ICICI Bank Fixed Deposit Interest Rates 2024

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ICICI Bank Ltd. is a multinational banking and financial service company headquartered in Mumbai. It is among the largest banks in India and the second largest private sector bank, with 5275 branches and 15,589 ATMs across the nation. This bank also has a wide international presence in countries like Canada, the UK, the USA, China, Singapore, Qatar, Hong Kong etc.
ICICI Bank offers lucrative rates of interest on their wide range of fixed deposit schemes to cater to the requirements of various types of customers. The following is a comprehensive guide on ICICI FD interest rates 2024.

Minimum Deposit	₹10,000
Maximum Deposit	No Upper limit
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	3% to 7.60% per annum
Lock-in Period	5 years lock-in period for ICICI Tax saver FD
Senior Citizen	3.5% to 7.6% for amounts less than ₹2 crores4.75% to 7.25% for amounts above ₹2 crores but less than ₹5 crores
General Citizen	3% to 7.10% for amounts less than ₹2 crores4.75% to 7.25% for amounts above ₹2 crores but less than ₹5 crores

Table of Contents

ICICI FD Interest Rates – February 2024

Here’s the list of ICICI FD interest rates:

Tenure	General Citizen	Senior Citizen

Features and Benefits of ICICI Fixed Deposit

Here are some of the benefits and features of ICICI Bank fixed deposits:

Depositing with ICICI Bank is one of the safest and the most secure ways of depositing money by ensuring maximum safety and security.
You can opt for an automatic renewal of your fixed deposit at the end of the desired tenure.
You can get a loan of about 90% of the principal, along with accrued interest.
Get the convenience of opening a fixed deposit account from anywhere at any time by availing internet banking and mobile banking services.
You can also avail of instant overdraft facilities against your fixed deposits or make partial or premature withdrawals of fixed deposits for instant liquidity requirements of your funds.
If you are a senior citizen, you can avail higher ICICI FD interest rates as compared to the applicable rates for the general public.

How to Book ICICI Bank FD?

You can avail of an ICICI Bank fixed deposit both online or by physically visiting the bank branch.

1. How to Book ICICI Bank FD Online?

You can follow the following steps to open an ICICI Bank fixed deposit online via internet banking.

Step 1: Navigate to the ICICI Bank internet banking portal and login into your account.
Step 2: Go to the “My Accounts” section and choose the “Deposits” option.
Step 3: Tap on the “Open Now” section next to “Fixed Deposit”, and a fixed deposit application form will appear on the screen.
Step 4: Fill in the basic details like your debit account number, tenure of the deposit, your PAN number, maturity options, etc.
Step 5: Confirm all the details and click on the “Submit” option.

Your FD is now active!

2. How to Book ICICI Bank FD Offline?

The following steps that you can follow to open an ICICI Bank fixed deposit account via offline mode, i.e. by visiting your nearest ICICI Bank branch.

Step 1: Fill in all the details of the FD account opening form.
Step 2: Submit all the required documents along with a cheque/cash for the deposit amount.
Step 3: Collect the FD acknowledgement slip.

The bank will initiate your FD account.

Documents Required to Book ICICI Bank FD

Following are the documents required for applying for an ICICI Bank fixed deposit scheme:

Duly filled in the ICICI Bank fixed deposit account opening form
Identity and address proof – PAN card, Passport, Voter ID card, driving licence, Aadhaar card, job card issued by NREGA
Communication address proof – Recent utility bills (telephone, water bill etc.), Municipal tax receipt or Property tax bill not older than a year, licence and leave agreement, family order pension documents order documents
Recent passport-sized photographs.

Eligibility to Open ICICI Bank FD

ICICI Bank has well-defined eligibility criteria that an individual or an entity has to fulfil in order to open a fixed deposit account. Some of the eligibility criteria are listed below:

Type of Applicant: Resident Individuals, Non-Resident Indians, Hindu Undivided Families, Sole Proprietorship Firms, Partnership Firms, Limited Companies, Trust Accounts.
Age (Applicable for individual applicants): The applicant’s age must be 18 years and above. However, minors can open a fixed deposit account under the supervision of their guardians.

