ICICI Bank Fixed Deposit Interest Rates and Calcualator

ICICI Bank is recognized as one of India’s biggest private bank. It provides banking services and financial management for clients with retail and corporate accounts. The main branch can be found in Gujarat City. It has overseas branches located in the following countries; Malaysia, Singapore, Hong Kong and United States. More affiliate branches can be found all over the world. You can avail of a fixed deposit with competitive rates included. As of late, it has declared rate cuts on maturities carrying high values.

ICICI Bank Fixed Deposit

As we know that the ICICI is the leading private sectors banks in India, they have complete range of banking services offline and online mode.  If you have a saving or current account with ICICI then you can open an FD account within a minute. Although the interest rates of FD in ICICI is bit low but the kind of fast services they are providing to its customers are excellent. It offers two plans regarding fixed deposits; Traditional and Reinvestment.

Eligibility

Any Indian national or minor that can present KYC records can open a fixed deposit account with the bank. If applicant is a minor, a guardian/parent will be declared as the co-endorser. The fixed deposit account is also open to Indians with a non-resident status.

Types of Fixed Deposit

The bank is popular for their short term investment choices with sure profits in the end.

  • Short Term Fixed Deposit Rates

For fixed deposits with short term rates, of 30 to 45 days the annual rate of interest offered is 5.50%.A fixed deposit account of 46 to 60 days is expanded to a soaring 7.00% per year. Fixed deposits of 61 days to 9 months gain annual interest rates of 7.75%.On the other hand, an interest demanded on a tenor of 1 year is set at 8.00%.

  • Long Term Fixed Deposit Rates

The bank provides fundamentally higher rates of profits for long term fixed deposits. Fixed deposits maintained for 1 year to 389 days are automatically given an annual interest rate of 8.00%.For fixed deposits of 390 days to five years, the highest interest can be availed at 8.75% per year.

  • Senior Citizen Fixed Deposit Rates

For senior citizens, the bank provides special interest rates. There is an extra interest rate of 0.50% given annually. The most minimal rate of annual interest offered is 6.00%. For fixed deposit accounts of 30 days, the most elevated rate of interest offered per year is 9.25%.

Interest Rates

The bank allows impressive high interest rates for long and medium term fixed deposits. Senior nationals can likewise avail of the exceptional interest rates created only for them. However banks like Canara Bank interest rates are much better as compared to ICICI.

As of April 2016, here are the latest interest rates imposed on fixed deposit accounts:

The bank has cut the fixed deposit interest rates by up to 55%. These reconsidered interest rates are appropriate for bulk deposit accounts that have more than Rs. 1 crore outstanding balance. According to the new imposed rates, the new descending rate correction is somewhere around 0.10% and 0.55% on different account maturities. The recent rate amendments also impose that every 7-14 days term fixed deposit will now gain an interest rate of 6%.

Fixed deposit accounts of 46-60 days will gain 6.50 for each penny. For longer terms, the rate of interest on 390 days to under 15 months and year and a half to 2 years will be 7.60%, while the term deposit maintained from 2 years 1 day and 10 years will be figured at 7.35%.

Premature Withdrawal Rules And Charges

About premature withdrawal rules and charges of the fixed deposit, the premium will be computed at the rate relevant for the time of the deposit and the deposit sum aggregated in the account up to the date of withdrawal with interest that are less the sums payable by the depositor to the bank.

Duration Interest Rate (in % per Annum)
For General For Senior Citizen
31 Days to 45 Days 5.50 6.00
46 Days to 60 Days 6.50 6.50
61 Days to 90 Days 6.25 6.75
91 Days to 184 Days 6.25 6.75
184 Days to 289 Days 6.50 7.00
290 Days to 1 Years 6.75 7.25
1 Years to 2 Years 7.10 7.60
2 Years to 5 Years 7.00 7.50
5 Years to 10 Years 6.75 7.25
5 Years and Above 7.00 7.50

Updated in Dec 2016