Product 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
No
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
Fees and Charges
Pros
Sweep-in facility.
Minimum amount of Rs 5000 only.
Maximized liquidity and returns.
Cons
No tax saving benefits.
Pros & Cons
Account Opening and Procedure
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.
Application Procedure
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