Latest ICICI Bank FD Interest Rate 2023
ICICI Bank FD rates for the general public currently range from 3.00% to 7.10%, and between 3.50% to 7.60% for senior citizens for deposits of less than ₹2 crore. The ICICI Bank also offers FD accounts for NRIs against which account holders can avail loans. Furthermore, if you wish to save taxes, there’s the tax saver FD with an interest rate of 7%.
Read on as we discuss ICICI Bank FD Rates 2023 among other key benefits, products and features.
ICICI Bank FD Interest Rate Highlights
| Interest Rate | 3.00% to 7.60% (inclusive of additional rates for senior citizens) |
| Tenure | 7 Days to 10 Years |
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No upper limit |
| Lock-in Period | 5 Years (for Tax-Saver FDs) As per FD tenure for non callable deposits above ₹2 crore |
How to Calculate Bank FD Interest Rate?
You can calculate interest earned on fixed deposits through two methods—simple interest and compound interest. When you earn interest at a predetermined rate on the principal amount invested in a particular tenure, it is referred to as simple interest.
The formula for calculating simple interest is as follows:
Simple Interest = (P * R * T)/100
Where,
P = Principal amount invested
R = Rate of interest
T = Tenure
Let’s use an example to understand this better. Suppose an individual has invested ₹1 lakh for a tenure of 5 years at a 7% interest rate. In this case, P = ₹1 lakh, R = 7% and T = 5.
Simple Interest = (1,00,000 * 7 * 5) / 100 = ₹35,000
Maturity Value = Principal Amount + Simple Interest = ₹1,00,000 + ₹35,000
As a result, when your fixed deposit matures, you will receive a maturity value of ₹1,35,000.
Calculating FD maturity through compound interest is another method you can use. Compound interest is defined as interest earned on interest. So, what does it mean to earn compound interest on an investment? It means that the interest you earn gets added to the principal amount. Then, the total amount earns interest again in the next period. As the cycle continues, the total interest can become a substantial amount.
The formula for manually calculating compound interest is given below:
A = P (1+r/n) ^ (n * t)
Where,
A = Maturity amount
P = Principal amount invested
r = Rate of interest in decimals
n = Number of compounding in a year
t = Number of years
Now, suppose a person has invested ₹1 lakh for 5 years at an interest rate of 7% per annum compounded quarterly. In this situation,
P = ₹1,00,000
Interest rate = 7%
n = Number of compounding in a year is 4, i.e. 1 in every quarter
t = 5
A = 1,00,000 (1+0.07/4)^(4*5)
= ₹1,41,478
Interest amount = ₹1,41,478 – ₹1,00,000
= ₹41,478
For faster and error-free calculations, you can use the Navi FD calculator. Just enter the investment amount, tenure, and rate of interest, and the calculator would show the total returns in a few seconds!
Calculate ICICI Bank Fixed Deposit Interest Rate
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Factors that Affect ICICI Bank Fixed Deposit Rate
The factors that affect interest rates for ICICI Bank fixed deposits are as follows:
1. Tenure of FD
Fixed deposit interest rates vary depending on the tenure an investor has chosen. Compared to short-term FDs, long-term FDs usually have higher interest rates.
2. Age
Generally, senior citizens receive a higher rate of interest than other depositors below the age of 60. At ICICI Bank, senior citizens usually receive an additional interest rate of 0.50% per annum.
3. Renewals
If depositors choose the auto-renewal facility, they may earn higher interest rates on their fixed deposits if a higher rate is offered at the time of maturity.
4. Economic Condition
The monetary and economic policies that the Central Government undertakes have an integral role in determining bank FD rates. The country’s overall financial condition also affects FD interest rates.
