ICICI Bank FD Rates: ICICI Bank Fixed Deposit Interest Rates in 2019

ICICI Bank offers a wide range of fixed deposit schemes according to the diverse needs of the investors. Let’s take a look at the different types of FDs offered by ICICI.

ICICI Bank Fixed Deposit Types

ICICI Bank offers two types of fixed deposit plans. These include the traditional plan and the reinvestment plan. In the traditional plan, the interest rate is paid out to you on a monthly or quarterly basis. Usually, this is for tenures ranging from 7 days to 10 years.

On the contrary, there is no such provision of monthly or quarterly interest payout. In the reinvestment FD plans, the interest is compounded on quarterly basis and added to the principal amount before reinvesting it for another quarter. The tenure period of this type of ICICI FD ranges from 6 months to 10 years.

The ICICI Bank Fixed deposit interest rates are designed  to suit the needs of different depositors. Hence, it is crucial to check the ICICI Bank fixed deposit interest rates.

ICICI Fixed Deposit Interest Rate for deposits.

ICICI Bank fixed deposit rates vary based on the amount and the tenure of the investment. The minimum tenure period of ICICI Bank Fixed Deposit for investment is 7 days while the maximum tenure can be as high as 10 years.

ICICI bank provides two types of withdrawals – With premature and Without Premature  

With Premature

ICICI Bank Fixed Deposits come with a premature withdrawal facility. This rate of interest is based at the rate applicable for the tenure of the deposit. These requests are processed in just one working day. Upon closure of the FD the funds get directly credited to your Savings Account whose details are provided in the request application.

ICICI Fixed Deposit Interest Rate with Premature Facility 

 Tenure

FD Rate of Interest (Annually)

7 – 14 Days

4.00 Percent

15- 29 Days

4.25 Percent

30 – 45 Days

5.50 Percent

46 – 60 Days

5.75 Percent

61 – 90 Days

6.00 Percent

91 – 120 Days

6.00 Percent

121 – 184 Days

6.00 Percent

185 – 289 Days

6.50 Percent

290 Days – Less than 1 Year

6.75 Percent

1 Year – 389 Days

6.75 Percent

390 Days – 2 Years

7.00 Percent

2 Years 1 Day up – 5 Years

7.25 Percent

5 Years 1 Day up – 10 Years

7.00 Percent

5 Years Tax saver FD (Max. up to Rs. 1.50 Lakhs)

7.25 Percent

Interest Rate Facility With Premature for Senior Citizens

ICICI Bank offers a premature withdrawal penalty. There is a penalty charged for breaking an FD. It is applicable for the period for which the deposit has been with the bank. On premature/ partial closure of the FD, interest is paid according to the rate of interest applicable for the tenure for which the deposit was kept with the Bank (subject to penal rates as applicable).

In addition, the Bank offers special interest rate on FD for senior citizens. Current ICICI Bank FD rates for senior citizens range from 4.50% to 7.75%.  as compared to a regular FD the Senior Citizen FD offers higher interest rates. As these are an additional income source for many retirees when managed properly.

ICICI Senior Citizen Fixed Deposit Interest Rate with Premature Facility 

 Tenure

Senior Citizen FD Rate of Interest (Annually)

7 – 14 Days

4.50 Percent

15 – 29 Days

4.75 Percent

30 days to 45 days

6.00 Percent

46 – 60 Days

6.25 Percent

61 – 90 Days

6.50 Percent

91 – 120 Days

6.50 Percent

121 – 184 Days

6.50 Percent

185 – 289 Days

7.00 Percent

290 Days – Less than 1 year

7.25 Percent

1 Year – 389 Days

7.25 Percent

390 Days – 2 Years

7.50 Percent

2 Years 1 Day up – 5 Years

7.75 Percent

5 Years 1 Day up to 10 YTears

7.50 Percent

5 Years Tax saver FD (Max. up to Rs. 1.50 Lakhs)

7.75 Percent

Without Premature

ICICI Bank Fixed Deposits offer FD without premature withdrawal facility. There is no auto-renewal facility provided for this type of deposit. These FDs cannot be withdrawn before the maturity period. However, in case of exceptional circumstances you can discuss this provision with the Bank. On doing so, you need the approval from a regulatory authority.  

ICICI Bank FD without premature facility. This implies that fixed deposits do not come with a premature withdrawal facility. In other words, the deposit cannot be closed by the depositor before the expiry of its term. It offers higher rate of interest on deposits that come without premature withdrawal feature. the highest FD interest rate is 7.55% provided for a tenure of 365 days/ 1 year to less than 15 months.

