ICICI Bank Money Multiplier Fixed Deposit |ICICI Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

ICICI Bank

Eligibility

1. Resident Indian Savings Account Applicants must hold a Resident Indian Savings Account with ICICI Bank A minimum average balance of ₹15,000 must be maintained in this account. For Special Resident Savings Accounts, the minimum average balance requirement is ₹30,000. 2. Identity and Address Proof Valid identity proofs include: Passport Driving Licence issued by the Regional Transport Authority Voter ID Card Job Card issued by the National Rural Employment Guarantee Act (NREGA).

Interest Rate

Up to 7.80% per annum.

Tenure

Minimum 1 year

Fixed Deposit Type

Money Multiplier

Money Multiplier Fixed Deposit ICICI Bank

Tax Benefits

Credit Ratings

CARE AAA, [ICRA]AAA

Interest Payment Frequency

It is at the discretion of the user. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

For the maturity of FD in 1 year: Non-Cumulative For the maturity of FD after 1 year: Cumulative

Features

• A Fixed Deposit Account that is linked to your Savings Account, thus providing multiple benefits. The linked Savings Account provides liquidity and allows you to withdraw funds as per your need, without breaking the FD, with earnings at higher rates. Additionally, ICICI Bank offers sweep-in facilities, where excess funds from your Savings Account are swept into the Fixed Deposit.
• FDs will be broken as per Last-In, First-Out (LIFO) basis for reverse-sweep.
• It can be opened for a minimum tenure of 1 year.
• The minimum amount required for opening this Account is ₹5,000.
• Enable for automatic reverse-sweep when the balance in the Savings Account falls below ₹10,000, for individual customers.

Minimum Investment Amount

5,000

Features & Benefits

Pros

• Sweep-in facility.
• Minimum amount of Rs 5000 only.
• Maximized liquidity and returns.

Cons

• No tax saving benefits.

Pros & Cons

How to Open?

Here’s a step-by-step guide on how to do it:

• Access Your Account :Begin by logging into your ICICI Bank account using either Internet Banking or the iMobile Pay app.
• Navigate to the FD Section :Once logged in, find the section related to Fixed Deposits. You’ll typically find this under the ‘Investments’ or ‘Savings’ tab.
• Fill Out the FD Form : Provide the necessary details: Investment Amount : Specify the amount you wish to deposit. Tenure or Duration : Choose the duration of the FD. Select the duration based on your financial goals.
• Select Payout Plan : Decide how you want to receive the interest accumulated on your FD.
• Review and Confirm :Before submitting your FD application, review all the details you’ve entered. Ensure that the investment amount, tenure, and payout plan align with your preferences and financial requirements.

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