Fixed Deposit (FD) FAQs

No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit and no premature closure charges are applicable.

You can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs 10,000.00 for General Customers and Rs 2,000.00 for Fixed Deposits for Minors.

Choice of Plans:

Select from 2 Investment Plans:

1. Traditional Plan: Earn interest monthly/quarterly basis as per your convenience with a maturity period ranging from 7 days to 10 years.
2. Reinvestment Plan: Earn interest compounded quarterly and reinvested with the principal amount with a maturity period ranging from 6 months to 10 years.

Interest on Fixed Deposit is calculated on the basis of the tenure of FD and the prevailing interest rate applicable at the time of opening the FD. Interest is calculated as follows:

• Cumulative FD: Interest is calculated for the quarter and compounded/reinvested to the principal amount. Interest for the next quarter is calculated on the accumulative amount.
• Traditional FD with Quarterly interest payout option: Simple interest is calculated and paid at the end of each quarter
• Traditional FD with Monthly interest payout option: Interest is paid at the discounted value and at the end of each month
• Short Term FD: Interest is calculated on simple interest basis.

You can withdraw money from your Fixed Deposit Account in multiples of Rs 1,000

Please select from below option:
Tax Savings FDFixed Deposit

The new Fixed Deposit (FD) account will reflect in your Internet Banking Account within 2 working days from FD opening date.

The Fixed Deposit (FD)/ Recurring Deposit (RD)/ iWish Account (VRD) shall be closed automatically on maturity and the closure proceedings will be credited to the linked savings account.

On maturity date if the amount is not credited to the linked savings account, you may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. 
To know the local Customer Care numbers, please click here
 

2. The Fixed Deposit (FD) Advice will be sent to your communication address within 7 working days from the date of opening of the Fixed Deposit account.

3. FD Advice is not issued for Linked Fixed Deposits and Recurring Deposits.

4. Physical FD Advice will not be sent if Fixed Deposit Receipt has been issued.

5. If you do not receive the physical FD Advice within 7 working days you can contact our 24-hour Customer Care or visit your nearest ICICI Bank branch with your ID proof.

You can deposit money for as short a period as 7 days and upto 10 years.

Fixed Deposit maturity amount can be calculated using the FD Calculator in a simple manner using the below steps:

• Customer will have to select the Customer Type i.e. Normal or Senior Citizen
• Select the type of Fixed Deposit i.e. Cumulative or Interest Payout (Quarterly/Monthly) or Short Term FD
• Enter the amount of FD
• Enter the required tenure of FD i.e. in combination of Years/Months/Days or in Days only
• The applicable interest rate, interest amount, maturity date and maturity amount are displayed to the customer.

Yes. Money Multiplier Deposit/ FFD/ Linked FD will be created in auto-renewal mode.

We can suggest from our experience that the simplest way to close Fixed Deposit: (FD) is through Internet Banking. 

Internet Banking: 

Please login to your Internet Banking > Customer Service > Service Request > Category - Deposits > Closure/Renewal of existing Fixed/Recurring Deposit > FD will be closed instantly and funds will be credited to your account.

iMobile:
Login to iMobile >> Select Accounts & Deposits icon >> Select Deposits >> Select FD account number > More options > Closer FD > FD will be closed instantly and funds will be credited to your account.

If a FD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

Customer Care:

We request you to call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. 
To know the Customer Care numbers, we request you to click here

ICICI Bank branch:

Please visit the nearest ICICI Bank branch along with your valid ID proof. To locate the nearest ICICI Bank Branch, visit maps.icicibank.com/mobile

Please login to your Internet Banking Account >Customer Service > Service Request > Deposits > Closure/Renewal of Existing Fixed/Recurring Deposit > Request for Closure of FD on maturity date > Continue > Select the FD account number > Enter FD/RD Amount > Submit.

Existing ICICI Bank Savings Account customers may open FD by logging into iMobile or Retail Internet Banking. The same can also be done visiting the nearest ICICI Bank Branch or by calling customer care numbers. FD opening (for amount less than Rs 50,000) is also available on ICICI Bank ATM. Here is the link to open FD on Retail Internet Banking OPEN FD

Yes, they do get extra benefits in the form of higher interest rates. Please click here for Interest rates,

The facility of Nomination is available for relationships in the names of individuals.

In reinvestment or cumulative FD, interest is compounded quarterly and reinvested with principal amount. Maturity of these fixed deposits ranges from 6 months to 10 years.

With effect from July 1, 2005, the auto-sweep (Quantum Optima) facility in the savings account has been withdrawn. Instead, the Linked Fixed Deposit (LFD) or Money Multiplier deposit has been introduced, which will be created on specific request from the customer.

Features of LFD:
Minimum balance in the savings account should be ₹15,000.00 to generate LFD request.
LFD requests will be made in multiples of ₹5,000.00 only.  
You may have more than one LFD linked to the same account. 
Specific request has to be given for each LFD creation.
The LFDs will be under the same Customer ID.

LFDs linked to the account will be enabled for automatic reverse sweep of an amount to equate the balance to ₹10,000.00 when the balance in the Savings Account falls below ₹10,000.00.  

