ICICI Bank is one of the leading banks in India. It offers various banking products including fixed deposits for different tenures and maturity. Interest rates for these deposits are calculated on the basis of the interest rate prevailing in the market.
The interest rates on ICICI Bank fixed deposits vary depending on the tenure of the deposit. For example, for a 1-year deposit, the interest rate is currently 7.50% per annum. However, for a 5-year deposit, the interest rate is higher at 8.00% per annum.
The minimum amount that can be deposited in an ICICI Bank fixed deposit account is Rs.1,000. There is no maximum limit on the amount that can deposit. The interest earned on fixed deposits is taxable as per the Income Tax Act.
Who is the ICICI Bank?
ICICI Bank is one of the leading banks in India with a strong presence in both retail and corporate banking. The bank offers a wide range of products and services to its customers including credit cards, loans, deposit accounts, and more. ICICI Bank has a wide network of branches across India and also offers online banking services.
The ICICI Bank is a major Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2017, it was the second-largest bank in India by assets and third-largest by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life insurance, non-life insurance, and venture capital. The Bank has a network of 4,850 branches and 14,404 ATMs in India and has a presence in 17 countries.
What are Fixed Deposits?
A fixed deposit (FD) is a financial instrument provided by banks or NBFCs that provides investors with a higher rate of interest than what is offered for a regular savings account, until the maturity date. The investor can choose to receive the interest payments either monthly or at maturity.
The primary advantage of an FD over other investment options is that it offers guaranteed returns. Even if the market crashes, your original investment is protected and you will still earn the predetermined interest rate. This makes FDs an ideal option for risk-averse investors.
However, one downside of an FD is that you cannot access your money until the maturity date. So, if you need to make a large purchase or have an unexpected financial emergency, you will not be able to use your FD as a source of funds.
To open an FD with ICICI Bank, you can visit any branch or apply online. The minimum deposit amount is Rs 1,000 and there is no maximum limit. The interest rate on FDs varies depending on the tenure and deposit amount. For example, for a tenure of 1 year, the interest rate for deposits below Rs 5 lakh is currently 6%, while it is 6.5% for deposits above Rs 5 lakh.
When choosing an FD scheme, it is important to compare the interest rates offered by different banks and NBFCs. You should also consider factors such as the safety of your investment and whether you will need access to your money before
Differences between Fixed Deposits with other bank schemes
Fixed deposits are a type of investment where you deposit a sum of money for a set period of time, usually with a higher interest rate than a savings account. The ICICI Bank offers fixed deposits with interest rates starting at 3.50%.
However, there are some key differences between fixed deposits and other bank schemes that you should be aware of before investing your money.
First, unlike savings accounts, you cannot access your money until the end of the term. This means that if you need to withdraw your money early, you will likely incur a penalty.
Second, fixed deposit interest rates are typically higher than other types of bank accounts. This is because your money locks away for the duration of the term, meaning the bank can invest it and earn more from it.
Third, depending on the amount you deposit and the length of the term, you may require to pay taxes on your earnings. Be sure to consult with a financial advisor to see if this applies to you.
Fourth, while most banks insure deposits up to Rs 1 lakh (about $1,500), ICICI Bank offers enhanced insurance protection of up to Rs 5 crore (about $7 million) for senior citizens. This can give you peace of mind knowing that your money is well-protected in case something happens to the bank.
Finally, keep in mind that fixed deposit rates can change over time. If interest rates rise during the course of your investment,
ICICI Bank Fixed Deposit Interest Rates
ICICI Bank offers a variety of fixed deposit products that offer interest rates between 3.5% p.a. and 7.25% p.a., with terms ranging from 7 days to 10 years. The table below lists the current ICICI Bank fixed deposit interest rates:
Term Interest Rate (% p.a.)
7 – 14 days 3.50
15 – 29 days 4.00
30 – 45 days 5.50
46 – 60 days 6.50
61 – 90 days 6.75
91 days – 1 year 6.80
1 year – 2 years 6.85
2 years – 3 years 6.90
3 years and above 7.25
(For senior citizens: 0.50% additional interest)
The interest rates on ICICI Bank Fixed Deposits depend on the amount of money deposited, the tenure of the deposit, and the type of account holder. For deposits below Rs. 1 crore, the interest rate is 6.50% for a tenure of 7-14 days, 6.75% for 15-29 days, and 7.00% for 30-45 days. For deposits between Rs. 1 crore and Rs. 5 crores, the interest rates are 7.00%, 7.25%, and 7.50%, respectively, for the same tenures as mentioned above. For senior citizens (aged 60 years and above), an additional 0.5% is provided on all these interest rates.
The minimum deposit amount required to open an ICICI Bank FD account is Rs 10,000 for regular customers and Rs 5,000 for senior citizens. The maximum deposit amount is capped at Rs 2 crore for both regular customers and senior citizens alike. The tenure options available range from 7 days to 10 years, with premature withdrawal permitted after a minimum lock-in period of 7 days has been completed.
ICICI Bank Fixed Deposit Interest Rates Calculator
ICICI Bank Fixed Deposit Interest Rates calculator is an online tool that helps you calculate the interest rate on your ICICI Bank Fixed Deposit.
To use the calculator, simply enter the amount of money you want to deposit, and the tenure of the deposit, and click on the “Calculate” button. The interest rate will be displayed instantly.
The ICICI Bank Fixed Deposit Calculator is a convenient and easy-to-use tool that can help you make informed decisions about your investments.
To know more about ICICI Bank Fixed Deposit Interest Rates, please visit the website of ICICI Bank.
