Why Is It Important to Keep ICICI Bank Fixed Deposit Receipt Safe?

Fixed deposit accounts are an ideal option for those who prioritise safety while also seeking flexibility and liquidity when it comes to investment. The ICICI Bank offers attractive FD options that are relevant for investors of all ages, locations and goals. Upon opening an account with the bank, you get an ICICI Bank Fixed Deposit Receipt (FDR) which acts as proof of your deposit. 

In this blog, let us unveil the significance of the ICICI FDR and also discuss the factors to check after receiving the receipt.

Why Is the ICICI Fixed Deposit Receipt Important?

It is crucial to safely keep the ICICI FD receipt, as the bank may later request it on various occasions. Such instances include:

At the Time of Renewal

When you approach an ICICI Bank branch to renew the existing fixed deposit offline, you may be asked to submit the old receipt. The bank authorities in these cases obtain the existing FDR before renewing it for a fresh tenure. 

For Premature Withdrawal

If you want to withdraw funds before the account's maturity date, you may be required to surrender the fixed deposit receipt as proof of your ownership of the FD.

To Avail a Loan Against Fixed Deposit

Often fixed deposit holders avail this facility to get loans at comparatively lower interest rates. If you wish to opt for this option, you must present the ICICI Bank fixed deposit receipt as a lien throughout the loan tenure. After the loan repayment is over, you get back your FDR with all the updated information. 

How to Obtain the ICICI Bank Fixed Deposit Receipt Online?

Regular depositors can get up to 7.25% annualised returns upon opening a fixed deposit with ICICI Bank. Moreover, senior citizens can earn as much as 7.80% per annum interest while investing in ICICI fixed deposits. 

Immediately after opening the account, you will be issued a fixed deposit receipt in printable format within 1 banking day. You may collect it over the counter from your nearest ICICI Bank branch. Otherwise, to get it online, follow the steps given below:

Step 1: Log in to the official net banking portal of ICICI Bank.

Step 2: Navigate to the ‘Customer Service’ tab.

Step 3: Click on ‘Service Requests’.

Step 4: Next, click on ‘Deposits’. 

Step 5: Finally, you can download ICICI Bank fixed deposit receipt by clicking on ‘Generate FD Advice’. 

What Are the Things to Check in an ICICI Bank Fixed Deposit Receipt? 

To better understand how your FD will perform, it is suggested to check these factors in the corresponding fixed deposit receipt:

• Applicable Interest Rate and Deposit Term

These two are the basic details but however, need to be double-checked to avoid any surprises in the later stages. Most depositors verify these specifics particularly before renewing their existing FD accounts. 

• Auto-renewal and Maturity Dates

When a depositor avails the auto-renewal option, they often forget to check the date for the same which should not be the case.  

Furthermore, customers maintain fixed deposits to strategically achieve several financial goals, such as buying a new home, pursuing higher education for their child, etc. Therefore, to ensure the funds can be accessed at the perfect time, it is essential to cross-verify the maturity date mentioned on the FDR. 

• Charges and Penalties

Some fixed deposit schemes may attract a penalty if the depositor withdraws their contributions before maturity. Hence, you should check these details in the receipt. 

Final Word

An ICICI Bank fixed deposit receipt serves as a formal document that specifies the ownership of the FD holder along with scheme details to avoid any future confusion. You can avail FDR online after opening a fixed deposit with Stable Money. In addition, you may explore the app further to find attractive FD schemes that can earn you a lucrative 9.50% interest per annum. So, act soon to avoid missing out!