Minimum Balance - You can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs 10,000 for General Customers and Rs 2,000 for Fixed Deposits for Minors. Loan against FD - Avail of a loan facility up to 90% of principal and accrued interest, safe custody of your FD receipts and automatic renewal of Deposit Account on completion of tenure.
Table of Contents
- Fixed Deposit is an investment option that is provided by banks and Non-Banking Financial Companies (NBFCs) to facilitate the expansion of your wealth safely and securely. If you are interested in fixed deposits as an option for saving taxes, opt for a Tax Saver FD and benefit from Fixed Deposit.
- Tax Saver Fixed Deposit by ICICI Bank. It is a unique fixed deposit product that provides the dual benefit of tax savings and returns. A tax saver fixed deposit provides a tax deduction of up to Rs.1, 50, 000 u/s 80C of the IT Act. The features of this policy are: You can invest as small as Rs.10, 000. Offers tax deduction of up to Rs.1, 50.
- 1 About ICICI Home Finance Company Fixed Deposit
- 1.1 Important features and advantages of ICICI HFC fixed deposit
About ICICI Home Finance Company Fixed Deposit
ICICI Home Finance Company offers retail fixed deposit to investors. It is one of the safest and most profitable saving scheme for those who are looking for higher returns. ICICI HFC offers higher rate of interest and at the same time flexibility allowing for effective compounding or liquidity depending on a depositor’s financial needs. ICICI fixed deposit is available for different tenure. The different tenure also affect the rate of interest as well. However, these deposits are easy to open and manage.
These fixed deposits are very safe and offer timely fulfillment of financial obligation. The ICICI HFC fixed deposits have given the highest rating of MAAA by ICRA and AAA (FD) by CARE respectively.
Important features and advantages of ICICI HFC fixed deposit
- ICICI HFC has the highest credit rate of AAA (FD) by CARE and MAAA by ICRA
- It offers flexible tenure to choose from 1 year to maximum 5 years
- The fixed deposit interest is compounded on yearly basis
- You can choose from monthly, quarterly or yearly compound interest as per your needs
- The minimum amount to deposit in ICICI HFC fixed deposit depends upon the saving scheme you have opted. However, it varies from minimum Rs. 10,000 to Rs. 40,000
- It offers nomination facility to the depositor
- No tax deduction will be made on interest paid Rs. 5000 in a financial year
- ICICI HFC offers 0.25% higher rate of interest for senior citizens
- It also offers loan facility against the fixed deposit of upto 75%
- Premature withdrawal facility
Premature withdrawal is not allowed for the initial three months.
In case of event of premature withdrawal, you have to follow the below term and conditions:
| Premature Withdrawal | Rate of interest payable |
|---|---|
| After 3 months but before 6 months | For individual depositors the maximum interest payable shall be 4% p.a., and no interest in case of other category of depositors. |
| After 6 months but before 12 months | 2% lower than the minimum rate at which public deposits are accepted by ICICI HFC |
| After 12 months but before the date of maturity | 1% lower than the interest rate at which ICICI HFC would have paid had the deposit been accepted for the period for which such deposit has run. |
| Duration | Non cumulative Scheme | Cumulative Scheme | Extra Benfits | Who Can Invest? | |||
|---|---|---|---|---|---|---|---|
| Yearly | Half-yearly | Quarterly | Monthly | Interest | |||
| 12 Months | 8.20% p.a. | -- | 7.95% p.a. | 7.90% p.a. | 8.20%p.a | ||
| 15 Months | 8.20% p.a. | -- | 7.95% p.a. | 7.90% p.a. | 8.20%p.a | ||
| 20 Months | 8.25% p.a. | - | 8.00% p.a. | 7.95% p.a. | 8.25% p.a. | 0.25% extra for senior citizen across all slabs | Resident Individual, NRI, Trusts, Companies, HUF's, AOP |
| 30 Months | 8.25% p.a. | - | 8.00% p.a | 7.95%p.a. | 8.25% p.a. | ||
| 35 Months | 8.25%p.a. | - | 8.00%p.a | 7.95%p.a. | 8.25% p.a. | ||
| 40 Months | 8.50%p.a. | - | 8.25%p.a. | 8.20%p.a | 8.50%p.a. | ||
| 60 Months | 8.25%p.a. | - | 8.00%p.a. | 7.95%p.a. | 8.25% p.a. |
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NRI Fixed Deposit with ICICI Bank Limited (ICICI Bank India)
Invest your UK and India income for a fixed term at a competitive interest rate. Read on to know more about ICICI Bank’s NRI Fixed Deposit.
India Linked Fixed Deposits
ICICI Bank India Linked Fixed Deposits gives you an opportunity to invest your UK and India income through competitive interest rates for a fixed term. ICICI Bank India Linked Fixed Deposit has three types of products:
- Non-Resident External Fixed Deposit Account (NRE FD)
- Non-Resident Ordinary Fixed Deposit Account (NRO FD)
- Foreign Currency Non-Resident Account (FCNR)
Please note: These products and services are not regulated by the Financial Conduct Authority. Protections afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS) will not apply.
