Savings Bank Account interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. With effect from March 30, 2016, interest will be paid quarterly in March, June. Interest Rate on ICICI Bank Fixed Deposit. The interest rate on Fixed Deposit with ICICI Bank varies with the amount deposited and maturity period. The interest rate varies from 3% up to 7.75%. In a fixed deposit, the invested money cannot be taken out before the maturity period ends. If you end up pulling out the money, it will attract penalty. How to open Fixed Deposit Account To open a Fixed Deposit with us in 3 easy steps. Step 1 - Please visit our branches. Step 2 - Complete the Account opening forms and provide us Identity and Address proof documents. Step 3 - To fund your account, you can issue a cheque. Identity/Address proof documents. Proof of Identity. ICICI Bank is a private sector bank in India. The bank has total assets of INR 14.76 trillion has a network of 5200+ branches and 15,158 ATMs across India. The bank offers a variety of fixed deposit schemes and other services based on customer’s investment requirements to help them save tax and grow their wealth safely.

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

Icici Bank Limited FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Icici Bank Limited FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Icici Bank Limited_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Icici Bank Limited FD for a tenure of 5 years or more.

Following table provides you Icici Bank Limited FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Icici Bank Limited FD for different tenures by clicking on the 'calculate' button provided in the table.

Icici Bank Limited Fixed Deposit Interest Rates (as on 06 Mar 2021)

Features & Benefits: Icici Bank Limited Fixed Deposit

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest Icici Bank Limited branch.
• No cap on the Maximum Amount of FD
• FD Tenures: 7 days to 10 years
• Different interest payout options such as monthly, quarterly, etc.
• Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
• Part withdrawal facility and auto-renewal facilities are also available
• Senior citizens can enjoy higher interest rate as compared to regular citizens
• NRE, NRO and FCNR deposit facility is offered by the bank

Who is Eligible for Icici Bank Limited Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Important Things to Know Before Investing in Fixed Deposits

• Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
• The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
• Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
• You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
• If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
• Don't forget to make nomination in your FD account.
• If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
• When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of Icici Bank Limited

Interest on FD for different tenures is calculated in following manner:

1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

Icici Bank Limited FD Interest Calculator

Icici Bank Limited FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

01-12-2019: PNB cuts off FD rates

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

Public Sector Banks FD Interest Rates

Private Sector Banks FD Interest Rates

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Which Bank Pays More Interest On Fd

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Business Banking Fixed Deposit

Our Business Banking Fixed Deposit is a savings option which pays you a fixed rate of interest for a fixed term.

• Save with a fixed interest rate for a term of 6 months, 1 year, 2 years, 3 years or 5 years
• Deposit GBP, USD
• Access to your account through the branch
• No requirement of Minimum Deposit
• Maximum deposit £1,000,000 and $1,000,000

Read our terms and conditions for more information.

Customer needs to have Business Current Account to avail these services with us

Product Overview

How to Apply?

• Visit any of our UK branches and meet a Relationship Manager
• Email us on: uk.business@icicibank.com
• You can download and complete the account opening form:
  • For existing current account customers here
  • For new customers here

Interest Rates

Interest rates of ICICI Bank UK’s Business Banking Fixed Deposit:

Business Banking Fixed Deposit USD Rates (AER/Gross) effective from 23rd November, 2020:

Business Banking Fixed Deposit GBP Rates (AER/Gross) effective from 23rd November, 2020:

*Interest paid on AER basis

Gross¹ - is the contractual rate of interest payable before the deduction of income tax at the rate specified by law

AER² stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year

Note: Interest is paid gross. If you are a UK tax payer you may have to pay tax on interest earned in excess of your Personal Savings Allowance. For information and guidance, please refer to the HMRC website. Interest Rates are fixed for Fixed deposit. Interest Rates on Business Banking Fixed Deposit can change periodically. The rate applicable on your deposit will be as prevalent on the date of deposit opening

What would the estimated balance be after 1 year based on a £1000 deposit?

For £1000 invested for 1 year at interest rate of 1.95% (AER), you will earn approximately £19.50 interest (gross). This is applicable when amount is invested for complete year.

Can ICICI Bank UK PLC change the interest rate?

ICICI Bank UK PLC has the right to change the rate of interest. Read the T&Cs for complete information. Click here.

Other Product Information

Key Information

1.Who regulates us?

ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

2.What should you do if you have a complaint?

If you want to make a complaint, please contact us at:

Customer Relations,
ICICI Bank UK PLC,
2nd Floor, One Thomas More Square,
London – E1W 1YN
Or
Email us at ukcustomerrelations@icicibank.com

We will then arrange for a member of the complaints team to investigate and respond to you immediately.

3.Are we covered by the Financial Services Compensation Scheme (FSCS)?

Icici Bank Fixed Deposit Interest Rates For Senior Citizens

ICICI Bank UK PLC is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.

In respect of deposits, from 30 January 2017, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.