10,000 whereas at least Rs 25,000 needs to be maintained in case of current account. If the prerequisite for minimum balance in not followed Rs 100 would be charged in every quarter whenever the balance goes below the set limit. As per the instructions of the account holder, the account can be renewed on the maturity date.
ICICI bank fixed deposit Money Multiplier rates vary according to the term of the deposit and whether premature withdrawal facility is applicable for the particular account. The overall interest rate is also impacted by the amount invested into the deposit and the age of depositor.
The interest offered for Money Multiplier Deposit scheme ranges from 5.75% to 7.30% per annum for those accounts without premature withdrawal facility. The interest rates vary from 4% to 7.25% p.a. in the case of accounts which have a premature withdrawal facility.
This scheme gives account holders the flexibility of a savings account along with the opportunity to earn more like fixed deposits that offer high interest rates. Once your account is linked with the Money Multiplier FD Plan, you would earn higher interest on your savings account deposits. The plan can be initiated through multiple channels like mobile banking, internet banking or by visiting the branch. The money can be invested in multiples of Rs 5,000 for tenure of 1 year or more as directed by the customer.
The money can be reverse swept automatically in multiples of Rs 5,000 on a LIFO (Last-in-First-out) basis whenever the minimum amount in the account falls below Rs 10,000. The amount reverse swept will earn the interest at the higher rate till it is held with the bank. Premature withdrawal penalty would be charged and the money would earn normal interest rates. The amount still remaining in the account would continue to earn higher rate of interest.
Under the Tax Saving FD Scheme, the account holder can save taxes under Section 80C of Income Tax Act, 1961. The interest rate offered for Tax Saving Fixed Deposit plus scheme by ICICI is 6.75% per annum for regular citizens and 7.25% per annum for senior citizens. These interest rates can change at the discretion of the bank. The minimum investment under this scheme is Rs 15,000 and the maximum amount that can be deposited under this scheme is Rs 1,50,000. Premature withdrawal is also available in this scheme.