Fixed Deposit (FD) FAQs - ICICI Bank

A Fixed Deposit (FD) is an investment product offered by Banks and NBFCs to their customers. An FD promises you assured returns that are calculated basis the interest offered at the time of opening an FD Account. Interest rates may differ depending upon the tenure and the amount you are opting for.

ICICI Bank offers two types of FDs:

• Traditional Fixed Deposit: Interest amount is credited at regular intervals, i.e., Quarterly or Monthly. Customer can opt for Monthly/Quarterly payout at the time of creating the Fixed Deposit
• Cumulative Fixed Deposit: Customer will receive a lump sum amount after maturity. The interest accrued is added back to the principal amount at quarterly intervals.

Individuals and entities mentioned below are eligible to apply for a regular Fixed Deposit online:

• Residents

• Hindu Undivided Families

• Sole Proprietorship Firms

• Partnership Firms

• Limited Companies

• Trust Accounts

• Non-Resident Indians

• Minors with Guardianship.

Also, the Savings Account should be KYC verified.

ICICI Bank offers attractive interest rates on Fixed Deposits. Click here to view the current rates.

With ICICI Bank you can open a Fixed Deposit Account anytime, anywhere through any of the following channels such as iMobile Pay App, Internet Banking, Branch Visit, ATM or by contacting Customer Care.

A minimum deposit of ₹10,000 is necessary to open an ICICI Bank Fixed Deposit Account. For Recurring Deposits, a minimum deposit of ₹500 is required and later deposits in multiples of ₹100 (monthly).

ICICI Bank offers a flexible tenure for FDs that ranges from 7 days to 10 years.

You can calculate the interest rate using ICICI Bank FD Calculator. Please click here to use ICICI Bank FD Calculator

1. Log in to ICICI Bank Internet Banking

2. Go to ‘Bank Accounts’

3. Select ‘Deposits’

4. Click on ‘Create FD’

5. Select your FD type

6. Enter your investment amount. You can open an FD for an amount equal to or greater than ₹10,000

7. Select your FD tenure & Interest payout option

8. Click on ‘Create FD’. You have successfully opened an FD Account with ICICI Bank.

No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit and no premature closure charges are applicable.

Yes, you can prematurely withdraw from a Fixed Deposit by paying the penalty in most cases.

Interest frequency depends on the FD plan. For reinvestment plan, interest is paid at maturity along with the principal, whereas for traditional FD, interest payout is done monthly, quarterly or periodically basis the customer’s choice.

For Fixed Deposits/Money Multiplier Deposits/Recurring Deposits, TDS will not be applicable on the interest earned up to ₹10,000 under Section 194A. However, TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds ₹10,000.

All customers, other than companies, firms, co-operative societies or Non-Resident Indians, who do not have taxable incomes can submit a self-declaration in the prescribed Form 15G/15H for availing TDS exemption under Section 193 and Section 194A of the Act in accordance with the provisions of Section 197A.

Following are the limits for accepting Form 15G/15H. In case the limits are breached then Form 15G/15H will not be accepted.

Customer can visit any ICICI Bank Branch for the generation and submission of the pre-filled Form 15G/15H. They can also download the pre-filled Form 15G/15H from the logged in section of Internet Banking and submit the same at any ICICI Bank Branch.

Customer needs to submit either the form or the tax exemption certificate, every financial year, for each term deposit held and on each renewal of the deposit.

Click here to view the Interest rates offered by ICICI Bank on Fixed Deposits.

You can withdraw the funds from your Savings Account through any of the channels such as ICICI Bank ATM, ICICI Bank Internet Banking, by issuing a cheque, etc. All linked Fixed Deposits will be enabled for automatic reverse-sweep in multiples of ₹5,000 on Last-In, First-Out (LIFO) basis when the balance in the Savings Account falls below ₹10,000.

The amount reverse-swept will earn interest at the applicable rate for the period when the deposit was held with the Bank, with a premature withdrawal penalty. The remaining amount will continue to earn higher interest at the original rate.

You may check the details of the Fixed Deposit (FD) Account online.

Log in to your Internet Banking Account > My Accounts > Deposits > Deposit Account.

The new Fixed Deposit (FD) Account will reflect in your Internet Banking Account within 2 working days from FD opening date.

Further, once the FD is created, funds will be debited from your Account.

A Fixed Deposit (FD) with maturity instruction as auto-closure is automatically closed on the maturity date and proceeds transferred to the operative Account.

A Fixed Deposit with maturity instruction as auto-renewal can be closed through any of the following channels:

• Internet Banking

• iMobile Pay App

• Visit any ICICI Bank Branch

• Visit any ICICI Bank ATM (for amount less than ₹50,000)

You can avail ICICI Bank Fixed Deposit for a minimum deposit of ₹10,000 for General Customers and ₹2,000 for Minors.

Choice of Plans:

Select one from any of the 2 Investment Plans:

1. Traditional Plan: Earn interest monthly/quarterly as per your convenience, with a maturity period ranging from 7 days to 10 years.

2. Reinvestment Plan: Earn interest compounded quarterly and reinvested with the principal amount, with a maturity period ranging from 6 months to 10 years.

Interest on Fixed Deposit is calculated based on the FD tenure and the prevailing interest rate applicable at the time of opening the FD.

Interest is calculated as follows:

• Cumulative FD: Interest is calculated for the quarter and compounded/reinvested with the principal amount. Interest for the next quarter is calculated on the cumulative amount.

• Traditional FD with Quarterly interest payout option: Simple interest is calculated and paid at the end of each quarter

• Traditional FD with Monthly interest payout option: Interest is paid at the discounted value and at the end of each month

• Short-term FD: Interest is calculated on simple interest basis.