ICICI Bank FD Interest Rate for General Public
At ICICI Bank, you can open an FD account for amounts below ₹2 crore and above. While the minimum amount is ₹10,000, there is no upper limit on the deposit amount. The table below presents the FD interest rates of ICICI Bank for the general public:
| Tenure | Interest Rates on Deposits Below ₹2 Crore* | Interest Rates on Deposits Above ₹2 Crore** |
| 7 Days to 14 Days | 3.00% | 4.75% |
| 15 Days to 29 Days | 3.00% | 4.75% |
| 30 Days to 45 Days | 3.50% | 4.75% to 5.50% |
| 46 Days to 60 Days | 4.25% | 4.75% to 5.75% |
| 61 Days to 90 Days | 4.50% | 4.75% to 6.25% |
| 91 days to 120 Days | 4.75% | 4.75% to 6.75% |
| 121 Days to 150 Days | 4.75% | 4.75% to 6.75% |
| 151 Days to 184 Days | 4.75% | 4.75% to 6.75% |
| 185 Days to 210 Days | 5.75% | 4.75% to 7.00% |
| 211 Days to 270 Days | 5.75% | 4.75% to 7.00% |
| 271 Days to 289 Days | 6.00% | 5.00% to 6.75% |
| 290 Days to Less than 1 Year | 6.00% | 5.00% to 7.25% |
| 1 Year to 389 Days | 6.70% | 5.00% to 7.40% |
| 390 Days < 15 Months | 6.70% | 5.00% to 7.30% |
| 15 Months < 18 Months | 7.10% | 5.00% to 7.15% |
| 18 Months to 2 Years | 7.10% | 5.00% to 7.15% |
| 2 Years 1 Day to 3 Years | 7.00% | 5.00% to 7.00% |
| 3 Years 1 Day to 5 Years | 7.00% | 5.00% to 6.75% |
| 5 Years 1 Day to 10 Years | 6.90% | 5.00% to 6.75% |
| 5 Years (80C FD) – Max- ₹1.5 lakh | 7.00% | NA |
** Interest Rates w.e.f April 6, 2023
Note: Interest rates are subject to change without prior notice.
Also Read
ICICI Bank FD Interest Rate for Senior Citizens
Senior citizens can enjoy a higher interest rate if they open fixed deposit accounts with ICICI Bank. Note that FD interest rates for senior citizens are applicable for domestic term deposits only. Check the table below to know the ICICI FD interest rates for senior citizens:
| Tenure | Interest Rates on Deposits Below ₹2 Crore* | Interest Rates on Deposits Above ₹2 Crore but Less Than ₹5 Crore** |
| 7 Days to 14 Days | 3.50% | 4.75% |
| 15 Days to 29 Days | 3.50% | 4.75% |
| 30 Days to 45 Days | 4.00% | 5.50% |
| 46 Days to 60 Days | 4.75% | 5.75% |
| 61 Days to 90 Days | 5.00% | 6.25% |
| 91 days to 120 Days | 5.25% | 6.50% |
| 121 Days to 150 Days | 5.25% | 6.50% |
| 151 Days to 184 Days | 5.25% | 6.50% |
| 185 Days to 210 Days | 6.25% | 6.65% |
| 211 Days to 270 Days | 6.25% | 6.65% |
| 271 Days to 289 Days | 6.50% | 6.75% |
| 290 Days to Less than 1 Year | 6.50% | 6.75% |
| 1 Year to 389 Days | 7.20% | 7.25% |
| 390 Days < 15 Months | 7.20% | 7.25% |
| 15 Months < 18 Months | 7.60% | 7.15% |
| 18 Months to 2 Years | 7.60% | 7.15% |
| 2 Years 1 Day to 3 Years | 7.50% | 7.00% |
| 3 Years 1 Day to 5 Years | 7.50% | 6.75% |
| 5 Years 1 Day to 10 Years | 7.50% | 6.75% |
| 5 Years (80C FD) – Max to ₹1.50 lakh | 7.50% | NA |
** Interest Rates w.e.f April 6, 2023
Note: Interest rates are subject to change without prior notice.
