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Fixed Deposit

How do I redeem my Fixed Deposit?

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Fixed Deposits (FD) with maturity instruction as auto closure are automatically closed on the maturity date and proceeds transferred to the operative account.

FDs with maturity instruction as auto renewal can be closed through the following channels:

  • Internet Banking
  • iMobile
  • Visit the nearest ICICI Bank Branch
  • Visit the nearest ATM (for amount less than Rs. 50,000)

At what frequency will I receive interest on my FD?

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Please select from below option:

Will Fixed Deposit (FD)/ Recurring Deposit (RD)/ iWish Account (VRD) amount be automatically credited in our account on the maturity date?

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The Fixed Deposit (FD)/ Recurring Deposit (RD)/ iWish Account (VRD) shall be closed automatically on maturity and the closure proceedings will be credited to the linked savings account.

On maturity date if the amount is not credited to the linked savings account, you may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. 
To know the local Customer Care numbers, please click here
 

Can I redeem my FD before the original term?

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We can suggest from our experience that the simplest way to close Fixed Deposit: (FD) is through Internet Banking. 

Internet Banking: 

Please login to your Internet Banking > Customer Service > Service Request > Category - Deposits > Closure/Renewal of existing Fixed/Recurring Deposit > FD will be closed instantly and funds will be credited to your account.

iMobile:
Login to iMobile >> Select Accounts & Deposits icon >> Select Deposits >> Select FD account number > More options > Closer FD > FD will be closed instantly and funds will be credited to your account.

If a FD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

Customer Care:

We request you to call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. 
To know the Customer Care numbers, we request you to click here


ICICI Bank branch:

Please visit the nearest ICICI Bank branch along with your valid ID proof. To locate the nearest ICICI Bank Branch, visit maps.icicibank.com/mobile

What are the Interest rates on Fixed Deposits?

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We request you to find the below mentioned steps to know the rate of interest : 
 
Internet Banking : Please log on to www.icicibank.com > Log in page > Rates & Charges > Interest Rates> Fixed Deposits (with premature withdrawal facility)/Recurring / iWish Deposits 

Click here to view Interest rates offered by ICICI Bank on Fixed Deposits.

What are the charges applicable on Fixed Deposit (FD) for premature closer within 7 days from the date of opening an FD?

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No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit and no premature closure charges are applicable.

What is the tenure of Fixed Deposit?

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You can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs 10,000.00 for General Customers and Rs 2,000.00 for Fixed Deposits for Minors.

Choice of Plans:

Select from 2 Investment Plans:

  1. Traditional Plan: Earn interest monthly/quarterly basis as per your convenience with a maturity period ranging from 7 days to 10 years.
  2. Reinvestment Plan: Earn interest compounded quarterly and reinvested with the principal amount with a maturity period ranging from 6 months to 10 years.

How to check if (Fixed Deposit) FD is created?

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You may check the details of Fixed Deposit (FD)acount online.

Login to your Internet Banking Account > My Accounts > Deposits > Deposit Accounts.

The new Fixed Deposit (FD) account will reflect in your Internet Banking Account within 2 working days from FD opening date.

Further, once the FD is created, funds will be debited from your account by mentioing the FD account number.

Is TDS deductible on the interest earned on term deposits?

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For Fixed Deposits/ Money Multiplier Deposit/ Recurring Deposits, TDS is not applicable on the interest earned up to Rs. 10,000 under Section 194A. However, TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds Rs. 10,000.

 

All customers, other than company, firm, co-operative society or Non Resident who do not have taxable income can submit a self-declaration in the prescribed Form 15G/ 15H for the purposes of availing TDS exemption under Section 193 and Section 194A of the Act in accordance with the provisions of Section 197A.

 

Following are the limits for accepting Form 15G/ 15H. In case the limits are breached then Form 15G/ 15H shall not be accepted.

 

Category

Form

Age

Threshold exemption limit (Rs.)

Individual

15G

Less than 60 years

2,50,000

Senior Citizen Resident of India

15H

Less than 80 years but more than 60 years during the year

3,00,000

15H

Equal to or more than 80 year during the year

5,00,000

 

The customer can visit the nearest ICICI Bank branch for the generation and submission of the pre-filled Form 15G/ 15H. They can also download the pre-filled Form 15G/ 15H from the logged in section of Internet Banking and submit the same at the nearest ICICI Bank branch Such form or tax exemption certificate has to be submitted every financial year for each term deposit held and on each renewal of the deposit.

How much time will it take to update the newly opened (Fixed Deposit ) FD in online system?

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The new Fixed Deposit (FD) account will reflect in your Internet Banking Account within 2 working days from FD opening date.

Will I get a FD Advice?

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1. Fixed deposit Advice in printable format will be updated within 2 working days of opening your FD account. To access it, please login to Internet Banking with your User ID and Password and click on the following options under Bank Accounts:
a. Account Summary - View/Download Fixed Deposit Advice.
b. Service Request - Fixed/Recurring Deposits Related - Status of Fixed Deposit Receipt.

2. The Fixed Deposit (FD) Advice will be sent to your communication address within 7 working days from the date of opening of the Fixed Deposit account.

3. FD Advice is not issued for Linked Fixed Deposits and Recurring Deposits.

4. Physical FD Advice will not be sent if Fixed Deposit Receipt has been issued.

5. If you do not receive the physical FD Advice within 7 working days you can contact our 24-hour Customer Care or visit your nearest ICICI Bank branch with your ID proof.

What are the multiples in which I can withdraw money from my FD?

