# ICICI Bank FD Calculator 2023

The ICICI FD Calculator lets you calculate your fixed deposit maturity and interest amount in a quick and accurate manner. This online tool is extremely easy to use – all you need to do is select the investment amount, duration of the investment and interest rate. Once done, you’ll be able to view the returns on your FD investment and the total amount you’ll receive when it reaches maturity. The entire process can be completed in a matter of seconds!

Total Investment

Rate of Interest (P.a)

%

Time Period (Years)

Invested Amount

0

Est. Returns

Total Value

## How to Use ICICI Bank Fixed Deposit Calculator?

The objective of the ICICI Bank FD calculator is to compute the returns on your fixed deposit investments in a straightforward and effortless manner. The incredibly user-friendly tool allows you to compute your FD returns in just three simple steps. The following are the steps involved in the calculation:
And that’s it! After completing these steps, you can view the projected returns and the maturity amount.

## ICICI Bank FD Interest and Maturity Amount Calculation Formula

There are two methods to compute the interest rate and maturity amount for an ICICI Bank FD: the simple and compound interest methods.

The formula for the simple interest calculation method is:

Simple interest = (P * R * T)/100

Here, P represents the principal amount invested, R denotes the rate of interest in percentage, and T is the investment tenure.

Here is an example:

Suppose you invest ₹2 lakh for 4 years at an interest rate of 8% p.a.

Simple Interest = (2,00,000 * 8 * 4)/100 = ₹64,000

Maturity Amount = Principal + Simple Interest = ₹2,00,000 + ₹64,000

Thus, the maturity amount is ₹2,64,000.

An alternative method to compute the maturity amount is the compound interest method, with the following formula:

A = P (1+r/n) ^ (n * t)

Here, A represents the maturity amount, P represents the principal amount invested, r denotes the interest rate, n denotes the number of times the interest is compounded in a year, and t denotes the investment tenure. For instance, if you invest ₹3 lakh for 5 years at an interest rate of 7.5% p.a. compounded quarterly, then

A = 3,00,000 (1+0.075/4) ^ (4*5)

Maturity Amount = ₹4,34,984

Interest = Maturity Amount – Principal = ₹4,34,984 – ₹3,00,000 = ₹1,34,984

## Benefits of Using ICICI Bank Fixed Deposit Interest Calculator

### Instant and Accurate Results

The ICICI Bank fixed deposit calculator is designed to offer prompt and precise results within a few seconds. By selecting important details such as investment amount, investment tenure, and interest rate, you can easily check your maturity amount and interest earned with accuracy.

### Can Help in Investment Planning

The ICICI Bank FD interest and maturity calculator can help you quickly determine what works best for your financial planning goals. You can use it to compare different FD rates and tenures.

### Widely Accessible

The best part about this online calculator is that it's completely free and accessible to all. Ensure you enter the correct values, and the user-friendly interface makes it easy to navigate and use the calculator.

The objective of the ICICI Bank FD Calculator is to help investors calculate the returns on their fixed deposit investments in a simple and effortless manner, thus making investment planning easier.
The ICICI Bank fixed deposit calculator uses simple interest and compound interest calculation formulas to compute returns on fixed deposits.

You need to input the investment amount, the applicable interest rate and the investment duration to calculate returns using the ICICI Bank fixed deposit calculator.

Fixed deposits lower than ₹2 crore earn 7% interest for general investors and 7.50% for senior citizens for an investment duration of 2 years.
Yes, a fixed deposit calculator is accurate as long as you enter the correct information. However, please note that the actual returns may vary depending on values you provide/select.
Disclaimer : Navi does not guarantee accuracy, completeness, or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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### What is ICICI Bank Fixed Deposit Interest Rate in 2023?

The ICICI Bank fixed deposit interest rate ranges between 3.00% and 7.10% based on investment duration and category of investor. Senior citizens are eligible for a higher interest rate of 7.60%. Below are the highlights of ICICI Bank fixed deposits.

• Interest Rate: 3.00% – 7.10%
• Tenure: 7 days to 10 years
• Minimum Deposit: ₹10,000 for general people and ₹2000 for minors
• Maximum Deposit: No limit
• Lock-in Period: None (5 years for tax-saver deposit)

### Ways to Calculate ICICI Bank Fixed Deposit Interest and Maturity Amount

There are two methods to calculate the interest and maturity amount on an ICICI Bank fixed deposit – the simple interest and compound interest methods.

Method 1: Simple interest method

To calculate the interest using the simple interest method, use the formula:

Simple interest = (P * R * T)/100

where P is the principal amount invested, R is the interest rate, and T is the tenure.

For example, if you invest ₹50,000 for a tenure of 3 years at an interest rate of 8%, then the simple interest is calculated as below:

Simple Interest = (50,000 * 8 * 3)/100 = ₹12,000

The maturity amount would be the principal amount plus the simple interest:

Maturity Amount = Principal Amount + Simple Interest = ₹50,000 + ₹12,000 = ₹62,000

Method 2: Compound interest method

To calculate the interest using the compound interest method, use the formula:

A = P (1+r/n)^(n*t)

where A is the maturity amount, P is the principal amount invested, r is the interest rate, n is the number of times interest is compounded in a year, and t is the tenure.

For example, if you invest ₹1,00,000 for 5 years at an interest rate of 7% compounded quarterly, then the maturity amount is:

A = 1,00,000 (1+0.07/4)^(4*5) = ₹1,41,477

The interest earned on this deposit would be calculated using the below formula:

Interest Amount = Maturity Amount – Principal Amount = ₹41,477

• Convenient Calculation : The ICICI Bank FD interest and maturity amount calculator is designed to be user-friendly, allowing for easy navigation and convenience.
• Instant and accurate: With quick and error-free results, you can obtain accurate calculations in seconds without any waiting time. The ICICI Bank fixed interest rate calculator eliminates the possibility of human error, ensuring precise outcomes every time.
• Easy investment planning : The ICICI Bank FD calculator can also aid in investment planning. By selecting the tenure, investment amount, and applicable interest rate, you can determine the most suitable amount or tenure aligned with your investment goals.

### Factors that Can Affect ICICI Bank Fixed Deposit Maturity Amount Calculation

The factors that can affect your ICICI Bank FD investment’s maturity amount and earned interest are below:
• Interest rate: The interest rates offered on ICICI Bank FDs may vary depending on the scheme, investment amount and tenure. The senior citizen scheme, for instance, makes senior citizens eligible for FD rates higher than normal rates.
• Investment duration: The maturity amount of your investment in ICICI Bank fixed deposit may be affected by the duration or tenure of your investment, as ICICI Bank rates vary based on the investment tenure.
• Investment amount: The maturity amount is directly proportional to the amount invested. Thus, you must consider your investment goals carefully to determine the investment amount and duration.
Use ICICI FD calculator to quickly check your FD returns and devise an investment plan. Make sure to compare different tenures before investing. 