1. ICICI Bank FD Interest Rate for NRI
Non-Resident Indians (NRIs) can choose from among various FD accounts offered by ICICI Bank. Moreover, any NRI can deposit their money into these accounts and earn interest. Listed below are the ICICI FD accounts for NRIs:
NRO Fixed Deposit Account
NRE Fixed Deposit Account
FCNR (Foreign Currency Non-Resident) Account
RFC (Resident Foreign Currency) Account
2. ICICI Bank NRO FD Interest Rate
A Non-Resident Ordinary (NRO) FD account can be opened by NRIs to manage their income earned in India while they reside in a foreign country. At ICICI Bank, NRIs can open NRO fixed deposits jointly with resident Indians. Check the NRO fixed deposit interest rates of ICICI Bank here:
| Maturity Period | Deposits Below ₹2 Crore* | Deposits Above ₹2 Crore** |
| 7 Days to 14 Days | 3.00% | 4.75% |
| 15 Days to 29 Days | 3.00% | 4.75% |
| 30 Days to 45 Days | 3.50% | 4.75% to 5.50% |
| 46 Days to 60 Days | 4.25% | 4.75% to 5.75% |
| 61 Days to 90 Days | 4.50% | 4.75% to 6.25% |
| 91 Days to 120 Days | 4.75% | 4.75% to 6.75% |
| 121 Days to 184 Days | 4.75% | 4.75% to 6.75% |
| 185 Days to 270 Days | 5.75% | 4.75% to 7.00% |
| 271 Days to 289 Days | 6.00% | 5.00% to 7.15% |
| 290 Days < 1 Year | 6.00% | 5.00% to 7.25% |
| 1 Year to 389 Days | 6.70% | 5.00% to 7.40% |
| 390 Days < 15 Months | 6.70% | 5.00% to 7.30% |
| 15 Months to < 18 Months | 7.10% | 5.00% to 7.15% |
| 18 Months up to 2 Years | 7.10% | 5.00% to 7.15% |
| 2 Years 1 Day up to 3 Years | 7.00% | 5.00% to 7.00% |
| 3 Years 1 Day up to 5 Years | 7.00% | 5.00% to 6.75% |
| 5 Years 1 Day up to 10 Years | 6.90% | 5.00% to 6.75% |
| 5 Years (80C FD) | 7.00% | NA |
**Interest Rates w.e.f April 6, 2023
Note: Interest rates are subject to revision without prior notice
3. ICICI Bank NRE FD Interest Rate
Non-Resident External (NRE) FD account enables NRIs to hold their income earned abroad in India. The interest and principal amounts in these accounts are 100% repatriable, meaning they can be transferred to any foreign account. At ICICI Bank, interest rates of NRE accounts start from tenures of 1 year or above only.
The NRE FD interest rates offered by ICICI Bank are listed in the following table:
| Tenure | Interest Rates for Deposits Below ₹2 Crore* | Interest Rates for Deposits Above ₹2 Crore** |
| 1 Year to 389 Days | 6.70% | 5.00% to 7.40% |
| 390 Days < 15 Months | 6.70% | 5.00% to 7.30% |
| 15 Months < 18 Months | 7.10% | 5.00% to 7.15% |
| 18 Months up to 2 Years | 7.10% | 5.00% to 7.15% |
| 2 Years 1 Day up to 3 Years | 7.00% | 5.00% to 7.00% |
| 3 Years 1 Day up to 5 Years | 7.00% | 5.00% to 6.75% |
| 5 Years 1 Day upto 10 Years | 6.90% | 5.00% to 6.75% |
**Interest Rates w.e.f April 6, 2023
Note: Interest rates are subject to revision without prior notice
4. ICICI Bank FCNR FD Interest Rates
This is a bank account where NRIs can deposit their income earned abroad. It helps them hold their foreign currency deposits in India. ICICI Bank offers customers the choice of seven currencies—GBP, USD, CAD, JPY, AUD, SGD and HKD. Let us take a look at the prevailing FCNR fixed deposit rates of ICICI Bank:
| Tenure | USD | GBP | SGD | HKD | AUD | CAD |
| 12 Months | 5.00% to 5.20% | 4.25% | 3.25% | 3.50% | 3.50% | 4.00% |
| >12 months < 15 months | 4.75% | 4.25% | 3.25% | 3.50% | 3.50% | 4.00% |
| >=15 months < 24 months | 4.50% | 4.25% | 3.00% | 3.50% | 3.50% | 3.75% |
| >= 24 months < 36 months | 4.00% | 4.00% | 2.75% | 3.25% | 3.50% | 3.25% |
| >= 36 months< 48 months | 3.60% | NA | NA | NA | NA | NA |
| >= 48 months< 60 months | 3.35% | NA | NA | NA | NA | NA |
| 60 months | 3.30% | NA | NA | NA | NA | NA |
5. ICICI Bank RFC FD Interest Rates
Resident Foreign Currency (RFC) FD accounts allow NRIs who have returned to the country an opportunity to earn interest on the money they hold in foreign currency. ICICI Bank offers RFC FD accounts in two foreign currencies—USD and GBP. Once the account holder regains their NRI status, the funds from these accounts can be transferred back to NRE accounts.
