To encourage the habit of savings amongst the people, the ICICI Bank offers various financial tools. The prominent among them is the fixed deposit. The bank caters to the savings requirements of the people by giving high returns on the deposits made for the tenure ranging from 7 days to 10 years. The highest interest of 7.00% p.a. is offered to regular citizens and 7.50% p.a. to the senior citizens on the term deposits remaining with the bank for the period of 390 days to 2 years.
The customer can book the Fixed deposit rate with the minimum amount of ₹ 10,000 and select any time period. However, in the case of a minor candidate, the lowest investment amount is set to ₹ 2,000. The depositor can even choose from the plans of investment that are as follows:
Investment Plans:
Traditional Plan- Under this plan, the interest is receivable at the monthly and quarterly intervals.The account holder can select the interest payout frequency as per his need. The tenure for this plan lasts from 7 days to 10 years.
Reinvestment Plan- The candidates opting for this plan have to make an investment for the minimum period of 6 months. Unlike the traditional plan, the interest in this scheme is not paid out but is compounded quarterly and reinvested with the principal amount. This compounded interest is rolled out at the time of maturity of the plan.
Fixed Deposit ICICI Interest Rate 2017:
Tenure
|
Rate of Interest ( % p.a.)
| |||
For Deposit Below ₹ 1 Crore
|
For Deposits of ₹ 1 Crore to less than ₹ 25 Crores
|
For Deposits of ₹ 25 Crores & Above
| ||
Regular
|
Senior Citizen
| |||
7 days – 14 days
|
4.00
|
4.50
|
5.25
|
5.25
|
15 days to 29 days
|
4.25
|
4.75
|
5.25
|
5.25
|
30 days to 45 days
|
5.50
|
6.00
|
5.25
|
5.25
|
46 days to 60 days
|
5.75
|
6.25
|
5.50
|
5.50
|
61 days to 90 days
|
6.25
|
6.75
|
5.50
|
5.50
|
91 days to 184 days
|
6.25
|
6.75
|
5.75
|
5.75
|
185 days to 270 days
|
6.25
|
6.75
|
6.00
|
6.00
|
271 days to 289 days
|
6.25
|
6.75
|
6.25
|
6.10
|
290 days to less than 1 year
|
6.50
|
7.00
|
6.25
|
6.10
|
1 year to 389 days
|
6.90
|
7.40
|
6.25
|
6.10
|
390 days to 2 years
|
7.00
|
7.50
|
6.25
|
6.10
|
2 years 1 day up to 5 years
|
6.75
|
7.25
|
6.25
|
6.25
|
5 years 1 day up to 10 years
|
6.50
|
7.00
|
6.25
|
6.25
|
ICICI Bank Fixed Deposit Eligibility Criteria:
The Fixed deposit eligibility facility can be availed by only the eligible candidates. As per the bank's policy, all Indian residents are eligible to open a fixed deposit account in the bank.
How To Apply:
The eligible customers can apply for the fixed deposit through any of the following channels:
- By visiting the nearest ICICI Bank Branch
- By accessing ICICI Internet Banking
- By calling on bank's customer care number
Documents Required:
Following is the list of documents required by the bank at the time booking the deposit:
Identity Proof:
- Passport
- PAN card
- Voter ID card
- Driving licence
- Government ID card
- Photo ration card
- Senior citizen ID card
Address Proof:
- Passport
- Telephone bill
- Electricity bill
- Bank Statement with Cheque
- Certificate/ ID card issued by Post office
Benefits of Fixed Deposit ICICI:
Flexible Range of Tenure- The deposits can be booked for the investment period ranging from 7 days to 10 years.
Partial Withdrawal Permitted- The customer can withdraw the amount partially in multiples of ₹ 1,000. The remaining deposit amount yields interest at the predetermined rate of interest.
Automatic Renewal Facility- At the expiration of deposit period the term deposit is automatically renewed so that the funds do not lie idle.
Nomination Facility- The account holder can nominate a single nominee irrespective of the type of account whether single or joint.
Loan Facility- The depositor can avail a loan against fixed deposit up to 90% of the deposit and accrued interest.
Convenient Application Process- The customer can apply for the fixed deposit either by visiting the bank branch or from home using internet banking service or customer care helpline.
Extra Interest To Senior Citizen- The senior citizens are entitled to receive an additional interest of 0.50% on deposits of less than ₹ 1 crore.
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