Any person having valid KYC documents can open a fixed deposit with ICICI Bank. If the applicant is minor, parent/guardian of the minor will be the co-signee. ICICI Bank FD rate are 4% to 7.5 % based on quarterly compounding. If you are planning to open a FD in ICICI Bank, learn how to do so in the most lucid manner.
How to Open ICICI Bank Fixed Deposit Account
- Download ICICI Bank Fixed Deposit Online Form from the bank website
- Take a print out of this form
- Fill the form completely with required information
- Put your signature over it
- Visit the ICICI Bank branch where you have a saving account
- Submit the application form at counter along with essential documents
List of Documents Required
Along with the application form, you need to submit following documents:
- Aadhar Card
- PAN Card
- Ration Card/Voter ID Card
- Two Passport Sized Photos
Please note that, you have to submit these documents in person at the bank. You can not send someone else to activate the ICICI Bank FD. Also, the original documents mentioned-above should be present for verification purposes.
- Minimum amount to open an FD in ICICI bank is ₹ 2000 for minors and ₹ 10,000 for general customers. However, there is no maximum limit on fixed deposits at ICICI Bank.
- One can open a FD for 7 days to 10 Years.
- There is a facility to open the FD through ICICI bank ATM for amount below Rs. 50,000/-. The same can be done via net banking or mobile banking service offered by the bank.
- The interest rates offered on ICICI Bank fixed deposits ranges from 4.5% to 8.5%
- One can avail benefits of Tax Saver deposits which allow up to ₹ 1.50 lakh to be deposited in an FD in a single year. But in this case, Fixed Deposits cannot be withdrawn before 5 years nor can be pledged to avail loans.
- It is important to note that interest earned on fixed deposits at ICICI Bank are taxable under Income Tax Act,1961. However, one can exempt from such taxes by submitting Form 15G/15H.
Do not forget to read the terms and conditions to open FD in ICICI Bank, before you apply for the same.