Product Overview
Product Summary
| Eligibility |
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| Interest Rates | Click here to view the current interest rates. Interest calculated is rounded to the nearest rupee. Interest is paid half-yearly in September and March. Interest rates are subject to change. | ||||||||||||||
| Minimum Balance |
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| Withdrawals | NRE/NRO FD: interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower, plus applicable penalty as below:
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Key Facts
Who offers India Linked fixed deposits?
All India Linked deposit products and services are offered by ICICI Bank India.
Are India Linked fixed deposits regulated by the Financial Conduct Authority?
India Linked deposit products and services are not regulated by the Financial Conduct Authority. Hence, rules made under the UK Financial Services and Markets Act 2000 for the protection of customers do not apply.
Are India Linked fixed deposits protected under the Financial Services Compensation Scheme (FSCS)?
Protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS), does not apply.
Who regulates NR products?
All banking products of ICICI Bank India are regulated by Reserve Bank of India
What is the role of ICICI Bank UK PLC in providing India Linked Fixed Deposits?
ICICI Bank UK PLC acts as an introducer and only helps in facilitating client documentation to initiate the relationship with the respective ICICI Group company offering such product or service.
What should I do if I have a complaint?
If you wish to register a complaint, please contact us at:
ICICI Bank UK PLC,
Customer Relations,
2nd Floor,
One Thomas More Square,
London E1W 1YN
or
Call our Customer Service Centre at 08081 31 41 51 (freephone from a UK landline)
or
Email us at nrinfo@icicibank.com.
Please note: ICICI Bank UK PLC is responsible for resolving pre-sales complaints and ICICI Bank India is responsible for resolving post-sale complaints
- Approved for the purpose of Section 21 of the Financial Services and Markets Act, 2000 (FSMA) by ICICI Bank UK PLC (Company No. 04663024) having its registered office at One Thomas More Square, London E1W 1YN. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA) and PRA.
Icici Fixed Deposit Calculator
- These products and services are not authorized and regulated by the FCA and PRA, hence rules made under the Financial Services and Markets Act 2000 (“FSMA”) for the protection of customers do not apply. Protection offered by the UK regulatory system, including the Financial Services Compensation Scheme (“FSCS”) will not apply. The products and services mentioned here are offered by ICICI Bank Limited (“ICICI Bank”). ICICI Bank Limited is incorporated in India and is regulated by the Reserve Bank of India (“RBI”) and having its corporate office in Mumbai, India. The products and services mentioned are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India. The deposits mentioned are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions.
Non-Resident External Fixed Deposit Account (NRE FD)
For NRIs in the UK looking for an investment opportunity that offers competitive returns, ICICI Bank NRE FD is a good option. The product features include:
- Minimum deposit amount isINR 25,000
- Interest earned is not taxed at source
- Principal amount and interest earned is fully and easily repatriable
- Convenient and automatic renewal of principal and interest on maturity
- Option to choose tenure anywherebetween one and 10 years
- Electronic Deposit Confirmation Advise (E-DCA) on your email ID within one working day (if you have subscribed for account statement via email)
- Option to open Joint Account with another NRI
Icici Fixed Deposit Plans
Non-Resident Ordinary Fixed Deposit Account (NRO FD)
The NRO FD is an option for NRIs who want to earn regular returns on their Indian earnings such as rent, dividends, Indian salaries and pension payments.. The features are:
- Tenure ranges from seven days to 10 years
- Minimum deposit amount is INR 25,000
- Automatic renewal of deposits on maturity
- Double Taxation Avoidance Agreement (DTAA) benefit facility. Click here to apply.
- Interest earned in a financial year is fully repatriable (after tax deduction). Funds in an NRO FD can be repatriated up to USD one million per financial year
- Joint account option with an Indian resident or NRIElectronic Deposit Confirmation Advice (E–DCA) to your email ID within one working day (if you have subscribed for account statement via email)
Foreign Currency Non-Resident Account (FCNR)
The FCNR gives you the opportunity to earn competitive returns on your overseas earnings in India, without converting them into Indian currency.
- Flexibility of opening the account in multiple currencies : US Dollar (USD), British Pound (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD) and Australian Dollar (AUD)
- Minimum deposit amount is USD 1000, GBP 1000, EUR 1000, JPY 200,000, CAD 2000 and AUD 2000
- Principal amount and interest earned are fully repatriable .
- Interest earned is not taxed at source
- Tenure ranges from one to five years
- Automatic renewal of principal and interest on maturity
- Electronic Deposit Confirmation Advice (E- DCA) to your email ID within one working day (if you have subscribed for account statement via email)
- Option to open a Joint Account with another NRI
How to Apply
It is mandatory to open India linked saving account (NRE/NRO acount) to open a fixed deposit account. Please click here for more information on how to open a savings account.
For further help, please get in touch with our customer care executive at 08081 31 41 51 (free call from a UK landline), or write to us at nrinfo@icicibank.com.