How To Open FD Without Opening Savings Account At ICICI BANK

Investing in FDs helps in saving money for the future. However, not everyone wants to take the traditional route of opening an FD through Savings Account. Fortunately, ICICI Bank offers the flexibility to open FDs without the necessity of having an ICICI Bank Savings Account. Now, you can open an FD with ICICI Bank if you have a Savings Account in any Indian bank. In this guide, we will walk you through the process of opening an FD with ICICI Bank without having to open an ICICI Bank Savings Account.

Understanding Fixed Deposits

Before we get into the specifics of how to open a Fixed Deposit without having an ICICI Bank Account, let us quickly understand what Fixed Deposits are and why they are a preferred choice for many investors.

Fixed Deposits are investment instruments where investors deposit a sum of money in a bank for a fixed period, ranging from a few days to several years, at a predetermined interest rate. At the end of the maturity period, investors receive the principal amount along with the interest earned. FDs are known for their safety, assured returns and relatively low-risk nature, making them an attractive option for conservative investors.

Advantages of ICICI Bank FDs

Benefits:

• FDs are known for their safety, offering minimal risk to the principal amount.

• Unlike investments vulnerable to market fluctuations, FDs provide stability. The interest rate remains consistent throughout the tenure, ensuring a predictable return.

• With FDs, investors can calculate returns in advance, facilitating easier financial planning. The predetermined interest rates and maturity periods provide clarity on the final amount upon maturity.

• ICICI Bank offers FDs with flexible tenures, ranging from 6 months to 10 years. This flexibility enables investments to align with specific financial goals and liquidity requirements.

• ICICI Bank offers competitive FD interest rates, reaching up to 7.25% (7.80% for senior citizens). These rates are structured to promote steady growth of invested capital.

Eligibility criteria and documents required for ICICI Bank Fixed Deposits

Eligibility criteria:

Individuals and entities eligible for ICICI Bank Fixed Deposits include:

• Hindu Undivided Families

• Sole Proprietorship Firms

• Partnership Firms

• Limited Companies

• Trust Accounts

• Non-Resident Indians (NRIs)

• Indians

• Minors with Guardianship

Documents required:

1. Identity and Address Proof (Any one of the following):

• Passport

• Driving Licence issued by the Regional Transport Authority

• Voter ID

• Job Card issued by NREGA, signed by a State Government Officer

• Letter from the National Population Register

• Proof of possession of a complete Aadhaar number

(Note: PAN Card issued in India is no longer considered as a valid identity proof).

2. Communication Address Proof: (If identity proof does not contain communication address)

• Utility Bill (electricity, telephone, postpaid mobile phone, piped gas, water bill), not older than 2 months

• Property Tax Bill or Municipal Tax Receipt, not older than 1 year

• Letter of Allotment for accommodation from an employer, issued by the State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies

• Leave and Licence Agreement with any of the above employers. The agreement must contain the customer’s name as the employee

Pension or family pension payment orders issued to retired employees by government departments or public sector undertakings provided they contain the address.

How to open an FD without having an ICICI Bank Savings Account

Follow this step-by-step guide:

• Visit the ICICI Bank website

• Navigate to the ‘Types of Fixed Deposits’ section and click on the ‘Invest Now’ button available under ‘Standalone Fixed Deposit’

• Enter the amount you wish to deposit (between Rs 10,000 to Rs 1,00,000) and select the tenure (ranging from 6 months to 10 years)

• Click on the ‘Let’s get started’ or a similar prompt to proceed with the FD application process

• For verification purposes, enter your mobile number, e-mail address and PAN (Permanent Account Number)

• Validate the provided information by entering the OTP (One-Time Password) sent to your mobile number and verify your Aadhaar details

• Furnish the additional personal and occupational details as required

• Accept the Terms and Conditions outlined by ICICI Bank for opening an FD

• Select your preferred funding option for transferring the deposit amount through Net Banking or UPI

• If you choose UPI, verify your UPI details and complete the fund transfer process

• Upon successful fund transfer, you will receive a confirmation of the transaction along with the instructions for completing the virtual KYC (vKYC) process within 72 hours

• Follow the instructions provided to complete the vKYC process within the stipulated timeframe

• After completing the vKYC process, you will receive a confirmation of your FD initiation along with the relevant documents sent to your registered e-mail address.

Conclusion

ICICI Bank offers a hassle-free way to invest and secure your funds for the future by providing an option to open a Fixed Deposit without having an ICICI Bank Savings Account. Investors can take advantage of the stability, assured returns and competitive interest rates that FDs provide. Whether you are an individual investor, a business entity or a Non-Resident Indian, ICICI Bank FDs cater to a diverse range of financial needs. With the convenience of online applications and virtual KYC processes, initiating an FD has never been easier.