Types of ICICI FD Schemes in 2024

Listed below are the types of fixed deposit schemes available at ICICI Bank:

1. Regular Fixed Deposits

Investing in a regular fixed deposit can be a great source of passive income. Senior citizens are eligible for an additional 0.50% above the applicable ICICI Bank FD rates.

Minimum Deposit: ₹10,000
Maximum Deposit: No upper limit
Interest Rate: 3% to 7.50%
Eligibility: Resident individuals
Tenure: 7 days to 10 years

Note – Senior citizens are eligible for an extra 0.50% above the applicable rates.

2. Golden Years Fixed Deposits

By opting for a Golden Years fixed deposit, senior citizens can earn an additional interest of 0.10% over the extra 0.50% which they earn on top of the applicable ICICI Bank fixed deposit interest rates. However, it is only applicable on a single FD amount of less than ₹2 crores.

Minimum Deposit: ₹10,000
Maximum Deposit: ₹2 crores
Interest Rate: 0.10% additional rate over applicable regular FD rate
Tenure: 5 years 1 day to 10 years
Eligibility: Resident Indians

3. Money Multiplier Fixed Deposits

By availing the Money Multiplier FD, it can give you the liquidity feature of a savings account combined with higher returns of a fixed deposit. It enables you to create an FD linked to your savings account.

Minimum Deposit: ₹15,000
Maximum Deposit: No specific data available
Interest Rate: 6.70% to 7.50%
Tenure: Minimum tenure of 1 year
Eligibility: Resident Indians

4. Tax Saver Fixed Deposits

As the name suggests, by availing a tax saver FD you can get a tax deduction of ₹1.5 lakhs under Section 80C of the Income Tax Act. However, please note that there are no premature withdrawal or auto-renewal facilities available with this scheme.

Minimum Deposit: ₹10,000
Maximum Deposit: ₹1.5 lakhs
Interest Rate: 7.00% for general citizens and 7.50% for senior citizens
Tenure: 5 years lock-in
Eligibility: Resident Indians
Taxability: Tax deduction of up to ₹1,50,000 Under Section 80C, but the interest income earned is taxable.

5. Flexi Fixed Deposits for Current Account Customers

A flexible fixed deposit scheme is meant only for current account customers. It allows you to enjoy the higher interest rate of fixed deposits along with the liquidity of a current account.

Minimum Deposit: ₹1,05,000 in current account
Maximum Deposit: No specific data available
Interest Rate: 3% to 7.5% for deposits less than ₹2 crores and 4.75% to 7.25% for deposits above ₹2 crores but less than ₹5 crores (including the extra 0.50% for senior citizens)
Tenure: 7 days to 10 years
Eligibility: Indian Residents

6. NRE Fixed Deposit

By opening an NRE fixed deposit account, you can invest your foreign currency earnings by investing them in an Indian FD scheme. Furthermore, you can repatriate the amount and convert it into currency as per your preference.

Minimum Deposit: ₹25,000
Maximum Deposit: No upper limit
Interest Rate: 3% to 7.5% for deposits less than ₹2 crores and 4.75% to 7.25% for deposits above ₹2 crores but less than ₹5 crores.
Tenure: 1 year to 10 years
Eligibility: Non-Resident Indians
Taxability: Interest income earned is tax exempted.

7. Non-Resident Ordinary (NRO) Fixed Deposit

With an NRO fixed deposit account, you can deposit your income earned in India in an FD scheme and benefit from the interest income.

Minimum Deposit: ₹ 25,000
Maximum Deposit: No upper limit
Interest Rate: 3% to 7.5% for deposits less than ₹2 crore and 4.75% to 7.25% for deposits above ₹2 crore but less than ₹5 crore
Eligibility: Non-Resident Indians
Tenure: 7 days to 10 years
Taxability: TDS applicable on interest earned.

8. NRO Tax Saver Fixed Deposit

It is similar to the NRO fixed deposit account with the additional benefit of offering tax deductions of up to ₹1,50,000 under Section 80C of the Income Tax Act. Please note that this FD account has a lock-in period of 5 years.

Minimum Deposit: ₹25,000
Maximum Deposit: ₹1,50,000
Interest Rate: 7% for the general public and 7.5% for senior citizens
Eligibility: Non-Resident Indians
Tenure: 5 years lock-in
Taxability: Tax deduction of ₹1.5 lakhs but tax deducted at source (TDS) on interest earned.