You may open a Flexi Fixed deposit through any of the below mentioned channels:

Internet Banking: 
Login to your Internet Banking Account > Customer Service > Service Requests > Deposits > More > Open a Fixed Deposit > Special Money Multiplier Deposit/ Standard Money Multiplier Deposit.

Customer Care: 
You may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. To know the local Customer Care numbers, please click here

The minimum amount required for opening a FD account is Rs.10,000

You can opt for auto renewal at the time of opening the FD or anytime before the FD matures. Auto renewal allows your FD to get renewed automatically for the same period as the original deposit. However under auto renewal option the fixed deposit receipt is with the custody of the Bank and Memorandum of Deposit (MOD) is issued in lieu of fixed deposit receipt.

Fixed/term deposits opened with Either or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

• The signatures of all the depositors is required for opening of deposit.
• The signatures of all the depositors is not required for repayment of the amount of the deposits on maturity.
• The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
• In case one of the depositors expires before the maturity, no pre payment of term deposit may be allowed without the concurrence of the legal heirs of the deceased holders. This however, would not stay in the way of making payment to the survivor on maturity.

Fixed/term deposits opened with Former or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

• The signatures of all the depositors is required for opening of deposit.
• Former alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive.
• The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
• If the Former expires before the maturity of the fixed/term deposit, the Survivor can withdraw the deposit on maturity.
• Premature withdrawal would require the consent of all the parties, when both of them are alive, and that of the surviving depositors and the legal heirs of the deceased in case of death of one of the depositors.

ICICI Bank FD Interest Calculator is a simple tool to help customers determine the interest amount they would earn on their investment in deposits basis the amount, tenure and prevailing interest rate. This can help in the calculation of the returns on their investments.

Please select from below option:
Tax Savings FDFixed Deposit

You can use the FD Calculator to calculate interest and maturity amount on the Fixed Deposit as follows:

• You can select the Customer Type i.e. Normal or Senior Citizen Customer
• Select the type of Fixed Deposit i.e. Cumulative or Interest Payout (Quarterly/Monthly) or Short Term FD
• The date of FD will be defaulted as the current date
• Enter the amount of FD
• Select the format of entering the tenure of FD i.e. in combination of Years/Months/Days or in Days only
  • Enter the preferred tenure according to the format chosen
• The applicable interest rate, interest amount, maturity date and maturity amount are displayed to the customer.

Money Multiplier Deposit/ FFD/ Linked FD facility is not available for Savings Account having ICICI Direct facility.

Minimum amount required is Rs. 5,000.00. At the time of creation, the minimum available balance in the savings account should be Rs. 15,000. The deposit will be made in multiples of Rs. 5,000 over and above Rs. 10,000 in the savings account.

The minimum amount required for opening a fixed deposit account is Rs.10,000. For amounts more than Rs.10,000, there is no fixed multiple.

Interest frequency depends on FD plan. For re-investment plan, interest is paid at maturity along with the principal, whereas for traditional FD, interest payout is done monthly, quarterly or periodically basis the customer’s choice.

For Fixed Deposits/ Money Multiplier Deposit/ Recurring Deposits, TDS is not applicable on the interest earned up to Rs. 10,000 under Section 194A. However, TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds Rs. 10,000.

All customers, other than company, firm, co-operative society or Non Resident who do not have taxable income can submit a self-declaration in the prescribed Form 15G/ 15H for the purposes of availing TDS exemption under Section 193 and Section 194A of the Act in accordance with the provisions of Section 197A.

Following are the limits for accepting Form 15G/ 15H. In case the limits are breached then Form 15G/ 15H shall not be accepted.

The customer can visit the nearest ICICI Bank branch for the generation and submission of the pre-filled Form 15G/ 15H. They can also download the pre-filled Form 15G/ 15H from the logged in section of Internet Banking and submit the same at the nearest ICICI Bank branch Such form or tax exemption certificate has to be submitted every financial year for each term deposit held and on each renewal of the deposit.

Click here to view Interest rates offered by ICICI Bank on Fixed Deposits.

You can withdraw the funds from your savings account through any channel such as the ICICI Bank ATM, ICICI Bank Internet Banking or by issuing a cheque. etc. All linked fixed deposits will be enabled for automatic reverse sweep in multiples of Rs. 5,000 on a Last-In-First-Out (LIFO) basis when the balance in the savings account falls below Rs. 10,000. The amount reverse swept will earn interest rates at the applicable rate for the period that the deposit was held with the bank less applicable premature withdrawal penalty. The remaining amount will continue to earn higher interest at the original rate applicable to the fixed deposit.

You may check the details of Fixed Deposit (FD)acount online.

Login to your Internet Banking Account > My Accounts > Deposits > Deposit Accounts.

The new Fixed Deposit (FD) account will reflect in your Internet Banking Account within 2 working days from FD opening date.

Further, once the FD is created, funds will be debited from your account by mentioing the FD account number.

Fixed Deposits (FD) with maturity instruction as auto closure are automatically closed on the maturity date and proceeds transferred to the operative account.

FDs with maturity instruction as auto renewal can be closed through the following channels:

• Internet Banking
• iMobile
• Visit the nearest ICICI Bank Branch
• Visit the nearest ATM (for amount less than Rs. 50,000)