ICICI Fixed Deposit Interest Rate without Premature Facility 

 Tenure

FD Rate of Interest  (Annually)

7  – 14 Days

5.75 Percent

15 – 29 Days

5.75 Percent

30 – 45 Days

6.25 Percent

46 – 60 Days

6.50 Percent

61 – 90 Days

6.75 Percent

91 – 120 Days

7.10 Percent

121 – 150 Days

7.10 Percent

151 – 184 Days

7.10 Percent

185 – 210 Days

7.30 Percent

211 – 240 Days

7.30 Percent

241 – 270 Days

7.30 Percent

271 – 300 Days

7.30 Percent

301 days to 330 days

7.45 Percent

331 Days – Less than 1 Year

7.45 Percent

1 Year – 389 Days

7.80 Percent

390 Days – Less than 15 Months

7.70 Percent

15 Months – Less than 18 Months

7.70 Percent

18 Months – 2 years

7.70 Percent

2 Years 1 Day – 3 Years

7.50 Percent

3 Years 1 Day – 5 Years

7.50 Percent

5 Years 1 Day – 10 Years

7.35 Percent

Important Points to Remember

  • You can apply for premature withdrawal using the withdrawal facility for this type of FD, it is important to understand you will still be subject to pay the tax on applicable income. Firstly, the bank will deduct (TDS) tax deduction at source based on the existing Income Tax laws. The TDS deduction shall be limited to 10% if the interest income exceeds Rs. 10, 000. The TDS deduction percentage will increase to 20% in case, the bank does not have your PAN details.
  • The TDS exemption limit has been raised to Rs. 50, 000 per year for senior citizens.   
  • The minimum tenure for domestic and NRO FDs is 7 days. If the amount is withdrawn prematurely before the said tenure, ICICI bank will not pay any interest. On the other hand, the minimum tenure for NRE FDs is 36 days/ 1 year, and if any amount is withdrawn before that tenure, the bank will not pay any interest.
  • Individuals above 60 years if age can apply for domestic time deposit accounts.

Points to Remember Before Leveraging the Premature Withdrawal Facility

ICICI Bank Fixed deposit schemes allow premature withdrawal facility to their FD  investors, it levies a penalty when the facility is used. For instance, an FD investment for a tenure of less than 1 year attracts a penalty of 0.5% on the initially offered interest rate, the FDs invested for tenures ranging from 1 year to less than 5 years the penalty goes up to 1%. Also, if you prematurely liquidate your FDs invested for tenures ranging from 5 years and above, it will attract a penalty of 1% in case, the amount is less than Rs. 5 crores and 1.50% for an amount more than Rs. 5 crores.

Interest Rates on Domestic, NRO & NRE Deposits:

ICICI FD interest rates for domestic, NRO and NRE deposits range from 5.75% to 7.50%.  Investors are allowed to opt for premature withdrawal facility, in case, they want to liquidate their investment before the maturity period.

The minimum tenure  is 7 days which can go up to a maximum of 10 years. While, deposits made for a smaller tenure gain a lower ROI, a deposit made for a longer tenure gets the investor the highest interest rates. If you check the following table carefully, you will realize that the highest interest rate is reserved for tenures ranging from 1 year to 5 years.

Interest Rates on Domestic, NRO and NRE Deposits Without Premature Withdrawal Facility:

Important things about Domestic, NRO and NRE fixed deposit schemes without premature withdrawal facility.

  • The scheme has a lock-in period. Thus, the depositor does not have the freedom to withdraw any amount from the fixed deposit before the actual maturity period.
  • The total amount along with the total interest earned will be available to the depositor only at the end of the term of the fixed deposit.

This is one reason you notice that the ICICI FD rates for the said schemes are quite higher and attractive. They range from 5.75% to 7.95%. The higher interest rate is reserved for high-value FDs.

Things to Remember about ICICI FD Schemes Without Premature Withdrawal Facility

ICICI Bank doesn’t allow premature withdrawal facility for the said schemes, yet it is important to know that the bank may allow premature withdrawal under exceptional circumstances. However, if you break this type of FD and use the funds, you will lose any interest that has been accrued or paid to you. If the interest has been paid, the bank will recover it from the principal amount.

Documents Required to open an ICICI Fixed Deposit Account

To be eligible to open an ICICI fixed deposit account, you must be a resident of India. You will require the following documents to open an FD account with ICICI bank:

  • Identity proof
  • Address proof

For identity proof, the following documents are accepted by the ICICI Bank

  • Passport
  • PAN card
  • Voter’s ID card
  • Driving license
  • Senior citizen ID card
  • Ration card with photograph
  • Government-issued ID card

For address proof, ICICI Bank accepts the following documents:

  • Passport
  • Telephone bill
  • Electricity bill
  • Bank statement with a cancelled cheque
  • Certificate issued by the local post office

While, you can open an FD online, you would still have to head to the local branch for verification. Carry the originals and photocopy of the documents. Be extra cautious while filling the form. Please ensure you are filling out the form using capital letters and in black ink. Lastly, it is mandatory to provide your telephone number as well as permanent address.

What is ICICI FD Calculator ?

An ICICI FD calculator is an online tool designed to make FD interest calculation easier. It allows you to calculate the amount of interest you will earn for the tenure of the FD. The FD calculator uses pre-fixed algorithm  to give apt results using the shared principal amount, interest rate while taking into account the tenure.

How to calculate ICICI fixed deposit interest rate using FD calculator

Interest calculation with the ICICI Bank FD Calculator is very easy yet effective.

Enter the principal amount (P), the rate of interest (r), the investment tenure (t) and the frequency of interest payment, which can be monthly, quarterly, half-yearly and annually.

After you input the required data, click on the Calculate button. You will get Maturity Value (A) and Interest Earned Amount (I).

You have all the details pertaining to ICICI Bank fixed deposit rates and how to use the ICICI FD calculator to determine the earnings at the end of the maturity period.

There is no limit on the fixed deposits offered by ICICI Bank. Moreover, they are designed keeping investor preference(s) in mind. Hence, they are available at attractive rate of interest, on chosen deposit tenure to let depositors earn appreciable returns.