ICICI Bank Limited is a key player in India's financial sector, with its registered office in Vadodara, Gujarat, and corporate headquarters in Mumbai, Maharashtra. Known for providing a broad range of banking products and services, ICICI caters to both retail and corporate clients. Initially known as the Industrial Credit and Investment Corporation of India, the bank is widely recognized by its acronym ‘ICICI’.

ICICI Bank's Fixed Deposit (FD) Schemes offer customers a secure way to invest money for specific durations. Known for its competitive interest rates, ICICI Bank’s FD schemes are among the best in the market. A one-time deposit is required, precluding any additional deposits after account setup. Compared to savings accounts, ICICI provides higher interest rates on its fixed deposit offerings.

Key Features and Benefits of ICICI Bank Fixed Deposits

• Senior citizens receive an additional 0.50% interest rate premium annually.
• Minimum deposit for opening an FD is Rs. 10,000, but for minors, it is Rs. 2000.
• The bank offers a nomination facility.
• Loan availability of up to 90% of the deposit amount.
• Interest payable only upon maturity.
• ICICI Bank offers six FD types: Regular FD, FD without premature withdrawal, Tax-Saver FD, FD with Monthly Income, Money Multiplier Plan, and FD Xtra with additional benefits.

ICICI Bank FD Interest Rates 2024

Tenure	Interest Rates (PA)	Seniors' Rate (PA)
7-29 days	3%	3.5%
1 month - 1 month 15 days	3.5%	4%
1 month 16 days - 1 month 30 days	4.25%	4.75%
2 months - 2 months 29 days	4.5%	5%
3 months - 6 months 1 day	4.75%	5.25%
6 months 2 days - 8 months 26 days	5.75%	6.25%
8 months 27 days - 11 months 30 days	6%	6.5%
1 year - 1 year 2 months 29 days	6.7%	7.2%
1 year 3 months - 2 years	7.2%	7.75%
2 years 1 day - 4 years 11 months 30 days	7%	7.5%
5 years - 9 years 11 months 29 days	6.9%	7.5%

Types of ICICI Bank of India FD Schemes

ICICI Bank Regular Fixed Deposit

Openable via the iMobile app or internet banking instantly.

• Tenure: 7 days to 10 years.
• Minimum deposit: Rs. 10,000.
• Overdraft up to 90% of principal and accruable interest.
• Premature/partial withdrawal available.
• Special rate for senior citizens under Golden Years FD.
• Premature withdrawal penalty applies under certain conditions.

ICICI Bank Money Multiplier FD

This scheme blends a Savings Account's liquidity with a Fixed Deposit's high returns.

• Auto reverse sweep if balance goes below Rs. 10,000.
• Tenure tied to linked customer accounts.
• FDs first in, first out for reverse sweep.
• Auto-renewal triggered at maturity.
• Interest at prevailing rates upon renewal.

ICICI Bank Flexi FD for Current Account Customers

• Links FD to current accounts ensuring both liquidity and earnings.
• Reverse sweep initiated when balance dips below Rs. 1 lakh.
• FDs follow Last-In-First-Out (LIFO) for reverse sweep.
• FD renewed automatically at the same tenure and rate.

ICICI Bank Tax Saver FD

• Section 80C tax benefit up to Rs. 1.5 lakh.
• Minimum deposit: Rs. 10,000.
• A fixed 5-year tenure.
• Interest options: Monthly, Quarterly, or Reinvestment.
• No premature withdrawal or auto-renewal.
• Interest earned is taxable.

ICICI Bank FD Xtra

A suite of products offering more than standard FDs.

• Variants include FD Life, FD Invest, FD Income, and FD Card.
• FD Life offers life cover along with fixed returns.
• FD Invest combines FD returns with Mutual Fund growth.
• FD Income guarantees regular income for a chosen period.
• FD Card offers an FD-backed credit card.

ICICI Bank Overdraft Against Fixed Deposit

Caters to immediate financial needs without needing to break an FD.

• Loan value up to 90% of FD.
• Fixed deposit schemes for Non-Resident Indians (NRIs) available.

NRE FD Account

• Offers high returns on foreign income in Rupees.
• Fully repatriable principal and interest.
• Loan availability up to 90% of FD.
• Minimum deposit Rs. 25,000. Tenure: 1-10 years.

NRO FD Account

• High returns on funds generated in India.
• Join your account with an Indian resident if desired.
• Minimum deposit Rs. 25,000. Tenure: 7 days to 10 years.
• Interest repatriable post-tax deductions.
• Loan options up to 90% of deposit value.

NRO Tax Saver

• Section 80C tax benefits of Rs. 1.5 lakh.
• 5-year lock-in period.
• Interest payout choice: Monthly, Quarterly, or Reinvestment.
• Joint account option available.

Rupee Plus Plan

• Account in convertible currencies.
• Minimum deposit varies by currency but generally around Rs. 1,00,000.
• 1 year 1 day fixed tenure.
• Tax-free interest in India.
• Repatriable upon maturity.

How to Open an ICICI Bank Fixed Deposit Account

Customers can open an FD using Mobile Apps, Internet Banking, or through offline methods.

Internet Banking:

1. Log into Internet Banking.
2. Select ‘Open Fixed Deposit’.
3. Complete necessary details and submit.
4. The account is opened instantly.

Mobile App - ICICI Bank App:

1. Download and log into the ICICI Bank App.
2. Select 'Open Fixed Deposit'.
3. Fill in personal and nominee details; submit.

Offline Opening:

Visit a nearby ICICI branch, fill out the application, and submit required documents with the deposit amount to open an FD.

Eligibility to Open a Fixed Deposit

Eligibility includes:

• Indian citizens
• Hindu undivided families (HUF)
• Trusts, associations, societies, and clubs

Required Documents for ICICI Fixed Deposit

Proof of Identity: PAN card, Voter ID, Passport, Driver's license, or relevant ID.

Residential Proof: Utility bill, bank statement, or other official ID from the post office.

Original documents needed for verification with some additional document requests at the bank's discretion.

Early Withdrawals

ICICI Bank FDs (excluding tax-saving FDs) are eligible for premature withdrawal with associated penalties of 0.5% to 1%, subject to bank conditions.