Fixed Deposits Benefits

FAQ's

What is a Fixed Deposit (FD)?

A Fixed Deposit is a secure investment option provided by banks and Non-Banking Financial Companies (NBFCs), that offers guaranteed returns at fixed interest rates based on the deposit tenure and amount.

What types of FDs does ICICI Bank offer?

Traditional FD: Interest is credited monthly or quarterly
Cumulative FD: Interest is compounded quarterly and paid as a lumpsum when the FD matures.

Who can open a Fixed Deposit with ICICI Bank?

Individuals and entities such as:

Residents and Non-Resident Indians (NRIs)
Hindu Undivided Families (HUFs)
Sole proprietorships, partnerships, companies and trusts
Minors with guardianship (KYC verification required).

What is the minimum amount required for opening an FD?

The minimum amount is ₹ 10,000 for Fixed Deposits and ₹ 500 for Recurring Deposits.

What is the tenure range for ICICI Bank FDs?

You can choose a tenure from 7 days to 10 years.

How do I open an FD online with ICICI Bank

You can open an FD through:

iMobile app
Internet Banking
ICICI Bank ATMs
ICICI Bank Branch
Customer Care (1800 1080).

Can I withdraw funds from my FD before maturity?

Yes, you can opt for premature or partial withdrawal. Penalties are levied for early withdrawals as given below:

For deposits below ₹ 5 crore: Penalty of 0.50%-1.00%
For deposits of ₹ 5 crore and above: Penalty of 0.50%-1.50%.

What is the interest payout frequency?

Traditional FD: Interest is paid monthly or quarterly
Reinvestment FD: Interest is compounded quarterly and paid at maturity.

Is TDS applicable on FD interest?

TDS is applicable if the total annual interest exceeds ₹ 10,000. To avoid TDS, eligible customers can submit Form 15G / 15H based on age and income criteria.

Can I avail of a loan or overdraft against my FD?

Yes, ICICI Bank offers an overdraft of up to 90% of the FD value including accrued interest, without breaking the FD

Does ICICI Bank offer special benefits for senior citizens?

Yes, senior citizens earn an additional 0.50% interest on their Fixed Deposits.

What happens if my FD matures and I don’t withdraw funds?

If auto-renewal is enabled in your FD, it will be renewed automatically for the same tenure at the prevailing interest rate. If not, the maturity amount will be credited to your linked Account.

How can I calculate the interest on my FD?

You can use the ICICI Bank FD Calculator to estimate the returns. Click here to use the calculator.

Are there any charges for premature closure of FD within 7 days?

No interest is paid for closures within 7 days of opening an FD and no penalty is applicable.

What documents are needed to open an FD?

Valid KYC documents such as PAN Card and Aadhaar Card / passport are required to open a Fixed Deposit.

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