9. Rupee Plus Plan Fixed Deposit

It is a special type of deposit plan designed to earn higher rates in Indian denominations than the usual ICICI FD interest rates. Based on the current scenario of the forex market, there are several opportunities for earning higher returns as compared to traditional fixed deposits.

Minimum Deposit: USD 2500 or EUR 2500 (up to 6 foreign currencies)
Maximum Deposit: No specific data available.
Interest Rate: No information available.
Eligibility: Non-Resident Indians
Tenure: Up to 1 year and 1 day
Taxability: Interest income earned is tax-free.

10. FCNR (B) Fixed Deposit

An FCNR FD allows you to maintain a fixed deposit account in India and earn high-interest income on your foreign exchange deposits. You can book an FCNR FD in 5 currencies which include USD, GBP, SGD, CAD and AUD.

Minimum Deposit: $1000 (for USD)
Maximum Deposit: No upper limit
Interest Rate: 3.5% to 5.85% for USD
Eligibility: Non-resident Indians
Tenure: 1 year to 5 years
Taxability: Interest Income is completely exempted from tax.

11. RFC Fixed Deposit

Resident foreign currency fixed deposit offers higher returns on the foreign earnings of NRIs who have just returned to India. You can get two currency options which are USD and GBP.

Minimum Deposit: No specific data available.
Maximum Deposit: No specific data available.
Interest Rate: 0.75% to 5.55% (for USD)
Eligibility: Non-Resident Indians
Tenure: 30 days to 3 years
Taxability: TDS applicable on interest earned.

Note: Please note that on making premature withdrawals, the interest will be calculated at the applicable rates depending on the period for which the amount was held with the bank or the predetermined rate of deposit, whichever is lower, plus a 1% penalty.

12. NRE FD Non-callable

It is almost similar to an NRE fixed deposit account but with higher rates of interest. However, you will not be able to make premature withdrawals before maturity.

Minimum Deposit: ₹2 crores
Maximum Deposit: No upper limit.
Interest Rate: 4.75% to 7.45% per annum
Eligibility: Non-Resident Indians
Tenure: 1 year to 10 years
Taxability: TDS applicable on interest earned

13. NRO FD Non-callable

With a Non-callable NRO fixed deposit account, you can deposit your income in India in an FD scheme and benefit from the high interest rate. However, there is no premature withdrawal facility available.

Minimum Deposit: ₹2 crores
Maximum Deposit: No upper limit.
Interest Rate: 4.75% to 7.45% per annum
Eligibility: Non-Resident Indians
Tenure: 1 year to 10 years
Taxability: TDS applicable on interest earned

14. Regular Deposits Non-callable

If you are willing to make high-value deposits you will not require anytime soon, then a regular non-callable FD can be an excellent choice. By availing of this type of scheme, you can earn higher ICICI Bank FD rates.

Minimum Deposit: ₹2 crores
Maximum Deposit: No upper limit
Interest Rate: 4.75% to 7.45% per annum
Eligibility: Resident Indians
Tenure: 7 days to 10 years
Taxability: TDS applicable on interest earned

Final Word

Now that you know the latest ICICI Bank FD interest rates, all that is left for you to do is invest. A pro tip in this regard can be using the ICICI Bank online FD calculator. It will assist you in deciding the right tenure and investment amount, along with showing the total interest earned during the scheme tenure.

FAQs

What are the penalty charges levied in case of a premature withdrawal of a fixed deposit?

There are certain penalty charges levied on premature withdrawal of a fixed deposit, which can range between 0.5% to 1.50% based on the time of foreclosure.

Is the interest on the fixed deposit taxable?

Interest earned on fixed deposits falls under “Income from other sources” and is thus applicable as per your applicable income tax slab. Additionally, for FD interest income of more than ₹40,000, a 10% TDS will be applicable. For senior citizens, this threshold is at ₹50,000.

How much TDS will be levied for non-PAN holders?

In case the account holder does not hold a PAN card, 20% TDS will be applicable. However, for PAN card holders, the TDS rate is just 10%.

Can I earn interest monthly from ICICI Bank FD?

You can choose the monthly payout option to receive monthly interest. You can contact your nearest ICICI Bank branch for more details.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.