How to Open FD Without a Savings Account at ICICI Bank

Investing in FDs helps in saving money for the future. However, not everyone wants to take the traditional route of opening an FD through Savings Account. Fortunately, ICICI Bank offers the flexibility to open FDs without the necessity of having an ICICI Bank Savings Account. Now, you can open an FD with ICICI Bank if you have a Savings Account in any Indian bank. In this guide, we will walk you through the process of opening an FD with ICICI Bank without having to open an ICICI Bank Savings Account.

Understanding Fixed Deposits

Before we get into the specifics of how to open a Fixed Deposit without having an ICICI Bank Account, let us quickly understand what Fixed Deposits are and why they are a preferred choice for many investors.

Fixed Deposits are investment instruments where investors deposit a sum of money in a bank for a fixed period, ranging from a few days to several years, at a predetermined interest rate. At the end of the maturity period, investors receive the principal amount along with the interest earned. FDs are known for their safety, assured returns and relatively low-risk nature, making them an attractive option for conservative investors.

Advantages of ICICI Bank FDs

Benefits:

• FDs are known for their safety, offering minimal risk to the principal amount.

• Unlike investments vulnerable to market fluctuations, FDs provide stability. The interest rate remains consistent throughout the tenure, ensuring a predictable return.

• With FDs, investors can calculate returns in advance, facilitating easier financial planning. The predetermined interest rates and maturity periods provide clarity on the final amount upon maturity.

• ICICI Bank offers FDs with flexible tenures, ranging from 6 months to 10 years. This flexibility enables investments to align with specific financial goals and liquidity requirements.

• ICICI Bank offers competitive FD interest rates, reaching up to 7.25% (7.80% for senior citizens). These rates are structured to promote steady growth of invested capital.

Eligibility and Documents Required for FD with ICICI Savings Account

Eligibility criteria:

Individuals and entities eligible for ICICI Bank Fixed Deposits include:

• Hindu Undivided Families

• Sole Proprietorship Firms

• Partnership Firms

• Limited Companies

• Trust Accounts

• Non-Resident Indians (NRIs)

• Indians

• Minors with Guardianship

Documents required:

1. Identity and Address Proof (Any one of the following):

• Passport

• Driving Licence issued by the Regional Transport Authority

• Voter ID

• Job Card issued by NREGA, signed by a State Government Officer

• Letter from the National Population Register

• Proof of possession of a complete Aadhaar number

(Note: PAN Card issued in India is no longer considered as a valid identity proof).

2. Communication Address Proof: (If identity proof does not contain communication address)

• Utility Bill (electricity, telephone, postpaid mobile phone, piped gas, water bill), not older than 2 months

• Property Tax Bill or Municipal Tax Receipt, not older than 1 year

• Letter of Allotment for accommodation from an employer, issued by the State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies

• Leave and Licence Agreement with any of the above employers. The agreement must contain the customer’s name as the employee

Pension or family pension payment orders issued to retired employees by government departments or public sector undertakings provided they contain the address.

Conclusion

ICICI Bank offers a hassle-free way to invest and secure your funds for the future by providing an option to open a Fixed Deposit without having an ICICI Bank Savings Account. Investors can take advantage of the stability, assured returns and competitive interest rates that FDs provide. Whether you are an individual investor, a business entity or a Non-Resident Indian, ICICI Bank FDs cater to a diverse range of financial needs. With the convenience of online applications and virtual KYC processes, initiating an FD has never been easier.