ICICI Domestic Term Deposits Scheme

ICICI Domestic Term Deposits Scheme

Fixed Deposits has become a niche investment tool for the citizens of India owing to its low risk and guaranteed return policy. With banks such as ICICI, the domestic term deposit schemes have been devised to provide a wide range of solutions pertaining to capital gains and custom services. ICICI bank claims to offer assured returns on customer deposits, enabling both short- and long-term financial requirements.

Furthermore, with attractive interest rates, ICICI bank gives its customers the choice of tenure and repayment frequency along with the security of the funds.

In this blog, read about the ICICI Bank domestic term deposit schemes and their various features.

What is an ICICI Bank Domestic Term Deposits Scheme?

ICICI bank’s domestic term deposit is an investment solution for short- and long-term capital gain on monetary contributions with minimal to no risk. ICICI bank is one of India’s top performing financial institutions and offers a safe and secure savings platform for its customers. They assure returns with high-interest rates and flexible duration. Usually, the duration ranges from a week to about ten years. There are provisions to extend in special cases.

Furthermore, with the advancement of technology, customers can also opt to open their ICICI Bank Domestic Term Deposit account with the help of Internet Banking and the iMobile Application.

There are three types of ICICI Bank Fixed Deposit Scheme for the customers. These are:

• Traditional Plan – This is the traditional fixed deposit scheme where customers can invest their capital which will be paid out monthly or quarterly with interest rates.
• Reinvestment Plan – In this scheme, the interest is compounded quarterly, and the capital gain accumulated is reinvested in the funds. This has the potential to create a large corpus of wealth.
• Money Multiplier – With this investment, users will have the provision for using the liquidity facility and assured returns.
• Tax Saver Scheme – Customers can also opt for a tax saver investment option in which they can claim tax benefits up to INR 1,50,000 annually as per Section 80C of the Income Tax Act 1961.

ICICI Bank Domestic Term Deposits interest rates

ICICI Bank Domestic Term Deposit rates are as mentioned below. These are applicable with effect from July 22, 2022.

Duration	Regular	Senior Citizens
7 – 14 days	2.75%	3.25%
15 – 29 days	2.75%	3.25%
30 – 45 days	3.25%	3.75%
46 – 60 days	3.25%	3.75%
61 – 90 days	3.25%	3.75%
91 – 120 days	3.75%	4.25%
121 – 150 days	3.75%	4.25%
151 – 184 days	3.75%	4.25%
185 – 210 days	4.65%	5.15%
211 – 270 days	4.65%	5.15%
271 – 289 days	4.65%	5.15%
9 months to 1 year	4.65%	5.15%
1 year – 13 months	5.35%	5.85%
13 – 15 months	5.35%	5.85%
15 – 18 months	5.35%	5.85%
18 months to 2 years	5.35%	5.85%
2 years 1 day to 3 years	5.50%	6.00%
3 years 1 day to 5 years	5.70%	6.20%
5 years 1 day to 10 years	5.75%	#6.50%
5 Years (80C FD) – Max to `1.50 lac	5.70%	6.20%

Eligibility Criteria

There are some parameters that customers need to adhere to for availing benefits of the ICICI bank corporate FD scheme. They are as follows.

• Any individuals, NRIs, or senior citizens can apply
• Should possess a valid PAN card and address and residence proof.
• The applicant should be at least 18 years or above. In the case of minors, a legal guardian’s guidance is mandatory.

Documents Required

Applying for an ICICI bank Corporate FD scheme will require applicants to submit certain documents. These are for identification and address verification purposes. Applicants can submit the following documents.

Identification Proof can include

• Valid Passport
• Driving Licence
• Voter ID
• NREGA Job Card
• Aadhaar Card

Address Proof can include

• Valid Passport
• Driving Licence
• Voter ID
• NREGA Job Card
• Aadhaar Card
• Electricity or utility bills not older than two months
• Property Tax Bill or Municipal Tax receipt, not older than one year
• Letter of Allotment for accommodation

ICICI Bank Fixed Deposit Key Attractions

With various fund-appreciating investment tools available in the market, it can get confusing for customers to pick the right kind of financial product. The ICICI Bank Domestic Term Deposit Scheme has an array of features that can assist investors in meeting their financial goals. Here are some key attractions of the ICIC Bank Term Deposit Scheme.

• The ICICI bank claims assurance of the safety and security of the funds invested.
• Returns are guaranteed with the Fixed Deposit investment.
• The convenience factor has been taken care of by the ICICI bank. Users can open an ICICI term deposit account anywhere at any time with efficient mobile applications and internet banking services.
• In case anyone wants some financial advice on ICICI products, they are free to contact the bank by either paying a visit or connecting them via a customer service number.
• The facility of instant liquidity is available with the ICICI term deposit scheme.
• The minimum balance required is INR 10,000 with the ICICI FD
• Another excellent feature is the provision for availing of a personal loan with the investment as collateral of up to 90% of the total value.
• Flexibility in deciding the maturity period of the funds.

ICICI Bank Domestic Term Deposit Features & Benefits

Some of the benefits and features of ICICI bank’s term FD scheme are listed below.

• With Domestic Term FD ICICI, investors benefit from a wide range of tenures.
• Online banking Interface suitable for analysing and assessing the fund performance and value.
• Premature withdrawal possible with conditions.
• Auto-renewal options available.
• Cheque-clearing system in place.
• Customers will have the option to select how they will be paid. They can choose monthly payouts or cumulative payouts.

How to Apply for ICICI Bank Domestic Term Deposits Scheme

There are a few ways to apply for ICICI Bank Domestic Term Deposit Scheme. Customers can apply online with the help of the internet banking facility or with the help of the iMobile Banking Application. To apply with the internet banking facility, follow the steps given below.

• Go to the official website of ICICI Bank’s internet banking portal.
• If not registered for the facility, users can do it therein.
• Once a new user is created, log in to the account.
• Head over to the Account and Deposits option.
• Select the Fixed Deposit option
• Choose the ICICI domestic term deposit applicable to the user.
• Adjust the maturity period.
• Enter the amount you wish to invest. The minimum required amount is INR 10,000.
• Once all the information is filled in, click on submit.

Alternatively, one can also visit the nearest branch of ICICI and make a request directly. Keeping a few passport-sized photographs and copies of the documents will be handy.

Download ICICI Bank Domestic Term Deposits Application Form

Customers can download the ICICI Bank Domestic Term Deposit application form online from the official website of ICICI Bank. Usually, this facility enabled the NRIs to make any account modifications. They have the provision to download application forms as per their needs. The ICICI Bank Domestic Term Deposit Application Form can also be downloaded therein. They must print out the application form and fill in the details.