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How do I redeem my FD?

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Please select from below option:

How do I change the status of auto renewal facility of a fixed deposit?

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Please login to your Internet Banking Account >Customer Service > Service Request > Deposits > Closure/Renewal of Existing Fixed/Recurring Deposit > Request for Closure of FD on maturity date > Continue > Select the FD account number > Enter FD/RD Amount > Submit.

How do I approach ICICI Bank to open a FD for Fixed Deposit?

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Existing customers of ICICI Bank Savings Account may book a FD by visiting the nearest ICICI Bank Branch, logging into www.icicibank.com, logging into imobile, visiting nearest ATM (for amount less than Rs 50,000) or by calling customer care numbers. New customers may also place a request by visiting the nearest ICICI Bank Branch.

I have Savings Account with ICICI Direct facility, can I open Money Multiplier Deposit/ FFD/ Linked FD?

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Money Multiplier Deposit/ FFD/ Linked FD facility is not available for Savings Account having ICICI Direct facility.

How do I close Money Multiplier Deposit/ FFD/ Linked FD?

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You can withdraw the funds from your savings account through any channel such as the ICICI Bank ATM, ICICI Bank Internet Banking or by issuing a cheque. etc. All linked fixed deposits will be enabled for automatic reverse sweep in multiples of Rs. 5,000 on a Last-In-First-Out (LIFO) basis when the balance in the savings account falls below Rs. 10,000. The amount reverse swept will earn interest rates at the applicable rate for the period that the deposit was held with the bank less applicable premature withdrawal penalty. The remaining amount will continue to earn higher interest at the original rate applicable to the fixed deposit.

Whether all deposit holder need to sign while opening and closing deposits ?

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Fixed/term deposits opened with Either or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

  • The signatures of all the depositors is required for opening of deposit.
  • The signatures of all the depositors is not required for repayment of the amount of the deposits on maturity.
  • The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
  • In case one of the depositors expires before the maturity, no pre payment of term deposit may be allowed without the concurrence of the legal heirs of the deceased holders. This however, would not stay in the way of making payment to the survivor on maturity.


Fixed/term deposits opened with Former or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

  • The signatures of all the depositors is required for opening of deposit.
  • Former alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive.
  • The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
  • If the Former expires before the maturity of the fixed/term deposit, the Survivor can withdraw the deposit on maturity.
  • Premature withdrawal would require the consent of all the parties, when both of them are alive, and that of the surviving depositors and the legal heirs of the deceased in case of death of one of the depositors.

What is the minimum deposit amount required for opening a FD account?

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The minimum amount required for opening a FD account is Rs.10,000

What is the minimum amount required for opening Money Multiplier Deposit/ FFD/ Linked FD?

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Minimum amount required is Rs. 5,000.00. At the time of creation, the minimum available balance in the savings account should be Rs. 15,000. The deposit will be made in multiples of Rs. 5,000 over and above Rs. 10,000 in the savings account.

What is reinvestment or cumulative FD?

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In reinvestment or cumulative FD, interest is compounded quarterly and reinvested with principal amount. Maturity of these fixed deposits ranges from 6 months to 10 years.

Is there any auto renewal facility available on Fds?

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You can opt for auto renewal at the time of opening the FD or anytime before the FD matures. Auto renewal allows your FD to get renewed automatically for the same period as the original deposit. However under auto renewal option the fixed deposit receipt is with the custody of the Bank and Memorandum of Deposit (MOD) is issued in lieu of fixed deposit receipt.

What are nomination facilities available on FDs?

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The facility of Nomination is available for relationships in the names of individuals.

What is Quantum Optima/ auto-sweep/ linked FD?

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With effect from July 1, 2005, the auto-sweep (Quantum Optima) facility in the savings account has been withdrawn. Instead, the Linked Fixed Deposit (LFD) or Money Multiplier deposit has been introduced, which will be created on specific request from the customer.

Features of LFD:
Minimum balance in the savings account should be ₹15,000.00 to generate LFD request.
LFD requests will be made in multiples of ₹5,000.00 only.  
You may have more than one LFD linked to the same account. 
Specific request has to be given for each LFD creation.
The LFDs will be under the same Customer ID.

LFDs linked to the account will be enabled for automatic reverse sweep of an amount to equate the balance to ₹10,000.00 when the balance in the Savings Account falls below ₹10,000.00.  

You may open a Flexi Fixed deposit through any of the below mentioned channels:

Internet Banking: 
Login to your Internet Banking Account > Customer Service > Service Requests > Deposits > More > Open a Fixed Deposit > Special Money Multiplier Deposit/ Standard Money Multiplier Deposit.

Customer Care: 
You may call our Customer Care between 7:00 a.m. and 9:00 p.m. from your registered mobile number. To know the local Customer Care numbers, please click here

Do Senior citizens get any extra benefit on the Fds?

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Yes, they do get extra benefits in the form of higher interest rates. Please click here for Interest rates,

What is the multiple in which I can open a FD account?

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The minimum amount required for opening a fixed deposit account is Rs.10,000. For amounts more than Rs.10,000, there is no fixed multiple.

What is the range of tenure for which I can open a FD account?

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You can deposit money for as short a period as 7 days and upto 10 years.

What are the multiples in which I can withdraw money from my FD?

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You can withdraw money from your Fixed Deposit Account in multiples of Rs 1,000

Will Money Multiplier Deposit/ FFD/ Linked FD be created In auto-renewal mode?

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Yes. Money Multiplier Deposit/ FFD/ Linked FD will be created in auto-renewal mode.