Check the RFC FD interest rates below:
| Currency | USD | GBP |
| Overnight and up to 30 days | NA | NA |
| 30 days to less than 6 months | 0.75% | 0.25% |
| 6 months to less than 1 year | 1.00% | 0.50% |
| 12 months | 5.00% | 4.25% |
| >12 months < 15 months | 4.75% | 4.25% |
| >=15 months < 24 months | 4.50% | 4.25% |
| >= 24 months < 36 months | 4.00% | 4.00% |
| 36 months | 3.60% | NA |
ICICI Bank VS Other Banks’ FD Interest Rate
Let us check the interest rates of ICICI Bank and other leading banks in the country. Based on the common threshold in our country, we have considered deposits below ₹2 crore for the lower limit of interest rates. For the upper limit, interest rates for senior citizen FDs have been included:
| Bank Name | Tenure | Interest Rates |
| ICICI Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.40% |
| Axis Bank Fixed Deposit | 7 Days to 10 Years | 3.50% to 7.40% |
| SBI Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.50% |
| HDFC Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.30% |
| Canara Bank Fixed Deposit | 7 Days to 10 Years | 4.00% to 7.75% |
| Sundaram Finance Fixed Deposit | 12 months to 36 months | 7.45% to 8.25% |
| Bank of Baroda Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.70% |
| Indian Overseas Bank Fixed Deposit | 7 Days to 10 Years | 4.30% to 7.75% |
| IndusInd Fixed Deposit | 7 Days to 5 Years and above | 3.50% to 8.25% |
| Bank of India Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.25% |
| Kotak Bank Fixed Deposit | 7 Days to 10 Years | 2.75% to 7.70% |
| Union Bank Fixed Deposit | 7 Days to 10 Years | 3.00% to 7.30% |
| IDFC Bank Fixed Deposit | 7 Days to 10 Years | 3.50% to 8.25% |
| Yes Bank Fixed Deposit | 7 Days to 10 Years | 3.25% to 8.00% |
| Bandhan Bank Fixed Deposit | 7 Days to 10 Years | 3.00% to 8.50% |
| DBS Bank Fixed Deposit | 7 days to 5 years and above | 2.5% to 8% |
| Post Office Fixed Deposit/Time Deposit | 1 Year to 5 Years | 6.8% to 7.5% |
| Central Bank of India Fixed Deposit | 7 Days to 10 Years | 4% to 7.25% |
| HSBC Fixed Deposit | 7 Days to 5 Years | 2.85% to 8% |
| RBL Bank Fixed Deposit | 7 Days to 20 Years | 3.50% to 8.30% |
| Indian Bank Fixed Deposit | 7 Days to 5 Years+ | 2.80% to 6.70% |
| Punjab and Sind Bank Fixed Deposit | 7 Days to 10 Years | 2.80% to 7.60% |
| Punjab National Bank Fixed Deposit | 7 Days to 10 Years | 3.50% to 8.05% |
| Union Bank of India Fixed Deposit | 7 Days to 10 Years | 3% to 7.8% (0.5% higher for senior citizens) |
| IDBI Bank Fixed Deposit | 7 Days to 20 Years | 3% to 7.25% |
Features and Benefits of ICICI Bank FD
Listed below are the important features and benefits of ICICI Bank FDs:
Customers can enjoy a wide range of tenure ranging from 7 days to 10 years. Apart from providing flexibility, it also lets customers formulate effective financial plans.
Liquidity is an important benefit of ICICI Bank’s fixed deposits. In case of financial emergencies, you can close your FDs partially or completely before the maturity date.
The bank also offers an overdraft facility against FDs with a 90% limit which helps in instant liquidity without breaking the FD
People can choose auto-renewal mode while opening an FD account with ICICI Bank. It ensures renewal for the same tenure on the date of maturity with no manual intervention. No loss of interest takes place.
Also Read
What are the Different Types of FD Schemes Offered by ICICI Bank?
ICICI Banks offers multiple FD accounts for both resident and non-resident Indians. All of these accounts come with their features and benefits. Listed below are the different types of FD schemes:
- Regular FD
- ICICI Bank Golden Years FD (For resident senior citizens)
- ICICI Fixed Deposit Monthly Income
- Tax Saver FD
- ICICI FD Without Premature Withdrawal Facility
1. ICICI Bank Regular FD
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.00% to 7.40%
- Eligibility Criteria: Indian Resident
2. ICICI Bank Golden Years FD (For Resident Senior Citizens)
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 5 years 1 day to 10 years
- Interest Rate: 3.50% to 7.25% (Additional 0.75% interest for senior citizens)
- Eligibility Criteria: Resident Indians
3. ICICI Bank Fixed Deposit Monthly Income Option
- Minimum Deposit: ₹1 lakh
- Maximum Deposit: No upper limit
- Tenure: Minimum tenure is 24 months which can be increased in multiples of 1 month
- Interest Rate: 3.00% to 7.40%
- Eligibility Criteria: Resident individuals
4. ICICI Bank Tax Saver FD
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹1,50,000 (tax deductible u/s 80C)
- Tenure: 5 years
- Interest Rate: 7%
- Eligibility Criteria: Resident of India
5. ICICI Bank FD Without Premature Withdrawal Facility
- Minimum Deposit: ₹2 crore
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 4.75% to 7.80%
- Eligibility Criteria: Indian Resident
How to Invest in ICICI Bank Fixed Deposit?
