ICICI Bank FD Rates

People usually chew over risk-averse investment instruments like fixed deposits to diversify finances and create a balanced financial portfolio. Nothing compares to fixed deposits as the safest and most lucrative investment vehicle. Fixed deposits offer guaranteed returns to cope with long-term financial goals, engaging countless investors to pin their hopes on FDs to park wads of money.

Banks and Non-Banking Financial Companies offer fixed deposit schemes to individuals, where they can park their out-of-action money in barter of guaranteed returns. One of the leading private sector Indian banks, ICICI Bank, offers FD schemes to cater to versatile customer requirements. The returns from ICICI Bank Fixed Deposits are usually higher than what you get through savings accounts. The notable factor that plays a crucial role in securing higher returns is the competitive ICICI Bank FD Rate.

So, if you believe in the power of saving money for future contingencies and counting on ICICI fixed deposits, consider an array of things. It includes available FD schemes, offered interest rates for regular and senior citizens, documents, and more. Accessing that diverse information can be an intimidating task, and to make it easy, we have created this well-curated article.

We will cover ICICI FD rates, steps to determine returns through the ICICI Bank FD Calculator, fixed deposit schemes offered by the ICICI bank, eligibility criteria, etc. without further ado, let’s start with ICICI fixed deposit.

ICICI Fixed Deposit

ICICI bank provides a broad range of financial services, investment instruments, and banking products to cater to a diverse client base. All these services are meant to provide top-notch banking experience to corporate and retail customers. If you are looking forward to creating a well-balanced investment portfolio, high returns, and pile saving for a financially secure future, count on ICICI bank fixed deposits. 

Use your ideal money for earning assured returns and accomplish your short to long-term financial objectives with an ICICI Bank Fixed Deposit. Investors consider fixed deposits the safest investment instruments as ICICI bank offers high-interest rates along with flexible investment tenures on their FDs. Allow your investment to grow with investment tenure ranging from 7 days to a decade. 

Opening an FD account with ICICI bank has become easier than ever with the presence of  Internet Banking and iMobile. Contact the bank executive or visit the nearest bank branch if you believe in personally accessing banking services. Grab the opportunity to double your savings with ICICI bank fixed deposit schemes. Unlock higher ICICI bank interest rates up to 6.60% per annum if you are a senior citizen. However, for regular citizens, the ICICI bank fixed deposit interest rates clock at 6.10% per annum. 

In uncertain and highly volatile market trends, you can rely on ICICI bank fixed deposit schemes to make risk-free investments and get assured returns. Additionally, ICICI bank FDs have a ‘AAA’ rating regarding safest investments, which easily beats any other competitive investment product. 

Latest Update about ICICI FD Interest Rates

Lately, a hike has been witnessed in the offered ICICI Bank FD rates. This is specific to the deposit amount falling in the deposit bracket of INR 2 lakh to INR 5 crore. With the increased ICICI Bank FD interest rates, investors will now get a 3.5% to 5.9% interest rate on their FDs, with investment tenure ranging from 7 days to a decade. 

For fixed deposits maturing within a time frame of 7 days to one month, an interest rate of 3.5% will be provided. For FDs with a maturity time frame between 30 and 45 days, an interest rate of 3.6% will be applicable. Additionally, 46 days to 60 days will be subject to a 4% interest rate, followed by 4.75% for FDs with 61 days to 90 days of maturity.

If you opt for a higher investment period of 91 to 184 days, you can secure an ICICI Bank FD interest rate of 5.25%. For 185 days – 270 days, the interest rate clocks at 5.40%, and for 271 days – a year, an interest rate of 5.60% is offered. As said earlier, the longer the tenure, the more the returns will be. So, if you deposit a fixed amount for five years in an ICICI Bank FD, you will earn an interest rate of 6.5%. Sounds appealing? Then without wasting any time, get the thorough details about ICICI Bank fixed deposit rates and start investing today. 

