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Tax Saving Fixed Deposit
What is the Interest rate offered by ICICI Bank on Tax-Saver FD?
You may know the rate of interest on Tax-Saver FD by visiting our website www.icicibank.com > Rates & Charges (Right hand side of the page) > Interest Rates > Fixed Deposits (with premature withdrawal facility).
Please click here for Interest rates
How do I redeem my FD for Tax Saving FD?
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 is the tax saver FD investment limit?
The minimum investment that can be made in a tax-saving fixed deposit is ₹10,000 while the maximum is ₹1.5 lakh in a year.
Who should invest in Tax-saver FD?
Anyone looking for a shorter lock-in period and seeking a guaranteed return with tax-saving option should invest in these fixed deposits.
Will I get a receipt for a Tax Saver Deposit?
Fixed deposit (FD) receipt in printable format will be updated in 1 working day of opening your FD account for FDs opened through alternate channels like Internet Banking, iMobile app, Customer Care etc. For FDs opened from branches, the same may be collected over the counter.
The FD receipt will be sent to your registered e-mail ID as well as the mailing address.
Internet Banking:
Please follow the below steps to get the FD receipt through Internet Banking.
Login to your Internet Banking > Customer Service > Service Requests > Deposits > Generate FD Advice.
ICICI Bank branch:
You may get the FD receipt by visiting the nearest ICICI Bank branch with your ID proof. To locate the nearest ICICI Bank branch, please click here.
How can I approach ICICI Bank to open an FD for a Tax Savings Account?
We request you to follow the below channels to open the FD in your account.
Internet Banking
Please login to Internet Banking > Customer Service > Service Request > Category - Deposits > Open Standard Fixed Deposit.
The fixed deposit will be opened instantly you will be able to view the RD details through the online within one working day.
iMobile app:
Login to ICICI Bank iMobile app > Click on Account & Deposits icon > Click on Deposits > Click on Open FD & submit.
Customer Care:
We request you to call our Customer Care on 1800 1080 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:
To locate the nearest ICICI Bank branch, visit http://maps.icicibank.com/mobile .
Will I get a FD receipt?
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.
How can I open a tax saver FD?
Investing in a tax-saver fixed deposit is very easy. You can open the FD online or at a bank branch.
Anything else I should know?
Tax-saver fixed deposits offer a nomination facility. A tax saver FD can be transferred from one bank branch to another.
At what frequency will I receive interest on my Tax Saving FD?
For the Traditional scheme, the interest on the Fixed Deposit (FD) account is credited to the Savings account specified by you on a monthly basis or on a quarterly basis.For the Reinvestment scheme, the interest is compounded to the principal amount on a quarterly basis but credited in FD only on maturity.
What is the minimum deposit amount required for opening the ICICI Bank Tax-Saver FD?
The minimum amount required for opening a FD account is Rs.10,000.
What are the multiples in which I can withdraw money from my FD?
Please select from below option:
Tax Savings FDFixed Deposit
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.
Is there any auto renewal facility available on the Tax-Saver FD?
No. As per Government notification, Auto renewal facility is not available in respect of the Tax-Saver FD scheme.
How do I approach ICICI Bank to open a FD?
Please select from below option:
Tax Savings FDFixed Deposit
Who can invest in tax saver FD?
Indian citizens, senior citizens, HUFs and NRIs can invest in tax-saver fixed deposits.
Can I obtain a loan from ICICI Bank on the security of my FD?
No. As per Government notification, no loan against the Deposit can be extended in respect of the Tax-Saver FD scheme.
What are the multiples in which I can withdraw money from my Tax Saving FD?
As per Government notification, no premature withdrawal is allowed for the Tax-Saver FD.
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.
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.
In cases where customer does not have a PAN card, can form 60/61 be collected?
No. Customer has to submit a PAN card on a mandatory basis for the above scheme.
What is the tax saver FD interest rate?
Tax-saver fixed deposits have a fixed interest rate that remains the same throughout the 5 year tenure. The interest rates for Indian citizens, HUFs and NRIs vary. Senior citizens are offered higher interest rates. The interest is taxable, deducted at source, and added to your income. For current interest rates click here
At what frequency will I receive interest on my FD?
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.
What is the tenure of a tax saver FD?
Tax-saver fixed deposits have a lock-in period of 5 years. No premature withdrawals, loans or overdraft facilities are available against tax saver FDs.
What happens upon maturity of tax saver FD?
When the fixed deposit term ends, the money comes back to your bank account.
What is the maximum deposit amount required for opening the ICICI Bank Tax-Saver FD?
The maximum amount which can be invested in the ICICI Bank Tax-Saver FD is Rs.150,000.
Is TDS applicable on Tax-Saver FD?
Tax is deducted at source, from the interest on Tax-Saver Fixed Deposit, as applicable, as per the Income Tax Act, 1961.
What are the tax benefits of tax Saver FDs?
The amount invested in a tax saver fixed deposit is eligible for tax exemption under Section 80C. This amount can be a maximum of ₹1.5 lakh a year. In case of joint holders, the tax benefit is available to only the first holder.
