ICICI Bank 2024 Interest Rate For FD, RD Forex Calculator

India’s leading private sector bank is ICICI Bank Ltd. ICICI Limited was the original promoter of Bank in 1994. In India, ICICI Bank is a large private sector bank that provides retail, SME, and corporate customers with a wide range of financial products and services. The Bank has many branches, ATMs, and other points of contact. The bank has a balance sheet size of Rs. It is at the forefront of utilizing technology and providing services through digital channels like mobile and internet banking. 10.9 Lakh Cr as of March 31, 2020 In FY20, the bank made a profit of Rs 7930 Cr.

Key Features of ICICI Bank Fixed Deposit Schemes

• Inadvertent withdrawal: Except for tax-saving FDs, no ICICI bank FDs can be withdrawn prematurely. Premature withdrawals are subject to a 0.5 percent to 1 percent interest penalty from ICICI Bank. However, ICICI Bank’s terms and conditions may alter the penalty.
• Facility for nomination: Beneficiaries for ICICI FDs can be named by investors.
• Auto-renewal: ICICI FDs can be renewed automatically for investors.
• Safety: All deposits made to ICICI banks are covered by the RBI’s Deposit Insurance Scheme. All ICICI bank deposits up to INR 5,000,000 are covered by the plan.
• Additional sums due: Once an ICICI Bank FD has started, investors can’t put any more money in. However, they can use the new amount to open a new ICICI FD.

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ICICI Bank Fixed Deposit Schemes

Following are the types of ICICI Bank fixed deposit schemes:

• Regular Fixed Deposit
• Tax Saver Fixed Deposit: Traditional & Reinvestment
• Money Multiplier Fixed Deposit
• ICICI Bank Golden Years Fixed Deposit
• Flexi Fixed Deposit

ICICI Bank Regular Fixed Deposit

Depositors benefit from flexibility and safety with regular FD. These fixed-deposit plans also earn returns based on the interest rates currently in effect, as announced by the RBI. The scheme pays out each month or every three months.

• Only at the time of maturity is the interest paid.
• Up to 90% of depositors can use the loan facility. Additionally, the scheme provides a nomination option.
• The minimum amount is 10,000 Indian Rupees, and the term lasts anywhere from seven days to ten years.
• In addition, in the event of an emergency, these fixed deposit plans offer the option of making partial or early withdrawals.
• A regular fixed deposit account can be opened by Indian citizens who live in the United States, HUFs, trusts, private and public limited companies, and partnership firms.
• The duration of the deposit affects the ICICI FD Interest Rate.

ICICI Bank Tax Saver Fixed Deposit

The ICICI bank tax saver FD provides its depositors with both tax savings and assured returns.

• Section 80C of the Income Tax Act allows for a tax deduction of up to INR 1,50,000 for the scheme.
• The scheme requires a $10,000 minimum investment.
• The plan has a set duration of five years.
• Additionally, neither auto-renewal nor premature withdrawals are provided by the tax saver FD.
• Taxable interest is earned.
• Tax saver fixed deposits can be opened by residents, senior citizens, and non-resident Indians.

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ICICI Bank Money Multiplier Fixed Deposit FD

Both a savings account and a fixed deposit are available in the ICICI Money Multiplier FD. The plan combines the liquidity advantages of a savings account with the high interest rates of a foreign currency.

• The minimum balance is 15,000 Indian Rupees.
• Customers with Savings Accounts must participate in the program for a minimum of one year.
• The automatic reverse sweep is enabled for individual customers when the Savings Account balance falls below INR 10,000. The FD is broken down according to “Last In, First Out” for the reverse sweep.
• The deposit account is opened with the option to automatically renew. The renewal is carried out for the exact same period of time as the initial scheme tenure.
• The current rate as of the renewal date determines the interest rate for auto-renewal.
• Money multiplier fixed deposit accounts can be opened by Indian residents, HUFs, trusts, partnerships, and private and public limited companies.

ICICI Bank Golden Years Fixed Deposit Senior Citizen FD

Senior citizens are eligible for the ICICI Bank Golden Years FD. For fixed deposits with a tenure of more than five years, the program offers an additional interest rate of 0.30 percent annually.

• Deposits that have been renewed during the period as well as new deposits are subject to the additional rate. The FD’s tenure ranges from five to ten years.
• The FD is in effect from May 20, 2020 to September 30, 2020.
• The program is only available for a single FD with a balance of less than INR 2 crore.
• There is a cost associated with using the facility for premature withdrawal.

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ICICI Bank Flexi Fixed Deposits

Savings and current account holders can open a fixed deposit account through the ICICI Bank Flexi fixed deposit scheme. The Flexi deposit account’s minimum balance is:

• The initial deposit for a current account holder is INR 20,000, while the initial deposit for a savings bank account holder is INR 10,000. Future deposits can also be made in multiples of INR 5,000.
• In addition, the current account and savings account require a minimum balance of INR 25,000 and INR 10,000, respectively.
• In addition, the scheme imposes a $100 penalty on account holders who fail to maintain the minimum balance.
• The Flexi FD can be opened for between 15 and 91 days at a time.
• The applicable interest rate is identical to that of a term deposit.
• Additionally, the fixed deposit plan provides a facility for nomination and automatic renewal.

Types of NRI FDs by ICICI Bank

Here are the key NRI Fixed Deposits offered by ICICI Bank to Non-Resident Indians residing outside India:

• NRE FD
• NRO FD
• Rupee Plus FD
• FCNR FD
• RFC FD

ICICI Bank Non-Resident External (NRE) Fixed Deposit

ICICI NRE FDs are a great option for non-resident Indians (NRIs) who want to maximize their returns at maturity. The main advantages and features of ICICI Bank’s NRE FDs are listed below.

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ICICI Bank Non-Resident Ordinary (NRO) Fixed Deposit

For Indians living in other countries, NRO deposits are an excellent way to earn high returns on their investments. The rates for ICICI NRO fixed deposits for non-resident Indians are identical to those for Indian residents.

ICICI Bank Rupee Plus Fixed Deposit

Under the ICICI Rupee Plus program, non-resident Indian customers can increase their INR returns by investing in foreign currency fixed deposits. Rupee Plus FD accounts can be opened in USD, GBP, EUR, JPY, CAD, and AUD, among other currencies. Rupee Plus Plan can offer NRIs higher returns than other traditional fixed deposits in light of the current forex market situation.

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ICICI Bank Foreign Currency Non-Resident (Bank) Fixed Deposit

ICICI FCNR fixed deposits are an investment option for non-resident Indians who wish to convert their foreign currency income into Indian rupees. NRIs can use FCNR deposits as a tax-free investment option.

ICICI Bank Resident Foreign Currency Fixed Deposit