Highlights of ICICI FD Rates

For a quick reference, here are the highlights of ICICI FD rates:

The highest FD Slab rate is	6.10% per annum for investment tenure ranging from  3 years to five years.
For one year	5.50% per annum
For two years	5.50%  per annum
For three years	5.60% per annum
For four years	6.10% per annum
For five years	6.10% per annum
Tax-Saving ICICI Fixed Deposits	6.10% per annum

Types of ICICI Bank Fix Deposit 

ICICI Bank provides four types of ICICI bank fixed deposits to meet a broad range of customer requirements. These are regular fixed deposits, and golden years fixed deposits specifically for senior citizens, money multiplier FD and tax saver fixed deposits. Additionally, if you are an existing ICICI bank customer, you can enjoy the benefits of Flexi fixed deposits.

The following table represents the required information about the FD schemes provided by the ICICI bank. Go through the details and choose the one that complements your financial needs.

ICICI Bank Fixed Deposit Scheme	Details
Regular Fixed Deposits	Riskfree investment instrument provides investors with liquidity, investment flexibility and assured higher returns. The min amount to open an ICICI Bank Regular FD is ₹10,000. Investment tenure ranges from 7 days to a decade.  Quick and hassle-free opening through iMobile application and internet banking. Overdraft facility against the FD is available. However, it is limited to 90% of the deposited amount. Availability of partial withdrawal.
Golden Years Fixed Deposit (Available from May 20, 2020, to October 07, 2022)	An additional 0.20% interest benefit on the existing 0.50% for the senior citizens.  Applicable on both new as well as on the renewal of existing FDs. Offer limited for fixed deposits with investment tenure ranging from 5 years to 10 years.  Fixed deposits with less than Rs 2 crore qualify for the scheme benefits.
Money Multiplier Fixed Deposit	Your bank account must have a balance of INR 15,000 at minimum to generate an FD request. The FD linked through the customer’s savings account will have a common Customer ID. The minimum investment tenure is one year. There will be a reverse sweep facility will activate as soon as the balance goes below INR 10,000. For the reverse sweep scenario, the fixed deposit amount will break as per LIFO. Last-In, First-Out. Will be available with an auto-renewal facility, and the renewed tenure will be similar to the original one.  Offered ICICI FD rate will be subject to investment tenure.
Flexi Fixed Deposit (Available for Current Account Holders)	Your current account must have a balance of INR 1,05,000 at minimum to generate a linked ICICI FD account request. There will be a reverse sweep facility will activate as soon as the balance falls below INR 1,00,000. The FD linked through the customer’s current account will have a common Customer ID. For the reverse sweep scenario, the fixed deposit amount will break as per LIFO. Last-In, First-Out. Flexi fixed deposit accounts will be opened with auto-renewal, and the renewed tenure will be similar to the original one.
Tax Saver Fixed Deposit	The min investment amount for tax saving FD is INR 10,000. The maximum investment tenure is five years. Offers tax deduction of up to INR 1.5 lakhs at maximum. Offers flexible interest payout on a monthly and quarterly basis. You get the option to reinvest the interest as principal.  Premature withdrawal facility is not available.  The investment tenure is limited; thus, there is no facility for auto-renewal. Interest earned is subject to tax.

Benefits of ICICI Bank FDs

When you decide to open an ICICI bank fixed deposit account, in addition to higher returns, you open doors to various other benefits. Here is what you get when you count on ICICI bank FD to secure your future financially:

1. Risk-free investment instrument with higher returns, liquidity, and investment flexibility.
2. Investment tenure ranges from 7 days to a decade. Choose a tenure that fulfils your short or long-term financial goals. Calculate the best fit scenario through an ICICI Bank FD calculator. 
3. Availability of partial and premature withdrawal without paying any sort of penalty for the same. Get the opportunity to secure savings and meet unforeseen financial requirements. 
4. An additional benefit of 0.50% interest rates for senior citizens. Now park your hard-earned money in an FD account and secure your retirement period. 
5. Availability of overdraft facility against FD account. However, the maximum loan amount is limited to 90% of the amount accumulated in the account. 
6. The presence of an auto-renewal facility eliminates the need to renew the FD account at maturity.

