≡ Menu

An Expert Guide For ICICI Bank Deposits

ICICI Bank provides a wide range of deposit options to help its ICICI Account holders to grow their savings. The tenure for the deposits vary from a minimum of 7 days to 10 years. It is not just the tenure, the interest rates are also very attractive. Opening the deposit and liquidating the same are very simple and can conveniently be done using  ICICI Internet Banking or ICICI Mobile App services. The different types of deposits provided by ICICI bank are Fixed deposit, recurring deposit, security deposit and others. For the comfort of the customers, ICICI provides the fixed deposit calculator using which the customers can find the maturity value of a specific amount by providing the tenure.

ICICI Bank Fixed Deposits

ICICI Bank fixed deposits provide good interest rates on fixed deposits. The interest rate varies depending on the tenure chosen. The advantage of the fixed deposits is that the customers can withdraw the amount before the maturity date in multiples of 1000 with payment of small fee. Customers in immediate need of money can obtain a loan on the existing fixed deposit or an overdraft of up to 90 percent of the FD value. The loan amount can be repaid either monthly or quarterly.  If you face any issues you can contact ICICI Bank Customer Care any time for quick help. The minimum amount that can be deposited is 10,000 for normal customers. In the case of minors, the deposit value can be 2,000. Fixed deposits can be opened under two plans – the traditional plan in which the interest is paid monthly or quarterly and the maturity period varies from 7 days to ten years, the reinvestment plan in which the quarterly interest is compounded to the principal amount and the maturity period ranges from 6 months to 10 years. All the fixed deposits are provided with the feature of auto renewal upon completion of the tenure. Customers can choose to associate a nominee with the deposit.  If you are looking for loans at low interest rate then ICICI Loans provide all type of loans at low interest rate.

ICICI Bank Deposits Interest Rates

The interest rates of ICICI Bank deposits vary with the type of the deposit and the tenure. The interest rate also varies for the general and senior citizens. The interest rate is high for long tenures. The interest rate for fixed deposits with premature withdraw facility that are opened for a tenure of 5 years to 10 years is 6.50 for general citizens and for senior citizens, the interest rate is 7.00. The interest rates vary for NRE deposits depending on the deposit amount. The interest rates for fixed deposits without premature withdrawal facility are almost similar to those without the withdrawal facility. The interest rate on fixed deposits opened for a tenure of 5 years to 10 years is 6.50 percent. The interest rates vary periodically and the new interest rates will be applied to the new and existing deposits upon renewal. Individuals willing to open the tax saver fixed deposit can invest up to an amount of 1,50,000 and it can be withdrawn prematurely that is before a period of five years. Check loan interest rate and charges of  IDBI Bank Loans and HDFC Bank Loans  for better savings.

FAQ’s Related to ICICI Bank Deposits

  1. IS TDS deducted on the interest earned on deposits?

View Answer
The TDS is not deducted if the interest amount is only Rs.10,000. The TDS is deducted if the interest earned exceed Rs.10,000. Individuals who do not have an income can provide form 15G or 15 H to avail TDS exemption on the interest earned on the fixed deposits. The TDS exemption will be provided up to an amount of Rs.2,50,000 for individuals below 60 years and for senior citizens it is about 3,00,000. Customers can submit the tax exemption form at any of the ICICI bank branch.

2. Is it possible to change the auto renewal facility linked to a fixed deposit?

View Answer
Yes, the auto renewal instructions on the fixed deposit can be changed. To change the instructions the customer has to login the banking account, open the customer service page, select the service request, click deposits and under deposits choose closure or renewal of the deposit. Choose to closure the FD upon maturity, enter the FD account number and the amount. Click submit to make the new instructions effective.

View all contributions by