How to invest in ICICI Bank FD? What are Interest Rates For FD in ICICI Bank?

News: Investing your hard-earned money wisely is essential for financial security and growth. One of the safest and reliable investment options is a Fixed Deposit (FD). In this article, we’ll guide you through the process of investing in ICICI Bank FDs and explain the interest rates associated with them.

What is an FD?

A Fixed Deposit (FD) is a financial instrument where you deposit a lump sum amount with a bank for a fixed period. The bank pays you interest on this amount at regular intervals (usually quarterly or annually). FDs are known for their safety, predictable returns, and ease of investment.

How to Invest in ICICI Bank FD?

1. Eligibility: Anyone can invest in an ICICI Bank FD, whether you’re an individual, a senior citizen, or a minor (with a guardian).

2. Minimum Deposit Amount: The minimum amount required to open an FD with ICICI Bank is ₹10,000.

3. Visit the Bank: Visit your nearest ICICI Bank branch or use their online banking platform.

4. Fill the Application Form: Fill out the FD application form. Provide accurate details such as your name, address, and nominee information.

5. Choose the Tenure: Decide how long you want to keep your money invested. ICICI Bank offers tenures ranging from 7 days to 10 years.

6. Interest Payout Options:

7. Cumulative: Interest is compounded and paid along with the principal at maturity.

8. Non-Cumulative: Interest is paid out periodically (monthly, quarterly, or annually).

9. Submit Documents: Provide necessary documents like your PAN card, address proof, and photograph.

10. Deposit the Amount: Transfer the desired amount to your FD account.

11. Confirmation: You’ll receive an FD certificate or confirmation via email.

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ICICI Bank FD Interest Rates (As of February 2024)

ICICI Bank offers competitive interest rates on FDs. Here are the rates for different tenures:

General Citizens:

• 1 year to 389 days: 6.7% to 7.2%
• 15 months to < 18 months: 7.2%
• 18 months to 2 years: 7.2%
• 2 years 1 day to 3 years: 7.0%
• 3 years 1 day to 5 years: 7.0%
• 5 years 1 day to 10 years: 6.9%

Senior Citizens (60 years and above):

• 1 year to 389 days: 7.2% to 7.75%
• 15 months to < 18 months: 7.75%
• 18 months to 2 years: 7.75%
• 2 years 1 day to 3 years: 7.5%
• 3 years 1 day to 5 years: 7.5%
• 5 years 1 day to 10 years: 7.5%

About ICICI Bank :

History and Background:

• ICICI Bank was established in 1994 as a wholly-owned subsidiary of ICICI Limited (Industrial Credit and Investment Corporation of India).

• Over the years, it has grown to become one of the largest banks in India, serving millions of customers across the country.

Services Offered:

1. Retail Banking: ICICI Bank provides various retail banking services, including savings accounts, fixed deposits, loans (home loans, personal loans, car loans), credit cards, and more.

2. Corporate Banking: It caters to the financial needs of businesses, offering services such as working capital loans, trade finance, and cash management solutions.

3. Investment and Wealth Management: ICICI Bank offers investment products like mutual funds, insurance, and wealth management services.

4. Digital Banking: The bank has a robust online and mobile banking platform, allowing customers to perform transactions, pay bills, and manage accounts conveniently.

Investing in ICICI Bank FDs provides a secure way to grow your savings. Consider your financial goals, choose an appropriate tenure, and enjoy the benefits of fixed returns. 

Frequently Asked Questions (FAQs)

Q: What are the interest rates ICICI Bank offers for Fixed Deposits?

A: ICICI Bank provides different interest rates for Fixed Deposits, starting at 4.75% and going up to 7.00% per year for both regular customers and senior citizens.

Q: Can NRIs invest in ICICI Bank’s Fixed Deposits?

A: Absolutely, ICICI Bank has special FD options tailored for non-resident Indians (NRIs) like NRO, NRE, RFC, and FCNR. These allow NRIs to invest in fixed deposits in various foreign currencies.

Q: What’s the tax impact on ICICI Fixed Deposits?

A: ICICI Fixed Deposits follow Tax Deducted at Source (TDS) rules. No TDS is deducted on interest earned up to Rs. 40,000 (Rs. 50,000 for senior citizens). If the interest crosses this limit, TDS is charged at 10%, or 20% if you don’t have a PAN.

Disclaimer: Please note that all content and tools on this website are provided for your convenience and are offered “as is” without warranties. The information provided, including any tool-generated output, is for informational purposes only and should not be considered investment advice or guarantees. Exercise caution, seek professional advice, and make independent judgments before acting on any information found on this site.