You can withdraw money from your Fixed Deposit Account in multiples of ₹1,000

The newly opened Fixed Deposit (FD) Account will reflect in your Internet Banking Account within 2 working days from the FD opening date.

Fixed Deposit Account/Recurring Deposit Account/iWish Account will automatically close on maturity and the closure amount will be credited to the linked Savings Account.

On maturity date if the amount is not credited to the linked Savings Account, you may call our Customer Care from your registered mobile number. 
To know the local Customer Care numbers, please click here

Fixed Deposit Advice in printable format will be updated within 2 working days of opening your FD Account. To access it, please login to Internet Banking with your User ID and Password and click on the following options under Bank Accounts:

a. Account Summary - View/Download Fixed Deposit Advice.
b. Service Request - Fixed/Recurring Deposit Related - Status of Fixed Deposit Receipt.

1. The Fixed Deposit (FD) Advice will be sent to your communication address within 7 working days from the date of FD Account opening.
2. FD Advice is not issued for Linked Fixed Deposits and Recurring Deposits.
3. Physical FD Advice will not be sent if Fixed Deposit Receipt has been issued.
4. If you do not receive the physical FD Advice within 7 working days you can contact our 24-hour Customer Care or visit any ICICI Bank Branch with your ID proof.

The tenure for which you can open an FD Account ranges from 7 days to 10 years.

Fixed Deposit maturity amount can be calculated in a simple manner using the FD Calculator.

Below are the steps that you can follow:

• Customer will have to select the Customer Type i.e. Normal or Senior Citizen

• Select the type of Fixed Deposit i.e. Cumulative or Interest Payout (Quarterly/Monthly) or Short-term FD

• Enter the FD amount

• Enter the required FD tenure i.e. in combination of Years/Months/Days or in Days only

• The applicable interest rate, interest amount, maturity date and maturity amount, all of these are displayed to the customer.

Yes, Money Multiplier Deposit Account/FFD Account/Linked FD Account can be opened in auto-renewal mode.

Existing ICICI Bank Savings Account customers may open an FD Account by logging in to iMobile Pay App or Retail Internet Banking. The same can also be done by visiting any ICICI Bank Branch or by calling our Customer Care. FD Account opening (for amount less than ₹50,000) can also be done through ICICI Bank ATM. Here is the <link> to open an FD Account through Retail Internet Banking

New customers may place a request by visiting any ICICI Bank Branch.

Yes, they do get extra benefits in the form of higher interest rates. Please click here, to know more about the Interest rates.

Yes, nomination facility is available to the Account holder. The Account holder can name an individual, who would receive the proceeds of the Account after his/her demise.

In reinvestment or cumulative FD, interest is compounded quarterly and reinvested with the principal amount. Maturity of the FD ranges from 6 months to 10 years.

The minimum amount required for opening an FD Account is ₹10,000

You can opt for auto-renewal at the time of opening an FD or any time before the FD matures. Auto-renewal allows your FD to get renewed automatically for the same period as the original. However, under the auto-renewal option, the fixed deposit receipt is in Bank’s custody and Memorandum of Deposit (MOD) is issued in lieu of the fixed deposit receipt.

Fixed/Term deposit opened with Either or Survivor - Unless otherwise specified in the Account Opening Form at the time of Account opening –

• Signatures of all the depositors are required for opening of the deposit.

• Signatures of all the depositors are not required for repayment of the amount of the deposit on maturity.

• Signatures of all the depositors are required, in case the deposit is closed before maturity i.e. premature withdrawal.

• In case of death of any one of the depositors before the maturity, no prepayment of term deposit will be allowed without the concurrence of the legal heirs of the deceased holders. This however, would not come in the way of making payment to the survivor on maturity.

Fixed/Term deposit opened with Former or Survivor - Unless otherwise specified in the Account Opening Form at the time of Account opening –

• Signatures of all the depositors are required for opening of the deposit.

• Former alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive.

• Signatures of all the depositors are required, in case the deposit is closed before maturity i.e. premature withdrawal.

• If the Former expires before the maturity of the fixed/term deposit, the Survivor can withdraw the deposit on maturity.

• Premature withdrawal would require the consent of all the parties, when both of them are alive and that of the surviving depositors and the legal heirs of the deceased in case of death of any one of the depositors.

ICICI Bank FD Interest Calculator is a simple tool to help customers determine the interest amount they would earn on their investments in FDs basis the amount, tenure and the prevailing interest rate. This can help in calculating the ROI (Return on Investment).

You can use the FD Calculator to calculate interest and maturity amount on the Fixed Deposit as follows:

• Select the Customer Type i.e. Normal or Senior Citizen Customer

• Select the type of Fixed Deposit i.e. Cumulative or Interest Payout (Quarterly/Monthly) or Short-term FD

• The date of FD will be the current date, by default

• Enter the FD amount

• Select the format of entering the FD tenure i.e. in combination of Years/Months/Days or in Days only

  • Enter the preferred tenure according to the format chosen

• The applicable interest rate, interest amount, maturity date and maturity amount, all of these are displayed to the customer.

You cannot open Money Multiplier Deposit Account/FFD Account/Linked FD Account if you have a Savings Account with ICICI Direct facility.

Minimum amount required is ₹5,000. At the time of creation, the minimum available balance in the Savings Account should be ₹15,000. The deposit will be made in multiples of ₹5,000 over and above ₹10,000 in the Savings Account.

The minimum amount required for opening a Fixed Deposit Account is ₹10,000. For amounts more than ₹10,000, there are no fixed multiples.