Updated 06 Dec 2023
One of India's largest banks, ICICI Bank, has long been in the forefront of providing trustworthy financial services. The Fixed Deposits (FDs) from ICICI are a beacon of dependability for countless investors within its range of products. These FDs, known for their reliability and attractive returns, are painstakingly designed to accommodate different investment horizons and financial goals.
They are appropriate for the risk-averse retiree and the young professional wishing to park their assets due to their adaptability. This blog will explore the ICICI Fixed Deposits' complexities while highlighting its key characteristics, advantages, and the crucial part they can play in fortifying one's financial portfolio.
ICICI Bank customers experience a variety of beneficial features on fixed deposits, such as:
Regular Fixed Deposits
The interest rates for this scheme range from 3.00% to 6.9% for the general public and 3.5% to 7.5% for senior Citizens.
Golden Years Fixed Deposit (Discontinued since 7th April 2023)
Money Multiplier Fixed Deposit (For Saving Account)
The interest rates for this scheme range from 3.00% to 7.60% for the general public.
Flexi Fixed Deposit (For Current Account)
The interest rates for this scheme range from 3.00% to 6.9% for the general public and 3.5% to 7.5% for senior Citizens.
Tax Saver Fixed Deposit
The interest rate for this scheme is 7.00% p.a. (for general citizens) and 7.50% p.a. (for senior citizens) for a 5 year tenor.
Any one of the following documents would serve as proof of identity and address of the customer:
If the above address proof does not contain your communication address, then the following documents can be considered as proof of address. In such cases, the customer has to update the official valid documents (OVD) with a communication address and submit it to the bank within 3 months of account opening.
An ICICI Bank FD account can be opened via different modes such as Mobile App, Internet Banking, and offline.
Internet Banking
Follow the steps listed below to open an ICICI Bank FD account via internet banking:
Mobile App - ICICI Bank App
Follow the below-mentioned steps to open an FD account via ICICI Bank Mobile App:
Offline ICICI Bank FD Opening
For opening an ICICI Bank FD account offline, one has to visit the nearest ICICI Bank branch. An ICICI Bank FD application form will be required to be filled. Along with this, submit all the essential documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the ICICI bank.
Online Method
Offline method
Closing and Auto-Renewal of an FD account post maturity
Closing an FD account post-maturity depends on whether you’ve accepted a mandate for auto-renewal. Auto-renewal involves reinvesting your funds from your FD account into appropriate tenures.
If you’ve chosen an auto-renewal option when opening your account and change your mind later on, you can request to change your mandate before the maturity of your FD account.
Is the Rs. 5 lakh DICGC insurance cover applicable separately for every bank?
DICGC insures all kinds of bank deposit accounts, such as savings, current, recurring, and fixed deposits up to a limit of INR 5 lakh per account holder per bank. If an individual's deposit exceeds INR 5 lakh in a single bank, only Rs.5 lakh, including the principal and interest, will be paid by DICGC if the bank becomes bankrupt.
Can I get a loan from ICICI Bank on the security of my FD?
Yes, ICICI Bank gives a loan facility up to 90% of principal and accrued fixed deposit interest.
Can I get a credit card from ICICI Bank on the security of my FD?
Yes, a customer can opt for a credit card against their FD invested with the Bank to the extent of 85% of the investment amount.
How is Tax saver FD different from Regular FD?
The main difference between these two is the investment period. It means if you invest in tax saver FD then the minimum period will be 5 years while in regular FDs investment tenure starts from as low as 7 days.
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