Eligibility Criteria for ICICI Bank FD

By now, you are familiar with the ICICI Bank FD rates. Still, it won’t make sense if you are not eligible to open an FD account in ICICI bank. To avail of fixed deposit benefits, you must be eligible to open an FD account.

Before applying for an ICICI fixed deposit, ensure that you belong to any of the mentioned categories:

• Individual Resident
• Belong to a Hindu Undivided Families (HUFs)
• Private Ltd and Public Companies
• Trusts and Partnership Firm

Documents Required to Open an ICICI Bank FD

Documentation is the key to avail of the benefits offered by various banking products. To open an ICICI FD account, you must be prepared with your identification documents, address proof, and communication proof. If you have the documents to justify all these, you are good to go with the FD account.

• Identity Proof: Passport, Driving License, Voter ID, Employee ID, Aadhar Card
• Address Proof: Utility Bills, Property Tax Bill, Letter of Allotment, Rent Agreement

ICICI Bank FD Minimum/ Maximum Deposit Amount

Now, when you have clarity about ICICI Bank FD rates and available FD schemes, you must get acquainted with the minimum and maximum investment amount. The minimum ICICI bank fixed deposit amount is INR 10,000, whereas there is no maximum limit for the investment amount. The benefits of ICICI fixed deposits are not limited to Indian citizens, as the NRIs also get to invest in the ICICI Bank FD schemes meant for them.  

Comparison of ICICI Bank Fixed Deposit Returns with Top Banks

Go through the following table to get familiar with the fixed deposit interest rates offered by top banks, along with the minimum deposit amount and investment period. This comparison will give you a brief idea of how other leading banks offer FD rates that differ from ICICI Bank FD rates.

Bank FD	Minimum Deposit (in INR)	Tenure	Interest Rate (p.a.)
Bajaj Finance Ltd. FD	15,000	1 to 5 years	6.03% to 7.75%
SBI Bank FD	1,000	1 to 10 years	2.90% to 5.40%
ICICI Bank FD	10,000	1 to 10 years	2.50% to 5.60%
Axis Bank FD	5,000	1 to 10 years	2.50% to 5.75%
HDFC Bank FD	5,000	1 to 10 years	2.50% to 5.50%
Bank of Baroda FD	1,000	1 to 10 years	2.80% to 5.25%
IDFC Bank FD	10,000	1 to 10 years	3.00% to 4.65%
Kotak Mahindra Bank FD	5,000	1 to 10 years	2.50% to 5.30%
Canara Bank FD	1,000	1 to 10 years	2.90% to 5.35%
Yes Bank FD	10,000	1 to 10 years	3.25% to 6.25%
IndusInd Bank FD	10,000	1yr to 5 years 1m	2.50% to 6.00%
Punjab National Bank FD	1,000	1 to 10 years	2.90% to 5.25%
IDBI Bank FD	10,000	1 to 20 years	2.70% to 5.40%
Union Bank FD	1,000	1 to 10 years	3.00% to 5.50%
Citibank FD	1,000	1 to 5 years	1.85% to 3.50%
RBL Bank FD	1,000	1 to 10 years	3.25% to 6.30%
Indian Bank FD	1,000	1 to 10 years	2.80% to 5.25%

How to Open an ICICI Bank FD Account?

The ICICI Bank offers you multiple methods to open a fixed deposit account. A current or savings account in ICICI bank will ease the entire process to a certain level. For opening an FD account through offline mode, make an in-person visit to the nearest branch and get in touch with the dedicated executive. Choose the scheme, fill out and submit the application form, and provide the required document. 

Suppose you want to open an ICICI bank FD account from home comfort. In that case, you can choose either option:

1. Open an FD account through internet banking by visiting the official ICICI portal.
2. Open a fixed deposit account through the iMobile app.