Fixed Deposit is the traditional way of investment where the customer has to invest a single amount for the definite period of time. The account can be opened by any amount subject to the minimum amount accepted by the bank. The tenure is also to be decided by the customer. Generally, the term period ranges from 7 days to 10 years. ICICI Bank provides an opportunity to the people to earn attractive returns by investing money in the term deposit plans. ICICI FD rates are competitive thus allowing FD holder to gain good interest. The Bank has proposed various schemes so as to cater the diverse requirement of different customers. The customer can select the investment plan according to his/her financial goals. The details of the FD scheme offered by the bank are provided below:
ICICI FD Schemes
Traditional FD Plan
In the traditional plan introduced by the bank one can open the account with the minimum amount of Rs.10,000 and earn interest monthly or quarterly. The maturity period for this plan ranges from 7 days to 10 years. The interest will be credited to your saving account.
Reinvestment/ Cumulative FD Plan
The candidates willing to opt for this plan have to make a deposit 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.
Tax Saving FD Plan
Tax Saving plan provides you a tax exemption on your savings under Section 80C of Income Tax Act, 1961. The minimum amount you can invest is Rs.10,000 and the maximum amount is upto Rs.150,000.Your amount is locked-in for 5 years.
Why to Avail ICICI FD
The reason to open the fixed deposit account in the Bank is better returns. ICICI FD rates vary from tenure to tenure and according to the investment amount. The bank is paying the highest interest rate of 7.40% to the senior citizens on the deposits booked with the amount less than Rs. 1 crore and for the tenure ranging from 1 year to 2 years. On the same the bank pays the interest of 6.90% to the regular customer.
However, on the deposits of amount above Rs. 1 crore, the Bank is offering the rate of 6.60 booked for the time period ranging from 1 year to 10 years.
For people wanting to gain good returns on the money remaining idle, fixed deposit is the best option. It is a risk free investment where the customer doesn’t has to worry about the security of the funds. The Bank is providing interest at the frequency determined by the customers. It is safe to pool the money in the bank’s term deposit plan as everything is stated before.
Who can avail the benefit of fixed deposit?
To know who can avail the benefit of ICICI term deposit check the eligibility criteria stated below:
ICICI Bank Fixed Deposit Eligibility Criteria
The fixed deposit 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
Along with the application the customer has to submit certain documents. Following is the list of documents required by the bank at the time booking the deposit:
- PAN card
- Voter ID card
- Driving licence
- Government ID card
- Photo ration card
- Senior citizen ID card
- Telephone bill
- Electricity bill
- Bank Statement with Cheque
- Certificate/ ID card issued by Post office
Before investing in the term deposits the customer can anticipate the return. As the rates are told before, the customer can calculate the return using the fixed deposit calculator. Just insert the relevant information regarding interest rate, deposit amount and tenure. The calculator will automatically display the result in fraction of second.