Fixed Deposit (FD) FAQs - ICICI Bank

A Fixed Deposit (FD) is an investment product that gives assured returns based on the interest rate applicable at the time of opening the FD. The interest rate depends on the chosen tenure and deposit amount. FDs can be offered by both banks and non-banking financial institutions (NBFCs). 

ICICI Bank provides two types of Fixed Deposits:

• Traditional Fixed Deposit: Interest is credited monthly or quarterly, as chosen by the customer at the time of opening the FD.

• Cumulative Fixed Deposit: Interest is compounded quarterly and paid as a lump sum at maturity.

The following individuals and entities can open a Fixed Deposit with ICICI Bank:

• Resident Individuals

• Hindu Undivided Families (HUFs)

• Sole Proprietorship Firms 

• Partnership Firms

• Limited Companies

• Trust Accounts

• Non-Resident Indians (NRIs) 

• Minors under guardianship (KYC-verified Savings Account required).

The minimum amount required is:

• ₹ 10,000 for general customers

• ₹ 2,000 for minors

Fixed Deposits can be opened for flexible tenures ranging from 7 days to 10 years.

You can open an FD online through:

• iMobile App

• Internet Banking

You can also open an FD at an ICICI Bank ATM, by calling our Customer Care or visiting any ICICI Bank Branch. 

Interest calculation depends on the type of FD:

• Cumulative FD: Quarterly compounding, i.e. interest is calculated and added to the principal (initial FD amount) per quarter 

• Traditional FD:

  • Quarterly Payout: Interest is calculated as simple interest and paid quarterly 

  • Monthly Payout: Interest is calculated as simple interest and paid monthly.

• Short-term FD: Interest calculated on a simple interest basis.

1. Log into your ICICI Bank Internet Banking account

2. Navigate to Bank Accounts > Deposits > Create FD

3. Choose the FD type, investment amount (minimum ₹ 10,000), tenure and interest payout option.

4. Confirm details and click on ‘Create FD’. 

Yes, FDs can be closed before maturity with a penalty. Penalty rates are as follows:

Yes, TDS (Tax Deducted at Source) is applicable if the interest earned exceeds ₹ 40,000 in a financial year. Customers can submit Form 15G/15H for TDS exemption, subject to eligibility:

• Traditional FDs: Monthly or quarterly (as per your choice)

• Cumulative FDs: Interest is compounded quarterly and paid at maturity.

You can use the ICICI Bank FD Calculator by selecting the customer type, FD type, FD amount and tenure. The calculator displays the applicable interest rate, maturity amount and maturity date.

Yes, auto-renewal can be selected at the time of opening the FD or before maturity. The FD will renew for the same tenure as the original and at the interest rate applicable at the time of renewal.

Yes, senior citizens enjoy higher interest rates on their FDs. Check the latest rates here.

It takes around 2-3 working days from the date of FD opening for it to reflect in your Internet Banking account. In case it is still not visible, please contact our Customer Care on 1800 1080.

Redemption depends on maturity instructions:

• Auto-closure: FD amount is credited to the linked account on maturity

• Auto-renewal: FD can be closed via Internet Banking, iMobile app, at branches or at ICICI Bank ATMs (for amounts < ₹ 50,000).

Yes, the FD holder can nominate an individual to receive the FD proceeds in the event of their demise.

No interest is payable and no penalty is charged for FDs closed within 7 days of opening.

Log into Internet Banking and go to My Accounts > Deposits > Deposit Account. The new FD will reflect within 2 working days.

Yes, existing ICICI Bank customers can open an FD through Internet Banking or the iMobile app. They can also open an FD (of amount below ₹ 50,000) at any ICICI Bank ATM. New customers need to visit a Branch.

A Money Multiplier FD is an FD linked to your Savings Account. It provides liquidity as funds are reverse-swept when the Savings Account balance drops below a specified amount.

The ‘reverse sweep’ feature from ICICI Bank automatically transfers funds from a linked Fixed Deposit (FD) to your Savings Account when the balance in your Savings Account is low. This ensures that the transactions in your Savings Account continue, without having to break your FD manually. It’s a convenient way to access funds during emergencies while keeping your FD intact as much as possible.

Interest frequency depends on your Fixed Deposit plan. For re-investment plans, interest is paid at maturity along with the principal. For traditional FDs, interest can be paid monthly or quarterly depending on your preference.