You can open a fixed deposit bank account online with ICICI Bank. The process is a great time-saver. Go through the steps mentioned below:
Step 1: Visit the official page of ICICI Bank and log in with your user ID and password.
Step 2: Click the ‘Open Fixed Deposit’ button.
Step 3: You’ll be redirected to a page where you have to fill up all the required details.
Step 4: Click the ‘submit’ button.
You can also open an FD account using ICICI Bank’s ATM/Debit card and through mobile banking. The process is similar to the steps mentioned above.
Documents Required to Open ICICI Bank FD
You’ll need the following documents to open an FD account at ICICI Bank:
- Identity proof: PAN card, voter ID card, passport, driving licence, government ID card, photo ration card, senior citizen ID card
- Address proof: Passport, telephone bill, electricity bill, bank statement with cheque, ID card or certificate issued by post office
You can also submit any other documents as proof of identity/address provided the bank is satisfied with them.
Eligibility to Open ICICI Bank FD
Listed below are the entities that are eligible to open a regular ICICI Bank FD account. Note that one needs to have a savings account with verified KYC to apply for an FD.
- Residents of India
- Minors with Guardians
- Non-Resident Indians
- Hindu Undivided Families (HUFs)
- Trust Accounts
- Partnership Firms
- Sole Proprietorship Firms
- Limited Companies
Taxation on ICICI Bank FD Deposit Scheme
Here are a few important points related to the taxation of an ICICI FD deposit scheme:
- The interest you earn from FDs is categorised as ‘income from other sources and taxed as per an individual’s income tax slab rate.
- ICICI Bank has to deduct TDS (Tax Deducted at Source) on the interest earned on fixed deposits if the total interest amount exceeds ₹40,000. In this case, the applicable TDS rate is 10%. But, if you don’t submit your PAN, the applicable TDS rate is 20%.
- If you wish to save TDS, you have to fill up and submit Form 15G or 15H to the bank at the beginning of the financial year as per income tax rules.
If you have opened a tax-saving FD account with ICICI Bank, you can claim a tax deduction of up to ₹1,50,000 in a financial year.
Premature Withdrawal of ICICI Bank FD
ICICI Bank levies a penalty of 0.5%, 1% and 1.5% if a regular FD is prematurely withdrawn before 1 year, more than 1 year but less than 5 years, and more than 5 years, respectively.
Loan Against ICICI Bank FD Deposit Scheme
Suppose there is a financial emergency and you are short of money. You don’t need to break your fixed deposits prematurely. Instead, you can apply for a loan against them from ICICI Bank. If you are an NRI account holder, you can avail a loan against FDs (applicable for NRO, FCNR and NRE deposits). Let’s take a look at some of its important features:
- You can avail loans up to 90% of the principal amount (maximum ₹5 crore)
- The loan disbursal will take place either as a demand loan or an overdraft against the deposit
- You can repay it either by adjusting the FDs or with the help of fresh remittances outside the country through banking channels. You can also use the funds in the NRO FD account to repay the loan
- Loans are available both to self as well as third-party individuals (any individual/corporate)
Final Word
ICICI Bank FD rates are currently one of the highest in the country. Fixed deposits are popular investments mainly owing to their assured returns and investment ease. However, the returns are taxable as per the investor’s tax slab rate which might reduce the real rate of returns. You may consider investing in them if they are in line with your return expectations and liquidity requirements.
FAQs
Yes, the interest earned on ICICI Bank’s fixed deposits is fully taxable. The applicable tax rate will depend on the individual’s income tax slab. So, if you earn ₹1,00,000 from an FD in a financial year, the same will be added to your taxable income. Then, you will be liable to pay tax based on this income as per your tax slab.
The frequency at which an individual receives FD will depend on the FD plan they’ve opted for. For traditional FDs, interest payout can happen monthly, quarterly or periodically depending on the depositor’s choice. But for reinvestment plans, the interest gets paid at maturity with the principal amount.
In a cumulative fixed deposit or reinvestment scheme, the interest gets compounded quarterly and ultimately reinvested with the initial principal amount. The maturity period for these FDs ranges from 6 months to 10 years.
FD accounts are safe and secure investment options which offer assured returns. Depositors can open an FD account online from anywhere and at any time at their convenience.
The premature FD withdrawal penal charges could range between 0.5% to 1% for ICICI Bank, depending on the timing of foreclosure.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
