Product Details
Bank Name
ICICI Bank
Eligibility
Individuals and entities who are residents, Hindu Undivided Families, Sole Proprietorship firms, Partnership firms, Limited Companies, Trust Accounts, Non-Resident Indians, Indians, and Minors with Guardianship.
The Savings account should be KYC verified.
Interest Rate
7.00% per annum.
Tenure
5 years.
Fixed Deposit Type
Tax Saver
Tax Saver Fixed Deposit
Tax Benefits
Tax exemption under Section 80C of the Income Tax Act, 1961
Credit Ratings
CARE AAA, [ICRA]AAA
Interest Payment Frequency
Monthly, Quarterly, and at maturity. 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
Both
Features
Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
Invest a small amount of ₹10,000 for a fixed tenure of 5 years
Choose from the flexible interest payout options of monthly, quarterly or reinvestment in principal
No premature withdrawal facility and auto-renewal facility
Interest earned is completely non-taxable
Minimum Investment Amount
10,000
Fees and Charges
Pros
Tax benefit.
Guaranteed returns.
Safe and secure.
Flexible interest payout options.
Cons
None
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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