| Deposits-Tax-Saver Fixed Deposits -FAQs |
The minimum amount required for opening a FD account is Rs.10,000/-
What is the multiple in which I can open a FD account? You can open a FD account for a minimum deposit of Rs 10,000 and thereafter in multiples of Re 1/-.
What is the maximum deposit amount required for opening a FD account? The maximum amount which can be invested in the ICICI Bank Tax-Saver FD is Rs.100,000/-
What is the tenure for which I can open the Tax-Saver FD? You can deposit money in the Tax-Saver FD for 5 yrs.
In case of FDs opened in joint mode, will the benefit be extended to both the account holders? No. Benefit of deduction is available to first holder only.
At what frequency will I receive interest on my FD? For the Traditional scheme, the interest on the Tax-Saver Fixed Deposit (FD) account is credited to the Savings account specified by you on a monthly basis or on a quarterly basis.
Tax is deducted at source, from the interest on Tax-Saver Fixed Deposit, as applicable, as per the Income Tax Act, 1961.
In cases where customer does not have a PAN card, can form 60/61 be collected? No. Customer has to submit PAN card on a mandatory basis for the above scheme.
How do I approach ICICI Bank to open the Tax-Saver FD? Call us at our 24 hour Customer Care Centre You can just walk into any of our branches .
Yes, if you request for your FD receipt, we will dispatch it to you by courier at the address given by you at the time of opening the Tax-Saver Fixed Deposit Account.
What are the multiples in which I can withdraw money from my FD? As per Government notification, no premature withdrawal is allowed for the Tax-Saver FD. Do Senior citizens get any extra benefit on the Tax-Saver FD? Yes, they do get extra benefits in the form of higher interest rates. Please click here for Interest rates . Can I redeem my FD before the original term? No. As per Government notification, no premature withdrawal is allowed for the Tax-Saver FD.
Can I obtain a loan from ICICI Bank on the security of my FD? No. As per Government notification, no loan against the Deposit cannot be extended in respect of the Tax-Saver FD scheme.
Is there any auto renewal facility available on FDs? No. As per Government notification, Auto renewal facility is not available in respect of the Tax-Saver FD scheme. After maturity of your FD, you can walk into any ICICI Bank branch across the country and claim your deposit by furnishing your Fixed Deposit receipt/Memorandum of Deposit.
What are nomination facilities available on Tax-Saver FD? The facility of Nomination is available for relationships in the names of individuals. Unless otherwise specifically given in writing by depositors, nomination in deposit accounts will be at Customer ID level.
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